Mayday?

Big news day. US labour market erupts in the States. Jobs in Canada take a gut punch for the second month running.

Is it a crisis? Is it good?

As you may know, we ‘lost’ 30,600 paycheques in July, says StatsCan. The talking heads on BNN said this was due to a cooling of the economy, and sure-as-shootin’ proof the place is sliding inexorably into a recessionary state.

In contrast the US added 528,000 workers. That shoved the jobless rate down to 3.5%. That is (a) the lowest since we started counting this stuff in the 1960s and (b) considered to be full employment. There are more empty jobs now than people to fill them.

The implications:

First, no recession. Or if there is one, you might not notice. The American economy is not grinding to a halt nor in peril. It has absorbed an aggressive rate tightening by the central bankers, shrugged off ridiculous energy costs, the Putin war, Pelosi triggering China, more Covid, Monkey pox and Beyonce’s new horse.

Look at the stock market. We may still be in a bearish state, but traders are obviously risk-on. July was the best month in years. Double-digit gains, and so far in August it’s all holding – despite the Fed. Corporate profits are robust with over 70% of companies beating estimates. So it begs the question: what if they called a recession and nobody came?

I hope you took the advice months ago when this volatility enveloped us: stay invested. This is why.

So the boffo jobs numbers guarantee rates will rise again next month. Mr. Market is pricing in 75 beeps, which seems about right. More evidence that homeowners and the indebted will be shouldering the burden of monetary policy, while Wall Street and liquid people do just fine.

Canada?

Don’t be fussed about shedding jobs. Our unemployment rate of 4.9% is the lowest since 1970. Wages are galloping ahead at a rate of more than 5%. Job postings are 65% higher than they were before the pandemic. We have a record number of job openings. And the stats mask the fact big numbers of people are quitting the workforce in the ongoing Great Resignation – especially in the health care sector where life has been grim.

In fact 53,000 fewer workers in health and education were offset by 23,000 more in goods-producing industries. That tells you something.

The most important thing to remember is the overall labour force in Canada shrank by almost as much (27,000) as the reported ‘lost’ jobs (30,000). That’s why the unemployment rate stuck at 4.9%, why the economy is not turning icy, why the Bank of Canada will carry on with its next rate hike on September the 7th and why the premise here of late – financial markets up and housing market down – is strengthened.

To underscore that, look at the real estate report RBC just dropped:

The housing correction now runs far and wide across Canada. Early reports from local real estate boards provide further evidence that higher interest rates have taken a huge toll in July. In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century. Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear.

Our expectations for further hikes by the Bank of Canada—another 75 basis points to go in the overnight rate by the fall—will keep chilling the market in the months ahead. We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates. Canada’s least affordable markets Vancouver and Toronto, and their surrounding regions, are most at risk in light of their excessively stretched affordability and outsized price gains during the pandemic.

Exactly what we have been saying here on a certain pathetic blog for several months. How as all this not inevitable? Why are people so shocked now? (Don’t answer that. I know.)

“Everyone talks about the devastating 1% rate increase last month,” says crusty mortgage broker veteran Ron Butler. “How intense the reaction was, how you could just watch activity fall off a cliff. September 7th is coming. Another increase is coming. Market sentiment will continue to cool. And prices. And activity.”

Indeed. All of the Covid premium will inevitably be wiped away. The odds of us surpassing the 32% market dive in the early 1990s in Canada and 2006 in the US are high. “The frenzy that took Toronto’s market to unprecedented heights this winter is completely gone,” says RBC. And the numbers prove it.

In fact, look at this. In Oshawa, with detached homes, we’re already there – a 33% price reduction in a few months. The people who bought in February, it turns out, paid $402,734 too much. Ouch. The people who buy now might just join them.

Source: Royal Heritage Realty Inc; Toronto Regional Real Estate Board

About the picture: Days ago we featured a picture of this blog being read in the cockpit of a plane flying at 820 km/hr at an altitude of 35,000 feet, over Winnipeg, submitted by flyboy Aaron. “I don’t know who Aaron is,” writes James (also a commercial pilot), “but it’s nice to know I’m not the only one who enjoys your blog at 41,000 feet! Been reading your blog for 8 years. Financial freedom feels great – Thanks for the (free) guidance!”

103 comments ↓

#1 Penny Henny on 08.05.22 at 4:53 pm

Billy Bob?

#2 crowdedelevatorfartz on 08.05.22 at 4:54 pm

I hope the interest rate increases Crush the Real Estate Ponzie price pyramid and take all those commissioned sales hucksters with it…..
A 50% drop in sales and prices….is a good start.

#3 mitzerboyakaQueencitykidd on 08.05.22 at 4:55 pm

the Dog days of summer are almost over
after that it’s a different ballgame …
enjoy
take care
be kind

#4 Sam on 08.05.22 at 4:55 pm

This blog has always promoted renting over buying for majority of folks but isn’t talking about how much renting costs these days. $2,000 for unfurnished 1 bed. $3000 for 2 bed and so on. Add in renting a parking spot if you can find one and trying to be near green space which is at a premium also.

Way cheaper than owning. – Garth

#5 Basil Exposition on 08.05.22 at 4:57 pm

Our neighbors finally sold their 3000 sq. ft. detached in one of Oshawa’s newer neighborhoods after 4 months on the market. Had very few showings. Re-listed and re-priced twice. Accepted a 24 percent drop from the original list back in April.

#6 Retro Blogs on 08.05.22 at 5:00 pm

I’m not sure I like these % drops measured from Feb 2022 crazy peaks. Pricing was way out of whack Dec 2019.

The fever Covid caused should be an exception and noted as such.

May I remind you what was posted December 2019, when prices were already way detached from incomes or affordability?

>
The average detached house price crested two years ago, but the composite benchmark price hit a new all-time high just last month. It was $815,000, up almost 7% year/year. In 416 the benchmark was $903,700, according to real estate board stats.

https://www.greaterfool.ca/2019/12/26/the-envelope-please-2/

If the 416 last month was $1,515,763, are we not $600,000 away from December 2019 still?

My point Sir, is that we’re some ways away from any sort of affordability. Even 50% drop means nothing, never mind the 32% to erase Covid RE illnes. It still means $100,000 more than Nov/Dec 2019 in Pre-Covid days.

Houses/Condos need to drop 60%+ to make a dent, and to make any sense vs. just renting.

Patience. In 2019 we did not know about Covid or the monetary response to it. In time, this will all be corrected. – Garth

#7 Yukon Elvis on 08.05.22 at 5:13 pm

The price of a barrel of oil before the Russkies invaded Ukraine was 90ish usd per barrel. The the price of a barrel of oil today is 88.50 usd per barrel. Good news for the economy.

