Lordly

James Bruce seems like a cool guy. While being British aristocracy (the 8th Earl of Elgin), he was also a democrat. When Governor-General of Canada (such as it was in the late 1840s) he encouraged the locals to govern themselves. ‘Responsible government,’ he called it.

He also prevented a bloodbath between the French and English after a failed rebellion and perchance saved Canada from forever being a part of the US. In 1854 James negotiated a reciprocity (sort of free trade) agreement with the Yankees, giving Canadian merchants easy and open access to the growing American market. So the fervent campaign to join the States was aborted.

Of course, Lord Elgin gave a hand to the UELs – United Empire Loyalists – who fled the southern Republic after their Revolution to come and settle in the fields of Upper Canada, faithful to the Crown. One of those land grants went to my family.

So in the early 1850s they built a stout Georgian-style home on a few hundred acres plunk in the middle of what’s now SW Ontario. The yellow bricks came by oxen from London, 50 km to the west. My forebearers were grateful. They called it ‘Elgin Hall’ and at the crossroads they established a small settlement where farm hands lived. They called that ‘Mount Elgin.’ And, as time passed, the gratitude endured. My older brother was named… of course… Elgin.

Well what does any of this have to do with a pathetic blog about money, macroeconomics, canines and real estate?

Here’s the house. I tried to buy it back a few months ago, but it’s now owned by ‘Mount Elgin Developments’ and will be demolished to expand the subdivision that sprang up here, in the middle of Cowland. The company refused to sell. Now with most of the land covered by houses, this final lot can yield two or three more. Or at least it could, before all this.

Mount Elgin Estates currently has eight homes for sale, listed between $850,000 and $1.15 million. Two months ago every house commanded seven figures. There are no stores within walking distance. No medical, dental services. No hardware store. No Starbucks or Tim’s. There’s no public transit. No restaurants. One gas station. One trucking company (operated by my distant relatives). One cemetery highly populated with my kin.  Why anyone would spend $1 million or more to live in soulless subdivision carved out of weedy pastures remains a mystery. And amid hate?

But this is what cheap money, the pandemic flight to Nowhere and rampant FOMO did to property values in the hinterland. Plus, Elgin Hall will fall.

To the north is the hick city of Cambridge (an amalgamation of former smaller communities), where the average home price passed $1 million in February, shocking everyone. That was a 40% climb in less than a year. Hopelessly out of step with local incomes, in a place where industry had shriveled.

Now I see the average Cambridge home has given up $250,000, or about a quarter of its value, in the past 100 days. Not far away K-W prices have been hacked by $300,000. Everywhere, listings are up (8 homes for sale in Mt Elgin represents about 20% of the population), sales have slowed, DOM has exploded and the great reset of Canadian real estate continues.

This week will be a big one.

On Wednesday the Bank of Canada has a rate announcement, and just about everybody expects a massive 75 bips increase. The doubters say it could actually be a full 1% increase. “A move of 100+ would be sensible given that policy remains stimulative and how far behind the BoC is in its inflation fight,” says Scotiabank. “That’s unlikely, however, if the BoC sticks to avoiding surprises.” Of course, this week’s jump will not be the last.

Bank economists have two other points to make.

First, the only way to deal with unmoored inflation expectations in Canadian society is to spank us a little. “To bring inflation lower, a few teacups will need to be broken. A limpcession may not do it. An unemployment rate several points higher and a weaker economy may be needed.”

A weaker economy. Engineered by CB to correct the rampant price increases and sick speculation that 2% mortgages and cheap chartered bank primes engendered. It’s coming.

Second, while we may have a recession (hopefully short and mild, like me) nobody should be expecting this ramp-up in interest rates will be reversed in 2023. On average it’s taken 12 months from the top of a rate cycle to see the cost of money start to decline. “I lean against rate cuts next year,” says economist Derek Holt. “After having botched inflation management to date, the BoC would probably be better advised to make absolutely sure that if and when inflation cools… it is staying down.”

So we’re on our way to 7% home loans and HELOCs and at least a doubling in mortgage payments for all those hundreds of thousands of people renewing the sub-3% mortgages they took out four and five years ago. Meanwhile mom-and-pop investors, condo specuvestors and landlords in negative cash flow – as well as the Bunnypatch refugees – must adapt to a new reality.

By the way, my ancestor was the first Member of Parliament for Oxford when Confederation happened in 1867. It was a long trip to Ottawa by horse, stagecoach and train. But the future was bright and the land was fresh. They had hope.

About the picture: “Meet Ron,  a stray taken in by a shelter in Southern SK,” writes Gord. “His ears were frozen, along with his now shortened tail and continuing respiratory problems.  Ron is currently  the Patriarch  of Quinton and Marbles, in my daughter’s Regina home,  with all the benefits. Thanks Garth for what you and your team provide in your daily blogs and weekly podcast, priceless information, along with statistical reports that your readership cannot obtain on our own.”

122 comments ↓

#1 Flop… on 07.10.22 at 12:19 pm

I’ve never been to Manitoba, seen no land in between Calgary and Toronto, might go at some stage for a lookie on a grander tour.

This is a bit out of my wheelhouse, but I’ll pass it on.

We know about the 1€ houses in crumbling Italy, also they talk about some places in the U.S trying to attract the Work From Home Crowd, but what about something where you don’t have to cross any barbed wire fences, or possibly line up at an airport for six hours?

This deal I came across is not for me, but to someone on here who’s sole purpose in life is to own a house, this could be beneficial information.

It was on MSN, so I went to the municipal website to verify the information, it’s valid, also they have a Home Purchase Grant Policy for Principal Residence.

For most this will probably fall into the, they couldn’t pay me to move there category, but from what I’ve seen since moving here, home ownership is a disease in Canada, so let’s see if Dr Flop can provide the right prescription for some struggling patient out there…

M48BC

“7 Places Giving Away Land or Money To Move There.”

Pipestone, Canada.

“The rural municipality of Pipestone in Manitoba, Canada, is selling plots of land for $10 for residential use. Interested buyers pay a $1,000 deposit and sign an offer agreement. When they build a home within the terms of the offer agreement, they get a refund of $990.

According to the Canadian Citizenship & Immigration Resource Center, it’s part of a nationwide movement that began in New Brunswick when a single couple began giving away chunks of their 130-acre plot of land to create a new town around their home.”

https://www.msn.com/en-ca/lifestyle/travel/news/7-places-giving-away-land-or-money-to-move-there/ss-AAWl0Op?li=AAggNb9&fromMaestro=true#image=8

https://rmofpipestone.com/p/municipal-lot-sales-program

https://rmofpipestone.com/Home/DownloadDocument?docId=3baa87c5-2d54-4945-8943-3f044086f1b2

#2 Ponnaps on 07.10.22 at 1:00 pm

The only way to get here was through google.. it’s called addiction..

#3 Gen Z on 07.10.22 at 1:04 pm

I’m seeing ads for suburban Barrie homes starting at $1.5 Million. Is this a steal?

#4 Felix on 07.10.22 at 1:10 pm

“Lordly”

Yes, a very suitable adjective for a cat.

