CB roulette

One thing some people worried might come in last week’s budget was a hammering of HELOCs. Word on The Street was that home equity loan money would be verboten when it came to buying up investment real estate (but not financial assets, weirdly). Given that 25% of all transactions (and half – at least – of all condos) are being snorfled up by mon-&-pop investors using loans as down payments, this was a huge deal.

But, yup, Chrystia blinked.

So now 100% financing of investment props continues. A HELOC against a principal residence, sucking off windfall gains is used to secure the asset, then a conventional mortgage covers the rest. Stick a tenant or two in there and, voila, you’re a rentier bloodsucking overlord worthy of being savaged on social media.

This is why there’s about $250 billion in HELOCs outstanding in Canada, and why home equity line of credit borrowing has outpaced mortgage growth itself. It’s so darn easy. The bankers will hand over up to 65% of the equity in your house and at the prime rate (currently 2.7%, but that changes the day after tomorrow). If the cash is used to buy investment real estate, or plump your B&D portfolio, all interest is deductible from taxable income. Better still, you can make interest-only payments (never actually paying down the debt) and therefore deducting 100% of them.

This is rampant. If you’re looking for the three biggest reasons kids can’t afford houses anymore, HELOC financing is one of them. (The others are loans from the Bank of Mom and absurdly cheap money – more on that in a moment). So when the Trudeau-Singh government leans into foreign buyers or spanks realtors holding blind auctions, it’s straw man stuff. Don’t fall for it.

Okay, so here’s why Mr. Market is about to change things.

Most HELOCs are variable-rate borrowings and demand loans. When the chartered bank prime goes up, so does the cost of a HELOC. Most borrowers with decent credit scores, income and net worth can borrow, as mentioned,  at prime – currently 2.7%. On Wednesday the Bank of Canada will raise its benchmark by half a point, so on Thursday the prime will be 3.2%. After that, according to almost all leading economists, there’ll be more increases. By Christmas the CB rate will be about 1.5% higher than at the end of this week.

This translates into a chartered bank prime of 4.7% – exactly double February’s level, which we now know was the tippy, orgiastic pinnacle of the hedonistic, hysterical housing market. Interest costs do not double without consequences. Higher financing costs can mean increased rents for tenants, reduced cash flow for owners, less investment activity, more inflation and eroding market confidence.

Add in a big bump in mortgage rates – taking the five-year to 5% by this summer – and suddenly investors who bought properties for capital appreciation (since most are in negative cash flow) lose their appetite. More listings. More inventory. Higher rates. Fewer buyers. No FOMO. See where this is going?

Now, what if the Bank of Canada turns chicken? After all, that’s what the house-humpers in the steerage section firmly believe. Or pretend to believe.

Here’s what a few of the big bank economists are telling us:

“The job market keeps getting tighter, with the unemployment rate reaching a series low of 5.3%,” says TD. “Wage growth is picking up but remains slightly lower than the latter half of 2019. Combined with strong business sentiment, and a steady federal fiscal picture, it is all systems go for a rate hike next week. Given inflation and economic strength, a 50 basis-point move is justified.”

The guys at the Royal agree.

“Virtually all industries are bumping up against labour shortages, including those hospitality sectors that have yet to fully recover. Wages are showing more signs of drifting higher… With (extremely) tight labour markets and above-target inflation, there is no reason for the Bank of Canada to leave interest rates at emergency low levels.”

“Expectations have settled in on what is also a nearly universal forecast by street economists,” add economists at CIBC, “which has Governor Macklem taking the overnight rate up 50 basis points, and letting Government of Canada bonds start to roll out of the central banks holdings as they mature. The statement has to be devoted to explaining to Canadians why we need the pain of higher borrowing costs.”

BMO adds: “The message is crystal clear—we are long past the need for stimulative policies, and in fact in need of notably tighter policies.”

So, the switch is being flipped. The seller’s real estate market that has scandalized a nation for two years is ending. The economy will not stay on boil. The free ride for property investors will end as their costs rise and rate of return fizzles. CBs are playing the long game, ensuring they’re ready for the potential of a recession. Meanwhile we have war, Covid coming back, careless citizens and $1.73 trillion in mortgage and HELOC debt. What could go wrong?

About the picture: “Lily was, I think, 14 years old when she passed,” writes Jim. “She was the smartest dog I have ever had the pleasure to meet. She was friendly but would never agree to me sitting in the front seat. She really stood her ground. She was treated very much like a part of my best friend’s family but in reality she was the head of the family. We live in Red Deer. As a committed renter I’ve been following the blog for quite a few years now and figured it was about time to contribute something. I’ve included a shot of Lily taken on the day she came home for the first time. She never really changed much.”

 

143 comments ↓

#1 Dogman01 on 04.11.22 at 2:30 pm

Want to see a Five Million Dollar house?

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

“shouldn’t our working class be better off than It was 40 years ago?”

The Guy is going to get a lot of support… he is speaking about the Taboo subjects the Canadian Establishment does not want you to realize…..
A healthy shift for a Political Party to look after the interests of wage earning Canadians…working class, the NDP has abandoned them, and the Liberals are simply salesmen for a Elite Globalist agenda.

Massive constructive decline in standard of living for Canadians over the last 40 years.

1982, Calgary, Single wage earner supporting a family of five; Wife, 3 Kids, and Dog. Just one Car.
Wife started working PT in 1983 but never held a job before that.

My Wife’s family (good Catholic’s) six kids, Mom was stay at home her entire life. Dog and 2 Vehicles, owned their own home.

Pierre yarns well, but he totally misses the mark. Nothing he says would move the needle on housing prices – and he knows it. This is voter clickbait. Still waiting for an honest politician to say what truly needs to happen. – Garth

#2 Prince Polo on 04.11.22 at 2:34 pm

Lily – what a beaut!

In other news, her expression could be what millions of millennial Canadians look like when they finally figure out that housing can’t go up forever!

#3 TurnerNation on 04.11.22 at 2:39 pm

#114 Dr V on 04.11.22 at 12:04 am

^Water is what is being displaced. Due to the huge tires :)

— Control over our Feeding. Yep famines are man-made (government made). Check the history books.

https://www.nationalhogfarmer.com/legislative/usda-will-not-open-crp-production
USDA will not open up CRP for production
“We urge USDA to provide flexibility to producers to plant crops on prime farmland as well as the least environmentally sensitive acres currently in the program without penalty, whether on an emergency basis or through an early-out of their current CRP contracts

https://www.dtnpf.com/agriculture/web/ag/blogs/ag-policy-blog/blog-post/2022/04/04/ag-secretary-vilsack-rejects-open

https://dailycallernewsfoundation.org/2022/04/10/california-is-single-handedly-making-the-supply-chain-crisis-even-worse/
California introduced new regulations for the trucking industry that would worsen supply chain issues and hurt industry workers, experts told the Daily Caller News Foundation. “We in the industry know that if you think there was a supply chain problem over the last year, wait until you take this many trucks out of the marketplace that are not replaceable,” Joe Rajkovacz, director of Governmental Affairs and Communications at the Western States Trucking Association, told the DCNF.
The rule will take roughly 80,000 commercial trucks, or roughly 17% of the trucking fleet, off the road, adding significant pressure to the supply chain crisis


— Control over Travel – not going away. IMO they are stalling until the Global Digital ID & A.I. takes over.

.Proof of vaccination required to board a flight entering the US. Extended effective April 14 (federalregister.gov)

.A 7-foot-tall robot at Dallas Love Field Airport is watching for unmasked travelers and curbside loiterers (msn.com)

#4 Linda on 04.11.22 at 2:50 pm

‘Lily’ looks like she was a very communicative pup:) Also very good looking, very expressive eyes.

Back in the day when I rented, the lease set out the rent & insofar as I’m aware, the rent couldn’t change until the lease period was up. Has that changed? Can rents be increased part way through a lease if the landlords expenses skyrocket? Or does the LL have to wait until renewal to increase the rent as I recall? Also, given that rents have jumped substantially since Covid began what about places where rental increases are regulated? At some point rent increases would presumably encourage purchasing, especially if RE prices are dropping & the rents keep going up.

Am also wondering how many folks who ceased to pay their rent during Covid are still refusing to do so.

#5 Dogman01 on 04.11.22 at 2:51 pm

Pierre yarns well, but he totally misses the mark. Nothing he says would move the needle on housing prices – and he knows it. This is voter clickbait. Still waiting for an honest politician to say what truly needs to happen. – Garth

———————————————————-
Still waiting for an honest politician to say what truly needs to happen. – Garth

You are such a tease

Pierre; I am also not sure, but he is resonating. What is that saying?: “An election is no time to discuss serious issues”- Kim Campbell

No easy answers; just a population with the attention span of a Cat.

“Of course, nobody listens to me. I’m like the guy who gives you the colonoscopy. You know when you hear the rubber gloves snap you should have eaten way more fibre. It’s the epiphany”. – Garth Turner

#6 None on 04.11.22 at 3:01 pm

It’s going to be interesting in BC when they come out with an allowable rental increase of 7% for 2023. That’ll play well.

#7 crowdedelevatorfartz on 04.11.22 at 3:01 pm

Politicians won’t solve this housing mess.

The ruthless capitalist markets will.

#8 Ian on 04.11.22 at 3:04 pm

Lily, what a great smile and those eyes!

#9 Flop… on 04.11.22 at 3:06 pm

I’ll give you an example of just how messed up the world is right about now.

Fitness Freak Tom Brady has put more booze in his body this year than I have…

M47BC

#10 crowdedelevatorfartz on 04.11.22 at 3:13 pm

@#142 A quintillian different cultures
“It is the cultural composition of the countries.”

