Blindsided

“I had coffee this morning with a friend. He told me his son put his semi up for sale in Collingwood as he had upgraded to a detached home,” Mike writes me.

“They were accepting offers last Wednesday and the agent advised they were getting 20 offers on previous listings. Bottom line, Wednesday came and went with Zero offers. It seems the tide has certainly turned.”

Indeed.

A prominent realtor held an ‘offer night’ last week on a unique and prime property with river frontage in an iconic NS town, even pricing it below market. The night came and went. No deal. In a SW Ontario city where prices romped higher by almost 45% in the last year a heritage mansion recently came available. “Absolutely no offers will be considered before the date indicated,” the realtor’s instruction read. That date passed. No offers.

Not only is the market rolling over in many locations (soon to include all of them), but the disgust level with the blind auction, bids-held, no-bully-offer strategies of real estate agents is growing fast. The federal budget this month did serious damage to the industry by stating that soon Ottawa will be working with the provinces to ban blind bidding. The initial response of the Canadian Real Estate association was suicidal.

“CREA does not believe criminalizing the way Canadians sell their homes is an effective solution to address a lack of housing supply,” it said, in a hissy-fit media statement. “Canadians have the right to choose how they want to transact what is likely the largest purchase of their lives. The proposed banning of blind bidding removes the ability for Canadian homeowners to sell their home the way they want.”

Of course, this is not all about sellers. A ban is all about buyers. They hate the practice. And they will prevail. CREA came to its senses within 24 hours, announcing a pilot project later this year wherein buyers will be able to see competing bids, in real time, online.

So what’s a blind auction? Why do agents and sellers love one?

Simple. This ratchets up prices by feeding off buyer emotion and FOMO while seriously disadvantaging purchasers. Blind auctions are inherently unfair, opaque and unethical, especially when combined with the practice of purposefully under-pricing a property. An agent might accept a listing for a home with a market value of $1 million and list it for $899,000. She gets her clients to sign Form 244 (as it’s called in Ontario) saying no offers are to be shown to the seller prior to a certain date. And the blind auction is on!

As offers appear, potential buyers are often told it’s a competition and they must ‘do their best.’ In a hot market this has resulted in bids tens or hundreds of thousands (sometime a million) more than the asking price. As there was zero transparency, the ‘winning’ bidder might table a huge premium over other offers (and market value) . On offer night the sellers and their agent might also notify the top two or three bidders, telling them to instantly pony up more money, but failing to reveal how much. More pressure. More cash. More fruits of greed.

This, of course, is no way to spend a huge amount of dough. But in the last two years, it’s become the norm. First in the cities, then the burbs, then in Bunnypatch. Now blind auctions are a staple for realtors from the Maritimes to the Prairies. At least those who put avarice before professionalism.

But blind auctions are controversial. Ontario prem Doug Ford says banning them would insert more government into the open marketplace. He’s against it. Studies show in places (like Australia) where properties are auctioned off in public with full transparency and open bidding, prices don’t go down. They increase. And there’s the fact real estate in Canada is regulated provincially. T2, Chrystia and housing minister Ahmed Hussen can huff and snort all they want about reforming how houses are sold, but they can do nothing to change the rules.

So far it seems no jurisdiction has banned blind auctions. Some have made it illegal for agents to deliberately list a property for less than its market value, but this bait-and-switch tactic is still common across Canada. In Ontario listing agents must reveal the number of bids being made, but not the prices. In BC, the province is about to legislate a ‘cooling period’ during which buyers can walk away from an accepted offer, if their emotions chill.

As for CREA, the writing is on the wall. Maybe provinces or leaders like Ford won’t play along with the Trudeau reforms and the coming ‘Homebuyer’s Bill of Rights.’ Maybe open bidding will be worse than going in blind. Perhaps the market itself will roll over as mortgage rates head towards the 5% mark this summer.

But it’s political now. The optics are against the entire industry. Changing how offers are made, received and revealed will probably do squat about house prices. Mr. Market is taking care of that. But tens of thousands of realtors have come to be viewed as parasitic enablers of vendor avarice.

They should realize no good career is ever built on doing the wrong thing.

About the picture: “Just thought we’d contribute to your dog photos hope he makes the cut,” writes Bob, in Etobicoke. “This is “Tobi”…he’s a 10 month old Rottweiler puppy.  Very happy loving dog, only barks if someone comes to the house –  I think if we dropped a paper clip on the veranda he’d hear it.  I have been checking your blog daily for 12 years +,  thank you for all your financial (and dog) guidance over the years.”

117 comments ↓

#1 Hans on 04.18.22 at 1:33 pm

The only losers in this change would be the sellers. Sure commissions go up with blow out offers, however, people making a good decision to get out of a hot market will not get as much for their property. Maybe this is a good outcome when balanced vs buyers overpaying, but stopping people from making stupid decisions does set up more govt intervention and govt has never made a decision that didn’t have unintended consequences. What are the unintended consequences of banning blind bidding?

#2 Captain Uppa on 04.18.22 at 1:38 pm

To my face, realtor acquaintances I have are all for bringing prices down. Each one of them tells me this as if reading from the same script. The same feigning of concern.

When selling time comes, they ratchet up the angst and FOMO to squeeze every last dime out.

Not all are this way, but most. Even the ones who pretend otherwise.

Time to revolutionize the industry as many other sectors have already done.

Time for the consumer to have a fair playing field.

Let’s hope it comes to pass.

#3 Deferred Preferred on 04.18.22 at 1:47 pm

What’s up with Pref shares? All anyone can talk about is rising rates, yet rate reset preferred shares are muted and not joining the broader market rally as Bonds get shellacked.

Time for a blog post on what is up with these things… possibly some untapped value here as they get overlooked?

#4 I don’t know on 04.18.22 at 1:49 pm

Yes prices will increase after eliminating blind offers, as has happened in other places.

The slow down in these far flung areas is real because there isn’t the economy to support their recent increases.

It is a buying opportunity for those bold enough. If you are greedy, sitting is quickly depreciating cash, and waiting for a huge discount..not gonna happen.

IDK

#5 TurnerNation on 04.18.22 at 1:51 pm

Inflation. Control over our Feeding. Always.

“Avian flu has spread to 27 states, sharply driving up egg prices”
https://www.washingtonpost.com/business/2022/04/16/bird-flu-egg-prices/

— Gee never saw that coming! As predicted many times — down to the letter

#91 TurnerNation on 12.17.19 at 8:06 am
For years now I’ve stated a time will come whereby armed government men destroy perfectly good food stuffs while desperately hungry people look on. Maybe the WHO says there is a virus, or maybe the correct ‘carbon permit’ was not obtained beforehand

#49 TurnerNation on 09.10.19 at 8:54 pm
I beleive in my lifetime good foodstuffs will be trashed as armed men look on and people are starving. Maybe the correct karbon permit was not applied for, or the WHO claims dread disease and we comply. Trees have more rights than yourself.

