The hat trick

I have no idea what cricket’s all about, even after Dorothy made me watch over 400 eps of Downton Abbey. But I do know that’s where the term ‘hat trick’ came from. When the ball-throwing dude did good thrice, he got a prize chapeau.

It came to mind with today’s personal financial news. But not in a good way. Three significant factoids have just emerged. Taken together, they tell a tale of citizens who have lost their way.

First, the latest housing stats pretty much confirm what a certain pathetic blog has been telling ya would happen. CREA’s numbers cover only March, and the momentum since has been dramatic. But the direction is crystal.

The boom is so over. It took only one Bank of Canada uptick to set things in motion, apparently. That February record $816,720 average price for a home in Canada (all types, all locations) dropped to $796,000 weeks later. Yeah, still a big number but it represents a loss of almost 1% – per week. And it’s March, for Dog’s sake, which is supposed to be one of the house-lustiest parts of the annual Spring market. Prime rutting season.

Moreover, sales are falling. Down almost 6% in March from Feb, and off 16% from the same period in 2021. “March definitely saw a slowdown compared to February in terms of both activity and price growth,” said CREA. “One month does not make a trend, so we’ll have to wait and see if this is the beginning of the long-awaited cooling off of this market.”

It is, clearly. Since then the Bank of Canada rate has doubled and we’re expecting five more hikes in 2022. The US central bank moves in a couple of weeks, and an increasingly large number of analysts say it will jump .75% in one go. Yields on US 10-year Treasuries are roiling towards the 3% mark and the US$ has been surging higher as a result.

Canada’s benchmark five-year govy bond has exploded. The yield was 1.6% when this year started – it’s now above 2.7%. This guarantees long-tern, fixed-rate mortgages will fly through the 4% levels, which means borrowers have to qualify at 6% to pass the stress test, bringing fewer buyers and lower sales/prices.

A lot of people listing in the last couple of weeks just learned what ‘illiquidity’ means. Many more are about to understand ‘negative equity’.

Number two: the debt snorfling continues. Record numbers of Canadians are sucking greater amounts of equity out of their homes, even as the value of that real estate faces declines. In February HELOCs totaled $162,000,000,000 (that’s billions). This was the fifth consecutive month of expanding home equity debt, and the fastest rate of increase in a decade.

HELOCs almost always carry variable rates. As the prime ups at the chartered banks, so augments the cost of these lines. Lately that prime jumped from 2.45% to 3.2%, on a path to 4.5%. By the way, $162 billion at that rate means households would pay just under $7.3 billion per year in loan interest.

And remember, these are borrowings granted at the pleasure of the bank. They’re restricted to 65% of the equity in a home. So if we were to have a Houseageddon with valuations declining by, oh, 30% a whack of people might get calls from [email protected] telling them to pony up some cash. ‘Demand loan’. Something else to learn.

And third: Don’t be fooled by the patina of an affluent society. This week’s Ipsos survey shows Canadians have an ugly side. The pollsters found 31% lack the cash flow cash flow to both handle bills and make debt payments. Shockingly, almost half (49%) are $200 away from insolvency each month. They spend everything. They save nothing. And, yes, 70% of us own real estate – which is a major reason many do not have liquidity or the ability to survive a downturn.

As mentioned above, March brought just one weensy interest rate hike from the CB, yet this was sufficient to cause 52% of respondents to feel lousy. “With the extra (rate) increase that’s already happened, that angst and nervousness has probably picked up even more,” we are told. Nine in ten facing a mortgage renewal say they’re about to become more careful with their spending.

Now, none of the above may reflect you. After all, you’re here. Sipping at the fount of financial wisdom. A genius.

But there are millions of Canadians who are part of this dismal hat trick. They make bad choices. They buy high. They have no Plan B. They will retire on fumes and puny public pensions. And they all vote.

As the real estate gasbag deflates, debt will remain and we may well have a social mess on our hands. You know what to do. Owe nothing. Have financial assets. Brim your tax shelters. And, yes, live quietly among the masses.

No abbey.

About the picture: “I took this photo of a sled dog,” writes David, in Nanaimo, “while visiting Sisimiut, Greenland, a couple of years ago. Feel free to use it on your blog.”

152 comments ↓

#1 THE DANDADA on 04.19.22 at 2:51 pm

They ain’t giving up!!

“Royal LePage raises 2022 home price forecast despite slowdown”

https://www.bnnbloomberg.ca/royal-lepage-raises-2022-home-price-forecast-despite-slowdown-1.1753754

#2 Dave on 04.19.22 at 2:52 pm

Will interest rates change course if there is a recession?

#3 Rook on 04.19.22 at 2:57 pm

When I used to live in [that place we shall not name] I used to live around the corner from a fairly up-scale, trendy, restaurant that translated into ‘softly softly.’

On a Friday night in the summer, I could walk down the block and see: Lambo, Ferrari, McLaren, G-Wagon, G-Wagon, Land Rover, Corvette, Ferrari. A couple million dollars worth of cars, parked out front, or wherever the valets stashed ’em.

It took me a long time to realize that a lot of folks in that area (and the rich district immediately across the street) didn’t actually have money, they just had good credit. As long as they could make the monthly payments, they could ‘afford’ their lifestyle.

This post makes me wonder what I used to: I wonder how many of those folks are aspiring to a lifestyle beyond their means, and only have it because credit is so cheap?

I suppose, if current trends continue, we’ll find out.

#4 ElGatoNeroYVR on 04.19.22 at 2:59 pm

While numers cannot be contested ,the methodology is.
I would guesstimate that for example if the people on this high net worth ( real or perceived) blog were polled , less than 20% would answer to a survey.
If you are busy making / spending real money you ignore the silly surveys.
I would argue that the 30% are a from a data sample that represents maybe 50% of Canadians so 15% of population and half of them exagerate.
Still a big number but not quite as dramatic as the headline.

#5 Flop… on 04.19.22 at 3:04 pm

I will explain the game of Cricket to you.

The guy with the the big bat made of Willow does whatever the heck he wants…

M47BC

#6 Islander on 04.19.22 at 3:04 pm

HELOCS are granted at the “pleasure” of your bank and remember, your financial institution is under no obligation to renew your mortgage if they choose not to do so.
OUCH

#7 Observer on 04.19.22 at 3:10 pm

A little reading up on the US judge who dropped the mask mandates for travel is quite illuminating.

“a 35-year-old Donald Trump appointee rated “Not Qualified” by the American Bar Association (ABA) was able to effectively decide public health policy for much of the nation.

Mizelle, who came to her lifetime appointment without ever having tried a case but with a resume chock full of conservative bonafides, wrote on Monday that the Centers for Disease Control and Prevention (CDC) had overstepped its bounds in requiring face coverings for air, train, and other forms of travel….Mizelle, who compared the mask mandate in her ruling to forcible “detention and quarantine,” was appointed by Trump in 2020. The spouse of Chad Mizelle, the former general counsel to Trump’s Homeland Security department, had only participated in two trials before her appointment, both of which came while she was in law school. Her inexperience led to a “Not Qualified” rating from a majority at the ABA in the fall of 2020. But her ties to the conservative legal world—she clerked for Clarence Thomas—earned her the support of Republicans, who confirmed the then-33-year-old in a party line vote days after Trump’s reelection loss and two months before Joe Biden’s inauguration. Jones Day, the firm Mizelle worked for before ascending to her lifetime appointment, was the biggest firm representing Trump in his efforts to undermine the 2020 results.” https://www.vanityfair.com/news/2022/04/this-trump-judge-was-found-not-qualified-then-she-axed-the-mask-mandate

#8 Prince Polo on 04.19.22 at 3:11 pm

Became a genius under the tutelage professor Garth. However, as a loser renter, with oodles of denaro to spend on annual vacations, how does one LQAtM? Oh right – I used my fictitious condo HELOC to pay for it! Now just gotta make a post to the ‘Gram and we’re all set!

#9 Stroller on 04.19.22 at 3:13 pm

Your font warrants more than sipping. It’s bingeworthy.

#10 Steve on 04.19.22 at 3:15 pm

Hi Garth,

I just read the following link:

https://www.canada.ca/en/department-finance/news/2022/04/government-of-canada-plans-to-issue-us-dollar-global-bond.html

Is that a something burger or a nothing burger? It doesn’t exactly inspire confidence if the GoC is padding USD reserves.

Canada routinely offers bonds in other denominations. – Garth

#11 Ponzius Pilatus on 04.19.22 at 3:17 pm

As the Brits say:
“Crickets”.

#12 DON on 04.19.22 at 3:29 pm

#2 Dave on 04.19.22 at 2:52 pm
Will interest rates change course if there is a recession?

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

Don’t be so lazy. Go find out and report back. There is a chart on the internet. You should also take note of what the rates were prior to going into a recession, how long the recession lasted and what the rates were on the other side. With the debt folks are holding…do they have room to last through the next recession. How much of our economy is driven by consumer spending?

#13 Anonymous Renter on 04.19.22 at 3:38 pm

Garth, I’ve followed your blog for many years, I’ve been a renter the whole time, just passed 40, have almost 5 million in all accts now. Wife really on my case to buy a house, going to wait out the next 18 months until she won’t accept it anymore. I’m long prefs tied to Canadian bank prime, and oil and gas stocks lately. thanks for the common sense it’s been hard to be a renter since I am sort of rich. 600 to 700k fam income too! hope that’s enough time to get closer to the bottom, can’t time it but I’m going to try.

#14 Doug in London on 04.19.22 at 3:38 pm

Yes, interest rates have gone up, will go up more, and it’s having the expected effect on housing markets. Once again I’m reminiscing, this time of 1990, when the same thing happened before. Say, has anyone heard that new song Diamond Mine by Blue Rodeo? How about Freefalling by Tom Petty, or Blue Sky Mine by Midnight Oil? Are those rumours true that East and West Germany are going to reunite before the year ends?