+++++

“New Zealand, Canada, Australia, Austria, Sweden, Norway, Denmark, UK, Spain, France are the worst in the world.

What do they have in common?”

++++

Soooo.
In Your exalted opinion…

All these countries have the worst cultural “composition”?
Are you talking about their cheeses?

Pray tell.
What countries have the best kultural komposition?
Russia. Belorussia. North Korea.

#11 Dave on 04.11.22 at 3:15 pm

Have economists or regulators predict the size of the correction?

#12 Shawn on 04.11.22 at 3:21 pm

Gold Window etc. Implications

#133 rampant inflation on 04.11.22 at 11:55 am

what happened in 1971…. here are a bunch of charts to help people realize what kind of theft has been perpetrated

https://wtfhappenedin1971.com/

******************************
Yes, those are some great graphs and show some things of legitimate concern there.

But as opposed to theft another interpretation is that since 1971 it has been very wise to become an investor as opposed to just live on wages.

What an opportunity was provided!

At the same time, yes, there is room for more compensation for labour. But the real productivity has long come from capital. Being an investor, owning capital is where it is at.

Our mission is clear.

#13 IHCTD9 on 04.11.22 at 3:23 pm

#144 Sail Away on 04.11.22 at 2:36 pm
#139 IHCTD9 on 04.11.22 at 1:55 pm
#126 Sail Away on 04.11.22 at 10:10 am

Of course, a perfect moneymaking vehicle like this won’t squandered on a house purchase, though. That would be silly.

———

Not sure on that one. The only way you get the double dip tax home run on the fhsa plan, is to buy a house. If not (based on my understanding of how it reads right now), it’s just an RRSP. So buy a house “change jobs” or “get divorced”, or do 366 days, then sell, thereby bringing the cash cow home to roost in da bank account sans le tax.

———

Yes, true.

However, I’m looking at the ability to roll it directly into an RRSP at the end of the time, without having any effect on RRSP room, so greatly increasing RRSP…

…and then taking essentially tax-free distributions from a properly-prepared RRSP as tax residents of the US. So still tax-free in, tax-free out.

This super beneficial tax-avoidance hack requires dual citizenship, which our kids have. Conceivably, a dual citizen could accumulate a large RRSP, add the FHSA, move to the US for a few years and remove the entire amount tax-free, then return to Canada if desired. It’s an option.
——

Sweet! No can do for me though as not DC. Reality is I’m not going to jump through the hoops to flush this one out unless life in general has produced the opportunity to do so. In which case I (and everyone else in the same boat) surely will. It’s definitely an RRSP pumper either way due to not requiring the room to enable the pounding in of big buckarooneys. Gotta wonder how many DC Canucks have options like this. Oh well, give thanks to Trudeau…

#14 Price Correction on 04.11.22 at 3:30 pm

Of course we’re going to see a correction in the prices of homes. Markets never go up in a straight line. However will the relationships between homes and incomes normalize in Vancouver and Toronto? Definitely not. Sure a drop of 10-15%, but then they’ll start ratcheting up again. These markets are predominantly driven by equity. First time home buyers won’t be buying the “average” home. They’ll be buying a tiny condo in a crappy neighbourhood and will use the equity to move up the ladder.

As for Pierre P, he will generate a lot of excitement in the Conservatives and at this point is definitely the front runner in the leadership race. However he will not win a general election. To win the general, you have to move to the centre and get votes from folks who feel the Liberals have moved too far left. Cozying up to the fringes, as Pierre is want to do, won’t get you there. Of course he could (and should) pivot once he wins the leadership. That being said, Charest is the best bet to win the general election at the moment. But Conservatives rarely choose a leader that can win; whereas the Liberals do.

#15 crowdedelevatorfartz on 04.11.22 at 3:31 pm

@#11 Dave
“Have economists or regulators predict the size of the correction?”
+++

After many economic forums, meetings, calculations and discussions over the past few months and years…. they have come up with a result.
It will be big.

#16 What Could Go Worse? on 04.11.22 at 3:34 pm

From MSNBC:

The Biden administration is bracing for the Labor Department’s consumer price index report to show that inflation is “extraordinarily elevated.”

The consumer price index, or CPI, is one of Wall Street’s favorite ways to measure inflation. The CPI reading for March 2022 is due out Tuesday morning.

“We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike,” said White House press secretary Jen Psaki.

The department’s February reading showed the benchmark consumer inflation index rose 7.9% over the last 12 months, the highest level since 1982.

#17 Dogman01 on 04.11.22 at 3:39 pm

Why Pierre Poilievre is talking about housing? – National Post:
https://www.youtube.com/watch?v=LJ95Gf19tMQ

#18 SunShowers on 04.11.22 at 3:40 pm

“Pierre yarns well – Garth”

The fate of all developed nations as the wheels of capitalism begin to fall off is either left wing populism or right wing populism.

#19 Outrage on 04.11.22 at 3:47 pm

One and done. Then they will cut it three times. We all know the CB playbook. Its all a charade to make the masses believe the government is doing something about it. In a few years the renters will be only renting rooms ,living in a van or a tent. Its happening now but its going to get worse just like crime. Vancouver ,Victoria and Kelowna are crime ridden cities that the politicians made it to be.

#20 Philco on 04.11.22 at 3:48 pm

Funny guy Garth!
A HELOC ponzi scheme it would seem to coming to an end.
DTI ratio bank likes to see 42% MAX most Kanadian’s are at about 170%. That’s craziness.
#1 Dogman01 on 04.11.22 at 2:30 pm
Want to see a Five Million Dollar house?
https://www.youtube.com/watch?v=rJFNVhGELQo
—————————
LOL seeing is believing!
That’s awesome.

#21 The room in the elephant on 04.11.22 at 3:53 pm

If you’re looking for the three biggest reasons kids can’t afford houses anymore, HELOC financing is one of them.

Oh Garth. Not mentioning tax free capital gains on your primary residence shows your lack of understanding and appreciation of what truly would make a dent in the issue.

Not even in your top three but able to significantly reduce the luster of house ownership, especially if it was tilted in favor of those who hadn’t previously owned. Like many, my house in Toronto was my single best investment ever … on an after tax basis. And this is probably the least difficult solution to impose in a fair and equitable manner.

#22 IHCTD9 on 04.11.22 at 4:01 pm

#142 Quintilian on 04.11.22 at 2:27 pm
No real response from #140 IHCTD9 on 04.11.22 at 1:58 pm and #132 crowdedelevatorfartz on 04.11.22 at 11:44 am

Here is my working theory, as I said before, I don’t mind teaching.

It is the cultural composition of the countries.

There is a belief, within the population of greater fools, buried deeper than their limbic system, that one’s self-worth is tied to property ownership.

This usually happens during Axonal transport; the message seeps through from the synaptic transmission of the cerebral cortex into the lower brain basal functions, and becomes coupled with the amygdala. Hence the emotional response, and why as Garth puts it “hormonal”

What is your theory?
—— –

I would totally agree based on the current stupidity out there. I would attach this sentiment to recent immigrants and youth, primarily in urban areas. Owning a house has become the signal for “making it”.

Go back 20+ years, and none of this applies. Buying a house was something everyone did. Nothing special about it. Having kids was normal. Expecting to “do it all” was standard. Back then, you got no bonus points for owning an sfd because everyone in your social circle also did. No biggie. Today, it’s a big deal if someone pulls it off thanks to Trudeau’s nimrod policies that have increased housing by 100% in under 7 years. Doh!

IMHO, lots of kids these days seem a little weak. Gotta own an sfd before they can “become a Man”. That’s all bull$hit. I know what makes a respectable human being to me, and home ownership ain’t one. Maybe you live north of Kapuskasing and have a sweet ice hut complete with propane heat, 6 hatches, and a bar. Now that’s actually starting to get interesting bro! :)

#23 Cats up on 04.11.22 at 4:09 pm

No easy answers; just a population with the attention span of a Cat.

Cue the Felix! Can’t wait to see the backlash.

#24 Bring cash ... and lots! on 04.11.22 at 4:14 pm

Vancouver ,Victoria and Kelowna are crime ridden cities that the politicians made it to be.

So sorry to hear you missed out buying while you were too busy falling off of your high horse.

Maybe it’s still not too late. I hear Regina still has a few bargains to be had.

#25 Damifino on 04.11.22 at 4:16 pm

I agree. Pierre Poilievre’s talk of “making” municipalities build more homes, promoting bitcoin, and “stopping the printing of money” are voter bait and probably won’t amount to much in the long run.

I like him because I believe he actually would cancel the carbon tax. There’s no other conservative (except Mad Max) who has the necessary guts to take on climate religion. The other religions, of course, he still fully supports.

Having said that, though, I wouldn’t be too unhappy if the leadership goes to Jean Charest. I could get behind him, if I must. Even he’d be a massive improvement over the Trudeau Liberals. The rest them, not so much.

#26 Philco on 04.11.22 at 4:17 pm

Lily looks like she was a beauty. Always hard when they depart. :-( Sorry for your loss.

#27 Sail Away on 04.11.22 at 4:17 pm

My parents bought our Alaska family home 45 years ago for $10,000. My brother bought his S. Dakota family home in 2005 for $33,000. My other brother bought his Minnesota family home in 2008 for $92,000. We bought our Nanaimo home in 2006 for $280,000.

All cash on the barrelhead.

All of those houses are just exactly the same as the multimillion $ Vancouver and Toronto homes. They have things like walls and roofs and fixtures.

As uncle Warren (who lives in a $650k home, by the way) says: ‘Price is what you pay. Value is what you get’

#28 an investor on 04.11.22 at 4:19 pm

We are entering the third bear market since 2018 and rising interest rates will not come close to eroding any significant equity in RE … we’ve been hearing about a Canadian housing crash for more than 20 years … ain’t gonna happen.

