It’s a big rate week. In the States the Fed will reset its benchmark in a couple of days. Fat jump coming. American mortgage rates already zipped past 6% last week. This will set the scene for our guys to move the cost of money up once again five days before Hallowe’en.
Apparently about 250,000 customers of TD are getting the following note. In a few weeks it will be a lot more precise, telling the holders of variable-rate mortgages their trigger has been pulled.
What does this mean? What is a trigger rate? And exactly how do rising mortgage rates in general rocket through a family’s finances and cash flow?
First, the basics. Not much more than a year ago people were loading up on 2% mortgages with the rate fixed for five years. Now those fivers cost 5.34% at banks like the green one. Everybody understands this means higher monthly payments, but many don’t realize how impactful it is to debt repayment.
Simple example: borrow $400,000 with a five-year term, amortized over 25 years with monthly payments. At a 2% rate the cost each month is $1,694. At 5.34%, it’s $2,404. Over five years, therefore, borrowers shell out an additional $42,600 and require higher incomes to qualify for the loan.
But a stiffer monthly is just the start.
After paying a 2% mortgage for 60 months, the homeowner has given the bank $36,710 in interest (sucks) but retired $64,917 in debt (yay!). So when it comes up to renewal time, the principal has dropped from $400,000 to $335,082.
Compare a 5.34% home loan. The borrower forks over more than forty grand in additional payments, but foots $100,163 in interest (an extra $63,450) while reducing debt by just $44,102 (that’s $21,000 less). Upon renewal, the principal owing is $355,897. In other words, for paying an extra $42,000 you end up owing $20,000 more.
What about a variable-rate mortgage? These suckers were available for as little as 1.5% during the pandemic years, encouraging people to gorge on debt and bid up real estate prices to the point of absurdity. Now that 1.5% has turned into 5.1% at the banks – a massive change.
This is so consequential, in fact, that 100% of a cheapo-rate VRM monthly payment may not be enough to cover the increased interest now due. Some borrowers with variable-rate loans have seen their payments increase with each prime rate hike. But most homeowners in Canada with VRMs have payments fixed for five years. So when rates rise, less of the monthly goes to principal and more to interest. If the cost of money jumps enough, the entire payment may be interest – no debt repaid – and that’s the trigger point. For hundreds of thousands of folks, this money has arrived. Payments jump.
Here’s another ‘splainer from the mortgage broker business:
When Do I Reach My Trigger Point?
The trigger rate is the rate at which the regular mortgage payments no longer covers the accrued interest. Interest rates for the variable rate has increased so much that the entire payment is dedicated towards the interest and nothing towards the principal. If rates were to increase anymore, the payments no longer cover the interest. Each individual borrower’s trigger rate is different. Although a rule of thumb to keep in mind is that, generally speaking, you reach your trigger point when interest rates increase by at least 2% from when you first signed up for the mortgage with your lender.
So if you have a VRM (and over 50% of borrowers in the last year opted for one), be aware your monthly cost may soon be pumped higher by the lender. Better still, look behind the bedroom dresser where the original mortgage document fell last year, and read it. In case there’s any doubt, know that the bank holds all the cards.
As for the market, this is unhelpful to realtors and sellers hoping for stability. HELOC payments got real last month. This time it’s the VRMers being slammed. More to come, too. The Fed in two days. Our guys again in five weeks.
Tick, tock.
About the picture: “This is Lincoln, rear view,” writes Wayne. “A neighbour’s British bulldog doing what he does best; prancing down the sidewalk with the biggest, possible branch he can find in his mouth. Some call it a social distancing technique. Your recent articles are most welcomed for their calming strategies during stormy times.”
146 comments ↓
Thanks Garth for putting things into perspective for us. Scary times for VRM holders. Check out FedEx, the bellwether du jours.
Trigger Point….
And so the carnage begins.
So, after record low interest rates, now they’re returning to rates more normal. Didn’t anyone buying a house, paying an insane amount for it, see this coming? It’s obvious there’s a dire need for more financial education in schools, instead of the rubbish that’s being taught. I mean, do I really need to be taught something useless like symbolism and metaphors?
Apparently some banks will allow their customers to pay interest + a dollar if trigger point is reached. Issue here is that when you renew you have to go back to your original amortization schedule………….Think same balance owing but now it must be paid down over 20 years instead of 25 (+ interest).
There’s a full-on SHTF party whipping up. Those who played the prudent safe long game need only take a heavy duty solids-rated umbrella with them if they have to step out side into the hurricane.
I’m sticking with LQAM, simplification, minimalization, and avoiding tax.
Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. Doh! Trudeau’s got me over a barrel on this one, but at least the install will be free.
NOTICE TO ALL STEERAGE DEPLORABLES
Just like that jerk Doug Ford did with public servants, Garth Turner has refused to give us Amazons a day off today to honour the Queen.
Here is our response:
Any of you wishing to be trolls, abusive, puerile, anti-vaccine nutbars, disrespect the Queen, name-call elected officials, etc…etc… and otherwise poison and destroy public debate, you are now free to post any toxic and ridiculous comments you wish here.
The Amazons are quiet quitting and taking the day off, to honour Her Majesty and the new King and their family.
We will not be filtering, reviewing or deleting any comments. All comments will be greenlighted.
Anything else will be up to Garth, and he’s much too lazy to put in the kind of labour that we do.
So…… Let ‘er rip, deplorables!
God Save the King.
Emma Zaun
Shop Steward
#156 bdwy on 09.19.22 at 1:51 pm
Wow bdwy, you really took the bait on that one. What was Garth saying about PP’s conservative tactic of divisiveness pitting us vs them?
These VRM’s sound an awful lot like those sub prime mortgages in the US in 2006.
#5 IHCTD9 on 09.19.22 at 3:28 pm
Trudeau’s got me over a barrel
—
Wow, get help bud. Do you blame Trudeau when the cat pees on your furniture too?
Anyone remember that homeowner back in 2017 who sold his home for about 2.4mil, but the buyer walked? He sued and got a judgment for like 800K, then the buyer declared bankruptcy?
The 2017 bubble was nothing compared to the 2021/22 bubble. Had that buyer just bought the house then sold in Feb, he would’ve probably made a million rather than end up bankrupt with no house.
I know someone with this VRM, a BOM case. Earlier in the year they fretted about the first rate hike. Said the BoC can’t keep raising because too many people won’t be able to afford their payments. I said fiscal policy is not based on that. I was being polite knowing their situation. But the reality is this person over-reached and could be facing a tough retirement.
Trigger Point: An elite operative. In hiding. Forced back into action to uncover the truth…blah, blah, blah….man oh man…no imagination…
Amazing math though, G. Wanna buy a pinky ring?
Og
#158 Doug in London on 09.19.22 at 3:17 pm
@ImGonnaBeSick, post #139:
It appears you don’t like living here in this country. That’s fine, you can pack up and leave anytime you please. Where do you live? I’ll call you a cab to take you to the airport
—
Seconded
In a few weeks …
250,000
new Renters.
Lincoln’s sidewalk clearing technique reminds me of an old land clearing trick. You’d get a couple of Cat D9’s and a few hundred feet of big chain. You’d pin one end of the chain to each D9 and send them in opposite directions till the chain was strung out. then the 9’s would both drive along in the same direction with the chain taking out everything between them.
Lincoln even kinda looks like a D9.
@#5 IHCTD9
“Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. ”
+++
I did a timer repair on a dryer timer about 12 years ago .
( plastic dial with plastic gears….DESIGNED to fail)
Anywho.
It was a counterclockwise (CCW) dial.
I ordered the part # **** CCW.
It took weeks and when it arrived… All the numbers matched but….it was a clock wise (CW) dial.
Refused the shipment and sent it back.
Took 4 more weeks to get it.
Had to put stuff in the dryer and make sure I didnt forget it or the house would have burnt down..
The burdens of a handyman.
#5 IHCTD9
“Before Covid – $80.00 for the timer. Right now? $220.00”
Yes Greedflation is affecting everything.
There is nothing where the cost to business goes up 275%.
TD also has deferred interest. This is the difference between the monthly interest and your payment and it is added to your mortgage principal each month. You are literally paying interest on interest.
There is also the trigger point. For a conventional mortgage, this is when the principal plus interest owing exceeds 80% of the fair market value of the home as determined by TD (that’s a loaded statement, value determined by TD).
For an insured mortgage, the trigger point is when principal plus interest owing exceeds 105% of the original principal amount of the mortgage.
Once you reach your trigger rate, your mortgage principal is increasing and your mortgage is looking more and more like a reverse mortgage. Once the trigger point is reached, TD will contact the customer and offer 3 options: make a lump sum payment, increase your payment or convert to a fixed rate term. Customer has 30 days to make an option.
Here’s the grand daddy of this. If the customer takes no action at trigger point, the customer will be contacted to resolve the account. If no action is taken after 3 call attempts, the mortgage is transferred for enforcement as the Mortgage is now in default.
Tick tock indeed. Anyone having a sense of deja vu of the US adjustable mortgages where borrowers had lower rates that increased after several years and that required borrowers to refinance or to take out another loan to make lump sum payments?
