Truthiness

Jobs data pushed out Friday morning will tell us much. Is the key American economy slowing, with the end of rate hikes in sight? Or are things too hot, fueling more central bank aggression?

This matters to stocks and financial assets. It matters to real estate. It sure matters whole lot in Vancouver, Toronto and an entire house-invested and property-horny nation.

On Thursday stock markets were jumpy after Fed officials said some hawkish things. Like this:

The U.S. central bank has not finished the task of bringing inflation down and is “quite a ways away” from pausing its campaign of interest-rate increases, Minneapolis Fed President Neel Kashkari said. ‘We’re going to try’ to achieve soft landing, he added.  His Cleveland counterpart Loretta Mester noted the U.S. is in an unacceptably high inflation environment.

Investors bet earlier this week – with a massive 1,500-point, two-day romp on the Dow – that the bankers would relent after two more modest rate hikes, amid soft manufacturing data and other economic damage suggesting inflation might have crested. Of course, CBs will win. They always do. It’s just a matter of when the pivot comes and how many teacups are busted in the meantime.

Here’s the betting today: the jobs number is big enough to keep Fed rates rising. Maybe not as fast. But that’s a pure guess. In Canada our guys adjust the cost of money again in three weeks. It looks like a 75 pbs hike. The bank prime would then rise to 6.2%. Variable rate mortgages that were 1.5% less than a year ago would be closing in on six per cent. HELOCs approaching 7%.

This is what our central bank boss said in a speech earlier today:

“Simply put, there is more to be done,” Macklem said, according to prepared remarks to the Halifax Chamber of Commerce. “The clear implication is that further interest rate increases are warranted.”

There’s only one way for real estate prices to go in this environment. As this pathetic but snuggly blog has demonstrated recently (a) prices have not fallen enough to make one scintilla of difference in terms of affordability, (b) higher rates suck off more interest and repay less debt, (c) the universe of potential buyers is falling fast and (d) your mom was wrong about renting. These days tenants aren’t worrying about disappearing equity or a withering loan renewal next year.

Now, let’s be truthful about where things are, and call out those who would obfuscate reality. Like the real estate board. Its job is to support members who sell houses, not to educate you or guide you against grasping a falling knife. Consider this statement released yesterday in Toronto:

The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022. Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods.

The Frankenumber higher than in 2021. Average prices up in a month. A floor developing under selling prices. Listings down. Market conditions tightening. It all leads to one conclusion: time to buy. Right?

Wrong. This has only started. Whatever the labour market stats on Friday, there are more rate hikes coming, a further erosion in the ability of average families to buy average homes and the absolute inevitability of further price declines.

Where are we now? How about the almost 30,000 families in the GTA alone who bought property in the first 90 days of this year, when realtors were forecasting gains? Here’s the current scorecard. Prices down 10% to 40%, depending on the hood. Plus closing costs, financing, property taxes and stress.

Oh boy. The truth is out there.

Source: Toronto Regional Real Estate Board; himansh @himansh36013599
.

About the picture: “Thanks for blog,” writes Rachel. “I almost never comment on it, but I appreciate all the work you do and read it often. I’ve attached a picture of my dog if you need more! His name is Gus. He’s a gentle labrador/malamute tipping the scales at 100lbs. He’ll be 12 years old on October 10. He’s starting to slow down but he’s still enthusiastic about his life in the mountains, and two young kids keep him on his toes.”

149 comments ↓

#1 Dr V on 10.06.22 at 1:17 pm

Oh Gus has such a kind face.

Now I’ll read the post….

#2 crowdedelevatorfartz on 10.06.22 at 1:19 pm

The franken numbers out of the Real estate cartel never cease to amuse.

Big dog in the photo.

#3 Martha's Vineyard is an Island! on 10.06.22 at 1:23 pm

@The Jaguar

Why do you post “snippets” from someone else’s work without a proper link to where you got it?

Is it because you “cherry pick” the parts you like and agree with, ignoring the parts that do not support your “conclusion”? Kind of sleazy, very dishonest.

