The wedding gift

A couple of newlywed kids in an east-end 905 burb stretched to buy a starter home for $1.2 million six months ago. The Bank of Mom helped. Parents borrowed a hundred grand on a HELOC and handed it over as a zero-interest loan.

Well, it’s gone.

The most recent area sales (and there are not many, any more) were for just over $1 million. One actually dipped into the nines. The lovebirds are saddled with a $1 million mortgage and instead of having 20% equity, they have none. Maybe less than none. What a debut to adulting.

Friday’s crappy job numbers in Canada will do nothing to deter the CB from hiking its key rate again in a few weeks, economists say. That’s because there are tons of jobs going begging, too many people leaving the workforce and wages coursing higher. It all means inflation. The bank hates that. Uppa she goes.

High rates are killing real estate. No surprise. We’ve talked on this pathetic blog for years about the inverse relationship between rates and house prices/sales. The politicians were wrong. We did not have a crazy property boom because there were too few for sale. Prices went nuts when home loans were 2%. Or 3%. Now rates have swollen and so have months of available inventory. Prices are tumbling – not because more houses were built. It now looks like we are (maybe) half-way through this correction. Once we hit bottom, history suggests it could take ten years before the bride & groom in the boonies see their original purchase price restored.

Check out the recent sales action in Toronto. Pretty much the worst ever.

“This year looks to be setting a record y/y drop in sales volume (-35% to my estimate),” says realtor/statsguy Scott Ingram. “Certainly it will land in the largest 3 drops (see 1990 and 1989). I went back to 1966 to make this chart. The blue bars are the y/y change in the volume.”

The real news is prices.

In a moment we will (again) enrage the house-humpers and indentured in the Okanagan, but first a report from Ontario’s Bunnypatch. Average prices are down 30% in Simcoe County (Collingwood, Innisfil, Wasaga Beach). That erased about $310,000 on average. Gulp. In Durham the drop was 28% up to last week. Peel (Brampton, Mississauga) are down about 20%. Halton (Milton, Oakville) has seen a plop of 22%. In York detached homes are off in value just a little under 40% ($1.4 million to $1 million) while semis in Peel and Halton are cheaper by 26%.

Let’s remember this happened in five months, not three years (like the last 30% drop in the early ’90s), and we’re only mid-way in the central bank tightening cycle, as stated. Furthermore, the last of the cheapo pre-approval mortgage money is coming to an end, suggesting fewer buyers and more price reductions lie ahead.

Okay, poor Kelowna. Over the last two frenetic years we viewed this as a microcosm of human delusion as prices roared ahead 40% during the pandemic. Now all of that may be given back.

This, says local forecaster Data Analytics, is the largest crash in the history of that weird place. Here’s the latest chart of prices, and the forecast…

Detached homes crashed 7.64% in price in July – far exceeding the national average or that in the GTA. The sales-to-active-listings ratio was 100|% last year. Not it’s barely alive at 11%. Months of inventory have exploded from just over three to more than nine.

And here is the latest greed-fear speedo reading.

The questions du jour comes from Toronto house-flinger & Garth-hater John Pasalis: “Not once did Macklem or Trudeau try to cool this frenzy, through their words or actions I wonder if they still think that extra 4 quarters of growth was worth it? Especially given that we lost all that growth in prices in just 5 months but households still have the debt?”

We know the answers now. Hindsight is such a powerful tool of self-justification. Realtors who pushed FOMO with blind auctions, multiple bids, offer nights, arrogance and Frankenumbers are blameless, apparently. It’s the government’s fault. Funny how that works.

About the picture: “Here is Galileo,” Jane writes from thew UK, “my Brussels Griffon. This picture would be very appropriate for the situation right now.”

112 comments ↓

#1 Rook on 08.07.22 at 3:31 pm

So we’re now seeing a phenomenon where rents are going up across the country. Seems like landlords are upping it to make up for the increased cost of living, and I assume, to cover mortgage shortfalls. Or maybe just a, ‘no matter what price you ask, somebody with more money than brains will pay for it.’

I wonder if we’ll see a scenario where rents level off, or will they go parabolic like real estate did, until it becomes cheaper to have a mortgage than pay rent, again?

#2 Victoria on 08.07.22 at 3:31 pm

Someone said to me the other day – don’t you feel sorry for people. Nope. As Musk said they dug their own graves.

It get their money back to the original price it might take 10 years, 16 years (like the last crash) or 20.

We all said this was going to be ugly.

#3 The Original Jake on 08.07.22 at 3:35 pm

My first house was a pre-construction home (GTA) bought in late 1987 and closed in ’89. Sold in 1997 for a total gain of… zip.

#4 Mike on 08.07.22 at 3:39 pm

Let us not forget. There are those who cash out of real estate prior to the Bank of Canada rate hike in April of 2022. Good to be liquid and enjoying cool air-conditioning and fast internet service. :-) The folks affected by the price drop are the ones who bought recently or have a fat mortgage. People with mortgage-free homes or tiny mortgages (under $100k), just wouldn’t care. Assuming they still have a job. Real estate outside G7 nations is much more affordable than Canada. Good to have options.

#5 Sail Away on 08.07.22 at 3:39 pm

#81 RemindsMoOfTheTime on 08.07.22 at 2:01 pm
#74 Sail Away on 08.07.22 at 10:50 am

Reminds me of the time you claimed racism and bias didn’t exist in the US/Canada because you, a white skinned and green/blue eyed person, hadn’t experienced it.

———

Well, I’m no fan of racism and favouritism, but sure do enjoy exploiting the heck out of this new wokester version. The grants and interest-free loans sprinkle down like manna from heaven for us officially-designated minorities.

Total lefty-inspired discrimination… but heck, I’m more than happy to exploit on behalf of my companies, my fam and my peeps. And the optics are good for the granters.

Heh. Viva La Raza!

#6 B on 08.07.22 at 3:40 pm

How are we calling bottom? 3-6 months after they stop raising rates?

#7 DON on 08.07.22 at 3:40 pm

Frontline reporting.

The house next to my friend sold in the first week of April for over 900k…just before the descent. A 1200sq ft boxed shape rancher with “potential”.

Friend said a young realtor with a snappy suit (socks showing) bought the place and rented it out to a client who just sold their home and were waiting to take possession of their new one. Three months later the family is gone and the realtor and two buddies ( business associates? hired help) are living in the place…two cheap older cars and and a ditry Audi convertible sitting in the driveway. Friend is older and watches the block like a Hawk…I am sure I will hear more.

@Jane
Good one!

@John P
What a whiny comment. ‘It’s your true colours shinning through’

#8 Jim on 08.07.22 at 3:40 pm

Hold it…Prices in Vancouver have gone up 200 percent in ten years. Now they’ve fallen about 5 percent and we’re halfway through the correction?