#28 TurnerNation on 05.28.20 at 9:07 pm
yeah the spoils of this War are already being divided up. Meet the shadow govt.
I’ve posted may times for years on here they I expect soon perfectly good foodstuffs forced into waste as we hunger, or wailing families kicked to the curb, all by armed govt men. The reason? Oh it will be along the lines of home Energy Audits failed, or Carbon Permits not obtained. Add a dose of food inflation and insurance company gouging. I can cook up a number of oppressive themes. They surely will. All under the guise of Green movement. Green as in dollar bills.
The goal is simply to turn 1st world countries into 2nd

#6 Ponzius Pilatus on 04.18.22 at 1:57 pm

#96 jess on 04.18.22 at 1:21 pm
“spirals”
Right-wing conspiracy outlet Infowars files for bankruptcy protection as founder Alex Jones
“Your reputation is amazing. I will not let you down,” Trump told Jones,
United States of Conspiracy
https://www.pbs.org/wgbh/frontline/article/alex-jones-and-donald-trump-how-the-candidate-echoed-the-conspiracy-theorist-on-the-campaign-trail/
What Conspiracy Theorist Alex Jones Said in the Lead Up to the Capitol Riot
============
Slave Bible From The 1800s Omitted Key Passages That Could Incite Rebellion
Gov. Ron DeSantis said that allowing critical race theory in schools would teach children that “the country is rotten and that our institutions are illegitimate.” According to the ban, instruction in schools must be “factual and objective.” It specifically prohibits “theories that distort historical events”
———————-
Slave Bible?
First time I hear about that.
DeSantis is a book burner.
He’s on a “mission from God” to turn back History.
And many Americans seem to like what he’s doing.
Keep an eye on him.
Could be the next President.
Sailo, what’s your take on this?

#7 Victor V on 04.18.22 at 2:02 pm

https://twitter.com/nasmadotali/status/1516088560880861187

You’re not ready for this price decline sample.

Two houses in the city, an area I work. One sold in Feb at the peak & one just now.

Similar sizes, same street. The one that sold now: Slightly larger and superior finishes.

$300K decline in value.

#8 jess on 04.18.22 at 2:10 pm

As a result of Book Banning kids are creating book banning sites and having the discussions the “adults” should be having!lol
============

,,,,,in massive ‘multi-year pump-and-dump’ stock fraud
By Simon Little Global News
Posted April 17, 2022 4:39 pm

https://globalnews.ca/news/8765843/sidoo-pump-and-dump-allegations-sec/

B.C. businessman loses Order of B.C. over college admissions scandal
https://globalnews.ca/news/7060874/sidoo-order-bc-rescinded/

Swiss financial services platforms? to move the stock.
i read that Austrian Bank has “george” to help ya out.lol

#9 Ponzius Pilatus on 04.18.22 at 2:14 pm

I’m all for getting rid of blind offers.
But make sure that all conditions of the offer are made public, not just the price.
Inspection, time of possession, down payment etc.
It just “seems” fairer and in keeping with a transparent society, where only shady deals are done in secret.
But, as Garth says, in the end the market has the final say.
And the hormones will still lead buyers to irrational decisions.

#10 Patel on 04.18.22 at 2:14 pm

DELETED

#11 Oil baby oil oil and gas on 04.18.22 at 2:15 pm

It’s all Putin fault, global warming global cooling inflation, commodity prices

Lmao

#12 jess on 04.18.22 at 2:19 pm

Is this the solution ?

A 12-storey pig farm: has China found the way to tackle animal disease?

..” farmers and consumers have been rocked by pandemic after pandemic. Covid-19; an H1N1 swine flu African swine fever (ASF), which has led to as many as 200 million pig deaths in a year; and a highly pathogenic foot-and-mouth disease, also in pigs, that vets now say is endemic.(the guardian uk)

or whatdabout

1946 proved to be a coronavirus, which was named transmissible gastroenteritis virus (TGEV).

A coronavirus variant once helped the global pork industry. Could one protect us?
A killer pig virus vanished when a tamer mutant evolved—a provocative, but not perfect, parallel with Omicron

https://www.science.org/content/article/coronavirus-variant-once-helped-global-pork-industry-could-one-protect-us

#13 Prince Polo on 04.18.22 at 2:21 pm

Since the government likes to intervene so much, perhaps it’s time to legislate the shyster cartel to smithereens…fiduciary duty and heavy handed reprimands for all the promises of guaranteed returns? Nothing but full bore cricket symphonies on offer nights now. Congrats, all you greedy buggers!

#14 Nelson from the Simpsons on 04.18.22 at 2:27 pm

Zero offers?

Ha ha!

#15 Ponzius Pilatus on 04.18.22 at 2:27 pm

#8 Jess
Good for bringing up “George Bank” in Austria.
Had to look it up myself.
Apparently, they have access to your bank accounts at other banks.
Is that taking banking convenience too far?

#16 paddy on 04.18.22 at 2:32 pm

“A prominent realtor held an ‘offer night’ last week on a unique and prime property with river frontage in an iconic NS town, even pricing it below market. The night came and went. No deal.”

Strange, cause over here in Lawrenctown beach area, houses are going for 200k over asking with about 10 DOM…we shall see what next week brings

#17 crowdedelevatorfartz on 04.18.22 at 2:33 pm

CREA cries crocodile tears?
What a surprise.

I will enjoy watching from the side lines as the real estate sales slow down while listening to the wailing from the overpaid, commission based, used home salesmen that suck the financial bones of anyone with a spare dime to give.

Long overdue.

#18 Linda on 04.18.22 at 2:35 pm

I was thinking ‘Tobi’ was a Rottweiler pup!

I’m all for banning blind auctions. That way if folks bid against one another & blow their budget they have no one to blame but themselves for doing so. Plus they can make a judgement as to whether the product on offer is worth the price they’d have to pay to acquire it. Given some of the properties shown on this blog, I’d say a lot of folks paid way too much for that ‘not forever’ home. Or maybe it is ‘forever’ because if they can’t get what they paid for it may as well stay put.

#19 Ponzius Pilatus on 04.18.22 at 2:37 pm

#5 Turner Nation
You have made so many apocalyptic predictions during the years.
Some of them will eventually become true.
That’s just simple Statistics 101.
Go, write a book.
Become famous.

#20 Dogman01 on 04.18.22 at 2:37 pm

#90 Sail Away on 04.18.22 at 11:17 am

Becoming the 51st state.

90% of the population will immediately relocate to better climate, lower cost of living areas, so we might need to open up the homesteading thing again.
If there were “free trade” in movement and residence It would correct our real estate market in a heartbeat.

————————————–
No matter what smarmy Canadians assert, the climate, options and lower cost of living would have many move from our little gulag, the Millennials would have no complaints about the retired Boomers as so few would choose to reside in cold, dark, expensive Canada.

#21 ogdoad on 04.18.22 at 2:37 pm

Who cares about good careers anymore? A career to me, right now, is putting time in until you have enough money to start doing whatever you want. Stop biting your tongue. Stop kissing peoples asses…unfortunately, lemmings are too concerned with buying houses, teslas and making sure they’re like by everybody then ending their ‘career’ early…sorry about your luck.

‘What’s my goal?’ I overheard someone ask themselves to a friend…’to buy a house’, they said…like a good, little duped zombie (whoss parents must also be duped zombies). Thanks advanced dupedness labs of most first world countries! Line up lemmings, your eternity awaits.

What will lift the veil from the placid eyes of the duped zombies? Def’n not conceding to wanting a good career…that sounds like contentment to me.

Anywho, gym day tomorrow. Anything can happen. Can’t wait. rejected or welcomed I got whatchu want…let’s go!

Og

#22 Rook on 04.18.22 at 2:40 pm

“They should realize no good career is ever built on doing the wrong thing.”

Question: but isn’t the whole premise underlying this blog’s name the fact that there will always be someone dumber than you are to be the bag-holder? A, ‘greater fool’ than you are, to purchase the house you’re selling at the price you’re quoting, as it were?

Obviously the blog does a good job of helping people NOT become that greater fool, for which we thank you, but isn’t the whole trade of ‘sales’ based on the fact there’s a sucker born every minute, and a fool and their money are soon parted?

#23 Also in Cowtown on 04.18.22 at 2:46 pm

#95 Barry on 04.18.22 at 1:06 pm

Great post, thank you Barry!

