Madness 2.0

Oh boy. Traders are betting oil hits $185 US a pop this year. Some say two hundred. Will gas be $4 a liter in Vancouver by the summer? Maybe. What’ll that do to the economy?

Chaos is gathering. If the West throttles Russian crude, prices will fly but maybe the war will end sooner. Meantime the possibility of a commodity conflict grows: Russia and its puppet regimes cut off food exports. Fertilizer, too. Europe suffers. We all get hit. Inflation spikes.

The thing is, nobody knows. It’s like Covid. Complete unpredictability. None of us lived through the pandemic a century ago. Very few can remember the last big war in Europe, eighty years in the past. And when whole nations in 2022 can be taken down by an attack on the power grid, or the Internet, this thing in Ukraine with tanks, artillery shells and bombed-out houses is like watching a colorized WW2 flick. Did you ever imagine living through a global virus outbreak? Or a rerun of Saving Private Ryan?

Over the last few days we’ve been talking about the impact of all this. Since we’re in the fog of war, the best course of action is to (a) mitigate risk with a balanced and diversified portfolio, (b) stay invested since it’s no time for rash or emotional decisions, (c) stop obsessing the news, (d) shun new debt and (e) try not to buy a house in Brampton. Or Kelowna. Or Cambridge. Maybe anywhere until, like, July.

As with Covid, Russia is scary. Looks like it’s fueling the final real estate surge, sucking in the last available greater fools. Nesting, cocooning and FOMO are powerful. What they’ve done during the first few months of 2022 is astonishing. And utterly unsustainable.

We start in Brampton. On Corkett Drive, a mass-produced suburban pile of utter unremarkability. When it sold following the first wave for $891,000, it was considered inflated and extreme, setting a new ceiling on the block. Well, twenty months later (no renos) it was listed for $1.477 million. Eight days later it sold for $684,223 over the asking price.

Yup. From $891,000 to $2,162,000 is less than two years – up 2.42 times. Fortunately for the buyers, there’s a mortgage-helping basement apartment. It may or may not be legal.

Here it is:

This Brampton house inflated 2.4x in 20 months

Now to Kelowna, where Vancouver refugees have been massively distorting a market that already thought far too much of itself. The average house price has just increase by $155,424 – in one month. That’s a $15% increase in thirty days.

In the last two months the hike has been $242,697 – which used to buy you a half-decent little house in this BC town. That’s an inflation of 24%, or $4,113 per day since 2022 began. Listings are scant. Demand is constant. And it’s, well, Kelowna – population about 135,000 with the top industry being working for government. Oy.

Look at this chart. How can you not know what comes next?

Kelowna props go vertical – up $4k per day

Back in Ontario, Cambridge is a gritty kind of place whose heyday seems to have been 1880. About as many people live there as in Kelowna, and it’s part of Waterloo Region – not exactly commuting distance to the Big Smoke, but now full of GTA escapees looking for an affordable house.

But that horse left the barn. Seventeen months ago the average property fetched $590,000. Today the average detached is $1,147,164. That represents an increase of $306,000 year/year – 46% – and the acceleration has been picking up speed. The price increase last month alone was 10.3%, which is an annualized gain of (gulp) 123%.

The average time to sell a property: nine days, from listing to offer.

Why is this happening? Are there too many fevered buyers, too few reluctant sellers or is money too easy to get? All of it?

BMO economist Robert Kavcic did a deep dive on this a few days ago. First, the Mills are in full nesting mode, he suggests, with demand running above pre-Covid levels by 35%. Interest rates have been too low for too long, and the CB probably blew it. Finally, FOMO and speculation have driven huge numbers of mom-&-pop investors into the market, snorfling up secondary properties.

Kavcic says we don’t have too few houses for sale, since the flow of new listings over the past year has been fairly normal. The issue is too many buyers. And that’s the result of our monetary policy and our culture.

What’s the takeaway in all of this? We have a fundamentally-strong housing market that has been allowed to overheat by too-loose policy. It’s going to take higher interest rates to alter the market psychology, cool excess demand and price growth. That day is fast approaching.

Logic tells us that war, runaway inflation, rising rates, massive price increases and unaffordable assets would stop this juggernaut in its tracks. But we said that about a global pandemic, too.

Maybe we’re just insane.

About the picture: “Now that you’re taking cat photos for the blog,” writes Jason, “I thought you might want some stereotypically ridiculous photos of felines for dramatic effect. Meet Whiskerus Maximus, the five-year old long-haired tabby that came with my wife, who has a knack for dramatic effect. With a name like that, I’m not sure he had much choice. Please find attached a few of our favourites. This one we like to call his ‘Tinder Profile Pic’.”

207 comments ↓

#1 Brian on 03.07.22 at 2:58 pm

DELETED

#2 Doug t on 03.07.22 at 2:59 pm

It’s a MAD MAD WORLD – and I fear it is going to get worse if the world can’t get a grip and start working together

#3 Summertime on 03.07.22 at 3:00 pm

Maybe we’re just insane.

I vote for being crazy bats..t insane.

#4 Richard L on 03.07.22 at 3:01 pm

Yes we are just insane.

#5 yvr_lurker on 03.07.22 at 3:02 pm

Maybe we’re just insane.
——-
Yup. Nothing to say here, and frankly it is not at all clear to me where we will be in 2 weeks from now with this insane war and what the collateral damage will be to everyone, but of course most of all the Ukranians. It is hard to watch the BBC and not feel rather despondent.

#6 Brian on 03.07.22 at 3:02 pm

Crazy real estate!
Last week my nephew in the small town of Cayuga, Ontario listed his small side split for $695,000. He paid $345,000 6 years ago. It just sold for $975,000!

#7 Steve French on 03.07.22 at 3:03 pm

Steve’s wife’s B&D portfolio has a few unexpected gaps in it…

For example she put some into a climate change ETF fund (seems like a growth area?), but that’s been getting absolutely hammered. Down 22%.

Overall B&D down 7% YTD.

Gold miner ETF doing some buffering.

Steve’s staying calm.

Calmer than you are.

#8 B on 03.07.22 at 3:06 pm

It’s a Ponzi, real estate will have its day. The carnage that comes with it will be ugly.

#9 SunShowers on 03.07.22 at 3:08 pm

Just renewed the mortgage for another 5 years @ 2.75%

Missed the bottom of the barrel rates, sadly, but I still feel pretty good about it, approximately the same as what I signed up for 5 years ago.

#10 ElGatoNeroYVR on 03.07.22 at 3:09 pm

My take: I think that if the supply is the same but the demand triples that is still a matter of the supply not keeping up ,so a supply problem, at least temporaily (like the inflation).
The ultimate real correction will be driven by inflation , as hard assets tend to maintain purchasing power parity during times of severe real inflation like what we see now.
Ofcourse at some point demand will drop ,prices will realign and it could be just as fast and unexpected as the rise ,just don’t think the drop will be quite as significant as the rise.
I am personally betting on a severe correction (10 -15 %) rather than a crash.

#11 Prince Polo on 03.07.22 at 3:14 pm

Here’s to $10M avg prices and my associated bank divvies spiking thru-da-roof.

Thanks air’body!
-loser renter

#12 Yoni on 03.07.22 at 3:19 pm

What is the point of staying invested if the market goes down?
I understand that we all lose because of inflation, but staying invested right now will make us lose the money faster, no? It’s not like I’m seeing the nominal values going up in my portfolio.. even if it’s balanced, the calculated nominal value is just going down…
Yes, you never know when it turns back, but until the war is going on, the sanctions are applied, i’m staying on the sidelines.

In the meantime, looking at the house owners lol. Investment of 150k (maybe), taking another 750k in mortgage, and now they can retire happily ever after. So much for us suckers with balanced portfolios…

Crises, emergencies, disasters and conflicts are not permanent. Markets recover quickly and missing those days of recovery is far more meaningful to your future than trying to avoid days of losses. Amateur, emotional mistake. – Garth

#13 Mean Gene on 03.07.22 at 3:20 pm

Nicaragua is starting to look good, se habla español?

#14 Squire on 03.07.22 at 3:23 pm

Madness. We will feel the ripple effect from covid and the war for a long time to come. Legit PTSD, especially from those fleeing Ukraine. The damage is done but let’s all hope the turmoil doesn’t spill over to some more countries in Europe.

#15 TurnerNation on 03.07.22 at 3:25 pm

Spot the trend:

– Jan/Feb 2020: the manufactured Railway shutdown protests kept us distracted.

– Jan/Feb 2021: the manufactured Jan 6th White House protests kept us distracted. (Shades of Sept 11- whereby, the most strategically important locations were left unguarded and undefended – for hours)

– Jan/Feb 2022: the manufactured trucker protests kept us distracted.


— Let’s play the ‘Bear Market or Reset’ game.

This is the first time country-specific ETFs have been banned from trading/halted. All Russia based ETFs are suspended. This did not occur during Greece’s debt crisis a number of years ago.

Bankers are circling the wagons in anticipation. Yep the global New System is being run by the Big Global Tech. You shall not buy or sell without their mark.

.Mastercard and Visa halt transactions in Russia (yahoo.com)

.Shell Starts to Limit Sales of Heating Oil in Germany (bloomberg.com)

.Google, Apple cut off access to ordinary Russians, meaning they can do the same to Americans at any time (vulms.org)


— Once again Musk and Telsa is not what it seems. Ask why in 2016 during his Cuba trip he was granted an audience with Castro? This is global New System technology. It’s fun. It’s cool. Until…you see the end goal. SOCIAL CREDIT/global control

https://www.independent.co.uk/news/world/europe/elon-musk-ukraine-russia-tesla-b2027067.html
“Elon Musk has been asked to “turn off” Teslas in Russia as he has made superchargers free for people fleeing Ukraine in electric vehicles.
The entrepreneur was inundated with requests from his Twitter followers to shut down his company’s electric vehicles in the country as Vladimir Putin’s unprovoked attack on Ukraine continues.”

#16 Hurtin' Albertan on 03.07.22 at 3:37 pm

With roughly 50% equity, I would seriously consider selling the house and relocating to somewhere more serene (rural) and affordable, but we love our neighbourhood, the kids are in school for several years yet, aging parents are not far, and our 5 yr fixed rate mortgage does not renew until summer 2024. Moving is never fun, moving expenses and real estate commissions are daunting.

I agree that liquidating investment portfolios out of fear is not wise but what is your advice on investments with Russian exposure? Many emerging market funds have some Russian exposure:

https://etfdb.com/country/russia/

I am tempted to divest from these out of principal. It seems the least I can do to contribute to the fall of Putin:

#17 Lee on 03.07.22 at 3:39 pm

There is no question from what I see that anyone who has invested in real estate as an investment (aside from their home) rather than the stock market over the last 10 years has won by a mile. This is true even without factoring in rents received, and after deducting LTT and sale costs. It’s not even close.

It’s not a competition. Investing in only one asset class that requires huge leverage carries risk. – Garth

#18 Vic on 03.07.22 at 3:39 pm

Hate to say it but real estate unlike most stocks does not go down because of Putin or viruses. And it does not lose value to inflation like cash or GICs.

Real estate falls when it’s so overvalued fewer people can afford it, when higher rates restrict credit and when inflation robs the purchasing power of buyers. – Garth

#19 Warren-the-lagging_indicator on 03.07.22 at 3:39 pm

Speaking of Saving Private Ryan, if the mainstream media are not full of it, then the Russians are losing soldiers at a rate of more than four times that of the USA when the beaches of Normandy were stormed. That is, 11000 Russian soldiers killed in 11 days according to the media reports. No reason to call this fake news, right? No wonder the BBC reporters no longer report in the Russian federation once the law criminalizing the publication of lies was passed. Why not just report the truth?

#20 CJohnC on 03.07.22 at 3:39 pm

Bank exposure, (a la 2008)- billions in Credit Default Swaps tied to Russia.

https://wallstreetonparade.com/2022/03/the-big-question-on-wall-street-is-which-banks-owe-41-billion-on-credit-default-swaps-on-russia/

#21 Søren Angst on 03.07.22 at 3:40 pm

It’s a disease.

And fresh off the stove from Europa 1 min ago…

Nord Stream 1 – Russia threatens us with a gas delivery stop
https://www.bild.de/politik/2022/politik/nord-stream-1-russland-droht-deutschland-mit-gas-lieferstopp-79382752.bild.html

#22 Scooby Snacks on 03.07.22 at 3:44 pm

Wouldn’t it be a good idea to sell off Eurozone stocks like EFA? They’re falling pretty hard with no recovery in sight.

Great strategy: buy sell things when they’re declining and buy when they’re rising. – Garth

#23 pPrasseur on 03.07.22 at 3:47 pm

As with Covid, Russia is scary. Looks like it’s fueling the final real estate surge, sucking in the last available greater fools.

Seems there is always one last surge! The Canadian time bomb gets bigger, nuclear even? Or a slow but endless decline!

#24 RE_Investor on 03.07.22 at 3:48 pm

Getting 7.4% rental return on book value of RE holdings.
I don’t really care about the 500% return on the RE over 10 years, because I will never sell.
Sure the market(s) are all crazy, but if you are in the market(s), you are a lot more calm and objective. When you’re sitting out of any market(s) that’s when the FOMO starts.
Good luck all, and peace be with you.