I regret being a renter.

#29 PeterfromCalgary on 04.11.22 at 4:22 pm

It won’t take much to break the budgets of folks with million dollar mortgages. For example according to this calculator. (https://itools-ioutils.fcac-acfc.gc.ca/MC-CH/MCCalc-CHCalc-eng.aspx) The payments on a million dollar mortgage at 4% is $5,260.20 per month. Raise that to 6% payments are $6,398.07. Over $1000 more per month! That is more then the average car payment.

#30 IHCTD9 on 04.11.22 at 4:29 pm

“This is rampant. If you’re looking for the three biggest reasons kids can’t afford houses anymore, HELOC financing is one of them.”

—— —-

Amen, and Hallelujah! She blinked, now us old stocker’s get richer. Are you reading this CF? I got no issues with free equity gains. Are you reading this CF? I got enough already Woman!

#31 Darts on 04.11.22 at 4:43 pm

Hey Garth, just curious if you ever read Willful Blindness by Sam Cooper. It goes deep into how Canada, Vancouver in particular, has become one of the money laundering hubs for the global drug trade. He provides numerous examples of how a lot of this money then flows into our residential and commercial real estate. Interest rates and the health of the economy should always remain the biggest factors driving home prices, but I am wondering if you have any opinion on the impact of money laundering?

Thanks for the free financial advice,

Darts

Insignificant. – Garth

#32 Arcticfox on 04.11.22 at 4:58 pm

The story goes something like Warren calls up CEO and asks how things are going, response, never been better. Warren then informs said CEO he’ll be selling his entire holdings. CEO response…why..Warren..you just said never been better..that’s when I sell!

#33 Leverage on 04.11.22 at 5:03 pm

Leverage is not just in HELOCs its everywhere.

The whole economy today is built on more leverage than ever before.

And now that is all starting to end.

Last bus is just leaving the station

#34 bob on 04.11.22 at 5:08 pm

Remember all the talk about soft-landing, hard-landing?

Have we stopped talking about this because we were never ‘landing’?

Well now what Garth, are we talking about a hard-landing that will lead to a recession?

#35 Sovavia on 04.11.22 at 5:09 pm

1) The fall in house prices will begin slowly and then accelerate quickly like bankruptcy itself.

2) The same people advocating rate hikes (50 basis points) will scream for an immediate halt after a while.

3) The housing standoff is simple: who will blink first?

Buyers’ strike is the last dance: the greatest fool will be the last sucker to enter the market.

#36 ts on 04.11.22 at 5:13 pm

#19 Outrage on 04.11.22 at 3:47 pm

“One and done. Then they will cut it three times. We all know the CB playbook. Its all a charade to make the masses believe the government is doing something about it. ”

True; however, inflation has never been this high in recent past. They have no choice but to raise rates.

#37 MD on 04.11.22 at 5:14 pm

Lehman 2.0 might happen sooner than later but for that the FED has to ramp rates up to 3.0 percent and dump 2 trillion off their balance sheet.

#38 VladTor on 04.11.22 at 5:18 pm

The HELOC idea is certainly brilliant in its simplicity, but in a healthy economy it should be banned as a purely speculative mechanism. I buy a house with a leverage of 20, then after a while I take HELOC money against it and buy again with another leverage, let’s say 15, and so on.

Let it be! But we all in a free society should be in equal conditions and equal rights are guaranteed to us by the constitution. In this case, the bank should be obliged to give me CELOC against my computer, FELOC against my furniture or even a MELOC for my mattress , and this should be legislated. Maybe I want to buy a second mattress and resell it. Why not? My business! I can use my mattresses to build my wellness using ETF.

Гарт,

HELOC идея конечно гениальна по своей простоте, но она в здоровой экономике должна быть запрещена как чисто спекулятивный механизм. Я покупаю дом с плечом 20, затем через некоторое время беру под него деньги и снова покупаю с другой плечом ну скажем 15 и т.д.

Пусть так! Но мы все в сободном обществе должны находится в равных условиях и равные права гарантирваны нам конституцией. В таком случае банк должен быть обязан давать мне под мой компьютер, машину или матрас и это должно быть законодательно закреплено. Может быть я хочу купить второй матрас и перепродать его. Почему нет?

#39 Søren Angst on 04.11.22 at 5:23 pm

The impact of CB rates on variable HELOC will be gradual.

Which is what in effect you are saying Garth.

I believe if US Inflation tomorrow is very high, the US CB will have no choice than to raise 0.5%.

Canada, unless it wants to devalue its currency, will follow suit.

Also, if earnings of companies in the past quarter is heavily impacted by inflation, the CBs may raise rates more than 0.5%.

Economies meander, they do not react quickly.

I agree by the end of the year, maybe even as early as this fall there will be an exodus from the Cdn RE speculation game via HELOC financing – en masse as the losses incurred will be crippling (much higher interest rates, price drops in assets held).

Mr. Market wants its pound of flesh thank to high inflation eroding its returns. Mr. Market will demand higher rates.

——————

Either short term via the CBs or long term via Mr. Market, rates will rise by a lot this year.

Then we will find out in what shape the finances of Cdns really are, in terms of cash flow.

On paper, they are all millionaires.

We’ll see if off paper that holds true. I doubt it will.

#40 NOSTRADAMUS on 04.11.22 at 5:37 pm

WHEN WILL THESE PARASITES BE SHUT DOWN ?
I just got off the phone with my 95 year old father-in-law. This afternoon he got a call from the police station indicating his grandson had been in an accident and was now under arrest. He was instructed to get $7500.00 dollars and when he had the money, he was to phone and they would advise him as to how the money was to be transferred. When the money was in the police hands the grandson would be released. My father-in-law indicated this was a scam, at this point they put a factious grandson on the line. Apparently, in his distressed state of mind he sounded like his grandson. My father-in-law went to the bank and with drew the $7500.00 dollars. Fortunately he had the foresight to call his daughter before handing over the money. She called the police who indicated this type of call comes in daily. Countless trusting individuals are scammed every day by these parasites. In addition the officer went on to say that new immigrants are especially targeted. With the way the government is spending our tax dollars you would think a few dollars could be directed to putting an end to these parasites. Perhaps one of our eager beaver politicians could present a bill supporting this motion, who knows, it might just be a career moment. Be careful out there.

#41 Søren Angst on 04.11.22 at 5:37 pm

Everyone got slammed today (oil included) in particular the Nasdaq growth mavens.

As for me, I don’t care. In it for the dividends and they are fat this month. A weighted average of:

32.2%

And all you pros laugh as you will but for AMATEUR me, I am elated.

As far as price appreciation goes in ETF/ETNs, nothing negative. In fact in the last 30 days

+1.36%

Paltry indeed. Still better than Nasdaq “growth” stocks today at

-2.18% [+1.07% for me]

Again, pros you can laugh at my miniscule price growth but from my vantage point I am happy to be above water and raise my head above it some more for the dividends.

——————–

Again, MUCH of the above THANKS to the FREE ADVICE from Garth et. al. (a.k.a., the Inversion Triplets).

Let the bullets fly Garth (and thanks again kiddo)

#42 Location ... location .. forget it on 04.11.22 at 5:45 pm

#27 Sail Away on 04.11.22 at 4:17 pm

My parents bought our Alaska family home 45 years ago for $10,000. My brother bought his S. Dakota family home in 2005 for $33,000. My other brother bought his Minnesota family home in 2008 for $92,000. We bought our Nanaimo home in 2006 for $280,000.

All cash on the barrelhead.

All of those houses are just exactly the same as the multimillion $ Vancouver and Toronto homes. They have things like walls and roofs and fixtures.

————

Funniest post of the year …. well, at least so far. But then I looked at the poster’s name and it all made sense.

Yes, they are exactly the same … except they are in probably the last four places in North America that I would choose to live.

Does your family get together each year to choose the least desirable places in which to live? There’s no way that this could have been random. Do you have any more family that you wish to exile? Might I suggest Michigan? How’s the appreciation been for these “castles”? Now I understand the underlying angst in your posts …when you see what good real estate in a prime location can command.

P.S. Yes, i have been to all of these provinces/states in case you were wondering.

#43 A01 on 04.11.22 at 5:47 pm

Pierre is the man Garth. He’s going to be the next PC leader, he’ll unify the right way more than the liberal candidates like Patrick Brown and Jean Charet. Get on the bandwagon.

Unifying the right is not the object. Winning the next election is. That is done from the centre. Learn something from history. – Garth

#44 Damifino on 04.11.22 at 5:55 pm

#28 an investor

I regret being a renter.
—————————————

It was the best thing that ever happened to me.

That is, once I realized the huge amount of dead capital I had stagnating in illiquid real estate.

There’s a time to get in and a time to get out. Guess which one is upon us now?

Equity can’t buy happiness. Cash, on the other hand…

#45 yorkville renter on 04.11.22 at 5:57 pm

#14 – Price Correction
Sure a drop of 10-15%, but then they’ll start ratcheting up again

The chart in this very blog post shows sales are down 7% from the previous month for Toronto… and rates have gone up just 0.25% – which is nothing compared to what’s coming – and you think 15% drop is the max?

Do the math… it’s MUCH more than 15%

#46 Nick on 04.11.22 at 5:59 pm

.
Lower Brainland market is the place to buy with HELOC. God bless T&C gang. They care of average person like me who own 3 homes and a lot in lower Brainland. Average Canadian.

#47 Under the radar on 04.11.22 at 6:05 pm

Had a client today tell me he is buying a cottage using the heloc on his home. Good for him.