Don’t believe everything the realtors are telling you. We’ve published numbers here in the last few days detailing the reality in the LM. – Garth

#9 Steven Rowlandson on 08.07.22 at 3:43 pm

See what happens when everyone breaks the rules, cheats , denies that there are rules and hides behind silly platitudes about free enterprise and capitalism and house horniness. They get it up the wazoo and lose it because they like to feel and believe and they don’t like to know or think. Expect to see and hear about more people getting hosed due to lack of caution, thinking plus following the advice and example of sheeple.

#10 Prince Polo on 08.07.22 at 3:44 pm

Oh shyster cartel….such unwarranted angst belongs on the pages of Twilight novels.

As the illustrious blog host would say, get a grip!

#11 Leftover on 08.07.22 at 3:49 pm

Retail bankers have a lot to answer for too – they weren’t asking where that down-payment came from (A: Mom’s HELOC) as they shoveled out the money at 2.5% for the past few years. They will be happy to refinance at 5.5% this autumn however.

Does that translate into a listings rush or just a lot more people renting out their basements to cover the mortgage? Probably both.

#12 Leon Smuk on 08.07.22 at 3:53 pm

Painful as it may be all this has to happen. People cannot afford $4,000 + mortgages and $6,000 or more property tax. Nor can the people being raped $1,900 a month for a tiny one bedroom apartment. It all has to come back to reality.

#13 Don Guillermo on 08.07.22 at 3:57 pm

I bought this house with a friend in 1973. We paid $5600 (2800 each) and turned into 3 suits. I took the basement suite, he took the ground floor and we rented out the top to cover expenses. Worked out great. Sold it in 1983 for 20k (10 each).

Asking $289,000 today. Looks pretty much the same.

https://www.realtor.ca/real-estate/24513649/303-martin-street-trail?utm_source=mobilenativesharing&utm_medium=social-organic&utm_campaign=socialsharelisting&propertyIds=24513649

#14 Wrk.dover on 08.07.22 at 4:05 pm

#83 #26 on 08.07.22 at 2:48 pm
@XOM

I wonder if now is a good time to invest in CGX Energy.
__________________________

CGX mkt cap 294 million.

Something or other about avoiding other than multi billion dollar companies being rule #1.

#15 The General on 08.07.22 at 4:14 pm

The delusional masses, have cooked their own goose, it appears. The newbie house/debt owners and their parents are about to go down in a blaze of glory. The multiple property owners, who drank the housing prices never go down kool-aid, will join them. Too bad, so sad, NOT!

#16 Just for Laughs on 08.07.22 at 4:15 pm

Who cares who’s fault it is?

CBs, politicians and their banker and realtor benefactors?

While their pointing fingers in blame with zero consequences whatsoever, who owes the pile of money? Who’s paying the bank’s insurance on their mountain of debt to their leasehold? Who has to plunge the toilet, mow the grass and shovel 6 months of snow?

Can’t plunge debt.

Hahaha!

#17 Is anybody listening? on 08.07.22 at 4:19 pm

Many federal government employees balking at returning to offices

https://www.cbc.ca/news/politics/covid-canadian-government-work-1.6543860

What are they afraid of? They are all vaccinated!

#18 Dishonest Realtor on 08.07.22 at 4:24 pm

But Garth, Bunnypatch will always be worth the money – that$300,000 will come back, for sure!

Just look at places like Woodstock and Peterborough – so livable and friendly!

https://www.thepeterboroughexaminer.com/business/2022/08/04/downtown-peterborough-store-owner-swings-back-after-break-in-spree.html

All you need to survive in these places is a baseball bat or two – sweet!

#19 Nelson Muntz on 08.07.22 at 4:30 pm

Buying a starter home in Durham region where there is no international airport or manufacturing base nearby seems to be a stupid idea lol
Good for those suckers.

#20 KuatoLives on 08.07.22 at 4:30 pm

I’m in Kelowna and it’s a disaster here. Now the crime capital of Canada, the RCMP issued a statement blaming high house prices for their inability to attract officers to the region. My neighbor had his motorcycle stolen from his garage and the rcmp didn’t even bother to show up at his house. I saw a woman flailing around on the sidewalk the other day and being a good citizen I approached a group of mounties in a parking lot and informed them about the woman. The first cop ignored me, and the second cop said “so?”. The homeless population is out of control stealing everything that isn’t nailed down, and sometimes that and the nails too.

I’m trying to find a place to rent and can’t. I make 350k a year and am sleeping on my moms couch. Only reason I’m here and not in the Bahamas (where it’s cheaper even with a CAD to USD conversion, is because I have to take care of my mother who is after 20 years questioning whether she wants to live here anymore. For sale signs are popping up everywhere. Ads like “moving back to Alberta” are common in classifieds people selling stuff. House rentals are now easier to find than apartments but people are still in the delusional phase asking 6 or 7 grand a month so I can do the yard work. Doing a search on AirBnb now produces over a result capped value of 1000 places available- everyone wants to be an Airbnb mogul so there are few long term unfurnished rentals available. As I write this, I can hear my waitress talking to the people at the next table complaining she has to leave the city for the cost. I know 3 other service workers who are moving back east. Avoid at all costs. I wonder if Trudeau thinks about monetary policy now. Likely not.

But it has a lake.

#21 The General on 08.07.22 at 4:34 pm

Excessive money printing and ridiculously low interest rates, for way too long, are coming home to roost. This will be blamed on central bankers, and spineless politicians. Sounds fair to me.

#22 Timmy on 08.07.22 at 4:35 pm

Why Trudeau’s Strategy on Affordable HOusing Isn’t Working

https://pressprogress.ca/why-justin-trudeaus-strategy-on-affordable-housing-isnt-working/

#23 Phylis on 08.07.22 at 4:36 pm

#2 Victoria on 08.07.22 at 3:31 pm
Someone said to me the other day – don’t you feel sorry for people. Nope. As Musk said they dug their own graves.

It get their money back to the original price it might take 10 years, 16 years (like the last crash) or 20.

We all said this was going to be ugly.
Xxxxxxx
And include inflation and sprinkle in some opportunity cost, what’s the word for worse than ugly?

#24 Mr Fox on 08.07.22 at 4:49 pm

Garth can you please tell us your opinion on how the mortgage crisis in China could affect the markets and the rates here?

Thank you

#25 Søren Angst on 08.07.22 at 4:50 pm

Gripping read.

#26 Ed on 08.07.22 at 4:58 pm

DELETED

#27 Kona on 08.07.22 at 5:00 pm

Politician laden, roll up the sidewalks at night sleepy Ottawa isn’t faring much better. Detached prices dropped 7.31% in July. Peaked in March at $853k and in July averaged $716k.