For example, the other day you posted this:
‘Desantis is a smarter, more competent, better educated and less self-obsessed figure than the man stewing in his bitterness at losing the White House. He has degrees from Yale and Harvard, an impressive military career, a background in the law and six years in Congress.”

This is a Kelly McParland opinion piece in the National Post found here:
https://nationalpost.com/opinion/kelly-mcparland-disaster-offers-a-chance-to-regroup-for-floridas-testy-ron-desantis

Curious, you did not post the link. Perhaps you did not want anyone to read this part:
“Lately it’s seemed his success might be going to his head, however, as exampled by the silly stunt he pulled in rounding up a group of migrants in Texas and flying them to Martha’s Vineyard, the idea being to embarrass the island’s lefty millionaires.”

“The trick mostly failed: the lefty millionaires weren’t embarrassed, the upset migrants filed a suit against the governor, and Texas authorities opened a criminal investigation into the affair.”

Not to mention he used Florida taxpayer money to move migrants from Texas and gave the contract to an airline owned by one of his political donors.

The Martha’s Vineyard stunt.. didn’t you also comment on this and how the hypocrisy of the left was on full display for anyone with eyes?

As with most of your snippets – it was dishonest and a headline only reading of the story (which you also got wrong as you cannot reach Martha’s Vineyard by bus).

Headline only? didn’t you also chastise commenters who only post the headlines and not the whole story?

I guess we know who’s hypocrisy is on full display! Keep up the good work.

And if you are going to post “snippets” of other’s work, perhaps have the integrity to provide a link so we can see the whole story and not just the Jaguar approved parts.
Truthiness in deed.

#4 Polozified on 10.06.22 at 1:24 pm

25% decline in nine months. Even for non-CMHC buyers that’s probably your entire down payment zapped into dust.

#5 Annex It All! on 10.06.22 at 1:30 pm

Canada following the lead of Czech Republic, now “annexing” the Russian embassy following a “referendum”.

https://twitter.com/InUAOfficial/status/1578044914071486472

The Czech memes have gone mad, they’re having an absolute field day with it.

https://twitter.com/kralovecczechia/status/1577652511728607232?s=48&t=AE01-WNVZPabqtVa3gBzNw

The funniest part is the Russians are so edgy because of their losses and have no sense of humour to start with, so some of the Kremlin media has actually reacted angrily as if it’s real hahah!

Nice to see the world superpower of trolling getting trolled, hard.

#6 Sail Away on 10.06.22 at 1:32 pm

Clearly, Canadian RE is a cratering cesspool and there are serious uncertainties around interest rates and markets.

How’s a guy to make money in troubled times? Well, let’s ask uncle Warren. Oh, he says arbitrage.

For the Sail Aways YTD, the best performers have been Series I savings bonds at +9.6% and arbitrage at +17%. Realized, not paper gains, because that’s the way both of these work.

Two arbitrages in play at the moment are Activision/Microsoft, with an upside of +28% by June 2023 and ATCO/Fairfax with an upside of +11% if the offer is accepted. We often take intermediate, less lucrative, gains to de-risk before the deals close, but sometimes stick it out to the sweet (not bitter) end.

Worth learning, worth tracking, worth trying. Take time to get familiar before committing $.

#7 TurnerNation on 10.06.22 at 1:40 pm

War on Small Business Continues. What you want 20-25% extra for tips and fees? Hellooooo online shopping. Tipping will be reduced as well.

.Canadian businesses can charge credit card fees starting Oct. 6 (ctvnews.ca)

—-

For @Faron and the Coincidence Theorist brigade.
For 2 years I opined here, that Kanada was a test zone for all of this.

https://twitter.com/LeslynLewis/status/1577744416290357253
Dr. Leslyn Lewis @LeslynLewis
The gov’t finally admitted that they have a $105.3 million contract with the World Economic Forum for the Known Traveler Digital ID. Take a look at this order paper. It’s no longer a conspiracy theory – it’s a contractual fact! https://bit.ly/3CvEbkn
““This project is based on voluntary contributions from project partners. All project partners are responsible for their respective costs associated with participation. Project partners include: the Government of Canada, the Government of the Netherlands, Air Canada and Royal Dutch airlines, Toronto, Montreal, and Schiphol International Airport, and the World Economic Forum.””