#5 Classical Liberal Millennial on 07.10.22 at 1:18 pm

Thanks for the history lesson, Garth! I too have UAE blood and your bloodline is very close to my neck of the woods! Prices here are dropping as well while listings increase.

#6 Classical Liberal Millennial on 07.10.22 at 1:19 pm

UEL* plz ignore the UAE autocorrect.

#7 James on 07.10.22 at 1:30 pm

Garth, when I first tried to reach your site today, I got this message –

‘There has been a critical error on this website.’

Have you been hacked by Putin? Or maybe Turner Nation? Or Rogers?

#8 Penny Henny on 07.10.22 at 1:39 pm

“In Western media, messaging has gone stealth with anonymous accounts, bots, and outlets whose mission isn’t news, but shaping the news to buttress a predetermined narrative.”

For Turnernation and fans, this one’s for you.

https://www.profgalloway.com/tiktok-trojan-stallion/

#9 rknusa on 07.10.22 at 1:39 pm

re: Here’s the house. I tried to buy it back a few months ago, but it’s now owned by ‘Mount Elgin Developments’ and will be demolished to expand the subdivision that sprang up here, in the middle of Cowland.

something wrong with a country that has no respect for its heritage, could use a few pointers from the US that as I have learned by living here for the past 21 years has much much much more respect for its heritage

dare I say how can Canada call itself a country when it behaves this way, rather the place devolves into just a place to do business

#10 Paddy on 07.10.22 at 1:44 pm

No more cat pics, Garth.

We don’t need give to give Felix more encouragement and positive reinforcement for his comments.

#11 rknusa on 07.10.22 at 1:44 pm

re: Here’s the house. I tried to buy it back a few months ago, but it’s now owned by ‘Mount Elgin Developments’ and will be demolished to expand the subdivision that sprang up here, in the middle of Cowland.

however in todays political climate there are many that would want to get rid of this “colonial” legacy where a statue of Sir John A is now off limits

Canada is destroying itself

#12 wallflower on 07.10.22 at 1:53 pm

#3 Gen Z on 07.10.22 at 1:04 pm
Nothing is a steal
Everything is overpriced… prices are relisting by the $100K and $150K and $200K downward each relisting all over Ontariowe

#13 rknusa on 07.10.22 at 1:53 pm

re: Everywhere, listings are up (8 homes for sale in Mt Elgin represents about 20% of the population), sales have slowed, DOM has exploded and the great reset of Canadian real estate continues.

actually 11 homes now for sale in Mt Elgin

Eight in the subdivision on my family’s former acreage. – Garth

#14 Devil Anse on 07.10.22 at 1:56 pm

It’s a shame there aren’t more gatekeepers to protect this ancestral home. Good for you for trying to protect it from those greedy short-sighted McMansion developers. This neighborhood will be the place our grandchildren’s generation go to buy their meth.

#15 cuke and tomato picker on 07.10.22 at 2:01 pm

For inflation to go down we need to raise interest
rates. Yellen said we have done too little too late.

#16 Ian on 07.10.22 at 2:09 pm

Having seen what you’ve done with the BelFountain store, it’s unfortunate you can offer the same restoration to your family history and a bit of Canada’s.

#17 Søren Angst on 07.10.22 at 2:27 pm

Sorry about the home Garth.

You know, it’s called “Progress” or so they think.

#18 CJohnC on 07.10.22 at 2:33 pm

And another one for Turner Nation to enjoy:

https://wallstreetonparade.com/2022/07/heres-the-orwellian-details-of-the-u-s-patent-jpmorgan-got-approved-for-its-sprawling-system-of-spying-on-employees/

#19 Ron Murray on 07.10.22 at 2:33 pm

That is a gorgeous house. It would be a pity if it was removed from history. In Toronto we preserve our historic buildings by leaving a small facade attached to 40 stories of glass and steel.

#20 CJohnC on 07.10.22 at 2:37 pm

Canada 1867….”the future was bright and the land was fresh. They had hope.

Now just a ineptocracy

INEPTOCRACY – A DEFINITION

Ineptocracy (in-ep-toc’-ra-cy) – a system of government where the least capable to lead, are elected by the least capable of producing, and where the members of society least likely to sustain themselves or succeed, are rewarded with goods and services paid for by the confiscated wealth of a diminishing number of producers.

So sad

#21 J on 07.10.22 at 2:43 pm

It’s unfortunate that the Elgin property cannot be registered as a heritage site:

https://www.heritagetrust.on.ca/en/pages/tools/ontario-heritage-act-register

I haven’t done this myself before, but I imagine that there are a fair number of hoops to jump through.

#22 Søren Angst on 07.10.22 at 2:48 pm

Europa Travel Tips: Disease, Nudity and Travel

DISEASE

900K new Covid cases in France this past week. 600K in Italia (662,236 to be precise).

https://www.aftonbladet.se/nyheter/a/dnyPdX/over-800-000-covidfall-pa-en-vecka
https://www.aftonbladet.se/nyheter/a/XqK4Ab/lavinartad-covidokning-i-italien

Covid deaths are 1-2 per million so n’est panicker pas Canada. You are more likely to die from Typhoid Fever in your travels (16 deaths per million).

https://ourworldindata.org/explorers/coronavirus-data-explorer?zoomToSelection=true&time=2022-01-17..latest&uniformYAxis=0&pickerSort=asc&pickerMetric=location&hideControls=true&Metric=Cases+and+deaths&Interval=7-day+rolling+average&Relative+to+Population=false&Color+by+test+positivity=false&country=GBR~ITA~ESP~FRA~SWE~DEU~NLD~NOR~PRT~CAN~USA~AUT

—————-

NUDITY, Sorrento blows its top like Vesuvius…

Do not traipse around town in Sorrento half naked or barefoot. If you do it will cost you €500.
https://www.20min.ch/story/500-euro-busse-italienischer-badeort-verbietet-herumlaufen-im-bikini-595506375564
[67% of Swiss agree] except for “iron heart” that maintains:

I wish for such “problems”…

Viva l’Italia!

—————-

TRAVEL disruptions coming to

Zurich.
https://www.20min.ch/story/bodenpersonal-am-flughafen-zuerich-wir-planen-proteste-740057224708

#23 T Rex and the dinosaur clique on 07.10.22 at 2:49 pm

Worst thing about WFH has been the destruction of Bunnypatch.

They are literally bulldozing it.

Folks who formerly could only live commuting distance to their jobs in the City became free to live where they pleased.

Civil litigators, earning 5-600 k per year, who used to have to live within driving distance of their home court house, suddenly could zoom to court.

The finance dudes. All the HR people. The judges, the JPs, the doctors, the lawyers, the folks in technology. The marketers, the whole subset of office drones. All free to live wherever they liked.

And it all ends this September, when the dreaded 8th wave of COVID fails to overwhelm even a single hospital and becomes just another common cold that you can zap with a yearly flu shot.

Everyone is moving back to the city.

Leaving behind them a traumatized and partially destroyed Bunnypatch.

Oh well.

You can use those big houses as barns for the cows.