#25 mj on 03.07.22 at 3:50 pm

if we get 4 dollars gas will be a disaster for the economy. My fear is ( and I hope it doesn’t happen) if China does anything with Taiwan. And the world does sanctions with China, we could have a global economic collapse. So nobody really knows what can happen.

#26 cmccullo on 03.07.22 at 3:54 pm

Anecdote from a friend this weekend: couple w 1 child sell their place in Van over asking, net 700K. Moving to Stittsville, (suburb one heck of a long way out of Ottawa) to be near grandma. Rolling in new-found wealth, they seek an “executive” property. In Stittsville this is a barn-sized detached with a large fenced lot, min 5 bathrooms and a pool. After losing 10 bidding wars, they “win” one for 1.3 mill, 300K over ask. (Have you ever been to Stittsville? Wow.) It closes in Aug, so they’ll need to rent for 3 months. AND pay to move all their stuff, AND ship her Mercedes SUV, AND buy him a fancy new vehicle. People think they are winning the lottery. And what’s with all the bathrooms? No wonder folks were hoarding TP.

#27 Pylot Project on 03.07.22 at 3:58 pm

My wife and I watched a scary episode of The Problem with Jon Stewart on AppleTV, regarding Stock Markets and the evolution of e-Brokers. I’m just a lowly Balanced Growth investor with the orange coloured bank, but this was a serious eye opener on how much the Stocks (in the USA particularly) are still the Wild West.

Some of the money flow systems that are in place were developed by Bernie Madoff…. and they’re still using them!

#28 pPrasseur on 03.07.22 at 4:01 pm

What is the point of staying invested if the market goes down?

Here’s an example: If you own shares of a great company, chances this company will use the downturn to make investments on the cheap and to acquire market shares from competitor. So no matter the stock price the real potential value of your investment increases. Eventually this will be reflected in the stock price.

#29 Immigrant man on 03.07.22 at 4:01 pm

Remember that Litvinenko guy? The one that had tea with polonium in London. Boy, was he ever right about Putin: “While the whole world is running after the virtual Bin Laden, saving itself from” world terrorism “. Behind the Kremlin walls, another monster is pouring blood. Similar to Hitler. And if he is not stopped in time, perhaps this maniac will soon lead civilization to another world massacre. In the furnace of which millions and millions of human lives will burn.”

He said this in 2006.

#30 Søren Angst on 03.07.22 at 4:05 pm

Funniest Tweet of the day. By the Radio Research Group.

https://twitter.com/radio_research/status/1500847259948236802

You just know what’s going to happen to him.

#31 NOSTRADAMUS on 03.07.22 at 4:14 pm

YOU CAN RUN, BUT YOU CAN’T HIDE.
First on the friendly bankers and their first cousin the C.R.A. agenda will be to demonstrate empathy, along with generic apologies, as the first wave of repayments for the Corona Virus loans fall due. Empathy followed by vulnerability and listening skills will be next on their list of things to do.. What so many borrowers fail to grasp, is ” The banking and the C.R.A. industry is the collection agency.” Too many businesses and households wrongly assumed the emergency loans were effectively grants. Three word synopsis, Wrong! Wrong! Wrong! These blood hounds are under no implied duty to exercise reasonable care and skill during the recovery process following a default in repayment of a loan. The Banks and their first cousin, the C.R.A. will be under extreme pressure from the treasury to chase the outstanding Covid loan money for as long and as far as humanly possible. Optics, suggest on behalf of the tax payer. So much for sensitivity training. Kenny Rogers lyrics, ” You gotta know when to fold them, know when to run,” For the overindebted, this will prove to be the icing on the cheesecake from hell. Sleep tight my little beauties.

#32 Linda on 03.07.22 at 4:15 pm

‘Whiskerus’ has very elegant white glove paws:)

The housing price thing. Isn’t this the classic example of bubble mania? Ever increasing numbers flocking to make a fortune in short order by acquiring the desired commodity? Classic historical example would be Tulipmania. Folks see others winning big by the huge price increases for housing – a ‘guaranteed’ lottery win! Buy now! – & are piling in to get their share of the $ while the going is good. Of course that means selling while prices are high. Good luck with that.

Up next week: the official inflation number for February 2022. Expect it to match or exceed January’s 5.1% & with the way commodities are spiking in price the March number should be higher still.

#33 Brian on 03.07.22 at 4:21 pm

#13 Mean Gene on 03.07.22 at 3:20 pm
Nicaragua is starting to look good, se habla español?

I was travelling thru Nicaragua the year after the revolution. We were on the west coast near ex president Samosa’s summer resort. Walking the beach with my cousin there was 5 acres of ocean front property for sale at $5,000 US. 5 years later Americans were building houses on the property listing at $500,000!

#34 Mr Fox on 03.07.22 at 4:23 pm

I wonder who has so much money to buy these crazy expensive houses? When a person takes a 1.2M mortgage, are they taking the time to think “how are we gonna pay for it”? What about the bank?
I think the Canadians have to be saved from themselves. Set the minimum mortgage rate at 5%. If the banks give you 2%, then the rest 3% goes to the govt as tax. This will keep a cool market forever.

#35 I don't know on 03.07.22 at 4:23 pm

Interest rate hikes are going to make affordability worse, not better. This housing crisis is actually only getting started. The difference here, when comparing this housing crisis to previous ones, is that prices will continue to increase relentlessly. 2008 was a different animal, as was whatever happened in the 80’s. The housing paradigm has shifted over the past 2-3 decades (this accelerated in the wake of 2008). Demographic and urbanization trends, regulatory hurdles, supply chain issues, building costs, accomodative monetary policy (even with rate hikes) all superimposed on the inherent human desire for land and shelter. What do you get? Rocket fuel for housing.

Be balanced and diversified, but buy dirt (the moment you can afford to).

IDK

#36 demand on 03.07.22 at 4:23 pm

Why do home prices increase?

Suppose there are 10 people looking to buy the same house listed for $800,000. Now one of the bidders bid $200,000 more. Now the house is worth $1 million. The buyer is not going to pay the $1 million. The bank is going to lend most of the money. The bank will lend whatever the house is appraised at and the appraiser will appraise it for whatever the buyer is paying (in most cases).

Now if there are 100 bidders for the same house, there is more competition and to beat all competitors, one of the bidder could bid $1,000,000 more to get the same house. Now the same house is worth $1,800,000. All other houses in the neighbourhood is suddenly worth aound $1,800,0000.

What if there are 100,000 bidders for the house… This house could be worth 10’s of millions more.

It’s all about the demand. Now the Canadian Government has created the biggest demand for housing in our lifetime by allowing unlimited number of Ukrainian refugees.

Average Canadian can barely afford a home. What will happen when all these people come to Canada. They have to live somewhere. They have to either rent or buy. This huge demand will cause a big spike in home prices or rental rates.

Nobody is buying with cash. Banks will happy to lend more and more money. Even if the big banks dont lend, there are lots of private money and mortgage brokers who can get you a loan for ANY amount.

#37 Don Guillermo on 03.07.22 at 4:27 pm

#3 Summertime on 03.07.22 at 3:00 pm
Maybe we’re just insane.

I vote for being crazy bats..t insane.
********

“If we weren’t all crazy we would go insane”

Jimmy Buffett (also with 2 T’s)
Changes in Latitudes, Changes in Attitudes

This comment comes from beneath a shady breezy palm tree. DG

#38 VladTor on 03.07.22 at 4:28 pm

#21 Søren Angst on 03.07.22 at 3:40 pm

Nord Stream 1 – Russia threatens us with a gas delivery stop

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

Russia threatens us? Are you sure?

Before you draw conclusions, think with your head.

We don’t have any gas pipelines with Russia. If it stops all gas pipelines in Europe, their economy will collapse. Our economy will benefit. Europe is our competitor.

We need to support Putin on this issue.

#39 Concerned Citizen on 03.07.22 at 4:30 pm

The ship has sailed on housing. Most Canadians that didn’t own residential real estate two years ago will never be able to afford a place of their own. The country will have to ramp up immigration even higher as native born and immigrants that have been here a while move abroad to escape the world’s worst housing bubble and salvage a decent quality of life for themselves. Go on forums that young people frequent and you’ll see this sentiment all over.

Our politicians don’t see a problem. You can’t solve a problem if you don’t recognize the problem in the first place. It’s just going to get worse and worse, as it has for what, 20 years straight?

#40 Sail Away on 03.07.22 at 4:31 pm

I, for one, am always grateful for the insane.

Life would be so boring if everyone were logically rational.

#41 Scooby Snacks on 03.07.22 at 4:34 pm

Wouldn’t it be a good idea to sell off Eurozone stocks like EFA? They’re falling pretty hard with no recovery in sight.

Great strategy: buy sell things when they’re declining and buy when they’re rising. – Garth
________________________________________
Right now I’m sitting at a 9% profit with EFA, I don’t want to take a loss. Maybe I should sell EFA and buy Facebook?!

#42 willworkforpickles on 03.07.22 at 4:36 pm

A little something for home-buyers to foam about in what goes down stateside falls-out up north.

The US dollars world reserve currency status is directly headed into the perfect storm on 2 fronts. Much like the swordfish boat the Andrea Gail in the movie – The Perfect Storm.

Far too many US sanctions imposed on enough world economic heavyweights is working against the US dollar toward this eventual end for one.
Then there’s accelerating inflation.
Inflation and prices will steadily increase as a result of much more government spending and debt that will not decrease.

After the current temporary blip in the dollars strength subsides, erosion of the real value of the US dollar will recommence, while emerging transfer systems and currencies to upend the dollar’s status evolve.

This will come to set in motion a chain reaction of countries to minimize, even unload their holdings in US currency as they switch to more stable foreign currencies.

The Fed is lying about cutbacks. The Fed is lying about inflation. The Fed is lying about interest rates and the Fed is lying about fixing any of it which it can’t .

In the end, the Government and the Fed will be forced to reinvent the economy with devastating consequences.

The dollar will eventually lose its world reserve status. And desperately needed money to keep the country even barely alive… that can only add to yet more compounding debt , will only be possible via double digit interest rates .

What follows then is not a subject for this blog, but this is how a greedy corrupt Government and a Federal reserve that has no idea what they’re even doing is going to bring us all down in the end.

#43 Franco on 03.07.22 at 4:37 pm

Let’s say Putin pulls the trigger and all out nuclear war breaks out, what then? Will the market still recover? I think it will never recover to the point of where it is now as the human population numbers will be significantly less, so the point I am trying to make is that whether someone goes all cash or not will not make any difference if Putin loses it completely or we just surrender to him.

#44 Max on 03.07.22 at 4:38 pm

Mark my words. Russia will come out even stronger from all of this. In few weeks, media will start saying “We were wrong. It was Ukraine’s fault. We should not get involved. Our own economy is screwed.” It is the standard cycle.

Russia lost nothing. All the exports will go through third countries anyways. It has everything to gain from cheaper Chinese markets. Trust me, no one will miss any of these brands that are pulling out. Like no one cares that some brand store closed or Visa isn’t accepting payments. They already have all the tech to replace overpriced and overhyped US products + China. China will also buy all Russian exports. China is just laughing now at poor US and Europe and how they screwed themselves over.

You think anyone wants Tesla in Russia when there are more advanced models in China for 30K??

Oligarhs? They are getting richer with Ruble down and stocks under. Everything will recover and make trillions.

Nobody wants sanctions or war except of US. Its fueling everything including pressuring European countries into digging a grave for themselves. France, Germany are already crying and protests will start soon.

China is overtaking the US. Soon, the world will forget that US even existed, just like British or Dutch Empires.

#45 The West on 03.07.22 at 4:38 pm

It has been awhile now, but I am trying to remember the scene from Saving Private Ryan where countries exchanged nuclear volleys.

Ah, no need to worry, our fiat is as worthless are Russia’s anyways.

Putin is a war criminal (Just like an endless litny of the Western Establishment) but “stupid”?? …we’ll see….

#46 TurnerNation on 03.07.22 at 4:47 pm

Wait is this FP link news, opinion or predictive programming?
Life in an Former First World Country.
‘You will own nothing and be happy’?
Anyone recall late 2019 the “Minister of Middle Class Prosperity” was created. Oh what mockery.

This is all part of control over our Feeding, Breeding and Travel/Movement.
Kicked off March 2020 – globally. Add the Karbon tax and we become energy slaves. Air Canada stock down 11% today.

https://financialpost.com/executive/executive-summary/posthaste-what-200-oil-could-do-to-canada-and-the-world-economy-its-not-pretty
“Posthaste: What $200 oil could do to Canada and the world economy — and it’s not pretty”


— How’s the ‘hospital capacity’ looking guys? What’s another billion or four. I’m sure it will be used against us come the Wintertime economic shutdowns.

.Ottawa announces $4 billion in funding to help small and medium-sized businesses go digital (msn.com)

…on what do I base that claim? What’s going on in the countries we are being modelled after. Almost back to normal yes?