#8 Double SAGI? on 08.05.22 at 5:21 pm

#140 Sail Away on 08.05.22 at 3:24 pm

Yowza!

Careful, don’t trigger another SAGI!

Also:

#122 Sail Away on 08.04.22 at 11:42 am
#114 Sail Away on 08.05.22 at 8:43 am
#115 Sail Away on 08.05.22 at 8:52 am
#128 Sail Away on 08.05.22 at 10:52 am
#134 Sail Away on 08.05.22 at 1:17 pm
#136 Sail Away on 08.05.22 at 1:45 pm
#140 Sail Away on 08.05.22 at 3:24 pm

One wonders if the co-owners of the business you claim to be yours know how often you clown around in the webz.

#9 Flop… on 08.05.22 at 5:24 pm

Flop Drops.

Flop Drops is meant to more about price discovery more than the big losses it’s predecessor The Pink Snow Project, but sometimes these paths cross.

The media ran a story a while back about places in Canada where you can still get a detached house under 200k.

That didn’t really matter in Vancouver, so they then focused on any condos under 200k and the other day showed an old timer in Richmond in a similar area than today’s news maker.

The details…

207 7180 Lindsay Rd Richmond.

Ask 238

Just sold for 211k

Previous sale 246k January 2022.

Even I find this one perplexing.

Just like the Chilliwack one yesterday at the bottom of the Greater Vancouver detached market that to a 200k , plus fees loss, these guys, dunno what they were up to, to take probably a 50k loss after the dust settles at the very bottom of any type of bought shelter in Greater Vancouver.

Don’t remember John Denver singing about take me home Lindsay Road…

M48BC

https://www.zealty.ca/mls-R2708972/207-7180-LINDSAY-ROAD-Richmond-BC/

#10 Søren Angst on 08.05.22 at 5:24 pm

Patience…
– Garth

OH.SO.TRUE.

Immediate gratification “Kids” will find out what a decade of hurt is like that us Paleos lived in the 80s. Probably worse.

At least they’ll keep their jobs.

NICELY WRITTEN Garth.

————

Speaking of Paleos, StatCan went nuts trying to explain the job numbers. This is what they came with after a lengthy diatribe of anecdotal nothingness trying to explain why the Labour Force SHRUNK by 27,000 *:

“Employment declined among older and core-aged women, while it was up among older men.”

Pardon some of us Paleos all to hell KIDS for wanting to retire.

https://www150.statcan.gc.ca/n1/daily-quotidien/220805/dq220805a-eng.htm?HPA=1

* June to July, thousands

Labour Force -27K

Employment -30.6
-Full -13.1
-PT -17.5

Unemployed +3.6

-30.6 + 3.6 = ???

BTW, that Math lost upon the Fields Medal Award winners at BNN:
https://www.bnnbloomberg.ca/canadian-economy-sheds-jobs-for-second-straight-month-1.1801951

Hint from StatCan, big, bold, subheading in the July LFS:

“Employment little changed in July after declining in June”

Add a TOEFL fail for BNN.

#11 Blobby on 08.05.22 at 5:25 pm

@#4 Sam

I pay $2100 for a 3 bedroom house, with drive/garage/garden – Greater Vancouver. Next to the beach.

#12 NOSTRADAMUS on 08.05.22 at 5:25 pm

LEFT BEHIND !
The self employed have been shamefully left behind. The economy will not recover until we start treating the self employed better. Their incomes have steadily fallen. Inflation has hit them harder than anyone else. They are worried about making ends meet, and understandably they have been quitting the workforce in droves. Many different sections of the workforce have been hit hard first by the pandemic, and then by the cost of living crisis that followed it. But none has been hit harder than the self employed. In reality, people who work for themselves have been treated appallingly by the government. There were no support schemes that were anything as generous as furlough was for employees. In addition they have been hit by complex new regulations by an administrative state that seem to want to hound them out of existence.
The trouble is, this over reach does a huge amount of damage to the economy. Re-wind a few years, and self-employment was one of the fastest growing and most dynamic sector of the economy, generating lots of well-paid , satisfying careers, and, perhaps more importantly, a pathway to entrepreneurship- after all , most people who set up companies employing ten or twenty people start out working just for themselves. Is there a politician out there who wants to make a meaningful difference in the lives of so many forgotten little people , well here is your chance to be a real hero, start looking out for the legions of the self employed. They need all the help they can get. As I said at the beginning of my rant, the economy will not recover until we start treating the self-employed better. Steady Lads, hold the line.

#13 Boom Boom Boom on 08.05.22 at 5:28 pm

A headwind for RE has got to be our aging population.

There are seven million Canadians 65 and older who make up 19 per cent of the population.

#14 Steven Rowlandson on 08.05.22 at 5:29 pm

Who can buy homes when you need the prime ministers income to do so? Certainly not construction workers and tradesmen.

#15 Kloppis on 08.05.22 at 5:29 pm

I love the taste of the blood in the water, i can hear vivaldi’s four seasons now…waiting for winter.
https://m.youtube.com/watch?v=ZPdk5GaIDjo

#16 yorkville renter on 08.05.22 at 5:38 pm

#4 Sam – do the math… what’s an average 2-bed condo cost, and what is the mortgage payment and condo fees?

#17 Søren Angst on 08.05.22 at 5:43 pm

Favorite Tweet of the day for me on news about the US Jobs Report:

https://twitter.com/dougboneparth/status/1555535494070636551

Hate to say it as many will be hurt BUT those that invested/leveraged themselves recklessly, be it RE, Crypto, whatever – will be tossed aside and out of the economy for a decade or more in this period of high inflation, ever rising CB rates by

CREATIVE DESTRUCTION

The money that would otherwise have gone to the reckless will be now put INSTEAD into the hands of KIDS that will act responsibly.

My fond hope for 🍁.

#18 Dave on 08.05.22 at 5:44 pm

Try hiring white collar professionals….impossible. Everyone is working and has a job.

It’s insane….people now want 25%+ increase in salary to even consider a job.

The job market is unhealthy because NO ONE is looking for work

#19 Tim on 08.05.22 at 5:55 pm

Evergrand, China’s biggest property company is going bust, so watch all the high end homes in Vancouver cmoe on the market.

The level of stupidity on this blog just plumbed a new depth. – Garth

#20 Doing my part on 08.05.22 at 6:12 pm

Looks like Faron is poking the bear again.
I hope he can run faster than his buddy.