#24 Sail Away on 04.18.22 at 2:47 pm

#6 Ponzius Pilatus on 04.18.22 at 1:57 pm

Slave Bible?
First time I hear about that.
DeSantis is a book burner.
He’s on a “mission from God” to turn back History.
And many Americans seem to like what he’s doing.
Keep an eye on him.
Could be the next President.
Sailo, what’s your take on this?

——–

No idea. I pay very little attention to politico antics, or politicians in general.

#25 Søren Angst on 04.18.22 at 2:50 pm

#7 Victor V

I read that Tweet to. Now she’s had to delete it and why:

https://twitter.com/nasmadotali/status/1516121856339812360

[agreement with Garth’s thrust about RE reform]

I follow her as well. She seems honest. And matter of fact. Breath of fresh air for that industry.

—————-

Bunnypatch Ontario price declines link by Nasma Ali.

https://twitter.com/nasmadotali/status/1515449571220070407

#26 Victor V on 04.18.22 at 2:51 pm

#3 Deferred Preferred on 04.18.22 at 1:47 pm
What’s up with Pref shares? All anyone can talk about is rising rates, yet rate reset preferred shares are muted and not joining the broader market rally as Bonds get shellacked.

====
====

Prefs were rising as rate hikes were priced in. It’s possible, depending on data to come, that rates not go up as much as expected (eg: twice and done). In which case, that would be headwinds for prefs.

As if often said on this blog, you need prefs for income and diversification, not necessarily to expect cap gains every year.

#27 Quintilian on 04.18.22 at 2:51 pm

“Ontario prem Doug Ford says banning them would insert more government into the open marketplace.”

An open market place, intervention by government?

The governments have control of money supply, interest rates, immigration, zoning, the evil CMHC .
And at the local level,most of the civic politicians are directly affected by the bylaws and permits they issue.

I would think Ford, simply forgot these minor points, and there would be no ethical conflicts, or political considerations in the calculation.

#28 Polozified on 04.18.22 at 2:53 pm

#9 Ponzius Pilatus on 04.18.22 at 2:14 pm

I’m all for getting rid of blind offers.
But make sure that all conditions of the offer are made public, not just the price.
Inspection, time of possession, down payment etc.

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

This is why the realtors are front-running the online, real-time “solution”: it’s gonna be solely monetary amounts and no other useful information to compare the bids.

#29 Shawn on 04.18.22 at 3:04 pm

Philipino Workers?

#97 Philco on 04.18.22 at 1:27 pm

Lots of new Philippinos coming here all getting jobs contribuiting.

*********************
Edmonton has had Tim Hortons with Philippino (Filipino?) workers for decades. Those Tim Hortons that used Philippino workers in my experience have been the fasted and friendliest.

I may not be fair to compare nationalities like that. But it has been my impression for decades that the Philipino workers that I see are exceptionally great workers and friendly people.

And if it were up to me, Temporary Foreign Workers would absolutely get a fast-track to citizenship after a few years working in this country.

#30 Grandv!ew on 04.18.22 at 3:14 pm

Raise the rates and the real estate market will balance itself….

#31 Inflation on 04.18.22 at 3:32 pm

Do not buy a house now, one more .50 increase on June 1 and prices are coming down 25% minimum, after that 2nd rate hike watch the panic start to set in, real estate is emotional, once real estate is no longer a “guaranteed” 2-25% annual, investors will flee, the cycle has changed, buy now at your own peril, the smart money is unloading now, I have talked to some younger people from other countries, they would have moved here 10+ years ago, not now, the cost of living is too high plus they can find better weather elsewhere.

#32 I don’t know on 04.18.22 at 3:34 pm

29 Shawn on 04.18.22 at 3:04 pm

Our GTA peer group contains many Filipinos, most coming here in the last 15 years.

They are incredible people who are friendly, work hard, are family/community oriented and don’t complain.

Canada is extremely lucky to have them.

Regarding real estate, almost all of the families we know have purchased in Scarborough, Mississauga, Brampton and (more recently) Hamilton.

Whereas many were complaining about not being able to buy a 6 bedroom house in downtown Toronto right out of university, they worked hard, saved, pooled resources, ignored the noise, and bought real estate the moment they could afford. They are now enjoying it and raising families in it.

The lesson is something we already know: you buy real estate when you can afford to.

IDK

#33 45north on 04.18.22 at 3:36 pm

Not only is the market rolling over in many locations (soon to include all of them)

the market is rolling over. Not quite one week after the Bank of Canada raised interest rates .50%. Next week it’s going to be across the board.

The roll started in the first week of March. – Garth

#34 Dr V on 04.18.22 at 3:37 pm

19 cowtown

Great post, thank you Barry!
………………………………………

95 Barry

“And why the gym? Walking is the best exercise going – I walk at least 5 kms a day and feel great at nearly 70.
Keeps my weight down too… Wait for OAS and CPP until 70 if in good health.”
————————————————-

Resistance training is important as we age. It preserves or adds to joint mobility and range of motion, metabolic
process, bone density, injury prevention. Walking is fine but make sure to do varied terrain for hip, knee and ankle strengthening.

After much consideration, I took CPP early and my wife
will take both CPP and OAS at 65. I will re-assess
OAP at 65. Trick becomes to minimize taxes paid, and lessen effect of any drawdowns in case of market
downturns.

#35 Eyes wide shut on 04.18.22 at 3:46 pm

Canadian banks down more than the TSX since the start of 2022.

This will continue, because the banks are huge bond holders with structures that are nearly impossible to understand.

But but but don’t the banks make more money when interest rates go up?

Yup, just like they did until the global financial crisis 12 years ago…

#36 Islanddave on 04.18.22 at 3:48 pm

#30 grand
view
I can’t help but agree with you, this grand experiment of perpetual emergency low interest rates is a slow motion disaster. For savers… for people trying to buy homes at prices that are little different than the indentured servitude of a bygone era. Time to reset…
Just my thoughts
Dave

#37 DON on 04.18.22 at 3:56 pm

Another Storm Is Set to Hit the Canadian Prairies, Threatening Farmers’ Crops via bloomberg.

Then a dramatic return to seasonal temperatures a quick thaw and floods? Then what…Heatwave 2.0 at a theatre near you?

#38 Quntilian on 04.18.22 at 3:56 pm

“The roll started in the first week of March. – Garth”

https://www.msn.com/en-ca/money/topstories/housing-market-slowing-rapidly-amid-interest-rate-hikes/ar-AAWkYkW?cvid=ca879a22f9c34bdea3a885b7ead23430

Garth and John might become friends and agree on some things.

John Pasalis, president, Realosophy Realty, talks with Financial Post’s Larysa Harapyn about how the housing marking is slowing rapidly amid interest rate hikes.

#39 Cash is King on 04.18.22 at 4:00 pm

Got cash? Buy what you want never pay interest or finance charges ever again.

#40 Love_The_Cottage on 04.18.22 at 4:07 pm

In the U.S. Bloomberg is noting that there is a supply/demand imbalance which will limit the drop in prices despite the increasing interest rates:

https://www.bloomberg.com/news/articles/2022-03-18/rising-mortgage-rates-won-t-be-enough-to-end-u-s-housing-boom

I suspect the same situation exists in Canada and although prices are poised to drop, I think those looking for large decreases will be incorrect.

#41 Flop… on 04.18.22 at 4:08 pm

Haven’t seen much cooling off in Vancouver price-wise, sales-wise apparently the trend is down with an uptick at the end thanks to the Easter Bunny.

More government interference, here’s my suggestion if they are going to get more involved.

Maybe the government will have to introduce some WD-40 to the market as things could be about to seize up…

M47BC

————————————————

Daily Sales Average.

