Chin up

Did you notice the Fear-Greed speedo reproduced here yesterday?

Yeah, that was in connection with real estate sentiment in Kelowna. But it could have just as easily been a survey of emotion about financial markets. In fact, reading the comment section on this blog is to wade intro a moist, dark place of nihilism and endless abdominal gas. This echoes what a spate of recent surveys have widely shown. Confidence is running at zero.

But, lo. Mr. Market has been singing another tune. July saw a bigger one-month return than a good year normally delivers. So far in August, it’s basically held. Even volatility has been nipped. The latest labour print in the US was outstanding – 528,000 new jobs last month, full employment and rising wages. Corporate profits have been better-than-okay. Bond yields have eased. Even some mortgage rates have come down. Ukraine is still standing. China did not shoot Pelosi down. Biden didn’t fall over yet and in fact just got a legislative win. And in Canada our job losses last month were attributable to people wanting to stay home and roast their weenies. On the beach. Over a fire.

So why the gloom?

Much of it’s because street life is harder now. The cost of living is rising and we know already at least half the population skates on the edge of insolvency every month. Interest rates have rattled everything. Seems millions of people convinced themselves the cost of money would never rise, so they could eschew saving, and borrow copiously. The first rate hike or two were scary. The third was terrifying. And now we have another less than four weeks off.

Moreover, real estate is taking a hit. The silver bullet for financial security has turned to lead. That one, easy, no-brains path to riches just went over a cliff. Our society is in housing shock right, with that negativity seeping over everything.

Then there’s the denial of lifestyle changes people came to assume were permanent during the pandemic. Like WFH, and being liberated from the workplace while stull sucking off your pay, benefits and pension. That, obviously, was as unsustainable as Peleton stock or an investment in Shopify. Five thousand years of human interaction don’t get erased by a slimy little pathogen in 18 months.

And poor Bunnypatch. Once again a delusional Covid view of the world made people think they could exit the city – where jobs, friends, entertainment, culture and education were concentrated, and move to the boonies just because they were cheap. Now many are trapped in real estate that’s devalued, and understand the huge social price they paid. Not everybody loves bugs and cows.

Finally, there’s financial illiteracy. Never underestimate how little most people know about macroeconomics, financial markets, monetary policy, taxation or financial planning. The biggest cohort of the population has never experienced inflation about 4% (it’s twice that now) or dreamt mortgages could hit 6%. For their entire adult lives real estate has only gone up. RRSP contribution levels have been dropping for years and the spike in household savings rates during the pandemic was a total aberration. We’re back to spending everything we make. Worse, too many people are listening to charlatans tell them that the CB created inflation and that firing one guy will fix it.

In short, it’s a funk. A deep one. It will take a long time for this attitude to improve because life is about to get harder over the next few years. High rates. Continued inflation. Dismal housing values. And a crappy commute back to the cubicle.

But, of course, you can be different.

The financial markets? Sure, they’ll be volatile as we go through more central bank hikes, the US midterm elections, the European war, choppy corporate earnings and global inflation (Europe and the UK ain’t looking too healthy at the moment). Are we in a bear market and the last few weeks were merely a sucker’s rally? Maybe, but who cares? Stay invested and you have a 100% chance of riding the recovery – which will ultimately come a lot sooner than most believe (and when the Fed says it is pausing).

Houses? Nothing’s changed. We’re maybe halfway through the melt. Rates have kicked affordability to the curb. Sellers will be hosting more price reductions. Desperation sales will occur, especially where prices surged and debt exploded. Sell now. Buy later. Or rent. I hear that’s the hot new way to attract a mate.

About the picture: “The black dog is Gabe,” writes Teresa. “He’s five now and  got him as a puppy in Creston BC.  Nash – the white mix Color –  is 4, and also got him as a puppy, in Westwold BC.  We & they live in Castlegar BC.”

106 comments ↓

#1 Captain Uppa on 08.08.22 at 3:41 pm

“Then there’s the denial of lifestyle changes people came to assume were permanent during the pandemic. Like WFH, and being liberated from the workplace while stull sucking off your pay, benefits and pension”.

Agree to disagree on this.

I don’t believe WFH is dead, not at all. Full WFH might be, but hybrid looms large. WFH is not unproductive, people are; and they are the same when in a cubicle or not.

#2 Roy on 08.08.22 at 3:43 pm

Thank you Garth for being there for me everyday.

You are an amazing Canadian that provides one
of the best services I know of. I am a much better
and smarter person because of you.

I hope you never stop writing this blog.

#3 James on 08.08.22 at 3:43 pm

“In fact, reading the comment section on this blog is to wade intro a moist, dark place of nihilism and endless abdominal gas. ”

Yep. In recent times, the numerous comments here are almost 10% written by one dude, or gal, crowdedelevatorfartz.

A daily limit would ease the bloating and odour, Garth.

#4 Sail Away on 08.08.22 at 3:43 pm

Gloom? Gloom?

Haha, hardly.

The Sail Away household is effervescing irrepressible bubbles of joy. Happy champagne. ‘Ka-ching’ here, ‘ka-ching’ there, ‘ka-ching, ka-ching’ everywhere.

#5 Frank Sinatra on 08.08.22 at 3:46 pm

Fly me to the moon
To see real estate collapse
Let me laugh at prices
falling in, Toronto and King
In other words,
Ha. Ha. Ha.
In other words,
Let me laugh on here.

#6 The General on 08.08.22 at 3:46 pm

Gabe’s winkie is showing :) Good boy!

#7 A J on 08.08.22 at 3:46 pm

I’m so sick and tired of the lack of accountability these days. Everyone’s ego is huge, and they refuse to admit they made mistakes with money and may soon be facing insolvency. Remember last summer when everyone was buying RV’s and boats with their lines of credit? To the point where you couldn’t find any to buy if you tried? Now those people are crying that they’re losing equity and that they’re house poor. I’m sorry, but you won’t get sympathy from me. Everyone’s keeping up with the Joneses lifestyle and lack of foresight got them in this situation and it’s time to pay the piper. Blame everyone and anyone you want, but they didn’t force you to live beyond your means. It’s time for people to eat a slice of humble pie and face the consequences of their actions.

#8 Leftover on 08.08.22 at 3:49 pm

Millennial offspring rented, saved (almost $200K) and eschewed housing during covid. Not only did some of their friends abandon them, they made a couple of enemies (RE agents).

Now, or, especially, in 12 months or so, they occupy the drivers’ seat. Landlord just put their place up for sale, at a February price, so advice was to offer the LL a low-ball in a couple of months and see what happens.

In the meantime enjoy life, the autumn will be a very different place. Be ready for it.

#9 James on 08.08.22 at 3:49 pm

“In fact, reading the comment section on this blog is to wade intro a moist, dark place of nihilism and endless abdominal gas.”

Yep. In recent times, the numerous comments here are almost 10% written by one dude, or gal, crowdedelevatorfartz.

A daily limit would ease the bloating and odour, Garth.

#10 Love_The_Cottage on 08.08.22 at 3:53 pm

Now many are trapped in real estate that’s devalued, and understand the huge social price they paid. Not everybody loves bugs and cows.
_________
I guess we travel in different circles. The people I know that bought a house in the last couple of years are happy and doing well. They plan on staying long term and have no concerns on the ups and downs of housing prices.

#11 Tim on 08.08.22 at 3:58 pm

Houses still selling in Parksville and Comox for a million dollars for 3 bedroom bungalows. Correction hasn’t hit the Island in any significant way.