#24 Doug t on 07.10.22 at 2:59 pm

Much of Southern Ontario has been transformed into soulless subdivisions smack in the middle of nowhere- they are a blight on what use to be beautiful habitat for so many animals such as beaver, muskrat, fox, badger etc, and not to forget pheasant, birds of prey and others – it’s disgusting seeing the destruction that these sh*thole developments have caused

#25 Shawn on 07.10.22 at 3:05 pm

United Empire Loyalists

The earliest Allen (paternal line) ancestor that I can trace came from New York to Shelburne (then Port Roseway) in 1783 after the revolution was won and went on to North Sydney in 1783. He was classified as a loyalist but it’s not clear he came for that reason.

On all my ancestry lines, my forbears were in Canada by at least 1850. Some even earlier than this 1783 guy.

They were settlers. I am not a settler.

#26 the Jaguar on 07.10.22 at 3:05 pm

Ron is like a champagne cocktail. Such grandeur. Very statuesque. Reminds me of me. Oh calm down. Just trying to be funny.

Indeed, it’s going to be quite interesting on Wednesday. That is, if the average ‘indebted up the ying yang’ peep actually reads more than social media posts about sports, Drake or the Kardashians. Otherwise they will learn the lesson the hard way.

I like the idea of a stampede to the exits. Like watching an old western where the herd gets spooked and all hell breaks loose. By my count there are only two non -recourse provinces in the country. Neither one took the real estate bait. For everyone else, your train just left the station.

#27 inflation is rampant on 07.10.22 at 3:19 pm

quite obviously, this is directly the fault of central banks keeping rates too low for too long and printing trillions since 2008 to avoid a recession rather than allowing the economy to adjust normally.

ya. and let’s not forgot idiot governments borrowing said trillions and spending it on nothing productive, but just giving it away …

oh well. at some point, economic laws will be obeyed. whether governments and central banks like it or not.

just like in 1993 when Canada came withing a few hours of becoming Argentina or Greece.

https://www.theglobeandmail.com/business/commentary/article-federal-fiscal-crisis-canada/#comments

“Given these dynamics, it is possible we will see the BoC raise rates to as high as 6 per cent before inflation materially slows. This implies the government may have to spend triple what it budgeted to service the debt over a three- to five-year period.”

#28 Mark Taylor on 07.10.22 at 3:29 pm

Hi Garth
Have you looked into moving the building to another site.
A sin to take this beautiful piece of history down.

#29 Canuck on 07.10.22 at 3:44 pm

Why would you want to buy that place? I get that it was in your family previously but it’s huge and there is just the 3 of you.

#30 Summertime on 07.10.22 at 3:44 pm

Yes, they had hope.

Now we have a sign:
“abandon hope all ye who enter here” at the door of the frozen hell.

#31 Sail Away on 07.10.22 at 3:47 pm

The human population on earth is increasing at 1%-ish per year. Using the rule of 72, this means doubling of population every 70 years.

So of course new areas are being developed. From a logical perspective, this should represent neither a mystery nor a surprise.

There is one single solution to reducing energy use, carbon release, climate impact, nature encroachment, and continued human expansion, and never will it be undertaken voluntarily.

We haven’t reached the environment’s carrying capacity yet, due to clever resource release, but it’ll happen. It’s sort of, like, a law of nature. Or the First Law of Thermodynamics, if you prefer.

Be happy and exploit. We still live in the golden age.

#32 Concerned Citizen on 07.10.22 at 4:01 pm

At positive real interest rates, many western governments are essentially bankrupt (not to mention many citizens and businesses). The economy will absolutely tank if and when interest rates rise materially. And at that point, the central bankers will turn tail and run by cutting rates to 0% or even negative. Just as they have every single time since 2009. The economy just can’t sustain positive real interest rates. Just remember that the next time an economist says the economy is strong. If an economy is strong, it should be able to withstand money that costs something. Not to mention not being dependent on massive deficits for growth.

The central banks have spent over a decade in creating obscene levels of moral hazard throughout the economy. Now that so many have gorged on a the free/easy money and are obscenely leveraged as a result, and the central bankers are trapped. That’s why they waited more than a year to even start addressing inflation, not that ridiculous “transitory” excuse.

#33 NOSTRADAMUS on 07.10.22 at 4:02 pm

OVER THE TOP WE GO!
Much like the young soldiers going over the top in WWW1
I suspect before very long there is going to be an extremely intensive live-fire exercise about to unfold where the overindebted real estate holdouts go over the top and rush their real estate (office) bunker only to get shot up. It’s going to be a messy business with many casualties on both sides as the market continues to crater. Last rites are in order for the fallen.
Inside the bunker the lines have been cut, there is no incoming communication allowed from the outside world. Real estate clients with exploding contracts are at their wits end. Their screams for help go unanswered.
Deep within the bunker the shell shocked agents are looking to their broker owner for guidance. Isn’t this why we pay high desk fees they implore???
Slowly they come to the realization that it’s a bit like the death of Rasputin. He’s been poisoned, stabbed in the back, He’s been shot, and his body has been dumped into a freezing river and still he lives, still making promises that the good times are coming back, be patient he implores and keep your desk fees up to date.
Thousands upon thousands of part time agents have either deserted or retreated to higher ground, (cottages) or crawled back to their real jobs. For this army leaving the field of battle, there is no shame, real estate was just a part time gig anyway. There is no need to get bent out of shape. Besides, the stories they can tell their grandchildren, priceless.
Back in the bunker, the sales board once filled with sales activity is now blank, with the only updates being (M.I.A) deals that went belly up and are now back on the market. Desperate people do desperate things comes to mind as the broker owner casts a jaundiced eye on his trust account. Steady lads, hold the line.

#34 ElGatoNeroYVR on 07.10.22 at 4:03 pm

#10 Paddy on 07.10.22 at 1:44 pm
No more cat pics, Garth.
==========
Now ,now … the dog “masters” need a reminder every so often that there is always a bigger power ; and in any household that would always and forever be a cat ,even if not black .
It prepares one for the unfair life out there ,resetting ones expectations of grandeaur :-)

#35 DMB on 07.10.22 at 4:17 pm

It’s a great shame that old house won’t be preserved. It reminds me of something from Jonathan Hale’s “The old way of seeing”. Hopefully the developers run out of money before it’s torn down.

#36 PeterfromCalgary on 07.10.22 at 4:19 pm

“No hardware store. No Starbucks or Tim’s. There’s no public transit. No restaurants. One gas station. One trucking company (operated by my distant relatives). One cemetery highly populated with my kin.”

Congratulations Garth you found the ideal setting for Stephen King’s next horror novel!

#37 Danger Dan on 07.10.22 at 4:41 pm

Beautiful house, Garth. The least they could do is let someone turn it into a cultural centre to serve as a community hub.

But no, we are not worthy of history or beauty. There just isn’t any money in those things. They surely aren’t diverse, inclusive or equitable either.

It’s better to bust your hump for a salary that doesn’t keep up with inflation, then flee home every eve to a bedroom community where you can piss your neighbours off by setting some logs on fire for the ambiance as you drink yourself into a stupor with a bottle of Australian Shiraz.

#38 Flop… on 07.10.22 at 4:45 pm

I was cruising through the kitchen and I glanced down at a small box in a brown paper bag that had the word Trudeau printed on top of it.

As usual I spoke before thinking and spouted off to Mrs Flop, “ Oh, you finally got your Justin Trudeau doll you’ve always wanted!”