.Hong Kong urges calm ahead of mass COVID-19 testing( reuters.com)
.China Reports Most Daily Covid Cases Since Wuhan Outbreak (bloomberg.com)
.Chinese city of Qingdao reports Omicron outbreak among students (reuters.com)
.What next for China’s dynamic zero-Covid strategy? (scmp.com)

#47 Drew on 03.07.22 at 4:50 pm

Without a doubt insane.

The CB chickened out in Jan and again in Mar; should have been a nice 0.5 increase.

If this bubble doesn’t crash I’ll be very disappointed

#48 Lefty on 03.07.22 at 4:50 pm

Today I bought IMPP from my Tesla. It felt pretty good.

#49 Adam on 03.07.22 at 4:54 pm

We have flashcards with all the “Garth-ism’s” written on them. We take a shot every time you say one of them. Words and sentences like: “tiffer”, “FOMO”, “moisters”, “greater fools”, “drake”, “mr socks”, “don’t buy a house”, “diversified”, “B&D portfolio”, “dog”, “WFH”, “CB”… and many many more. Needless to say, the wife and I got absolutely shit faced today which is probably good because the world is on fire.

#50 Max on 03.07.22 at 4:54 pm

In regards to RE.

Think about it. Lowest rates in history. 9 days to sell. Lowest inventory in history. No construction. Which means there will be no inventory for 10 years.

With the current rate we are looking at 2% interest rates in 2 years. Noone cares.

Russian money, Chinese money, drug money, crypto money. They are all coming here.

Then Unlimited immigrants are coming every day and will continue to come. Money is pouring into safe haven of KKKanada.

Real estate to crash? Lol. Canada’s real estate is the last stable investment in the world. And they will make sure to keep it that way. Worst case scenario is price stabilization over next 5-10 years.

#51 Neo on 03.07.22 at 4:55 pm

But Canada is worth it. We live in the best country in the world. Of course there is a premium to live here. Everyone wants to live here. If you don’t like it, leave.

#52 Reality Check on 03.07.22 at 4:56 pm

We live in unreal times, that present things to us that before we’re unimaginable.

Global pandemic that shuts down developed economies

House prices to unimaginable prices

Brutal, Putin egotistical war in a developed European country

All fodder for the nutty conspiracy theory industry.

But the rational understand that the reality is, sh** happens.

#53 Jens on 03.07.22 at 4:56 pm

I wonder if it’s not the real estate but the debt that’s the attractive investment here? Some people got rich in the Weimar republic’s hyperinflation by taking on debt while they still could.
Translated to today, if someone (the banks, that is) is so stupid to lend you a million at 3% interest and your debt shrinks by 5% every year, then your “negative cash” is giving you a return in real terms of at least 2% (and soon much more than that), and it’s tax free on top of that. Provided whatever you purchase against that debt qualifies as investment and can hold its value adjusted for inflation. (Not sure if houses do the trick though, lol.)

#54 Søren Angst on 03.07.22 at 4:58 pm

The EU Commission (Energy Compact) aims to reduce dependence on Russian gas imports by 80% already this year.

Italia wants the EU itself to be the sole buyer of gas.

https://www.rainews.it/articoli/2022/03/cingolani-per-met-anno-gas-che-importiamo-dalla-russia-sar-sostituito-da-altre-fonti-47109244-b765-4783-9e02-bbfc3738ada0.html?wt_mc=2.social.tw.red_cingolani-per-met-anno-gas-che-importiamo-dalla-russia-sar-sostituito-da-altre-fonti.&wt

Putin wallet. Big dent coming.

——————-

On Trudeau visiting the Queen:

https://twitter.com/AbigailBimman/status/1500819332695220225

My take:

She got him to walk her dogs for her.

#55 willworkforpickles on 03.07.22 at 5:02 pm

Oil companies will cut back on the price gouging when drivers have reached the saturation point where they only drive to where they absolutely have to only when they absolutely have to.
That point in time of saturation is nearly on the doorstep now.
Oil companies want maximum profits and people driving as much as possible. Not to limit those profits beyond such an extent by choke holding the lifeline that feeds them.

#56 espressobob on 03.07.22 at 5:03 pm

Take it from a contrarian, wait for it…

#57 Meanwhile in Niagara Region on 03.07.22 at 5:05 pm

Year over Year numbers for Feb
2021-2022
Sales 697-630 down 9.6%
Listings 824-864 up 4.9%
Benchmark Price 598,900-798,100 up 33.3%
Days on market 20-14 down 30.8%

#58 conan on 03.07.22 at 5:11 pm

Can they ban Russian oil and gas without cutting deals with Venezuela and Iran first? Will banning Russian Oil be viewed as a declaration of war? Japan sneak attacked Pearl Harbor for less.

#59 Faron on 03.07.22 at 5:14 pm

Two things before I breeze back into retirement:

1) Rising rates + rising costs of day-to-day staples — AKA real core inflation — will very quickly make purchasing a marginally more expensive home a no go and also pinch the ability of many to afford the home they are in. The wealth effect of equity portfolios down ~9% (XBAL) will also be in play.

Friends just bought a home. They were surprised to get it. The accompanying sale of their place had fewer lookers than expected… Was this an early sign of what’s to come?

What’s the price of an asset with no bids? Will we find out in the next month of RE data?

2) Beware the ides of March:

https://cdn.cboe.com/resources/options/Cboe2022OPTIONSCalendar.pdf

Despite today’s index selling, there are currently supportive options dealer flows (these showed in the 2AM to 6AM Pacific 1.8% surge in ES this morning). These go away at the end of next week leaving equities with less “pin”… right when Powell has to step up to the plate to deliver potentially destabilizing rates news. Odds of a tail event are higher toward the end of next week than maybe any time since two years ago.

A tail event doesn’t mean down. A more dove-ish Powell and easing in Ukraine, however unlikely, could surprise to the upside. Bad news could bring a couple of severe sell offs.

#60 Recovery on 03.07.22 at 5:14 pm

Everyone is now learning where the real value is.

#61 Crystal ball futurist on 03.07.22 at 5:16 pm

““Bull markets are born on PESSIMISM, grow on SKEPTICISM, mature on OPTIMISM and die on EUPHORIA.”
Sir John Templeton

Canadian RE EUPHORIA at it’s peak.

#62 Formerly known as Chris L. on 03.07.22 at 5:21 pm

BANNED

#63 Søren Angst on 03.07.22 at 5:22 pm

Crazy EU speculation. Triple leveraged ETFs on Long Nickel.

https://www.google.com/finance/quote/3NIL:BIT

+176% today. +€255/share in a single day. Mind boggling.

Yang…

meet Yin, Short Nickel:

https://www.google.com/finance/quote/3NIS:BIT

-45%.

https://www.google.com/finance/quote/SNIK:BIT

-62%.

High risk stuff.

Nuts.

#64 Ronaldo on 03.07.22 at 5:23 pm

This is not only madness, it’s insanity. If anyone owned a home in the lower mainland back in 72/73 during the oil crisis thought that what was happening then was pretty crazy but what is happening now is totally nutso.

I bought a small 2 b.r. (no basement) place in Pt. Coquitlam back in Feb. 0f 73 for 25000. At the time real estate prices were beginning to romp up so fast that a house sold before the sign was on the lawn. Afterwards the price of this place was rising at a rate of 5% per month so that by the August 1974 peak, the price had doubled to $50000. The following month when I put it up for sale. No buyers. Sold it 6 months later for $40000 (20% drop). And in order to sell, had to carry a second mortgage. Big mistake. 6 months later they stopped making the mortgage payments and I had to foreclose. That took a year. In the meantime they lived free of charge. I even had to pay the taxes, utilities and the repayment of the home owner grant they got to be able to buy the joint.

To add insult to injury, he was renting out the garage to a mechanic who was rebuilding an old car. So finally, after a year and paying the lawyers the $1000 for their fees I ended up selling the place for $40000 to the guy renting the garage. No real estate. Just marched him down to my lawyers office and we made the deal. I got off real lucky as the prices dropjped even further from that point. The worst hit was West Vancouver with a 40% drop.

Inflation was running rampid. Prices going up so fast that companies stopped putting prices on the packages as the prices were changing so fast. Lineups to get gas. People buying up wood burning heaters. I got into a bidding war on a pot bellied stove. That was funny.
Then the government put on price controls.

Not hard to see what is coming next.

#65 greyhound on 03.07.22 at 5:23 pm

Why is this happening?
One answer is that central banks have printed so much money over recent decades — trillions “conjured into existence” as Jim Grant says — that money is losing its value.

Maybe it’s not that broccoli and bacon (and houses) are going up; it’s that money is losing its purchasing power…

#66 Sam on 03.07.22 at 5:23 pm

I am losing any gains I made on my portfolio since 2019 – 3 years of profit and likely more carnage to come! Yet house prices keep going up and owners getting richer!!!

False. A balanced portfolio gained 35.7% between 2019 and the end of December. It is down about 6%. – Garth

#67 Uncle Thomas on 03.07.22 at 5:29 pm

#16 Hurtin’ Albertan on 03.07.22 at 3:37 pm
“It seems the least I can do to contribute to the fall of Putin:”
—————————-
I just threw out a bottle of almost full Russian dressing. We all have to do our part!!

#68 JOHN PICKETT on 03.07.22 at 5:29 pm

Another ghastly day on Wall Street. Although the mainstream media is boasting of how we are wrecking the Russian economy it would seem the collateral damage is that we are also cutting our own throats. Stock market is now in correction territory. Gas prices heading to $2 a litre by the summer which will wreck the tourist trade. Food prices up over 10% and ever increasing. Weak leadership in Ottawa with Christia representing the Ukraine and not Canada and Justin, well, who knows with him. No one minding the store and looking out for Canadians. The Ukraine is not Canada’s problem. A crooked country with lots of corruption. Apparently supplied manpower to the SS in WW2. With the Babi Yar massacre making headlines again you have to wonder how many Ukrainians ratted on their neighbours. Why do we keep backing corrupt countries? There is absolutely no way Canadians should be paying exorbitant prices for staples because of a problem in Asia/Europe. We are self-sufficient in most foods and energies. But as there is no end in sight I hearken back to 1989 and the collapse of the Nikkei. Hasn’t been back to 39,000 in over 30 years. Maybe stocks have topped out. As for real estate, a duplex next to mine sold for $250,000 in the early 1990’s. It sold 3 years ago for $115,000. Try and not bet the family farm on a house as what goes up can come crashing down, just like stocks. JOHN PICKETT

#69 IHCTD9 on 03.07.22 at 5:33 pm

#164 Yukon Elvis on 03.07.22 at 2:47 pm
#148 IHCTD9 on 03.07.22 at 11:50 am
#138 Ponzius Pilatus on 03.07.22 at 10:57 am

I hope you put some stabilizer in the tank.
Otherwise, it could not be a Duramax” any more.
____

Don’t think you need that stuff with a diesel. Guys routinely leave diesel powered heavy equipment for seasons/years and run them on whatever is in the tank when needed again.
+++++++++++++
Went on a short trip a few years ago, ended up gone for 13 months. Recharged the battery in my Jeep Wrangler 4.0 litre and it fired right up after maybe ten seconds of cranking. I was surprised.
——

Injected gas motors don’t really clog up either, but they will run like crap with really old gas. Both my quads are injected, one sits all winter every year, never gets clogged up.

It’s mostly a carb thing, but my old 50’s dozer has a carb made from cast iron, all fittings and metering components are brass. It never clogs up, so materials play a role too.

Here at the bunker complex, the only things getting fuel stabilizers are aluminum/zinc cast carbureted engines. So Ms IH’s street bike, the mower, and the 2 stroke lawn equipment (especially important with tiny little diaphragm carbs).

#70 Big Bucks on 03.07.22 at 5:37 pm

$4.00 a litre by summer?Certainly $3.00.But Garth I don’t get it,isn’t this what the Lefty Climate Change folk wanted?Get people off fossil fuels and outta their cars?Or did they just think someone else would somehow pay for it?Have you been to a restaurant lately?25% more and that looks to be only going up—I feel for them as people just won’t be going out as much.

#71 G on 03.07.22 at 5:39 pm

Hi #15 TurnerNation, Re: “Maybe we’re just insane.”

Yes, maybe the inmates or something you might describe as being evil is running the asylum. There’s a book someplace that even…

The Wizards of oz. movie, don’t look behind the curtain. Might have additional message.

What level of ‘Plato’s analogy of a cave’ do you think you might be at? I’m don’t think I’m at the very bottom, but it seems to help explain how some people react when some ideas are expressed to them.

That latest Matrix mover is interesting if you haven’t seen it yet.

YouTube ‘Academy of Ideas’ has a number of interesting short idea type videos, one is titled
‘The Manufacturing of a Mass Psychosis – Can Sanity Return to an Insane World?’

If that ‘x22 report’ isn’t just an elaborate syop to keep people calm and devolution works out ok for humanity, it’s probable going to get worse before it gets better, hopefully it does eventually get better, will minimum harm to as many as possible. I guess we’re about to find out since you can’t stop time.

Lots coming together at same time that isn’t good for the little guy, inflation from stuff, energy prices, food availability cost, WEF former students in many places… Fog of War is always bad for anyone in the line of fire.