They will retire on fumes and puny public pensions. And they all vote.
———————————————————
Yes, and as I said in another post some days ago they’ll blame the government for their failures. Some populist will come along and propose a simplistic solution which ultimately will leave them, and most of the population no better or even worse off. I think I’m a dinosaur for so much as even thinking anyone should take personal responsibility for their finances.

#15 willworkforpickles on 04.19.22 at 3:40 pm

A food affordability revolt among the poor masses no longer able to feed themselves could arrive in as little as 2 years possibly 3 years. Rampaging runaway inflation the Fed is only pretending to get under control but cannot and will not will ultimately bring us all down .
Strapped governments no longer able to support the poor will see the affluent suffer along with them after mass lootings have emptied grocery stores leaving nothing to purchase in their wake. The last thing people will be scrambling to buy then will be overpriced real estate.

#16 Sail Away on 04.19.22 at 3:44 pm

We have hunting friends who shoot driven pheasants at the Downton Estates every October.

https://downtonestate.com/shoot/

An invitation is always extended to join them and it’s possible the wife and I will join someday, but the dogs would never accept us taking off for a week of prime bird hunting without them.

And my hunting outfits don’t currently include a tie.

#17 crowdedelevatorfartz on 04.19.22 at 3:46 pm

@#115 TRex
” 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.”

+++
I doubt the flippers will make a profit.
The tide is receding.

I talked to a coworker today who owes $140,000 on a HELOC for a Okanagan rental.
“It doesn’t even break even each year after all the expenses. We’re thinking of selling it.”

I think when the second , third and fourth rate hike hits before Dec….. he might realize…it’s too late.

The smart Buyers are going to sit, wait….and watch.

#18 Grandv!ew on 04.19.22 at 3:49 pm

#2 Dave on 04.19.22 at 2:52 pm

Will interest rates change course if there is a recession?

———————————————————–

Most likely NO the interest rates will have to keep on going up until inflation is tamed. At this point in time it is more probable that rate increases will speed up rather than slow down considering that inflation percent is going up not down.
Also there is something (maybe nothing, lets hope) that crazy Putin is trying to do, which is to create floor for Russian currency with pegging it to gold, oil, gas… tangible things while waiting for the western public to lose the confidence in our currencies as the store of the value. Inflation does not help this process and it must be tamed and placed under control, and pronto.

All in all until the inflation is under control rates will have to continue going up despite the potential carnage that it might be created in real estate and potentially financial markets.

#19 toronto1 on 04.19.22 at 3:49 pm

#94 Jane24 on 04.19.22 at 5:53 am

You are correct but for now there are a lot of people in the sales chain that have to buy as they already sold, once that crowd and the pre approval crowd is done in about 60 days or so… the market will change in ways that no one under 40 thought it could.

people will learn a quick lesson in math:

the house that you purchased for 1 million at 1.5% mortgage 12-24 months ago, the one that is reported to be worthh 1.3 million— bad news , its actually not worth that…. how much is it work?

lets make some assumptions…. 1 million dollar house with 250K downpayment leaving a 750K mortgage that at 1.5% (5 year) equals a monthly mortgage payment of $2998

well today that same mortgage at 3.4% would equal $3701.

to pay the same $2998 monthly using the same downpayment of 250K with a 3.4% mortgage get you 850K today.

Thats were the price is headed if there are no more interest rate rises and the sentiment stays the same– well we know rates will continue to rise and sentiment is changing fast.

my best guess is that what cost 1 million 12-24 months ago is going to sell for approx 750K in the 12 to 24 months.

As rates rise to quell inflation, and as the price of everything soars there will start to be talk of recession in Q2-Q3 of 2023– which is also a negative for RE. Yes eventually rates will drop but we wont ever see 1.5% rates again

#20 Leftover on 04.19.22 at 3:50 pm

Our millennial spawn resisted the housing frenzy over the past couple of years, taking comfort in good jobs, terrific partners and no debt.

But it wasn’t easy. Seemed like all of their friends, with BOM help, bought houses. One even bought a house and two condo’s with parental prodding/HELOC ammo. Mine were left feeling like losers, at least according to the mob.

I felt the same in 1982 in similar circumstances. And yet…

#21 Andrewski on 04.19.22 at 3:50 pm

I wonder if people with HELOC’s realize that they are a demand loan, or do they not care?!

#22 Doug t on 04.19.22 at 3:55 pm

People don’t care – they are addicted to spending, buying ALL THE THINGS – they don’t think there will ever be repercussions – they believe the Government won’t let their cushy lifestyle explode in their faces – fools

#23 Caffeine Monkey on 04.19.22 at 3:59 pm

There’s this myth that Canada doesn’t have subprime mortgages because of CHMC. Yeah, right.

If you’re using a HELOC to buy a house – I don’t care what the industry calls it, but that’s subprime. Canada is up to its eyeballs in subprime. One mere rate hike has started the panic. I can’t imagine what another 5 will do.

#24 Philco on 04.19.22 at 3:59 pm

#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.
======================
You can’t spend your way to prosperity but everyone sure as hell tried.
Now the rubber meets the road.
Russia Ukraine 30% of grain was wiped out. That’s yet to be felt.
Their trying to shutter oil and turn everything green at likely the worst time possible. The economics and repercussion are huge in the coming years.
And foolish Kanucks buried themselves in debt and houses.
Got enough cash flow to float your debt and ever increasing cost of food insurance ect.
Global revolutions are highly probable. Peeps are fed up with govs. Debts are massive, foods sky high rates rising.
I’ve got enough food for 2 years. Heat for the house for 5 years.
I don’t think anything good is coming. One should have a plan.

https://ca.finance.yahoo.com/news/corn-extends-rally-decade-high-052300253.html

The EV Revolution/Reality
A Tesla S battery weighs 540 kg – contains 10kg lithium, 25kg nickel, 20kg manganese, 15kg cobalt, 80kg copper & 180kg aluminum, steel, & plastic – plus over 6,000 individual lithium-ion cells.
To manufacture each Tesla battery requires 10 tons of brine for the lithium, 14 tons of ore for the cobalt, 2 tons of ore for the nickel, and 10 tons of ore for copper. In summary, 220 tons of the earth’s crust need to be dug up for each half-ton Tesla battery

Wait till ya see what kind of grid you need to power all those green cars plus those million new homes T2s going to fill. You’ll be at .20c per Kilowatt and $10 a loaf.
My copper stocks are up 300% so far.

They want green and 100million population WTF? Worms anyone?
https://www.nextbigfuture.com/2021/12/canadas-100-million-person-plan-for-2100.html

#25 Søren Angst on 04.19.22 at 4:00 pm

“And, yes, live quietly among the masses.”

Easy for you in Canada where nobody visits unless they have to.

Whereas in Italia, honest to God there are days you listen, not by choice, to N. American conversations about how they are just living it up etc.

And you know by looking at how they dress, comport, talk INCESSANTLY about RE and the “Cheap Food for Mangiacakes” restaurant * they just ducked into it AIN’T SO.

You know they’re on borrowed money and/or some Credit Card loyalty reward.

It’s all BS. I agree with you #4 ElGatoNeroYVR.

Well, that’s coming to an end.

Will take years to play out in the case of mortgage renewals. This year for the HELOC I want to live it up on borrowed money crowd.

—————–

* Then they go to TripAdvisor (a.k.a., the DON’T NO SH!T FROM CLAY CROWD) and bitch about the service and/or food.

The discerning Opimian’s that they are and you have to listen to these know it alls (that know nothing).

Thank God.

Good ridden.

I will be able to travel Italia this year with NO RUSSIANS at RIMINI and the few if any of the formerly well healed HELOC Trailer Court Crowd.

#26 Overheardyou on 04.19.22 at 4:06 pm

Would all this personal debt affect Canadian business profitability down the line?

#27 pPrasseur on 04.19.22 at 4:09 pm

In February HELOCs totaled $162,000,000,000 (that’s billions). This was the fifth consecutive month of expanding home equity debt, and the fastest rate of increase in a decade.

An economy running on debt money/printing and not much else. The future has never been so bright!

Friends are beginning to realize they won’t be able to retire like they wanted to, so sad…

#28 A01 on 04.19.22 at 4:15 pm

Keep up the great work Garth, love the blog, it’s my highlight every afternoon. What’s your prediction on cottage/ski/leisure properties. My assumption is they were financed with HELOCs. Will they fall first/farther?

#29 jess on 04.19.22 at 4:17 pm

remember the puerto rico travesty?
odious debt
largest public debt restructuring …”predatory financial deals.$2.5 billion in capital appreciation bonds, the municipal bond market’s version of a payday loan, for which Puerto Rico will pay $18.8 billion in interest — an effective interest rate of 746 percent.”

============
how did tax breaks for “crypto-grifters “colonizers” working from an airbb benefit puerto ricans?

no federal personal income taxes, no capital gains tax and favorable business taxes — all without having to renounce your American citizenship.

https://www.bloomberg.com/news/articles/2022-01-19/tax-breaks-for-crypto-millionaires-stir-outrage-in-puerto-rico
https://www.washingtonpost.com/technology/2022/01/13/crypto-puerto-rico/

https://www.nbcnews.com/news/latino/puerto-rico-formally-exits-bankruptcy-largest-public-debt-restructurin-rcna20054

https://www.nytimes.com/2018/02/02/technology/cryptocurrency-puerto-rico.html

“The exit means the local government will resume payments to bondholders soon, but officials say it’s unlikely the island will regain immediate access to financial markets.The debt restructuring plan was approved by a federal judge in January. It reduces claims against Puerto Rico’s government from $33 billion to just over $7.4 billion, with 7 cents of every taxpayer dollar going to debt service, compared with 25 cents previously”

#30 Søren Angst on 04.19.22 at 4:19 pm

And I will add:

yeah Mr. Market

for giving me Americani and Canadesi tourist relief this year. Insufferable prats by in large.

——————-

DOWN LOW good advice Garth. I have always done it that way.

My net income after tax comfortably in the top 5.7% for all Cdns using CRA Gross Income Stats. And I’m retired. More than elated with that end game at my age. There are others doing better than me (750,000 of them in the 1.6% and 1.3% crowd per CRA), do not care, I am happy.