March Week 1: 203
Week 2: 195
Week 3: 191
Week 4: 179
Week 5: 172

April Week 1: 165
Week 2: 177 (4-day week).

#42 Fran on 04.18.22 at 4:09 pm

Real estate agents are only a byproduct of people in B.C. and Ontario who somehow want to pay stupid money for houses. These agents are not professional they just sit back and wait for dumb buyers. Agents in many parts of the world really do not make a lot of money. In Ontario there are some 60000 agents of which 40 thousand are in GTA. In the greater Chicago area there are 15000 agents. Why do we need 45000 in the gta. Too many so they resort to unethical behaviour in order to make a sale. Mind you the top agents are professional about 1000 of them. The rest would rob there mother. All we need in theGta is 5000 agents. More than enough. Sorry agents but you guys have a bad reputation. People are getting hurt because of you.

#43 Shawn on 04.18.22 at 4:18 pm

Why rate Reset Preferred shares Have No Risen?

Because of math and markets.

Several factors are at play:

1 Rates are up therefore the reset dividend will be higher. ALL ELSE EQUAL, that should push rate reset share prices up although the higher reset is an average of 2.5 years away.

2. Rates are up and therefore the market required yield on all investments is up. ALL ELSE Equal that should push rate reset prices down immediately.

Basically force 2 is pushing down harder it seems than force 1 is pushing up.

Rate resets issued at $25 should never have been expected to rise with higher rates. For one thing, the company can buy back every five years usually at $25. That limits upside. For another thing see force 2 above.

Rate resets at $25 should HOLD their value in a rising rate environment not rise. Unless their credit quality deteriorates then they fall.

Those that got pushed down under $20 have a better chance of rising. It all depends on the credit quality and the particular spread over the 5 year rate.

Some rate rests were issued with smaller spreads, those have the hardest time rising.

The market will usually set a fair price except in times of panic like March 2020. THAT was the opportunity to buy these.

They pay a 4+% dividend, are less volatile than equity issues, dish up the dividend tax credit and are a solid long-term hold. Stop fretting over reduced, temporary, capital value when they are excellent income-producers. Timing core assets is why investors fail. – Garth

#44 chopstix on 04.18.22 at 4:19 pm

hey garth: this realtor and blogger, Nasma Ali, is getting heat from her twitter showing lowered selling prices….maybe reach out to her.
https://twitter.com/nasmadotali/status/1516099174487445512
”Reco is about to shut down my Twitter definitely….

#45 Sail Away on 04.18.22 at 4:34 pm

#39 Cash is King on 04.18.22 at 4:00 pm

Got cash? Buy what you want never pay interest or finance charges ever again.

——–

Heh, or tax. IH knows.

#46 Philco on 04.18.22 at 4:34 pm

#99 Dr V on 04.18.22 at 3:15 pm
98 Philco

“Now I had to had my lawyer $3000 so he can enter all
my properties into the ‘LOTA’

Give me a F break.”
————————————————-

Me too but just 1 property. $400. When all the govt had
to do was enter the company name or number into the corp registry, push the summary button and our names
are right there. Coulda done it myself but it requires a “legal professional”.
======================
Yup more bureaucracy BS. My Lawyer cut me a deal cuz 1 prop I have has 11 stratus. I did the XL sheet hard work.
Then One of my condos I was using constant hits (Gov census, surveys ect) from those pirates “who lives there?” Their counting the sheep. Making sure that its not a spec unit or vacant.
I told them to bugger off as I use it when I do property maintenance.
Then they wanna know all the details of my 200ft water well on another property. In case they need some H2O. Control, control, tax, tax, tax. Meanwhile back at T2s printing press they just print up some more.
I gotte’m on another gig. Selling custom cut cedar and fir lumber from my saw mill. Cash sales only :-) An no logging tax I logged it my self.
I one logs a small chunk and say you got 4 truck loads at $5,000 a piece.
Does anyone know what got in you jeans?.
After pushing a road in, bring in the processor, haul it away pay your logging and income tax. POOF you ZIP. ok enough for a couple pints.
Or my way, cousins got the 350 hoe, processor, Got my 580SM backhoe saw mill.
Now I have a bucket of moola.
Why? because I see all the lazy asses get a free pony while I get no holiday pay, sick pay, pension, medical, dental, or free drugs.
This systems a joke to me as the head win a business owner has are fierce as hell.

#47 Ponzius Pilatus on 04.18.22 at 4:55 pm

#29 Shawn on 04.18.22 at 3:04 pm
Philipino Workers?

#97 Philco on 04.18.22 at 1:27 pm

Lots of new Philippinos coming here all getting jobs contribuiting.

*********************
Edmonton has had Tim Hortons with Philippino (Filipino?) workers for decades. Those Tim Hortons that used Philippino workers in my experience have been the fasted and friendliest.

I may not be fair to compare nationalities like that. But it has been my impression for decades that the Philipino workers that I see are exceptionally great workers and friendly people.

And if it were up to me, Temporary Foreign Workers would absolutely get a fast-track to citizenship after a few years working in this country.
————–
15 bucks an hour goes a long way in the Phillipines.
Most of the earnings are being sent “home”.
We need people with skills, not hamburger flippers.

#48 Penny Henny on 04.18.22 at 4:57 pm

#19 Ponzius Pilatus on 04.18.22 at 2:37 pm
#5 Turner Nation
You have made so many apocalyptic predictions during the years.
Some of them will eventually become true.
That’s just simple Statistics 101.
Go, write a book.
Become famous.

/////////////////

Ponzi you’ve made so many statements over the years.
You would think that some of them made sense.
Go away.
Get a life.

#49 fishman on 04.18.22 at 5:06 pm

The kid apprenticing on outbound oil tanker under the 1st. & 2nd Narrow Bridges a couple days ago. Fully loaded with Canola Oil. I keep thinking how many Saskabush sections,how many turns on the tractor, how many train loads to fill up a tanker ship with canola oil?. Farmers used to figure on $300/acre for fertilizer, GMO’d canola seed & a couple heavy doses of Roundup at appropriate time. Gotta be at least double that this year. Roundup Ready Canola has a voracious appetite for fertilizer. By the way, Putin banned GMO’s in Russia. Thats why their production & quality consistency doesn’t match the wests. Ever since the aspirin people paid gazillion $$’s for Monsanto the Germans are dying to get into that virgin farmland. The weeds haven’t had a few decades to get Roundup ready.
Diesel for trucks & tractors & ships is close to double from last year too. With all the anti pollution crap old timers have a hard fix on new machinery. Overhead skyrocketing for independents.
In the 60’s they used to figure a fully loaded grain ship would feed a Chinese city with noodles for a month. Anyways, the Chinese are stockpiling foodstuffs big time. Their sniffing around fishermen out here now. Big money,no fuss, no muss, into the freezer container & off to the 30,000 employee fish processing plant in some no name Chinese port city.
Us farmers & fishermen are the salt of the earth. Proud & Patriotic. Queen & Country.
Nevertheless: until lil potato decrees otherwise its
” cash on the barrelhead son”
” to make this grey dog run”

#50 Dr V on 04.18.22 at 5:22 pm

35 Eyes

“Canadian banks down more than the TSX since the start of 2022.”
———————————————

Did a quick check on last 90 days and found RBC, BNS and BMO all down about 7% from highs, and CIBC, TD down about 13%.

But I did fine when I bought a bunch of them 2 years
ago. Recently took some gains from old school lovol MF
and invested book cost into dividend ETF with heavy
financials.

All good. Still way up on 2020 purchases, and ETF holding steady probably thanks to energy and utilities.

Hoping for continued moderate earnings growth and
dividend increases. Long term holds, maybe forever.