Lead balloon.

Turns out it was a set of salt and pepper shakers and the brand name is Trudeau.

Whatever, I can still have fun with that.

Some of the most popular questions asked about the product and my responses.

“Is Trudeau a good pepper mill?”

Beats me, but he’d probably be a better waiter dispensing pepper than he is at being a Prime Minister.

“How do you access a Trudeau salt and pepper grinder.”

No idea, but after the Rogers debacle have you tried offering straight cash for access?

“How do you use Trudeau salt and pepper?”

This one is a bit more obvious, you stop dying your hair and grow a beard around election time, so you look a bit more mature and grown up, once the election is over you start using your razor and Just For Men again and go back to your Sunny Ways…

M48BC

https://www.amazon.ca/Trudeau-ProChef-Mess-Pepper-Salt/dp/B08XMYYYN4/ref=asc_df_B08XMYYYN4/?tag=googleshopc0c-20&linkCode=df0&hvadid=459616820840&hvpos=&hvnetw=g&hvrand=11200160354810795576&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9001539&hvtargid=pla-1361626704210&psc=1

#39 Nora Lenderby on 07.10.22 at 4:52 pm

129 hectares per day of agricultural land in Canada lost to “development”.
https://www.cbc.ca/news/canada/london/ontario-london-farmland-1.6511644

#40 Nora Lenderby on 07.10.22 at 4:53 pm

Correction: Farmland lost in Ontario, alone.

#41 OwlEyes on 07.10.22 at 4:59 pm

Garth, isn’t that a heritage property? How did they manage to get to the point of being permitted to demolish? That would be a travesty

#42 The Original Jake on 07.10.22 at 5:06 pm

Regarding the FED, O’Leary is on an island with a 1/2 bps followed by a 1/4.

https://www.youtube.com/watch?v=WLV84LuWKak

#43 Cici on 07.10.22 at 5:12 pm

Elgin Hall is a beaute, Garth. She will be sadly missed. There just aren’t enough exquisite building like that left in this country. Terribly sad, especially since they will be replacing her with an ugly pile of particle board atrocities.

The race to zero continues…

#44 TurnerNation on 07.10.22 at 5:24 pm

Affordable Housing? Fuggedabout it. Flip what our rulers tell us by 180deg to make sense.

.Toronto is in the midst of a housing crisis. So why are the charges passed onto developers set to go up by nearly 50 per cent? (cp24.com)

—- There is not more news only the Manufacturing on Consent. This all makes sense, we are the ‘virus’ to be controlled by our rulers. Due to the “Climate” we face permanent restrictions on our Travel/Movement, Feeding and Breeding. March 2020.

.Canada: Majority worries a fall COVID-19 wave could bring back restrictions: poll (cp24.com)

#45 Tom from Mississauga on 07.10.22 at 5:29 pm

I don’t think interest rates will work, retail sales are less than 2% annual growth, the June employment report was disaster, 51,000 more people retired than entered the work force. We are going to have full employment but a shrinking GDP for years as the demography ages. Our socialist institutions (Medicare, OAS) are going to collapse under their own weight.

#46 Shawn on 07.10.22 at 5:43 pm

Solution to Government Debt interest payments?

#32 Concerned Citizen on 07.10.22 at 4:01 pm

At positive real interest rates, many western governments are essentially bankrupt (not to mention many citizens and businesses).

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

And the debt is owed to who? Insurance companies, banks, pension funds, investment funds, very wealthy individuals, right? Most or all of which pay low income tax rates. (Zero direct in the case of pinion funds and by wealthy people I don’t mean big earners but those with big pots of wealth say $10 million or more liquid.)

If the government needs money to pay higher interest costs to these groups (bond holders), don’t you think there is an obvious solution besides lowering interest rates?

Anyway you slice it, the debt is owed to someone and mostly in these same western countries. The solution is obvious, no?

#47 Linda on 07.10.22 at 5:44 pm

‘Ron’ looks very handsome despite of – or maybe even because of – the shortened ear profile.

Too bad the Elgin edifice will be demolished. It looks like a very handsome, classic building with great curb appeal. Frankly if I were the developers I’d sell the heritage house to someone who would appreciate it & if building other homes nearby would attempt to try to build modern homes that would live up to the grande dames classic appearance. Not likely the new stuff will have the ability to look as good after 170 years!

#48 Victor Llearna on 07.10.22 at 6:05 pm

Anyone else notice the conservative leadership candidates look like characters from the Simpsons?
Pierre Polliver = Milhouse (obvious resemblance)
Charest = Side Show Bob
Roman Baber = Ralph Wiggum

#49 Gen Z on 07.10.22 at 6:05 pm

@Wallyflower

In response to your comment,

But you’re forgetting that Barrie is a world class city for retirees and is near a vast supply of fresh water.

I, as a Pierre voter, deny global warming and believe in his mantra that Canadian freedom is violent coup d’etats of the heinous Trudeau.

But shouldn’t we think of the billions affected by climate change who will eventually be begging to live in Canada due to our temperate climate?

Says a Realtor who is likely to vote for Pierre or a well-pocketed conservative posing as a Liberal MP.

#50 Gen Z on 07.10.22 at 6:08 pm

My previous comment didn’t get the sarcasm code published at the end. I was mocking Pierre Boilover and his extremist politics while his voters adopt Liberal ideas to sell real estate.

#51 Brian on 07.10.22 at 6:13 pm

Signed the petition!

#52 Nonplused on 07.10.22 at 6:14 pm

I can’t believe anyone would consider tearing that house down.

“Inflation expectations” is one of the dumber terms out there. It’s like trying to do a forecast using a lagging indicator. Inflation is caused by increases in the money supply beyond the current demand for money, not by “expectations”. That everyone expects inflation is only due to the fact that the powers that be have been so consistent in providing it.

#53 Senator Bluto on 07.10.22 at 6:14 pm

#25 Shawn on 07.10.22 at 3:05 pm
United Empire Loyalists

On all my ancestry lines, my forbears were in Canada by at least 1850. Some even earlier than this 1783 guy.

They were settlers. I am not a settler.

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

We’re all indigenous to somewhere and somewhen. It’s just a matter of picking the timing that suits your cause the best and then make a case to the government about it.

Make a good case and Trudeau will apologize to you. Make an excellent case and he’ll send you million$$.

But if you want to get really technical and go back around 30,000 years or so, we’re all Africans. Except for the Neanderthals on this website :-)

#54 Tim Jordan on 07.10.22 at 6:16 pm

I am sure the drive to Ottawa in 1867 was faster than it is today

#55 tc-contra on 07.10.22 at 6:23 pm

“Here’s the house. I tried to buy it back a few months ago, but it’s now owned by ‘Mount Elgin Developments’ and will be demolished to expand the subdivision that sprang up here, in the middle of Cowland. The company refused to sell. Now with most of the land covered by houses, this final lot can yield two or three more. Or at least it could, before all this.” – Garth

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

Why did you want to buy it? To develop it yourself, or to restore/preserve it as ‘Heritage’? Can you provide more info on your motivation, if not ‘sensitive’ info?
Just curious…

#56 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.10.22 at 6:39 pm

Welcome to everyone in Canada who just got to experience the amazing corporate incompetence of the same Rogers company that owns the Toronto Make Believes!