More to come, too. The Fed in two days. Our guys again in five weeks.
Tick, tock.
————————–
Probably a tame rate increase by the Fed with US Midterms just around the corner, Nov. 8 + their hallowed “soft landing”.
After that I predict ALL HECK breaks loose in gas prices and up inflation will go. Recall, inflation has gone down in the US thanks to lower gas prices.
For example:
“Record volumes of refining capacity have been shut down over the past two years, which will lead to tight global fuel markets that will last at least through the middle of this decade.”
-IEF
https://finance.yahoo.com/news/global-fuel-market-remain-tight-110000729.html
Tick, tock more like BONG, BONG.
Banks have an itchy trigger finger…
Hm…Greedy then, Screwed soon…
#157 crowdedelevatorfartz on 09.19.22 at 3:04 pm
@#143 Dharma
“Someday I hope to come up with a comment derisive enough to warrant Garth taking the time to comment on the reasons for its deletion”
+++
My anti Trudeau rant.
______
Garth’s been cracking down on those lately.
Mine usually don’t even warrant a formal “DELETE”, they just silently and imperceptibly blink out of existence. :)
Far right guy Tweet but the headlines are not his (drunken Trudeau in UK singing Bohemian Rhapsody not well):
https://twitter.com/TheRealKeean/status/1571923928427409408
What the $600M Cdn MSM relief funding buys.
Bought (bot). Sold. Cdn MSM. Disgraceful.
———————
4 PM Central Time – 50 minutes ago
#TrudeauMustGo
509K Tweets
#TrudeauHasToGo
47K
#TrudeauMustResign
16K
—–
Liberal Bots:
#IStandWithTrudeau
17K
Raise the rates some more!
I want to see 6% GICs and 7% mortgages!
Let it go let it go let it go UP!
#3 Doug in London
“I mean, do I really need to be taught something useless like symbolism and metaphors?”
Since you clearly know what symbolism and metaphor are (since you know that they are useless), and given the context I assume you didn’t learn their meanings through self-study, what you really mean is probably “… DID I really need …” I’m being pedantic here for a reason. Can you surmise what it might be?
I’m not too sure how helpful the Central Banks giving a running commentary on raising interest rates is.
Don’t talk publicly, raise or lower the rates as you see fit incrementally, as things progress over time.
No need for future estimates as to how bad things are going to get.
You’re scaring the kids…
M48BC
////////////////////////////////////////////////////
“Rate hikes could see house prices slump, RBA says.
Australian house prices could fall by at least 15 per cent after an aggressive series of interest rate hikes, the Reserve Bank has said.
In April, the central bank suggested house prices could slump by about 15 per cent over a two-year period, should interest rates rise by 2 percentage points.
Since then it has rapidly increased rates from a historic low 0.1 per cent to 2.35 per cent.
Jonathan Kearns, the Reserve Bank of Australia’s head of domestic markets, on Monday said the 15 per cent figure was not a forecast rather an “estimate of how sensitive housing prices” were to interest rates.
If interest rates remain 2 percentage points higher, the model suggests prices would fall by about 30 per cent.”
https://www.heraldsun.com.au/business/economy/aussies-borrowing-capacity-limited-under-rate-hikes/news-story/845fbf8e7ff61498796e93cd26cef9a9
PS:
Trudeau inebriated article and his singing, if you can call it that, video – this BEFORE the funeral.
https://www.dailymail.co.uk/news/article-11227833/Trudeau-slammed-embarrassment-singing-Bohemian-Rhapsody-days-Queens-funeral.html
Predictably booed as he leaves Canada House for the funeral.
https://twitter.com/TheRealKeean/status/1571906291567833092
—————–
WHAT a disgrace.
Ugly. Glad I don’t have a mortgage but do have a 7-figure margin – and the interest just leaped to 6%. A bunch of options got put to me as the stock market dived in the last 3 months (no I don’t have a B&D portfolio). Waiting for the market to recover a bit so I can unload.
So, buy shares in TD?
One wonders how much “news play” Trudeau’s “crooning” in a London Hotel Bar will receive in Canada.
The Libs throw a ton of cash at the media.
Don’t want to bite the hand that feeds them.
Cynical, and wrong. – Garth
This looks like a perfect storm brewing up for overleveraged RE investors in Canada.
The choice for the elite bankers:
1. Tackle inflation
2. pivot and keep the RE bubble going.
The crystal ball indicates that the bankers will focus on inflation. RE will be allowed to deflate.
Bankruptcy lawyers will soon be in high demand.
Due to the obscene house lust from amateurs who bought multiple homes to make “easy money”, rents are increasing at a rapid rate.
So my question is Garth, how many of these greedy “investors” are gonna get away with it because they will pass on any increases to the renter who is already up against supply/demand issues?
God I hate RE in this country.
It only took one look at ‘Lincoln’ to know that was a bulldog of some sort. Power in motion!
So what I’m wondering is how quickly the wail of ‘Do SOMETHING!!!’ will impact the ears of our politicians, if it isn’t already happening that is. No doubt there will be photos of some waif-ish new buyer, preferably with adorable infant/child in tow for maximum pathos, looking doleful as they tell their tale of woe regarding the evil bank/mortgage holder expecting them to shell out $ they simply haven’t got. Or how their lives are being impacted by the higher monthly they didn’t expect because ‘so & so said rates wouldn’t go up’. A harsh lesson in how life actually works as opposed to the unicorn & rainbows vision being marketed, for sure.
Flop Drops.
Fresh Original Meat.
I wrote this in a Flop Drop post last week.
“The Race To A Million won’t happen this year, there’s reason to believe 1.3 will be the new bottom in the next couple of weeks, takes more than one unicorn to make the market rainbow blink…”
There’s a bunch of listings around 1.4 million, last week we had one go for 1.22, let’s see what happened with this one.
The details…
3228 Euclid Ave, Vancouver.
Asking 1.38
Assessment 1.38
Just sold for 1.2
https://www.zealty.ca/mls-R2722610/3228-EUCLID-AVENUE-Vancouver-BC/
So a few months ago you could only get something below 1.4 if it was down near the war zone that is The Downtown Eastside.
No longer the case, this one is far away from there in Collingwood, some of the other ones below 1.5 have been on for months and months.
The dominoes are falling, the direction is down, it’s a slow grind though.
In the middle of May, when I started documenting the correction on here, the bottom rung was 1.5 million.
4 months later, even though you can get the odd one cheaper, I’ll mark the bottom of the market as 1.3 and descending…
M48BC
Excellent post. Thank-you Garth.
When is the Merch. drop?
Looking forward to the GF branded Ear & Nose Hair Trimmer.
The GF branded Fondue Set.
And so on.
————
Permanent State of Emergency? Surely our rulers will get us back to 2019 Normal any time now?
https://twitter.com/disclosetv/status/1571790393691209728 Disclose.tv @disclosetv
JUST IN – EU Commission is seeking emergency powers to force companies to make key products and stockpile goods in a crisis — draft framework.
https://ec.europa.eu/commission/presscorner/detail/en/ip_22_5443
Today, the Commission is presenting the new Single Market Emergency Instrument (SMEI). This crisis governance framework aims to preserve the free movement of goods, services and persons and the availability of essential goods and services in the event of future emergencies, to the benefit of citizens and businesses across the EU.
—
— Wasn’t this “open borders” thing just a far-right rallying cry?
https://www.cbc.ca/news/canada/toronto/migrants-rally-toronto-1.6587313
Hundreds rally, march in Toronto to demand status for all migrants in Canada
Hundreds of people rallied in the rain in Toronto on Sunday to call on the federal government to grant permanent status to all undocumented people in Canada.
The alliance says migrants are excluded from health-care and social services and cannot unite with their families.
Why is Trudeau mentioned with interest rates here?
We’ll bash talk Trudeau another day.
Let’s be merry that Canadian real estate is going to take a nosedive and interest rates will be higher, thus dampening this terrible inflation that we have.
Let’s eat, be merry and laugh at those who bought from mid-2021 to the peak in early 2022.
They even overbid a few hundred thousand grand too. Lol.
Sheep that bought houses during covid keep learning lessons. I bet they had no idea about “trigger rates” but soon they will learn all about it. The hard way.
Learning the hard way is best way to teach lifelong lessons that sheep will never forget
#9 Faron on 09.19.22 at 3:36 pm
#5 IHCTD9 on 09.19.22 at 3:28 pm
Trudeau’s got me over a barrel
—
Wow, get help bud. Do you blame Trudeau when the cat pees on your furniture too?
—— —-
Of course.
But I think you’ve misunderstood. Trudeau has me over a barrel for the taxes on a 275% increased cost for the part. Not because he caused the part to rise by 275% (although he sure helped it along).
Sorry Garth, but I cannot resist.
NEWSFLASH
“Bohemian Rhapsody”
as of 1 hr ago the Top Twitter Trend in Canada.
https://trends24.in/canada/
In general, it’s safe to say that Cdns are not amused by PM Trudeau’s behaviour in London …
https://twitter.com/search?q=%22Bohemian+Rhapsody%22
Cdn MSM attempts at underreporting his singing talent whilst under the influence were not well received – scathing Replies an understatement.