Two neighbours sold their small detached in April for $895k and $900k. Neighbour across the street waited until May to list their larger detached. Started at $850k taking offers. It sold this week for $700k.

There’s going to be further price reductions. Back in 2021 Ottawa was making lists of one of the least affordable housing markets in North America. Still lots of froth to be burned off.

#28 Søren Angst on 08.07.22 at 5:01 pm

Creative Destruction will usher the financially reckless to the exit from the economy for a decade, perhaps more.

Still, I am human as are they and I have compassion and hope they weather the storm.

It is not good to relish the travails of others.

Scis, qui facit, exspectas.

————————

And good to read Garth you wrote today anecdotally, accurately and without judging. You’re a good man Garth in the modern day

Time of Troubles.

#29 wallflower on 08.07.22 at 5:03 pm

My interpretation of Pasalis comments:

Fools had options, too.

#30 KLNR on 08.07.22 at 5:16 pm

wonder what % of a crash we need just to get back to 2020 prices in ontario? we couldn’t possibly be halfway there, could we?

#31 Søren Angst on 08.07.22 at 5:17 pm

#21 KuatoLives

“everyone wants to be an Airbnb mogul”

They are hardly that on average. Scroll to “Activity”, peruse “average income”

http://insideairbnb.com/toronto/

To be honest, I have little respect for these people. Scroll to “Licenses” and observe how many of them are

unlicensed.

Laws do not apply to them by in large in their pursuit of greed, avarice.

Despicable.

#32 Woodfiber on 08.07.22 at 5:28 pm

#14 Don Guillermo on 08.07.22 at 3:57 pm
I bought this house with a friend in 1973. We paid $5600 (2800 each) and turned into 3 suits.

########

That’s some Gucci level alchemy. Still, seems like a high price for 3 suits.

#33 Reality is stark on 08.07.22 at 5:30 pm

This is where it gets ugly.
Recent phenomenon is young professional single women buying detached bungalows going for 1.4 mil, 1.2 million dollar mortgage.
When it’s your son it’s easy, suck it up Ace, you’ve got 14 hour days for the next 10 years, you are underwater, and the next couple years are low growth which will make your life a bit more miserable.
Try the same lecture today on your daughter.
This is somebody’s problem, we just don’t know whose in this new era.

#34 Old Boot on 08.07.22 at 5:36 pm

The good news is that for the last two years, uninsured mortgages have dwarfed the insured variety as FTBs have been squeezed out of the crazy pandemic RE market.

Looks like specuvestors will be holding a much heavier (and more redolent) bag of poop than first time buyers, as the bubble deflates.

“Whomp, whomp”, says the sad trombone.

#35 DON on 08.07.22 at 5:39 pm

HELOCS – Did you use your HELOC wisely or as a piggy bank? Risk on

@Phylis …Fugly or FUBAR

#36 TurnerNation on 08.07.22 at 5:43 pm

Gee, never saw this coming….

#8 TurnerNation on 02.15.21 at 3:05 pm
“Search google for “Energy Poverty”. That coupled with the almost run-away food inflation means bye-bye middle class”

#15 TurnerNation on 03.05.22 at 11:42 am
“Get to know the concept of Energy Poverty. What our rulers want for us. Hey we are less likely to protest if we are tired from working, distracted via screens and fed 24/7 traumatic news right?”

— And so. WW3 began March 2020. Our global rulers are dialing us back to the Stone Age. Comrade, your digital ID (coming Oct 2022) shows you Carbon Allowance is all used up.

https://www.zerohedge.com/political/revolution-has-begun-75000-brits-stop-paying-power-bills-amid-inflation-storm
“The resistance is growing as more than 75,000 irritated people in the UK have pledged not to pay their electricity bill this fall when prices jump again.

“75,000 people have pledged to strike on October 1st! If the government & energy companies refuse to act then ordinary people will! Together we can enforce a fair price and affordable energy for all,” tweeted “Don’t Pay UK,””

—-
—-
The current man-made health care crisis also is a means to an end . Get to know ‘Public Private Partnerships’.
Aka B.B.B. Check Amazon’s recent health co. purchase for the hint. We will soon be demanding they do something, anything. And it will be, so.

#37 The General on 08.07.22 at 5:47 pm

Dear B.C. residents : My suggestion- just keep heading east, you’re not welcome here.

#38 Offshore on 08.07.22 at 5:47 pm

@Wrk Dover

CGX Energy has a permit in a frontier basin that has already discovered about 13 billion barrels of oil equivalent.

It might be a penny stock, but the potential is there. There could be a few billion more barrels of discoveries in those blocks offshore Guyana.

Right now Guyana is producing about 300,000 barrels of oil daily. Production is set to quadruple in 5 years.

Don’t underestimate the potential: Might be better than paying a million dollars for a crack shack in cottage county.

#39 45north on 08.07.22 at 5:49 pm

A couple of newlywed kids in an east-end 905 burb stretched to buy a starter home for $1.2 million six months ago. The Bank of Mom helped. Parents borrowed a hundred grand on a HELOC and handed it over as a zero-interest loan.

Well, it’s gone.

I watched Liberal MP Adam Vaughan speak. He felt that Canadian real estate should not go down. The Liberal Party has made rising real estate values a measure of general prosperity.

It’s gone too.

#40 Marco on 08.07.22 at 5:51 pm

Thanks Garth. When do you see the tsunami of listings taking place in Vancouver for instance? How hard do you see this effecting the downward trend of prices along side interest rate hikes? Cheers.

#41 NOSTRADAMUS on 08.07.22 at 6:06 pm

A REAL ESTATE SALESMAN WITH A DARK SIDE.

That’s why I love Jesus. He hated the hypocrite and loved to point them out. A sales hypocrite is the worst of the worst when it comes to being a self serving parasite, bar none.. I am not sure why the good Lord didn’t include it in his list of commandments. “Thou Shall Not Be A Hypocrite.” However, if you insist on being a hypocrite, please remember, eyes cast down and don’t look up. Do you ever wonder why, bald people sell other bald people balding cures? If you haven’t learned to spot these parasites, hire a shyster lawyer and sue your parents for a crappy upbringing. Whoa, I am on a roll. New point. Still the media goes on and on, rambling about the stimulus checks that the” Wee Little People” got two years ago. Looking at the big picture that was a very small drop in the bucket the size of Lake Superior. Government printing and spending doesn’t get near the coverage it deserves, but they’ll blame the baby rattle they threw to the Wee Little People for all our problems today. Steady Lads, hold the line.