#12 James on 08.08.22 at 4:07 pm

“In fact, reading the comment section on this blog is to wade intro a moist, dark place of nihilism and endless abdominal gas.”

Endless abdominal gas? Oh yeah!

Yep. In recent times, the numerous comments here are almost 10% written by one dude, or gal, crowdedelevatorfartz.

A daily limit would ease the bloating and odour, Garth.

#13 Keith Austin on 08.08.22 at 4:10 pm

Sketchy sounding guy comes to save the consumer from blind bidding.

https://www.cbc.ca/news/canada/ottawa/unreserved-real-estate-lawsuit-oreb-orea-crea-1.6539915

#14 Paul on 08.08.22 at 4:15 pm

In short, it’s a funk. A deep one. It will take a long time for this attitude to improve because life is about to get harder over the next few years. High rates. Continued inflation. Dismal housing values. And a crappy commute back to the cubicle.
——————————
Garth said cheer up things could be worse,sure enough I cheered up and things got worse!

#15 Dave on 08.08.22 at 4:18 pm

Who Owns New Zealand?

https://www.youtube.com/watch?v=y2kbgavXsqc

For parallels to Canada’s market

#16 TurnerNation on 08.08.22 at 4:20 pm

Hubris. Avarice. Greed. Reckless abandonment of principles. Disavowed.
These are the descriptors of the current Consumer Debt Crisis.
They forgot the golden rule: The Rich get richer and the Poor get poorer.

As the ersatz blog dog R. Cramdown used to intone: Now youse can’t leave. (movie quote)


— Just another day in a Former First World Country. Control over travel…here to stay.
You are free to leave at any time Comrade! No just try it….

.Ontario: GO Transit workers vote 93 per cent in favour of strike if no deal is reached (cp24.com)

.Metrolinx cancels GO Train trips amid staffing shortages (cp24.com)

.BC Ferries cancelled two sailings between Vancouver Island and the Lower Mainland on Sunday because of a lack of crew…Amid sailing cancellations and repealed federal vaccination policies, BC Ferries says it’s working to hire back hundreds of unvaccinated workers on unpaid leave (vancouverisland.ctvnews.ca)

#17 Love_The_Cottage on 08.08.22 at 4:27 pm

#7 A J on 08.08.22 at 3:46 pm
I’m so sick and tired of the lack of accountability these days. Everyone’s ego is huge, and they refuse to admit they made mistakes with money and may soon be facing insolvency. Remember last summer when everyone was buying RV’s and boats with their lines of credit? To the point where you couldn’t find any to buy if you tried? Now those people are crying that they’re losing equity and that they’re house poor. I’m sorry, but you won’t get sympathy from me.
_________
I didn’t see anything in today’s blog saying anyone was crying about losing equity and I’ve heard it from no one. Where are you hearing this and where is the anger coming from?

#18 Tom on 08.08.22 at 4:33 pm

Re #15: Who Owns New Zealand…a trillion dollars left China in the last year…Where has it gone? Into real estate.

#19 None on 08.08.22 at 4:35 pm

#11 Tim on 08.08.22 at 3:58 pm
Houses still selling in Parksville and Comox for a million dollars for 3 bedroom bungalows. Correction hasn’t hit the Island in any significant way.
————————————
yeah, i’m watching courtenay petty closely b/c i think it’s the canary in the coal mine.

There are some price reductions but not a lot are selling and there are some housing that have been sitting on the market for over a month now for 1.4 million that sold for $890K in 2020. They will break – it’ll take time. No one who wants to live in courtenay will pay 1.4 at 5%

#20 Fact Checker Fred on 08.08.22 at 4:39 pm

I think things are only half as bad as this blog is reporting. That’s still twice as bad as it’s been for a while. Most will survive and like they say, if it doesn’t kill you, it will make you stronger.

Feel free to point out any factual inaccuracy. Any. – Garth

#21 Søren Angst on 08.08.22 at 4:44 pm

#4 Sail Away

Ya, ya.

Ka-ching to the crabapple taste in the back of your throat with overrated, overhyped, overpriced Champagne (kind of like Cdn RE).

Have some COUTH and buy Prosecco instead.

Even the culinary useless English like it better.

https://www.ft.com/content/8dda85fe-4fb8-4ffc-93ee-315756c50386

Italia Civilizes.

PS:

France not happy about the state of their MOUTRADE and, it’s all YOUR FAULT Canada.

https://edition.cnn.com/2022/08/08/business-food/france-mustard-shortage/index.html

Oddly, we have lots of it in Italia. Called Senape. Not that popular here as it is in quasi-tawdry France.

——————–

Good State of the Federation today Garth.

#22 Dave on 08.08.22 at 4:51 pm

Chinese buyers spent 37 billion on residential property in 2013 alone.

#23 GFboughtahouse on 08.08.22 at 4:53 pm

Hi Garth,

Thanks for the post as always. I am with you that things are no different this time which is why I am confused by something that does seem to be different this time, and also appear to be causing some confusion on this very blog: the definition of inflation.

“Worse, too many people are listening to charlatans tell them that the CB created inflation and that firing one guy will fix it.”

Either I’m missing something or you are calling Milton Friedman a Charlatan. He helped to make it well understood that inflation was caused by excessive money printing (or the modern equivalents) and excessive gov’t deficit spending and that if these exceeded production growth it would cause the symptom of increased prices.

Of course I can’t do justice to the lecture below so I won’t try but it does touch on how inflation can be happening in many counties around the world but that does not make it “global” That’s why country X can have 5%, Y has 15% and Z has 150% inflation.

So is it different this time, was he wrong from day 1 or are you using a different definition of inflation and if so why?

Thanks,
Dan

References:

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

“Worse, too many people are listening to charlatans tell them that the CB created inflation and that firing one guy will fix it.”

“The deficit was financed by bonds which now form a portion of the public debt, as has always been the case. Just like every other country in the world. There is zero news here. Stop listening to Pepe’s nonsense. – Garth”

https://www.youtube.com/watch?v=B_nGEj8wIP0

Video Synopsis:

Inflation is blamed on many things. But it has only one cause: It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often, it does so to enable the government to pay its bills without raising taxes. There’s only one real cure for inflation. It is a cure that’s easy to describe but difficult to apply: The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation. Recorded at University of San Diego & San Diego Chamber of Commerce ©1978

#24 Doing my Part on 08.08.22 at 4:56 pm

Real Estate prices in Victoria and the Island are falling along with the rest of the country.
Have an objective look at the metrics, more listings, less sales, price reductions.
Anyone who says differently isn’t looking at the numbers, they tell the story.
It isn’t different this time.

#25 Russ on 08.08.22 at 5:10 pm

Cute. James.

@ #3 & #12,

You’ve already exceeded 10% for today, so far.

#26 NOSTRADAMUS on 08.08.22 at 5:15 pm

IT’S ONLY MONOPOLY MONEY.
Bodies floating to the surface. Everyone hates the prophet until he turns out to be right, then they turn on him with a vengeance. For years I have preached that with the withdrawal of liquidity (ready cash) the monopoly game is over. The bankers have a strange sense of humor, they are now throwing sand into the gears. That screeching sound will be the howls of agony as the bankers withdraw the liquidity (cash) which has kept everything well lubricated. Sand in the gears always leads to a seized engine event. It foreshadows galloping pauperization for the monopoly wizard with too many houses and no ready cash.. Steady Lads hold the line.