Imagine that?
Wow, Mr. Trudeau is human like the rest of us. Can’t blame him for that, really. Who would want his job? He could’ve remained a semi-obscure trust fund baby.
#16 crowdedelevatorfartz on 09.19.22 at 3:49 pm
@#5 IHCTD9
“Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. ”
+++
I did a timer repair on a dryer timer about 12 years ago .
( plastic dial with plastic gears….DESIGNED to fail)
Anywho.
It was a counterclockwise (CCW) dial.
I ordered the part # **** CCW.
It took weeks and when it arrived… All the numbers matched but….it was a clock wise (CW) dial.
Refused the shipment and sent it back.
Took 4 more weeks to get it.
Had to put stuff in the dryer and make sure I didnt forget it or the house would have burnt down..
The burdens of a handyman
———-
Same symptom here, dryer will run forever. Dial not advancing. Contacts are fine, but the timer motor quit – and of course I have to buy the the whole assy. No biggie, it’s 21 years old, and this is only the second repair on it. Too bad about the “timing” of the breakdown though. The part will probably be 80 bucks again in 2024.
People who purchased real estate ‘at any price’ over the last few years are about to find out what that really means.
Tick tock…..
Interesting stuff, no wonder most “experts” now agree a recession is likely.
Unfortunately there are other fronts. For example here is one: I was reading this morning that 40% of Quebec’s teachers will be retiring between now and 2030, in seven years, and the system is already short by thousands. They have to be replaced somehow, not sure it even can be done.
Likely the same applies to most of the public sector which means in coming years our big fat government is going to suck up a lot of labour from an already struggling private sector economy.
This situation is probably a happening across the whole country.
This begs the question: While big government syphons so much capital and human resources how do we create enough wealth in the private sector to pay for all this, if only to maintain our big government and our standard of living?
IMO, not possible.
So chances are after (and if) CBs get inflation under control they’ll revert straight back to QE, this time to bailout public debts (already started in Europe), because that’s where we’ll be then.
Is it just me, or is Stephen(I’m not a robot) Harper singing hey Jude disturbing?
#17 CJohnC on 09.19.22 at 3:49 pm
#5 IHCTD9
“Before Covid – $80.00 for the timer. Right now? $220.00”
Yes Greedflation is affecting everything.
There is nothing where the cost to business goes up 275%.
———
Yep, total hose job. Limited time offer though.
Once upon a time there was a blog that continually spouted “escew debt”. Well know this. There was actually one lonely soul that read it and listened and now I have no debt. Thanks eh.
Trudeaumion Socksody!
Celebration of life. Wine involved. I’m sure Canadians will let this one slide.
Og
Grade four percentage math
#47 IHCTD9 on 09.19.22 at 5:43 pm
#17 CJohnC on 09.19.22 at 3:49 pm
#5 IHCTD9
“Before Covid – $80.00 for the timer. Right now? $220.00”
Yes Greedflation is affecting everything.
There is nothing where the cost to business goes up 275%.
———
Yep, total hose job. Limited time offer though.
********************************
For the love of god, the expert investors here fail to calculate that a price increase from $80 to $220 is a 175% increase not 275%.
Ask a grade four kid. $140 increase. That 175% of $80.
And yest the price is 2.75 times higher. Ya gotta subtract the 1 people.
220/80 minus 1 times 100%
Emma Zaun – Greater Fool Unpaid Intern #007
Speaking of the Queen I just don’t understand people who blame her for Residential Schools, Colonialism and a host of other unfair policies.
Since Britain became a democracy in 1832 policy was made by elected officials not the King or Queen. Residential Schools were the idea of Canada’s Parliament. Colonialism was the policy of the British Parliament. Queen Elizabeth II had nothing to do with making these policies as far as I can tell she deliberately didn’t comment on political matters. Am I missing something here?
#42 IHCTD9 on 09.19.22 at 5:29 pm
#16 crowdedelevatorfartz on 09.19.22 at 3:49 pm
@#5 IHCTD9
“Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. ”
On the recommendation of a higher end builder/neighbour I bought some primo gutter guards from Amazon.
$48 the box times two. And they live up to his praise.
As you may know once you buy something from Amazon they commence to sending you emails offering the same product or similar.
Just recently received one offering these same gutter guards for $179 and change the box.
I don’t blame politicians…I blame the voters who continue to elect career politicians instead of working at the precinct level to ensure actual leaders filter to the top.
I don’t have much nice to say about Harper but at least he was a leader.
After #TrudeauMustGo trend goes viral on Twitter, some users try to blame ‘bots’
https://www.westernstandard.news/alberta/after-trudeaumustgo-trend-goes-viral-on-twitter-some-users-try-to-blame-bots/article_689ce08c-382f-11ed-ac79-5fc9f9c0ef3c.html?utm_campaign=blox&utm_source=twitter&utm_medium=social
#50 Shawn on 09.19.22 at 6:16 pm
Ask a grade four kid. $140 increase. That 175% of $80.
________________________________________
He went to private school, because superior!
When Do I Reach My Trigger Point?
——————————————–
Doesn’t really matter as you will soon see another pivot point within the banking strategies. Perpetual mortgages.
No differnent than the zombie corp. th
#50 Shawn on 09.19.22 at 6:16 pm
Grade four percentage math
Ask a grade four kid. $140 increase. That 175% of $80.
———
I asked my grade four kid. He said,
“Who gives a rip Dad, it’s just a dryer part!”
Good Boy.
Good God, if the TD pumped out 250k of those bowel loosening letters the big five combined must be over a Mil. Then we have the secondary lenders. Uh Oh…..
Ya those pesky home repairs,
Last few Months
Stove part went, couldn’t get a part, Now stove!
Fridge freezer thingy went haywire. Repair dude fixed it with spare part and some dexterity.
All were fixed promptly. Within a day of reporting.
Thanks Landlord
#49 Ogdoad
Exactly!! Celebration of life….too many “stick in the mud” types need to get off the hate train…
@#46 General Mayhem.
All politicians trying to warble out a tune is disturbing.
However.
Not as disturbing as William Shatner’s ” Lucy!……In…..the sky…….With DIAMONDS!”
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiux96F_KH6AhUcMDQIHUFlAUoQtwJ6BAgEEAI&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DAB3uVARNhmM&usg=AOvVaw0mw6tc–qS8HY2RMDh3i1C
Won’t someone think of the indebted home owners and their children?
Tiff Macklemore please cut rates back to 0.25% so that I can sell my home next to Homer J Simpson for over asking!
Poor mom and dad that thought they should lend Kyle and his common-law $200,000 to buy that beautiful home that got built it up $80,000 above asking price on an already high priced residence. Now mom and dad are watching the 6 o’clock news and mom is wishing she could go back in time. Kiss the gift goodbye mom. Sleeping pills are always an alternative.
Goes to show you we can still make bad decisions later in life after not properly doing our due diligence. “But it’s my son Kyle boy, we couldn’t let him down”…. OK, in fact you have. There’s some inheritance money he will never see again. Don’t forget you have to even that out for the other children or no one showing up for turkey.
This party is only getting started. Think January 2024 !!! Blood in the streets I say.
#160 jess on 09.19.22 at 4:45 pm
Yep, that’s where the “questions” and “ideas” of the Nonpluseds and the Russes and Sail Aways and the AM in MNs come from.
#50 Shawn on 09.19.22 at 6:16 pm
For the love of god, the expert investors here fail to calculate
—
Yes, yes you do.
Behind the dresser!? Why not wedged beside the fridge? Unless its more sexy to imagine people reading their bank statements in the bedroom. Although nowadays, that would be a real mood killer.
It’s all good!
84% of Covid Homeowners Still Happy with their Purchase. Of the Canadians who bought a property sight unseen, 79% are still happy.
https://www.zolo.ca/blog/housing-market-pandemic
#5 IHCTD9 on 09.19.22 at 3:28 pm
There’s a full-on SHTF party whipping up. Those who played the prudent safe long game need only take a heavy duty solids-rated umbrella with them if they have to step out side into the hurricane.
I’m sticking with LQAM, simplification, minimalization, and avoiding tax.
Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. Doh! Trudeau’s got me over a barrel on this one, but at least the install will be free.
*******
Truck batteries went up as well. Same with mechanic/shop rates.
Minimize is the best course in a rising ocean of prices.
The air waves are buzzing with predicted mortgage rates, where they were at recenltly and where they are now headed, let’s not lose sight of the housing issues, some people will argue it was all man made, prehpas they are not wrong, time will tell.
If the Canadian Feds were too be honest in quantitative tightening October 26th, they would be setting the BOC rate one full percentage point higher to 4.1/4%, don’t worry, they don’t have the coconuts to do it, so they will most likely set the rate at 4.00% or lower. The feds will pretend and want you to believe that they are looking out for us the voters, this would mean that if they stay on target, the Overnight Rate will increase by 0.75 percentage points to 4.00%, in other words, the feds are just dragging the pain out longer, rather than confront the problems head on and get this dilemma behind us. It takes leadership to tell the truth and that is not in the cards right now, but it’s coming, Pierre Poilievre is watching todays in-power in Ottawa, and the Liberals have already changed their underwear a few times recently while the NDP witnesses the beating they are taking, “if you torment the bull, you get the horn”, go get them Pierre.