Don’t forget to Love and help your fellow human beings when you can, even if you don’t like everything they might say or think. Strive to be good to each other. And try keeping your head on a swivel and take a deep breath to relax for a bit from time to time. Smiling seem to help too LOL.

#72 Kitty Kaboom on 03.07.22 at 5:48 pm

Will high fuel prices put a damper on Bunnypatch? Housing may be (relatively) cheaper compared to metro areas, but with in-your-face fuel inflation and higher interest rates, I’m willing to bet re-locators will give pause to a ~60KM 1-way commute move.

Who am I kidding, they’ll move and use their 1 month equity to buy a Tesla. :)

/s

#73 Hurtin' Albertan on 03.07.22 at 5:49 pm

A fascinating article on Putin and why he may have huge blind spots:

“Those who punish truth-tellers rarely get the truth”

https://thetyee.ca/Analysis/2022/03/07/Vlad-Instincts/

It appears Ukraine has learned lessons from Finland’s 1939 resistance against Stalin:

https://thetyee.ca/Analysis/2022/03/07/Can-Ukraine-Win/

If they lose, but exact a high price from Russia, another Russian General may remark: “We have won enough land to bury our dead.”

We cannot let them lose.

#74 Risk on 03.07.22 at 5:56 pm

The markets will keep going down until the risks are removed and confidence is rebuilt.

The problem?

We have the worst bunch of global leaders across the board who’s life hardships involve picking the right clothes for the red carpet or assembling new green words into sentences.

#75 Sail Away on 03.07.22 at 6:12 pm

More puppies. Because everyone loves puppies:

https://www.facebook.com/fourpointkennels/videos/917424902287118

#76 Grandv!ew on 03.07.22 at 6:14 pm

Does any of the blog dogs live close to the new owners of the property described in this post. I am wondering if someone can actually talk to the new owners of this house. It would be interesting to know what is the thinking behind doing something like this.

#77 Stone on 03.07.22 at 6:14 pm

#7 Steve French on 03.07.22 at 3:03 pm
Steve’s wife’s B&D portfolio has a few unexpected gaps in it…

For example she put some into a climate change ETF fund (seems like a growth area?), but that’s been getting absolutely hammered. Down 22%.

Overall B&D down 7% YTD.

Gold miner ETF doing some buffering.

Steve’s staying calm.

Calmer than you are.

———

I salute your honesty. My B&D is currently sitting -3.75% YTD. I feel the same as you. I think back at the end of March 2020, I must have been down between -16% and -17% when I rebalanced the portfolio so this current drop feels very anti-climactic. Feels like I’m loaded up on serotonin.

#78 Philco on 03.07.22 at 6:16 pm

HAHA Brian having trouble getting on the board?!

Holly shit people have lost their marbles.
$3 liter and its all over. Many are on the margin.
After more research….things are going to get way ugly. Way I guess the Dirty max may cost $500 a fill…holly smokes.

I saw this and its looks exactly correct.
Were in for a global SH*T storm. a 100 year special..

‘When Russia went into the Ukraine it started a rollercoaster that I don’t think we can stop. And that is we’ve got politicians like Biden, who is utterly clueless, like Gen. Mark Milley, who believes it’s important to train American male officers how to walk in high heels, we’ve destroyed the military in the United States with 20 years of useless, constant wars, and now we’ve cut off fertilizer and energy, the cost of energy and food in the United States is already a problem, and we’re going to have people starving, we’re going to have people in Europe freezing because they can’t afford the natural gas and the energy”

Head down to church and pray??

#79 kommykim on 03.07.22 at 6:19 pm

RE: #43 Franco on 03.07.22 at 4:37 pm
Let’s say Putin pulls the trigger and all out nuclear war breaks out, what then? Will the market still recover?

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

Then you will be worried about more important things than your portfolio. If you are unfortunate enough to be still alive that is…

#80 the Jaguar on 03.07.22 at 6:19 pm

‘Tinder Profile Pic’! That’s funny.

So is this:
“You know what, having a Keystone XL pipeline would sure be beneficial right now, considering the global situation. We need this administration to stop making stupid decisions,” tweeted Dan Crenshaw, a Republican congressman from Texas.”

The fun never ends. Or as the ‘Great One’ said, ( Gleason, not Gretzky), “How sweet it is!”

#81 Concerned Citizen on 03.07.22 at 6:21 pm

#51 Neo on 03.07.22 at 4:55 pm

But Canada is worth it. We live in the best country in the world. Of course there is a premium to live here. Everyone wants to live here. If you don’t like it, leave.

*****

Canada is indeed a great country – if you already have good equity in real estate.

If you are a young person just starting out, perhaps looking to start a family, Canada has turned into somewhat of a nightmare.

Are cities like Barrie, Kelowna, and other ‘burbs world class cities? Because their real estate is valued as such. Relative to incomes, it’s cheaper to live in major world centres like Paris or Los Angeles.

You know, many Canadians like to bash the Americans about how they treat their citizens so poorly (crappy health insurance system, no vacation days, poor maternity/paternity leave, etc). But at least in America you can buy a decent home without renting out your first and second born, nor sign up for a lifetime of being house poor. In Canada our politicians have decided that the needs and wants of “Mom and Pop” and foreign investors come first. Who needs a sustainable society/social cohesion? Well, not Canada, it would seem.

It makes me sick what’s happened – and is continuing to happen – to Canada, as it should all Canadians IMO.

#82 the Jaguar on 03.07.22 at 6:24 pm

Oh..I meant to include this:

“At the moment, the supply of energy for heating, for mobility, for electricity generation and for industry cannot be secured any other way,” Scholz said in a press statement confirming that Germany will continue to transact with Russian energy companies.”.

( Olaf Scholz,German Chancellor ).

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?

#83 Cici on 03.07.22 at 6:26 pm

Yes, we are definitely insane in the membrane.

And talk on the street is that the Fed is going to let things inflate further. Ed Yardeni says the Fed is going to lift rates more gradually than previously expected, letting inflation run hot so that “we” can get through “this geopolitical mess” that is “The War” (don’t we actually have to be directly involved in providing military support (or some other form of real, tangible support) to Ukraine for this to be an actual “war” as opposed to just passively watching that country crumble under the weight of Putin’s aggression while continuing to fund his war machine through oil purchases?).

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

You say you feel you’re living through a rerun of Saving Private Ryan?

Personally, the pathetic policy response to this invasion along with central bank interest rate manipulation has me feeling like I’m living through a rerun of that Canadian horror film “The Cube.”

I wonder what will happen if Zelensky comes to the conclusion that he and his people have been abandoned and are never going to be direct beneficiaries of any of their own heroic resistance?

The Cube indeed.

#84 Philco on 03.07.22 at 6:27 pm

#2 Doug t on 03.07.22 at 2:59 pm
It’s a MAD MAD WORLD – and I fear it is going to get worse if the world can’t get a grip and start working together
===================
I here that bro. Never going to happen with all these power hungry peeps. We are no an out of control freight train going down the mnt.
Greed is the flavor of the day :(

#85 Victor Maitland on 03.07.22 at 6:31 pm

@#44, Sure Max. That’s why the ruble collapsed. Honestly, did you deliberately just think of things that were complete false and fill your post with them? Looks that way.

#86 Brian on 03.07.22 at 6:35 pm

Really looks like the COVID concern is gone, except on planes, trains and boats in Canada. Fascinating.

#87 Cici on 03.07.22 at 6:39 pm

#6 Brian on 03.07.22 at 3:02 pm
Crazy real estate!
Last week my nephew in the small town of Cayuga, Ontario listed his small side split for $695,000. He paid $345,000 6 years ago. It just sold for $975,000!
_____________________________________________

Good for him BUT at the rate we’re going, $975,000 won’t be enough to buy a 24-count package of toilet paper by the end of the year.

#88 David W2 on 03.07.22 at 6:42 pm

Garth, could you do a feature on here regarding passive income investing (see http://www.passiveincomeinvesting.com) vs a B&D portfolio, and potential risks of the formerm?

#89 IHCTD9 on 03.07.22 at 6:43 pm

#17 Lee on 03.07.22 at 3:39 pm
There is no question from what I see that anyone who has invested in real estate as an investment (aside from their home) rather than the stock market over the last 10 years has won by a mile. This is true even without factoring in rents received, and after deducting LTT and sale costs. It’s not even close.
—- –
Anyone in the GTA/GVA that is – no one else. If they haven’t sold yet (which they should be), the jury is still out on what gain it may be. Might be a total bomb if they hang on and get caught in a market turn. The biggest problem with RE is many urban houses don’t pay you a dime until you sell, and you’re certainly not stuffing 1.6 Mil into RRSP’s and TFSA’s once you do.

I’d much rather have 1.6 built inside tax shelters than 1.6 cash. The gains you describe apply explicitly to folks living in just two cities, who bought within a 5-7 year window. It’s a lottery win. A tiny fraction of the Canadian population are winners (if they sell with as much luck as they purchased). My bet is most disciples of RE won’t. Sentiments turn on a dime. If they aren’t actively listing their RE right now, they stand an excellent chance of forfeiting it all. Time will tell, but we won’t be hearing from those who blew it.

#90 Voice of treason on 03.07.22 at 6:47 pm

Like most big issues, I see Canada’s housing crisis as complex and multi faceted.

I do believe there is a supply constraint. In major urban areas, land use planning controls have crimped the land supply. Ground oriented housing, particularly single detached homes, come at an increasing premium.

That said, Canada has a cultural obsession with housing which is also driving demand. Not just for personal residence but also to be part of recent gains. When everyone and their brother owns not one but multiple rental units, all funded through HELOCs, we have a problem that needs correction.

One final comment, I do believe millennials are getting a bit of a raw generational deal. That said, the trend is likely to continue for those cohorts that follow. This is the beginning of “less for more” as the world tries to shift to a more sustainable way of life. The only way to actually force such a shift is to price people out of their current lifestyle.

#91 Steve French on 03.07.22 at 6:50 pm

Steve has started to refer to himself in the 3rd person…

… like the Jaguar…

Steve.

#92 YVR 60% Crash on 03.07.22 at 6:50 pm

#44 Max on 03.07.22 at 4:38 pm

“Nobody wants sanctions or war except of US. Its fueling everything including pressuring European countries into digging a grave for themselves. France, Germany are already crying and protests will start soon.

China is overtaking the US. Soon, the world will forget that US even existed, just like British or Dutch Empires.”

That’s awesome! Now. Take a hike 50 cent army.

#93 Cto on 03.07.22 at 6:51 pm

Madness?
It’s not madness.
It’s a large part of the Canadian society that is just following the forward guidance of the chair of the Bank of Canada.
Tiff Maclam.
He and his predecessors set these wheels in motion.
Now the greater fools are being made successful winners by BoC and government policy. Why would you not want to get in the ground floor of a win win! Get in the game! It’s the only way to success in Canada!

#94 pPrasseur on 03.07.22 at 6:51 pm

#44 Max – China is overtaking the US. Soon

Very funny!

China in an accident waiting to happen, a Ponzi house of card hanging by a thread! Compared to China’s the Canadian RE bubble is a dwarf. State companies are a disaster, western companies are leaving China in droves leaving behind massive “flexible employment”, the communist party euphemism for unemployment.

Things are not going well in China and are going to get much worse.

#95 Grandma Sue on 03.07.22 at 7:03 pm

RE is going to tank. Rates are going to skyrocket, unless of course you would prefer a $20 loaf of bread. And the pandemic, it hasn’t really started yet! Watch.

#96 Peter in Toronto on 03.07.22 at 7:06 pm

Oof! 60% increase in spot Nickel price today:

https://tinyurl.com/53umtmj7

There goes the idea that electric cars will magically replace gas motors any time soon.
High end German cars are build with aluminum from Russia. Boeing needs Russian titanium to build planes. These manufacturers will soon start to lay off people. All this while food, heating and mobility costs will increase dramatically. A deep recession combined with strong inflation will rip social cohesion apart. I do expect strong anger in the streets of Europe, the US and here.

#97 Bob Loblaw on 03.07.22 at 7:17 pm

I wonder if home prices increased to an average of $500 billion would people still be able to get sufficient loans from the banks to cover the mortgage? Would the government introduce a program with a low interest loan for $499,999,999,000 for immigrant homebuyers to ensure prices continue rising?

#98 Bigrider on 03.07.22 at 7:21 pm

Lee on 03.07.22 at 3:39 pm
There is no question from what I see that anyone who has invested in real estate as an investment (aside from their home) rather than the stock market over the last 10 years has won by a mile. This is true even without factoring in rents received, and after deducting LTT and sale costs. It’s not even close.

———

Yes Garth. I’m back . Been a few years . I see my “Uppa uppa “has been in continuous use .

As my ‘nonno’ has told me repeatedly, when it comes to investing in RE and as clearly evidenced by the two comments above, it truly is no contest and should not be one between financial markets and real estate as you yourself mention .

So my question to you Garth , is why bother with the awful , opaque , unpredictable , non tangible and volatile financial markets at all ?