#27 Chin up? on 08.08.22 at 5:15 pm

New data published by the Office of the Superintendent of Bankruptcy Canada last Friday showed that household insolvencies (combined bankruptcy filings and proposals to restructure debt-repayment terms) were up 11 per cent in the second quarter compared with a year earlier. Proposals alone were up more than 20 per cent.

The rise in business insolvencies was even more dramatic – up 31 per cent. The bulk of those were actual filings for bankruptcy.

https://www.theglobeandmail.com/business/commentary/article-insolvencies-exposing-cracks-in-the-economy/

#28 Søren Angst on 08.08.22 at 5:17 pm

Europe and the UK ain’t looking too healthy at the moment.
– Garth

GDP Qtrly Growth Rate, 2022Q2 vs. 2022Q1 and latest inflation rates, %

Italy 1.0, 7.9
France 0.5, 6.1
UK 0.4 (1st Qtr), 9.4
Germany 0.0, 7.5
Canada 0.8 (1st Qtr), 8.1

Garth, GDP Inflation in Canada not doing that much better Garth.

Markets YTD:

FTSE 100 -0.3%
CAC 40 -9.6%
DAX -4.56%
FTSE MIB -18.04%
S&P/TSX -7.38%

Nor is Canada’s stock market.

————–

Still, in 🍁 & 🦅 I trust and where my Threadbare Portfolio resides.

Sorry Europa, I just don’t trust yet.

#29 roofer on 08.08.22 at 5:21 pm

Inflation is only getting hotter because Trudoe and Biden are destroying the supply of goods and working on destroying even more.

Inflation has only started. Interest rate hikes have only started. You ain’t seen anything yet so buckle up folks.

Inflation is global. Try thinking something original. – Garth

#30 IHCTD9 on 08.08.22 at 5:22 pm

If Trudeau can manage to keep his fingers off the RE file, Southern Ontario might heal in 2023. 2024 might look a lot like 2019. The GTA will revert to a slightly less hot hell-hole, Bunnypatch will heal and bleed at the same time, and the sticks will return to the highest standard of living in the Province, as it has been for a good 20 years.

Most of the blood-letting here will be suffered by GTA specuvestors who truly lost their investing minds during the pandemic and paid 100% premiums for houses they’d hope would follow GTA appreciation trends. All of them are going to burn like magnesium. I’ve got my #12 shade ready. If they are not solidly cash-flowing all-in every month, it’s dead and dying money for as long as they hope and pray for the huge appreciation they absolutely need. It won’t be coming.

Sorry homies, houses were cheap here for a reason…

#31 Summertime on 08.08.22 at 5:23 pm

Let’s put it mildly:

Central bank’s role is to control inflation and ensure price stability. It failed in it miserably. Who created the inflation? Arguable but as Freedman stated: inflation is always a monetary phenomenon and who controls the monetary supply? The central bank.

So the question is: if not Central banks, then who is responsible for the inflation and with oil now below February pre-war levels would we see full prices detraction? Absolutely not.

As for firing the figure head currently running it: It would be only a moral redemption.

Are you arguing for higher interest rates, an economic contraction and increased unemployment? – Garth

#32 yvr_lurker on 08.08.22 at 5:27 pm

In short, it’s a funk. A deep one. It will take a long time for this attitude to improve because life is about to get harder over the next few years. High rates. Continued inflation. Dismal housing values. And a crappy commute back to the cubicle.
———-
For those who are well off from either their own doing or from inheriting wealth or property, they never have much to worry about no matter what the external circumstances. It’s the people starting out their lives, early career people trying to start a family etc.. that are most impacted.

As for WFH or Hybrid, Garth is in a very conservative tie and suit industry where this is not an option for cultural reasons. In many industries related to IT, some hybrid work arrangement is very common. If I was in bunnypatch and had to do only a twice weekly long commute, it would likely be okay… some people are happier with a more simple life. Bugs, cows, trails for running, all good enough. Not everyone wants to live with the teeming crowds in a dense urban environment so that they can get a bowl of Thai noodles at midnight from the shop around the corner.

#33 wuhan we got y'all in check on 08.08.22 at 5:34 pm

Finally, there’s financial illiteracy. Never underestimate how little most people know about macroeconomics, financial markets, monetary policy, taxation or financial planning.

A quick look in the comment section here confirms this

#34 A J on 08.08.22 at 5:43 pm

#17 Love_The_Cottage

LOL I guess you missed the entire sentiment of Garth’s recent posts where people are acting like the sky is falling and looking for a scapegoat for their financial troubles. Do you live in a bubble?

And you call that anger? I call it facing reality. Sorry if it’s too harsh for you.

#35 Summertime on 08.08.22 at 5:47 pm

Are you arguing for higher interest rates, an economic contraction and increased unemployment? – Garth

After excessive growth based on ultra long period of excessive cheap credit it is normal to have a contraction and higher unemployment. It is called ‘the economic cycle’.

As for the rates, in order to fight inflation the real rates should be positive, i.e. 12-15 % interest rate as a minimum, given current conditions.

It is studied in basic economics course, grade 1 of university.

Ever heard of soft landing? That’s where we’re headed. – Garth

#36 Damifino on 08.08.22 at 5:48 pm

#1 Captain Uppa

I don’t believe WFH is dead, not at all. Full WFH might be, but hybrid looms large. WFH is not unproductive, people are; and they are the same when in a cubicle or not.
————————————–

It depends largely on the nature of your job. If it requires you to be “close to the hardware”, so to speak, then WFH can be fraught with problems.

Most of my later career (in term of total hours) was spent in a cubicle or office. However, there were many times I had to be immediately present to deal with actual physical world issues.

As much as you’d like to control the world from your comfortable chair at home, at any moment, on any day of the week, your presence at the workplace can become of paramount importance.

The guy who can come down to the shop floor in two minutes to deal with irate customers, failed machinery or misbehaving systems is the guy who WILL be remembered come promotion time.

The guy tapping away on his keyboard at home (as I am now)… well… he’s at home, disinclined to travel, and couldn’t show up in reasonable time anyway.

#37 Keith on 08.08.22 at 5:59 pm

@#23 GFboughtahouse

There are many studies on inflation. The one you believe, speaks to your opinion.

https://evonomics.com/moneysupply/

#38 Arctic Gringo: Qalunaaq on 08.08.22 at 6:03 pm

CBA just released mortgage delinquiences as of May 31st today.

Of the 5,045,000 or so mortgages held at the Big 6 in Canada, 7450 of them where more than 3 months delinqent. Thats 0.15%.

https://cba.ca/mortgages-in-arrears

Still lower than the historic average of 0.25%. I concide, however, that that value may increase over the next 12 months.

Canadians do not stop paying mortgages. It’s always been a meaningless stat. – Garth

#39 AM in MN on 08.08.22 at 6:09 pm

too many people are listening to charlatans tell them that the CB created inflation and that firing one guy will fix it.

—————————————————————-

The CB did create the inflation, by printing money and buying Govt. bonds so JT could spend an extra $400B paying people not to work.

Firing one guy is only half the solution. You then need to replace him with someone who seeks to control inflation to 0%, +/- some wiggle room.

If the C$ was at U$0.95 or higher, inflation would be a lot lower. This is not complicated.