Rent is fixed during the lease.In Ontario , If you are a monthly tenant because your lease is expired or if there was no written lease then if rent control applies , the max increase is governed by legislation . About 1 % increase . There is no authority to raise rent because of increased financing costs .

#48 Søren Angst on 04.11.22 at 6:05 pm

#38 VladTor

So.

Care to explain what happened to the Mighty Russian Army in Kyiv?

In light of your prognostications:

“#35 VladTor on 03.25.22 at 5:18 pm
to #21 Søren Angst on 03.25.22 at 4:35 pm

…Here they say that Russia has lost about as many men and materiel in 28 days in Ukraine as they did in 10 years in Afghanistan:

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

Fake news! My friend trust only officials. Here is the numbers:

During a special military operation in Ukraine”

etc. [then “official” losses posted by you]

———-

Also, bearing in mind this and this is an “Official” no less than the Kremlin Press Secretary himself, Peskin:

https://edition.cnn.com/videos/world/2022/04/07/dmitry-peskov-kremlin-admits-significant-losses-ukraine-tsr-sot-vpx.cnn

———-

Which means you were lied to.

Care to Comment on that as well?

#49 Ponnaps on 04.11.22 at 6:21 pm

Garth, you do have a lot of confidence in Canadian systems preventing foreign funds from entering the country and influencing property prices. Not saying the prices will not fall but the steep increase in prices were most definitely influenced by down-payments afforded by foreign funds. This is the word on the street based on working with RE and mtg brokers. Things have changed.there is immense prosperity in immigrant countries. People are not coming here empty handed anymore. We need to run stat analysis on foreign funds just not foreign buyers to understand the external influence on property prices. Not a xenophobic argument but local Canadians are definitely at a disadvantage without access to such funds..

Prove it. – Garth

#50 Quintilian on 04.11.22 at 6:23 pm

#31 Darts on 04.11.22 at 4:43 pm

“Insignificant. – Garth”
I don’t think so Garth.

https://www.cbc.ca/news/canada/british-columbia/cullen-commission-extension-1.6263691#:~:text=An%20inquiry%20commission%20has%20received,15%20to%20May%2020%2C%202022.

I don’t think the BC Government was planning on spending 15 or more million dollars on something “Insignificant”

Never confuse political optics with economic results. Foreign money is not responsible for Canadian real estate prices. we are. – Garth

#51 The real Kip (Ret) on 04.11.22 at 6:50 pm

So we are to believe the BoC will fight 7% inflation with a 3% interest rate? What a joke. I’ll be surprised if those clowns raise it beyond 1%.

#52 HUNGRY BEAR on 04.11.22 at 7:02 pm

Guess who’s back???

https://www.cnn.com/2022/04/11/health/mask-mandate-philadelphia-covid-19/index.html

#53 TurnerNation on 04.11.22 at 7:10 pm

TLT into the abyss

https://finviz.com/quote.ashx?t=TLT&p=m&tas=0

–Property rights are under attack in the Former First World Countries. This is an Opinion article but…soft sell begins.

https://www.irishexaminer.com/opinion/commentanalysis/arid-40848071.html
“Property owners should be requested voluntarily to provide their properties for this national housing and refugee emergency response. If insufficient numbers come forward, Government could use emergency powers to require their use in the emergency period”


— Don’t worry we are going back to normal! This is our global rulers’ plan. Any day now.

.Watching for new COVID variants in wildlife “now critical,” CDC says (planetconcerns.com)

— Get ready for the fall Rolling Economic and Social Lockdowns? The more they test the more they find. Science. You know they want it. This is not mean to end. 2024-25 at minimum

https://www.blogto.com/city/2022/04/ontario-finally-opened-pcr-testing-more-people-again/

#54 Søren Angst on 04.11.22 at 7:24 pm

#49 Ponnaps

Well.

If you think it’s the Russians, Gov Canada right on top of that.

In general how Canada slamming the EVIL RUSSIANS (and they are).

https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/response_conflict-reponse_conflits/crisis-crises/ukraine-sanctions.aspx?lang=eng

Name dropping of EVIL RUSSIANS by Gov Canada and a whole lot more.

https://www.international.gc.ca/world-monde/international_relations-relations_internationales/sanctions/consolidated-consolide.aspx?lang=eng

Ya, that’s a table of EVIL RUSSIAN sanctioned names at the bottom.

Page 1. Ends at Page 235.

——————

Out of curiosity, are you on that list

VladTor?

——————

GO CANADA GO!

To Russia with 💘.
– Gov Canada 😈

#55 Ponnaps on 04.11.22 at 7:33 pm

Prove it. – Garth

Part of the problem is there isn’t data freely available on foreign funds like there is for foreign buyers. Which to me is suspicious in itself.
However anecdotal, experiential and close quarter societal evidence strongly suggests the influx of foreign funds do lend affordability in terms of down payments ..
Happy to be proved wrong

#56 jess on 04.11.22 at 7:34 pm

Tucker Carlson accused US news outlets of repeating lies about the conflict.

….someone should start a gofundme and send him to ukraine to be an eyewitness rather than reading a scripted composition from a television studio!

#57 Socrates on 04.11.22 at 7:40 pm

Add one more tenant for every 1% interest increase, problem solved.

#58 Gary on 04.11.22 at 7:42 pm

Real estate in Canada needs a real god beating so the Trudeau and other Liberal, NDP governments will lose tens of billions maybe hundreds of billions in tax revenue from current real estate capital gains and the new flipping Canadians the bird real estate tax.

Your million houses should decrease to The Chretien, Martin price levels in real estate of $300,000 to $400,000 maximum. As for interest rates, 8% to 10% mortgages should be the norm until at lest 2030.

#59 T-Man on 04.11.22 at 7:43 pm

#48 – Sorryn Angst : If C.N.N. said it, it’s got to be true. Diversionary tactic to pin down as many Ukkies as possible, therefore unable to reinforce elsewhere. I doubt you’ve ever held a gun in your manicured hands.

#60 Sail Away on 04.11.22 at 7:50 pm

#42 Location … location .. forget it on 04.11.22 at 5:45 pm

Re: reasonable RE

Yes, they are exactly the same … except they are in probably the last four places in North America that I would choose to live.

———

Perfect.

In addition to amazing natural beauty, endless outdoor activity, reasonable real estate and friendly people, you have just brought up another compelling benefit.

Thanks.

#61 jess on 04.11.22 at 7:51 pm

awkward !rupees to rubles ?
democratic India agrees death is okay in another democratic country because they need weapons and spare parts from russia

Ukraine has suffered more than $1 trillion in physical damage
Russia / Threatens Legal Action Over Default
Russian Foreign Minister Sergei Lavrov reportedly said Russia’s war with Ukraine is “meant to” stop US-led global domination.”This domination is built on gross violations of international law,” Lavrov said,

#62 T-Man on 04.11.22 at 7:52 pm

The truth is the first casualty of war. Just like the “weapons of mass destruction” lie. Or the “incubator babies” lie. Or the “anthrax vial” lie. M.S.M. never lies, and unicorn Farts will replace natural gas by 2050, they said so.

#63 The Totally Unbiased, Highly Intelligent, Rational Observer on 04.11.22 at 7:57 pm

“Unifying the right is not the object. Winning the next election is. That is done from the centre. Learn something from history.” – Garth to #43

The basic problem in Canada now is that the so-called “centre” is now so very far to the extreme left on all the major issues that the so-called “centre” winning would actually be the same thing as the far left winning. Some “win” that would be. It would be the same thing as losing.

Get used to losing until this lesson is learned. – Garth

#64 Two-thirds on 04.11.22 at 8:00 pm

In response to:

” Pierre is the man Garth. He’s going to be the next PC leader, he’ll unify the right way more than the liberal candidates like Patrick Brown and Jean Charest. Get on the bandwagon.

Unifying the right is not the object. Winning the next election is. That is done from the centre. Learn something from history. – Garth”

If the centre is the key, then having O’Toole contest the previous elections should have done the trick, no??

His platform contained even more spending than the Liberals’ and supported the carbon tax, etc., but still… strikeout.

Or are you saying that only a Liberal turned Conservative (or viceversa) can win? The current Liberals have moved so far LEFT of centre, that the new centre is now firmly in historical left territory. Thus… a conservative would have to cross into this land to win the election, but abandon the old centre-right and values?

The 2022 definition of centre and the pre-2015 one are not the same!!! What does the 2022 centre look like for you Garth?

Also, is Mr. Charest even liked in QC and ON?

THAT is the centre that really matters in elections!!

#65 Midnight’s on 04.11.22 at 8:10 pm

DELETED

#66 Hindsight on 04.11.22 at 8:18 pm

Believe what you want to believe Garth, but when you wake up, and you will, the truth will be right there in front of you ……Just like it always has !

#67 crowdedelevatorfartz on 04.11.22 at 8:31 pm

@#62 Tee-man
“….unicorn Farts will replace natural gas…”

+++

At the risk of repeating yourself.

Its a win win for the Greens.

“Powered by unicorn farts” has a certain panache…don’t you think?

#68 VladTor on 04.11.22 at 8:58 pm

to #54 Søren Angst

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

Dude,

You’re just obsessed with politics. I see it almost every day here. It’s a disease! What’s interesting is that you chose me as your target. This is also a definite diagnosis.

Try not to watching TV for one day at least, reading the news on the Internet. No YouTube! Spend at least three hours in the park every day. You will look at life with different eyes. It’s spring outside, by the way. Crocuses have bloomed in the park, the birds are returning.

This blog is not about politics, but about finance and housing. Are you sure you’re in the right place? Have you read what Garth writes about? Are you sure you understand everything?