——/

It’s not a competition. Investing in only one asset class that requires huge leverage carries risk. – Garth

#18 Vic on 03.07.22 at 3:39 pm
Hate to say it but real estate unlike most stocks does not go down because of Putin or viruses. And it does not lose value to inflation like cash or GICs.

Real estate falls when it’s so overvalued fewer people can afford it, when higher rates restrict credit and when inflation robs the purchasing power of buyers. – Garth

#99 Dr V on 03.07.22 at 7:23 pm

Nice Kitty!

#100 Satori on 03.07.22 at 7:34 pm

And all the Profits on these homes, sold just 3 years later, for an extra $500,000-$600,000 dollars, is Tax-Free MONEY !!! ?? NUTS!

#101 Søren Angst on 03.07.22 at 7:36 pm

#38 VladTor

Delusional.

#102 Satori on 03.07.22 at 7:36 pm

#81 Concerned Citizen on 03.07.22 at 6:21 pm
You know, many Canadians like to bash the Americans about how they treat their citizens so poorly (crappy health insurance system, no vacation days, poor maternity/paternity leave, etc). But at least in America you can buy a decent home without renting out your first and second born, nor sign up for a lifetime of being house poor. In Canada our politicians have decided that the needs and wants of “Mom and Pop” and foreign investors come first. Who needs a sustainable society/social cohesion? Well, not Canada, it would seem.

It makes me sick what’s happened – and is continuing to happen – to Canada, as it should all Canadians IMO.
—————————————————
TOTALLY!!! Well Said!!!

#103 Sail Away on 03.07.22 at 7:39 pm

#82 the Jaguar on 03.07.22 at 6:24 pm

“At the moment, the supply of energy for heating, for mobility, for electricity generation and for industry cannot be secured any other way,” Scholz said in a press statement confirming that Germany will continue to transact with Russian energy companies.”.

( Olaf Scholz,German Chancellor ).

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?

——–

Always, always keep a contingency plan in place. Why would anyone, not to mention entire countries, put all their energy eggs in a single basket?

Crazy poor planning. Driven by the Green imperative.

Luckily in Canada’s favour. This is the opportunity for Canada to reap very large oil, gas, fertilizer and metals profits. I have little doubt the country’s managers will screw it up royally. Except Alberta, but their pocket will be picked as usual. Get that provincial oil fund in place!

#104 Bigrider on 03.07.22 at 7:39 pm

Charlie Munger of Berkshire , the second oracle of Omaha, buying up rental property and increasing stakes in farmland to offset inflation . Taking down his stake in the financial markets and said over the weekend that he expects subpar returns from the S&P for the next ten years . Please do yourselves a favour and pull it up on YouTube or something.

Seems as a “ nonno” this guys wisdom may be worth listening too. So much for a “ real estate bubble “ lol

Real estate is truly GODS INFALLIBLE ASSET CLASS

#105 Tomás de Torquemada on 03.07.22 at 7:39 pm

Practical hyperinflation for all intends and purposes.
In the ‘center of the universe’ Brampton.

With fixed and capped salaries.

But hey, do not forget, the jokers at BOC have all the ‘tools’ to maybe increase the rates by the astronomical 0.5 % waaaaaaaaay down the road, you know…

Why do we continue to not accept and recognize the obvious:
That we are witnessing in real time the irreversible destruction of currency due to irresponsible extremely bad monetary policies and decade and a half of lies about inflation?

Gas is most likely to double this year alone, so is sunflower oil, grains etc. And look the actual inflation, it is accelerating rapidly.

5 % ‘inflation’ aka CPI?

Really?

People on fixed income should enjoy their 2 % ‘inflation adjusted’ government ‘benefits’ as it is about to shrink significantly further. Gas money as we call it?
I don’t think so.

#106 Laffer on 03.07.22 at 7:41 pm

There will always be yet another crisis for the elite to milk. They got a lot of mileage from Covid and now there’s a war (big surprise). After this, it will be something else. Get used to it because this is all part of the plan.

Also, interest rates will not be going up much more than this but property sure will be.

#107 Albertaguy in AB on 03.07.22 at 7:45 pm

Or a rerun of Saving Private Ryan?

More like a rerun of 1949.

How tiny Finland thwarted Soviet invaders in the Winter War of 1939

https://thetyee.ca/Analysis/2022/03/07/Can-Ukraine-Win/

#108 SW on 03.07.22 at 7:51 pm

#43 Franco on 03.07.22 at 4:37 pm
“Let’s say Putin pulls the trigger and all out nuclear war breaks out, what then? Will the market still recover? I think it will never recover to the point of where it is now…”

Calm yourself.

On second thoughts, cash in a few thousand of your investments, go buy a few cases of decent scotch.

If there’s a nuclear war they won’t be making any more of it, ye ken.

#109 jess on 03.07.22 at 7:52 pm

….” Why do we keep backing corrupt countries? ” someone asked.

There are corrupt people within a country just not where they seem to keep the $$$$

“corrupt officials prefer countries with strong rule of law and good governance to park their ill gotten gains.”

https://www.transparency.org/en/news/countering-russian-kleptocrats-wests-response-to-assault-on-ukraine

#110 Satori on 03.07.22 at 8:05 pm

Pretty soon it will be Germany here, when my Grandpa couldn’t buy a loaf of bread for a wheel barrel full of cash. The money was worthless.

Everyone in Germany, no matter how much you save, were given the same amount of new money, and had to start again…. is history repeating itself?

They printed so much money, now we all have to pay for T2’s “budget-less government”.

Inflation is 5%. Lighten up. – Garth

#111 Sail Away on 03.07.22 at 8:15 pm

#104 Bigrider on 03.07.22 at 7:39 pm

Charlie Munger of Berkshire , the second oracle of Omaha, buying up rental property and increasing stakes in farmland to offset inflation . Taking down his stake in the financial markets and said over the weekend that he expects subpar returns from the S&P for the next ten years . Please do yourselves a favour and pull it up on YouTube or something.

Seems as a “ nonno” this guys wisdom may be worth listening too. So much for a “ real estate bubble “ lol

Real estate is truly GODS INFALLIBLE ASSET CLASS

———

Charlie is not buying Canadian real estate, you know?

#112 crowdedelevatorfartz on 03.07.22 at 8:20 pm

Fuel at $3 or $4 per liter just in time for the summer travel season…..?
Airline fuel.
Container ship fuel.

Oh baby.

Gimme an “R”
Gimme an “E”
An a “C”
an another “E”……
Double “S”…”I”
Onnnnnn
Recession!

#113 Bigrider on 03.07.22 at 8:26 pm

#111 sail away.

Yes I know . What is your point? Is it that cdn RE is overvalued and US is fairly valued ??

If that is what you are implying , well good luck with that lol

#114 Peter in Toronto on 03.07.22 at 8:32 pm

Hmmmm, this looks like the prelude to an atomic war:

https://www.politico.com/news/2022/03/05/white-house-deal-fighter-jets-ukraine-00014424

“The U.S. remains in discussions with Poland to potentially backfill their fleet of fighter planes if Warsaw decides to transfer its used MiG-29s to Ukraine, four U.S. officials tell POLITICO.”

#115 Bigrider on 03.07.22 at 8:34 pm

If nuclear war breaks out and a warhead accidentely flies into downtown Toronto and detonates , I can see the headline out of TREB and CREA:

“ Nuclear warhead takes out half of housing supply causing massive surge in prices due to lack of supply. Buyers willing to sacrifice early radioactive cancer death to live close to all the city has to offer “

Don’t laugh. These carnival hucksters can twist anything .

#116 Concerned Citizen on 03.07.22 at 8:36 pm

Inflation is 5%. Lighten up. – Garth

*****

Not for folks in Brampton. Or anywhere else in southern Ontario where real estate prices have increased 40%-100% in ~2 years.

Just wait until these sticker prices start being reflected more fully in rent prices. Official inflation won’t be 5% at that point.

BTW, real inflation is almost certainly above 5%. My 4 year old car is worth what I paid for it new 4 years ago. The Americans count used car prices; StatsCan does not. That’s a big reason the U.S. number is over 7%, and ours is 5%.

Now add it in this Ukraine business and the huge spikes we’re seeing in commodities, and we are at real risk of high single digit to double digit inflation sometime this year.

Doubtful. And it will not be permanent. Lighten up. – Garth

#117 crowdedelevatorfartz on 03.07.22 at 8:39 pm

has anyone noticed a few US Senators have been pushing the US Govt to forgo the Cabotage Act?

Seems the cruise ship industry wasn’t impressed when Trudeau’s Health people blocked cruise ships from docking in Canada before they continued up to Alaska as they were compelled to do under the old rules.
Well it seems the US “temporary” bypass of Vancouver and Victoria during Covid….could be permanent…..

https://vancouverisland.ctvnews.ca/u-s-senator-submits-bills-to-allow-cruise-ships-to-permanently-bypass-canada-1.5465794

#118 crowdedelevatorfartz on 03.07.22 at 8:41 pm

@#115 Bigrider
“Don’t laugh. These carnival hucksters can twist anything ”

+++

I didnt laugh .
I snorted beer out my nose.
Good one.

#119 jess on 03.07.22 at 8:42 pm

Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Thursday, March 3, 2022
TV Producer for Russian Oligarch Charged with Violating Crimea-Related Sanctions
Jack Hanick Worked for Konstantin Malofeyev in Violation of U.S. Sanctions and Made False Statements to FBI Agents to Conceal His Sanctions-Violating Conduct

A federal court in the Southern District of New York today unsealed the first-ever criminal indictment charging a violation of U.S. sanctions arising from the 2014 Russian undermining of democratic processes and institutions in Ukraine.

According to court documents, John Hanick, aka Jack Hanick, 71, a U.S. citizen, is charged with violations of U.S. sanctions and false statements in connection with his years-long work for the sanctioned Russian oligarch Konstantin Malofeyev….”

“Konstantin Malofeyev is closely tied to Russian aggression in Ukraine, having been determined by OFAC to have been one of the main sources of financing for the promotion of Russia-aligned separatist groups operating in the sovereign nation of Ukraine,” said U.S. Attorney Damien Williams for the Southern District of New York. “The U.S. sanctions on Malofeyev prohibit U.S. citizens from working for or doing business with Malofeyev but as alleged, Hanick violated those sanctions by working directly for Malofeyev on multiple television projects over the course of several years. The indictment unsealed today shows this office’s commitment to the enforcement of laws intended to hamstring those who would use their wealth to undermine fundamental democratic processes. This office will continue to be a leader in the Justice Department’s work to hold accountable actors who would support flagrant and unjustified acts of war.”

https://www.justice.gov/opa/pr/tv-producer-russian-oligarch-charged-violating-crimea-related-sanctions
Konstantin Ma1ofeyev (“Malofeyev”) as an SDN pursuant to Executive
Order 13,660. In so designating Malofeyev, OFAC explained that Malofeyev was one of the main sources of financing for Russians promoting separatism in Crimea, and was designated as an SDN
because he was responsible for or complicit in, or has engaged in,actions or polices that threaten the peace,security, stability,sovereignty, or territorial integrity of Ukraine and has materially assisted, sponsored, or provided financial, material,
or technological support for, or goods or services to or in support of the so-called Donetsk People’s Republic.

https://www.justice.gov/opa/press-release/file/1479761/download

#120 Neltzey on 03.07.22 at 8:44 pm

#36 demand on 03.07.22 at 4:23 pm

“It’s all about the demand. Now the Canadian Government has created the biggest demand for housing in our lifetime by allowing unlimited number of Ukrainian refugees.”
————-
Of course, the first thing people will do after fleeing a country destroyed by war is buy a house… This is just nuts…
It is not about demand. It is about speculation, FOMO, easy access to credit, crazy-low interest rates, gifts from BoM, risk-shifting policies, balls-lacking politicians… Haven’t you been reading a certain blog?

#121 Paul on 03.07.22 at 8:49 pm

Heard that the CRA is demanding that excess CERB be paid back, the Ontario government is planning to end social assistance by cutting it and then shutting it down to fund the condo developers.

Interesting times.

#122 The Kelowna Virus on 03.07.22 at 8:53 pm

e) try not to buy a house in Brampton. Or Kelowna. Or Cambridge. Maybe anywhere until, like, July.

——–

Yes, please stay away from Kelowna as Garth has directed. Not only don’t we want you here…. Most of you couldn’t afford my garage!

#123 Mr Canada on 03.07.22 at 8:53 pm

The average GTA one bedroom condo has gone from $588k this time last year to $710k now or up 20%. But there is the beginning of a market shift. In York Region north of Toronto – there were 270 price changes (reductions) last month. While inventory is well below historic averages – currently less than 1 month inventory – (a seller market is less than 3 months), my mortgage friends are saying it not as crazy now, and my agent friends say many people are not showing up on offer night. Add 2-3 more rate hikes this year, it might be good to wait to this spring/summer to assess the market. The outer parts of the GTA might drop first – especially those that have to commute to the city and pay gas at $2 a litre.

#124 Sail Away on 03.07.22 at 8:58 pm

#113 Bigrider on 03.07.22 at 8:26 pm
#111 sail away.

Yes I know . What is your point? Is it that cdn RE is overvalued and US is fairly valued ??