Sure. Right. Easy. – Garth

#40 tsirrus on 08.08.22 at 6:10 pm

Speaking of financial illiteracy, it would be nice to have a page dedicated to explaining the jargons used (tnltb, bunnypatch, etc). Ex: what towns does bunnypatch (To. and YVR versions?) include?

You sometimes define/explain them in the posts, but then it becomes a scavenger hunt to re-read the ever-growing pyramid of posts.

#41 Ed on 08.08.22 at 6:13 pm

So the best PM Canada has ever has chosen to recommend voting for a charlatan.

Guess he can’t stand Charest either.

#42 Sail Away on 08.08.22 at 6:15 pm

#21 Søren Angst on 08.08.22 at 4:44 pm
#4 Sail Away

Italia Civilizes.

——-

Oh my. Growing up on the farm, bears were not uncommon and sometimes they became a real problem.

Sometimes they needed to be ‘civilized’.

Here’s a problem bear in Bella Coola a few years ago:

https://globalnews.ca/news/4591210/bella-coola-bear-video/#:~:text=A%20Bella%20Coola%20man%20has,says%20was%20loaded%20with%20birdshot.

#43 fishman on 08.08.22 at 6:16 pm

Ok, I get it. Canada’s CB didn’t cause our inflation. PP is a charlatan & him firing the Tiffster won’t solve anything. We don’t want to cast aspirations on CB’ers now do we? Especially now the most successful democratic political party in the western world for the last 150 years will continue their benevolent rule. Its out with the lil potato & in with the CB’er. Doubly good CB’er with two CB’s on our next PM’s resume.

Inflation is global. What about those three words do you not grasp? – Garth

#44 NOSTRADAMUS on 08.08.22 at 6:16 pm

EIGHTH WONDER OF THE WORLD.
Strange indeed, I am hearing crickets from the soothsayers who critiqued the “Foolish” people who had the audacity to pay down their mortgage principal when mortgage interest rates were in the 2% range. “Fools.” Hmmm, now that mortgage rates are now 5% and heading higher these former “Fools” have smartened up big time, just look at the foolish grin on their faces. A moments silence please, and a silent prayer for the “Winner’s” who attached a home equity line of credit (HELOC”) to their primary residence. As we all have been led to believe, compound interest is the “Eighth Wonder Of the World.” Steady Lads, hold the line.

#45 James on 08.08.22 at 6:17 pm

#25 Russ on 08.08.22 at 5:10 pm
Cute. James.

@ #3 & #12,

You’ve already exceeded 10% for today, so far.

_______________________________

Shhhhh, … heehee……………..just trying to live up to that standard, LOL. (and maybe learn what it feels like not to have a life)

#46 Cash is King on 08.08.22 at 6:31 pm

And the prices in the States keep getting better everytime I turn on the old house pages. So Canadians are one of the following a) dumbos b) too trusting of realtors and lenders c) can’t read or think

#47 Sail Away on 08.08.22 at 6:38 pm

Inflation nothing. What about Monkeypox?

Public statement follows from the CDC. Has society regressed so far that a governmental agency really needs to clarify ‘butthole’? Questions, questions:

https://www.cdc.gov/poxvirus/monkeypox/symptoms.html

#48 TheDood on 08.08.22 at 6:42 pm

#46 Cash is King on 08.08.22 at 6:31 pm
And the prices in the States keep getting better everytime I turn on the old house pages. So Canadians are one of the following a) dumbos b) too trusting of realtors and lenders c) can’t read or think.

________________________________

Lots fall into all 3 categories.

#49 crowdedelevatorfartz on 08.08.22 at 6:55 pm

@#25 Russ
Actually james posted 3, 9, 12 and now 45.
About 10% so far.

What else did I miss?

#50 Reality is stark on 08.08.22 at 6:59 pm

It’s funny how fast that works.
The guy that bought 3 houses during the pandemic is now toast.
The really financially astute guy who decided to be a bond yield contrarian a month ago was too boring. He’s not dull now.
They’ll probably never really figure out how the new guy thinks but that only adds to the intrigue.
It’s a fickle game but when you really learn how to play it you’ll never get so drunk on housing again.
There’s nothing like cash on the barrelhead, they can smell it.
Believe me they know when you are underwater, that’s when they walk and don’t look back and you end up in Key West on the roadside selling smoothies for cash.

#51 Dogman01 on 08.08.22 at 7:30 pm

Oh-Canada!

Canada is a country without a centre, without a purpose.
https://nationalpost.com/opinion/ken-coates-canada-is-a-country-without-a-centre-without-a-purpose

Opinion: Canada’s economy is decapitalizing; The outlook for real growth in living standards in the coming months, years and decades is bleak.
https://financialpost.com/opinion/opinion-canadas-economy-is-decapitalizing

Does anyone still believe this is just do to ineptness, I swear there is a constructive destruction strategy in place to lower the standard of living of Canadians.

I made some investment decisions today and opted for a Global Oil and Gas ETF over the Canadian XEG, I see Canada’s O&G sector faces too much risk from our current regime and their “fellow travelers”. Soon a narrative will be formed by our state-sponsored MSM to apply sector specific taxes to the “windfall profits” of Canadian energy companies.

Canada, it is like watching a bright 17 year old with a potentially brilliant future start doing hard drugs and wasting all their potential.

#52 Not in Russia - Got rubles?? on 08.08.22 at 7:40 pm

Why isn’t the candian dollar like the ruble??

I know, it’s because Canada has no army and no nukes…lmao

Ruble the best currency in the world in the last 6 months…

#53 islander on 08.08.22 at 7:43 pm

“Finally, there’s financial illiteracy. Never underestimate how little most people know about macroeconomics, financial markets, monetary policy, taxation or financial planning.” Garth

https://www.thestar.com/yourtoronto/education/2014/11/04/poor_math_literacy_common_among_canadianborn_university_grads.html

Read and weep – from 2013!

“Some 23 per cent of university graduates born in Canada have such limited math skills they score no more than 2 on a scale of 0 to 5 — and 16 per cent are just as poor at literacy, according to a new report from Statistics Canada.

Among the worst performers are graduates of teaching programs, of whom 29 per cent scored low on numeracy — a field where teachers’ abilities have drawn concern — followed by arts and humanities majors, said the report, released Tuesday.”

Garth – never underestimate the number of people who blithely announce, “I don’t do math!” as if it’s something to joke about. While these people might be ashamed to admit illiteracy, joking about their lack of numeracy doesn’t seem to cause them any shame whatsoever.

A numerically literate person can manage and respond to the mathematical demands of life, but many people seem to glide through life without grasping even the basics.

“More sophisticated numeracy skills include understanding of ratio concepts (notably fractions, proportions, percentages, and probabilities), and knowing when and how to perform multi-step operations. Two categories of skills are included at the higher levels: the analytical skills (the ability to understand numerical information, such as required to interpret graphs and charts) and the statistical skills (the ability to apply higher probabilistic and statistical computation, such as conditional probabilities).” (wiki)

https://www.conferenceboard.ca/hcp/provincial/education/adlt-lownum.aspx

According to the above article:
– Canada earns a “C” grade in numeracy skills.
– Fifty-five per cent of Canadian adults have inadequate numeracy skills—a significant increase from a decade ago.
No province earns above a “C” grade for numeracy skills.

In short, financial literacy and numerical literacy go hand in hand.