#42 Bill Ferguson on 08.07.22 at 6:17 pm

Hmm, both John Pasalis and his Vancouver sidekick, Millennial realtor Steve Saretsky dislike me “intensely”.

Too bad, so sad. I take it as a badge of honour.

#43 RE_Investor on 08.07.22 at 6:17 pm

Thanks Garth for the continuous warnings on Real Estate, especially the GTA market in Ontario. Everyone must and should have listened to your logic and fact gathering as well as tidbits of key tweets from RE professionals. Put it all together and we have a general consensus of where the Real Estate market is heading, and using past crashes, we can see what you envision as a long stagnant period of Real Estate prices. OMG!

Anyways what you’re contributing to is the opposite of what you stated for the run up of Real Estate prices, FOMO.

FONGO!!!!!!

Yes, FONGO. The Fear of Not Getting Out. We shall see if prices do crash in the GTA. We shall see if the masses of recent house buyers pull the trigger and list low to get out with a huge loss.

My trigger price for entry in a Toronto detached is $850,000. $700,000 for a semi. The only thing that will screw up these price targets will be meddling by govt entities to help buyers out. Who knows, maybe 0% down, 40 year amortization, stress test removed, or a reduction in mortgage rates. I sure hope that doesn’t occur.

Anyways, keep up the good work Garth. And if you can, please try and get HHCE out of his writing funk and start spreading panic again.

#44 crowdedelevatorfartz on 08.07.22 at 6:20 pm

Plummeting like a rock.
Record low interest rates + a Real Estate industry that would sell lava to the Devil in Hell = a bunch of angry greaterfools.

Hopefully the bankrupt and financially scalped voters will remember this at election time.

Recall it was the Harper Conservatives who helped fuel this fire with 0% down insured 40-year mortgages. What is the party’s position now? Be careful what you wish for. – Garth

#45 Stone on 08.07.22 at 6:22 pm

#26 Mr Fox on 08.07.22 at 4:49 pm
Garth can you please tell us your opinion on how the mortgage crisis in China could affect the markets and the rates here?

Thank you

———

There’s a mortgage crisis in China?

Or is this crisis actually in Youtube and TikTok?

#46 Grunt on 08.07.22 at 6:27 pm

If they’re bought multiple with little think then.

#47 crowdedelevatorfartz on 08.07.22 at 6:28 pm

@#81 Reminds me of Faron
“Of course you skittered back into your grungy warrens.”

+++
Actually I don’t “skitter”.
I slither.

#48 Victor Llearna on 08.07.22 at 6:31 pm

It should not be allowed to borrow money against a house only to use it towards buying another house (or giving it to someonw to use for buying a house) . That alone can significantly inflate housing prices.

#49 RemindsMeOfTheTime on 08.07.22 at 6:33 pm

#5 Sail Away on 08.07.22 at 3:39 pm
#81 RemindsMoOfTheTime on 08.07.22 at 2:01 pm
#74 Sail Away on 08.07.22 at 10:50 am

You are a fan of the equivalent of shoving needy people out of the line at the soup kitchen so you can get yours? Lying about your race to your own benefit? Intentionally ignoring reams of data showing that you are wrong?

And this gives you a sense of joy and fulfillment in your life? How sad.

#50 Share the pain on 08.07.22 at 6:36 pm

Parents most likely pushed this couple to buy, since they were so sure houses can only go up. They as just a responsible. So they need to feel the pain.
Funny, when we got married , in the 80s, we lived in an apartment and saved up money to buy a small house.
Our agent told us we could afford a bigger house but we said no. We saved and paid it off ASAP. We could sleep nights.
I often would wonder why newlyweds had to buy a house right away. Those who bought recently will feel the pain.

Another comment: I am so surprised how many people I talk to that are not aware that houses have dropped, even though it is all in the news.
Those are probably the ones that are still buying today.
Amazes me how people are not aware of current events. Most likely these are the same ones that will vote T2 back in…..gasp.

#51 Karan on 08.07.22 at 6:45 pm

81 RemindsMoOfTheTime on 08.07.22 at 2:01 pm
#74 Sail Away on 08.07.22 at 10:50 am

Reminds me of the time you claimed racism and bias didn’t exist in the US/Canada because you, a white skinned and green/blue eyed person, hadn’t experienced it.
—————-
I grew up in the 60s and I was subjected to racist comments and ridicule because I was Ukrainian and the child of immigrants. I am white skinned and green eyed.
Except, there were no laws to protects us.
Racism has always existed throughout centuries.
It depends on the flavour of the time.
Bet you are shocked to hear this..

#52 Brian on 08.07.22 at 6:46 pm

DELETED

#53 Tedfifty on 08.07.22 at 6:47 pm

Trying to replicate your Simcoe County -30% despite having access to ORTIS and BEDAR to these stats I can’t see the average price worse than -22% since Peek in February which was reported at $1,010,784
Where can I see your data for this -30% in Simcoe county. If my stats are more accurate that yours Garth it would indicate a slowing in the rate of decrease because -22% was the same number for June and July . What say you?

TRREB numbers, detached. – Garth

#54 Steven Rowlandson on 08.07.22 at 6:49 pm

“Fiction. Deficit financing has been a fact of federal life for many decades. Trudeau did not invent it. – Garth”

It is true that Pierre Trudeau did not invent deficits but he and his successors have a brain and a choice and they all made the wrong choices and abused the ability of the government to borrow and ruthlessly avoided correcting the problem except for Paul Martin. He at least tried to clean up the mess. Not sure how the mess will be cleaned up now but I am sure the people and the governments creditors won’t like it…

#55 Don Guillermo on 08.07.22 at 6:50 pm

#34 Woodfiber on 08.07.22 at 5:28 pm
#14 Don Guillermo on 08.07.22 at 3:57 pm
I bought this house with a friend in 1973. We paid $5600 (2800 each) and turned into 3 suits.

########

That’s some Gucci level alchemy. Still, seems like a high price for 3 suits.

********
Haha, true. We were stylin’ in the 70’s.

#56 WTF on 08.07.22 at 6:50 pm

# 13 Justin “Realtors are salespeople. They work to get the best price for their clients. They are paid commission.”

————————————————————–
Uhhh yea, realtors are the pillars of society.

“Used to be in a Punk Band but This is the best paying job I could get without any marketable skills”

https://digg.com/video/heres-a-brutal-dose-of-reality-about-why-youll-never-buy-a-house

#57 Mattl on 08.07.22 at 6:53 pm

#21 KuatoLives

Hold on, you make 350K and can’t find a place to live in Kelowna? There are 200 listings on Castanet for apartments, starting at 1500 bucks. For 3K, 1/4th of your take home, you can rent a banging condo on the Lake, views, modern, deck. Your story is ridiculous, 12K take home and you choose to sleep on Mom’s couch. Maybe you are the problem, suspect Mom would agree.