#51 Philco on 04.18.22 at 5:22 pm

#47 Ponzius Pilatus on 04.18.22 at 4:55 pm
#29 Shawn on 04.18.22 at 3:04 pm
Philipino Workers?

#97 Philco on 04.18.22 at 1:27 pm

Lots of new Philippinos coming here all getting jobs contribuiting.

*********************
Edmonton has had Tim Hortons with Philippino (Filipino?) workers for decades. Those Tim Hortons that used Philippino workers in my experience have been the fasted and friendliest.

I may not be fair to compare nationalities like that. But it has been my impression for decades that the Philipino workers that I see are exceptionally great workers and friendly people.

And if it were up to me, Temporary Foreign Workers would absolutely get a fast-track to citizenship after a few years working in this country.
————–
15 bucks an hour goes a long way in the Phillipines.
Most of the earnings are being sent “home”.
We need people with skills, not hamburger flippers.
=========================
Ever been to a hospital?
My wifes Brothers.
3 engineers
1 Pharmacist
2 computer software engineers.
1 Boarder guard.
Sisters a nurse. Niece is a nurse.
My buddies here I worked with are cell techs.
Turns out the best reliable workers PERIOD.

And we need peeps at Timmys.
Bloody good people.
Get out more Ponzorelly

#52 Sam on 04.18.22 at 5:23 pm

Haha using a semi in collingwood as a proxy for overall housing marketing in Canada?? Houses in my GTA area still selling for the same prices they were months ago. Selling fast too. 5-7 days.

The average 416 sale price has fallen each week for the past six, as documented here. Month/month GTA activity is down by a third. Valuations have dropped 7.4%. Please provide data on activity on your planet. – Garth

#53 At Victor V on 04.18.22 at 5:37 pm

Nasma Ali
@nasmadotali
I deleted a tweet of a prime example of price decline, because an agent indirectly threatened to get me sued/complain to the real estate board.

Go after fraud maybe?

If this doesn’t scream we need serious changes to our industry. I don’t know what does.
2:29 PM · Apr 18, 2022·Twitter for iPhone

#54 Doug in London on 04.18.22 at 5:37 pm

Someone I know, a friend of family recently sold her house in Burlington. I don’t know for how much, but probably over a million. Wow, her timing was perfect? I think she should get a Nobel Prize for such smart timing.

Banning blind bidding? No, it’s not about time but long, long, long, long overdue. It should have been the first order of business on Tuesday July 2, 1867, the day after confederation.

#55 VladTor on 04.18.22 at 5:43 pm

Garth:
A prominent realtor…“Absolutely no offers will be considered before the date indicated,” the realtor’s instruction read. That date passed. No offers.

************
I’m not surprised! He wrote that applications will not be considered. It logically follows from the announcement that my submitted application will be probably thrown in the trash. So no one filed it!

I’ve always been surprised by the language used by realtors. To understand what they want, you need 2 universities diploma and preferably good to know as neighbor Mr. Garth to ask him for help if it’s still not clear.

How should the ad from NOT prominent realtor will sound correctly and clearly:

“Applications are accepted until April 25. All applications will be reviewed starting from this date. You will informed about decision after week.”

Offers are held, not trashed. Sheesh. – Garth

#56 Philco on 04.18.22 at 5:45 pm

#47 Ponzius Pilatus on 04.18.22 at 4:55 pm

15 bucks an hour goes a long way in the Phillipines.
Most of the earnings are being sent “home”.
We need people with skills, not hamburger flippers.
==================
Ponzorelly.
Pretty disrespectful borderline racist comment.
Ill tell you what if you ever get to Courtenay.
I’ll show you what someone that can pack a large saw all day and fall 3-4ft trees can do…..
Weiner hiding behind a keyboard? No?

#57 Ray Skunk on 04.18.22 at 5:50 pm

Meh, the CREA protest too much.

A Trudeau “promise” is not worth the moist breath it was uttered with.

Just ask an Afghan interpreter.

#58 OK, Doomer on 04.18.22 at 5:51 pm

#7 Victor V on 04.18.22 at 2:02 pm
https://twitter.com/nasmadotali/status/1516088560880861187

You’re not ready for this price decline sample.

Two houses in the city, an area I work. One sold in Feb at the peak & one just now.

Similar sizes, same street. The one that sold now: Slightly larger and superior finishes.

$300K decline in value.
++++++++++++++++++++++++++

I think you mean $300K decline in selling price. Value is something different altogether. If the house price drops far enough and you’re upside down, the value to you goes negative even if the price is still positive.

Hence the jingle mail fad of years gone by. (sigh…)

#59 Senator Bluto on 04.18.22 at 5:58 pm

#46 Philco on 04.18.22 at 4:34 pm
#99 Dr V on 04.18.22 at 3:15 pm
98 Philco

“Now I had to had my lawyer $3000 so he can enter all
my properties into the ‘LOTA’

Give me a F break.”
————————————————-

Me too but just 1 property. $400. When all the govt had
to do was enter the company name or number into the corp registry, push the summary button and our names
are right there. Coulda done it myself but it requires a “legal professional”.
======================
Yup more bureaucracy BS. My Lawyer cut me a deal cuz 1 prop I have has 11 stratus. I did the XL sheet hard work.
Then One of my condos I was using constant hits (Gov census, surveys ect) from those pirates “who lives there?” Their counting the sheep. Making sure that its not a spec unit or vacant.
I told them to bugger off as I use it when I do property maintenance.
Then they wanna know all the details of my 200ft water well on another property. In case they need some H2O. Control, control, tax, tax, tax. Meanwhile back at T2s printing press they just print up some more.
I gotte’m on another gig. Selling custom cut cedar and fir lumber from my saw mill. Cash sales only :-) An no logging tax I logged it my self.
I one logs a small chunk and say you got 4 truck loads at $5,000 a piece.
Does anyone know what got in you jeans?.
After pushing a road in, bring in the processor, haul it away pay your logging and income tax. POOF you ZIP. ok enough for a couple pints.
Or my way, cousins got the 350 hoe, processor, Got my 580SM backhoe saw mill.
Now I have a bucket of moola.
Why? because I see all the lazy asses get a free pony while I get no holiday pay, sick pay, pension, medical, dental, or free drugs.
This systems a joke to me as the head win a business owner has are fierce as hell.

===

You may need a good lawyer anyway, just not the kind you originally thought. I would caution you and everyone else on this blog to not brag about things that sound even slightly sketchy.

Fortunately, I’m not really sure what you said anyway. Are you from Chibougamou?

#60 Dogs Not Barking on 04.18.22 at 6:21 pm

Enjoying watching the Musk/Twitter show. From what I can tell, people fall into two camps:

1. Twitter has been censoring and banning people unjustly based on political views.

2. Twitter has been censoring and banning people justly based on political views.

Hilariously, both camps agree with Musk and each other in that there is no freedom of speech on Twitter.

Say what you want about Elon Musk, but his ability to place a finger on the exact point around all which revolves is beyond brilliant.

#61 rampant inflation on 04.18.22 at 6:41 pm

U.S. Treasury Secretary Yellen to meet with top finance ministers to address global food crisis!

They will discuss how to print food, fuel, fertilizers and workers.

Expect RAMPANT inflation.

#62 Philco on 04.18.22 at 6:54 pm

#59 Senator Bluto on 04.18.22 at 5:58 pm
Fortunately, I’m not really sure what you said anyway. Are you from Chibougamou?
—————————
Yes
and I got 2 good ones. expensive though.
Its ok my email bogus now. I only use swiss encrypted in my real word.
All emails and text are picked up and stored by big brother. I worked in high tech security. Its ok for them to lie cheat and do scandalous things on huge scale but by golly if you pull one thing and you are poofed.
They already ripped me off but its not worth fighting. Pretty sad. You just get smarter.
VPN, encrypt your mail protect your listening device.
The 1% can afford to protect themselves.