#21 SAGI supporter? on 08.05.22 at 6:13 pm

#147 Hater confirmed on 08.05.22 at 4:08 pm

a one day move…

We aren’t.

What part of “a quick 5%” did you not understand? The SAGI was defined numerous times.

Apparently yes. Yes you are.

#22 Clifford the Big Red Dog on 08.05.22 at 6:14 pm

Why bother trying hard in life when politicians own real estate and enact laws which benefit them?

Why work hard to give your tax dollars for Trudeau to take a vacation in Costa Rica, while you are denied your EI claim after working several years paying into the system?

It’s time for a radical change.

Let’s vote for Clifford the Big Red dog.

#23 WTF on 08.05.22 at 6:17 pm

Old Joke,

Your at a party. Dont know anyone. Which one is the Pilot?

Don’t worry, he’ll tell you

Mike drop……

#24 thesmug on 08.05.22 at 6:27 pm

Earlier this year, I ghosted my realtor after they insisted that I did not really need to be cashflow positive on a dank, joyless 1br “investment” condo in a 40 year old building across from the trailer park in Squamish, for over $500,000.

Never in my life have I ever felt so smug.

#25 Annek on 08.05.22 at 6:27 pm

Yukon Elvis on 08.05.22 at 5:13 pm
The price of a barrel of oil before the Russkies invaded Ukraine was 90ish usd per barrel. The the price of a barrel of oil today is 88.50 usd per barrel. Good news for the economy.
———
Not so sure this oil price drop is good for the Canadian economy.
“ Higher oil prices are still a net positive for the Canadian economy, said CIBC’s Shenfeld, but things are different this time.

“When they’re caused by disruptions in the global economy they are not as powerful as when they are caused by strength in economic activity around the world,” he said.”

#26 Reality is stark on 08.05.22 at 6:39 pm

Today was vindication day.
Canada is indeed a socialist backwater meant for the mediocre.
As your house value and your dollar falls into oblivion you can sing O Canada on the way to the loo.

#27 crowdedelevatorfartz on 08.05.22 at 6:45 pm

@#9 Floppie
“Just sold for 211k
Previous sale 246k January 2022.
Even I find this one perplexing.”

+++
I look at Canadian real estate as a slow motion disaster.

The first people off the Titanic lost everything but their lives.

Wait six months and look at comparables in the same Ditchmond neighborhood.

They’ll be selling for 175k.
IF they sell.

#28 Just for Laughs on 08.05.22 at 6:55 pm

#23 WTF

Old Joke,

Your at a party. Dont know anyone. Which one is the Pilot?

Don’t worry, he’ll tell you

Mike drop……

—-

Amazon just bought Roomba for $1.7B

It’s official now. Amazon SUCKS!

…by the way, can you imagine the spying that your vacuum with cameras will be doing on you now? You just know Amazon will put microphones on it. It will upload your house details to AWS. It will send your “dust” to a lab for DNA sequencing.

This is what laziness gets you.

Another person’s comment about state of tech…

Y’know, here’s the thing I just hate about the present tech world we find ourselves in. A nice little vacuum robot is a nice thing to have. I have hardwood floors. We bought an off-brand Roomba competitor and put some googly eyes on it. A few times a week, we flip the chairs onto the tables, push the button, and Beepatrice takes care of all the random dirt and grit and bits of whatever, and it’s just great.

But that’s not good enough for the tech world. We can’t just buy, once, a useful device that makes our lives fractionally easier. We can’t even be the customer anymore. It’s all just another tedious scheme to generate another couple of terabytes of data to sell wholesale so other companies can market random s**t to me, and THEY’RE the customers now. And so everything becomes creepier and more invasive and more monetized and s**ttier and less pleasant, and cumulatively, it just joins all the other things that suck to make me hate it here.

#29 AM in MN on 08.05.22 at 6:56 pm

#12 NOSTRADAMUS on 08.05.22 at 5:25 pm
LEFT BEHIND !
The self employed have been shamefully left behind. The economy will not recover until we start treating the self employed better. Their incomes have steadily fallen. Inflation has hit them harder than anyone else.

———————————————————-

Who is “we”? The Govt.?

Speak for yourself. I’ve been self employed WFH for most of the last 20 years.

Do a lot of commissioned sales and work both sides of the border. Some large electrical equipment like transformers have doubled in price… while my commission % stays fixed (Do the math!)

Hardest part is trying to find suppliers and skilled labour. It hurts to turn down sales, and that draws anger about policies of the Govt. to close the borders and pay people not to work, but every conditions has it’s ups and downs and you take the risk when you go self employed.

Given the risks and the dry spells, it also draws anger when the wage slaves you know think you got “lucky” when you bring in twice what they do in a year off a single big close.

#30 Stealth on 08.05.22 at 7:01 pm

I want to thank you for making my day with your Beyoncé’s new horse comment. Probably biggest laugh since 2009.

Also co-pilot reading your blog and doing a 1up on previous pilots picture is also priceless.

Excellent.

#31 Joseph R on 08.05.22 at 7:02 pm

#26 Reality is stark on 08.05.22 at 6:39 pm
Today was vindication day.
Canada is indeed a socialist backwater meant for the mediocre.
As your house value and your dollar falls into oblivion you can sing O Canada on the way to the loo.

————————————————————–

It’s socialism when prices go up but it’s also socialism when prices go down.

“Schrodinger socialism”

#32 L on 08.05.22 at 7:02 pm

Wake up neighbour! I am a Realtor in Vancouver and word on the street amongst Realtors is that we’re due for a 20% correction. And I am of the opinion that Vancouver will experience a 40% plus crash.

This was posted by Jell April 1 2008

#33 Puzni on 08.05.22 at 7:04 pm

RE:
#12 NOSTRADAMUS
LEFT BEHIND !
————–
The government of Canada did quite a lot of things for self employed people. Few things to quickly mention:
Wage subsidies , Partial Lease payments, Non repayable loans, small business grants.

Now having said that it probably wasn’t easy to jump through all the red tape and yes some business struggled but the government did try to help.

Finally being self employed usually meant that you as an owner should take on all the risks associated with running your business. There are a lot of risks associated with running a business and as an owner you must adopt, flex and re invent.

#34 crowdedelevatorfartz on 08.05.22 at 7:05 pm

Wow!
A $90 million dollar tax write off.
BEFORE the movie even hit the theaters.

https://www.theguardian.com/film/2022/aug/03/irredeemable-batgirl-movie-unexpectedly-cancelled-despite-being-in-final-stages

Could Canada get a $450 Billion dollar write off if we toss Trudeau?