#58 Jens on 08.07.22 at 6:54 pm

I wonder if the unthinkable could happen: 5-year fixed mortgages available at lower rates than variable?

Come to think of it, it might not be that illogical. Bond yields are down, whereas bank rates keep going up. A fixed rate sounds like it protects you from the unexpected, but it comes with a risk of being locked into some (high) interest rate. On top of that, breaking the mortgage or converting it to variable comes with harsh interest differential penalties.
Unsurprisingly, the majority of Canadians goes for variable, so shouldn’t fixed rate mortgages be offered at a discount?

#59 Dominoes Lining Up on 08.07.22 at 6:58 pm

This one looks foreboding, just reported an hour ago about GTA area King Township mcmansions:

“The township, known for green rolling hills, large, mansion-like homes coupled with suburban amenities amid idyllic country life, has had the average selling price fall from $3,218,42 in February across 38 home sales, to $1,664,046 across 20 home sales in July.
That’s a 48 per cent price drop in just three months.”

https://www.thestar.com/news/gta/2022/08/07/king-township-has-experienced-close-to-a-50-per-cent-price-drop-in-a-three-month-period.html

Wowza.

#60 BCWally on 08.07.22 at 7:03 pm

Interesting forecast, but I thought they were high on a bottom of just under $800K. More like $600K+ if you look at the mortgage rate/price lines at 2015, and add maybe 15% for inflation over 7 years.
Unless of course the lending rules have relaxed significantly since 2015, or worse yet the lenders and buyers aren’t following guidelines.
The average family income in Kelowna is $68,627.00 for 2021, Google didn’t give me the exact source. I’m assuming that is from federal gov’t stats.
Ok so using the criteria from Canada’s site for mortgage qualification the average family can borrow about $250K. I used 5.25% to be generous, the minimum posted stress test. I also gave average costs for utilities and an average car loan.
https://itools-ioutils.fcac-acfc.gc.ca/MQ-HQ/MQCalc-EAPHCalc-eng.aspx
So, a beginner townhouse or detached crack shack needs to be $270K for this to really fly. Obviously the lenders aren’t following this with moral hazard built right in with CMHC insurance and the HELOC industry. The buyers, well just team up with other family members I guess and post multiple incomes. Worst case for young families, it’s all outside buyers with equity coming to Kelowna. Hope they like doing their own restaurant jobs because those young families won’t stay.
I wonder if in 20 years we will read all about the great Canadian housing boom and bust, all the factors that created it listed. It would be the ultimate economics grad thesis and would need a 16G memory stick to hold it. Maybe we will get a movie out of it just like the Americans.
OK so there’s no way to really fix this now without hobo camps by the tracks all across Canada and a 50 cent dollar. Rabbits, squirrels, ducks, chickens, gophers, deer all emigrate.
If you were insane enough to try and fix this situation, just do this:
CMHC will only cover 60% of new mortgages. Better make sure that $68K a year family can make those payments, Mr. Banker.
HELOC repayments will be amortized, that is principal and interest payments month #1. Bye bye most of the tax breaks on interest deductions from rental income.
Capital gains tax? OK, as long as losses are allowed to be deducted from income. Zero chance of that happening now with a housing correction in progress. But dare to dream.
Dividend, capital gain and interest income from Canadian corporations? Drop the tax rate, like to 10% on all that. Watch our companies expand with all that new capital. (Hey, I’m a patriot.) Housing to make money? Nah invest in a Canadian corp.
Make sure to make plastic surgery tax deductible because you will need it to get out alive.

#61 WTF on 08.07.22 at 7:11 pm

#18 Listening “Many federal government employees balking at returning to offices

https://www.cbc.ca/news/politics/covid-canadian-government-work-1.6543860

What are they afraid of? They are all vaccinated!

—————————————————————-
Afraid of? The Public, and sweatshop conditions for 7.5 hours of apparent gulag like incarceration in the most stressful circumstance imaginable. To them…

Just kidding,

Simple, Their unionized managers “work” from home too.

Just pay your taxes and shut up! Nothing to see here.

#62 Shawn on 08.07.22 at 7:39 pm

Taiwanese people

Move to Alberta or someplace. Tonight. I’m leaving the porch light on.

#63 miketheengineer on 08.07.22 at 7:48 pm

Hey Garth:

It went up like an inflated balloon and now she will come down like one too….

If we are half way through the correction, would 20% more decline be reasonable to expect over the next 4 to 6 months?

I have been dreaming about the bunny patch….but I just keep dreaming. Maybe one day I can afford a home with room for a real size dog to run.

20% more downward is my bet Garth. I wager a Tim’s double double on it. I hope it doesn’t go that far though, as it is going to be rough for anyone with a mortgage and I am both sad and worried about those folks.

Bunny patch is still too far away and too costly for this engineer, and I have totally given up on my dream.

Now Italy is a different story. I have my Italian Passport and the old family stone home, is now sitting empty…Hmmmm….Not sure if they will let me on the plane? Not sure if the others that have part claim to the property will get pissed if I show up and move in.

#64 Raoul Pal on 08.07.22 at 7:53 pm

This blog is the best source of real finance and real estate information in Canada.

I skip BNN and head straight here after the markets close.

#65 Wrk.dover on 08.07.22 at 7:59 pm

#40 Offshore on 08.07.22 at 5:47 pm
Right now Guyana is producing about 300,000 barrels of oil daily. Production is set to quadruple in 5 years.
__________________________________

Barbados, just up the chain, does have nat gas delivery in part of it, my friend there tells me, without hitting the google button.

And 1/4 billion mkt cap is more than a penny in a pan.

Casino away one day of resort $ on this? Where would a fail on the investment hurt the most?

It could get you an extended stay on the other hand.

#66 JPN on 08.07.22 at 7:59 pm

# 21 KuatoLives…. Dude, you make 350 K and sleep on your mom’s couch ? C’mon … ! (And please… please move out of Kelowna… )

#67 Bob on 08.07.22 at 8:16 pm

So… after blowing off the pandemic excess and returning to 2019 levels, Okanagon prices are forecast to resume the same, ludicrous, upward trajectory they had before? Am I reading that right? Weren’t 2019 prices already variously described as insane, off the charts, or just plain stupid? If Garth is correct, and this is all about interest rates, then shouldn’t prices return to the level they last had with the forecast rates (about 200K)? If the forecast proves correct, there’s no hope for this country.

#68 dosouth on 08.07.22 at 8:24 pm

…and those gold plated whiny gov’t workers don’t want to and you can’t make me go back to the office to work. I can be just as unhelpful at home….