#63 Abolitionist on 04.18.22 at 6:56 pm

#TurnerNation.was.right

#64 mark on 04.18.22 at 7:01 pm

political huffing and puffing. too little too late. if the realtor industry ever sees any kind of actual accountability, I will eat my hat.

#65 GO Daddy GO! on 04.18.22 at 7:15 pm

#19 Ponzius Pilatus on 04.18.22 at 2:37 pm
#5 Turner Nation
You have made so many apocalyptic predictions during the years.
Some of them will eventually become true.
That’s just simple Statistics 101.
Go, write a book.
Become famous.
______________

Better yet! Just GO!

#66 Dog day afternoon on 04.18.22 at 7:19 pm

#18 Linda on 04.18.22 at 2:35 pm
I was thinking ‘Tobi’ was a Rottweiler pup!

I’m all for banning blind auctions. That way if folks bid against one another & blow their budget they have no one to blame but themselves for doing so. Plus they can make a judgement as to whether the product on offer is worth the price they’d have to pay to acquire it. Given some of the properties shown on this blog, I’d say a lot of folks paid way too much for that ‘not forever’ home. Or maybe it is ‘forever’ because if they can’t get what they paid for it may as well stay put

———-

I’m all for banning Rottweilers…
And while we are at it. Pit bulls and American Staffordshires.

#67 Burnaby Boy on 04.18.22 at 7:22 pm

Ponzius Pilatus : Turner Nation would indeed be famous if we suffered a Holodomor while our troops are in the Ukraine. But what would that do to the price of housing?

#68 Ponzius Pilatus on 04.18.22 at 7:28 pm

#56 Philco on 04.18.22 at 5:45 pm
#47 Ponzius Pilatus on 04.18.22 at 4:55 pm

15 bucks an hour goes a long way in the Phillipines.
Most of the earnings are being sent “home”.
We need people with skills, not hamburger flippers.
==================
Ponzorelly.
Pretty disrespectful borderline racist comment.
Ill tell you what if you ever get to Courtenay.
I’ll show you what someone that can pack a large saw all day and fall 3-4ft trees can do…..
Weiner hiding behind a keyboard? No?
—————-
“borderline racist”.
Coming from a loser like you.
That’s funny.

#69 Victor V on 04.18.22 at 7:28 pm

#7 Victor V on 04.18.22 at 2:02 pm
https://twitter.com/nasmadotali/status/1516088560880861187

You’re not ready for this price decline sample.

Two houses in the city, an area I work. One sold in Feb at the peak & one just now.

Similar sizes, same street. The one that sold now: Slightly larger and superior finishes.

$300K decline in value.

=====
=====

https://twitter.com/nasmadotali/status/1516121856339812360

I deleted a tweet of a prime example of price decline, because an agent indirectly threatened to get me sued/complain to the real estate board.

Go after fraud maybe?

If this doesn’t scream we need serious changes to our industry. I don’t know what does.

#70 ogdoad on 04.18.22 at 7:29 pm

Please provide data on activity on your planet. – Garth

0-0-0-0-0-0-0-0-0-0-

– Comin’ around :)

Og

#71 miketheengineer on 04.18.22 at 7:30 pm

Things are changing

I don’t have much hope that this will go very far, as a vast majority of plane travellers want the masks…

now…https://www.zerohedge.com/political/federal-judge-declares-biden-admin-mask-mandate-planes-unlawful

#72 How's that working for you? on 04.18.22 at 7:32 pm

#30 Grandv!ew on 04.18.22 at 3:14 pm
Raise the rates and the real estate market will balance itself….

***********

Yes, Justin. We know!

#73 Blue haired pony on 04.18.22 at 7:59 pm

#56 Philco on 04.18.22 at 5:45 pm
#47 Ponzius Pilatus on 04.18.22 at 4:55 pm

15 bucks an hour goes a long way in the Phillipines.
Most of the earnings are being sent “home”.
We need people with skills, not hamburger flippers.
==================
Ponzorelly.
Pretty disrespectful borderline racist comment.
Ill tell you what if you ever get to Courtenay.
I’ll show you what someone that can pack a large saw all day and fall 3-4ft trees can do…..
Weiner hiding behind a keyboard? No?
_______

Get off your blue-haired pony! It’s not racist.. it’s just a fact. Try to separate the two in your mind.

You obviously haven’t been in a Tom Hirtons lately. Seriously, show me a Phillipino who immigrated here that is working in high tech.

Personally, I have huge respect and admiration for Philippinos and quite likely Ponzie does to!

This thread is over. – Garth

#74 Philco on 04.18.22 at 8:04 pm

DELETED

#75 Philco on 04.18.22 at 8:08 pm

DELETED

#76 McSteve on 04.18.22 at 8:13 pm

The least compelling thing someone can say is to quote Doug Ford. He is bought and paid for by developers

#77 Philco on 04.18.22 at 8:15 pm

DELETED

#78 Philco on 04.18.22 at 8:53 pm

#76 McSteve on 04.18.22 at 8:13 pm
The least compelling thing someone can say is to quote Doug Ford. He is bought and paid for by developers
=================
And I rest my case on my oppinion on government.
“Were here to help” themselves.

#79 The West on 04.18.22 at 8:53 pm

Israel is roughing up its neighbors again.

I say we sanction Israel – they are destroyers of world peace!

#80 VladTor on 04.18.22 at 8:56 pm

Offers are held, not trashed. Sheesh. – Garth

***********

I understand this…. but language which they using for that absolutely terrible. New people who never had deal with this business may be confused at the beginning.

#81 willworkforpickles on 04.18.22 at 9:04 pm

Say Bob, nice pup. Take good care of him.

#82 crowdedelevatorfartz on 04.18.22 at 9:26 pm

Hmmmm
Not even a week and the Monday 6pm “news” is highlighting “Debtors in Trouble” stories……

60% polled are worried about ability to pay higher int. rates
50% are worried about living expenses.
34% cant cover their payments now.
Disposable income has dropped 25% from Dec 31/21

Lets see what 12 months of rising rates will bring.
Ostriches.

#83 TurnerNation on 04.18.22 at 9:35 pm

Relators in a Panic. Time to construct the Audi Index?
From midtown + 500km, currently, 36 Audis offered for lease takeover.

https://tinyurl.com/yu4ajauh


Life in Kanada. We are this close to 2019 Normal guys! In this Open Air Tax Slave Farm they are obsessed with our wastewater. If you think that your compliance, your submission will make this go away…they got other plans.

.Wastewater now ‘one of our only reliable tools’ to detect COVID-19 prevalence (ctvnews.ca)


— Energy Poverty. Get to know it. Natural gas to the moon. RIP Middle Classes.

https://finviz.com/futures_charts.ashx?t=NG&p=w1

#84 Ponnaps on 04.18.22 at 9:42 pm

The tide has turned and how.. it’s an absolute drubbing in Mississauga.. been in the market looking to upsize.. find myself more interested in looking at houses sold rather than houses on sale.

#85 Doug t on 04.18.22 at 9:51 pm

#79 the west

The times seem ripe for “conflicts” worldwide – next stop WWIII ?