#54 Stoph on 08.08.22 at 7:51 pm

It seems to me that some commenters have no appreciation for the CB showing restraint when raising rates in a slow fashion to the needed level. The time during which it takes them to raise rates and the accompanying inflation during this time won’t kill us; whereas abruptly raising just might.

Yes, the CB misjudged the situation up until early this year, but now that the inflation is here, they’re moving to correct it.

The CB should be judged on whether or not what they did was reasonable and not on the outcome.

#55 Lorne on 08.08.22 at 7:52 pm

#11 Tim on 08.08.22 at 3:58 pm
Houses still selling in Parksville and Comox for a million dollars for 3 bedroom bungalows. Correction hasn’t hit the Island in any significant way.
————————————
yeah, i’m watching courtenay petty closely b/c i think it’s the canary in the coal mine.

There are some price reductions but not a lot are selling and there are some housing that have been sitting on the market for over a month now for 1.4 million that sold for $890K in 2020. They will break – it’ll take time. No one who wants to live in courtenay will pay 1.4 at 5%
…….

I am also following closely and have noticed some price drops from 1.5 – 1.3 or 1.2 and from 899 – 799, but those ones that should be less than a mill are still sticky at 1.1 – 1.2. I actually had a builder suggest that the 1900 sa ft rancher that will not even be permitted to build till next month, but is for sale now, is worth 1.5! I laughed at him.

#56 45north on 08.08.22 at 8:12 pm

Leftover In the meantime enjoy life, the autumn will be a very different place. Be ready for it.

different how?

I see the withdrawal of credit. It’s already withdrawn but it’s hidden right now. Nobody goes on Facebook and announces “the bank turned me down”. Real estate agents don’t advertise “the deal fell through”. But by autumn, it’s going to be pervasive.

case in point

Love_The_Cottage I didn’t see anything in today’s blog saying anyone was crying about losing equity and I’ve heard it from no one. Where are you hearing this and where is the anger coming from?

people boast when their house is gaining more than they make but they don’t when it’s the other way around. Right now there’s a sullen silence but as more people find themselves in the same boat, they will find validation in numbers.

#57 Michel on 08.08.22 at 8:39 pm

Hi Garth,

I’m pretty new to this blog but it has been enlightening and entertaining. I might be an anomaly these days but my wife and I saved our Pennie’s for years to scrape together a down payment. Now we are scraping together more money in a savings plan to do one of two things.
1) throw it at the house
2) invest it
Our problem is we’ve never invested before(well, I have and it didn’t go too well), and right now seems like a treacherous time to go out on a limb thinking that our investment would go up before it is time to renew our mortgage. Thank god we locked in our rate and aren’t playing that game right now, but I feel that unless we seriously tackle our debt we are going to be refinancing and gifting that money away to the bank. Any thoughts on what a prudent investment plan might look like in a short term(3.5 years) timeline? Apologies for the long winded message

A one-asset strategy is always a bad idea. Of course you should diversify, fill up the TFSAs and more, and stay invested. Pay your mortgage down gradually, perhaps with weekly payments. – Garth

#58 Phylis on 08.08.22 at 8:39 pm

So, the two hundred dollars a month away from insolvency is now what?

#59 Russ on 08.08.22 at 9:08 pm

James on 08.08.22 at 6:17 pm

#25 Russ on 08.08.22 at 5:10 pm
Cute. James.

@ #3 & #12,

You’ve already exceeded 10% for today, so far.

_______________________________

Shhhhh, … heehee……………..just trying to live up to that standard, LOL. (and maybe learn what it feels like not to have a life)

————————–

It is nice to see you having a good time. :)

Enjoy the weather.

cheers, R

#60 Ballingsford on 08.08.22 at 9:23 pm

Moved into a new housing community about 10 months ago. It’s quite diverse, South Asians, Chinese, lots of investor properties. I’m caucasian but it’s easy to speak with them.
What does that statement mean? Well, it means they are nice and friendly and like to have a conversation. We are all the same at the end.
One thing I noticed though is the Indian (south asian) people like to walk a lot. And often with their hands folded behind them. I dont know why, but their posture seems good.

#61 Yukon Elvis on 08.08.22 at 9:45 pm

#52 Not in Russia – Got rubles?? on 08.08.22 at 7:40 pm
Ruble the best currency in the world in the last 6 months…
++++++++++++++++
How much of your portfolio is in Rubles ? Are you buying more ?

#62 KLNR on 08.08.22 at 10:06 pm

@#34 A J on 08.08.22 at 5:43 pm
#17 Love_The_Cottage

LOL I guess you missed the entire sentiment of Garth’s recent posts where people are acting like the sky is falling and looking for a scapegoat for their financial troubles. Do you live in a bubble?

And you call that anger? I call it facing reality. Sorry if it’s too harsh for you.

actually, the folks/investors moaning about their predicament were the ones living in a bubble.
most of the population are just fine living in their house as a home.

Anecdotal anger is the best kind of anger.

#63 DON on 08.08.22 at 10:08 pm

#10 Love_The_Cottage on 08.08.22 at 3:53 pm
Now many are trapped in real estate that’s devalued, and understand the huge social price they paid. Not everybody loves bugs and cows.
_________
I guess we travel in different circles. The people I know that bought a house in the last couple of years are happy and doing well. They plan on staying long term and have no concerns on the ups and downs of housing prices.

*********
I know what you mean…I only hang out with realtors and they haven’t mentioned anything. All must be fine!

#64 DON on 08.08.22 at 10:12 pm

What about the cottages?

https://cottagelife.com/realestate/rbc-forecasts-historic-housing-market-correction-including-cottages/

Straight from the cottage folks. Wait a minute the RBC report included the cottages. God Forbid!

#65 Cap Fedr on 08.08.22 at 10:19 pm

Someone’s got their knickers in a twist today. I for one would love to “ know” who, if not the CB ( in a globalist coordinated frenzied orgasm of spending) is responsible for inflation? Our own Ms Freeland bought the WEF promoted MMT hook line and sinker. She spoke at length on her revelations at Davos. Mr Trudeau continues to spend debt like a drunken sailor.

Sure, other jurisdictions bought into the insanity, but it didn’t mean that ours had to. Our problems are directly the cause of our governments decisions, ‘fess up. Canada didn’t need to shut down and create bloated bottle necks. As it turns out there was no ‘science following’ when Liberals finally got around to dealing with Covid. From passports to closed schools and constipated inflation related docks and border crossings etc those disastrous outcomes and the current recession all originated in Ottawa. Let’s not point fingers at ‘Pepe’ who had nothing to do with Ottawas continued bad decisions. Blaming the victim is not the solution.

#66 Warren-the-lagging_indicator on 08.08.22 at 10:37 pm

Empathy is the new Crypto.

#67 the Jaguar on 08.08.22 at 11:41 pm

@#65 Cap Fedr on 08.08.22 at 10:19 pm++

Maybe you just awoke from a coma or something, but for some time the incredibly integrated world financial system has required most western countries to move in lockstep.
That’s what sometimes occurs when ‘the West” allows all those 700+ military bases around the world to nest in their backyards, and of course there was also that little worldwide ‘dust up’ financially in 2007-2008. That required some unified thinking in an S.O.S. kind of way.

The only stunning departure was the Chretien decision not to join the ‘Coalition of the Willing’ ( Iraq), which is why ( in addition to Paul Martin’s financial leadership) the Libs can still trade on past performance. Though last time I looked confidence and admiration resembled a flat tire in the middle of nowheresville. A certain someone has burned that house down as will become evident when we get to the next election. It may be a hollow victory if the Conservatives don’t get their poop in a group. Enough said.