It’s a hard pill to swallow, but it has to be done, the BOC has to raise rates higher to get this beast of inflation under control. For reasons of their own, I have no idea why the Feds are not reporting the same inflation numbers that the street is showing, the Feds are about 2 full percentage points lower, its best to be honest and show the country exactly where we are at, there are no free rides, you only have to go grocery shopping to see that, so why pretend, “we will leave that song for Elvis to sing”, he is out there watching and listing to us, somewhere last seen around Tweed ON. Picture the economy like a balloon that can float one brick and you add the second brick and the balloon goes to the bottom of the pool, same applies to the BOC rate vs inflation rates, it has to be heaver/greater/on top to get that balloon to sink, the BOC has to push downward, currently its on the bottom.
In a couple of months, the new norm will be around 5% for the BOC rate and closer to 7% on 5-year mortgages, these new rates are just around the corner, the Math is in the calculator already and the Feds know that, but their heads are stuck in the sand and there’s nobody brave enough to come forward with the bad news.
The Canadian Real Estate Association said Thursday that the number of homes that sold on the real estate group’s Multiple Listing Service has now fallen for six months in a row, since the Bank of Canada began to raise interest rates in March. (Unless, the realtors are not getting out of bed in the mornings they should know this already, they also should prepare for the next six months to be just as bad or even worse, sales and prices have a long way to drop yet baby). On the other side of the country, in Vancouver, mortgage broker Simon Bilodeau says the market has tipped back into buyers’ favor. (Wow, he is just learning this now). (One fellow’s comment said, that eventually the markets will run out of suckers willing to buy, it makes for some sense, he is not all wrong.)
Thinking about selling soon” I would be cautious on putting any money into renovations for any home that I may have to sell right now, unless you can afford long term at the current and higher rates, keep your credit card balance at Zero, you may need it before this mess settle’s down next spring or later. The higher priced home buyers in late 2021 will be stuck with their homes on a sideways bar for the next 8 to 10 years, sorry for your luck, but the truth is the truth. There are many people right now who are unhappy and rethinking their regrets like, I should not have bought late last year, while other are saying, I should have sold late last year when the prices were sky-high. Those 2021 home values were never real, “told you so” but only a few listened to the old fellow at the time it was happening, (experience means little) you chose to listen to the realtor’s advice, the Realtors are always right, “Right”?
Just imagine selling your high-priced home that you bought last Fall and taking a hit of hundreds of thousands of dollars and your realtor still has the nerve with their hand out, looking for their 4o or 50 thousand to sell this same home again for you. Ask the realtor to give you a freebie on this one and see what response you get folks.
Can you imagine that the Restaurant workers are screaming 15% is rude tipping, the electronic devices are already programed at 25, 30% and higher on automatics with the touch of a finger tap, make no wonder that the restaurants are going out of business, “what is coming next”, two dollars for that paper napkin/serviette. Some ungrateful people have come to expect the unacceptable from society. Remember when the Feds cancelled making the penny, you could find pennies all over the streets and no one bothered to pick them up, if attitudes keep up, soon no one will bend over to pick up a Lonnie or Toone.
Restaurants should be paying their employees a fair wage and not relying on someone else to subsidize their business for them. If the owners can’t afford to run the business, then they should not expect someone else to pay their expenses, your business would not be sustainable if you can’t pay employee benefits, fair wages and to include a pension plan that transfers from restaurant to restaurant. Advertise your business as no Gratuity’s please and your business will flourish with employees wanting to work for you and a lineup of family clientele eating at your diner without feeling pressure to tip, and the kids may get to afford a sundae.
For those of us that have been around a few years, do you remember when it was real table cloths, you never had to ask for a glass of water and refills on water was continuous without begging, many restaurants poured free coffee, most of all, they always served with a smile. For the Restaurant workers, keep in mind, that person you expect a ridiculous tip from today and every day they enter your establishment, chances are they have never received a tip in their lives and they also serve the general public, regardless if its front line or support behind the scenes, they are still workers.
Something for the restaurant workers to think about, Doctors, Nurses, Lawyers, retail clerks, mechanics, License bureaus, gardeners, painters, construction workers, ambulance drivers, city workers and the list is endless, how often do they get tips? Perhaps we should program our electronics in the same manner, 30 or 40% tips, I worked 52 years before I retired and I am still waiting for my first gratuity and I feel no pressure to give my money away, just because someone else thinks they are entitled to it, a dollar saved is a dollar earned and another dollar to invest.
“In general, it’s safe to say that Cdns are not amused by PM Trudeau’s behaviour in London …” – Søren Angst
I disagree. I think it is more safe to say that the Cons will complain about anything. Yet, conveniently clam up when of their own does a head scratcher, a Bozo Eruption, a mega money error.
Singing a song in a bar is so “serious.” (s)
JT is still more electable than Dieter and Sprocket.
Hey Flop
Report from the field.
On my way to my folk’s place (SFU / Burnaby Mountain) yesterday, caught a rare sighting.
>>>>>>>>>>>HOUSE FOR SALE BY OWNER<<<<<<<<<<<<<
I don’t think I’m reading too much into this, thinking someone is trying to minimize the loss by saving on the realtor’s commission? Bought during the Covid Hype and has lost the down payment?
And trying to get out?
Tick Tock,Tick Tock
@#56 IHCTD9
““Who gives a rip Dad, it’s just a dryer part!”
+++
Get him to put on cold , damp clothes in the morning…..
Tell him, “Sorry son. Dryer’s broken.”
@#51 Peter from Calgary
“Since Britain became a democracy in 1832 policy was made by elected officials not the King or Queen. Residential Schools were the idea of Canada’s Parliament. Colonialism was the policy of the British Parliament. Queen Elizabeth II had nothing to do with making these policies as far as I can tell she deliberately didn’t comment on political matters. Am I missing something here?”
+++
Nope.
You’re not missing a thing.
The shrieking, braying, mob……. just doesnt listen.
Real estate carnage happening while Canada only created
56,000 private sector jobs since the pandemic started.
But Trudeau created 366,000 public( government) sector jobs.
We need real jobs not government jobs to have a healthy economy.
God help us…….PP to the rescue……
Health care jobs were created by provinces, not Ottawa. Stop misleading others. – Garth
Trigger point , isn’t that when the bank starts to massage your wallet.
Sorry forgot the link from the Fraser Institute.
https://www.fraserinstitute.org/studies/comparing-government-and-private-sector-job-growth-in-the-covid-19-era
Shawn, for once I agree with Faron….
Yes yes you do
#36 TurnerNation.
“Hundreds rally, march in Toronto to demand status for all migrants in Canada”
The same group has a petition going on Change.org.
Obviously as basically just queue jumpers, they should get nothing more than the jackpot they have already hit by being allowed to even stay here at Canadian taxpayer expense.
Lord knows I’m no fan of Junior but anyone that gets a bit bombed with his friends in a bar and ends up singing bad karaoke scores points with me.
There’s enough sour faces created by the Liberals in Canada everyday…today this Conservative was smiling.
@#66 Broader Mind
“Trigger point , isn’t that when the bank starts to massage your wallet.”
++++
nah.
It’s when the banks tell mortgage holders.
“Reach for the sky!”
My first mortgage was a variable rate, 5.35% with a 40 year amortization (remember those?) in 2007.
There was no trigger point, my monthly payments just went up or down with prime. After 2008 rates got really low and at one point I was paying only 1.85% interest. That was really sweet.
But not as sweet as in 2021 when I locked in a 4 year fixed at 1.49%. Lucky me.
Can’t imagine being stuck with variable in this environment. Must be stressful. Could have been me in 2007. I just happened to guess right, though I had no inkling of what was coming. In 2021, I just thought it can’t get any better than this, so lock in.
That’s the thing with variable – it’s usually the better choice but the times when it goes against you can be really brutal. The premium you pay for fixed is like an insurance policy. You buy insurance when you can, not when you need it.
Two B.C. homebuyers have been awarded more than $2,400 after discovering the former owners’ tenants still living in their property on the possession date – oops.
https://bc.ctvnews.ca/home-sellers-blame-housing-crisis-when-b-c-property-not-vacated-by-move-in-date-1.6071869
#66 Quintilian on 09.19.22 at 7:59 pm
Hey Flop Report from the field. On my way to my folk’s place (SFU / Burnaby Mountain) yesterday, caught a rare sighting.
>>>>>>>>>>>HOUSE FOR SALE BY OWNER<<<<<<<<<<<<<
I don’t think I’m reading too much into this, thinking someone is trying to minimize the loss by saving on the realtor’s commission? Bought during the Covid Hype and has lost the down payment?
And trying to get out?