Money doesn’t buy happiness.

Never has. Never will.

More than a few grey hairs will tell you that.

#31 Squire on 04.19.22 at 4:31 pm

Luke 13:28 There will be weeping and gnashing of teeth when …

Things are about to get very interesting. It was all a debt trap. Covid sucks

#32 Borrow MORE! on 04.19.22 at 4:31 pm

Someone tell me please how all this debt gets repaid…ever?

#33 Patel on 04.19.22 at 4:33 pm

Is Uranium sector a good investment going forward?

I think so.Its only source of power providing uninterrupted power unlike solar wind.And it’s cleaner than oil gas.

I am going to do some research on best way to buy Uranium market.If anyone wants to share their knowledge, I would appreciate.

#34 Marxist on 04.19.22 at 4:39 pm

It’s about time. There is no future for young people if this continues. A recipe for social unrest.

#35 cramar on 04.19.22 at 4:42 pm

Genius!? No, just what average should be! Everything is relative. When the masses are mostly financial illiterates (especially the young’ins), anyone following old-fashioned financial prudence just looks like a genius.

#36 Dwayne in Hamilton on 04.19.22 at 4:45 pm

Any lawyers here? You know T2 wants PCR tests for Canadians returning to Canada right? How can he possibly have the authority, jurisdiction or whatever to
Mandate citizens behaviour in foreign countries?

#37 Masquerade on 04.19.22 at 4:46 pm

DELETED (Anti-mask)

#38 TurnerNation on 04.19.22 at 4:47 pm

Supply chain woes = Control over Feeding, Control over breeding.
Mainstream sites. You don’t think they know what they are doing here?

SOY — this oil is already in everything.

https://www.scientificamerican.com/article/soybean-fertility-hormone-isoflavones-genistein/
New studies suggest that eating large amounts of soy’s estrogen-mimicking compounds might reduce fertility in women, trigger early puberty and disrupt development of fetuses and children

https://twitter.com/Quicktake/status/1514704987632373765?
Bloomberg Quicktake @Quicktake
With fertilizer prices going up, U.S. farmers intend to plant more soybean acres than corn acres for only the third time in history this spring. Presented by @CMEGroup


— Life in Kanada. Why is this being kept going? Simple, until the Digital ID is ready. Why the Federal mandates still are in place. Pssst they stopped reporting data as is was contradicting the official lines.

.Where’s the COVID-19 data? Canada facing the most uncertain wave yet as provinces scale back on reporting, experts say (theglobeandmail.com)

.Ottawa to maintain mask requirement for travellers after U.S. drops rule: transport minister (cbc.ca)

#39 Mattl on 04.19.22 at 4:48 pm

Recession incoming.

No such indication. Just in your house? – Garth

#40 Sail Away on 04.19.22 at 5:02 pm

Hey, tomorrow is 4/20!

Although I’m always baffled as to why Canadians get so excited about Hitler’s birthday.

#41 Mattl on 04.19.22 at 5:03 pm

#17 crowdedelevatorfartz on 04.19.22 at 3:46 pm
@#115 TRex
” 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.”

+++
I doubt the flippers will make a profit.
The tide is receding.

I talked to a coworker today who owes $140,000 on a HELOC for a Okanagan rental.
“It doesn’t even break even each year after all the expenses. We’re thinking of selling it.”

I think when the second , third and fourth rate hike hits before Dec….. he might realize…it’s too late.

The smart Buyers are going to sit, wait….and watch.

—————————————————–

Smart buyers bought 2-15 years ago. I wouldn’t buy right now either, but even if prices retreat 30% we are looking at 2020 type pricing in most markets. So ya, if you have been waiting for like the past 6 months to buy good on you, but most in the market have ridiculous amounts of equity. As I’ve posted here many times, the ~ 2T in mortgages is backed by ~7T in equity.

And unless he bought that condo yesterday, your buddy is likely to turn a profit. I won’t feel bad for folks that bought at 300K, could have sold at 800k yet only yielded 600K.

#42 Victor V on 04.19.22 at 5:04 pm

#13 Anonymous Renter on 04.19.22 at 3:38 pm

Garth, I’ve followed your blog for many years, I’ve been a renter the whole time, just passed 40, have almost 5 million in all accts now. Wife really on my case to buy a house, going to wait out the next 18 months until she won’t accept it anymore. I’m long prefs tied to Canadian bank prime, and oil and gas stocks lately. thanks for the common sense it’s been hard to be a renter since I am sort of rich. 600 to 700k fam income too! hope that’s enough time to get closer to the bottom, can’t time it but I’m going to try.

===
===

Congrats- our family is in similar boat with net worth slightly less but annual income slightly higher.

We rent a mansion in one of the best hoods in North Toronto ($4M value) for $5200/month + utilities. We’ve locked up a multi year lease and our landlord takes care of the house better than we ever would.

Our kids go to private school; we are members of our local country club and vacation 2-3 times per year. There isn’t anything we covet that we can’t reasonably have for the family.

Our choice to rent is in large part responsible for the net worth bump and extra cash to spend on kids/health. I see no reason why we’d ever buy…

#43 "NUTS!" on 04.19.22 at 5:12 pm

My fear, is that the reckless and irresponsible among us will cry fowl and expect someone to bail them out of their self-induced situation. And that can only come from one place-from the careful and responsible among us.

#44 an investor on 04.19.22 at 5:15 pm

In the States, 30 year mortgages have now hit 6.9%.

#45 Old gringo on 04.19.22 at 5:15 pm

Garth, the scary part is they still walk among us and even breed.
OMG

#46 Søren Angst on 04.19.22 at 5:15 pm

#16 Sail Away

Pelee Island.

#47 Mattl on 04.19.22 at 5:23 pm

#39 Mattl on 04.19.22 at 4:48 pm
Recession incoming.

No such indication. Just in your house? – Garth

———————————————————

You should read this blog I follow. Apparently half of Canadians are $200 dollars from insolvency, the housing market is crumbling, and debt serving costs are about to skyrocket. What other conclusion should I draw? Roaring 20s?

Out house is great thank you, we don’t believe in consumer debt, mortgage to annual income is 2:1 and if everything goes right will be able to retire in my early 50s. One big market / RE correction plus another long bull run would be ideal.

Very hard for me to accept that that household economic situation can be so dire, yet there will be no impact to GDP, consumer spending, or the broad economy. We will see how the next 12 months plays out, maybe you are right, the roaring 20s are just around the corner.

#48 IHCTD9 on 04.19.22 at 5:24 pm

#3 Rook on 04.19.22 at 2:57 pm
When I used to live in [that place we shall not name] I used to live around the corner from a fairly up-scale, trendy, restaurant that translated into ‘softly softly.’

On a Friday night in the summer, I could walk down the block and see: Lambo, Ferrari, McLaren, G-Wagon, G-Wagon, Land Rover, Corvette, Ferrari. A couple million dollars worth of cars, parked out front, or wherever the valets stashed ’em.

It took me a long time to realize that a lot of folks in that area (and the rich district immediately across the street) didn’t actually have money, they just had good credit. As long as they could make the monthly payments, they could ‘afford’ their lifestyle.

This post makes me wonder what I used to: I wonder how many of those folks are aspiring to a lifestyle beyond their means, and only have it because credit is so cheap?

I suppose, if current trends continue, we’ll find out.
————

A good used Gallardo can be had for under 140K, at 3.99% it’s yours for 1700.00/mo. X 96 months.

A mint used current generation Lamborghini Huracan (2WD) can be yours for 265K. HELOC that sucker at 2.7 for 240 months and it’s a 1430.00 month payment.

Today’s stupid easy financing options are a wannabe ballers’ dream come true.

#49 Søren Angst on 04.19.22 at 5:24 pm

#39 Mattl

Recession incoming.

No such indication. Just in your house? – Garth

—————–

OUCH.

Agree.

Economy doing fine. Maybe after this year as Rates & Inflation begin to Bite.

Economies meander.

Besides, it takes a while for reality to sink in and max out credit cards.

#50 NOSTRADAMUS on 04.19.22 at 5:24 pm

GASSED UP TODAY.
After topping up the gas tank, I chatted up the Canadian Tire attendant. I asked how things are going. To which he replied ” I have never seen so many credit cards declined”. Not a good sign. It’s not like sending your cocktail dress back to Amazon. I suspect that a large number of the over-indebted have fallen into the time honored view that since we cannot know the future, there is no point in trying to second guess how events might pan out. The possibility of a catastrophic rise in interest rate never entered their feeble minds and therefor tends to be ignored until it actually happens.

#51 DELETED (Anti-mask) on 04.19.22 at 5:26 pm

Dude, stop your stupidity masks mandates are gone in the USA since yesterday, only old geezers like you haven’t found out..because they listen to HAM radios..

And this is despite the HOWLINGS of cr.etin and retar.ded liberals

#52 yorkville renter on 04.19.22 at 5:32 pm

debt will remain and we may well have a social mess on our hands. You know what to do. Owe nothing. Have financial assets. Brim your tax shelters. And, yes, live quietly among the masses.

…and I do!

#53 10 millions net worth on 04.19.22 at 5:33 pm

Garth, I’ve followed your blog for many years, I’ve been a renter the whole time, just passed 30, have almost 10 million in all accts now. Wife really on my case to buy a house, going to wait out the next 180 months until she won’t accept it anymore. I’m long prefs tied to Canadian bank prime, and oil and gas stocks lately. thanks for the common sense it’s been hard to be a renter since I am sort of rich.

Almost 700 to 800k fam income too! hope that’s enough time to get closer to the bottom, can’t time it but I’m going to try.

—————–::
What a joke, why would you stay in this frozen wasteland if you have m five mills???

LMAO

#54 Ustabe on 04.19.22 at 5:34 pm

Yesterday, Easter Monday, we had a little, simple Easter meal. Some grilled lamb chops , a Greek salad, a bit of rice and a nice red wine.

For the first time in recent memory the meal ended up costing more than the wine!