The real short -sightedness economically is willful blindness based on tribal affiliations. A reluctance to examine the case with independent eyes free from bias, media or otherwise. Dismissing the history and the facts. It’s disappointing, especially from some who are otherwise quite intelligent and open minded. Whatever one thinks the outcome might be, ask yourself this: What is the path forward to reconcilliation and renewed alliances. Just like the old detective stories where murders are solved.. Motive, means, opportunity, and who stands to gain.

Except this time the post mortem might reveal that the perp and the loser simply had the door shut on it’s face. No longer trusted, no longer welcome. Go figure out your own solution to your self created economic and other woes. There are other places and other trading partners. Start calculating your standard of living on that basis. “Go figure”, as they say…

I like that dog Gabe. His expression reminds me of what I imagine Sail Away looks like when he wakes up each morning. ‘Ready to roll”, lol

#68 Ustabe on 08.08.22 at 11:46 pm

How much evidence would one need to have to get a judge to sign off on a no knock warrant for a former President of the USA?

Asking for a friend.

#69 Nonplused on 08.09.22 at 12:24 am

It’s so interesting how two people can be staring at the same screen and see two totally different movies.

“But, lo. Mr. Market has been singing another tune. July saw a bigger one-month return than a good year normally delivers. So far in August, it’s basically held. Even volatility has been nipped.”

– Ok, that part is true, but what does near 9% inflation mean? Returns don’t mean anything unless they are “after tax, after inflation”.

“The latest labour print in the US was outstanding – 528,000 new jobs last month, full employment and rising wages.”

– Once again they mess with the denominator. The unemployment rate is being supported by “people not in the workforce”. Because people gave up looking for work, because there are not so many “good” jobs to be found, the unemployment rate as measured went down. The better number for all purposes including GDP forecasting is total payroll and that number is still struggling. They can create as many abysmal deed end jobs that don’t pay the bills as they want, nobody is going to take them.

“Corporate profits have been better-than-okay.”

– Apple, Google, and Exxon.

“Bond yields have eased.”

– How does that help when inflation is crazy? Again, “after tax, after inflation.” Whoever is buying these bonds is getting screwed and that is not a sign of economic strength. Not now and not down the road as retirees watch inflation eat up their disposable income.

“Even some mortgage rates have come down.”

– Can’t see that helping. House prices are still way detached from affordability.

“Ukraine is still standing.”

– Ukraine is completely at the mercy of the Russians at this point. Although they are making good money selling western arms on the black market. Estimates are about 30% of the “aid” actually gets to the front line. The rest goes to the black market or gets blown up before it can be used. What a waste.

“China did not shoot Pelosi down. Biden didn’t fall over yet and in fact just got a legislative win.”

– A legislative win that is everyone else’s loss. Except the billionaires. Lots of goodies for them.

“And in Canada our job losses last month were attributable to people wanting to stay home and roast their weenies. On the beach. Over a fire.”

Let’s see, I can go to school and get my Journeyman’s, earn $26/hour breaking my back for 25 years and then be unable to walk, I still can’t afford a house, and I watch as my employer charges my time out for $140/hour because of all the overhead, bureaucracy, taxes, and the high cost of having a trophy wife these days, or I can go to the beach? The only thing wrong with that picture is that I have to watch my employer tow his kids around with a $200,000 boat that costs $500 to fill up with fuel, while I can’t afford an inflatable raft. Ya, the kids aren’t buying that deal anymore.

#70 Faron on 08.09.22 at 1:03 am

Really love seeing the slime getting squeegeed into the gutter with Alex Jones’s adverse ruling and the FBI raid on Mar A Lago. The recently passed bill funding climate mitigation is gravy. There’s hope south of the border.

#71 wallflower on 08.09.22 at 1:20 am

In navigating these volatile listing times, be sure you cannot trust the data coming from the industry itself. Housesigma is one of the best sources but it scrapes, I think, and so its data is only as good as the sources and MLS is appalling. This listing started in November 2021 and terminated just recently (still unsold), after multiple relistings the first of which commenced at $1,550,000. DOM is 9 months but you won’t find that anywhere!
Buy/sell history for 75 Owen St, Barrie
2022-06-23
2022-07-31
$1,129,000
Terminated
S5672024 MLS

#72 Pain_Trade on 08.09.22 at 3:06 am

Gt – The silver bullet for financial security has turned to lead. That one…”

This one of the FIRE economy is just the beginning. Once people set fire to their losing asset the insurance industry will experience deep losses. Then as the CBs won be able to print new debt to prop up the Mr.Market you will see the much touted ETFs crumble and then indices.

Canada is seeing in real time the stresses of having neglected core social programs for many decades. It was fine as long as the politicians thought it was 25 years away….That date has arrived. People are re-evaluating, moving away, you name it, as the their net worth will surely evaporate.

Some will be able to bring their dollars to other places like Mexico, S/A and need to re adapt to a different set of social values. Others are going to European countries with family members and will tell the tale of the country that once thought itself special, money grows on itself and many had gotten rich by simply using their words of wisdom how easy it was to be part of the nouveau riche club.

#73 KLNR on 08.09.22 at 6:43 am

@#72 Pain_Trade on 08.09.22 at 3:06 am
Gt – The silver bullet for financial security has turned to lead. That one…”

This one of the FIRE economy is just the beginning. Once people set fire to their losing asset the insurance industry will experience deep losses. Then as the CBs won be able to print new debt to prop up the Mr.Market you will see the much touted ETFs crumble and then indices.

Canada is seeing in real time the stresses of having neglected core social programs for many decades. It was fine as long as the politicians thought it was 25 years away….That date has arrived. People are re-evaluating, moving away, you name it, as the their net worth will surely evaporate.

Some will be able to bring their dollars to other places like Mexico, S/A and need to re adapt to a different set of social values. Others are going to European countries with family members and will tell the tale of the country that once thought itself special, money grows on itself and many had gotten rich by simply using their words of wisdom how easy it was to be part of the nouveau riche club.

lol.

#74 maxx on 08.09.22 at 7:20 am

@ #1

Nope.

Workplaces are conducive to results, foster impromptu conversation, interaction and therefore creativity which enhances productivity. The setting also makes people more accountable for the time they are PAID for.

Zoom parliament, for example, is a complete and utter farce with all manner of employee braying about ¨safe¨ spaces. BS. People need to get out of the ¨home¨ and into office chairs once again to provide service levels for which they are PAID. Home is home and the office is where people are PAID to work.

WFH provides a cushy and convenient place for people to do the absolute minimum without much, if any supervision.

Move over sloth. Canadians have become some of the laziest, most entitled people on the planet.

This is visible (every day) in deteriorating service levels. With all due respect to those who do a great job (there isn´t much middle ground), ¨workers¨ generally now only deign to do what they´re PAID to do. It seems beneath them to perform. Crappiest service I´ve ever seen at salary expectations that are off the charts.

They will run out of money – even the bank of Mom has its limits. And the public will not forget the outrageous attitudes running rampant.

So no, WFH is a colossal fail. It is getting far too much air time, the idea being that if it acquires a mantle of acceptability, then it must be good.

It isn´t. It´s a disaster, hurts our economy and the WFH mess flows from the top where there should be NO exception to being present in order to set the example of responsibility.