Now you have a much better sense of what is going on in the Torontoilet.

You are all Honorary Toronturds and GTAHoles this
month!

Your team is UNDEFEATED in over 55 Days!!!

They have won NOTHING in over 55 YEARS!!!

CONGRATULATIONS!!!!!!!!

#57 Roger Doger on 07.10.22 at 6:41 pm

Buy the building and have it moved somewhere else.

#58 KrisTea on 07.10.22 at 6:44 pm

Petition signed. Fingers crossed it continues to gain momentum and is saved.

#59 TurnerNation on 07.10.22 at 7:14 pm

Health Care. LOL you think our rulers actually care about us? These even fired skilled workers during a ‘deadly pandemic’. Come on now.

“Brampton urgent care centre closes early amid ongoing staffing ‘challenges’ in Ontario”
https://www.cp24.com/news/brampton-urgent-care-centre-closes-early-amid-ongoing-staffing-challenges-in-ontario-1.5981854

“URGENT CARE AT PEEL MEMORIAL CLOSES EARLY”
https://www.cp24.com/video?clipId=2481882

—- Don’t worry I’m sure it will improve. Any day now.

.Ontario Pushing For Higher Immigration Numbers; Cites “Skilled Worker Shortage” (cp24.com)


— From the Killing us Softly Dept. Trust the science guys! Our leaders truly care about our health.

‘More than 80% of urine samples drawn from children and adults in a US health study contained a weedkilling chemical linked to cancer, a finding scientists have called “disturbing” and “concerning”.
https://www.theguardian.com/us-news/2022/jul/09/weedkiller-glyphosate-cdc-study-urine-samples

#60 Charlotte on 07.10.22 at 7:16 pm

What a beautiful old house. It really is a shame you couldn’t buy it and preserve it. Interesting idea someone suggested though: can you buy the house and have it moved?

#61 kommykim on 07.10.22 at 7:35 pm

I doubt anything they build on the lot vacated by ‘Elgin Hall’ would last 170 years like the original building did. Probably not even half that time.

#62 Observer on 07.10.22 at 7:39 pm

#47 Linda on 07.10.22 at 5:44 pm
‘Ron’ looks very handsome despite of – or maybe even because of – the shortened ear profile.

^^^^^^^^^^^^^^^^^^^^^
I thought he was a Scottish Fold at first.

#63 Observer on 07.10.22 at 7:43 pm

#31 Sail Away on 07.10.22 at 3:47 pm

Be happy and exploit. We still live in the golden age.

^^^^^^^^^^^^^^^
Yeah, who cares about our children and grandchildren.

#64 Annek on 07.10.22 at 7:44 pm

Can’t you protect the house from being demolished under historic homes? There should be a law!

#65 Is anybody listening? on 07.10.22 at 7:44 pm

Wife and I always wondered why they developed this area in Mount Elgin every time we drive by to visit family in Tillsonburg. Nice old house though!

#66 Annek on 07.10.22 at 7:57 pm

Is there a link to the petition.? We should all sign it to save the house..( I checked all the posts as did not see one)

#67 KrisTea on 07.10.22 at 8:13 pm

Re: #66 Anneke
Link in the blog says “here”

#68 Sail Away on 07.10.22 at 8:17 pm

#63 Observer on 07.10.22 at 7:43 pm
#31 Sail Away on 07.10.22 at 3:47 pm

Be happy and exploit. We still live in the golden age.

———

Yeah, who cares about our children and grandchildren.

———

Unchecked population expansion will make any preparatory actions irrelevant anyway, so enjoy yourself during these excellent times for those of us in the west.

The progeny will have their own issues to deal with. Teach them to fend.

#69 Quintilian on 07.10.22 at 8:41 pm

Actually, the inflation thingamabob may be nastier to deal with, than just raising rates and slowing down the economy.

The inflated prices for most essentials will remain high, because the demand for those items is inelastic.

The producers will guard the price gains with an iron fist.

As for nonessentials, prices will be sticky, as demand drops, the producers will simply produce less and cut staff.

Inflation will turn into stagflation, and then the slowdown will eventually be severe enough to start to deflate prices.

It won’t be quick.

Million dollar mortgages at high interest rates, in a slowing economy is going to be a grind.

Tick Tock, Tick Tock

#70 Faron on 07.10.22 at 8:54 pm

#63 Observer on 07.10.22 at 7:43 pm
#31 Sail Away on 07.10.22 at 3:47 pm

Be happy and exploit. We still live in the golden age.

^^^^^^^^^^^^^^^
Yeah, who cares about our children and grandchildren.

Dude’s just feeling small and trolling. Ignore him and he will wither away.

#71 Stone on 07.10.22 at 9:03 pm

Here’s the house. I tried to buy it back a few months ago, but it’s now owned by ‘Mount Elgin Developments’ and will be demolished to expand the subdivision that sprang up here, in the middle of Cowland. The company refused to sell.

———

They own the property and can do with it what they wish within the zoning by-laws. The fond memories you have of this place are in your head, not in that house. If the property had been that important, it would have remained in the family. Instead, it was sold. It is what it is. There are many other nice properties out there to make new fond memories in.

#72 Ed on 07.10.22 at 9:05 pm

Garth…follow the BC method…drop a few arrow heads in the crawlspace that somehow you later discover.

Your old home would be safe forever.

#73 45north on 07.10.22 at 9:26 pm

Now I see the average Cambridge home has given up $250,000, or about a quarter of its value, in the past 100 days. Not far away K-W prices have been hacked by $300,000. Everywhere, listings are up (8 homes for sale in Mt Elgin represents about 20% of the population), sales have slowed, DOM has exploded and the great reset of Canadian real estate continues.

I see a lot of tension between the developer and the 32 owners who have already bought. The developer can drop his price but they cannot.

#74 mickclean on 07.10.22 at 9:32 pm

Heritage buildings in TO tend to have a tendency to catch fire sometimes more than once
https://www.blogto.com/city/2020/03/heritage-building-downtown-toronto-fire-second-time-week/
David Suzuki is very honest when he lets us know that EVs have to be prohibited for private individuals. Once all the ICE infrastructure is gone could well be that the only vehicle in your driveway will have 2 wheels.
https://www.theglobeandmail.com/drive/mobility/article-we-need-much-more-infrastructure-david-suzuki-on-the-challenges-his/

#75 Doug t on 07.10.22 at 9:36 pm

#59 TurnerNation

Keep up the good work buddy

#76 Doug t on 07.10.22 at 9:39 pm

And petition signed – simply disgusted

#77 Ken From BC on 07.10.22 at 9:44 pm

# 56 50 YEARS OF MAPLE LEAF INCOMPETENCE!

You might enjoy this. Not only do the Leafs have the longest drought in NHL history, they have the most annoying fans. Websters Dictionary should define pathetic as the Toronto Maple Leafs.

https://ca.sports.yahoo.com/news/maple-leafs-fans-voted-most-annoying-in-twitter-survey-004943622.html

#78 Ponzius Pilatus on 07.10.22 at 9:48 pm

How to you move a brick house?