$3.80 per chop.

#55 MattyG on 04.19.22 at 5:36 pm

In cricket, a hat-trick is getting three batters out in three consecutive deliveries.

It is quite rare. For example, it has occurred only 46 times in the thousands of international matches played. It is more frequent at lower levels of organized play, but still considered a feat for a bowler to achieve.

#56 Søren Angst on 04.19.22 at 5:37 pm

#42 Victor V

The top 1.3% speak.

Top 5.7% me doesn’t care, yet excellent for you and threadbare me compared to you…I’m still happy.

A few more 0’s doesn’t guarantee that.

#57 cramar on 04.19.22 at 5:42 pm

#24 Philco on 04.19.22 at 3:59 pm

The EV Revolution/Reality

Wait till ya see what kind of grid you need to power all those green cars plus those million new homes T2s going to fill.

They want green and 100million population

=========

If that is true, fusion energy better be a reality by then!

#58 Shawn on 04.19.22 at 5:53 pm

Sub Prime Home Equity Line of Credit?

#23 Caffeine Monkey on 04.19.22 at 3:59 pm said:

There’s this myth that Canada doesn’t have subprime mortgages because of CHMC. Yeah, right.

If you’re using a HELOC to buy a house – I don’t care what the industry calls it, but that’s subprime.

**************************
Okay fine, but if I use it to buy a Tesla is that sub-prime?

#59 COVID Variant Math on 04.19.22 at 5:58 pm

#37 Masquerade on 04.19.22 at 4:46 pm
DELETED (Anti-mask)

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

Are there still people out there ranting about masks? Wow, bud, get over it and get a life.

#60 Linda on 04.19.22 at 6:00 pm

#3 ‘Rook’ – ‘didn’t actually have money, they just had good credit’. Exactly! When the bubble bursts, it is truly astonishing to find out how many of those who lived like millionaires are actually insolvent. Given Garth’s citing increasing reliance on HELOC’s, have to figure not a few folks are using them to maintain that all important image of success, even as the already dire family finances continue to erode like a riverbank during spring floods. Fortunately there is currently demand for workers – for now, anyway. So maybe the bug meeting the windshield scenario will be deferred for a while yet!

#61 Ponzius Pilatus on 04.19.22 at 6:01 pm

#40 Sail Away on 04.19.22 at 5:02 pm
Hey, tomorrow is 4/20!

Although I’m always baffled as to why Canadians get so excited about Hitler’s birthday.
—————–
Is it?
Well, just another day in the office for me.
I’m sure you and the Proud Boys will take the day off to celebrate

#62 Arcticfox on 04.19.22 at 6:03 pm

“Don’t be fooled by the patina of an affluent society”

This should be on every license plate, etc! We’ve become such a comparative society X 100 via social media! Individuals embellishing their (less than truthful) existence on platforms such as fb which in term elitists envy from onlookers. Shakespeare would have fertile ground re “protesting too much”! Spoke with experienced maternity nurse re and she stated alarming how many expectant mothers were coming in on anxiety/coping medication. I do fear how this reconciles/ends..

#63 ScrewedMillennial on 04.19.22 at 6:04 pm

Where is “I don’t know” saying that you buy real estate as soon as you can and nice houses will never fall in value and discounts aren’t gonna happen? Not so loud anymore I guess.

If houses can go up 30% in 2 years then they can go down 30% in 2 years. There’s nothing magical about current prices and they fluctuate with interest rates, economy, supply and demand, etc. There are always people who want to or have to sell for personal reasons – prices aren’t perfectly sticky.

We are going to find out who has been swimming naked.

#64 AF on 04.19.22 at 6:04 pm

Garth, you wise soul. Appreciate you always.

I wonder, given your warnings way back in 2008’s barn burner ‘The Greater Fool’ and that it’s prognostications are now finally coming true, if you’d do a (hopefully) summative post-mortem post on why it took so bloody long for Canadian housing to at least consider a return to fundamentals.

Is there more to it than ‘historically low for longer CB rates’, increasing immigration, bank moral hazard vis a vis CMHC backed mortgages, money laundering, etc?

It seems a perfect storm that even in your wildest dreams took too destructively long to build.

#65 jess on 04.19.22 at 6:09 pm

who pays -insurance ? if hacked and doesn’t insurance win with higher rates?

virus infection of a different kind ” ryuk ”

April 18, 2022
https://krebsonsecurity.com/2022/04/contis-ransomware-toll-on-the-healthcare-industry/#more-59446

“Conti — one of the most ruthless and successful Russian ransomware groups — publicly declared during the height of the COVID-19 pandemic that it would refrain from targeting healthcare providers. But new information confirms this pledge was always a lie, and that Conti has launched more than 200 attacks against hospitals and other healthcare facilities since first surfacing in 2018 under its earlier name, “Ryuk.”
…”
“Hospitals reported revenue losses due to Ryuk infections of nearly $100 million from data I obtained through interviews with hospital staff, public statements, and media articles,” Weiss wrote. “The Ryuk attacks also caused an estimated $500 million in costs to respond to the attacks – costs that include ransomware payments, digital forensic services, security improvements and upgrading impacted systems plus other expenses.”

The figures cited by Weiss appear highly conservative. A single attack by Ryuk/Conti in May 2021 against Ireland’s Health Service Executive, which operates the country’s public health system, resulted in massive disruptions to healthcare in Ireland. In June 2021, the HSE’s director general said the recovery costs for that attack were likely to exceed USD $600 million.
https://www.cisa.gov/uscert/ncas/alerts/aa21-265a
https://noticeofpleadings.com/zloader/files/Application%20for%20TRO/TRO%2008%20-%20Weiss%20Decl%20with%20Ex%201%20ISO%20TRO%20and%20PI.pdf

================================
On April 13, Microsoft said it executed a legal sneak attack against Zloader, a remote access trojan and malware platform that multiple ransomware groups have used to deploy their malware inside victim networks. More specifically, Microsoft obtained a court order that allowed it to seize 65 domain names that were used to maintain the Zloader botnet.https://noticeofpleadings.com/Zloader/
Notorious cybercrime gang’s botnet disrupted
During our investigation, we identified one of the perpetrators behind the creation of a component used in the ZLoader botnet to distribute ransomware as Denis Malikov, who lives in the city of Simferopol on the Crimean Peninsula. We chose to name an individual in connection with this case to make clear that cybercriminals will not be allowed to hide behind the anonymity of the internet to commit their crimes. Today’s legal action is the result of months of investigation that pre-date the current conflict in the region.
Apr 13, 2022 | Amy Hogan-Burney – General Manager, Digital Crimes Unit
https://blogs.microsoft.com/on-the-issues/2022/04/13/zloader-botnet-disrupted-malware-ukraine/

https://news.sophos.com/en-us/2022/02/28/conti-and-karma-actors-attack-healthcare-provider-at-same-time-through-proxyshell-exploits/

#66 or_maybe on 04.19.22 at 6:10 pm

“The initial response of the Canadian Real Estate association was suicidal.”
_________________________________________

About time someone told CREA to phaack-Offff!

#67 Ponnaps on 04.19.22 at 6:18 pm

Hi Garth,
What do you think is the future of the CAD? Despite all the upheavals in rates,inflation,wars…CAD/USD has pretty much been flat over the past year.. I believe the CAD has been tested quite a bit and still looking pretty strong… I haven’t seen you write much about our currency and was wondering if you or your associates could write something explaining how currency movements are influenced and what does the future hold for the CAD,, Appreciate it..

#68 Blacksheep on 04.19.22 at 6:22 pm

1) Inflation has been and will continue to be allowed (not officially of course) to run, lessening the buying power of all dollars in the west, while % wise diminishing the relevant impacts of large debts, both public and private, slowing the accumulation of new RE debts to stabilize markets. Lets be realistic, very, very few parties are going to pay off their million plus dollar mortgage in 20 years, this solves their problem.

2) The ‘recession concern’ will become the leading economic story on Global TV in the next few months (whether real or imagined, irrelevant) stoking yet more fear in the herd until corrective action is demanded from the politian’s as the perception of a slowing economy is broadcast.

3) Central bank rate increases will slow down and then completely stop in the next 12 months. Inflation will remain strong but the masses will be told to rationalize, better inflation, than no job. Rates may even reverse depending on just how bad they can make the optics.

Forget what they say, watch what they do…

#69 or_maybe on 04.19.22 at 6:22 pm

@ #43 “NUTS!”
‘irresponsible among us will cry fowl and expect someone to bail them out’
——————————————————————–
Yup, and it will be bail-ins due to the corrupt/irresponsible CMHC and BoC.

#70 ogdoad on 04.19.22 at 6:24 pm

Living quietly among the masses is not going to happen.

This, in my opinion, is against human nature. I call it “the Grass is Greener Syndrome”. Once we’ve achieved a goal (for all you losers out there, a goal is akin to achieving a task of your choice) we tend to want to achieve the same L-Dopa responses that we received after achieving the completion of our said goal. But, if you just achieve the same goal over and over then your tolerance for receiving L-Dopa, in ‘those’ pathways, becomes muted…so find another goal? Right. Or another house. Or another car (Teslas are already boring). Search for greener pastures as reaching them is a guaranteed a hit. This is how it should be. But, the dumb are falling behind…too bad that is 95% of us.

When you don’t behave in this way then what is the use for continuing our species? To sit content in our go nowhere jobs being miserable but bragging about how great our 8 year olds are nailing it in hockey? Waiting for 65 so we can start enjoying? Houses and phones our goals? Dentists and car sales-people being bed buddies? FAIL!

Garth, you want a cataclysmic event in housing….if it happens your goal will be achieved. I can only wish the best for you. If not, then what?

In the meantime, I’m going to start caring for my green, green lawn. Complete with grooming tools that evolve…gotta get better in something, right :)

Og

#71 Reality is stark on 04.19.22 at 6:28 pm

When the next recession starts our government will have exacerbated the duration of it with their profligate spending policies.
The comical part will be when they take credit for making housing cheaper as a result of high unemployment.
It may leave you incredulous regarding their logic but they won’t care after all you were stupid enough to vote for them.