#8 Dave on 10.06.22 at 1:40 pm

HELOC are close to 7%? Why is my personal line of credit 8.4%??

Likely because it is unsecured. – Garth

#9 Overheardyou on 10.06.22 at 1:44 pm

Hmmm, so when the new year rolls arounds that’s when the real estate boards can’t fudge yoy numbers, ouch.

#10 Squire on 10.06.22 at 2:00 pm

Good article Garth. Never catch a falling knife. And why would anyone in their right mind listen to a real estate agent. Always do your own research but, but no. Most people are lazy to research anything even though we live in the most modern time and a search is only a click away, literally. Amazing !

#11 Søren Angst on 10.06.22 at 2:10 pm

#5 Annex It All!

Saw that last night on Twitter and just died laughing. There is some MAJOR comedic talent in that country.

For the little outfit that Czechia is they sure do have some giant sized cohones.

——————–

Garth, there is going to be a lot of blood on the streets with the US Fed and BoC sticking to raising rates.

RE industry Looking for Clues.

Even Ron the Mortgage Guy (whom I like very much, candor, sharp) heralding 450K immigrants coming to Canada concentrated in 3 cities as if they are on a Cdn RE Mission of Mercy …

https://twitter.com/ronmortgageguy/status/1577993258818469888

I mean, you know, he must think they are all dunces and will buy up overpriced RE when Cdns themselves will not.

450K Money Launderers maybe would.

How I intuit things are getting bad out there.

#12 Pbrasseur on 10.06.22 at 2:12 pm

The era of central banks rescuing investors is over.

Population aging, big government and poor productivity is crippling the supply side so any type of demand stimulus creates inflation.

Central Banks will print money only to prevent major crisis such as public debt defaults. Otherwise they will have to fight inflation for a long time to come.

Investors will have to find actual value to make money, the era of shooting fish in a barrel is done! Doug and Ryan better get to work ;)

#13 Captain Uppa on 10.06.22 at 2:15 pm

Best “performing” (least sucky) market is Richmond Hill. Milton at #2 and other Burbs on par with TO’s 15.9% plop.

This doesn’t really fit into the idea that the periphery of Toronto always fairs worse in declining conditions.

#14 IHCTD9 on 10.06.22 at 2:15 pm

#146 DON on 10.06.22 at 12:40 pm

Truck is a 1995 GMC Sierra 4×4. Was my parents truck and my sis gifted it to me to maintain it. Mint condition…almost a collector (2025), but easy to work on as you know. Back in the day when I borrowed it from parents…it had to come back gased up and clean…that was the deal.
__

Cool that you have your parents truck, it’ll be tough to ever sell it. The guy I bought my ’91 from was the Son of the recently deceased owner. He was the original owner, and the Son was not much older than the truck was. He literally grew up riding around in it.

As I prepared to drive off after the deal was done, I noticed the Son having trouble sitting in his GF’s car. I hadn’t had time to consider the emotional impact this sale was having on him. Now I feel like some of that emotion has rubbed off on me, and that this isn’t just an old beater pickup, and that I should take extra good care of this one.

#15 Søren Angst on 10.06.22 at 2:28 pm

#6 Sail Away

Two arbitrages in play at the moment are Activision/Microsoft, with an upside of +28% by June 2023 and ATCO/Fairfax with an upside of +11% if the offer is accepted.

——————–

NXF gives me an 11% dividend yield paid every quarter. US Oil ETN gives me a 42% dividend yield paid every month.

Activision/Microsoft – June 2023 is 2.6 Quarters, 7.8 months from today.

No single stock pick anxiety. I like that better.

I’ll have cash on the barrell long before you’ll ever see any (that’s if you do).

#16 Nonplused on 10.06.22 at 2:33 pm

The logic of war is irrefutable and irresistible. Thucydides is helpful in this regard. The peace (if you can call it that) that we have known these past 70 years is over.

War is always inflationary. Always. Buy all the things.