#35 crowdedelevatorfartz on 08.05.22 at 7:07 pm

@#26 Reality is Stark naked
“As your house value and your dollar falls into oblivion you can sing O Canada on the way to the loo.”
+++
I prefer to save my singing until I’m IN the loo.

#36 Felix on 08.05.22 at 7:14 pm

Happy Feline Friday!

Did you know:

Cats are extremely sensitive to vibrations. Cats are said to detect earthquake tremors 10 or 15 minutes before humans can. Including this real estate crash.

Researchers say your cat *does* know her name. She just doesn’t care.

A cat’s hearing is better than a dog’s. And a cat can hear high-frequency sounds up to two octaves higher than a human.

#37 Globe and Fail? on 08.05.22 at 7:15 pm

Funny…I don’t see an article about the jobs release on Globe and Mail website.

I’m sure it’s just a coincidence…an accidental oversight.

#38 Roofer on 08.05.22 at 7:20 pm

How do you like your recession/depression served to you courtesy of the Liberals?

Option A: Keep interest rates low, allowing high inflation to eat away at the purchasing power of your savings and feeling poor.

Option B: Higher interest rates that lowers inflation to 2% but bankrupts all those indebted Canadians to the point they lose their shirt and feeling poor.

There is no option C!

#39 Sail Away on 08.05.22 at 7:22 pm

Our homee’s pure maintenance costs are around $12k per year, on average, but we probably double that with upgrades and renos, so say $25k. Then $5k in property tax for total of $30k/year or $2,500/month, ignoring the initial purchase… which at $350k 16 years ago, compounded at 7% would equal $1.03M (or $850k after CG tax).

So, for us from the money side, it looks like owning during a very good RE run slightly edges renting. But it’s one heck of a lot more work, although luckily, we find that part satisfying. Not everyone does.

But man, we do indeed love living here, relaxing on the deck enjoying the musical ferry whistles, prolific marine life and family both sides that pretty much becomes a permanent part of the estate every summer :-).

#40 Garry on 08.05.22 at 7:27 pm

Excellent news. Stayed in the market and diversified as per
the Boss (may His name be blessed Forever): G.T.

And, good on Pelosi-she has taken heat-but at what point
do democratically elected representatives, (and the nations they represent)- no matter their
politics-bow down to orders from tin pots like Xi and Putin??

#41 Sail Away on 08.05.22 at 7:29 pm

#23 WTF on 08.05.22 at 6:17 pm

Old Joke,

Your at a party. Dont know anyone. Which one is the Pilot?

Don’t worry, he’ll tell you

——–

Like this?

https://youtu.be/THNPmhBl-8I

#42 Call me Stupid on 08.05.22 at 7:31 pm

#19 Tim on 08.05.22 at 5:55 pm
Evergrand, China’s biggest property company is going bust, so watch all the high end homes in Vancouver cmoe on the market.

The level of stupidity on this blog just plumbed a new depth. – Garth
…………………………………………………………….

I concur with Tim – China’s ghost city pyramid scheme along with its rural banks’ crisis of vaporizing deposits will cause China some deep pain over the coming months. I expect the world economy to take a hit.

#43 Paulo on 08.05.22 at 7:32 pm

I personally am 36 and single, rent for $1,845+utilities a month a small house in Ajax. I am an immigrant from Brazil now Canadian citizen for 10 years now However, I do make sure I am saving alot every month. I do have a very good well paid profession in being a specialized welder so I can afford to put $35,000 a year in savings. I maxed my RRSP, TFSA each year for alot of years and have $410,000. The good news is I am earning $20,000 a year interest with no tax impact on my current paycheck.

#44 GeoPet on 08.05.22 at 7:41 pm

800k to live in Oshawa? You’d need to be insane. I worked in Oshawa for a while. Refused to live there. Commuted Toronto. Oshawa was a shithole when gm was operating. Can’t imagine what it’s like now.

#45 Imagine on 08.05.22 at 7:50 pm

Imagine investing your time (and credibility) criticizing someone online for his support of one of the most successful companies and entrepreneurs of all time, then getting proven not just wrong but brutally wrong.

Getting emotional about investments is a sure way to lose big and look bad doing it.

I hope you don’t carry that emotionalism to your day job. ; )

#46 Flop… on 08.05.22 at 7:57 pm

#66 Cici on 08.03.22 at 7:15 pm
Where can we find the actual sales stats for Quebec City?
As far as I can tell, there haven’t been any price drops here and the local newspaper says if any are to occur, it won’t be for at least two years.

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

Hey Cousin Cici, I came across this article today focusing on Montreal and Quebec City, thought you might glean something from it.

I went to Montreal once, didn’t go to Quebec City, ended up in Mississauga eating donuts with a policeman instead.

Don’t even ask…

M48BC

https://www.archyde.com/real-estate-market-pronounced-slowdown-in-montreal-still-robust-in-quebec/

#47 Imagine 2 on 08.05.22 at 8:03 pm

Imagine being a climate scientist and criticizing the one guy in the world who did more to make EVs a viable option in reality than all the Al Gores and teenaged girl experts combined.

Emotion really is the enemy of reason.

#48 Woodenchef on 08.05.22 at 8:06 pm

I hope the used truck market starts decreasing in tandem with housing with some returned inventory…looking for a 2020/21 tundra, I’m done with Ford trucks…

#49 Is anybody listening? on 08.05.22 at 8:09 pm

About that US job report blowout!

Zerohedge delved into the report and found:
since March, the Establishment Survey shows a gain of 1.680 million jobs while the Household Survey shows an employment loss of 168K!

we find that this drop in Household Survey employment is the result of both full-time and part-time jobs. In fact, as shown below, since March, the US has lost 141K full-time employees and 78K part-time employees.

he US labor force saw a 71K drop in full-time workers offset by a 384K gain in far lower paying part-timers (source). The offset? Multiple jobholders, or people who have more than one job.

while the number of total employees (per the Household Survey) has stagnated, the number of multiple jobholders has been growing steadily, hitting a new post-covid high in June of 7,541 million.

And since the Establishment survey is far slower to pick up on the nuances in employment composition, while the Household Survey has gone nowhere since March, the BLS data engineers have been busy goalseeking the Establishment Survey (perhaps with the occasional nudge from the White House especially now that the economy is in a technical recession) to make it appear as if the economy is growing strongly, when in reality all they are doing is applying the same erroneous seasonal adjustment factor that gave such a wrong perspective of the labor market in the aftermath of the covid pandemic (until it was all adjusted away a year ago). In other words, while the labor market is already cracking, it will take the BLS several months of veering away from reality before the government bureaucrats accept and admit what is truly taking place.