#72 Sail Away on 04.19.22 at 6:28 pm

#42 Victor V on 04.19.22 at 5:04 pm
#13 Anonymous Renter on 04.19.22 at 3:38 pm

Garth, I’ve followed your blog for many years, I’ve been a renter the whole time, just passed 40, have almost 5 million in all accts now.

600 to 700k fam income too!

——–

Congrats- our family is in similar boat with net worth slightly less but annual income slightly higher.

We rent a mansion in one of the best hoods in North Toronto ($4M value) for $5200/month + utilities. We’ve locked up a multi year lease and our landlord takes care of the house better than we ever would.

I see no reason why we’d ever buy…

——–

Good work to both of you. My family is in the same situation, but sort of reversed, with lower net worth but higher annual income of around $1.6M. And it’s tax-free, which I’m going to assume yours is as well?

Renting is always a good idea to avoid assets that can be seized. Well, as long as meth, crack and X are illegal, if you know what I mean, wink wink. I find rental payment in cash keeps loose lips to a minimum when delivered by Gooch and his gat. Snitches get stitches, yo.

#73 Shawn on 04.19.22 at 6:28 pm

Appreciate the Canadian dollar?

#66 Ponnaps on 04.19.22 at 6:18 pm asked:

what does the future hold for the CAD,, Appreciate it..

******************************
Yes what do the “pundits” say about this?

#74 Froggy on 04.19.22 at 6:35 pm

The math is in the pudding my friend it don’t matter when you purchased your home or what it’s worth what matters is how much detb you have it will explode in monthly payments maybe 50-70 percent ouch

#75 Observer on 04.19.22 at 6:37 pm

#50 DELETED (Anti-mask) on 04.19.22 at 5:26 pm
Dude, stop your stupidity masks mandates are gone in the USA since yesterday.

^^^^^^^^^^^
Let me guess. You’re one of those guys who would jump off your roof if you saw the neighbour do it.

#76 Shawn on 04.19.22 at 6:44 pm

Gasoline prices at $1.409 at three stations I passed today in Edmonton. Some still at $1.509.

This is down 25 cents from the $1.659 that was common late March.

Many said the gas stations don’t compete and that they would “pocket” the 13 cent elimination of provincial sales tax in Alberta.

Oh and the carbon tax is up 2.2 cents and oil remains high.

Gee, it’s almost like competition in gasoline retailing is a real thing.

People will drive several miles and certainly across the street to save a few pennies per liter. There are few things in our economy MORE competitive than gasoline retail prices. Commodity product. Transparent Prices. Many competitors. A proven recipe for competition.

#77 Prince Polo on 04.19.22 at 6:50 pm

This might very well be the anthem of the repo’d HELOC crowd in 2023:

https://www.youtube.com/watch?v=Xz9DX_VMXdI

All the wants you waste
All the things you’ve chased
Then it all crashes down
And you break your crown
And you point your finger, but there’s no one around
Just want one thing, just to play the king
But the castle crumbled and you’re left with just a name
Where’s your crown, King Nothing?

#78 chris on 04.19.22 at 6:56 pm

72 Sail Away on 04.19.22 at 6:28 pm

#42 Victor V on 04.19.22 at 5:04 pm
#13 Anonymous Renter on 04.19.22 at 3:38 pm

Garth, I’ve followed your blog for many years, I’ve been a renter the whole time, just passed 40, have almost 5 million in all accts now.

600 to 700k fam income too!

——–

Congrats- our family is in similar boat with net worth slightly less but annual income slightly higher.

We rent a mansion in one of the best hoods in North Toronto ($4M value) for $5200/month + utilities. We’ve locked up a multi year lease and our landlord takes care of the house better than we ever would.

I see no reason why we’d ever buy…

——–

Good work to both of you. My family is in the same situation, but sort of reversed, with lower net worth but higher annual income of around $1.6M. And it’s tax-free, which I’m going to assume yours is as well?

Renting is always a good idea to avoid assets that can be seized. Well, as long as meth, crack and X are illegal, if you know what I mean, wink wink. I find rental payment in cash keeps loose lips to a minimum when delivered by Gooch and his gat. Snitches get stitches, yo.
*********************
All I can say is LOOOOLLLL .. millions earned and no taxes … 700k income and so much cash and no house LOL .. people would have bought long ago not now with earnings and so on .. Seems like wishful thinking to me LOL or cases of keyboard millionaires LOL …
All the best !!!

#79 Mike in Cowtown on 04.19.22 at 6:56 pm

It seem like half of Canadians are always about $200 away from ruin whenever they conduct these surveys.

Do you believe Ipsos made it up? – Garth

#80 Captain Uppa on 04.19.22 at 6:58 pm

I question the validity of these surveys.

It seems like it’s been forever that people are “$200 a month away from insolvency”.

On the flip side, all the BMWs, Mercedes, Range Rovers and Audis didn’t just suddenly become affordable to 80% of my general area.

#81 Gulf Breeze on 04.19.22 at 7:12 pm

I cashed out of precious metals and natural resource stock today after doubling holdings on Feb. 24. Have made a 17% return in under 2 months.

Cash is the best place to be for the next few months, while we wait to see how things shake out. Inflation expectations are being tempered now and recession appears to be on the menu.

Boomers who can afford to– Tip well, don’t bitch about taxes. Be the person Mr. Rogers thinks you can be!

#82 Quintilian on 04.19.22 at 7:15 pm

#71 Reality is stark on 04.19.22 at 6:28 pm
“The comical part will be when they take credit for making housing cheaper as a result of high unemployment.”

That’s looking at it from one angle.
But the Liberals are incredibly smart political operators.
The Hillbilly Conservatives have been cornered into a position from which they can’t win.

They have blamed the Libs for the RE bubble.

Who can the hillbillies blame when that “hard earned equity” evaporates?

#83 FED to 8% on 04.19.22 at 7:17 pm

FED to raise to 8% by mid 2023, Canada to follow. You heard it here first.

#84 Stoph on 04.19.22 at 7:23 pm

Perhaps a quote from Charles Dickens is fitting, “Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.”

#85 I don’t know on 04.19.22 at 7:30 pm

That 70% statistic is a little misleading. It includes kids living at home, and multi generational families from what I’ve read. It’s not a bad thing either, since owners are generally wealthier and more stable then renters. They are also more likely to lay down roots and be involved in the community.

There are wealthy renters, but they are the minority.

What happened when rates rose last time, in 2017-2020?

Besides a short period where less desirable houses went down, real estate continued to increase in price. Like our host mentioned at the time (and was attacked for mentioning it), it was a great buying opportunity for those bold/smart enough to take advantage.

Why did real estate go up in the face of rising rates? The usual reasons often mentioned (lack of supply, demographics, population trends, culture, family unit sizes, work from home, urbanization, cost of building, government incentives and so on).

Interest rates aren’t the only factor in real estate.

The greedy were waiting for 20% discounts on a 5 bedroom house in downtown Toronto, right next to a transit hub for 100k, and were disappointed.

The same thing will happen again. A buying opportunity is coming, and it will be quick. Those hoping rising rates will set back the clock to 2012 when they should have bought the first time will be disappointed, again.

IDK

#86 Ed on 04.19.22 at 7:31 pm

So heres the thing
Scientists say masks are ineffective
Real data say masks are ineffective
But a judge says mask laws are over reach we complain and call her a Trumpist

Got it

#87 Big Bucks on 04.19.22 at 7:31 pm

#2 Dave

Ask Venezuela and Greece about interest rates.It would be a major mistake to assume interest rates would drop (this time)just because we go into a recession.When you’re in debt up to your eyeballs never look for anyone to give you a break—Money Mart doesn’t.

#88 Mehling on 04.19.22 at 7:35 pm

“Vancouver is the third least-affordable city in the world”

https://vancouversun.com/news/local-news/vancouver-third-least-affordable-city-demographia millennials think

and entitled millennials (like the silly nitwit on the other blog) think they are owed a house in Kits.

Keep voting the same way and get the same results.

Move to Austin, Texas if you have marketable skills.

#89 DON on 04.19.22 at 7:37 pm

https://oilprice.com/Energy/Oil-Prices/JPMorgan-Immediate-EU-Ban-On-Russian-Oil-Could-Send-Prices-To-185.html

Using Helocs to buy daily gas could be the next thing. It’s ok…if everyone is doing it, right! It’s a no brainer.

Better hope your neighbour doesn’t have to sell.

@ Blacksheep. What happens if ‘they’ let inflation go unchecked?

#90 crowdedelevatorfartz on 04.19.22 at 7:44 pm

@#65 Shawn
“Gasoline prices at $1.409 at three stations I passed today in Edmonton. Some still at $1.509.

This is down 25 cents from the $1.659 that was common late March.”

+++
It’s back up over $2/lt in Burnaby….

https://www.burnabynow.com/local-news/metro-vancouver-gas-prices-soar-past-2-per-litre-heres-what-to-expect-this-week-5276399

$3/lt by July summer travel season?
Can you say Recession?

#91 Leftover on 04.19.22 at 7:47 pm

#72 Sail Away on 04.19.22 at 6:28 pm
#42 Victor V on 04.19.22 at 5:04 pm
#13 Anonymous Renter on 04.19.22 at 3:38 pm

You guys are all nuts – nobody manages their affairs so badly that they declare 7-figure incomes – find a new accountant

#92 Shawn on 04.19.22 at 7:48 pm

Survey for bankruptcy firm found potential customers

#79 Mike in Cowtown on 04.19.22 at 6:56 pm
It seem like half of Canadians are always about $200 away from ruin whenever they conduct these surveys.

Do you believe Ipsos made it up? – Garth

***********************************
Survey was done for MNP who help people in financial trouble (for a fee). Seems to me they got the answer they wanted. Which is the case in many or most surveys.

It’s all in the question design. And I suppose, who is asked. And as someone said, who is willing to respond.