#75 maxx on 08.09.22 at 7:34 am

@ #17

Why are you the least bit interested?

Besides, few are crying, for now, because they´re very likely still in shock.

Wait for it.

#76 Ballingsford on 08.09.22 at 7:46 am

Just got my Enbridge bill and noticed the carbon tax amount. Hope the government is spending it wisely.

#77 maxx on 08.09.22 at 7:47 am

@ #46

d) All of the above.

#78 Gravy Train on 08.09.22 at 8:03 am

#69 Nonplused on 08.09.22 at 12:24 am
It’s so interesting how two people can be staring at the same screen and see two totally different movies.[…]

Garth’s version of reality is correct; yours is wrong. Life must be terribly hard for you, Nonplused. It’s too bad you don’t follow Garth’s advice; your life would go so much better. Maybe on your deathbed you’ll finally have it all figured out. (Kidding.)

Oh, and it wouldn’t hurt to go to the library and crack open an introductory macroeconomics textbook. I’ve tried to explain the calculation of the unemployment rate to you what seems like dozens of times, but to no avail. :)

#79 Shawn on 08.09.22 at 8:04 am

“You Will Know Nothing, And You Will Be Unhappy.” (Copyright Shawn)

DJT yesterday referenced the alleged Trudeau / World Economic Forum plan for us to “own nothing and be happy”.

In reality as Garth mentioned above, most people know little to nothing about macroeconomics, financial markets, monetary policy, taxation or financial planning.

Check any social media comments on those topics and you can see that the reality for most people is:

“You will know nothing and you will be unhappy”.

As for owning nothing, that’s up to each of us. Also, being happy or not is also mostly a choice and is up to each of us.

Most people on social media seem to have chosen to be unhappy and to foment everyone else to be unhappy as well. Always someone to blame.

#80 Is anybody listening? on 08.09.22 at 8:16 am

“Youth ages, immaturity is outgrown, ignorance can be educated, and drunkenness sobered, but stupid lasts forever.”
– Aristophanes

#81 Gravy Train on 08.09.22 at 8:33 am

#70 Faron on 08.09.22 at 1:03 am
Really love seeing the slime getting squeegeed into the gutter with Alex Jones’s adverse ruling and the FBI raid on Mar A Lago. The recently passed bill funding climate mitigation is gravy. There’s hope south of the border.

“The arc of the moral universe is long, but it bends toward justice.”—Martin Luther King, Jr., as paraphrased from Theodore Parker

#82 Senator Bluto on 08.09.22 at 8:41 am

Democrats just handed Trump a landslide victory in 2024.

#83 Shawn on 08.09.22 at 8:57 am

Ruble is bet?

#52 Not in Russia – Got rubles?? on 08.08.22 at 7:40 pm
Why isn’t the candian dollar like the ruble??

I know, it’s because Canada has no army and no nukes…lmao

Ruble the best currency in the world in the last 6 months…

**************************************
Which is strong evidence that looking at the currency movement of a country may not be a great indicator of how that country is doing. Or any indication al all really. Russia lol. Basketcase.

In the past 42 years since 1980, while I watched and invested the TSX has gone from roughly 1000 to roughly 20,000. 1900% growth! Up 20 times!

The Canadian dollar in terms of the U.S. I think was roughly 80 cents in 1980 and the range has been 62 cents to $1.11 or so. That movement has been almost irrelevant to my life and investments. At most a 50% move and then tends to revert to 80 cents or no move in a world where investments went up 1900%. It’s a nothing burger compared to inflation and wage growth and investment portfolio growth.

Currency moves in terms of Canada versus the U.S. loom large over the short term but are relatively meaningless to most Canadians and even most investors over a lifetime.

The exchange rate has had extremely little impact on the living standards of the vast majority of Canadians. Our dollar has mostly been lower than Americans but wages often higher (see minimum wage in particular).

#84 Dogs Not Barking on 08.09.22 at 8:57 am

#68 Ustabe on 08.08.22 at 11:46 pm
How much evidence would one need to have to get a judge to sign off on a no knock warrant for a former President of the USA?

Asking for a friend.

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

Zero evidence needed.

Same as for the FISA warrant in the Russian Collusion Hoax. All government agencies have carte blanche to pursue and harass Trump and his family. I guess you missed the memo?

I’ve always suspected that the USA might turn into a rogue police state, but the Democrats being the rogues? I did not see that coming.

#85 Dharma Bum on 08.09.22 at 9:04 am

#70 Faron

Really love seeing the slime getting squeegeed into the gutter with Alex Jones’s adverse ruling
———————————————————————————————————-

Poor Alex.

So misunderstood.

https://www.youtube.com/watch?v=ufOgTllmr1E

Priceless.

#86 Dharma Bum on 08.09.22 at 9:14 am

“Then there’s the denial of lifestyle changes people came to assume were permanent during the pandemic.” – Garth
——————————————————————————————————
“We have to nourish our insight into impermanence every day. If we do, we will live more deeply, suffer less, and enjoy life much more. Living deeply, we will touch the foundation of reality, nirvana. Touching impermanence deeply, we touch the world beyond permanence and impermanence. We touch the ground of being and see that which we have called being and nonbeing are just notions. Nothing is ever lost. Nothing is ever gained.” Thich Nhat Hanh
[The Heart of the Buddha’s Teaching (Parallax Press 1998), p. 124]

#87 KLNR on 08.09.22 at 9:46 am

@#84 Dogs Not Barking on 08.09.22 at 8:57 am
#68 Ustabe on 08.08.22 at 11:46 pm
How much evidence would one need to have to get a judge to sign off on a no knock warrant for a former President of the USA?

Asking for a friend.

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

Zero evidence needed.

Same as for the FISA warrant in the Russian Collusion Hoax. All government agencies have carte blanche to pursue and harass Trump and his family. I guess you missed the memo?

I’ve always suspected that the USA might turn into a rogue police state, but the Democrats being the rogues? I did not see that coming.

some good comedy on here this mornin’
thx for the laugh DNB.

#88 KLNR on 08.09.22 at 9:51 am

@#79 Shawn on 08.09.22 at 8:04 am

Most people on social media seem to have chosen to be unhappy and to foment everyone else to be unhappy as well. Always someone to blame.

definitely the case in this comments section.
I suspect even the braggarts in here are truly unhappy.

#89 KLNR on 08.09.22 at 9:58 am

@#74 maxx on 08.09.22 at 7:20 am
@ #1

Nope.

Workplaces are conducive to results, foster impromptu conversation, interaction and therefore creativity which enhances productivity. The setting also makes people more accountable for the time they are PAID for.

spoken like a true dinosaur.
a bad employee is bad no matter what the setting.

#90 Russ on 08.09.22 at 10:21 am

Is anybody listening? on 08.09.22 at 8:16 am

“Youth ages, immaturity is outgrown, ignorance can be educated, and drunkenness sobered, but stupid lasts forever.”
– Aristophanes
——————————-
.
That is good.

At the Big Smoke (old pulp mill) we said it much simpler:

“Ya can’t fix stupid.”

Cheers, R

#91 chalkie on 08.09.22 at 10:38 am

So, you convinced Mommy and Daddy to give you the $200,000 loan, because prices for homes will continue to climb, “well you were wrong as usual” no experience, no common sense and no way to recover from this mess”. No equity and jobs are drying up, don’t worry, Maybe Mommy kept a little under her pillow, in case you get in trouble someday. The real world has just surfaced to give you a lesson in life that will never be forgotten, 2% mortgages were never real, it was a carrot that ate the rabbit.