We expect that “realization” to take place just after the midterms, because the last thing the Biden administration can afford is admit the labor market is crashing in addition to the continued surge in inflation.

#50 KLNR on 08.05.22 at 8:15 pm

@#44 GeoPet on 08.05.22 at 7:41 pm
800k to live in Oshawa? You’d need to be insane. I worked in Oshawa for a while. Refused to live there. Commuted Toronto. Oshawa was a shithole when gm was operating. Can’t imagine what it’s like now.

the shwa is known as the armpit of Ontario for a reason

#51 devore on 08.05.22 at 8:17 pm

#7 Yukon Elvis

The issue with all manner of commodities is not shortages, strictly, it’s the disrupted supply chains due to offlining russian and ukrainian producers. Particularly oil, because the taps can be cranked to quickly. The big problem are grains, which obviously take a season to plant and harvest.

#52 That means on 08.05.22 at 8:21 pm

#19 Tim

So the entire Westside of Vancouver will be for sale soon.

#53 watching it burn!! on 08.05.22 at 8:25 pm

I am watching the Brantford market as I live 15 minutes outside, out in the country. A lot of speculators and their realtors from Brampton are putting their New Build Assignment sales on Realtor.ca now. They are going to get smoked. 1.2 million for 2400 sq ft on a postage stamp? Dream on!!! This market has a long way to go. Brantford is not a million dollar house town. I would be willing to bet those houses are maybe at best going to sell for 700,000 – 800,000 in 6-8 months time. This market is not in balance yet.

#54 devore on 08.05.22 at 8:27 pm

#13 Boom Boom Boom

A headwind for RE has got to be our aging population.

If this housing downturn drags on long enough, the recovery just might run into demographic headwinds. That would be unfortunate.

#55 crowdedelevatorfartz on 08.05.22 at 8:34 pm

@#43 Paulo
Well done.
Proof that if you work hard and save you can get ahead.

#56 Razbo on 08.05.22 at 8:39 pm

This article did a great job at highlighting just how many crashes might be needed to restore some sanity to Canada’s real estate market:
https://betterdwelling.com/canadas-real-estate-bubble-is-so-big-even-the-mother-of-all-crashes-cant-fix-it/

#57 Shawn on 08.05.22 at 8:47 pm

Another idiotic conspiracy theory

#37 Globe and Fail? on 08.05.22 at 7:15 pm
Funny…I don’t see an article about the jobs release on Globe and Mail website.

I’m sure it’s just a coincidence…an accidental oversight.

**************************
Gee it’s “almost” as if a newspaper (and it’s web site) reports today’s news in its next edition tomorrow rather than immediately today. The Jobs report only came out this morning. Check back for a story tomorrow.

Besides which the jobs report was nothing shocking. 30,000 jobs lost is basically statistical noise. It’s not a count, it’s a statistical sample estimate subject to considerable error.

Besides that, maybe you simply missed the story on their website.

#58 devore on 08.05.22 at 9:07 pm

#31 Joseph R

It’s socialism when prices go up but it’s also socialism when prices go down.

Yes, that’s what happens when you have socialism all the time, everything that happens is due to socialist policies. By definition. Next question.

#59 crowdedelevatorfartz on 08.05.22 at 9:21 pm

Well.
I guess an 18 wheeler full of Coors Light in BC…..wasn’t that light….

https://globalnews.ca/video/9040634/crews-cleaning-up-beer-can-spill-on-mary-hill-bypass-ramp/

#60 crowdedelevatorfartz on 08.05.22 at 9:36 pm

@#41 Sailio

Good one.
:)

#61 crowdedelevatorfartz on 08.05.22 at 10:02 pm

Gee
Chairman Xi needs to rally the Chinese population around a “tail wagging the dog” event to get his unprecedented third term as Chairman?

https://www.reuters.com/world/asia-pacific/taiwan-premier-evil-neighbour-next-door-is-showing-off-her-power-our-door-2022-08-05/

No other Chinese leader has been Chairman for a third term other than Chairman Mao.

China’s real estate, banks and economy is teetering.
Just before Chairman Xi wants to anoint himself Chairman for a third term….
Which is against Chinese Law after the disastrous reign of Chairman Mao.
All other Chairman stepped down after their two terms.
Will Xi whip up Chinese nationalism into a frenzy to get his populations minds off their crappy economy, their crappy real estate, their failing banks…..?

Only a dictator knows for sure.

#62 toronto1 on 08.05.22 at 10:03 pm

I think the title mayday will turn out to be “prophetic” come Nov-Dec time frame for RE.

As GT posted yesterday from a old skool relator that the market has frozen—-everyone knows that sales slide first then prices.

A few people i talk too who are in the commercial side of the business tell me that pipeline on residential side is dryer then a catcus in the Arizona desert. Mortgage originations down, sales activity down etc… they tell me to expect another 20-30% from today prices at best case.

The smart money commercial guys expect this storm to hit the commercial side of the market in a big way but say that it wont start for another 6-9 months and crazy deals wont be had for another 18 mnths– apparently the crazy leverage and fraudulent financing made its way over to that side as well– not in the same manner as residential but enough to inflate cap values to the point that these guys stayed invested in money markets instead of there normal ebb and flow to acquire and add value to commercial properties

#63 Juste Pour Rire on 08.05.22 at 10:11 pm

So…

Remember that $1,250,000 2bdrm High Park Condo I told you about few weeks back? The one a person would need to drop $300,000 up front to take the keys, and pay over $6000 per month to cover $1M(!!!) mortgage payments on, taxes and $720 of maintenance per month?

It’s back. $1,199,998.

https://www.realtor.ca/real-estate/24733711/712-1830-bloor-st-w-toronto-high-park-north

HA HA HA.

What a joke?!

Why is it a joke you ask? Because one can rent the like unit in that SAME building for under $3000 all in per month. OR go one block over, grab a nice 2bdrm for just a smidgen over $2200 all in, with a way better view and WAY lower building unit density. AND you’d have a nice 16×12 ft master, not this $1.2m master that is 9 ft ,10 in x 10 ft ,2 in – nonsense!

This unit needs to be $549,000 to make any sense vs just renting, even today.

Someone tell me again please why owning should cost nearly 3x more per month vs. renting?

#64 Grunt on 08.05.22 at 10:13 pm

Is that reflected cockpit lights or 2 UAP forming by chemical mitosis?