Clients do not conduct polls. Ipsos is is a reputable outfit. Go argue with them. – Garth

#93 tooshort on 04.19.22 at 8:14 pm

live quietly among the masses

or live like John.

https://www.cbc.ca/news/canada/nova-scotia/taxi-driver-donates-million-antigonish-hospital-1.6423338?fbclid=IwAR3JSHd27TcqX4upKRD0S8vKVFvkx_3Kb-DNviOXPjQf4DZ5b3nFMvWsERY

#94 Ed on 04.19.22 at 8:19 pm

Here the thing

Recession only affects the broke assed people driving leased BMW’s
Those that built up their nest eggs as recommended are fine.

I get 7 mpg and I don’t care…and never will…(or need to)

#95 DON on 04.19.22 at 8:19 pm

You can cut the tensions/anxious moods with a knife. Lots of worry in the air.

#96 Flop… on 04.19.22 at 8:22 pm

I’m an immigrant turned citizen.

I married an immigrant turned citizen.

We get a bad rap but most of us don’t want to rock the boat.

Some of the same problems that ail this country, ail my former homeland of Australia but growing up there I don’t remember much chatter about housing or immigration in the so called good old days.

I was surprised at the gap in numbers between the two countries in this chart.

“Immigration by Country, as a Percentage of the Population.
Many people move countries for work, study, or family. However, they may also be displaced by climate change, conflict, or economic instability.
There were 272 million immigrants in 2020, amounting to 3.5% of the global population. Where do they end up?”

Country 1990 2020 Absolute Change Relative Change

Australia 23.32% 30.14% 6.82 p.p. 29

Canada 15.73% 21.33% 5.59 p.p. 36

So according to these geezers, immigrants in Australia make up nearly 9% more of the population and last time I checked they had almost 10 million less people.

Sometimes I wonder if the governments of these two countries had there time over again for the last 20 years, would they change anything or just do the same stuff again.

Dunno, I largely keep my mouth shut in society, but run it pretty good on here.

Immigration and Housing got married at some stage, I missed the wedding…

M47BC

https://www.visualcapitalist.com/cp/mapped-immigration-by-country-as-a-percentage-of-the-population/

#97 Shawn on 04.19.22 at 8:31 pm

Good news on gasoline prices

#90 crowdedelevatorfartz on 04.19.22 at 7:44 pm
@#65 Shawn
“Gasoline prices at $1.409 at three stations I passed today in Edmonton. Some still at $1.509.

This is down 25 cents from the $1.659 that was common late March.”

+++
It’s back up over $2/lt in Burnaby….

***************************
Looks good from the perspective of Alberta. B.C. blocked TransMountain pipeline for years and no doubt influenced Trudeau blocking Northern Gateway pipeline and B.C. charges higher property taxes on Alberta residents who own property in B.C.

Hope you are right on the $3.00 prediction. And it will be good for the environment as people drive less. Most in B.C. should cheer that.

Alberta will be happy to make tens of billions from flows on the existing pipelines. Better to make $30 billion from existing pipelines than to make $20 billion from the higher flows that new pipelines would have brung but with possible lower prices. Maybe it’s all working out for the best for Alberta accidentally. It’s a huge win for Alberta.

Events since 2020 (lookin’ at you Nova Scotia and B.C.) have taught me to be a selfish Albertan rather than a Canadian-first guy.

#98 Nobody knows on 04.19.22 at 8:32 pm

Makes absolute sense to buy a house if you have money and you want to stick in a place. People that are helping their kids to buy houses close to them are guaranteed to see their kids more than someone that doesn’t. In fact, if you don’t help your kids live close to you, they will have more incentive to move far, which is fine if you don’t care about seeing your kids, like many people i know.
Now buying just for the title to live in the middle of nowhere where you’d have never in your life considered moving couple of years before, and have no cash at the end of the month might seems smart when the market goes up like in Canada, but it’s nothing bright in reality.
On the other hand when you are rich like the guy with 5 mil bringing in 700k you can do whatever want, noone cares. Maybe you shouldn’t dismiss your wife too much being you have no money problem anyway, you might end up spending more on a lawyer than what you’d lose buying at the peak.

#99 Shawn on 04.19.22 at 8:34 pm

Clients do not conduct polls. Ipsos is is a reputable outfit. Go argue with them. – Garth

*********
Is that an Ipso facto?

#100 neptunian on 04.19.22 at 8:41 pm

First, March data shows price and volume are both down, surprised to me. just one tiny hike, seriously? it tells me how fragile the RE market is. let’s see April’s data.

Second, HELOC, that’s the reason why some of us can still afford buying in last 12 months, just borrow from HELOC. 30% down with RE is not entirely out of the question. then it would be interesting.

Third, I don’t know how much should I trust those surveys. Were they telling us that 40% families were with less than $200 disposable income a couple years ago? but the inflation is real.

in the end, those who made “bold” choices, who bought high, who didn’t have Plan B, have been right for a decade. how many are still believing Canadian RE is always up?

#101 Ustabe on 04.19.22 at 8:44 pm

#78 chris on 04.19.22 at 6:56 pm

Blah, blah…

All I can say is LOOOOLLLL .. millions earned and no taxes … 700k income and so much cash and no house LOL .. people would have bought long ago not now with earnings and so on .. Seems like wishful thinking to me LOL or cases of keyboard millionaires LOL …
All the best !!!

The secret, I’m led to believe, is to sleep in your Tesla.

#102 Dogman01 on 04.19.22 at 8:47 pm

Between the book “The Price of Tomorrow”; Jeff Booth and Garth’s blog I am thinking “live quietly among the masses” may be a challenge.

Here are some quotes I think describe these what’s coming:

“The German is like a virgin Bride, they know what’s coming but have no idea of how big it will be” – British General on eve of D Day.

“We have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand, The result is that our possibilities of wealth may run to waste for a time—perhaps for a long time.” Keynes

“We are like a bunch of children who want to be astronauts when we grow up. Childish to the core.”

“First currency wars, then trade wars, then real wars”

“War is when your government tells you who your enemy is. Revolution is when you find it out for your self.”

“happy is the nation whose people have not forgotten how to rebel” – R.H Tawney

“political polarization and the rise of leaders who are happy to undermine democratic norms and institutions are a consequence of “public distrust” and “the failure of governments to deliver equitable and sustainable economic and political progress” throughout the world’s democracies.” – Terry Glavin

“Day and night the telescreens bruised your ears with statistics proving that people today had more food, more clothes, better houses, better recreations—that they lived longer, worked shorter hours, were bigger, healthier, stronger, happier, more intelligent, better educated, than the people of fifty years ago.” – George Orwell, ‘1984’.

“The market always recovers. Always. And, if someday it really doesn’t no investment will be safe and none of this financial stuff will matter anyway.” – The Simple Path to Wealth by JL Collins

“Rise like Lions after slumber
In unvanquishable number—
Shake your chains to earth like dew
Which in sleep had fallen on you—
Ye are many—they are few.”
Poet Shelley “The Mask of Anarchy”:

“Trump did not bring division. Division brought Trump. If you don’t see that, then you’re part of the problem. “- Ryan Fournier

“The promise of upward mobility and everybody getting a fair shake has turned out to be a fog of anaesthetizing gas administered by the ruling elites of this supposedly classless society.” – Neil Macdonald, CBC News

#103 Trudi Woods on 04.19.22 at 8:50 pm

Quietly…in other words stay put and cross your fingers who in hell what comes next

#104 Legal Beagle on 04.19.22 at 8:55 pm

#20 Leftover on 04.19.22 at 3:50 pm

Our millennial spawn resisted the housing frenzy over the past couple of years, taking comfort in good jobs, terrific partners and no debt.

But it wasn’t easy. Seemed like all of their friends, with BOM help, bought houses. One even bought a house and two condo’s with parental prodding/HELOC ammo. Mine were left feeling like losers, at least according to the mob.

I felt the same in 1982 in similar circumstances. And yet…

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

Are you my parent? If not… count another millennial couple in your spawns camp – although we never felt like losers (probably because of our careers and incomes)

What I can report is that our friends and family members who gorged at the trough so to speak, are starting to worry…

One family member even approaching my wiley grandmother (who cashed out of her slanty Toronto detached in January for more money than she’d ever imagine she’d have when coming to Canada 50 years ago) to help pay his bills as he’s stretched to the max and is at the breaking point…

#105 mike from mtl on 04.19.22 at 9:05 pm

#83 FED to 8% on 04.19.22 at 7:17 pm
FED to raise to 8% by mid 2023, Canada to follow. You heard it here first.

haha, yeah first.. for sure.

Let’s see those liars get to even 1%, then perhaps 2% tops before the house of debt paper falls.

#106 DON on 04.19.22 at 9:22 pm

#97 Shawn on 04.19.22 at 8:31 pm
Good news on gasoline prices

#90 crowdedelevatorfartz on 04.19.22 at 7:44 pm
@#65 Shawn
“Gasoline prices at $1.409 at three stations I passed today in Edmonton. Some still at $1.509.

This is down 25 cents from the $1.659 that was common late March.”

+++
It’s back up over $2/lt in Burnaby….

***************************
Looks good from the perspective of Alberta. B.C. blocked TransMountain pipeline for years and no doubt influenced Trudeau blocking Northern Gateway pipeline and B.C. charges higher property taxes on Alberta residents who own property in B.C.

Hope you are right on the $3.00 prediction. And it will be good for the environment as people drive less. Most in B.C. should cheer that.

Alberta will be happy to make tens of billions from flows on the existing pipelines. Better to make $30 billion from existing pipelines than to make $20 billion from the higher flows that new pipelines would have brung but with possible lower prices. Maybe it’s all working out for the best for Alberta accidentally. It’s a huge win for Alberta.

Events since 2020 (lookin’ at you Nova Scotia and B.C.) have taught me to be a selfish Albertan rather than a Canadian-first guy.