#79 Doug t on 07.10.22 at 10:02 pm

#72 Ed

Yup it has been done for a fact

#80 Doug t on 07.10.22 at 10:03 pm

#71 Stone

Or is it Heart of Stone meh

#81 Barb on 07.10.22 at 10:16 pm

As house prices continue to fall, let’s hope that Elgin Hall again ends up in our blog host’s hands. Magnificent building and history!

#82 Sail Away on 07.10.22 at 10:17 pm

#72 Ed on 07.10.22 at 9:05 pm

Garth…follow the BC method…drop a few arrow heads in the crawlspace that somehow you later discover.

——–

Arrowhead/spear point hack: walk the exposed river gravel bars during low-water times. Kids are good due to proximity to ground. We’ve found dozens, but shhh… or someone will come by to ‘repatriate’ them… along with our cool dinosaur stuff.

#83 Sail Away on 07.10.22 at 10:22 pm

#78 Ponzius Pilatus on 07.10.22 at 9:48 pm

How to you move a brick house?

——–

Haha, exactly! You take it apart brick by brick then rebuild it somewhere else after painstaking cleaning the old bricks. That’s a lot of work.

#84 Shawn on 07.10.22 at 10:29 pm

#78 Ponzius Pilatus on 07.10.22 at 9:48 pm

How to you move a brick house?

*********************************
One brick at a time?

The house has already moved Garth. But him returning that favor would be very difficult.

There was a story on CBC radio this year about a man aged over 90 who still has a business of moving houses. And he is out there doing that, not just sending a crew. Some people just get things done. I think it was the same guy who’s younger friends warned him not to be playing softball and running at his age since he could drop dead. To which he replied, yeah so what?

#85 Doug in London on 07.10.22 at 10:30 pm

Wow, I’ve never heard of this cool guy James Bruce. Should statues of John A. MacDonald be taken down? I don’t agree, but if they are then some statues of this man should replace them. Better yet, put a statue of him on the property of Chateau Kilbride in Baden, ON.

As for these Mount Elgin Estates, is that the Mount Elgin south of Ingersoll? I won’t make a special trip, especially with petrol at $1.90 per litre, but may check it out if in the neighbourhood. Probably not as exciting and fun as going to Skydive Grand Bend, but worth a look none the less.

#86 Doug in London on 07.10.22 at 10:36 pm

@Ponzius Pilatus, post #78:
How to you move a brick house?
—————————————————-
Hire Harry Potter to use his levitation spell.

#87 CL on 07.10.22 at 10:39 pm

“After having botched inflation management to date, the BoC would probably be better advised to make absolutely sure that if and when inflation cools… it is staying down.”

This is what I mentioned in a past post. Those that caused the inflation are now trying to rescue us from it as if they’re some kind of heroes. Before it was stimulation to “make absolutely sure” we avoided deflation and were clearly out of the pandemic and it’s what got us in to the problem in the first place. All CB’s botched their agenda’s and now we, the peasants, have to pay the price for it.

#88 Stone on 07.10.22 at 10:50 pm

#80 Doug t on 07.10.22 at 10:03 pm
#71 Stone

Or is it Heart of Stone meh

———

You’re entitled to your opinion. I’m just a realist. Garth has said often enough a house is just 2x4s, nails, shingles and bricks. He’s right.

Garth also likes to get his way. In this case, they rejected his offer. No one likes to be rejected. You win some. You lose some. That’s life. Move on.

If you can’t understand and relate to that, it isn’t my problem.

#89 Ponzius Pilatus on 07.10.22 at 10:51 pm

83 Sail Away on 07.10.22 at 10:22 pm
#78 Ponzius Pilatus on 07.10.22 at 9:48 pm

How to you move a brick house?

——–

Haha, exactly! You take it apart brick by brick then rebuild it somewhere else after painstaking cleaning the old bricks. That’s a lot of work.
——————-
I think they also have to number them.

#90 Karlhungus on 07.10.22 at 10:52 pm

My guess is rates stay the same for all of 2023. (But still higher than now of course)

#91 Cats scratch fever! on 07.10.22 at 11:22 pm

#70 Paddy on 07.10.22 at 10:59 am
If Felix and TurnerNation never posted comments again, I wouldn’t be sad….anyone else?

_________________

As a fellow Kanadian,I feel your pain, Komrade.

I’ve been trying for years but we live in an age of blue hair and inclusivity. Not to mention that our revered host still lives in the 1970s… we’re talking full on shag carpet and linoleum. Rather than update his pathetic blog and let the steerage section have a say in what they want to read (you know … being able to respond directly within a thread instead of copying and pasting … or clicking on a “like” button, and getting notifications when someone replies to your comments), he chooses to use a blog template meant for last millennium’s Internet 1.0! Personally, I’ve given up trying to convince him of updating it.

Some people think everything they do is the “cat’s meow” … just like Felix!

Who knows … maybe he’ll listen to you. But don’t hold your breath.

The format is deliberate. Comment on the daily topic, if you want, but this is not a Reddit-style Millennial moanfest. And why would you even care if someone comments on your comment? That’s pathetic. – Garth

#92 The Beaverton on 07.10.22 at 11:33 pm

Always read the fine print!

https://www.thebeaverton.com/2022/07/rogers-offers-canadas-fastest-most-reliable-outages-across-the-country/

#93 Shirl Clarts on 07.11.22 at 1:48 am

#39 Nora Lenderby on 07.10.22 at 4:52 pm
129 hectares per day of agricultural land in Canada lost to “development”.

Who once said – They’re not making land anymore.

#94 Dr V on 07.11.22 at 1:51 am

74 Micklean

Thank you for re-linking that Suzuki article. He certainly lays it out, esp for our friendly tesla owners.

From a few days ago, here are some links you may be interested in

https://www.cbc.ca/news/canada/british-columbia/b-c-electricity-requirements-for-ground-transportation-2055-1.5341996

https://ourworldindata.org/emissions-by-sector

https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/index.html

The last one is very telling as to the scale and enormity of fossil fuels in our energy use. Blogger T-rex ATDC
provided some commentary as well.

#95 Shane Blackwood on 07.11.22 at 2:08 am

It wasn’t just your ancestors who lived with the hope of a brighter future. We present citizens too thought until recently that Canada was a grand dream and marvel of humanity until progressive politics of late and ‘The Big Red Machine” showed us all how evil and racist this country’s founders and current citizens really are and have always been marking the deserved descent of Canada into hell.

And btw, what happens to an old graveyard when the bulldozers come?

#96 Mike on 07.11.22 at 2:09 am

“Looking for old ontario, two centuries of landscape change” by Thomas F. Mcilwraith ISBN 0-8020-7658-0 If you are interested in dating a house, this book is right up your alley ;) !
It views history by looking at the landscape, at the many obvious evidences of human activity … Read this book and you will never look at the rural landscape – in Ontario, or anywhere else – in the same way again.’