Fed workers don’t want to go back to the office….

#69 Quintilian on 08.07.22 at 8:28 pm

“Recall it was the Harper Conservatives who helped fuel this fire with 0% down insured 40-year mortgages. What is the party’s position now? Be careful what you wish for. – Garth”

Garth, you don’t have to tell the truth.

I thought that besides holding the blog title of Mr. Congeniality, my secondary position was that of being lambasted by the two main Trudeau haters, for pointing out how the Conservatives reflated the bubble.

#70 crowdedelevatorfartz on 08.07.22 at 8:33 pm

“Recall it was the Harper Conservatives who helped fuel this fire with 0% down insured 40-year mortgages. What is the party’s position now? Be careful what you wish for. – Garth”

+++

Not a fan of Poilievre?
Ok.
So we just give Trudeau and his merry band of Woke-sters another 5 years?
Sorry.
I can’t do it.

Canadians vote against. They do not vote for. We pay for that repeatedly. – Garth

#71 crowdedelevatorfartz on 08.07.22 at 8:36 pm

@#64 Shawn
“Move to Alberta or someplace. ”
+++
They picked PEI.

https://www.saltwire.com/nova-scotia/news/after-more-than-a-decade-why-is-there-still-a-controversy-over-the-pei-buddhist-community-556523/

#72 Ponzius Pilatus on 08.07.22 at 9:13 pm

#74 Sail Away on 08.07.22 at 10:50 am
Well, I was happy to see my Latino brother Juan Pablo win this season of Alone in Labrador. None of this emotionally-wrought agonizing, just take it as it comes and endure.

Viva La Raza!
——————-
Gotta agree with you.
Cool dude.
But the 51 year old lady was amazing, too.

#73 mike from mtl on 08.07.22 at 9:21 pm

Not a cent has dropped here, as usual stats can be misleading.

Sales count numbers are meaningless realtor spin.

#74 crowdedelevatorfartz on 08.07.22 at 9:22 pm

@#72
“Canadians vote against. They do not vote for. We pay for that repeatedly. – Garth”

+++
Total agreement.
Unfortunately, this is the political system and choices, we are stuck with….

#75 Offshore on 08.07.22 at 9:23 pm

@ Wrk Dover #67

I’m not giving financial advice, but I do believe that if ExxonMobil discovered 13 billion barrels of oil and gas in 5 years, and plans to export 1.2 million barrels of oil by 2025, this means that the offshore blocks that CGX holds might have billions upon billions of sweet offshore crude.

Estimates are that the Guyana-Suriname Basin might have as much as 100 billion barrels of oil and 500 trillion cubic feet of natural gas.

#76 Summertime on 08.07.22 at 9:50 pm

Government bonds in ridiculous amounts were purchased by the central bank, not by the bond market, where the rates would have been much higher.

This is not a normal bond selling operation due to the scale and nature/the buyer.

The difference is that there is not saved money behind these purchases that represent past labour and/or capital but rather brand new made up from nothing money.

Since when is there a mandate for central banks to buy government bonds on demand, when there are no other buyers?

The scary part is that the central banks IS the bond market.

This is not normal QE where central bank buys from commercial banks and demands these money goes on deposit and used only as needed, this is direct infusion of new money in stupendous amounts into circulation and the main reason for the inflation that we enjoy currently, supplemented by the excessive credit form the past 2 decades, but is not based on savings as many falsely assume.

When will the central bank sell those bonds on the open market and at what rates?

Of course the lack of regulation for the housing market, the idiotic market abuse by blind actions and other ‘innovative techniques’ were not sanctioned by politicians.

And it surely started with the ‘help for the banks’ that did not qualify as a bailout/god forbid/, 0 down, 40 years ‘insured’ mortgages and the late finance minister of short statue bragging to other bank governors about how sound our financial system is. Look at the house prices charts, we did not get any meaningful correction in 2009, on the contrary, continued to climb the mountain of stupidity.

And now is the beginning of payback time.

With the inflation ravaging and impacting everyone, the ultimate price to pay for such monumental stupidity.

Inflation is global. The Bank of Canada did not create it. – Garth

#77 Summertime on 08.07.22 at 10:05 pm

What will the BoC balance sheet be if they account in it for the declining value of the 400 billions + in bonds ‘purchased’ at close to zero interest with the rates now climbing significantly according to the central bankers’ own words?

Reminder: When rates go up, value of past purchased mid and long term bonds yielding a lower rate goes down.

How is that a sound investment and who will be hold accountable for those losses?

And another question: Who are the beneficiaries from the interest paid on those bonds to the central bank, does it go back to the budget?

How is the basic accounting really working for these entities?

#78 gfd on 08.07.22 at 10:15 pm

King township has experienced close to a 50 per cent price drop in a three-month period.

https://www.thestar.com/news/gta/2022/08/07/king-township-has-experienced-close-to-a-50-per-cent-price-drop-in-a-three-month-period.html

#79 Niagara bound on 08.07.22 at 10:17 pm

Garth can you do Niagara now for price drops?

#80 Roofer on 08.07.22 at 10:19 pm

You only mention interest rates going up interestingly. That’s just one variable that brings home prices down in the short-term. Given the current economic climate, the second phase will be job losses and that’s going to crash the housing market even further. I estimate Toronto detached going down 75% from peak prices or 2015 prices.

#81 DJT on 08.07.22 at 10:24 pm

With passage of Biden’s Inflation Act pending, this so so-called housing price crash looks like it is to be short lived.

Then you misunderstand the legislation. – Garth

#82 Saint Herb on 08.07.22 at 10:27 pm

“In York detached homes are off in value just a little under 40% ($1.4 million to $1 million)”

Music to my ears. I want this song to just keep playing and playing.

#83 DON on 08.07.22 at 10:28 pm

#76 crowdedelevatorfartz on 08.07.22 at 9:22 pm
@#72
“Canadians vote against. They do not vote for. We pay for that repeatedly. – Garth”

+++
Total agreement.
Unfortunately, this is the political system and choices, we are stuck with….

********
We could try voting for the best person in each riding regardless of the political gang and send a different message, that we expect better candidates. Don’t go with the pendulum, stay in the middle less sea sickness. Change what we can amigo.

#84 Sail Away on 08.07.22 at 11:04 pm

#51 RemindsMeOfTheTime on 08.07.22 at 6:33 pm
#5 Sail Away on 08.07.22 at 3:39 pm
#81 RemindsMoOfTheTime on 08.07.22 at 2:01 pm
#74 Sail Away on 08.07.22 at 10:50 am

You are a fan of the equivalent of shoving needy people out of the line at the soup kitchen so you can get yours? Lying about your race to your own benefit? Intentionally ignoring reams of data showing that you are wrong?