*****
I guess there will be no Albertans vacationing in BC this summer. Too expensive to drive? Staycations in Alberta?

#107 Ponzius Pilatus on 04.19.22 at 9:22 pm

#101 Ustabe on 04.19.22 at 8:44 pm
#78 chris on 04.19.22 at 6:56 pm

Blah, blah…

All I can say is LOOOOLLLL .. millions earned and no taxes … 700k income and so much cash and no house LOL .. people would have bought long ago not now with earnings and so on .. Seems like wishful thinking to me LOL or cases of keyboard millionaires LOL …
All the best !!!

The secret, I’m led to believe, is to sleep in your Tesla.
—————
I think the secret is, not to buy an over prized Tesla in the first place.
Don’t feed the Musk.

#108 RE: #32 Debt Repaid on 04.19.22 at 9:23 pm

DELETED

#109 IHCTD9 on 04.19.22 at 9:23 pm

#94 Ed on 04.19.22 at 8:19 pm

I get 7 mpg and I don’t care…and never will…(or need to)
——-

Good grief, I thought my 9.6 mpg was bad!

What the heck do you drive?

#110 45north on 04.19.22 at 9:37 pm

jess

On April 13, Microsoft said it executed a legal sneak attack against Zloader, a remote access trojan and malware platform that multiple ransomware groups have used to deploy their malware inside victim networks. More specifically, Microsoft obtained a court order that allowed it to seize 65 domain names that were used to maintain the Zloader botnet.https://noticeofpleadings.com/Zloader/
Notorious cybercrime gang’s botnet disrupted
During our investigation, we identified one of the perpetrators behind the creation of a component used in the ZLoader botnet to distribute ransomware as Denis Malikov, who lives in the city of Simferopol on the Crimean Peninsula. We chose to name an individual in connection with this case to make clear that cybercriminals will not be allowed to hide behind the anonymity of the internet to commit their crimes. Today’s legal action is the result of months of investigation that pre-date the current conflict in the region.
Apr 13, 2022 | Amy Hogan-Burney – General Manager, Digital Crimes Unit
https://blogs.microsoft.com/on-the-issues/2022/04/13/zloader-botnet-disrupted-malware-ukraine/
https://news.sophos.com/en-us/2022/02/28/conti-and-karma-actors-attack-healthcare-provider-at-same-time-through-proxyshell-exploits/

noted

#111 AM in MN on 04.19.22 at 9:46 pm

I can’t see the BoC holding firm on rate hikes or balance sheet reductions once the pain starts to hit.

As mentioned in the article, these people vote.

That means tanking the C$, pick your poison.

With every commodity that Canada exports at record high prices, the C$ should be higher than the US$.

Perhaps printing $400B to pay people not to work was a bad idea?

———————————————-

Canada routinely offers bonds in other denominations. – Garth

– So do most 3rd world countries!

#112 Ponzius Pilatus on 04.19.22 at 9:53 pm

106 Don
I guess there will be no Albertans vacationing in BC this summer. Too expensive to drive? Staycations in Alberta?
——————
Did you hear that?
A guy driving from Manitoba to Whistler for skiing, bought a quick pick while filing up.
And won 70 Million!

#113 Doug t on 04.19.22 at 10:02 pm

IHCTD9 on 04.19.22 at 9:23 pm
#94 Ed on 04.19.22 at 8:19 pm

I get 7 mpg and I don’t care…and never will…(or need to)

THIS is why the world is going to SH*T

#114 mickclean on 04.19.22 at 10:16 pm

33 Patel Is Uranium sector a good investment going forward?
I bought a stock called Energy Fuels Inc. (EFR-t)
about three years ago and it tripled. Their mine has been around forever and they are also a miner of vanadium a strategic metal. Dennison Mines here in Canada (DML-t) is starting to move now also. Another commentator here claims his copper is up 300% but I suspect that may be over a longer time. On another note Turner Nation sometimes seems a little out there but then I can’t help but notice that the security guard that was put into my local Don Mills library when the pandemic first raged is still there and think maybe he’s onto something.

#115 Lorne on 04.19.22 at 10:27 pm

#86 Ed on 04.19.22 at 7:31 pm
So heres the thing
Scientists say masks are ineffective
Real data say masks are ineffective
But a judge says mask laws are over reach we complain and call her a Trumpist

Got it
…….
And, of course you have legitimate links to prove these totally false statements??

#116 Leftover on 04.19.22 at 10:42 pm

#104 Legal Beagle on 04.19.22 at 8:55 pm

No, you’re not one of my kids because you apparently reside on the other side of the rocks, but you would get along.

Only advice I’d give (and you didn’t ask for any) is never let on that you have any wealth, and never believe that you got lucky. Nothing is an accident when it comes to money.

#117 Sail Away on 04.19.22 at 11:20 pm

#109 IHCTD9 on 04.19.22 at 9:23 pm
#94 Ed on 04.19.22 at 8:19 pm

I get 7 mpg and I don’t care…and never will…(or need to)

———

Good grief, I thought my 9.6 mpg was bad!

What the heck do you drive?

———

I think Ed drives a sailboat, which can also get thousands of miles to the gallon.

#118 Denisovan on 04.19.22 at 11:27 pm

Trudeau will initiate a ‘CERB’ for homeowners, to try and rescue his legacy. Jaggys nation is particularly addicted to multiple property ownership. Y try hey will beat him into submission. It will become a ‘right’ not to pay your bills. Just watch. Hate me now, but hide your head later. Otherwise, it’s Pollievre in a landslide. And you know, democracy is at stake if the other guy wins say the left.

#119 tc-contra on 04.20.22 at 12:26 am

“But there are millions of Canadians who are part of this dismal hat trick. They make bad choices. They buy high. They have no Plan B. They will retire on fumes and puny public pensions. And they all vote.”
——————————————————————-

Don’t worry Garth, the fully vaccinated now also need a dose of (financial) reality!

#120 Lionsroarin64 on 04.20.22 at 1:16 am

Fiscal intelligence + composition elegance = this piece.

Glad I started to pay attention to your blog a few years back, Garth.

#121 Dr V on 04.20.22 at 1:36 am

88 Mehling

“Vancouver is the third least-affordable city in the world”
————————————————

Mehling – you have to get out a little more.

The demographia studies are restricted in their size and locations within the developed world.

Try this for a larger perspective. Scroll down, way down to 144

https://www.numbeo.com/property-investment/rankings.jsp

#122 Midnight’s on 04.20.22 at 1:41 am

#7 Observer on 04.19.22 at 3:10 pm

What’s your point? Instead of going on and on, with this
long diatribe.

#123 Satori on 04.20.22 at 1:41 am

#101 Ustabe on 04.19.22 at 8:44 pm
#78 chris on 04.19.22 at 6:56 pm

Blah, blah…

All I can say is LOOOOLLLL .. millions earned and no taxes … 700k income and so much cash and no house LOL .. people would have bought long ago not now with earnings and so on .. Seems like wishful thinking to me LOL or cases of keyboard millionaires LOL …
All the best !!!
———————
The secret, I’m led to believe, is to sleep in your Tesla.
————————————————————-
LOL!!!! Hilarious!! and … You’re right! Here’s the demo:

https://www.google.com/search?q=tesla+you+can+sleep+in&rlz=1C1GCEB_en&oq=tesla+sleep+in&aqs=chrome.3.0i512j69i57j0i22i30l8.9534j1j7&sourceid=chrome&ie=UTF-8#kpvalbx=_QZtfYquDDfHD0PEPq5yG4AE44

#124 millmech on 04.20.22 at 2:00 am

https://www.msn.com/en-ca/money/markets/analysis-wealth-shock-property-bust-in-small-chinese-cities-rattles-households/ar-AAWofpP?ocid=msedgntp&cvid=484426c81c1d449991dfe38eedfc4d6f

#125 Jennifer on 04.20.22 at 4:36 am

Sorry for all of the irresponsible, you shall eat what you have sowed. It is about time to stop the madness.

Have you been listening to ” possibly ” our future Conservative prime minister? He just told Canadians
“all of us deserve to be homeowners”. Truly, we no longer have real Leaders. What we have are clowns that will say everything, and anything to get the top job. Disgusting. On top of that, he told Canadians at first that the reason we have out of control house prices is because of too much money printing. Man, he got my attention, and I started to get impressed. Now, he seems to change his mind, and now blames Bank of Canada for raising interest rates. Mind you this man believes that higher interest rates will not doom the prices. He only believes higher mortgage payments will make homes harder to buy. Which Canadians believe his BS? This man has no shame.

I have waited in the darkness and alone for many years. Never doubted history will repeat. What goes up, must eventually come down. Downturn in housing will take more patience before I will be getting excited, but the day will come that I know for sure.

#126 ogdoad on 04.20.22 at 7:13 am

#125 Jennifer on 04.20.22 at 4:36 am

Need a hug?

Og

#127 Good Earth on 04.20.22 at 7:59 am

2.9% 10 year !!! Wow !! This is broken. What else ? $150 oil this year? Trudeaus handlers continue to do everything they can to kill Canadian energy while promoting Enemy Oil. And the CBC stays mum?

The globalists are afraid to lose ground. Trudeaus backing the losers, typical. Did you hear Trudeau blather about securing Canadas rare earth metals? What a farce. He can only say that because most Canadians don’t know why rare earths processing was all moved to China in the first place. Do you?

If you can’t install a cell phone tower in Canada you can’t build a rare earths processing center. His words, all a farce. Freeland is trying to distract us. She pretends it’s all Biden’s fault that Canada loses hundreds of billions every year. Farcical !!!

Christian Malik, JP Morgan on Bloomberg tabled a scathing math focused critique of the farcical UN climate change freak out.

Oil at $150? Just the beginning. Ramping up windmills is a desperate fools cry. Thx Chris, my oil position just got bigger. Oil is not fungible. You can’t create industrial base load power from solar panels. The Green Fools are yanking your chain. Hello Exxon !! Hello Jamie Diamond. Forget Gerry Buttz. 10 years at 3%, means you’re either investing or your losing money. Pick one.

#128 Dharma Bum on 04.20.22 at 9:00 am

Time for the long awaited shakeout.