Tick Tock,Tick Tock
///////////////////////////////
Hey Quint,
Can’t do much without an address but I can show you is this tweet from One percent realty last week, I thought I put it up but maybe not.
It’s a chart with all the possible savings at various price points.
1 million dollar sale, you save $18.5k
3 million dollar sale, which some of the houses are up in that hood, you can save almost 50k in realtor fees by using these guys apparently.
Some of my coworkers give one percent effort each day…
M48BC
https://twitter.com/barryjmagee/status/1569409798701215744?cxt=HHwWgMDT6bL51McrAAAA
#158 Doug in London on 09.19.22 at 3:17 pm
How did you get that from my post? I can outlast Trudeau, no problem. Besides, I’m trying to make Canada a better place by giving a boatload of great, smart, hardworking people livelihoods… I just don’t think our prime minister is good at his job… I vote, I’m allowed to judge.
My apologies Garth….the provinces created health care jobs.
But that would make matters even worse for Canada(Trudeau)
He borrowed a tremendous amount of cash and didn’t get a bang for his buck..
Late last year, I reached out asking for your thoughts on fixed vs variable for a January early renewal.
Fixed made most sense to me, you affirmed that thought, and, I have a nice bit of security for the next five years. One big cost line that won’t inflate by i% whatever this year and next.
Stay healthy and thanks for helping people as you do.
#77 Ed on 09.19.22 at 8:29 pm
Lord knows I’m no fan of Junior but anyone that gets a bit bombed with his friends in a bar and ends up singing bad karaoke scores points with me.
There’s enough sour faces created by the Liberals in Canada everyday…today this Conservative was smiling.
^^^^^^^^^
I find it rather hypocritcal that the ‘right’ often claim that the ‘left’ are too sensitive and too poltically correct, yet they are freaking out on this non-issue.
This is the new conservative Prime Minister of Sweden.
Uncanny resemblance to another rightie here in Canada.
Are they cloning them now?
https://cdn.prod.www.spiegel.de/images/0e4045eb-8a26-45fd-ab70-a6cfe8d63ffa_w948_r1.778_fpx55_fpy44.webp
#52 Ustabe on 09.19.22 at 6:25 pm
#42 IHCTD9 on 09.19.22 at 5:29 pm
#16 crowdedelevatorfartz on 09.19.22 at 3:49 pm
@#5 IHCTD9
“Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. ”
On the recommendation of a higher end builder/neighbour I bought some primo gutter guards from Amazon.
$48 the box times two. And they live up to his praise.
As you may know once you buy something from Amazon they commence to sending you emails offering the same product or similar.
Just recently received one offering these same gutter guards for $179 and change the box.
I don’t blame politicians…I blame the voters who continue to elect career politicians instead of working at the precinct level to ensure actual leaders filter to the top.
I don’t have much nice to say about Harper but at least he was a leader.
———-
That’s Amazon for you though, gotta be careful on there.
At the shop where I work, one of the programmers regularly goes down to the US. He brings back these bins of “Atomic Fireballs” cinnamon candy that are free to take for any visitors to his office. They are awesome. Best damn candies I think I’ve ever had. One day I decided I have eaten so many of these delicious tongue melting candies, that I’d better bring some in to secure my future privileges. Couldn’t find them locally, but got a 5lb bag of these beauties off Amazon for 27.00. I was a King for weeks after that. My kids got hooked on them too.
Months later, I decide it’s time to bring in some more… 86.00 for the same bag! Right now, they’re back down to 34.00 in the midst of Covid supply chain destruction. Figure that out. Guess I’d better load up.
How come a guy with a BA was the conservative finance critic.
And now is the head cheese of the Conservative Party, being pegged as the next PM.
Where’s the outcry?
At least Harper was an Economist.
Holy moly, I do not have a mortgage and this has got me scared. I just bought a condo in cash in Edmonton because it is the only place in Canada that I could do that and seems like an ok place to live.
Flop’s Product Pimp.
Been a while since I did this, but this should help someone out.
I start working at 7 in the morning, currently going to work in the dark, so thought I better get a new cheap travel light, just in case.
Found out that Dollartree is now selling COB LED lights.
It has a nice bright led light and a smaller concentration torch light on it.
Takes 3 small batteries I think.
$1.50 for the light.
$1.50 for a pack of batteries, it’s high quality product for a dollar store light.
Waking up my neighbours at 6:30, it hurts me, and it hurts them, but they are normally over it by the time I get home each day…
M48BC
=================================
I don’t know why you need a 2:28 video for a torch, but that’s what I found and even this guy was impressed by the quality.
https://www.youtube.com/watch?v=QuM3Ue8MuP4
#77 Ed on 09.19.22 at 8:29 pm
Lord knows I’m no fan of Junior but anyone that gets a bit bombed with his friends in a bar and ends up singing bad karaoke scores points with me.
There’s enough sour faces created by the Liberals in Canada everyday…today this Conservative was smiling.
——-
Agreed. I got reasons to drink, and Trudeau has even more.
He would have got even more points if he had changed up the lyrics a little:
“I’m just a frat boi nobody loves me
He’s just a frat boi from a rich family
Spare him the ire of this debt monstrosity”
Etc…
@Faron, post #13:
I’m glad someone here is sensible to actually get it.
@Kurt, post #25:
In the first semester of my first year of college I had a course called Technical Writing. In that course I learned more than in all that rubbish of high school English, which had a lot of symbolism, metaphors, and other useless trash. Paul Simon, in his 1973 hit Kodachrome, had it right. The first line is: when I think back to all the crap I learned in high school, it’s a wonder I can think at all. A good course, or better yet courses, in basic finance would be a far more productive use of student’s time.
For the love of Dog PULL THE TRIGGER – this country needs to realize that you cannot rely on an anomaly to sustain a nation longterm – this has become a sad joke and we have become a zombie nation – word
@#85 Observer
“…..yet they are freaking out on this non-issue.”
+++
Tell that to the Brits who saw it on their tv’s, smartphones and pc’s.
The Canadian Prime Minister in England for their beloved Queen’s funeral.
Video’d partying……
I didnt see any videos of any other world leaders karaokeing in hotel bars.
Were they busy or they just realized the optics of publicly partying during the Queens funeral weekend might, just might, not be a great idea?
Dinner and drinks perhaps but singing in a hotel bar?
He was in town for what?
2-4 days tops?
Makes a spectacle of himself.
Again
Reminds me of another Trudeau dancing a pirouette behind the Queen decades ago.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiL7_aEpKL6AhVUAjQIHVTSB9oQFnoECAkQAQ&url=https%3A%2F%2Fwww.thestar.com%2Fnews%2Fworld%2F2022%2F09%2F08%2Fit-turns-out-queen-elizabeth-was-missing-from-that-infamous-trudeau-pirouette-photo.html&usg=AOvVaw0-ueN-3PT7RwIreZpbg0l-
On the bright side interest rates are still less than inflation? Trying to be positive. CBs are squeezing so hard that I would not be surprised if something breaks. Nobody in a CFO role was planning for their debt costs to follow this trajectory.
#66 DON on 09.19.22 at 7:55 pm
#5 IHCTD9 on 09.19.22 at 3:28 pm
I’m sticking with LQAM, simplification, minimalization, and avoiding tax.
Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. Doh! Trudeau’s got me over a barrel on this one, but at least the install will be free.
*******
Truck batteries went up as well. Same with mechanic/shop rates.
Minimize is the best course in a rising ocean of prices.
—-
Just had to buy a battery for the Griz, OEM was 200.00! About the size of 1/3’rd a lunchbox. I shopped it around and got aftermarket for 130.00. I hate putting aftermarket stuff on the Griz…
I’m keeping it simple and minimal 100%. Already made good progress, with more to come. I think we’ve got 2-3 years worth of crapola coming down the pipe. Net worth losses, sideways B+D, job insecurity, high COL. I’m going to ride it out like a first class grade “A” crustomudgeon.
Well normally I don’t get “triggered” by the likes of Faron, and stay away from personal attacks, but perhaps today is a good time for an exception.
I have followed the global warming debate since the Rio Earth Summit in ’92. Got concerned when I saw a bunch of global marxists using Govt. money to push an agenda that involved unaccountable global government as the solution.
I’ve stayed close to the issue ever since. Billions in Govt. spending and a lot of fraud spewed out from all of the receivers of the Govt. largesse. Heard from school kids in Ontario who have been forced to watch Al Gore’s fraudfest every year they were in school. As adults, they wonder why we’re still here?
I’ve also seen what happens to Scientists who don’t toe the party line. Pretty much bankruptcy to even suggest there could be “issues” with the “science”. This is probably what drives me the hardest to stay on the issue.
That and the hypocrisy of those who live so well off the taxpayer by scaring the children and hurting the poor with their fraudulent stories of doom. What Europe is going through right now is a good lesson for them.
Shutting down the toilet paper factories, fertilizer plants, steel production, etc.. etc. They voted for it, so they have no one to blame but themselves, but they were lied to for two decades and those “experts” will never re-build the trust of the people.