#65 Frankendata on 08.05.22 at 10:18 pm

#49 Is anybody listening?

Manipulated data you say?

Scrubbed information you say?

Questionable inflation numbers you say?

Employment data release delays you say?

Data that will be quietly revised away from headlines you say?

Politicized organization you say?

No free markets you say?

Morally and ethically corrupt leaders want to keep their jobs you say? (Hockey Canada?)

Overall questionable level of trust in what we’re told you say?

Media sold out and toeing the line you say?

NO WAY! IT SURELY CAN’T BE!

/s

#66 Warren-the-lagging_indicator on 08.05.22 at 10:27 pm

Oopsie, the recession may be mild from an overall perspective but it will sure seem like a deep one for those that took on the debt load. Like a bifurcated recession. Those with cash that buy cheep assets coming down the pike will feel just fine.

#67 V1 on 08.05.22 at 10:32 pm

While on the topic of aviation check out what Canada
has to deal with keeping pilots in the air.Companies scrambling to hire pilots while the government blames
the airlines for lack of adequate crew.The bs reinstating
a Canadian license makes me ponder whether a return to
Canada is even warranted.What’s more pathetic is reading the questions sent to Garth regarding their own
finances with Ill regard to their inabilities at work.

https://nationalpost.com/news/canada/completely-dropped-the-ball-governments-endless-certification-delays-grounding-pilots

#68 Outrage on 08.05.22 at 10:38 pm

I still think this bear market rally is coming to an end. It’s a credit crisis at apocalyptic level. Give it time, the blood bath will continue. Only buy back in with stop losses on your ETF’s if you dare. Don’t say I didn’t tell you so . Stagflation is here .

#69 Terry on 08.05.22 at 10:41 pm

Easy to see what’s coming. DOUBLE DIGIT interest rates will be here again in 2023! Hello again Tall Paul! 50% plus corrections in Real Estate values EVERYWHERE continuing throughout the next year. It will be the largest Real Estate CRASH Canada has ever seen by the time we see 2024. That will take us almost halfway through the 10 year DEPRESSION we are currently in. The last Domino to fall after the Real Estate crash will be the bond and stock markets which should take us close to 2030. No later than 2030 ALL EXUBERANT asset valuations should be reverted back to the “mean” and possibly overshoot a little bit lower. At that point after the bankruptcies and job losses level off we start again………wash……rinse…….repeat……..and stay invested in quality stuff that PAYS YOU TO OWN THEM and you will be fine. As an aside……..a trader was looking to do a whole bunch of short trades because he heard the world was coming to an end. He couldn’t find anyone who would do his trades. He went to his Broker and told him he was dumbfounded that he could not find any other Broker to process his short trades. His Broker looked at the panicked Trader and said……….my son, if it truly is the the end of the world then you should be going “long” not “short” on your trades. The trader snapped back at his Broker and said incredulously,”Why would I go long instead of short on my trades?”……… to which the Broker replied, well, if it truly is the end of the world……….who will be left to settle you short positions?

#70 45north on 08.05.22 at 11:06 pm

To underscore that, look at the real estate report RBC just dropped:

We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates. Canada’s least affordable markets Vancouver and Toronto, and their surrounding regions, are most at risk in light of their excessively stretched affordability and outsized price gains during the pandemic.

the report prepared for public consumption.

I see a massive withdrawal of credit.

#71 Stroller on 08.05.22 at 11:09 pm

RE the photo. Second defamation of my profession this week. One would have thought that any airman with such a limp notion of professional standards wouldn’t go about advertising his feeble state.

https://www.nytimes.com/2009/10/27/us/27plane.html

#72 Warren-the-lagging_indicator on 08.05.22 at 11:17 pm

In lieu of more overt conventional military response to the Pelosi posturing, no more sand for you Taiwan! This is going to disrupt the global electronics industry as well as the obvious.

#73 the Jaguar on 08.05.22 at 11:24 pm

@#49 Is anybody listening? on 08.05.22 at 8:09 pm
“We expect that “realization” to take place just after the midterms, because the last thing the Biden administration can afford is admit the labor market is crashing in addition to the continued surge in inflation.”+++

Inflation is not unique to the USA. Pay no attention to the sinking of the Biden administration ship. If you are alert you will have noticed the Dems are getting ready to push Biden off stage. The slow but inevitable tarnishing of his image will be something to watch.
Already underway. Taking one for the team, no less. The reward will be the careful burial of past indiscretions. For a while, at least.
Nothing is accidental.
Who has a new book coming out this fall?

That’s right…..the same person who will be running for President. Michelle Obama. An ex-Prez can also run for Vice Prez. Too bad they have made one rather serious miscalculation. Keep your friends close and your enemies closer, for starters. And then there is ‘hubris’ and ‘American exceptionalism’. Always annoying, but about to take on something more like a ‘land mines’ quality. Never was ‘keep your powder dry’ more essential advice.

‘Burn it down’ applies to more than just the real estate market.

#74 Billie boigaz on 08.05.22 at 11:41 pm

The only growth area for jobs is flipping burgers, but I would personally specialize in fries

#75 SoggyShorts on 08.05.22 at 11:49 pm

#4 Sam on 08.05.22 at 4:55 pm
-$2,000 for unfurnished 1 bed. $3000 for 2 bed
#11 Blobby on 08.05.22 at 5:25 pm
-$2100 for a 3 bedroom house,
#39 Sail Away on 08.05.22 at 7:22 pm
-$2,500/mo
#43 Paulo on 08.05.22 at 7:32 pm
-$1,845+utilities
#63 Juste Pour Rire on 08.05.22 at 10:11 pm
-$2200 all in
**********************
My last place in Canada was a basic 1+den condo in Kelowna for $2,100

Now my 2- BDR top floor unit with a pool 5min from the beach for $340 feels pretty good. Yup, Three hundred-forty dollars. SEA for the win!

#76 The General on 08.06.22 at 12:09 am

Is it just me, or does anyone else get the feeling that the train didn’t just leave the station, it flew off the tracks and now it’s falling into the ravine?

#77 Squire on 08.06.22 at 12:57 am

Everything is fine. The Sinclair team on Hot Property says so.
Ajax and Oshawa will keep going up up. Keep holding back those offers lol

#78 Squire on 08.06.22 at 1:07 am

#19 Tim on 08.05.22 at 5:55 pm
Evergrand, China’s biggest property company is going bust, so watch all the high end homes in Vancouver cmoe on the market.