For your peace of mind, I will answer.
Unfortunately, I’m not on that list. It would be an honor to be recognized by the Canadian government being in those list. It would be separate me from millions people as VIP.

I’m in another, where only positive-minded millions of people. There are many of these here too.

And again, I’m not interested in politics. Only finances, just the contents of my wallet – if you can give me 10,000 bucks for free – that’s welcome. Contact me through Garth. No obligations – a check to a Canadian bank to bearer and that’s it!

I am also interested in the economic situation in Canada and in the world. This is the range of my interests.

I love this blog because Garth gives information about all this as a politically independent professional.

And of course I’m interested in beautiful and smart women of any race and skin color. The main thing is beautiful and smart. Got it!

#69 Decel on 04.11.22 at 9:06 pm

I want to believe Tiff can pull it off, but he disappointed earlier this year, so I’m not putting off the idea of him pulling another fast one and simply .25 it.

The budget was horrible, and the way the TFSA-wannabe thingymajig (to me it’s actually closer to the RRSP) is structured, not many will even be able to use it.

#70 DON on 04.11.22 at 9:09 pm

OFF topic but interesting.

The Yuzivska gas field is a Ukrainian natural gas field that was discovered in 2010. It was expected to begin production in 2017, but development was halted because of the outbreak of the 2014 war in the Donbas region.[1] The total proven reserves of the Yuzivska gas field are around 70.8 trillion cubic feet (2000×109m³) and production is slated to be around 960 million cubic feet/day (27.4×106m³). The total exploration investment is expected to range between 250 and 300 million US$.

#71 yvr_lurker on 04.11.22 at 9:10 pm

40
these parasites. In addition the officer went on to say that new immigrants are especially targeted. With the way the government is spending our tax dollars you would think a few dollars could be directed to putting an end to these parasites. Perhaps one of our eager beaver politicians could present a bill supporting this motion, who knows, it might just be a career moment. Be careful out there.
——-
Good post. Yes, the Canadian Gov’t has largely given up on working with other countries and with the telecom companies to shut this all down. Very complicated to police, and there is just not enough political will to do anything. It is an outrage that we let it continue, but the Gov’t has other priorities.

#72 Flop… on 04.11.22 at 9:10 pm

“Rubbish cops’ to check through your bins.

Some Melbourne suburbs are set to introduce ‘rubbish cops’ who will take photos of bins to catch people doing the wrong thing.”

So Melbourne is going to get some Garbage Police to make sure you don’t throw the wrong thing out.

Trudeau’s version of this would be to have The Grant Police going through your life to make sure there isn’t a government grant you aren’t applying for, and shovel the maximum amount of money out the door…

M47BC

#73 VladTor on 04.11.22 at 9:11 pm

to #48 Søren Angst

********

In addition,

If you are such a fan of YouTube, then it would be better if you gave me a link to the speech in Australian parliament of an Australian MP :

https://www.youtube.com/watch?v=CwNTS8hsXNY&t=10s

At least this is funny!

#74 Stone on 04.11.22 at 9:27 pm

#28 an investor on 04.11.22 at 4:19 pm
We are entering the third bear market since 2018 and rising interest rates will not come close to eroding any significant equity in RE … we’ve been hearing about a Canadian housing crash for more than 20 years … ain’t gonna happen.

I regret being a renter.

———

I don’t. Best decision I ever made was to sell my personal residence in 2017 and rent. Invested the proceeds into my B&D portfolio. That was also a fantastic decision. Watched it all grow exponentially. The beautiful cashflow and capital growth increases every year (no idea what the weirdos on here yammer about reduced dividend payments – I’ve never experienced that).

I have flexibility, options and incredible mobility.

I think you need to turn that frown upside down.

#75 neptunian on 04.11.22 at 9:33 pm

I was wrong, I thought Mr. Singh wanted a lower RE and T2 had to give NDP something..

so, RE is left to the market. Now the question is: how high the rate will be this time? is it possible to have a soft landing when inflation is down, economy and stock market is still relatively OK?

Pierre, he must know that 70% of canadians are RE owners? is he betting on that single property owners actually would like to see a more reasonable RE price so their kids can afford one? If so,he’d better have the data about the % of single property owners vs. RE investors (a RE agent owns 26….)

Canadian RE becomes a society issue now

#76 Nonplused on 04.11.22 at 9:46 pm

Inflation report incoming:

So here’s how Costco is handling “free battery replacements” on their 48 month warrantee. They happily refund the money you paid for the defective battery! Yay, $150 back to me! Then you wander over to the new batteries and see the exact same battery is now $190 plus $10 environmental charge. So your “free” exchange costs $50. This was a 30 month old battery what’s that make the inflation rate over that period? Got to be about 8%.

Buy all the things.

#77 Doug t on 04.11.22 at 9:53 pm

CB’s have done too little and too late – gonna be some hard times ahead – the kidz are gonna find out what we all have experienced in the past – strap on your kidney belts cause the road is gonna get bumpy

#78 T-Man on 04.11.22 at 10:17 pm

#67 – c.e.fz : Greta mounted on her faithful unicorn stallion Excalibur, galloping thru the mist, emitting flatulence in multiple colours from its posterior, shouting her battle cry “HOW DARE YOU”, then transforming into a Tesla model s.

#79 45north on 04.11.22 at 10:23 pm

Pierre yarns well, but he totally misses the mark. Nothing he says would move the needle on housing prices – and he knows it. This is voter clickbait. Still waiting for an honest politician to say what truly needs to happen. – Garth

I think a marked, prolonged decline in house prices. So you talk about $250 billion in HELOCs outstanding in Canada. I tell you what else I think: the banks are going to be very very tough on HELOCs, very very quickly.

#80 canuck on 04.11.22 at 10:25 pm

Pierre yarns well, but he totally misses the mark. Nothing he says would move the needle on housing prices – and he knows it. This is voter clickbait. Still waiting for an honest politician to say what truly needs to happen. – Garth
_____________________________________________

Unfortunately, people vote for what they want to hear, not for what they need to hear.
This is politics and the reason you were punted from caucus and politics… I can’t remember the last time I saw or heard honesty from a politician. Maybe it was you?

#81 Timing on 04.11.22 at 10:26 pm

Pierre was just in Kelowna. I thought I might like the guy but he is way to far right.

How about pulling it a bit more to the centre.

His main message was about getting back freedom and not having to wear a mask.

I wasn’t even aware that we lost our freedom.

This guy has some work to do.

Next.

#82 Rate Cut on 04.11.22 at 10:29 pm

Don’t be silly, Tiff is going to surprise with a rate cut.

Price of lumber is already tumbling.

#83 45north on 04.11.22 at 10:30 pm

Dogman01 Why Pierre Poilievre is talking about housing? – National Post:
https://www.youtube.com/watch?v=LJ95Gf19tMQ

Matt Gurney: “he (Doug Ford) is nibbling at the edges”

Matt means that Doug Ford commissioned the Housing Affordability Task Force which would put in place Province-wide zoning standards. Such a move would more-or-less replace municipal government. However the legislation, Doug Ford tabled is just nibbling at the edges.

#84 crowdedelevatorfartz on 04.11.22 at 10:32 pm

Chemical weapons used in Ukraine?

https://www.express.co.uk/news/world/1594611/russia-chemical-weapons-ukraine-latest-vladimir-putin-mariupol

Escalation…..

#85 T Rex and the dinosaur clique on 04.11.22 at 10:50 pm

RTW got put on hold again.

Had been having the convo with the blood suckers. They’re like “but don’t you want your social life back? Don’t you miss your co-workers? Don’t you want to get back into things?”

I’m like, I hate those people. They aren’t my friends or my social life. I hung out with them because I had to, you forced me to. There is no way I would even talk to them unless you made me. I can’t stand any of them. They are horrible!

They looked at me like they were trying to quiet a baby that had screamed when they didn’t expect it to.

I didn’t care. I hate that place. Never going back. Twenty stories up in stale air with windows that never open and coffee that is so weak you need like 10 cups an hour just to stay awake.

I was never going back anyway.

Now I get to sit at home and work at my own desk, in my own loft office that I built two years ago, and wait some more…..because…..

COVID is back!

Best….virus….ever…..

Literally the best thing that ever happened to me. I reach retirement age in 6 years. Go COVID! Go variants. Six more years is all I need.

#86 Doug in London on 04.11.22 at 10:59 pm

More listings. More inventory. Higher rates. Fewer buyers. No FOMO. See where this is going?
—————————————————————
Could we really be lucky enough for such a thing to happen and bring some vague resemblance of sanity to housing markets? If that actually happens I’ll try my luck buying lottery tickets.

#87 David Carlos on 04.11.22 at 11:08 pm

https://www.federalreserve.gov/newsevents/speech/brainard20220405a.htm

Federal Reserve Govornor Lael Brainard recent speech:

“Against that backdrop, I will turn to policy. It is of paramount importance to get inflation down. Accordingly, the Committee will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting. Given that the recovery has been considerably stronger and faster than in the previous cycle, I expect the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017–19. The reduction in the balance sheet will contribute to monetary policy tightening over and above the expected increases in the policy rate reflected in market pricing and the Committee’s Summary of Economic Projections. I expect the combined effect of rate increases and balance sheet reduction to bring the stance of policy to a more neutral position later this year, with the full extent of additional tightening over time dependent on how the outlook for inflation and employment evolves.”

#88 Summertime on 04.11.22 at 11:14 pm

Inflation is not 6 %. It is between 15 and 20.

And rates will not increase above 2 %.

The destruction of currency that increases the prices of any asset – real or financial is not a real growth.

The catastrophic decline in wages to a degree that people can not afford essentials is not a prosperity. After years of ‘growth’ food, housing is totally unaffordable.