#92 TurnerNation on 08.09.22 at 10:41 am

Our high taxes tho. Bonus.

Life in a Former First World Country. It’s been 2.5 years non-stop can we call it a #reset now, was it designed to be permanent chaos and destruction???
From the Killing us Softly Dept.:

.Ontario hospitals plan to uphold COVID-19 vaccine policies amid ‘crisis’ staffing shortages
Ontario hospitals are upholding their mandatory COVID-19 vaccination policies for employees as staff shortages mount to a ‘crisis’ with more emergency departments temporarily closing over the weekend. (cp24.com)

.Emergency rooms in northeast Ontario bending but not breaking (globalnews.ca)

.Opinion: The ArriveCAN app needs to go (theglobeandmail.com)

#93 Observer on 08.09.22 at 10:55 am

#70 Faron on 08.09.22 at 1:03 am
Really love seeing the slime getting squeegeed into the gutter with Alex Jones’s adverse ruling and the FBI raid on Mar A Lago. The recently passed bill funding climate mitigation is gravy. There’s hope south of the border.

^^^^^^^^^^^^^^^
Indeed. What an interesting past few days.

#94 Prince Polo on 08.09.22 at 10:56 am

Sell now. Buy later. Or rent. I hear that’s the hot new way to attract a mate.

I am having a hard time knowing which handle to use on the sign-off:
a) Signed,
A winning renter

b) Signed,
A winner renter

Garth – are you going to run a poll soon?

Signed,
A loser winner renter

#95 Mattl on 08.09.22 at 11:18 am

Canadians do not stop paying mortgages. It’s always been a meaningless stat. – Garth

————————————————-

Right, so why all the bellyaching over the 1/10 of 1% of Canadians that bought a home at peak RE? You have always been clear, and right, that gains are not realized until a property is sold. Same logic applies for lost equity, unrealized until sale of the home.

And if lost (and gained) RE equity is a big deal, then how does it not impact the broader economy? We know people won’t lose their homes, but what is the impact going to be on consumer spending – and an economy dependent on it – when trillions in RE equity vanishes? You seem to dance around that a bit.

#96 Philco on 08.09.22 at 11:23 am

Farmers are heros to me…I know how hard and risky it is to run a farm.
Government to me are absolute zeros and idiots. Zero accountability when they blow up stuff. No fwd thought of any consequences of their clueless policies.
https://financialpost.com/commodities/agriculture/crop-yields-will-suffer-fertilizer-reduction-targets-pitting-farmers-against-federal-government

This is the stuff that causes revolutions.

#97 Ponzius Pilatus on 08.09.22 at 11:27 am

#70 Faron on 08.09.22 at 1:03 am
Really love seeing the slime getting squeegeed into the gutter with Alex Jones’s adverse ruling and the FBI raid on Mar A Lago. The recently passed bill funding climate mitigation is gravy. There’s hope south of the border.
—————————
I got the same feeling.
Biden is boring but he has the patience and persistence of a saint.

#98 Shawn on 08.09.22 at 12:24 pm

Carbon Tax

#76 Ballingsford on 08.09.22 at 7:46 am

Just got my Enbridge bill and noticed the carbon tax amount. Hope the government is spending it wisely.

***********************
Enbridge natural gas bill? So if you are in Ontario you just got a rebate cheque or deposit July 15. Climate action incentive payment. Every tax payer got it. Same in the prairie provinces. Only those four provinces are on the FEDERAL carbon tax directly.

90% of the carbon tax is rebated. 10% goes to carbon reduction projects. More should probably be spent to help industry reduce carbon. But its not going into general revenue.

#99 Will S on 08.09.22 at 1:09 pm

Can I get some guidance from the steerage section about the parts of Toronto / Ontario that are working?

ER departments closing due to staffing shortages. Police refusing to enforce the traffic laws without more money. GO Trains cancelled / potentially on strike. City counsellors quitting en masse. Airports cancelling flights. What parts of the government ARE working right now?

#100 IHCTD9 on 08.09.22 at 1:26 pm

Talking to a guy on the floor. Mid 30’s, machinist, married, 1 kid. Bought a house in 2015 here in the boondocks for 150K. We were talking RE, and had both come to the same conclusion. There ain’t a single house on the local MLS right now that’s worth looking at. From 250K mobiles to nice 2 Million country estates – either the value proposition, or the new rate monthly payment – would disqualify them all. Makes no sense right now for an existing homeowner to sell and move up.

He’s got a bud with a recent mega mortgage who is sweating bullets along with his wife over rate increases. Maxed out immediately and before the BOC made its first move – now they can’t escape the pounding without taking a huge hit:

“Who the **** wants to live like that? My place needs some work, but if the rates go up 1%, I don’t even ******* notice. We were thinking about a newer home before Covid but **** that now.”

Haha – he’s my kind of Mil! Incidentally, it turns out neither of us has purchased boneless/skinless chicken breast in 3+ weeks, and went with ground beef or Pork instead.

” **** that 9.00/lb chicken! ” he says : ).

#101 If it's broken, fix it on 08.09.22 at 1:29 pm

#67 the Jaguar on 08.08.22 at 11:41 pm

what I imagine Sail Away looks like when he wakes up each morning at 5AM to check the futures market. ‘Ready to troll”.

+++++++++

Fixed it for ya.

#102 Brian on 08.09.22 at 1:57 pm

DELETED

#103 maxx on 08.09.22 at 2:18 pm

@#89

Get back to work!

#104 Gravy Train on 08.09.22 at 3:48 pm

#86 Dharma Bum on 08.09.22 at 9:14 am
“Then there’s the denial of lifestyle changes people came to assume were permanent during the pandemic.” – Garth
————————————————————————————————
“We have to nourish our insight into impermanence every day. If we do, we will live more deeply, suffer less, and enjoy life much more. Living deeply, we will touch the foundation of reality, nirvana. Touching impermanence deeply, we touch the world beyond permanence and impermanence. We touch the ground of being and see that which we have called being and nonbeing are just notions. Nothing is ever lost. Nothing is ever gained.” Thich Nhat Hanh
[The Heart of the Buddha’s Teaching (Parallax Press 1998), p. 124]

“You are made of stuff that is as old as the planet, one third as old as the universe, though this is the first time that those atoms have been gathered together such that they think that they are you.”
— Frank Close, British particle physicist
(1945- ), monist/materialist

#105 Blacksheep on 08.09.22 at 3:50 pm

Mattl #95,

“Canadians do not stop paying mortgages. It’s always been a meaningless stat. – Garth
————————————————-
Right, so why all the bellyaching over the 1/10 of 1% of Canadians that bought a home at peak RE? You have always been clear, and right, that gains are not realized until a property is sold. Same logic applies for lost equity, unrealized until sale of the home.

And if lost (and gained) RE equity is a big deal, then how does it not impact the broader economy? We know people won’t lose their homes, but what is the impact going to be on consumer spending – and an economy dependent on it – when trillions in RE equity vanishes? You seem to dance around that a bit.”
———————-
Sounds logical to me.

Anybody have a valid argument to Mattl’s line of thinking?

#106 Take it on 08.10.22 at 12:06 pm

It is about time that borrows alot of money on the backs of savers and cheap money, interest rates. You will get ruined too. Just pay and shut up. You are no better than everyone else. You like to play now you pay.