If that is what you are implying , well good luck with that lol

———–

Charlie only buys when he thinks the value is fair, or even better: a bargain. And with any asset, price can vary wildly depending on location, sentiment and a whole host of other factors.

So maybe farmland makes sense for Charlie in a certain location, meeting a certain set of criteria. Those details are very important.

#125 DON on 03.07.22 at 9:05 pm

If rates don’t rise and inflation continues people start cutting back on spending. Less products being sold, more layoffs in a recession?

If rates do rise and we continue on our current inflationary trajectory people still cut back and less product sold and layoffs…recession?

Best case scenario Russia goes home and the central banks raise rates to curb inflation and the recession comes in 18 months?

I am already cutting back…done deal!

#126 Laffer on 03.07.22 at 9:29 pm

Inflation is not 5% it is upwards of 15% (see shadowstats) meanwhile the FED is maybe raising a measly .25% and is still inflating their balance sheet.

Anyone else see a trend here?

HINT: Inflation is here to stay.

#127 fishman on 03.07.22 at 9:33 pm

#107 Albertaguy: Yes, the Finns ravaged the Russians,but I got a “been there” story from a big old Finn faller in a logging camp bunkhouse on the northern tip of Vancouver Island.
When the Russians invaded he & his 4 brothers enlisted in the Finnish army. The Russians were ill equipped conscripted city boys. The Finns drove them back to the Finnish/Russian border with overwhelming losses to the Russians. Now the Finns had S.S. officers acting as advisers. When they got to the border the Finnish officers ordered them into Russia. They were 12 to 15 thousand men all lined up. They said no, we’re not going. The S.S. officer ordered a Volkswagen towing a machine gun in front of the line of Finns. The Finnish officers ordered the men forward. They refused. The S.S. officer gave the signal & the machine gun shot 40 or 50 men. The Finns went into Russia. Everything went ok till they came up against the Siberians. He told me four things about Siberian soldiers. They pack a chunk of straight pig fat & a big bag of sunflower seeds to eat. They wrap their feet in long rolls of cotton cloth inside their galoshes. They have many words the same as the Finns. Their hard to kill & don’t surrender. By the time he got back home the Russians had killed three of his brothers.

#128 Anne Halliburtin on 03.07.22 at 9:43 pm

$5 +++ a liter for gas is exactly what the Liberals have stayed is their goal to push you out of your car. They’re attacking workmen with axes for Christs sake. What is it about Liberal fanaticism you don’t understand? Trudeau is floating out of his socks as Canadians suffer. The plan is working, don’t you listen to what Trudeau says, or do you not take anything he says seriously?

#129 Ponzius Pilatus on 03.07.22 at 9:44 pm

Western Canadian Select (WCS) – the stuff they churn out in Alberta – was trading at $102 a barrel on Sunday. Incredible. No wonder the province just announced a budget surplus and a new pony for everyone.
————————
Western Canadian Select?
For tar sand gook.
Who comes up with these names?
Does it get better, as it ages?
But sorry, Cowboys. No new pony for you.
Just higher equalization payments to Quebec
Thank you for your service to the Country.
And don’t piss it away, again.

#130 Shawn on 03.07.22 at 9:53 pm

$2.00 a litre gasoline is a wet dream for environmentalists

#70 Big Bucks on 03.07.22 at 5:37 pm

$4.00 a litre by summer?Certainly $3.00.But Garth I don’t get it,isn’t this what the Lefty Climate Change folk wanted?Get people off fossil fuels and outta their cars?

****************************
Absolutely! This is exactly what environmentalists want. And yes $3.00 is even better for them. They believe fossil fuel use is destroying the planet and causing global warming. Surely they will have the courage of their convictions and cheer this loudly.

We will buy electric cars if that is more affordable over time. Some people buy Tesla for bragging rights. Others will buy an econo box electric car for the savings.

#131 Ponzius Pilatus on 03.07.22 at 10:03 pm

#114 Peter in Toronto on 03.07.22 at 8:32 pm
Hmmmm, this looks like the prelude to an atomic war:

https://www.politico.com/news/2022/03/05/white-house-deal-fighter-jets-ukraine-00014424

“The U.S. remains in discussions with Poland to potentially backfill their fleet of fighter planes if Warsaw decides to transfer its used MiG-29s to Ukraine, four U.S
———————
Anyone else thinks that is a stupid deal?
Give brandnew, latest tech fighter planes to another unstable East European country in exchange planes that will crash the minute they take off.
Looks like the Amis are being played the suckers.

#132 protea on 03.07.22 at 10:11 pm

“Yet despite WTI oil prices now trading near US$110 per barrel, our dollar is at only 79 cents U.S.
A large part of the reason for the loonie’s woeful performance recently comes down to domestic policies targeting the restriction of North American energy infrastructure, which has essentially put a cap on growth of both U.S. shale and Canadian oilsands.
The U.S. has adapted and diversified via its technological focus while Canada has gone all in on non-producing asset growth via real estate speculation. At the same time, the Bank of Canada’s extremely low interest rate policy and a rapidly growing shadow banking system have resulted in debt-fuelled household spending and residential housing speculation becoming the largest contributor to our economic growth.”
==========================
Would you sell that dirty oil in Alberta to the world, or sell out real estate in the major urban centers in Canada to speculators and oligarchs? It’s time for Canadians to pick the poison that is less poisonous.

#133 Doug in London on 03.07.22 at 10:18 pm

IF EFA goes gets much cheaper, I may buy some with the capital gains made from selling oil companies. All of you above who mentioned this ETF, thanks for the tip.

#134 Ponzius Pilatus on 03.07.22 at 10:22 pm

117 crowdedelevatorfartz on 03.07.22 at 8:39 pm
has anyone noticed a few US Senators have been pushing the US Govt to forgo the Cabotage Act?

Seems the cruise ship industry wasn’t impressed when Trudeau’s Health people blocked cruise ships from docking in Canada before they continued up to Alaska as they were compelled to do under the old rules.
Well it seems the US “temporary” bypass of Vancouver and Victoria during Covid….could be permanent…..

https://vancouverisland.ctvnews.ca/u-s-senator-submits-bills-to-allow-cruise-ships-to-permanently-bypass-canada-1.5465794

———————
Pretty old news.
No cruise ship company would bypass the jewels of the North West, Vancouver and Victoria.
Seattle does not even come close.
Take a cruise once, and see for yourself.

#135 yvr_lurker on 03.07.22 at 10:25 pm

Anyone else thinks that is a stupid deal?
Give brandnew, latest tech fighter planes to another unstable East European country in exchange planes that will crash the minute they take off.
Looks like the Amis are being played the suckers.
——
No, I don’t think it is a stupid idea, since the Ukranians know how to fly these planes. Indeed there is a fine balance between doing nothing (moral dilemma) and being at the epicenter of a large-scale scale conflict between the West and Russia. Getting them planes that they can fly so as to defend themselves for the next few weeks is okay in my view.

Had the beginnings of a conversation at work with a colleague who lamented the fact that the West does not care when people of colour in small countries get bombed or have a conflict. He was repeating what he read on CBC. I tried to say that I don’t care if the people are green, turquoise or whatever, but in this conflict we have a nuclear superpower who is (perhaps) threatening something large scale. After looking at me blankly, he responded with more of the same. No response from me, just walked away when he was in mid sentence. I don’t have to justify how I feel about this… sod off…

#136 Barb on 03.07.22 at 10:27 pm

#122 The Kelowna Virus

Don’t do this nonsense!!!! Don’t be the same at that Cottager person telling people to stay away. Don’t lower yourself.

And, no, I don’t live in Kelowna.
Nor do I have a house for sale.

#137 “WTH Are You Talking About, Macklem?” on 03.07.22 at 10:29 pm

The recent challenge of the BoC’s statements is just the latest episode of, “What The Hell Are You Talking About, Macklem?” Almost a year ago, statements from the central bank stopped making sense when contrasted with data.

#138 neptunian on 03.07.22 at 10:47 pm

a RE market correction is at the corner, how do we make profit from it?

#139 Doug t on 03.07.22 at 10:50 pm

Uh oh – makes sense

https://nationalpost.com/opinion/rex-murphy-greenism-has-helped-putin-fuel-his-war-machine

#140 Why do home prices increase? on 03.07.22 at 10:52 pm

#36 demand on 03.07.22 at 4:23 pm
Why do home prices increase?

It’s all about the demand. Now the Canadian Government has created the biggest demand for housing in our lifetime by allowing unlimited number of Ukrainian refugees.

——–

Sounds like you are in need of some shelter… Or perhaps a shoulder to cry on.

My shoulders are being used.. but I think I spotted a space under the bridge on my daily outing in my fancy wheels.. Lots of room for pitching your pup tent!

#141 AM in MN on 03.07.22 at 11:43 pm

You forgot CMHC.

Kill it, and get the govt. out of the housing market. Open up more of the vast lands to development while you’re at it.

#142 DON on 03.07.22 at 11:47 pm

#134 Ponzius Pilatus on 03.07.22 at 10:22 pm
117 crowdedelevatorfartz on 03.07.22 at 8:39 pm
has anyone noticed a few US Senators have been pushing the US Govt to forgo the Cabotage Act?

Seems the cruise ship industry wasn’t impressed when Trudeau’s Health people blocked cruise ships from docking in Canada before they continued up to Alaska as they were compelled to do under the old rules.
Well it seems the US “temporary” bypass of Vancouver and Victoria during Covid….could be permanent…..

https://vancouverisland.ctvnews.ca/u-s-senator-submits-bills-to-allow-cruise-ships-to-permanently-bypass-canada-1.5465794

———————
Pretty old news.
No cruise ship company would bypass the jewels of the North West, Vancouver and Victoria.
Seattle does not even come close.
Take a cruise once, and see for yourself.

*********

Didn’t they just announce the return of the cruise ships for April? The news came out today. Close quarters with humans…yuck!

#143 Syd Cixel on 03.08.22 at 12:00 am

Re: “[Cambridge is] part of Waterloo Region – not exactly commuting distance to the Big Smoke.” That is exactly what it has been since the early 1980s. The same goes for the Westheights neighbourhood of Kitchener. The 401 is busy constantly with traffic in and out of the GTA west of Yonge St. All that driving makes no sense, which doesn’t mean that people don’t do it.

#144 Brad on 03.08.22 at 12:41 am

At what point do we call it hyperinflation?

When it is, which will be never. – Garth

#145 Michael in-north-york on 03.08.22 at 1:18 am

#107 Albertaguy in AB on 03.07.22 at 7:45 pm

Or a rerun of Saving Private Ryan?

More like a rerun of 1949.

How tiny Finland thwarted Soviet invaders in the Winter War of 1939

https://thetyee.ca/Analysis/2022/03/07/Can-Ukraine-Win/
===

I hope Ukraine wins. And we need to help them as much as we can. Keep the Russia sanctions on!

Those sanctions are highly effective. Russian currency is down 40% vs U.S. dollars. Residents are lining up to buy staples, they think the prices will shot up, or the goods will just disappear from the shelves.

Of course, the sanctions will cut both ways. We will see higher prices on some items. That’s a small sacrifice on our part, to support Ukraine.

Ukrainians are fighting against the new Fuhrer and his evil empire, and defending their freedom. Not just that; they are protecting our peace and safety. If they fall, then our homes will be in danger.

Do not complain that we pay a few cents more for gasoline because Canada, other Western countries are doing what must be done. Grow up, dudes.

#146 Alice Doll on 03.08.22 at 1:33 am

OK, you’re balanced and diversified through global ETFs. How much of each ETF is Russia related. You’d better make sure you divest of every ETF that holds either Russian bonds or equity inc all financial paper and obligations. All your mineral and commodity funds are poisoned, get rid of them. Bonds, sell now. The Woke Crazy Mob is coming for you if you don’t Are you immoral enough not to move?

#147 Underwriting on 03.08.22 at 4:04 am

Somewhat interesting that these rate increases come just in time for those who bought at the “crazy” highs of 2017 and got a 5 year fixed, to lock into cheap fivers and not rock the boat before the winds pick up.

#148 BillyBob on 03.08.22 at 5:04 am

#82 the Jaguar on 03.07.22 at 6:24 pm
Oh..I meant to include this:

“At the moment, the supply of energy for heating, for mobility, for electricity generation and for industry cannot be secured any other way,” Scholz said in a press statement confirming that Germany will continue to transact with Russian energy companies.”.

( Olaf Scholz,German Chancellor ).

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?

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

Yes. Exactly.

May times I’ve stood at the top of the entryway stairs to the aircraft while the beast is being loaded, all over the world, in places like Frankfurt, Anchorage, Cincinatti, Shanghai. Surveying the vast fleets of machines in the hundreds: Boeing 747, 777, 767, 757, 737, small turboprop aircraft, hundreds of them, all dedicated to carrying cargo. And then the even vaster array of machines in the thousands serving them: belt loaders, low-boys, high-lifters, tugs and trucks. An unfathomably large army of equipment trying to make sure you get your STUFF. Duplicated every.single.day, in hundreds of locations worldwide.

All using gasoline, diesel, natural gas, and jet fuel to power them.