— Chris Raible ― Ontario Historical Society Bulletin

#97 Diamond Dog on 07.11.22 at 6:18 am

#62 Diamond Dog & #35 Bezengy

A glaring example of this rests right here with this blogs author.
You won’t change Turners position on any argument by discussion or any other means. Its his way or the hi-way and directly to the trash bin with anything in opposition to his views no matter how wrong you can prove him to be, even directly to his face.
Fact is , he’s wrong about 90 percent of the time and not even aware of it. No one’s ever going to succeed changing any of that with him.
The sum total of what Turner knows about the economy as it exists in real terms today, any real economist could fit on the tip of his baby finger.

———————————————

I can’t speak for Garth, but I would imagine he strongly disagrees with you and for what it’s worth, here’s your opinion on a blog suggesting he’s wrong 90% of the time and yet your words aren’t censored. Just pointing out the obvious.

I definitely strongly disagree with your tact, btw. It’s not about proving someone else wrong, it’s about proving ourselves right and trying to do that in a productive, effectual way.

Point is, there’s a choice to be made. One can either collaborate or be adversarial. Work for or with, or work against. Collaboration as it is commonly known (I think) comes in times of peace and adversity comes in times of war. I can say with experience and observation, prosperity never comes before peace and comes during times of peace, not war so there’s a choice, always a choice between peace or conflict within and outside of one’s self.

As for Garth being rigid in his ways, dude, you earn the right as you enter elder hood. It’s all a part of not putting up with other people’s crap. Besides, if he can’t be the shot caller, who will? And to dismiss experience with the wave of a hand…

There is a tremendous amount of financial illiteracy in this world. Even for those who are literate, its human nature to get emotional, to gamble, to “get too invested” in any venture including stocks, bonds, ETF’s, real estate, assets etc. because personal will is a powerful thing. It’s human nature to want everything we touch succeed or get too attached to our successes or let ego get in the way, but there’s a strategy to investing. It’s not just a mindset, or lesson in humility and patience, its practical experience in recognizing over/under value and potential.

I’m telling you this because not everyone is or can be a Buffet or Munger. The majority of us need help from others regardless of financial advice from the likes of the Buffets or Mungers of the world guiding us to not pay fees or source out investing, to DIY with their own strategies because it worked for them. It’s worked for them because they have the experience, skills and mindset to make it work. It can be learned but I’m telling you… in this world, the majority of us don’t have the time or the mentors or critical thinking to shorten the learning curve and put ourselves in the position of what it takes to succeed on our own.

What I’m saying is the majority of us are going to need help from managers and there’s no shame in it. I’m telling you this because its not realistic to focus solely on the failures associated with allowing others to invest your money, you also have to focus on the successes of doing so and ask yourself whether or not the DIY investor “as a whole” would have done any better given the same sets of circumstances. You should already know the answer, not everyone is cut out to invest on their own (I think, majority).

I speak as a DIY investor investing time in this blog because I recognize what I believe to be a common goal here @ Greaterfool and that goal is for everyone to succeed, not just managers and individuals somewhere on the pyramid. It’s probably going to sound corny, but I dare say to risk using a loaded expression, it’s authentic woke capitalism defined as “the genuine pursuit of success and prosperity for all”.

True capitalism is, after all, about individual success through “expanding market share” with poverty and ignorance ultimately standing in it’s way. If you don’t have this same recognition of a goal of shared success for all Willy, I suggest its because you’ve completely misunderstood the true purpose of this blog.

#98 maxx on 07.11.22 at 7:30 am

@ #19

Indeed. History “lite”.

#99 Cmonceltic on 07.11.22 at 8:15 am

Stop whingeing, pull out the cheque book and buy the place. Whingeing poms just aren’t attached to history like the Celts

#100 mickclean on 07.11.22 at 8:35 am

If you’re from Toronto you’ve probably seen the heritage Campbell House right at the NW Corner of Queen and University. It’s original home was over 1.5 km SE at Adelaide and Frederick. I personally saw the move in 1972.
https://www.campbellhousemuseum.ca/history/the-move/

#101 Wrk.dover on 07.11.22 at 8:50 am

#91 Cats scratch fever! on 07.10.22 at 11:22 pm
he chooses to use a blog template meant for last millennium’s Internet 1.0!
_______________________________

It takes enough time to assess and absorb the daily content as it is. No more layers of it is a good thing!

As for the old Hall, there is enough yellow brick there to build another road to Kansas.

The sad tale of the Hall’s imminent demise brings to mind Barenaked Ladies, woefully singing the refrain of ‘This is where we used to live”.

#102 Linda on 07.11.22 at 9:13 am

#95 ‘Shane’ – old graveyards can’t just be bulldozed over. The graves must be moved to another location or the site must be preserved ‘as is’. Even if there are no markers, if human remains should emerge during construction then it becomes a matter for police – after all could be a crime scene – & if the subsequent investigation revealed the site was used as a cemetery, then whatever rules regarding the removal/relocation of said remains would apply.

#103 Re-Cowtown on 07.11.22 at 9:26 am

With Green Energy is that you need many things to go right for things to work out OK.

With fossil fuel energy, many things can go wrong and things can still work out OK.

Which one would you bet your children’s life on?

#104 Dharma Bum on 07.11.22 at 9:43 am

It was a long trip to Ottawa by horse, stagecoach and train. ~ Garth
______________________________________________________________________

But not longer than it takes to get anywhere if you’re travelling through Pearson today.

At least the stagecoach didn’t lose your baggage.

#105 Shawn on 07.11.22 at 10:33 am

What caused the inflation?

Excess money printing started around 2008 and was predicted to cause big inflation. Yet this high inflation only arose recently. Lots of people now claiming it’s SO obvious the cause is money printing. So why the 14 year delay?

Well, maybe before the money printing was not getting into consumers hands. This time is was government cheques via borrowed money direct to the people so that probably is a big reason for inflation.

But what about minimum wage increases? The big minimum wage increases in Ontario and Alberta and much of Canada were in the last four years or so.

Several years ago there was a call in the U.S. for $15 minimum. That’s been done at a lot of places now. Banks in the U.S. have just moved to about $20 minimum. Bank of Montreal just today announced the new $20 per hour minimum for all its American bank operations. That’s over $25 Canadian! Biden has been a big proponent of minimum wage increases. I’m in favor of that as well as things like income tax credits for the lowest income workers. But this might also explain a big part of the recent inflation.

#106 millmech on 07.11.22 at 10:51 am

This maybe why there are so few buyers of real estate from China, this is going to get bigger as more real estate developers fail.
https://www.msn.com/en-ca/news/world/china-crushes-mass-protest-by-bank-depositors-demanding-their-life-savings-back/ar-AAZqmng?ocid=msedgntp&cvid=8ae50524a2b841ab8d32c2aa1cf72c86

#107 Philco on 07.11.22 at 10:51 am

Lawyers, developers, politicians and realators all on my Sh!t list.

#108 Satori on 07.11.22 at 11:11 am

Wasn’t a few months ago the peak of the housing market?

#109 earthboundmisfit on 07.11.22 at 11:52 am

Hopefully it’s not too late. As the RE markets adjust to reality, perhaps the developer will fail. Heritage is always worth preserving, particularly so when it is your own.

#110 wallflower on 07.11.22 at 11:58 am

Are we voting?

YES to Felix
I come here for the dogs and wit in the blog and I ADORE Felix comments – brilliant and thoughtful cat.