And the central bankers in order to facilitate their idiotic policies for the profit of the parasites of the society – the lending institutions and the politicians are running out of believers who think that they are getting richer as their nominal ‘wealth’ increases.

Wait for the new fake ‘inflation’ numbers to come out and ask the simple question – why are not the interest rates in double digits already if the economy and the labour market are that hot?

#89 Rupert Murdoch on 04.11.22 at 11:47 pm

The media is the message

#90 Zxcvbnm on 04.12.22 at 12:08 am

What’s the point of renting of you’re not insulated from house price? Honestly. Why was renting ever the smart move? All renters gave been proven suckers, myself included. Homelessness beckons.

#91 km on 04.12.22 at 12:18 am

Well Garth timing is everything, maybe it is your time to run as the conservative leader.

#92 april on 04.12.22 at 1:05 am

#84 – apparently not true or not verified. Why would they want to kill their soldiers.

#93 Midnight’s on 04.12.22 at 1:26 am

Is this better?

“A million here, a million there, and pretty soon you’re talking real money.”

https://www.globalcitizen.org/en/content/canada-commitment-stand-up-for-ukraine/

#94 Nelson on 04.12.22 at 1:28 am

Have to admit that the tide has likely turned on the real estate market. Inventory rising like crazy here in Campbell River and the Comox Valley. But Spring has sprung and I love the home I bought and the area in which I live. Let it ride.

The tide has turned in the financial markets as well. I love the cash I have on hand and the CI gold giants etf I loaded up on in early February.

Lily is one of the most precious dogs I’ve seen on this blog. Those eyes could move a man to the dog park and treat drawer every bit as effectively as they’d move the livestock through a gate.

I have an Aussie shepherd/Border collie now that rules the roost. Have had four border collies in my life. They are smarter than your kids, and more worthy of love.

#95 Brian on 04.12.22 at 7:02 am

DELETED

#96 Summertime on 04.12.22 at 7:07 am

https://nypost.com/2022/04/11/white-house-warns-of-elevated-march-inflation-rate/

White House press secretary Jen Psaki admitted Monday that fresh monthly inflation data will be “extraordinarily elevated” when it’s released Tuesday — after inflation hit a 40-year high of 7.9 percent last month.

Note the wording: ‘Extraordinary elevated inflation’, soon to have CPI in double digits YOY while real inflation is of course double that.

The White House is talking about extraordinary inflation while some simpleton posters, including on this blog, state that there is no inflation whatsoever or it is very limited.

Guess what: It is not. The rates should be in double digits, in the high teens.

0.5 % is a joke.

#97 Fortune500 on 04.12.22 at 7:08 am

I wonder how many others are like our family. We bought during COVID as life circumstances really dictated it, and we had very, very limited selection. If housing ‘crashed’ 20% we would likely also be looking for something simply because we would then have more options to choose from.

Sure, in this scenario we ‘lost’ money on our house, but if the other homes in our area also went down in price and we could find something that better matched our original desires we would be happy to move.

Now this doesn’t take in to account new Canadians or my many colleagues and friends still sitting on the sidelines.

We could be an anomaly but I suspect not.

#98 Inadequate on 04.12.22 at 8:28 am

#90 Zxcvbnm

The point of renting is that we were served with a 1.2 % rent increase this year. It is called rent control.

Actually, I find the difference lies in knowing that you can pay off the house you are renting in full. Our dividend income more than covers the rent at this point. I would cheer the interest rate increase. The higher the better.

#99 crowdedelevatorfartz on 04.12.22 at 8:40 am

@#84 april gas
” apparently not true or not verified.”

++++

Just like Russia “didn’t” use chemical weapons in Syria?

https://www.theguardian.com/world/2022/mar/09/russias-warning-of-ukraines-biological-weapons-sounds-just-like-syria

Putin is a ruthless butcher and the sooner he is gone…the safer everyone will be.

#100 Zed on 04.12.22 at 9:11 am

I don’t know why we trust the CBs’ chiefs to do a better job than any regular Joe on the nflation/economy when we know that last summer both the Fed and BoC said that the inflation was transitory, watched the numbers go up since, Tiff passing in January and only going up 1/4 point since.

Those central bankers are weak, the only thing they know is to lower rates in a crisis (2008, 2020) but no vision of the future direction of the economy; “Prediction is very difficult, especially if it’s about the future!” as said by Nobel laureate.

#101 Brian on 04.12.22 at 9:22 am

Putin Inflation in context!

https://twitter.com/zerohedge/status/1513864692569190403/photo/1

#102 IHCTD9 on 04.12.22 at 9:43 am

#80 canuck on 04.11.22 at 10:25 pm

Unfortunately, people vote for what they want to hear, not for what they need to hear.
This is politics and the reason you were punted from caucus and politics… I can’t remember the last time I saw or heard honesty from a politician. Maybe it was you?

———-

Probably Joël Lightbound. A white male millennial Liberal MP from PQ of all things. And it looks like he still has his job too, which is amazing given Trudeau’s tendency to pull a Stalin on any of his political detractors.

Speaking of Trudeau and Stalin, this calls for some good old fashioned Soviet humour:

Three men are sitting in a cell in the (KGB headquarters) Dzerzhinsky Square. The first asks the second why he has been imprisoned, who replies, “Because I criticized Karl Radek.” The first man responds, “But I am here because I spoke out in favor of Radek!” They turn to the third man who has been sitting quietly in the back, and ask him why he is in jail. He answers, “I’m Karl Radek“.

#103 Dharma Bum on 04.12.22 at 9:54 am

The dog pic today is excellent. Great looking pooch. Great photography.

I think it’s a Red Deer thing.

It’s a great place to chill. One of Canada’s best kept secrets.

I love relaxing there.

Sing another prairie tune.

https://www.youtube.com/watch?v=XrsEmWD2Cj8

#104 Quintilian on 04.12.22 at 10:02 am

“ Never confuse political optics with economic results. Foreign money is not responsible for Canadian real estate prices. we are. – Garth”

I didn’t say that money launderers were all foreigners.
And I also don’t think it is the main cause of the bubble, but I do think the criminal element is a contributor.

Prices are set by what the last house on the block was sold for, and criminals have incentive to pay higher prices = more money laundered more quickly.

#105 Shawn on 04.12.22 at 10:05 am

WTF and CPI testimony

WTF responded to me, and quote and then respond below

#135 WTF on 04.11.22 at 1:05 pm
#112
“your 2.2% claim in your source is misinformation. (It’s bull)
Facts matter… even though emotion generally trumps facts”

————————————————————– Thanks for your strident comments and “data”

I’m Gonna presume that someone who (was invited) and presents at a H.O.C. commons finance committee (regarding inflation)as a witness is highly motivated to use “facts” as well?

Perhaps, and I’m speculating, In spite of your assertions and official Government “data” you don’t have all of the info? Nor were you asked to go to Ottawa with your vast knowledge?

I will direct you to the first witness. He lives in Edmonton, maybe you can visit him for a tutorial?

https://www.ourcommons.ca/DocumentViewer/en/44-1/FINA/meeting-34/evidence

*********************************
Okay, thatnks for the link to the first witness.

Actually I met that man Hilliard MacBeth and talked to him a few years ago as we both were taking indoor golf lessons at the same place.

His testimony dated March 28 seems mostly honest. He is honest enough to point out that shelter is fully 30% of the weight in CPI.

But I don’t know why he claims the inflation on that component was 2.2%. It was 6.2% in the January data which was the latest available at that time.

Hilliard MacBeth states that he wrote a book some years ago predicting a home price crash. Instead they soared.

He states that he was not wrong, just very early.

#106 IHCTD9 on 04.12.22 at 10:10 am

#85 T Rex and the dinosaur clique on 04.11.22 at 10:50 pm
RTW got put on hold again
—— –

COVID is really ripping here on the IH home front. A week ago a co-worker tested positive, then another last Wed. I started feeling crappy Friday evening and tested positive Sat am. Monday am, another office mate got it, and the owner was positive by the same evening. My youngest has it as of this am, and is home with me now. Only 2 dudes left in the office who haven’t got it yet.

Where is the CBC ?!?!

#107 IHCTD9 on 04.12.22 at 10:26 am

#79 45north on 04.11.22 at 10:23 pm

… I tell you what else I think: the banks are going to be very very tough on HELOCs, very very quickly.
———

IF, housing noses over. The entire pile of Canadian RE stupidity was built on the foundations of rising house prices. If they keep going up, nothing changes. If they reverse, put your seatbelt on!

#108 Satori on 04.12.22 at 10:49 am

#90 Zxcvbnm on 04.12.22 at 12:08 am

What’s the point of renting of you’re not insulated from house price?
———————————————–
#98 Inadequate on 04.12.22 at 8:28 am
#90 Zxcvbnm

The point of renting is that we were served with a 1.2 % rent increase this year. It is called rent control.
—————————————

Unless you are newly renting and looking for a place, then it’s Crazy!!

At the currently high asking prices rentals are charging, it’s guaranteed landlords are neglecting current tenants in hopes of getting them out, so they can earn an extra $500-800 per month.

Most landlords turn into deadbeats once prices rise. Kelowna average is $1750-2000 per month for a small one bedroom, even with a so called ‘living wage’ that is over half a pay cheque.

If you are on your own, it is even worse, no double income, no shared rent or utilities. Once you factor in car insurance, gas, utilities, food…. unless you have a rich and don’t forget: ‘Generous’ mom and pops there is zero ‘extra’ for a tax free savings/home-buying account.

The majority of people in Canada make under 50G per year. (Millennials have a median after-tax household income of $44,093). Most are too busy trying to make ends meet with two jobs or a “side-hustle” to read news, blogs, or financial markets that they will never have ‘extra’ cash for.