Often I’ve silently sipped my coffee and mused how futile the attempts to portray pinwheels and panels as viable “solutions” were – ideological papering over the reality of energy density.

I didn’t have “Russian aggression” on my bingo card for the event to expose the extreme farce of green energy for what it is, but here we are.

Religion has run smack into reality.

#149 Jay (not that one) on 03.08.22 at 6:09 am

To be fair, it seems economically rational to keep buying whatever they’ll give you for the moment, exactly because “central banks blew it” and continue to blow it.

With inflation at 5% (and let’s be honest, inflation isn’t actually 5% for those of us who don’t have our butlers doing the shopping) and CBs around the world ostensibly looking for excuses to stay accomodative, it’s going to continue at or above that level, so borrowing is basically having the bank give you free money. Get in while the getting is good because soon a million bucks for I’ll get you a coke

#150 Gravy Train on 03.08.22 at 7:18 am

#82 the Jaguar on 03.07.22 at 6:24 pm
[…] Mercy. Whatever happened to solar, wind and unicorn farts to power the world?

Read Bill Gates’s (2021) book How to Avoid a Climate Disaster before you make another uninformed comment. Your arrogance is exceeded only by your ignorance.

#151 crowdedelevatorfartz on 03.08.22 at 7:33 am

@#148 BillyBob
“Religion has run smack into reality.”

+++

Yep.
Kerry’s tone deaf musings last week that “The war in Ukraine would cause the countries involved to miss their environmental targets for 2022” was quite a shocker.
Ignore the death of innocent civilians, the destruction of historic buildings, the crushing of a democracy…. There’s diesel tanks billowing fumes!

I’ve noticed the politically correct haven’t complained yet that only women and children were allowed to leave Ukraine. Men need not apply, you must go back and die.

Perhaps we can send multi colored paint for more rainbow crosswalks to confuse the targeting systems on the Russian cruise missiles….

That should appease the Woke.

#152 crowdedelevatorfartz on 03.08.22 at 7:45 am

Hey.
Tamara Lich is out on bail….with a few conditions.

Cant access the internet.
Cant speak to the media.
Cant talk at rallies.

Lets see how long THAT lasts.

#153 crowdedelevatorfartz on 03.08.22 at 8:02 am

“it confirms the old adage that “all wars are banker’s wars”.”

+++

The same old tripe dragged out and flayed on the rock of reason.

Last time I checked.
Wars are usually started by dictators, kings, popes, etc etc etc.
Nary a banker amoung them.

No.

The wars are started by idiots who think they won’t lose and when things go wrong and they need more soldiers, bullets and bombs …….eventually it’s all funded by people with money who will either play along with the ruthless A++hole in charge or be killed.

Don’t blame bankers for making money off a war….your financial security and pension plan may depend on it.

#154 joelson on 03.08.22 at 8:26 am

Garth

Shed some light on commodities, we already know the housing market is a mess. More important why is the canadian dollar UNCOUPLING FROM OIL!

This is big and bad for all

Our dollar is measured against the US$, not oil. They produce more of it than we do. – Garth

#155 Dharma Bum on 03.08.22 at 8:57 am

#158 kommykim (from yesterday)

Trump was not in power when the Russians invaded.

The west was continually weakened by the dogma of the woke, virtue signalling, politically correct, cancel culture loving, navel gazing, tree hugging, impractical idealists.

“It is under this environmentalist banner, to bring this matter to particular illustration, that the continent of Europe tied its economies and energy to the ruler of Russia, Vladimir Putin. The armies now invading Ukraine were financed by Russian oil. Germany built windmills so that Putin’s treasury could grow fat, and the dictator could pursue his cruel war.” – Rex Murphy

Enjoy your popcorn – try not to choke on it.

#156 canuck on 03.08.22 at 9:06 am

Would you sell that dirty oil in Alberta to the world, or sell out real estate in the major urban centers in Canada to speculators and oligarchs? It’s time for Canadians to pick the poison that is less poisonous.
___________________________________________

Alberta doesn’t have dirty oil. Dirty oil is from countries that kill people for being gay and treating their women like 3rd rate citizens and chattel.
Perspective…

#157 crowdedelevatorfartz on 03.08.22 at 9:07 am

@#150 Gravy Trian.
“Read Bill Gates’s (2021) book How to Avoid a Climate Disaster”

+++

Bill Gates.
Climate expert.
Who knew.
The arrogant, lecturing, musings of a bored billionaire.
Telling us what WE can do as his stock price bumps his wealth into the stratosphere.
The worlds second richest man? Third? ( I forgot about the divorce).
Did he dictate it to a legion of stenographers from his $400,000,000 mega yacht?

Please save us all from giving Bill’s latest fad charity even more money by buying his book and give us the Cole’s Notes version…

Stop eating meat.
Plant a tree.
Buy Microsoft stock.

#158 VladTor on 03.08.22 at 9:18 am

Sanctions working!

The London Metal Exchange (LME) halted nickel trading on Tuesday after prices doubled to a record $100,000 a tonne, fueled by a race to cover short positions after Western sanctions threatened supplies from Russia.

Nickel prices have quadrupled in the past week on fears of further supply cuts.
According to JPMorgan analyst Dominic O’Kane, Russia not only supplies about 10% of the world’s nickel, but Russia’s Norilsk Nickel is the world’s largest supplier of battery nickel, accounting for 15-20% of global supplies.

https://www.reuters.com/business/lme-suspends-nickel-trading-day-after-prices-see-record-run-2022-03-08/

#159 Gta on 03.08.22 at 9:22 am

I think real estate’s economics rules apply before 2008. After that year, many variables change those rules. I don’t think we will ever see again prices going down. Probably flattening. Too many people wanting to live in Canada.

#160 Dharma Bum on 03.08.22 at 9:35 am

#82 The Jaguar

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?
———————————————————————————————————

Ask Greta.

She has ALL the answers!

She is the Goddess of the environmentally woke geniuses.

Hero of the stupid.

#161 the jaguar on 03.08.22 at 9:38 am

Guess Bill wrote that book while flying around on the ‘Lolita Express’ with his pal Jeff, lol.

#162 Dennis Le Beouf on 03.08.22 at 9:48 am

It took European media five minutes to see through Trudeaus vacuous sham. It’s disgraceful that Canadian media has no pride in journalism.

https://nationalpost.com/news/politics/first-reading-europe-rolls-its-eyes-at-justin-trudeau

#163 Jesse on 03.08.22 at 10:18 am

While the price of oil sky-rockets, the Canadian Dollar continues to stagnate/slightly weaken… we are in BIG trouble.

#164 Observer on 03.08.22 at 10:19 am

#160 Dharma Bum on 03.08.22 at 9:35 am
#82 The Jaguar

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?
———————————————————————————————————

Ask Greta.

She has ALL the answers!

She is the Goddess of the environmentally woke geniuses.

Hero of the stupid.

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

Young women inspired to action by scientific fact bother you? Speaking of stupid.

#165 Brian on 03.08.22 at 10:34 am

On Tuesday President Xi Jinping held a virtual meeting with French President Emmanuel Macron and German Chancellor Olaf Scholz, wherein the Chinese leader urged “maximum restraint” in Ukraine to prevent a humanitarian crisis and said China is “pained to see the flames of war reignited in Europe.”

Further Xi warned that a spiraling economic war would result in blowback as sanctions over Russia “will deal a blow to the stability of global finance, energy, transportation and supply chain, dragging down the world economy amid the pandemic,” according his words, for which immediate stabilizing efforts must be taken by Europe’s leaders.

#166 willworkforpickles on 03.08.22 at 10:39 am

When you apply real inflation adjusted to a non artificial GDP – you can explain the real truth to stumped small business operators and consumers.
The truth in that why to them … undergoing and feeling the effects no different than being in a recession in terms of business and sales , that we are in a recession in view of real inflation applied to bubble economy/artificial growth GDP numbers.
This is where the years of Government and Fed cover-ups come in.
Hiding their corruption behind skewed GDP and inflation figures, used to keep the markets humming (along with their own interests) to the detriment of the economy…not in real support of it…all for their own corrupt and greedy ends.
Small business and consumers get to pay to infinity for their lies, greed and corruption though a deceptive, insidious and unjust inflation tax on everyone.
All the while blaming it on greedy manufacturers and producers…anybody anywhere they can but on themselves, the sole bearers of guilt to cover for runaway inflation now.
Skewed inflation and GDP totals to keep us clear of skewed official recession declarations is the new norm.
They aren’t hiding it anymore from the average consumer paying ever rising prices for everything, or the small business operator barely staying alive.
Will they be able to hide the fact that inflation is here to stay on account that debt creation and printing is here to stay to keep paying for the mess they created and they try to hide?
They can’t!
They won’t hide behind the lie of slowing the printing presses.
Inflation … the unrighteous tax , is not going away.

#167 Linda on 03.08.22 at 10:48 am

Apparently the USA & UK are going to announce a ban on Russian oil imports. Given that the price of oil is north of $100 US a barrel & Russia has been exporting 5 million barrels a day that will quickly put a crimp on cash flow for Putin. Presuming payment occurs as supplies are delivered that 5 million barrels per day was providing 500 million plus dollars daily to Russia. Wars are expensive, so cutting off the source of revenue may help end this mess in short order.

#168 Michael in-north-york on 03.08.22 at 10:49 am

#158 VladTor on 03.08.22 at 9:18 am
===

Employees of Norilsk Nickel can now proudly chew their expensive nickel bars for breakfast, lunch, and dinner. Because their employer won’t have the money to pay their salaries.

#169 expat on 03.08.22 at 10:50 am

How to stop the war in Ukraine?
How to stop people suffering?

Exteamly easy:

Ukraine should surrender immediately

#170 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.08.22 at 10:53 am

Garth, you just don’t seem to understand how awesome Brampton and life in the GTA is these days!

$2,162,000 is TOTALLY WORTH IT for this Brampton beauty!

Brampton is part of the GTA, which continues its awesome leadership!

It’s not just house prices in Brampton – Just look at yesterday’s BREAKING NEWS –

https://toronto.ctvnews.ca/the-worst-city-in-canada-for-bed-bugs-has-just-been-revealed-1.5808611

THE TORONTOILET IS NUMBER ONE FOR BEDBUGS!!!!

#171 Ponzius Pilatus on 03.08.22 at 10:53 am

#157 crowdedelevatorfartz on 03.08.22 at 9:07 am
@#150 Gravy Trian.
“Read Bill Gates’s (2021) book How to Avoid a Climate Disaster”

+++

Bill Gates.
Climate expert.
Who knew.
The arrogant, lecturing, musings of a bored billionaire.
—————————————
Crowded Elevator Fartz
Expert of Everything
Who knew.
The arrogant, lecturing, musings of a busy plumber.
How far is the Gas price gonna go, CEF?
Or should I ask the Gas Buddy?

#172 Grandma Sue on 03.08.22 at 10:58 am

Inflation is 5%. Lighten up. – Garth
——–
Right .. just don’t purchase a car, gas, food or shelter

Hyperinflation is when prices rose, typically, by 50% – per month. Do not use that term. – Garth

#173 Ponzius Pilatus on 03.08.22 at 11:08 am

#166 Linda on 03.08.22 at 10:48 am
Apparently the USA & UK are going to announce a ban on Russian oil imports. Given that the price of oil is north of $100 US a barrel & Russia has been exporting 5 million barrels a day that will quickly put a crimp on cash flow for Putin. Presuming payment occurs as supplies are delivered that 5 million barrels per day was providing 500 million plus dollars daily to Russia. Wars are expensive, so cutting off the source of revenue may help end this mess in short order.
————————
As was said here before, sanctions and import bans can have unintended consequences.
Better review all possible counter moves.
The Russians are good chess players.

#174 dj on 03.08.22 at 11:15 am

We are 100% on the exact path Venezuela took. Also, Russia just went back to the gold standard. Buy precious metals while our paper money still has value.

That’s funny. – Garth

#175 Michael in-north-york on 03.08.22 at 11:29 am

#169 expat on 03.08.22 at 10:50 am

How to stop the war in Ukraine?
How to stop people suffering?

Exteamly easy:

Ukraine should surrender immediately
===

Better yet, Putin commits suicide and earns a global round of applause.

There is no single strategic reason for a standoff between Ukraine and Russia. Once the psychopath is gone, full ceasefire will be signed within 2 hours, and the withdrawal of the invading troops will begin within days.

#176 VladTor on 03.08.22 at 11:44 am

to #168 Michael in-north-york on 03.08.22 at 10:49 am

***********

Are you Shure?

They will have even more money. You pay them from your pocket. Why? Ask battery producers.

#177 IHCTD9 on 03.08.22 at 11:53 am

https://www.reuters.com/business/lme-suspends-nickel-trading-day-after-prices-see-record-run-2022-03-08/

Before the above took place, and as of right now, stainless steel is already sky high – higher than I’ve ever seen.

#178 Winston Churchill on 03.08.22 at 12:09 pm

Zelensky, a modern day Churchill addresses the UK.

Glory to Ukraine!

#179 Long Time Lurker on 03.08.22 at 12:16 pm

Looks like quite a few people got rich during the pandemic while some other people had their head down working a 9-5 job at home.