#86 neptunian on 04.18.22 at 10:29 pm

Sigh… why politicians are blind? why do they hang on such trivial and not critical things? If not everyone believes buying RE, no matter how much you pay now, the price will always be higher in few years, does it matter to have blind auction or not?

the problem here is: RE is a financial asset, the gain is almost tax free, and we Canadians believe it is always going up, so those who have big HELOC room having been borrowing and buying, those who are young and don’t own RE (thus no HELOC) are priced out!

to fix this? make the gain taxable (with today’s technology, it is not that difficult to tell which on is the primary resident or not), increase the carrying cost, especially the cost of carrying multiple properties, and increase the borrowing cost. those are enough to make the house affordable.

don’t waste time on anything else like banning blind auction, if you really want to solve the affordability issue.

#87 millmech on 04.18.22 at 10:34 pm

Shipper at work is learning how real estate can become illiquid, listed her townhouse for sale near the end of March. Twelve showings, no offers and every couple of days another one comes up for sale in her complex, they are now competing against eleven other units, of which none have sold. One wonders who will be the first to blink in desperation and take a lowball offer to get out and set a new lower price point.
She has already purchased her house with no conditions, needs the cash from the sale to complete the deal and one wonders how fast that illusionary wealth will be whittled down to fulfil the contract.
The home owners they have purchased from could well have their deal put in jeopardy as well, creating a domino effect with unforeseen costly legal ramifications for multiple parties involved.
Shippers realtor convinced her that her place would sell over ask in under a week and here they are, three weeks later listening to crickets.

#88 Philco on 04.18.22 at 10:54 pm

#85 Doug t on 04.18.22 at 9:51 pm
=========================
Every once in a while one needs a revolution.
Maybe not WW3 but Govs have waisted so much endeared themselves to much.
Basically gone to far (Just like Ponzi)
Most govs are very self-serving and I’m paying for it.
No WW3 for sure but yes a revolt is only a matter of time.
Good job elites.

#89 I don’t know on 04.18.22 at 11:23 pm

79 The West on 04.18.22 at 8:53 pm

You are being purposefully disingenuous with your statement and you know it.

Much like all the other drivel you post on here.

IDK

#90 Greg on 04.18.22 at 11:32 pm

When do the interest rates on savings accounts increase?

#91 Lead me further down the garden path on 04.19.22 at 12:18 am

That’s right everyone, keep being fed these fairytales of “bling bidding’. RED HERRINGS. Does anyone truly believe ‘blind bidding’ is the problem with the real estate market? Blind bidding is a symptom, not the problem. If blind bidding is the culprit then why do banks ALWAYS seem to be ok with the valuation and happily fund these transactions. How on earth does a bank approve a valuation on a property that has increased 40% in ONE YEAR in some backwoods hick town? Remove the ability to finance at these outrageous valuations and then you’ll start to realise the greedy genius was not the realtors but the banking system in this country.

#92 db on 04.19.22 at 12:27 am

Frankly I have less concern for blind auctions because part of the remedy actually resides not with Provincial Governments but with the Federal. CMHC is underwriting a loan and underwriters can impose conditions on the insurance product they are selling and vary insurance rates according to risk. That the Federal Government and CMHC choose not to do so is a political choice, not some rational business decision.

Want to play casino in a blind auction? If you could do so only with your own money and completely at your own risk I highly doubt you would see multiple (if any) bidders.

As for inspections, mandatory inspections would simply become another industry cash grab unless home inspections conformed to a rigorous standard, by highly trained licensed professionals performed on behalf of a third party (both buyers and sellers are highly incentivized to game inspections) in a transparent fashion. It’s doable but I wouldn’t hold my breath.

#93 Bonobo on 04.19.22 at 2:09 am

And yet housing prices will continue to rise over the next 10-20 years just as they have always done over the last 100 years. Guaranteed Garth.

#94 Jane24 on 04.19.22 at 5:53 am

What happens next is that the offers that were accepted up to 60 days ago – don’t close as the buyers realize they have overpaid and can’t sell their own house anyway and 2 million is too much to bridge. The whole chain then falls apart but no-one sues anyone as they are all in it together.

Then the banks wise up and start under-appraising houses as they don’t want to be left holding the bag. Purchasers suddenly need to come up with a few $100,000 extra and get cold feet and exit the building.

Condo buyers who have flipped their buys from 3 years ago suddenly have to close themselves and they have no funds to do so as this isn’t how it was supposed to work out.

Those that do want to sell have to chase the market down with their pricing but are never brave enough to get ahead of the drop.

Market floods out with too late listings from folk trying to get out at month’s price.

HELOCs start to bite back as rates move up.

I was a TO agent in the 1980s. Been there and have the t-shirt.

#95 Summertime on 04.19.22 at 7:21 am

Blind auctions incentivize fraud as they are not audited by an independent third party.

So the seller can bluff and ask for ‘improved’ offers without requirements for full transparency.

It works during hot markets as additional fuel to the fire. It will phase itself out naturally during bear markets.

The requirement from the banks for mortgage holders to cough in additional funds if the underlying collateral declines is an interesting one. It adds some nice burning sensation to the pride of home ownership in declining market.

House prices are overpriced at least 3-4 times and can easily decline by 50-60 % in some places.

The problem is what happens next with the ‘economy’ with the price of food and energy skyrocketing and killing any other discretional spending.

What will the central ‘bankers’ do then? Another QE/zero rates is pretty much baked in.

It is not easy to clear out excessive debt. Interesting times ahead.

#96 NoName on 04.19.22 at 8:54 am

#94 Jane24

Underaprizing…

I hope weather is better is where ever you are. Italy, France? Or you are mingling with pommys and pondering where to vacation next?

We had snow yesterday… That alone should underapraize RE buy at lest _____ %.

#97 Drewfor on 04.19.22 at 8:59 am

“Hilariously, both camps agree with Musk and each other in that there is no freedom of speech on Twitter.”

Hilariously, both camps also agree that water is wet.

There is no freedom of speech on Twitter because as a private entity, they dictate the terms of use. Freedom of speech is not part of the equation, nor should it be.

#98 robert james on 04.19.22 at 9:09 am

Jane24 on 04.19.22 at 5:53 am…. Thanks for the history lesson Jane.. That reminds of an old saying,,, ” 25% of people learn from reading,, another 25% learn from observation ,, the other 50% learn from peeing on the electric fence”

#99 OK, Doomer on 04.19.22 at 9:32 am

#93 Bonobo on 04.19.22 at 2:09 am
And yet housing prices will continue to rise over the next 10-20 years just as they have always done over the last 100 years. Guaranteed Garth.

+++++++++++++++

I’m guessing that you missed the RE stagnation event in the GTA in the 80’s. Prices crashed and didn’t recover for something like 15 years.

But don’t feel bad; it’s only recently coming to light that people with a minimal knowledge on a topic are by far the most confident in their opinions. Real experts understand the nuances and subtle details that can greatly affect outcomes and are much less confident.

All you need to do is look at Trudeau and Singh. Complete and total confidence in their opinions on everything from housing to Global Warming because they have know dick.

#100 Dharma Bum on 04.19.22 at 9:36 am

#93 Bonobo

And yet housing prices will continue to rise over the next 10-20 years just as they have always done over the last 100 years. Guaranteed Garth.
————————————————————————————————

Bingo Bonobo.

I was just thinking the same thing.

Realtors.
Governments.
Analysts.
Economists.
Investors.
Flippers.
Dippers.
Manipulators.
Politicos.
Doug Ford.
Trudeau.
Christya.
CREA

Meh.

In 20 years, your house will sell for way more than you paid for it 30 years ago, 10 years ago, last year, or tomorrow.

Guaran – effen – teed.

Don’t sweat the current small stuff, people.

Plus, ya gotta live somewhere, amirite?

#101 Frank on 04.19.22 at 9:43 am

What’s the deal with Royal Lepage. Just raised their forecast for for 2022 home prices to +15 from +10!