#109 Ponzius Pilatus on 04.12.22 at 10:50 am

#27 Sailo
As uncle Warren (who lives in a $650k home, by the way) says: ‘Price is what you pay. Value is what you get’
——————————
Correct.
Keep that in mind while shopping at The Superstore, Walmart or Canadian Tire.

#110 Satori on 04.12.22 at 10:58 am

With your extra High Rent… you pay:
an extra $100-150 for parking
Plus extra $50-75 for storage.
Plus a $75 application fee.
plus a $50 move-in fee.

The days where a parking spot and storage locker came with your rental are over.

Coming soon: ‘extra money’ for front door access. Soon lowly renters can only come in thru the backdoor.

#111 Ponzius Pilatus on 04.12.22 at 10:59 am

89 Rupert Murdoch on 04.11.22 at 11:47 pm
The media is the message
———————
Never been truer than right now.

#112 willworkforpickles on 04.12.22 at 11:18 am

#96 Summertime

“Note the wording: ‘Extraordinary elevated inflation’, soon to have CPI in double digits YOY while real inflation is of course double that.

The White House is talking about extraordinary inflation while some simpleton posters, including on this blog, state that there is no inflation whatsoever or it is very limited.”
………………………………………………………………………………………………………..

Ditto.

March CPI is now 8.5% and climbing. That computes to about a 17% real inflation rate and climbing.

Economic reality especially today is buried between the lines. Unless its extracted from there none will ever come to know it.

Truth is suppressed, covered up and well hidden.
Its still there to be found with a modicum of effort and dd most of the pack will/can never do.

For all of them … take note , inflation is here to stay.
Bet your lives on it.

#113 zxcvbnm on 04.12.22 at 11:25 am

#98
My (drunken) agitation stemmed from not being able to move to chase the job I wanted. Because I can’t afford rent where the job is located. Despite of making more than the average Canadian household, apparently.

#114 willworkforpickles on 04.12.22 at 11:34 am

I just have to say , the pup in the photos is mostly Bernese Mountain Dog. They will never let you down in the intelligence and loyalty departments. Devastating to lose them when the time comes.

#115 Damifino on 04.12.22 at 11:57 am

#110 Satori

The days where a parking spot and storage locker came with your rental are over.
——————————

Largely true, but not where I live. There’s something to be said for these legacy rentals. Some folks in my building without cars are subletting their parking spaces to other tenants who need two spots. Not much management can do about it. Going rate is $150/mo.

#116 Preserve the Thin Blue Line on 04.12.22 at 12:08 pm

The irony is pretty rich on this one: A Calgary city councilor serving on the police commission made the news over the past couple of weeks complaining about the “Thin Blue Line” patch worn for decades by police services around the world. The councilor said it was a symbol of hate and wanted it removed from City Police uniforms.

A university researcher investigated the councilor’s claims and found ZERO examples of the councilor’s claims. When confronted with is own BS, the councilor engaged in the usual puffery of a bully caught before scurrying away.

And now it turns out that the councilor is under investigation for nefarious deeds himself.

https://calgary.ctvnews.ca/coun-gian-carlo-carra-under-police-investigation-steps-down-from-police-commission-1.5857785

It almost seems like the Thin Blue Line is only perceived as a threat by people who think that the law doesn’t/shouldn’t apply to them.

I’m OK with that.

#117 Ponzius Pilatus on 04.12.22 at 12:13 pm

#145 Sailo

My personal self-worth is inextricably tied to oodles and caboodles of filthy lucre. Nothing makes my amygdala more orgasmic than backstroking through the money bin.
———————-
I’m not a Bible thumper, but for those who are, I’d like to remind you of the following quote:
“It’s easier for a camel to pass through the eye of a needle, than for a rich man to enter the Kingdom of Heaven”.

#118 Philco on 04.12.22 at 12:14 pm

8.5% us inflation. And people believe we are at 5%ish in Kanada. No way in H-E double hockey sticks. Building mats food fuel more like 30%.
And one for the last blog. T2 does NOT play by the RULES Anyone but him pls.
https://www.bnnbloomberg.ca/u-s-inflation-quickens-to-8-5-ratcheting-up-pressure-on-fed-1.1751160

#119 DON on 04.12.22 at 12:20 pm

#114 willworkforpickles on 04.12.22 at 11:34 am
I just have to say , the pup in the photos is mostly Bernese Mountain Dog. They will never let you down in the intelligence and loyalty departments. Devastating to lose them when the time comes.

************
I inherited my burmese/pyrenees/lab. Patience, manners and a big bark. It is a privilege walking by his side. A gentle giant.

#120 Philco on 04.12.22 at 12:28 pm

$wtic @ $94. I think it found its eqalibreum. Not going to 200 that would be disaterous.

#121 Chris L. on 04.12.22 at 12:33 pm

BANNED

#122 Sail Away on 04.12.22 at 12:39 pm

#103 Dharma Bum on 04.12.22 at 9:54 am

I think it’s a Red Deer thing.

It’s a great place to chill. One of Canada’s best kept secrets.

———

My relatives own a lot of Red Deer; they live in an actual mansion on Gull Lake and have a couple of places at Sylvan plus large tracts of commercial in town. You’ve probably run across their operations.

#123 Philco on 04.12.22 at 12:55 pm

#80 canuck on 04.11.22 at 10:25 pm
———
+1
But
P worse that T (Mr cookie jar…his hands always in it)? haha

#124 JT Dawg on 04.12.22 at 1:13 pm

There is no housing shortage in Canada. We have plenty of capacity. Just not in the GTA. Current vacancy rates in Alberta exceed 6.8%. Landlords are offering 1 to 2 months free rent to get new tenants. 1 bedrooms can be had for $800 or less. There are also plenty of jobs and yes wages are similar to the GTA. The main issue with Calgary or Edmonton is that the climate is colder and it would seem as though immigrants and Canadians for that matter ignore all of the options available to them. Median house price in Calgary $515,000 and prices appreciated a fraction of what they did in the GTA over the pandemic.

#125 Sail Away on 04.12.22 at 1:19 pm

#42 Location … location .. forget it on 04.11.22 at 5:45 pm
#27 Sail Away on 04.11.22 at 4:17 pm

Re: RE

———

Yes, they are exactly the same … except they are in probably the last four places in North America that I would choose to live.

Does your family get together each year to choose the least desirable places in which to live? There’s no way that this could have been random.

———

Correct. These were considered decisions. Our family’s thing is to live places we enjoy while incurring no debt, and creating a solid future for our offspring. That whole self-sufficiency schtick.

One person’s ‘least desirable’ is another’s outdoor paradise. That said, I personally have never lived anywhere I did not enjoy. Tolerance and open-minded acceptance of differing cultures helps.

#126 jess on 04.12.22 at 1:24 pm

buildings with less/without parking will become the norm

On my bike ride this am saw a sign on the intersection
We buy homes and a phone number.

just 15 per cent of homeowners hold nearly one-third of Ontario’s housing wealth, says report
Interest from investors and other multiple-property owners is helping ramp up demand in already-tight real estate markets, says Statistics Canada.(the star)

new zealand
changed zoning laws

Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”
If a lender receives an AOL in lieu of a title insurance policy, the lender must report Special Feature Code 155 when delivering the loan.
https://singlefamily.fanniemae.com/media/8131/display

https://www.housingwire.com/articles/fha-unveils-40-year-loan-modification-option/

#127 crowdedelevatorfartz on 04.12.22 at 1:27 pm

@#108 Satori
“The majority of people in Canada make under 50G per year. (Millennials have a median after-tax household income of $44,093). Most are too busy trying to make ends meet with two jobs or a “side-hustle” to read news, blogs, or financial markets that they will never have ‘extra’ cash for.”

+++

Yep.
I’d say it’s not just Mills in that position.
A vast majority of renters won’t have the extra cash to load up on this latest political shell game.
$8000k per year on a new tax free plan?
Another scheme to make the plebes even angrier than they already are.

#128 KLNR on 04.12.22 at 1:31 pm

@#63 The Totally Unbiased, Highly Intelligent, Rational Observer on 04.11.22 at 7:57 pm
“Unifying the right is not the object. Winning the next election is. That is done from the centre. Learn something from history.” – Garth to #43

The basic problem in Canada now is that the so-called “centre” is now so very far to the extreme left on all the major issues that the so-called “centre” winning would actually be the same thing as the far left winning. Some “win” that would be. It would be the same thing as losing.

Get used to losing until this lesson is learned. – Garth

bizarre how conservatives think going further to the right will win them an election.

#129 jess on 04.12.22 at 1:44 pm

fintech fast better cheaper efficient

better.com is it really better?
The promise to be more “efficient ” this online mortgage website …. faster / cheaper home buying“The process to buy a home is so slow, siloed and intentionally complicated,”

Activant Capital, a global private investment firm led the series C
Ping An Global Voyager Fund,
Ally Financial, Citi,
AGNC, Healthcare of Ontario Pension Plan (HOOPP) and American Express Ventures, which joined existing shareholders Goldman Sachs, Pine Brook and Kleiner Perkins in the round.

https://www.cnbc.com/2021/05/11/softbank-backed-mortgage-lender-better-in-7point7-billion-spac.html
https://www.forbes.com/sites/elisabethbrier/2019/08/19/bettercom-a-digital-mortgage-disruptor-raises-160m-in-latest-funding-round/?sh=72c7b7607f52

What happened? laid off ~5000 in december
Company is offering two-month severance payment and health insurance for those who leave

#130 Dora on 04.12.22 at 2:05 pm

“Still waiting for an honest politician to say what truly needs to happen.” – Garth
—————————————————————
Hola Señor GT,

So say so, por favor!