The level of stupidity on this blog just plumbed a new depth. – Garth
—‐‐————
That doesn’t make sense Timmy. A lot of people with money are trying to leave China. The CCP is controlling how much capital can leave so that’s the main reason it’s a trickle and not a flood. Singapore is more important than Vancouver sorry to tell you.

#79 Sail Away on 08.06.22 at 1:11 am

Ah, reaping the benefits of good behaviour!

https://babylonbee.com/news/brittney-griner-rewarded-with-9-years-of-not-hearing-the-us-national-anthem

#80 MAd Money on 08.06.22 at 1:43 am

Let’s go Oshawa.

#81 Klaxton on 08.06.22 at 6:22 am

Garth, it has been asked before. PLEEZE give your opinion on GTA cottages. Frothy to say the least. Predictions?

#82 Steven Rowlandson on 08.06.22 at 6:32 am

Employers pretend to pay a living wage, the real estate market pretends affordability and we pretend to live in Canada.. Personal sovereignty and nationhood anyone?
My dearest dream since 1974. Sooner or later things come full circle.

#83 willworkforpickles on 08.06.22 at 7:40 am

BANNED (Abusive)

#84 Oshawful on 08.06.22 at 8:11 am

#44 GeoPet on 08.05.22 at 7:41 pm
800k to live in Oshawa? You’d need to be insane. I worked in Oshawa for a while. Refused to live there. Commuted Toronto. Oshawa was a shithole when gm was operating. Can’t imagine what it’s like now.

——

Exactly.

Should be $345,000 max for that currently $800k house, at most! Maybe even $299,000. After all, it is Oshawa.

#85 IHCTD9 on 08.06.22 at 8:24 am

Top middle of the photo. You can see the plasma flyer approaching the plane.

#86 crowdedelevatorfartz on 08.06.22 at 9:04 am

@#81 Klingon
“PLEEZE give your opinion on GTA cottages. Frothy to say the least. Predictions?”
+++

If you own one. Sell now.
If you want to own one. Wait a year…or two.
Save $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

#87 Old Ron the Realtor on 08.06.22 at 9:13 am

The Boom is Dead………..Arithmetic killed it.

#88 Saint Herb on 08.06.22 at 9:36 am

“financial markets up and housing market down”

My new Mantra

#89 Tony Nur on 08.06.22 at 9:50 am

Hi Garth, would it please be possible to explain how rate hikes will influence Canadian Banks and thier stock prices?

Up. – Garth

#90 Retarded and imbecile politicians and bureacrats on 08.06.22 at 10:04 am

DELETED (Anti-vaccine)

#91 Prince Polo on 08.06.22 at 10:07 am

#123 IHCTD9 on 08.05.22 at 10:26 am
The OECD has a detailed report out on Canada’s future, and it ain’t looking too good. As a result of our incompetent Leadership, the youth of Canada will suffer for the bulk of their working careers, and have to retire will a lot less. Decades of stagnation and decline – all thanks basically to one Man.

Boomers, X’ers, and early Mils – be glad. Be glad you came of age under good leadership that cared about Canada and her people. Leaders like Martin, Chretien, and Harper gave you prosperity.

But most of all, rejoice and shout loud hallelujahs that you are not a young obsequious lefty crippled by Stockholm Syndrome, and still with his whole life ahead of him.

HALLELUJAH!!!!

#92 Frank Sinatra on 08.06.22 at 10:36 am

The weather outside is sweating
Toronto homes for sale no biddings
The prices have a way to go
Let it down let it down let it down!

Your wife told you to buy it
In February, the prices heightened
Today’s price down by half
Let it down let it down let it down!

Haha haha!

#93 Gravy Train on 08.06.22 at 10:40 am

#79 Sail Away on 08.06.22 at 1:11 am
Ah, [Brittney Griner is] reaping the benefits of good behaviour!

Good trolling! Now what are your thoughts on the good behaviour of Alex Jones and Donald Trump! :)

#94 baloney Sandwitch on 08.06.22 at 10:41 am

Pity all the newly minted millionaires in the metropolis of Oshawa. Millionaires no more.

#95 Mike on 08.06.22 at 10:51 am

We ask you to provide all possible assistance to the injured animals from the ongoing battles in Ukraine. It’s not just people who need help! We will be glad even for small amounts.

Donation Page: https://new.donatepay.ru/@1017634

As soon as you enter the service page, it is better to use the automatic text translation in your browser. This will make it easier to figure out the form of payment.

#96 Stargazing on 08.06.22 at 11:00 am

Haliburton cottages came down from unthered nosebleed levels and have settled at a “frothy” level. Properties in the 800k to 1M mark with good exposures are still getting multiple offers and small bidding wars. The 1.5M+ properties are sitting for a while but sellers are not repricing lower yet.

I am trying to low ball some sellers to take 15% haircuts but they aren’t responding. It seems it will take some time for properties with good fundamentals to get repriced lower?

Listing agents have told me there are still boomers floating around looking to relocate from the GTA so they are holding up the market. I don’t know when boomers will take a step back, but I do expect more organic cooling into the fall and more listings to pop up.

#97 Philco on 08.06.22 at 11:02 am

If you dont need to sell dont sell. If you bought at the top then your a fool that rushed in. No different than stocks really.
I like to find thing people hate or are outa favor then pull the trigger.

And then their China. Their bullies and their evil.
Heres a piece my retired neghbour sent me.