NO to TurnerNation
TurnerNation is solely responsible for my carpal tunnel syndrome with all that clicking/scrolling I do to get through the yuck space and it breaks my heart to think about the TurnerNation carbon footprint for all that yuck muck

YES YES YES to blog format
Blog format … clean, simple, a relief

#111 DON on 07.11.22 at 12:02 pm

#105 Shawn on 07.11.22 at 10:33 am
What caused the inflation?

Excess money printing started around 2008 and was predicted to cause big inflation. Yet this high inflation only arose recently. Lots of people now claiming it’s SO obvious the cause is money printing. So why the 14 year delay?

Well, maybe before the money printing was not getting into consumers hands. This time is was government cheques via borrowed money direct to the people so that probably is a big reason for inflation.

But what about minimum wage increases? The big minimum wage increases in Ontario and Alberta and much of Canada were in the last four years or so.

Several years ago there was a call in the U.S. for $15 minimum. That’s been done at a lot of places now. Banks in the U.S. have just moved to about $20 minimum. Bank of Montreal just today announced the new $20 per hour minimum for all its American bank operations. That’s over $25 Canadian! Biden has been a big proponent of minimum wage increases. I’m in favor of that as well as things like income tax credits for the lowest income workers. But this might also explain a big part of the recent inflation.

********

Add on the decline of globalization due to the pandemic and the new emerging multipolar reality excerabated by the Ukranian War. Then there’s the normal price gouging, shrinkflation and pent demand/just in time supply chain issues.

The everything bubble just might have created the everything inflation…add in pandemic and war as catalyst.

Every action has an equal and opposite reaction.

Test the theory: Drive to your nearest grizzly bear habitat. Sneak up on a sleeping bear, give it a swift kick in the rear and see what happens!

#112 Senator Bluto on 07.11.22 at 12:13 pm

Trudeau has now declared war on another element on the Periodic Table.

First it was Carbon. Now it is Nitrogen.

When he declares war on Krypton, Superman will kick his a$$.

#113 earthboundmisfit on 07.11.22 at 12:15 pm

https://www.waymarking.com/waymarks/WMEKYA_These_Three_Historic_Houses_Kingston_Ontario

August 1992, three red brick Victorian two and a half story brick houses were moved from the heart of the Queens Campus to facilitate the building of the new Queen’s library. Their destination was only about 3 km west to the John Deutsch University Centre, but took weeks. The procession move literally inch by inch along a circuitous route that avoided to tree removal.

#114 Jacque on 07.11.22 at 12:26 pm

The TSX is a terrible performer since 2007 when it reached 15,000 and not much higher today 15 years later, 18,825. I think it will test that again but bounce back to 18,000 by year end. It will go up and down between 15,000 to 18,000 basically being a loser in the next 12 months.

#115 jess on 07.11.22 at 12:38 pm

manufactured (dis) consent

libertarian behavior? : “move fast and break things”

…”lobbying work is they try to eviscerate the state — they try to evade it, they try to lessen it, they try to say: ‘Don’t worry about it, we’ll take care of that.'”

On Oct. 4, 2014, John Baird, the federal minister of foreign affairs in Prime Minister Stephen Harper’s cabinet, complained on Twitter and Facebook of having waited 75 minutes for a cab in Ottawa. He publicly called on the city to allow Uber, which had started operating illegally in the capital.

from the CBC:…”A few days later, Uber’s policy team claimed to have “secured the foreign minister of Canada as a public endorser,” according to a leaked internal memo. https://twitter.com/Baird/status/518608235650375681

or just find me the votes call the election corrupt and I will take care of the rest …manufactured consent

https://www.icij.org/
THE LOBBYING MACHINE
How Uber won access to world leaders, deceived investigators and exploited violence against its drivers in battle for global dominance

When the ride-hailing giant called, powerful politicians answered, leaked text messages and emails reveal.
By Sydney P. Freedberg
Jul 10, 2022

#116 Shawn on 07.11.22 at 1:20 pm

Don on inflation at 111:

Add on the decline of globalization due to the pandemic and the new emerging multipolar reality excerabated by the Ukranian War. Then there’s the normal price gouging, shrinkflation and pent demand/just in time supply chain issues.

***********************
True and on globalization add the Trump import tariffs.

As far as price gouging, that’s normal except it may be that we have increasingly concentrated markets with too few choices.

Especially in Canada our basic goods and services have few choices. Telco, grocery and drugstores are quite concentrated. In banking we have a ton of choice except we tend to choose a bank once or twice in a lifetime as opposed to once a week.

#117 T Rex and the dinosaur clique on 07.11.22 at 1:21 pm

RE: #113 earthboundmisfit on 07.11.22 at 12:15 pm

It is relatively easy to move an old house, however it is expensive. The hard part is building a subframe underneath the house, in place of the foundation, to carry the weight. Once you have that in place, you use a rail track to move it (ie, not wheels, rails) which are temporarily put in place, and then moved as the house moves. That ensures a bump-less ride for the old pile of bricks. Ideally you want the location to be somewhere close by.

I was involved in the entire process years ago when an old house was moved from a location where they were building a gas station, to another location down the street, as part of the “deal” struck between the folks building the gas station and the owners of the land (they wouldn’t sell unless their house was moved, so the gas station builders moved their house for them).

It was kind of sad as they were an older couple, who both died a few years after the big move, and then their house went up for sale, was purchased by a developer, and leveled for a condo project.

But it was an interesting process to be part of.

#118 jess on 07.11.22 at 2:54 pm

look back to see today

Crossing the Atlantic.
Writing on the 16th of January to Lady Grey he says:

—’the worst passage the ship had ever made.’

https://www.gutenberg.org/cache/epub/10610/pg10610.html

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The Antigua Almanac of 1851 showed Samuel Bickerton Harman as the owner of Harman’s, the 118-acre plantation where from 146 to 148 slaves had been forced to work.

…” first elected to Toronto council in 1866, Harman became the city’s mayor in 1869 and 1870, serving two one-year terms

Mark Maloney has written “A History of the Mayors of Toronto.” For more information on the slave-owning Harman family, visit The Centre for the Study of the Legacies of British Slavery (University College, London) online.

#119 Don on 07.11.22 at 3:12 pm

Will the truckers’ revolution revolve into a farmers’ revolt in Canada like in the Netherlands? The underbelly of this beast is ugly.

#120 Don on 07.11.22 at 3:20 pm

https://www.youtube.com/watch?v=N-5d7V4Sbqk

Stranger things!!! This is from NYC today.

NYC getting ready for a nuclear attack. Are they planning a “preemptive attack” on Russia, and preparing the nation for a counterattack from Russia?

Is this the harbinger of ill wind?

#121 Jurgen Muller on 07.11.22 at 8:45 pm

Don’t even try arguing with Junior and here is why:
https://twitter.com/SilbergleitJr/status/1546634328716636160

#122 David Greene on 07.12.22 at 1:04 am

Garth:

Wasn’t it you who said prejudice against old people was the last acceptable prejudice? Do you think this is any better?

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The format is deliberate. Comment on the daily topic, if you want, but this is not a Reddit-style Millennial moanfest. And why would you even care if someone comments on your comment? That’s pathetic. – Garth