#102 Lee on 04.19.22 at 9:45 am

According to Royal Lepage house prices up 30% year over year in first quarter of 2022. So much for interest rate increases softening prices. Keep dreaming that prices will come down.

Do you always get you real estate news from real estate flogging enterprises? Then don’t bother coming here. – Garth

#103 Penny Henny on 04.19.22 at 9:47 am

#83 TurnerNation on 04.18.22 at 9:35 pm
Relators in a Panic. Time to construct the Audi Index?
From midtown + 500km, currently, 36 Audis offered for lease takeover.

https://tinyurl.com/yu4ajauh
////////////////

Most of those are dealer listings. The site used to be good like ten years ago but now it is mostly populated with dealer listings.
As far as getting out of leases most won’t have any problem these days. With used car prices being so high the dealers are happy to buy the client out of the lease.

#104 Senator Bluto on 04.19.22 at 10:00 am

WRT to the Twitter/Elon Musk Cage Match

This is from Jonathon Turley. If you don’t know who he is you should look it up. While you can. Before he gets cancelled

https://jonathanturley.org/2022/04/19/selling-censorship-could-the-twitter-board-trigger-shareholder-lawsuits-over-esg-and-anti-free-speech-policies/

“This fight is coming at a time when many academics are questioning the traditional view that boards and management should be committed to the overriding purpose of maximizing value for shareholders.” Rather they argue that corporate figures should focus on advancing Environmental, Social, and Governance (ESG) principles. ”

Does it look like we’re seeing the devolution of the free markets leading the way into a form of fascism not seen since Germany in the 1930’s where corporations, although privately owned, took their marching orders from edicts a small group of unelected governing officials? Looks, squawks and smells like fascism, but it comes from the left, how can that be??

Please explain to me where I’m wrong. Just asking for a friend in case Justin is watching.

#105 Tim on 04.19.22 at 10:09 am

Talk about blindsided !! What’s with Trudeau greenlighting foreign companies energy projects while still determined to kill Canadian? A week ago after a meeting in the EU where he was soundly spanked for his facista trucker tantrum he bowed to a Norwegian off shore oil rig. Now remember that Norway is toxic to Canadians. They are an enemy. Norway has spent time and money hiring protestors and lobbying to kill Canada’s energy complex, while they joyfully have rigs spotted and cozy up to many murderous dictators. The Norwegians do everything they can with there trillion dollar oil fund to injure Canada. And now, Trudeau has just OKd China military owned CNOOC to restart an antique oil sands project that has no environmental standards whatsoever !!!!! What’s with Trudeau anyway?

And, Freeland announces now that Bidens killing off KXL was a mistake? Why didn’t Trudeau speak up for the billions in revenue and thousands of jobs? Will Trudeau join Traps lawsuit to recover the billion in losses now that his lapdog admits he’s aware of Bidens mistake?

#106 Dogs Not Barking on 04.19.22 at 10:30 am

#97 Drewfor on 04.19.22 at 8:59 am
“Hilariously, both camps agree with Musk and each other in that there is no freedom of speech on Twitter.”

Hilariously, both camps also agree that water is wet.

There is no freedom of speech on Twitter because as a private entity, they dictate the terms of use. Freedom of speech is not part of the equation, nor should it be.

+++++++++++++++++++

By a freak of timing and technology, Twitter, like all social media platforms, have wedged themselves into a position where their societally destructive behaviors have yet to be addressed by lawmakers.

You are right, existing laws don’t apply to Twitter, but all it produced is bullying, oppression, censorship and bad behavior. Nothing positive came from this.

The easiest way for lawmakers to deal with this issue is to break up the tech giants. It’s a proven method that respects free markets, free society and the law.

#107 crowdedelevatorfartz on 04.19.22 at 10:32 am

@#94 Jane 24

Yep.
I remember a house we were renting was appraised at 240k in 1981
It was sold for 80k in 1983.

#108 Ponzius Pilatus on 04.19.22 at 10:47 am

#98 robert james on 04.19.22 at 9:09 am
Jane24 on 04.19.22 at 5:53 am…. Thanks for the history lesson Jane.. That reminds of an old saying,,, ” 25% of people learn from reading,, another 25% learn from observation ,, the other 50% learn from peeing on the electric fence”
————————
How did people learn before there were electric fences?
I think people were a lot smarter in the past.
They were street smart.
Now they are Google smart.

#109 robert james on 04.19.22 at 11:36 am

Ponzius Pilatus on 04.19.22 at 10:47 am…….Not sure about the time before electric fences but I am sure a lot of people learned from the 1930 s and also remembered what they learned,, mind you getting one`s peepee zapped would do the trick as well I would think..

#110 dosouth on 04.19.22 at 11:45 am

You cannot legislate common sense.

#111 crowdedelevatorfartz on 04.19.22 at 12:22 pm

@#110 do south
“You cannot legislate common sense.”

+++

Especially when the Legislators ( Trudeau, Freeland, Etc.) don’t have any common sense.

#112 Dr V on 04.19.22 at 1:16 pm

110 dosouth

“You cannot legislate common sense.”
————————————————-

I take the opposite approach. we need a law against stupidity. Been petitioning for one for years. Problem is we would all be guilty at some point, with many being “repeat offenders”.

#113 DON on 04.19.22 at 1:42 pm

https://calgaryherald.com/business/local-business/rising-interest-rates-pushing-more-albertans-towards-bankruptcy

#114 Caffeine Monkey on 04.19.22 at 1:46 pm

Do people really make decisions in this way? They turn on the news in the morning, see that rates have gone up, and they decide right then to not transact real estate? Everyone should have known that rates were going up, and will continue to do so. But these people… they don’t… plan ahead?

#115 T Rex and the dinosaur clique on 04.19.22 at 2:43 pm

Stuff like this is why people are so annoyed with the Toronto RE market:

https://www.zolo.ca/toronto-real-estate/252-annette-street

This house was listed one year ago exactly, and sold in a “bully bid” which was over 500K over asking.

It was intentionally priced low to attract attention (was worth substantially more than $999,999.00).

So no one got to bid on it (sold to a bully) and it was off the market about a day after it came on.

One year later, the same folks who bought it are now selling it again…..having apparently done not much more than cleaned it….for what is again a lower than market list price (likely expecting yet another bidding war – they paid $1,570,000 for it one year ago and it has sat vacant for the entire time, so there is no way they are making a profit if they “flip” it for $1,645,000.00).

This is the problem with Toronto RE. People are not buying houses to live in them.

They are just not. The majority of these houses are being bought by speculators. They are then left to sit empty, while people who actually need somewhere to live, get to watch as the house they lost the bidding war on, sits empty for a year and then is resold by the purchaser, who had no intention of ever living in it.

I watch this over and over again. Many of these houses we looked at ourselves while house shopping (for a house that we actually live in). Many of the houses we lost out on bidding wars for, are now being re sold for hundreds of thousands more, exactly one year after we tried to buy them, after sitting empty for a year.

#116 Doug in London on 04.19.22 at 3:45 pm

It figures that the Conservatives would be against the ban on blind bidding. Consider that at auction sales of various goods like art and collectibles, cars, furniture, bikes, and various other goods the auction is fully transparent. I know right away, for example, that bidder #36 has offered to pay $100 for the item being sold. Why can’t bidding on houses be subject to the same rules?
I’m reminded of what John Kenneth Galbraith said, namely: “The modern conservative is engaged in one of man’s oldest exercises in moral philosophy; that is the search for a superior moral justification for selfishness.”

#117 crowdedelevatorfartz on 04.19.22 at 7:55 pm

I wonder if it was the price of gas that did it…..

https://www.burnabynow.com/bc-news/new-survey-lists-vancouver-as-most-unaffordable-city-in-north-america-3450988