#131 jess on 04.12.22 at 2:10 pm

labour migration into russia the “stans”7m. not getting paid no money to send back to home Central Asian migrants losing jobs in russia

He believes the sanctions will be a serious test for regional governments. For nearly two decades, Central Asian states postponed important reforms because remittances reduced social tensions and decreased the economic burden on the authorities.

“Governments were able to continue kleptocratic practices and corruption,” he told OCCRP. But when many migrants return home, he said, “there will be big pressure on governments to introduce more social protection measures, more jobs.”

As of 2020, remittances amounted to nearly a third of Kyrgyzstan’s gross domestic product, and more than a quarter of Tajikistan’s.

https://www.occrp.org/en/37-ccblog/ccblog/16153-we-ask-god-for-peace-western-sanctions-on-russia-strike-central-asian-labor-migrants

#132 The Totally Unbiased, Highly Intelligent, Rational Observer on 04.12.22 at 2:16 pm

KLNR at #128 said “bizarre how conservatives think going further to the right will win them an election.”

Doing what is RIGHT might not win an election in Canada at this point.

Going further to the LEFT will lose the country.

And going to the center will actually accomplish something. Like securing power. – Garth

#133 Observer on 04.12.22 at 2:17 pm

#106 IHCTD9 on 04.12.22 at 10:10 am
#85 T Rex and the dinosaur clique on 04.11.22 at 10:50 pm
RTW got put on hold again
—— –

COVID is really ripping here on the IH home front. A week ago a co-worker tested positive, then another last Wed. I started feeling crappy Friday evening and tested positive Sat am. Monday am, another office mate got it, and the owner was positive by the same evening. My youngest has it as of this am, and is home with me now. Only 2 dudes left in the office who haven’t got it yet.

Where is the CBC ?!?!

^^^^^^^^^^^^^^^^^^^^
Canada’s vaccine advisory body strongly recommends boosters for all adults as virus resurges

https://www.cbc.ca/news/politics/public-health-officials-update-april-12-1.6416794

#134 Sail Away on 04.12.22 at 2:19 pm

#117 Ponzius Pilatus on 04.12.22 at 12:13 pm
#145 Sailo

My personal self-worth is inextricably tied to oodles and caboodles of filthy lucre. Nothing makes my amygdala more orgasmic than backstroking through the money bin.

———

I’m not a Bible thumper, but for those who are, I’d like to remind you of the following quote:
“It’s easier for a camel to pass through the eye of a needle, than for a rich man to enter the Kingdom of Heaven”.

———

I’d rather go to the happy hunting grounds.

But… Bible lesson time:

‘There is a gate in Jerusalem called the “eye of the needle”, through which a camel could not pass unless it stooped down and had all its baggage first removed.’

https://dustoffthebible.com/Blog-archive/2015/09/30/what-is-the-eye-of-the-needle-matthew-1923-24-mark-1025/?msclkid=88edf07dba8c11ec9647ee75307ea138

#135 crowdedelevatorfartz on 04.12.22 at 2:22 pm

@#121 Chris L
BANNED

+++

https://www.youtube.com/watch?v=bx9kaa7IsBg

#136 Dr V on 04.12.22 at 2:22 pm

Further to jess’ comment @126

https://ca.finance.yahoo.com/news/multiple-property-holders-own-upwards-152005793.html

Good? bad? Or just to be expected?

#137 jess on 04.12.22 at 2:24 pm

Thugs follow the money transfer vehicles

“The money was stolen from an EU program that provides basic foodstuffs, such as flour and oil, to the bloc’s poorest citizens. In 2012, APIA chose a company called Viem Corporation Eood as a major contractor on the aid project, which fed some 2.5 million low-income Romanians until it ended in 2020.

https://www.occrp.org/en/investigations/stolen-eu-food-funds-funneled-into-properties-and-luxuries

Unbeknownst to the EU, Viem was controlled by two alleged organized crime figures from Bulgaria.

#138 Philco on 04.12.22 at 2:29 pm

Pierre yarns well, but he totally misses the mark. Nothing he says would move the needle on housing prices – and he knows it. This is voter clickbait. Still waiting for an honest politician to say what truly needs to happen. – Garth
LOL ya don’t hold your breath on waiting for one….
But hey I’m willing to roll the dice.

And another expensive dum dum law on guns.
Everyone I know has one but me lol. Guns arn’t the problem. A pile of waisted money is though.

When the billion-dollar long gun registry was created, Jean Charest—who was an MP at the time—refused to vote against it.
When he was a Liberal Premier, he fought the Harper Conservative Government’s efforts to scrap it. He even called keeping it “common sense”.
He wanted to punish gun owners so much that he tried to create the only provincial gun registry in Canada.
His actions have told us that he doesn’t think criminals are the problem – he thinks it’s target shooters and hunters.
I disagree.
A Poilievre-led government will:
1. Treat lawful firearms owners with respect.
2. Reject a long-gun registry.
3. Pass tougher prison time for violent offenders.
4. Redirect funds away from targeting lawful firearms owners to bolstering our border against gun smugglers.
I reject the costly long-gun registry that Liberals like Jean Charest and Jean Chretien have put forward over the years.
Sincerely,
Pierre Poilievre

Most Canadians want nothing to do with guns. It is a failed issue when it comes to securing electoral success. BTW, Charest was premier of a province that lived through the Montreal massacre and is profoundly anti-gun. – Garth

#139 IHCTD9 on 04.12.22 at 3:16 pm

#134 Sail Away on 04.12.22 at 2:19 pm
#117 Ponzius Pilatus on 04.12.22 at 12:13 pm
#145 Sailo

My personal self-worth is inextricably tied to oodles and caboodles of filthy lucre. Nothing makes my amygdala more orgasmic than backstroking through the money bin.

———

I’m not a Bible thumper, but for those who are, I’d like to remind you of the following quote:
“It’s easier for a camel to pass through the eye of a needle, than for a rich man to enter the Kingdom of Heaven”.

———

I’d rather go to the happy hunting grounds.

But… Bible lesson time:

‘There is a gate in Jerusalem called the “eye of the needle”, through which a camel could not pass unless it stooped down and had all its baggage first removed.’
— —-

Aye. And on that note, I am compelled to repost a great little ditty having to do with money, and that also incidentally mentions a Biblical proverb regarding the subject of camels (thanks Don G, I LOVE this tune, and I am forever in your debt for posting the link).

https://www.youtube.com/watch?v=mQPjKSVe1tQ

#140 KLNR on 04.12.22 at 3:36 pm

@#132 The Totally Unbiased, Highly Intelligent, Rational Observer on 04.12.22 at 2:16 pm
KLNR at #128 said “bizarre how conservatives think going further to the right will win them an election.”

Doing what is RIGHT might not win an election in Canada at this point.

Going further to the LEFT will lose the country.

And going to the center will actually accomplish something. Like securing power. – Garth

going further to the right and doing what is right are two entirely different things.

#141 IHCTD9 on 04.12.22 at 3:37 pm

#133 Observer on 04.12.22 at 2:17 pm
#106 IHCTD9 on 04.12.22 at 10:10 am
#85 T Rex and the dinosaur clique on 04.11.22 at 10:50 pm
RTW got put on hold again
—— –

COVID is really ripping here on the IH home front. A week ago a co-worker tested positive, then another last Wed. I started feeling crappy Friday evening and tested positive Sat am. Monday am, another office mate got it, and the owner was positive by the same evening. My youngest has it as of this am, and is home with me now. Only 2 dudes left in the office who haven’t got it yet.

Where is the CBC ?!?!

^^^^^^^^^^^^^^^^^^^^
Canada’s vaccine advisory body strongly recommends boosters for all adults as virus resurges

https://www.cbc.ca/news/politics/public-health-officials-update-april-12-1.6416794
———-

I’m glad billions are going to the CBC to pass on these essential and highly valuable recommendations. Where would we be without this super important information?

Oh wait, we’d still be sick at home with Covid. 4 of the 7 cases I mentioned had the booster on top of being double vax’d. The other 3 were double V’d. It don’t matter how many times you’ve been jabbed.

#142 Philco on 04.12.22 at 4:36 pm

Most Canadians want nothing to do with guns. It is a failed issue when it comes to securing electoral success. BTW, Charest was premier of a province that lived through the Montreal massacre and is profoundly anti-gun. – Garth
——-
An awful event and the guy had obviously had mental illness to resort that act. Mental illness is the cause of the majority of these events.
Earth to whack-jobs!
Yes nothing critical here for with regards to elections… But shows the log jamming effect of governments. Another money pit..
Agreed most don’t want or need guns. Many hunters out here, no issues. If there weren’t any firearms they would find something else. As for me I can’t shoot squat. I have permanent deer living around the house. They hang out with our cat.
You can have all the laws you want criminals ignore them, honest people don’t need them. Rule of laws good enough.

Sent you guys my Bro in-law green card Yank thats a Kanuck. Wants to move some loot back to Kanada for investment.

#143 BCWally on 04.12.22 at 9:03 pm

You crushed it Garth. You were right all along, its the Canadians themselves who created housing unaffordability.
Bloomberg just published the facts – a third of all homes in major Canadian markets are owned by investors, namely people who own more than one home.
They claim its a result of a study started just after the 2017 run up in home prices and it doesn’t reflect post Covid stats. We all know its worse 2022.
So in effect, the liberal government had this knowledge for the 2022 budget and chose to blame foreigners. Wow.
Man am I hoping you write about this one. I hope you blow this up all over the place for the kids in this country that have been sidelined by massive policy failure, and most recently by a government that promised to lower home prices.