Not here to make this about me, but for the Faron’s of this world, on top of the power plants, solar fields and battery energy storage projects I’m involved in, I have a partnership with the EE dept. of a major Canadian University for technology development for large scale decentralized power interconnection, grid resilience and power quality. I meet many professors and grad students in my travels. The smart ones have to keep their heads down and focus on the technology. I feel sorry for them and society as a whole when the creativity and curiosity is forced out of them by bullying threats from the party commanders who control the money.
Many of the “science” PhDs I meet make a greater contribution to society from their Starbucks job.
Unfortunately this nonsense has even moved to the Medical Schools where the upside down world of transgenderism needs to accepted at the same time that real anatomy and physiology is expected to be learned.
For people who want a world that works for them and their families, they are going to have to want it to the point that will stand up against the Faron’s of this world.
If you want your electric power to stay on at a reasonable price, which it used to, along with transportation, safe water/sewer, heating, cooling, refrigeration, communication, food supply, public safety and on and on, you need to fight the left politically, there just isn’t another choice.
Cultural and economic marxism is fraud. Our first world society was built on freedom and truth.
Everyone needs to make a choice.
@#97 AM in MN on 09.19.22 at 10:52 pm+++
You’re a brave soul AM in MN. The only thing you missed is providing the link to the ‘gone viral’ story about the school teacher in Garth’s old riding (Halton) just to spice it up a little.
May the Force be with you….
#5 IHCTD9 on 09.19.22 at 3:28 pm
There’s a full-on SHTF party whipping up. Those who played the prudent safe long game need only take a heavy duty solids-rated umbrella with them if they have to step out side into the hurricane.
I’m sticking with LQAM, simplification, minimalization, and avoiding tax.
Speaking of avoiding tax, got a dryer repair coming up. Part is in the mail. Before Covid – $80.00 for the timer. Right now? $220.00. Doh! Trudeau’s got me over a barrel on this one, but at least the install will be free.
**********
Yah, definitely see some uncomfortable years on the way.
I had to get past not replacing AC Delvo parts on the old GM. Now I just happy it works. Given the comments it sounds like this is the month full things to break…been through a heater core, fridge, dryer, battery…power steering hose.
On another subject…Saw 42 sattlelites in the sky over the lower Van Island all in a line evenly spread out…apparently Space X. At first they looked like fighter jets on their way back to Seattle area. What happens if a solar flare takes out GPS other than some Tesla’s driving off the road.
@AM in MN, post #97:
Spare us the lecture and get to the point. After that long spiel, do you or do you not believe in human made climate change? If you do, then what do you think should be done about it?
While the rest of the peons were mourning the Queen. Justin Trudeau sang us a song from his perch at a $2000 a night swish London hotel.
“Any way the wind blows, doesn’t really matter to me”.
That brings to mind his other comments.
“ I don’t really think about finance” and “should we tolerate this small minority of racists”, when referring to real life events in Canada.
Just WOW. You could draft a more factionalized character to lead a country.
#97 AM FM
Cultural and economic marxism is fraud. Our first world society was built on freedom and truth
—————————-
What the heck are you talking about?
Maybe it’s time you come out of the closet.
And tell us about your credentials.
Or are you just like PP, all talk no walk.
#97 AM in MN on 09.19.22 at 10:52 pm
Well normally I don’t get “triggered” by the likes of Faron, and stay away from personal attacks, but perhaps today is a good time for an exception
———
It always amazes me all the facets that are cut on a single issue. I “identify” with most of your post. But I do believe global warming is happening, and that our C02 emissions are the most likely culprit. In fact, I even think I’ve seen the weather patterns change during my lifetime. That’s about where I draw the line. I don’t believe the planet is doomed. Yes some life will end, but other life will thrive. Human technology is moving 100X faster than climate change is, and we’ll adapt. No organism on this earth can modify its environment more so than humans. Global fertility rates are tanking right alongside the rise from poverty. Eventually, the global population will plateau. Technology and globalization will feed them all. Technology will also steadily curb our C02 contributions. In fact, we will eventually have the ability to regulate atmospheric C02 concentrations on a global scale centuries from now.
In the end, we’re predestined to leave this planet anyway. Once we’ve harnessed all the energy available to us here on the ground, the only way to move forward is up. So that’s were we’ll go. We’ve always done this. It’s what we do. Crossed over the river, navigated the Oceans, traversed the continents, broke free from Earths gravity. Humans have been explicitly designed to take risks, explore, conquer, and expand. No review of our history could state otherwise. A global society will come, and that’s when things will start to get interesting. Beginning with a Type 1 civilization with an increase in energy 4 orders of magnitude above what we currently employ.
All bets are off if WW3 happens though, the “great filter” theory still looms.
#97 AM in MN on 09.19.22 at 10:52 pm
Cultural and economic marxism
—
Lol. You don’t even know what that means, if it means anything at all. All you know is that JP says it and it sounds smrt.
Between mumbling about solar and nonsensical takes on CO2 fertilization and the above chestnut it’s pretty clear where your expertise doesn’t lie. You stay in your lane, EE apparently, and I’ll stay in mine. Dolts like you straying out of their field to make abhorrently clueless remarks about Earth’s climate while arrogantly assuming they have grounds to are problem #1 and fuelled by PR campaigns hired by O+G interests.
When’s the last time you heard me refute your beliefs about engineering? Right, I don’t. In fact when I read you speak up about the grid I commented you. That’s the way the world used to and should work. Respect for knowledge, hard work and gained expertise regardless of field, not arbitrarily choosing fields you don’t like playing “house” within them. That’s disrespectful in the utmost and utterly childish. Grow up.
Its over for bottom feeding home flipping parasites. Good riddance.
Notice to all you lefties and closet libs/dippers on this board…
Keep voting for your beloved Trudeau and by the time he and Jagmeet are done interest rates will be closing in on 20%!!
Pierre Pollievre gets my vote for Fiscal and some semblance of Social Conservatism. Populism is making a comeback and I welcome it with open arms.
You reap what you vote for!
Let’s face it. Our own right-wingers are watching
Trudeau like a they have nothing better to do.
Everything is Trudeau fault. Just wait, once ” Bank owned” will appear on the front lawn, it will be Trudeau
fault. People don’t seem to understand is when they
scream “inflation” it will mean Bank of Canada will have to raise interest rates and bring on higher unemployment.
There is no other way to do it
To: AM in MN
You sound like the right -wingers. Talking about Freedom and Truths.
Tell me the year your fantasy existed? When Kings beheaded people who did not colluded with them? When Black, women, native…. were oppressed? When?
I don’t give a hoops about ” Climate change”. What I do care about is CLEAN AIR. If that means less pollution from burning oil, gas…. so, what is the problem?
Trudeau’s Dan Quayle moment? You sir are no Freddie Mercury!
“Have some respect for the occasion and why you are in London for the first place. Trudeau is such a clown show.”
– Meghan McCain (daughter of the late John McCain)
Currently in London and while not exactly rioting in the streets over it, the awareness is definitely high and overwhelmingly not impressed with Canada’s PM.
They’re pretty protective of their former Queen over here. Working-class people who lined up for 16 hours to pay respects, hundreds of thousands queuing up overnight 20-deep along the last walk, do not take kindly to a privileged fratboi foreign PM acting like an ass. His was a singular display amongst hundreds of world leaders, a child among adults. The apologists only further embarrass Canada.
Say what you want about the Brits but they take their traditions seriously. Maybe because they actually have some.
The 2 year will push past 4%. The money supply is shrinking, multiples coming down. Rising rents and food driving up CPI means JP may go one full point. USD crushing all currencies . Still think Cash is trash?
#9 Faron on 09.19.22 at 3:36 pm
#5 IHCTD9 on 09.19.22 at 3:28 pm
Trudeau’s got me over a barrel
—
Wow, get help bud. Do you blame Trudeau when the cat pees on your furniture too?
__
Is that you MF? Faron = MF? Could it be? Our resident defender of the status quo has been here the entire time?
@ #3
Yes.
Symbolism is what realtards peddle to a gullible public yearning for a Rich Uncle Pennybags version of their current lives through the ¨miracle¨ and/or bragging ¨rights¨ of home ownership.
Metaphor is feeling like a low-grade light bulb for having been sucked in by that symbolism.
#103 IHCTD9 on 09.20.22 at 12:15 am
——————————————–
I agree that we have the technology to deal with whatever comes our way weather wise. Even another ice age. which would be far worse than more warming.
To isolate “man-made” CO2 as the only thing that changes the climate is crazy. Look at climate change throughout history.
Is doesn’t matter what I think. Humans will continue to use hydrocarbon based energy because it gives them an infinitely better life than without them. I could list a hundren ways.
Thus we need to adapt, and we have the technology to do so.
———————–
#108 Jennifer on 09.20.22 at 2:39 am
I don’t give a hoops about ” Climate change”. What I do care about is CLEAN AIR. If that means less pollution from burning oil, gas…. so, what is the problem?
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The issue is CO2. It is fundamental to the burning of a hydrocarbon. It is also a necessary part of the atmosphere. Some debate over the proper level, but there should be no debate that it is necessary. Plants won’t grow without it.