#180 The West on 03.08.22 at 12:18 pm

#169 expat

How to stop the war in Ukraine?
How to stop people suffering?

Ext(r)em(e)ly easy:

Ukraine should surrender immediately
—————————————–
You misunderstand Putin’s chess game. Putin wants all this human misery. Europe howls and calls for American Aid (because it has been this way since 1945). America can’t afford it and is probably looking at a two front war.

IF the Americans are to fight Putin, they will do it in his backyard. And hey, Russia is an easy country to conquer….so I’ve heard. Won’t be a problem with how powerful America is.

#181 Summertime on 03.08.22 at 12:23 pm

Doubtful. And it will not be permanent. Lighten up. – Garth

Sure, it will be one time inflation of food and energy of 150-200 %, then repeat and will be all rosy from there on, considering the central bankers inflation fight with rates of sub 1 %.

#182 Sail Away on 03.08.22 at 12:28 pm

Welp, we bought a whack of Nasdaq this morning.

Seemed like a good-ish time. Already +2%, heh.

#183 Philco on 03.08.22 at 12:29 pm

#157 crowdedelevatorfartz on 03.08.22 at 9:07 am
@#150 Gravy Trian.
“Read Bill Gates’s (2021) book How to Avoid a Climate Disaster”
+++
Bill Gates.
Climate expert.
Who knew.
The arrogant, lecturing, musings of a bored billionaire.
Telling us what WE can do as his stock price bumps his wealth into the stratosphere.
The worlds second richest man? Third? ( I forgot about the divorce).
Did he dictate it to a legion of stenographers from his $400,000,000 mega yacht?
==================
Yes Bills a super size turd.
All that crap is propaganda and works in with the new control scheme their trying to implement. The guy disgusts me and his wife. Got caught with his hand in the Epstein cookie jar.
Grab a brain.

Got Gold? :-)

#184 Philco on 03.08.22 at 12:33 pm

PS looks like Oils done for now…with its parabolic move

#185 Sail Away on 03.08.22 at 12:33 pm

#180 The West on 03.08.22 at 12:18 pm

IF the Americans are to fight Putin, they will do it in his backyard. And hey, Russia is an easy country to conquer….so I’ve heard. Won’t be a problem with how powerful America is.

——–

????

Why would the US even consider fighting Russia?

#186 Yukon Elvis on 03.08.22 at 12:43 pm

#173 Ponzius Pilatus on 03.08.22 at 11:08 am

The Russians are good chess players.
+++++++++++++++++++++
Sick of hearing about Russian chess players. Their army is bogged down in winter in a foreign land and they are out of fuel, food, and ammo. How “chessy” is that?

#187 expat on 03.08.22 at 12:46 pm

There is no single strategic reason for a standoff between Ukraine and Russia. Once the psychopath is gone, full ceasefire will be signed within 2 hours, and the withdrawal of the invading troops will begin within days.
– Michael in-north-york

it is not war between Russia and Ukraine, it is proxi war between Russia and USA, between Russia and rotten anglo-saxon Empire, between sanity and traversity of the west.
the real criminals are seating in the “democratic” White House.

#188 Justin on 03.08.22 at 12:47 pm

How to stop the war in Ukraine?
How to stop people suffering?

Exteamly easy:

Ukraine should surrender immediately

——-

Agree. They are shooting in their own people not letting them escape the war. Parliament already acknowledged that country is ruled by the US and full of fascists. Game over. Soon everything will come out into press about the genocide by Ukraine against it’s own people and western lies. Thankfully Russian special operation will bring peace to the region.

#189 Lorne on 03.08.22 at 12:50 pm

117 crowdedelevatorfartz on 03.07.22 at 8:39 pm
has anyone noticed a few US Senators have been pushing the US Govt to forgo the Cabotage Act?

Seems the cruise ship industry wasn’t impressed when Trudeau’s Health people blocked cruise ships from docking in Canada before they continued up to Alaska as they were compelled to do under the old rules.
Well it seems the US “temporary” bypass of Vancouver and Victoria during Covid….could be permanent…..

https://vancouverisland.ctvnews.ca/u-s-senator-submits-bills-to-allow-cruise-ships-to-permanently-bypass-canada-1.5465794
………
The thing is, most cruise passengers enjoy the stops and do not simply want to sail from A to B. Victoria is a great stop for tourists and will likely be an important one for most cruise lines…even if they do not HAVE to stop there

#190 pPrasseur on 03.08.22 at 12:55 pm

#167 Linda – Apparently the USA & UK are going to announce a ban on Russian oil imports.

De facto ban is happening already, millions of barrels short, because traders don’t want the Russian oil anyway, no wonder the Russian economy is sinking so fast:

https://www.cnn.com/2022/03/03/investing/russia-oil-sanctions-ukraine/index.html

#191 IHCTD9 on 03.08.22 at 1:03 pm

Two of our stainless steel suppliers are refusing to quote until further notice.

#192 Philco on 03.08.22 at 1:08 pm

#164 Observer on 03.08.22 at 10:19 am
#160 Dharma Bum on 03.08.22 at 9:35 am
#82 The Jaguar

Mercy. Whatever happened to solar, wind and unicorn farts to power the world?
———————————————————————————————————
Ask Greta.
She has ALL the answers!
She is the Goddess of the environmentally woke geniuses.
Hero of the stupid.
^^^^^^^^^^^^^^^^^^
Young women inspired to action by scientific fact bother you? Speaking of stupid.
==============================
Good lord are you ignorant.
If they ever asked her a real technical question, it was crickets. But they didn’t because they shielded her.
She knows jack and I felt sorry for her being puppeted around by the peeps with the agenda being pushed.
Funny how some people turn stuff into a gender issue.
Any clue what it cost and how much fossil fuels went into building the sailboat the paraded her over here in? As and engineer I do.
Its all about control.

#193 pPrasseur on 03.08.22 at 1:09 pm

#169 expat – Ukraine should surrender immediately

Surrender to an army incapable of supplying its troops after only a few days of war?

With the help of (no doubt extremely accurate) intelligence from the west the Ukrainians are crippling the Russians supply capabilities, normally reliant on railways no longer available in Ukraine they don’t have enough supply vehicles and little they have is unreliable junk being shot at by Ukrainians very aware of Russian weak point. There are reports of civilians vehicles sent to help, fat chance that will reverse the situation.

Things are no going well for the Russians, there is no way they can conquer, much less hold Ukraine.

With the Russian economy collapsing Putin is quickly running out of time, no wonder he’s more open to negotiations.

#194 kommykim on 03.08.22 at 1:19 pm

RE:#155 Dharma Bum on 03.08.22 at 8:57 am
#158 kommykim (from yesterday)

Trump was not in power when the Russians invaded.

The west was continually weakened by the dogma of the woke, virtue signalling, politically correct, cancel culture loving, navel gazing, tree hugging, impractical idealists.

“It is under this environmentalist banner, to bring this matter to particular illustration, that the continent of Europe tied its economies and energy to the ruler of Russia, Vladimir Putin. The armies now invading Ukraine were financed by Russian oil. Germany built windmills so that Putin’s treasury could grow fat, and the dictator could pursue his cruel war.” – Rex Murphy

Enjoy your popcorn – try not to choke on it.

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

If you consider that deranged post a “victory” then I truly feel sorry for you.

#195 Ponzius Pilatus on 03.08.22 at 1:28 pm

#191 IHCTD9 on 03.08.22 at 1:03 pm
Two of our stainless steel suppliers are refusing to quote until further notice.
———————————
Good,
I hope granite/marble counter tops are next.
The realtors will have to come up with another sell strategy to lure the millennials to the open houses.
Not stainless, anyway.

#196 jess on 03.08.22 at 1:28 pm

what about mr.c.koch

A war over Russia has erupted at the Atlantic Council – Politico
https://www.politico.com › news › 2021/03/11 › atlanti…
Mar 11, 2021 — It’s rare to see a public fight at a prominent D.C. think tank, but Koch funding and human rights policy toward Moscow have pushed grievances …

‘Hidden History’ Of Koch Brothers Traces Their Childhood – NPR
https://www.npr.org › 2016/01/19 › hidden-history-of-ko…
Jan 19, 2016 — … Fred Koch helped build up the Russian, the Soviet oil refineries and really gave huge muscle to the oil industry in the Soviet Union.

#197 I don't know on 03.08.22 at 1:39 pm

#188 Justin on 03.08.22 at 12:47 pm

Ukraine is a sovereign state that can decide how it rules itself by who it elects.

“Western media” may get some issues wrong, but not this one. This war is pointless and is generating nothing but unnecessary suffering.

IDK

#198 Michael in-north-york on 03.08.22 at 1:40 pm

#187 expat on 03.08.22 at 12:46 pm
===

“traversity”? what is it

Learn some English, before attempting to translate your silly propaganda from the kremlin dumpster heap.

#199 Michael in-north-york on 03.08.22 at 1:44 pm

#176 VladTor on 03.08.22 at 11:44 am
===

Sweet dreams. Takes many months, if not a few years, to organize new delivery routes. No battery maker will pay for nickel that can’t be delivered.

#200 I don't know on 03.08.22 at 1:44 pm

#180 The West on 03.08.22 at 12:18 pm

America is the only country on earth that can project it’s firepower the world over in a sustained, organized matter.

America is not “broke”, it’s geography is what really matters. No one on earth has better geography (and therefore more assets) than the US.

No one wants this conflict to continue. It benefits no one and creates nothing but instablilty and suffering. It’s worth noting that the world thought the “west was broke” and that the US “couldn’t fight a war on two fronts” in 1939 as well.

IDK

#201 bdwy on 03.08.22 at 1:55 pm

#184 Philco on 03.08.22 at 12:33 pm
PS looks like Oils done for now…with its parabolic move
……
ahem…may want to rethink that

don’t mistake a whiff of fed hopium (quick start to an engine!) for the quickly disappearing whipsaw stonk pop when the real news of russia slamming pipes shut.

150 oil coming.

#202 Sail Away on 03.08.22 at 1:57 pm

Useful article. Jurisdictional diversification.

https://www.msn.com/en-ca/money/topstories/money-drain-canadian-families-and-entrepreneurs-are-fleeing-for-better-climes/ar-AAUNfHN?ocid=msedgntp

#203 Quintilian on 03.08.22 at 1:57 pm

#191 IHCTD9 on 03.08.22 at 1:03 pm

“Two of our stainless steel suppliers are refusing to quote until further notice.”

My GF says she can get stainless steel quote but valid for only 72 hrs.

#204 jess on 03.08.22 at 2:08 pm

Enrique Tarrio, the national leader of the Proud Boys, has been indicted on conspiracy charges related to the Jan. 6, 2021 attack on the Capitol.

RLDF also sent out a robocall detailing where and when the protest would take place.

“I’m calling for the Rule of Law Defense Fund with an important message,” the robocall stated. “The march to save America is tomorrow in Washington D.C. at the Ellipse in President’s Park between E St. and Constitution Avenue on the south side of the White House, with doors opening at 7:00 a.m. At 1:00 p.m., we will march to the Capitol building and call on congress to stop the steal. We are hoping patriots like you will join us to continue to fight to protect the integrity of our elections. For more information, visit MarchtoSaveAmerica.com. This call is paid for and authorized by the Rule of Law Defense Fund, 202-796-5838.”

Republican Attorneys General Dark Money Group Organized Protest Preceding Capitol Mob Attack

https://documented.net/reporting/republican-attorneys-general-dark-money-group-organized-protest-preceding-capitol-mob-attack

like those Republican Senators Who Challenged Biden Presidential Election

#205 jess on 03.08.22 at 2:11 pm

https://www.sourcewatch.org/index.php/Rule_of_Law_Defense_Fund

Following the storming of the capitol, RLDF’s chairman Steve Marshall claimed he was “unaware of unauthorized decisions made by RLDF staff with regard to this week’s rally”[4] and Ohio AG David Yost called the robocall an “unauthorized act by a rogue staffer”.[5] However, the former chair of the Republican Attorneys General Association spoke at the rally and several Republican attorneys general took multiple legal actions in November and December to challenge the election results, consistent with the language used in the robocalls.[6]

#206 IHCTD9 on 03.08.22 at 2:53 pm

#203 Quintilian on 03.08.22 at 1:57 pm
#191 IHCTD9 on 03.08.22 at 1:03 pm

“Two of our stainless steel suppliers are refusing to quote until further notice.”

My GF says she can get stainless steel quote but valid for only 72 hrs.
___

Been that way for months. We did manage to get what we needed ordered today from a 3rd vendor, but really there are only 3-4 major players in Ontario for stainless plates.

It’s going to get ugly, nickel quadrupled in 1 week.

#207 FLHTK on 03.09.22 at 5:06 am

#13 mean Jean- nicaragua, Costa Rica, Ecuador, and Panama are all looking fantastic. I told my wife we could cash out make a mill tax free and move to one of these places where our Canadian dollar goes far. She asked what would we do there, I said anything we want! We wouldn’t have to work again. She passed and said she likes her job. Looks like I’m going to be a working for a bit longer.