And this gives you a sense of joy and fulfillment in your life? How sad.

———

It’s ok. I deserve it.

Hey, you bear an uncanny similarity to another poster, completely obsessed with me, who took great pride in AlWaYs posting under his own name.

Weird, and by that I mean you, not the situatuon.

#85 DJ Garth...playing your hits commercial free! on 08.07.22 at 11:22 pm

#81 Niagara bound

Garth can you do Niagara now for price drops?

…..

RSVP…Requested Songs for Video Play…on Much Music.

https://www.youtube.com/watch?v=mwnIqE5uNwg

#86 David on 08.07.22 at 11:30 pm

Justinflation has been watching too many freedumb convoy propaganda. Funny how some people I also know have zero grasp of economics but spew out garbage such as this. Pepe has no plan, no strategy and no idea how to run a country, anyone can criticize.

As for housing crickets in my area down from peak of $2+ in January to $1.7 and sitting unsold for weeks. Prime time to buy should be beginning of 23 but only in good pockets as bunnypatch and cottage areas will get decimated for years. Rules are changing even South Bruce Peninsula where I have a seasonal has new rules for landlords, they aren’t making it easy for all the partying airbnbrs.

#87 Yorkville Renter on 08.07.22 at 11:32 pm

it will overshoot estimates on the way down…

Lame Big bank forecasts were already revised down after a few weeks

my $0.02

#88 Inflation is nobody's fault on 08.07.22 at 11:32 pm

I remember my mom always telling me: “It’s OK to jump off the cliff if everyone else does it, that way no one is to blame”

#89 Nonplused on 08.08.22 at 12:40 am

Well, it was the government’s fault, especially if you count the Bank of Canada to be part of the government, no matter how quasi-independent it may be. Fiscal and monetary policy has been horrible for well over a decade.

Some day historians will probably look back on all this and determine that real interest rates should never be below zero, absolute interest rates should be set by the market, not by central bankers, and bankrupt entities should never be bailed out. Oh and that economics degrees are completely useless, if not dangerous.

We are just plain lucky the dollar didn’t collapse. But it came close, and this ain’t over yet. Heck even the ruble has been stronger, and Russia is under every kind of sanctions plus fighting a war! That pretty much tells you all you need to know right there.

Hmm, I also wonder, if the dollar declines by 50% over the next 5 years, which seems well within the realm of possibility, will Trudeau have to double his carbon taxes? I’m guessing he will. But will he also double the steps in the income tax brackets? I bet not. Best we vote him out before he wrecks everything. Oh wait, too late. Thanks Ontario and the Laurentian mafia! Way to go, bozos.

——————————————-

So here is a carbon tax question I have while we are on the subject:

If carbon taxes ostensibly exist to reduce consumption by artificially raising energy prices, then when energy prices become high all on their own due to wars, inflation, peak oil, the wind isn’t blowing, night, what have you, then shouldn’t the carbon taxes become unnecessary? A duplication, really? Do we need both high energy prices and high carbon taxes to save the planet? Or would high energy prices do the trick on their own? How high do energy prices need to go before the carbon tax is redundant? Or is it just a money grab, plain and simple?

It’s a quandary, really. If energy prices don’t rise to heart stopping levels on their own, that means there is plenty being produced and somebody somewhere is buying and burning it, just not in Canada. If energy prices do rise on their own until your nose bleeds and your palms sweat, we don’t need carbon taxes. Q.E.D. they do nothing for the environment. Nada. Zip. Zilch. Zero.

The point of them must be something else.

#90 Ronaldo on 08.08.22 at 2:22 am

#63 WTF on 08.07.22 at 7:11 pm
#18 Listening “Many federal government employees balking at returning to offices

https://www.cbc.ca/news/politics/covid-canadian-government-work-1.6543860

What are they afraid of? They are all vaccinated!

—————————————————————-
Afraid of? The Public, and sweatshop conditions for 7.5 hours of apparent gulag like incarceration in the most stressful circumstance imaginable. To them…

Just kidding,

Simple, Their unionized managers “work” from home too.

Just pay your taxes and shut up! Nothing to see here.
=================================
Yes. And the ones that are required to come back to the office will be looking for parking, transportatation and clothing allowance and danger pay (Covid). Bunch of tax eating bottom feeders.

#91 Ronaldo on 08.08.22 at 2:27 am

Oh, I forgot child care and pet sitting allowance.

#92 Shane on 08.08.22 at 6:03 am

“High rates are killing real estate”? I’ve got some really badder news. ” Zero rate” government borrowing and a near decade long irresponsible deluge of money printing has already killed the country”.

#93 maxx on 08.08.22 at 7:01 am

Bank of Mom money is stupid money.

Bumped into a top Québec realtor 2 weeks ago and asked him his opinion on where RE was headed.

His words: ¨The party is over.¨

#94 the Jaguar on 08.08.22 at 8:03 am

Snippets from the political fringes…( Key take aways – ‘leading’, “leaves the fringes”, and “well mobilized”. For the sake of the nation, please get a D-I-V-O-R-C-E. +++

TORIES GRAPPLE WITH UNITY.
‘A battle for the party’s soul…’

But after winning comes the challenge of leading.

The group Centre Ice Conservatives, a centre-right advocacy group formed during the leadership race, contends the party has room to grow if it leaves the fringes and concentrates on issues that matter in the mainstream. a desire for more focus on “dinner table issues,” such as economic growth and jobs. “The party doesn’t need “American-style divisive politics.” (MP Alain Rayes).

Social conservatives have traditionally been a well-mobilized part of the party’s base during leadership contests and helped deliver wins for O’toole and former leader Andrew Scheer.

Jack Fonseca, director of political operations for the anti-abortion group Campaign Life Coalition, said many of those who strongly oppose vaccine mandates also share values with social conservatives. “They are largely pro-freedom, pro-family, and yes, even pro-life and pro-faith,” he said. ( Ugh)

#95 Steven Rowlandson on 08.08.22 at 8:12 am

Yes indeed the homeless are taking over and sleeping where they can. Nice places like the Honda Hilton or the sidewalk outside of Tim Hortons. The list of possibilities is endless and anyone can become homeless…
Homelessness is caused by violations of the rules regulating home prices and rents in conjunction with the law of the minimum. That being the maximum price being defined by the lowest wage rate applied to the 3 years pay rule or the maximum of one weeks pay per month rule for renting rule. When you break the rules bad things happen and remember real estate is not a privilege or an investment. It is a necessity of life and a place to live especially in Canada where there is winter and legal requirements for residency to function as an adult and a citizen. It is not an excuse to run a genocidal extortion racket for profit…. Bless Tim Hortons for being merciful to the homeless.