Is CO2 thus a “pollutant”? Go inside an industrial greenhouse with 2 or 3 times as much CO2 in the air as at the atmosphere, the air is clean and you can work in there all day.
The pollutants that make the air not clean can be dealt with by existing technology. The exhaust from a modern gas fired power plant is as clean as can be measured with the instrumentation. The technology for all types of exhaust treatments are constantly improving.
None of these issues should require you to lose the freedom to travel or heat your house or in any other way have someone control your use of energy. Let the market set the true price, including appropriate tax levels, and let people get on with their lives.
Never let someone who flies a private jet from Hollywood to Davos guilt you into not driving your minivan to Costco.
#51 PeterfromCalgary on 09.19.22 at 6:20 pm
Emma Zaun – Greater Fool Unpaid Intern #007
Speaking of the Queen I just don’t understand people who blame her for Residential Schools, Colonialism and a host of other unfair policies.
Since Britain became a democracy in 1832 policy was made by elected officials not the King or Queen. Residential Schools were the idea of Canada’s Parliament. Colonialism was the policy of the British Parliament. Queen Elizabeth II had nothing to do with making these policies as far as I can tell she deliberately didn’t comment on political matters. Am I missing something here?
—-
Peter,
I have learned over the years that the most important thing a leader can do is insert a buffer so that responsibility and liability cannot reach them. That way distasteful things that benefit them aren’t directly linked to them.
So what you are missing is, the non-action on her behalf on many very significant issues speaks volumes.
When you are the leader everyone answers to, yet you separate yourself from political matters that harm your subjects, we have issues.
Excellent articles are starting to be written on the subject. Some of the best ones of course in British press, more shortly I am sure now that the 10 days has passed. I’ll try to share.
Here is a local one that cuts to some good points:
https://www.theglobeandmail.com/opinion/article-queen-elizabeth-for-all-her-grace-could-not-redeem-a-disgraceful/
Here is one that dropped Sept 13 already:
https://www.theguardian.com/commentisfree/2022/sep/13/queen-reign-death-elizabeth-ii-uk-minorities-british-empire
Nothing on CBC or Global about it.
But it is trending at #1 in the Liberal loathing National Post.
https://nationalpost.com/news/canada/video-shows-trudeau-belting-out-bohemian-rhapsody-in-london-days-before-queen-funeral
Perhaps the tv “news” will eventually be forced to acknowledge it actually happened.
The story and video were broadcast on Global National newscast Monday evening. Be more careful with your comments. – Garth
Officially the US inflation rate is 8.5% recently and the shadow stats real inflation rate is 15.63%.
Last time I checked the Canadian inflation rate was 7.6%.
If the official Canadian rate is as hedonically adjusted as the official US rate what would the Canadian version of the shadow stats rate be and how would it impact the BOC rate if applied using the Taylor rule? Whatever the banks have in mind for mortgage rates; borrowers are probably going to suffer less than they deserve for their greed. Real estate is just a place to live. Monopoly is a board game and shouldn’t be played in the real world and real estate is not an investment and should be bought as cheaply as possible within the 3 years pay rule.
Good to hear. What changes do you plan to make as a citizen and as a consumer?
Bill Gates is optimistic that we can avert a climate catastrophe, but says* that governments must:
• quintuple clean energy and climate-related R&D over the next decade,
• make bigger bets on high-risk, high-reward R&D projects,
• match R&D with our greatest needs,
• work with industry from the start,
• use procurement power,
• create incentives that lower costs and reduce risk,
• build the infrastructure that will get new technologies to market,
• change the rules so new technologies can compete,
• put a price on carbon, and
• develop clean electricity, fuel and product standards.
*Bill Gates, How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need (New York: Alfred A. Knopf, 2021).
The word determined is less religious and perhaps more naturalistically explainable than the word predestined.
My question to you is this: To which Earth-like exoplanet do we plan to go? No planet in our solar system is habitable, and we won’t be terraforming Mars any time soon. The nearest Earth-like exoplanet is Proxima Centauri b, located a mere four light-years away from Earth. In other words, there’s no Planet B. It’s far less costly to decarbonize Earth than to terraform Mars or travel to an exoplanet.
Justin Trudeau decided the best way to honour the Queen’s legacy would be to fly to London, wear a t-shirt, get drunk at a British pub, and do karaoke.”
Non-story. Grow up. – Garth
A tipsy PM stops to sing a few bars of Bohemian Rhapsody and this is news because it is Saturday night and he is in London to attend the Queen’s funeral on Monday.
C’mon! I would be more disappointed if he did not stop or did not know the words.
If only the Finnish PM had been staying at the same hotel, then we might have a story worthy of being a story.
Party on Garth et al.
“The story and video were broadcast on Global National newscast Monday evening”
++++
I watched the 6pm Global and then the 7pm National.
Didnt see a thing.
Nothing on either CBC or Global website.
You must have been flatulating at the time. – Garth
#107 Jennifer
Everything is Trudeau’s fault.
——————————————————————————————————
It’s not even that.
He’s just an embarrassing, immature, hypocritical, uneducated, childish, uninformed, inappropriate, smug, smarmy, foolish, narcissistic, egotistical, cringeworthy person.
People have had enough.
Get it?
More garbage stats from Canada’s bureaucrats. Any politicking here? Trudeau is borrowing more than 4.5 billion, and interest rate rises will make that unaffordable.
The press release states Canada’s core inflation is falling ” giving speculation to lower rate hikes going forward”. Is Willy Wonka writing policy the Liberal Party?
Are Canadians that stupid? No. They’re marching in the streets country wide, yet nothing gets reported.Is it perhaps possible there’s media collusion? Isn’t that called ” fixing”. Don’t some people go to jail for this?
I see the PP Forces have arrived. – Garth
Ahh the Snowflake Millennials: Hayden, Jaden, Greyden, Brayden, Caden, Aden, Cailin.
Neve trust anybody under 30? Everything old is new again.
https://www.cbc.ca/news/canada/toronto/luxury-cars-seized-crypto-king-investors-try-recoup-millions-1.6583982
Luxury cars seized from 23-year-old ‘Crypto King’ as investors try to recoup millions
Aiden Pleterski and his company allegedly owe $35M to more than 140 investors
—
— Could it be these “Rules”, used to destroy the Former First World Countries are being deployed in the jobs s area soon to be taken over by the A.I. and robots?
SO close to 2019 Normal. All for our health Comrades!
Our rules play the Long Game. Get to know it.
https://www.newsnationnow.com/us-news/education/nyc-teacher-shortage-vaccine-mandate/
NYC teacher shortage grows, vaccine mandate holds
NewsNation) — The New York City Department of Education set a vaccination deadline for its teachers, requiring them to get vaccinated for COVID-19 before Sept. 5 of this year, or they would be fired.
When the September deadline hit, the DOE fired 850 more teachers and support staff for not meeting the mandatory deadline.
Now, nearly 2,000 school employees have now been fired for refusing to comply with the city’s vaccination in the workplace mandate that was implemented in October 2020
#122 Dharma Bum on 09.20.22 at 9:26 am
#107 Jennifer
Everything is Trudeau’s fault.
——————————————————————————————————
… embarrassing, immature, hypocritical, uneducated, childish, uninformed, inappropriate, smug, smarmy, foolish, narcissistic, egotistical, cringeworthy person
—
So dharma of you Let me guess, you read Kerouac once?
Deflation Watch
Canadian Consumer Prices fell 0.3% on average in August. But remained 7.0% higher than last year.
Had this good news been in the American CPI data we would see a stock market rally. Maybe next month…
https://www150.statcan.gc.ca/n1/daily-quotidien/220920/t001a-eng.htm
House prices declining:
https://housepriceindex.ca/2022/09/august2022/?utm_medium=email&_hsmi=226490178&_hsenc=p2ANqtz–f1dzFzZKa57WR86VqOqaXCHrOJHU50u2BT737nHu3UgW3wEPeAMKenwgd2mCqOCPzq-RT0ew3dZi-He8zolSgCnpaPg&utm_content=226490178&utm_source=hs_email
Since the Teranet index is based on the “repeat sales” method, these numbers represent actual gains and losses, not just mark-to-market. That means people are actually starting to sell at real realized loss, not just for less than they were hoping but still at a profit.
A new poll suggests a plurality of Canadians still believe Justin Trudeau is still the best man for the job of prime minister, but he has only a slight lead over new Conservative Leader Pierre Poilievre.
https://www.castanet.net/news/Canada/386005/Justin-Trudeau-slightly-favoured-over-Pierre-Poilievre-for-prime-minister-new-poll#386005
C’mon! Death is not always a solemn occasion.
This lady, the Queen, died at 96 in her own bed in a place of her own choosing (A Castle no less) surrounded by a son & daughter and her beloved dogs. No doubt she missed her husband and is with him again (if you believe such things).
She lived a great life of service and rarely put a foot wrong.
She reached the finish line in a glorious state. Drink & be merry. Sing happy songs for her and the good life and a good death.
You know when death is solemn?