For the long term health of the economy.

As always, only the strong will survive.

Castles made of sand, fall into the sea, e-ven-tu-a-lly.

#129 Sonny Kang on 04.20.22 at 9:04 am

Canada’s Inflation Blows Past Expectations, Hits 6.7% in March

https://www.bnnbloomberg.ca/canada-s-inflation-blows-past-expectations-hits-6-7-in-march-1.1754365?fbclid=IwAR2flJTANpKTCZ8MsV262mIZzJLg5w3WBcNNQ7VZtOsySbANFFEhZkDdBC4

#130 Armpit on 04.20.22 at 9:26 am

Canadian year to year inflation is 6.7%. Month to month increase of 1%.

#131 rampant inflation on 04.20.22 at 9:29 am

Canadian inflation blows past expectations, spiking to 6.7%

Expect a 100 bpts hike next BofC meeting

inflation is RAMPANT

#132 crowdedelevatorfartz on 04.20.22 at 9:47 am

@#125 jennifer
“Truly, we no longer have real Leaders. What we have are clowns that will say everything, and anything to get the top job. Disgusting. ”

+++

Welcome to Canada.
If voting for Poilievre means Trudeau and all his simpering pc whining Wokesters are ….O…U….T.

Pierre gets my vote.

#133 Observer on 04.20.22 at 9:50 am

#86 Ed on 04.19.22 at 7:31 pm
So heres the thing
Scientists say masks are ineffective
Real data say masks are ineffective
But a judge says mask laws are over reach we complain and call her a Trumpist

Got it

^^^^^^^^^^^^^^^^^^^
So the CDC is not science based, but the Florida judge is?

Got it.

#134 Summertime on 04.20.22 at 10:00 am

https://ca.finance.yahoo.com/news/canadian-inflation-highest-since-1991-124402017.html

Considering that we have the most underreported CPI in the world, and that the real inflation is at least double that: Things are not looking good at all.

My personal trust in the BOC’s ‘tools to fight inflation’ is not zero, it is negative.

I remember this talk with no action from the times of Mark Carney.

As Mohamed El Arian stated: expect central banks to hike within very low limits and also to increase their inflation ‘targets’ to at least 3 % in order ‘not to lose credibility’.

My take on credibility is clear – negative. You simple can’t keep lying and demand ‘credibility’ when inflation is 15-20 % when measured as in the 80-es and your rates are sub1 %.

The biggest problem is now we have price push inflation by producers/manufacturers, in addition to the demand driven inflation/money printing and that is very hard to manage.

The horses have left the barn.

#135 Quintilian on 04.20.22 at 10:11 am

#132 crowdedelevatorfartz on 04.20.22 at 9:47 am
“Pierre gets my vote.”

https://www.reddit.com/r/canadahousing/comments/u4de3s/wolf_in_sheeps_clothing/

“Is @PierrePoilievre one of wealthy real estate investors that Poilievre says is responsible for driving up home prices?

Yes, he is. He co-owns Liberty West Properties Inc”

And in the spirit of fairness:
“Vancouver Liberal candidate flipped at least 21 homes since 2005”

https://vancouver.citynews.ca/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/

#136 Ponzius Pilatus on 04.20.22 at 10:46 am

#116 Doug in London 4.19

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.
———————
Just so true.

#137 Brian on 04.20.22 at 10:50 am

DELETED

#138 Cstadloiz on 04.20.22 at 11:17 am

Which is worse, cricket or curling? Neither has any athleticism whatsoever, be a bit like to yoga! Ok, throw golf in as well. Just call me the Walrus

#139 Summertime on 04.20.22 at 11:36 am

https://ca.finance.yahoo.com/news/multiple-inflation-pressures-complicate-bank-100425275.html

The U.S. Federal Reserve has also signaled it could lift interest rates above neutral in the current tightening cycle. But Canada’s economy is likely to be particularly sensitive to higher rates after Canadians ramped up borrowing during the pandemic to participate in a red-hot housing market.

Household debt is 186% of disposable income, a level that is the highest by far among G7 countries, data from the Organisation for Economic Co-operation and Development shows.

#140 Brian on 04.20.22 at 11:50 am

Obvoiusly no scientific debate allowed on this blog, Tsk,Tsk!

Debate is good. It’s you I dislike. – Garth

#141 Outrage on 04.20.22 at 12:16 pm

Any way we all know the government and the C B is at fault for unaffordable real estate and renters inflation.
They are despicable and incompetent to say the least. The list is endless off all the the things they have done to take the Canadian dream from working class citizens. The people should hold them accountable and put them in jail for their wrong doing.
The list is endless and I don’t have to name them all because the readers know them all. High immigration that is not needed or wanted , very low interest rates, not building adequate supply of rental buildings, red tape for land, building permits ,foreign investors , high taxes and money launders. Tell me if I’m missing any.
The majority of Canadians believe this true because it reflects a burden not a benefit for a family to buy a home and to have a safe an reliable investment for retirement. Anyone agree ?

Sure. Blame everyone but the guy in the mirror. The process of buying and financing a home over the last few years has never been easier with historic low mortgage rates, easy credit, 5% down payments, a pandemic mortgage payment holiday and taxpayer-funded buying incentives plus tax-free capital gains. This moaning is getting old. – Garth

#142 crowdedelevatorfartz on 04.20.22 at 12:23 pm

@#135 Quintillian
““Is @PierrePoilievre one of wealthy real estate investors that Poilievre says is responsible for driving up home prices?”

+++

I couldn’t care less if Pierre is the largest land owner in Canada.

Rising Bank rates will deal with the sh!tshow that is Canadian real estate….not blowhard politicians promising gullible sheeple free blue cheese from the Moon…..

AnyonebutTrudeau …… gets my vote.

#143 Brett in Calgary on 04.20.22 at 12:29 pm

What’s going on with the Japanese yen?

#144 Quintilian on 04.20.22 at 1:22 pm

Sure. Blame everyone but the guy in the mirror. The process of buying and financing a home over the last few years has never been easier with historic low mortgage rates, easy credit, 5% down payments, a pandemic mortgage payment holiday and taxpayer-funded buying incentives plus tax-free capital gains. This moaning is getting old. – Garth

Intersting comment, are you suggesting it would have been a prudent calculated risk to buy?

#145 IHCTD9 on 04.20.22 at 1:51 pm

Yep, it’s time to park my azz in a Muskoka chair on the side deck, listening to the frogs chirp in the pond while sipping a Rum and Lemonade. Then I’ll read the Trudeau apologists going wild making excuses for everything under the sun that has gone to shit since 2015.

Justinflation hit 6.7 last month, Trillions in Liberal debt piled high – and counting. All talk, no action clown government.

I’m going to worry more about LQAM and LCOL, than our collective future here in post-Trudeau Canada. There’s a lot to prepare for as we transition from living in a once great country, to a HCOL crap nation where living a totally normal life costs millions.

So glad I got off the blocks under real Prime Ministers like Chretien, Martin, and Harper. Those guys gave us working schmucks a level of prosperity. We were lucky enough to lock it down before Trudeau and his nose honkers came to town.

Anyway, I’ll keep the popcorn in stock provided the grocery stores don’t go bankrupt under Trudeau. Don’t forget to vote kids.

#146 jess on 04.20.22 at 1:56 pm

‘diminish, deny and demonize:’ – rinse lather repeat…
do they feel ashamed ?

https://www.pbs.org/wgbh/frontline/

https://www.pbs.org/wgbh/frontline/article/video-big-oil-campaign-against-climate-change-action/
Truth Has Nothing to Do With Who Wins the Argument’: New Details on Big Oil’s Campaign to Defeat Climate Action

https://fortune.com/2022/04/20/covid-19-patient-linked-fraud-total-292-million-justice-department/

https://www.justice.gov/criminal-fraud/health-care-fraud-unit/case-summaries

Criminals have stolen nearly $100 billion in Covid relief funds
=========

As children, we have the right to live in a safe, clean and healthy environment,” Nina told the crowd.
“The present generation should not steal our basic rights and endanger the lives of the next generation.”

#147 crowdedelevatorfartz on 04.20.22 at 3:32 pm

@#144 Quinty’s Queries
“Intersting comment, are you suggesting it would have been a prudent calculated risk to buy?”

+++
Nah.
he’s just tired of the incessant whining.

#148 bdwy on 04.20.22 at 3:37 pm

#146 jess on 04.20.22 at 1:56 pm
New Details on Big Oil’s Campaign to Defeat Climate Action
—————–
god bless ’em. someone must counter the cult.
the are currently making mountains of cash so expect a greatly multiplied effort in the future.

zeo just goes up every day, market direction be dammed.
just like global consumption of oil.
co2 is not the enemy.

oil still a buy.

#149 Sail Away on 04.20.22 at 3:38 pm

Here’s a life tip that works very well (in addition to sleeping in the Tesla).

Every year, hunting season requires a couple of months of hard exercise carrying loads. Therefore, every year before the season starts, I drop 10-15 pounds (to 180) so as not to pack that around as well as the rest of the stuff.

About 1.5 pounds per week. Easy peasy. My diet book probably won’t sell, though.

I’ll name it: ‘Eat Less, Fatty’, or

‘Input vs Output: It’s Not Some Big Mystery’

#150 Mike in Cowtown on 04.20.22 at 3:47 pm

“Do you believe Ipsos made it up? – Garth”

No but it seems rather meaningless given the bankruptcy rate. Do you expect it to skyrocket?

#151 ogdoad on 04.20.22 at 4:06 pm

#140 Brian on 04.20.22 at 11:50 am

“Debate is good. It’s you I dislike. – Garth”

:):):):):):):):)

Garth, a compilation of some of your comments would make a good coffee table book.

Og

#152 Sail Away on 04.20.22 at 4:18 pm

And TSLA crushes Q1 revenue and earnings once again, just like they keep doing over and over and over again…

https://electrek.co/2022/04/20/tesla-tsla-q1-2022-results/

So fun watching Elon make his supporters rich and his enemies impotently furious.