#96 crowdedelevatorfartz on 08.08.22 at 8:23 am

@#85 Don
“We could try voting for the best person in each riding regardless of the political gang and send a different message, that we expect better candidates. ”
+++

Of course we want better candidates.
But, when our only options are electing an MP that will vote exactly as they are told by the Party Whip.
ANY Party Whip.
That pretty much negates the illusion of “better candidates”.
MP’s must “do as they are told” or they are O…U…T of the party.
Unless there is the rare Minority govt and every vote counts….then the horse trading begins.
The NDP has done particularly well this time around.

So we vote in an election and the candidates pretend they are “our” representatives.
Until the election is over.

I will hold my nose and anti-voted as I did to rid the country of Harper.
Once every 5 YEARS we are allowed to “voice” our dissatisfaction with the dismal status quo..
I intend to participate, unlike a large amount of other eligible people.

#97 Mehling on 08.08.22 at 8:29 am

Vancouver Sun – late bank appraisal proves costly:

https://vancouversun.com/business/real-estate/delay-in-appraisal-snags-apartment-purchase-for-first-time-buyer-as-real-estate-market-declines

#98 TurnerNation on 08.08.22 at 8:58 am

What would Smoking Man have said over today’s couple.
That they followed the rules; followed only the Blue Checkmark people on Twitter; they did not steal the customer list; did not chirp the boss, got only pats on the head.
These are the guys roaming the Path wearing trim blue suits w/saddle colour shoes and belts.
Wag wag wag. Company men.

AND WHERE DID THIS GET THEM? In to eternal debt and tax slavery.
Their false gods led them astray.

As the Bod Dylan song goes “They’ll stone the young and able; they’ll stone you just like they said they would. Everybody must get stoned”.

#99 millmech on 08.08.22 at 9:00 am

Sail Away
Will be letting BBBY go at open this morning, and off to the races to find another one before EOY, anything above Fridays close will be a bonus.

#100 Quintilian on 08.08.22 at 9:22 am

“We could try voting for the best person in each riding regardless of the political gang and send a different message,”

That would be the right thing to do. But politics is not about that.

It is a twisted, vulgar, immoral, manipulative, and devious blood sport.

its power is derived from the avarice of the average voter.
Garbage in Garbage out

#101 millmech on 08.08.22 at 9:38 am

Sail Away
Sold for $12.

#102 Sail Away on 08.08.22 at 10:07 am

#101 millmech on 08.08.22 at 9:00 am

Sail Away
Will be letting BBBY go at open this morning, and off to the races to find another one before EOY, anything above Fridays close will be a bonus.

Sold for $12.

———

Wow, perfect timing. Doubled in a week. Respect!

#103 Dharma Bum on 08.08.22 at 10:29 am

The little dog hiding in the cupboard should be named…
Lazy Suzan!

I saw Santana perform in Tarana last night. Say what you will…the boomers really know how to rock.

They still own the world. They still rule the world.

Get used to it. Get over it.

Lazy Susan..hahahahahahahaha…I’m here al week, try the veal.

https://www.youtube.com/watch?v=a84KUyLynDA

#104 bcPaul on 08.08.22 at 10:58 am

Anyone know how much realtors are paid?

#105 Caffeine Monkey on 08.08.22 at 12:17 pm

Mom and dad probably begged the kids to buy the house, telling them that it’s the fiscally responsible thing to do. Ah well.

#106 millmech on 08.08.22 at 1:24 pm

#104 Sail Away
Buying a little into Shift Technologies and Aterian after BBBY, see if they can kick up a bit of gain, prices this low I see upside potential. I could be wrong and do your own DD, not financial advice.
Changed my parameters for what I am buying for shorter plays and so far so good.

#107 DJT on 08.08.22 at 1:57 pm

Biden’s Inflation Act will make it easier for firms like Black Rock to buy up homes and next to impossible for first time home buyers.

Remember, your current government’s official game plan is “you will own nothing”.

#108 IHCTD9 on 08.08.22 at 2:40 pm

Prices only need to get chopped back to 2019 numbers for me to be happy. That won’t be sufficient for places like the GTA and YVR, so don’t trash your plans to move out just yet. But, It’ll be plenty good enough for us camo clad marsh dwellers beyond bunny patch.

Of course, if Trudeau feels the need to empower buyers once again – then all bets are off.

#109 maxx on 08.08.22 at 5:43 pm

@ #18 Is anybody listening? on 08.07.22 at 4:19 pm

Many federal government employees balking at returning to offices

https://www.cbc.ca/news/politics/covid-canadian-government-work-1.6543860

What are they afraid of? They are all vaccinated!
————————————————————————

No fear at all – it´s a clear case of pathological laziness. That video nearly made me retch, replete with talk of evolving workplaces and ¨safe spaces¨. Horse apples! Snivel servants spend their time at home scratching their ar$e$, trying to decide when to take Fluffy out for a walk or heading out to restaurants and shopping centers, which, by-the-by, are chock full of so-called working people who, although they have won the job lottery, ¨prefer¨ not to be at the office¨. HELLO!!!!! Public spaces are more of a risk than offices.
These whiny work-from-homers need a giant boot up the backside.

Meanwhile, passport offices are ringed with people camping out on sidewalks for days and you can´t get through to various gov´t departments without an investment of hours of wait time.

Canada is LAZY, LAZY, LAZY!!! The work ethic has vaporized and there is little to no accountability.

Cue the sound of a toilet flushing….your tax dollars NOT at work.

Enough with the ¨safe space¨ BS.

We sooooooooo need a change in government.

#110 BC Renovator on 08.09.22 at 12:03 am

Here is a monster Price drop for you. Welcome to the Squamish correction? Crash? $615k

https://bcres.paragonrels.com/publink/default.aspx?GUID=1c7fee50-dee1-4640-be8d-e2a823771d69&Report=Yes

#111 Tony on 08.09.22 at 10:28 am

Re: #6 B on 08.07.22 at 3:40 pm

If mortgage rates and longer term bond rates don’t fall after they finish hiking rates mortgages will rollover at much higher rates putting downward pressure on prices.

#112 chalkie on 08.09.22 at 10:31 am

72 hours and “wow” you walked away with a nice profit last winter from my money, did you notice that your realtor both listed and sold your home, “yup” kept 4.5% from the 5% commission, after broker/office cost, on a 1.5-million-dollar home, that’s $75,000 realtor cost, Highway robbery with no investment on their part. It was so easy to make money as a realtor last two years, those days are now gone forever, just like the 2% mortgages. Big cars, lots of sunny trips and a nice home, mortgaged to the hilt, but today is payday for the banks and I see lots of tears in the realtors’ eyes” wondering what just hit him.