Sobering to say the least. In reality, quite terrifying.
Four Reasons Why China is Becoming the Dominant World Power
1. They have a very low tolerance for crime. The death sentence is swiftly and routinely used for terrorists, murderers and drug traffickers.
2. Very low tolerance for Religion. They do not believe there is a Magic man in the sky. No such thing as a God. Almost no religious killings and getting rid of the Indigenous Chinese Muslim population as fast as they can.
3. They have not been involved in any expensive wars or invaded any country for the last seventy years.
4. Their primary weapon of choice to conquer the world is Finance, and countries around the world are falling fast.
Not just the USA but all world is in trouble.
In the near future, China will employ millions of American workers and dominate thousands of small communities all over the US. Chinese acquisition of US businesses set a new all-time record last year. It is on pace to shatter that record this year.
The Smithfield Foods acquisition is a great example. Smithfield Foods is the largest pork producer and processor in the world. It has facilities in 26 US states, and it employs tens of thousands of Americans. It directly owns 460 farms and has contracts with about 2,100 others. But now a Chinese company has bought it for $ 4.7 billion, and that means that the Chinese will now be the most important employer in dozens of rural communities all over America. Thanks in part to our massively bloated trade deficit with China, the Chinese have trillions of dollars to spend. They are only just starting to exercise their economic muscle.
It is important to keep in mind that there is often not much of a difference between “the Chinese government” and “the Chinese corporations”. In 2011, 43 percent of all profits in China were produced by companies where the Chinese government had a controlling interest.
Last year a Chinese company spent $2.6B to purchase AMC entertainment, one of the largest movie theater chains in the United States. Chinese companies control more movie ticket sales than anyone else in the world.
But China is not just relying on acquisitions to expand its economic power.
“Economic beachheads” are being established all over America. For example, Golden Dragon Precise Copper Tube Group, Inc. recently broke ground on a $100M plant in Thomasville, Alabama. Many of the residents of Thomas-ville, Alabama will be glad to have jobs, but it will also become yet another community that will now be heavily dependent on Communist China.
And guess where else Chinese companies are putting down roots? DETROIT! Chinese-owned companies are investing in American businesses and new vehicle technology, selling everything from seat belts to shock absorbers in retail stores, and hiring experienced engineers and designers in an effort to soak up the talent and expertise of domestic automakers and their suppliers. If you recently purchased an “American-made” vehicle, there is a really good chance that it has a number of Chinese parts in it. Industry analysts are hard-pressed to put a number on the Chinese suppliers in the United States.
China is very interested in acquiring energy resources in the United States. For example, China is actually mining for coal in the mountains of Tennessee!
Guizhou Gouchuang Energy Holdings Group spent 616 million dollars to acquire Triple H Coal Co. in Jacksboro, Tennessee. At the time, that acquisition really didn’t make much news, but now a group of conservatives in Tennessee is trying to stop the Chinese from blowing up their mountains and taking their coal.
And pretty soon China may want to build entire cities in the United States just like they have been doing in other countries. Right now, China is actually building a city larger than Manhattan just outside Minsk, the capital of Belarus.
Are you starting to get the picture yet? China is on the rise and has been for a long time while America plays political games.
If you doubt this, just read the following:
When you total up all imports and exports, China is now the number one trading nation on the entire planet.
# Overall, the US has run a trade deficit with China over the past decade that comes to more than 23 trillion dollars.
# China has more foreign currency reserves than anyone else on the planet.
# China now has the largest new car market in the entire world.
# China now produces more than twice as many automobiles as does the United States.
# After being bailed out by US taxpayers, GM is involved in 11 joint ventures with Chinese companies.
# China is the number one gold producer in the world.
# The uniforms for the US Olympic team were made in China.
# 85% of all artificial Christmas trees the world over are made in China.
# The new World Trade Center tower in New York includes glass imported from China.
# China now consumes more energy than does the United States.
# China is now in aggregate the leading manufacturer of goods in the entire world.
# China uses more cement than the rest of the worl6d combined.
# China is now the number one producer of wind and solar power on the entire globe.
# China produces 3 times as much coal and 11 times as much steel as the United States does.
# China produces more than 90 percent of the global supply of rare earth elements.
# China is now the number one supplier of components that are critical to the operation of any national defense system.
# In published scientific research articles, China will become number one in the world very shortly. And what we have seen so far may just be the tip of the iceberg.

For now, I will just leave you with one piece of advice – –Learn to speak Chinese!!

#98 Philco on 08.06.22 at 11:17 am

Garth you mentioned the standard of living here has not declined?
Its not an event. It takes time. It is happening.
My kids wages are what mine were 25 years go.
Declining wages taking on more debt to offset and make outlike your moving forward. You aint.
Most are not keeping up at all.
Gov policies cutting cheap fossile fuels and reducing fertilizers 30% is insane. Our leader is dangerous and to me a traitor.. Just look at China…they would not dare enter into these policies because they could not take over and they will. There much more but I gotta go.
Ill eat steak and my kid cant aford it or even have a family.
Anyone mentioning the quality of life has not will not decline. NONSENCE.
Theres a farmer with a brain on Cambell today. Go listen pls.

#99 Philco on 08.06.22 at 11:27 am

One more quicky cause im anoyed as hell.
Cut food fetilizer then we should shut down forestry.
Fuel intensive beyond belief. My cousing has 7 excavators build road for foestry in BC. One 350 burns 50liters hr. $150
So lets do that and then no more houses. Ya cool.
Trudeau is a disater.

https://mikesmoneytalks.ca/august-6-episode/?mc_cid=45778c67d3&mc_eid=84b7e8f164

#100 For real - an honest realtor on 08.06.22 at 11:40 am

#24 thesmug on 08.05.22 at 6:27 pm
Earlier this year, I ghosted my realtor after they insisted that I did not really need to be cashflow positive on a dank, joyless 1br “investment” condo in a 40 year old building across from the trailer park in Squamish, for over $500,000.

Never in my life have I ever felt so smug.
———————————————————-

My dad met his realtor at his golf course (in Victoria). My sister now uses the realtor, as have I. I guess it’s like a “family doctor” but we have a family realtor.

My 27 yr. old daughter and early 30’s husband rent, but get a lot of pressure from his parents to buy. Thanks to this blog, we have parroted that renting is just fine, unless you want to and can afford to buy.

This spring they felt some house pressure so I contacted the family realtor. He advised that they NOT consider buying in the spring market, and perhaps to wait for a while.

This month they are moving from their smaller one-bedroom apartment that they’ve been in for 30 months to a larger and nicer one-bedroom in the same property-managed building. The property manager gave them first dibs when it became available.
The property is on the water with an outdoor pool, paddle-boards, small gym, on-site laundry, ample parking, Rent was $1680 for the smaller unit, will be $2100 for the larger unit. They are very happy with their decision, as are we, not so sure about the son-in-law’s parents!

#101 Dharma Bum on 08.06.22 at 11:52 am

The job of piloting a passenger jetliner has been described as endless hours of sheer boredom occasionally punctuated by moments of abject terror.

The stretch over Winnipeg must ratchet up the boredom factor by 1000. Winnipeg (and Manitoba) is intolerable to drive through – the armpit of Canada – so at least flying over it reduces the duration of the mental agony.

Kudos to the pilot for the brilliant idea of reading the Greater Fool Blog to maintain his sanity whilst cruising over the nether regions of Canada.

I hope someone was keeping an eye on the instrument panel while he was posting comments.

#102 The General on 08.06.22 at 4:24 pm

#101- Darma bum : What armpit do you hail from? Poor baby.

#103 Tom from Mississauga on 08.07.22 at 1:42 am

Job losses in June and July but lower unemployment reflect Boomer retirement and nurses relocating to the US. These trends will continue in August.