When you are pulling unidentified bodies from a mass grave, civilians tortured and murdered by an illegal occupying army in search of what? Nazis?
Death is solemn when it is a child.
Show me when Trudeau has met these occasions with merriment and we are in agreement. But this? you have to be kidding me.
And now for something completely different…
From the remarkable record, Your Queen is a Reptile here are the Sons of Kemet and My Queen is Harriet Tubman
https://www.youtube.com/watch?v=0mu1FHeNkpo
#119 Ooooh, he really honoured the Queen on 09.20.22 at 9:04 am
Justin Trudeau decided the best way to honour the Queen’s legacy would be to fly to London, wear a t-shirt, get drunk at a British pub, and do karaoke.”
Non-story. Grow up. – Garth
————————-
I think we take this wearing black and being somber too serious.
I was 8 years old when my granny died.
I remember us grand children standingnin front of the grave.
Not a dry eye in sight.
As soon as she was in the ground, the party started.
Everyone was dancing, drinking and having a good time.
And then the arguments over who’d inherit what started.
Even fights.
Quite the spectacle.
Learned a lot about grown ups that day.
#118 Gravy Train on 09.20.22 at 8:50 am
“Good to hear. What changes do you plan to make as a citizen and as a consumer?”
Simple, minimal living, wood heat, buy used, fix broken. That’s my default way of living, but all that counts as “planet friendly”. No solar panels, thanks.
“Bill Gates is optimistic that we can avert a climate catastrophe, but says* that governments must:”
There is no climate catastrophe coming. There are just changes coming. Same as ever all the way back to the beginning of time. Humanity has survived much worse than whatever Bill is worried about. We will adapt and overcome just like we always do. In fact, all this Climate Alarm stuff may be part of the process of how we do it.
“The word determined is less religious and perhaps more naturalistically explainable than the word predestined.”
Disagree. Humanity has certain things it does across time right to the beginning. It’s in our nature and has persisted for 300,000 years. Why that is becomes your personal decision.
“My question to you is this: To which Earth-like exoplanet do we plan to go?”
I don’t see a “final countdown” style dystopian abandonment of Earth. We’ll be exploring and looking for resources, and colonizing. Same as ever. Slowly and steadily. We’ll have good reasons to go where ever we do. It’ll look the same as our movement across the globe after exiting Africa. All the while, we will gain in knowledge and power, and in number. Technology will relentlessly advance. Energy resources will exponentially increase. Eventually we will cheat the speed of light, and take another step into the unknown. Humans will slowly spread, not suddenly move.
Ultimately, I believe Humanity (if we make it all the way) will eventually exit our physical bodies millions of years from now. That will achieve final victory over our foe since our inception – the physical Universe.
#121 crowdedelevatorfartz on 09.20.22 at 9:23 am
“The story and video were broadcast on Global National newscast Monday evening”
++++
I watched the 6pm Global and then the 7pm National.
Didnt see a thing.
Nothing on either CBC or Global website.
You must have been flatulating at the time. – Garth
__________________________________________
I saw it on Global as well, Garth.
IBS can be very distracting, not just annoying to us all here.
#121 crowdedelevatorfartz on 09.20.22 at 9:23 am
I watched the 6pm Global and then the 7pm National.
Didnt see a thing.
Nothing on either CBC or Global website.
—
Google does adjust your feed for your preferences after all. Maybe you are a secret Trudeau lover? Anyhow, here’s the article in all its “importance”:
https://www.cbc.ca/news/politics/trudeau-bohemian-rhapsody-queen-funeral-1.6587875
We learned from Trump that the more the media reacts to non-scandal scandals, the more likely audiences and the media are to ignore real wrongdoing. Hyperventilate at nothing at your own peril.
Looked at the official number for August & flat out do not believe it should be lower. We import much of our stuff from the USA. Our rate of exchange has been getting steadily worse – our dollar is around $0.75 cents to the US dollar right now – & there have been endless stories about how prices for food, shelter & labor have increased. Yet somehow we have lower inflation? I smell numbers manipulation that would make CREB blush.
#132 Faron on 09.20.22 at 11:18 am
#121 crowdedelevatorfartz on 09.20.22 at 9:23 am
I watched the 6pm Global and then the 7pm National.
Didnt see a thing.
Nothing on either CBC or Global website.
—
Google does adjust your feed for your preferences after all. Maybe you are a secret Trudeau lover? Anyhow, here’s the article in all its “importance”:
https://www.cbc.ca/news/politics/trudeau-bohemian-rhapsody-queen-funeral-1.6587875
We learned from Trump that the more the media reacts to non-scandal scandals, the more likely audiences and the media are to ignore real wrongdoing. Hyperventilate at nothing at your own peril.
———————————-
It also was covered in the German news.
Good points on Google.
Google wants to be your friend.
Caters to your confirmation bias.
I always go to the next pages.
That’s where you get more balanced information.
#134 Linda on 09.20.22 at 11:47 am
there have been endless stories about how prices for food, shelter & labor have increased. Yet somehow we have lower inflation?
—
You may want to think a bit harder about this. CF disinflation vs deflation
Anyone thinking about moving to a different planet clearly has no idea of the sort of distances involved. Just the trip to have a look at the prospect would take many human generations.
Space is big. Travel to planets even inside our Solar System takes years. Even the closest planet not in our Solar System is impossibly distant. Unless Captain Kirk can be brought out of retirement , and NCC – 1701 is ready for service.
A current, state of the art look at the realities. Notice the one way travel time, 6300 years ( each way ). Long term planning anyone ?
https://www.technologyreview.com/2018/06/22/142160/this-is-how-many-people-wed-have-to-send-to-proxima-centauri-to-make-sure-someone-actually/
#134 Linda on 09.20.22 at 11:47 am
Looked at the official number for August & flat out do not believe it should be lower. We import much of our stuff from the USA. Our rate of exchange has been getting steadily worse – our dollar is around $0.75 cents to the US dollar right now – & there have been endless stories about how prices for food, shelter & labor have increased. Yet somehow we have lower inflation? I smell numbers manipulation that would make CREB blush.
___________
A simple google search shows that the drop in the CAD has been mainly in September and the inflation rate just released is for August.
Now when you did a detailed analysis of the calculation for August, which of the underlying details did you find wanting?
https://www150.statcan.gc.ca/n1/en/catalogue/71-607-X2018016
I don’t know who this Elizabeth person is, but I find Justin Trudeau’s singing highly offensive.
Tuesday, September 20, 2022
U.S. Attorney Announces Federal Charges Against 47 Defendants in $250 Million Feeding Our Future Fraud Scheme
Nonprofit Feeding Our Future and 200+ Meal Sites in Minnesota Perpetrated the Largest COVID-19 Fraud Scheme in the Nation
The Justice Department announced charges against 47 people accused of stealing $250 million from a federal program designed to provide meals for needy children during the pandemic.
According to the department, the scheme is the largest Covid-19-related fraud uncovered by investigators to date. The defendants are facing a range of charges, including conspiracy, wire fraud, money laundering, and paying and receiving illegal kickbacks.
The defendants, prosecutors said, set up a network of shell companies connected to the Minnesota-based nonprofit Feeding our Future, to exploit the federal child nutrition program, which is designed to provide meals to children from low-income families. The program was expanded by Congress at the start of the pandemic to allow more organizations to participate.
“This was a brazen scheme of staggering proportions,” said US Attorney Andrew M. Luger for the District of Minnesota. “These defendants exploited a program designed to provide nutritious food to needy children during the COVID-19 pandemic. Instead, they prioritized their own greed, stealing more than a quarter of a billion dollars in federal funds to purchase luxury cars, houses, jewelry, and coastal resort property abroad.”
https://www.justice.gov/opa/pr/us-attorney-announces-federal-charges-against-47-defendants-250-million-feeding-our-future
wow check out this timeline
Following a sprawling eight-month investigation, federal authorities on Tuesday announced a wave of criminal charges related to the alleged embezzlement of more than $250 million dollars from federal nutrition programs. The indictments, many connected to a nonprofit called Feeding Our Future, have implicated prominent local leaders in politics, housing, business, and education.
https://sahanjournal.com/news/feeding-our-future-food-aid-fraud-us-attorney-indictments-minnesota-timeline/
A quick note on the proper way to perform so it doesn’t lose all meaning: down to show respect, then up again promptly after a reasonable amount of time.
Not down for endless months leaving yourself open to ridicule for the foolish virtue-signalling that it really is.
“Queen’s funeral: Flags back at full-mast as mourning period ends”
https://www.bbc.co.uk/news/uk-62964166
Our current PM’s innate inability to read a room, gauge a mood, or respect convention will hopefully lead to his undoing. Why we don’t have political recall legislation is beyond me, as it’s been talked about for years.
Re: #19 Søren Angst on 09.19.22 at 3:56 pm
I see the same thing happening with inflation once the midterm elections are over.
Re: #126 Shawn on 09.20.22 at 10:35 am
The only thing I saw fall month over month was gas prices but we all know now that has something to do with the midterm elections in America. We’ll find out the real truth once the midterm elections are over.