Unfortunately, all the things you can buy won’t help you a bit if it comes to nuclear weapons. I wish that when Dog created the universe, he hadn’t given us nuclear weapons. Did he not see how that could end? The apple in the garden thing with Adam and Eve should have been evidence enough that Adam and his children were not wise enough to leave things alone that should be left alone. Or perhaps the apple was just a metaphor, and it is today we’ve eaten of it.

Get out there and enjoy the long weekend. “Eat, drink, and be merry, for tomorrow you die.” If Putin doesn’t get you, something else will.

War, inflation, interest rates, climate change, poverty, covid, and Adele will all be there for us on Tuesday.

Until then, Nonplused signing off…

#17 Søren Angst on 10.06.22 at 2:52 pm

Good news from Cdn Farmers:

https://twitter.com/nationalpost/status/1578010343732875265

if they can only get it to market.

Cdn Farmers are very good at growing crops in dry, cracked, creek bed, fired clay, emaciated fields according to

Scorched Earth Environment Canada:

https://weather.gc.ca/saisons/image_e.html?img=s123pfe1t_cal&bc=prob

Next year, Cdn Farmers should give it a shot up there in Fort Ross, Somerset Island I say.

🍁 Farmers. Salt of the Earth.

#18 The Original Jake on 10.06.22 at 2:53 pm

What’s important to note also is that a 20% pop followed by a 20% drop does not bring a homeowner back to even. The result is worse!

#19 Prince Polo on 10.06.22 at 2:56 pm

Time to obliterate the shyster cartel, once and for all. Real estate fiduciary facilitators are the future!

#20 Calgary on 10.06.22 at 2:59 pm

https://www.realtor.ca/real-estate/24935444/1008-e-24th-avenue-vancouver

$929,000…….just for basement

#21 Don Guillermo on 10.06.22 at 3:03 pm

Here’s a lighter real time story for today. This is our first full season on this property (Charlies neighbour) so we’re on a bit of a learning curve.

Our avocado tree is yielding a bumper crop right now. I’m not exactly sure what the variety is. A quick google search came up with “Fuerte” so I’ll go with that. They are very tasty, about 1 1/2 times the size of the Haas we’re used to up north and with a lighter smoother skin. We gathered over 60 this morning, gave our neighbors some and took a large box to the nearest seniors lodge. They were very well received. Hundreds more are coming in the next few days so we’ll have to figure our where to go next There’s a boys orphanage near by so will probably try that.

#22 ogdoad on 10.06.22 at 3:10 pm

Well, sentiment has changed, for sure. In my neck of the woods for-sale signs are falling and current for-sale properties are staying listed….sellers want too much. Not only that, but conversations have changed as well (thank GAWD!). All those fears and talk of interest rate hikes over the last 10 years are finally being realized. Now people don’t know what to talk about – their one common value is losing favor amongst the masses…how ever will I win the compare game? More hockey for my kids? Sorry – too soon?

Hurts for sure. Having wealth melt away….feeling is helpless…parents were wrong…what have I done to deserve this?

Help me obi-wan-trudeaubi…you’re my only hope…

Og

#23 TurnerNation on 10.06.22 at 3:11 pm

This is rich. Many Kanadians after spending 2 year hiding in fear from Covid, hot off the heels of ~15 year of “ISIS” fear pron on the Tee-Vee, now atr slithering around crossways trying to untangle their interest-rate hairshirt weave.

TIFF – the name which sounds like this gent coasted through Harvard on a sculling scholarship (hip hip!) .
Our new Antagonist.

————
WE pay high taxes for…our justice system! Keeping us safe.
Nope. It’s been turned against us, as well.
The Middle Classes will however be fined into oblivian. Why? WE alone pay the gold plated benefits and pensions of these legal system beagles.
Learn how the game is played lads. The person with a rap sheet this long gets release, as they are BROKE. Can’t get blood from a stone.
In our Crowded and Fetid UN Smart Cities.

https://vancouver.citynews.ca/2022/10/05/bc-crime-violence-question-period/
B.C. attorney general says increasing arrests to fight violent crime is ‘futile’
Murray Rankin says fighting crime by arresting more people is “futile,” and the government is instead considering a range of options to keep people safe.

#24 Toronto Ghost Town on 10.06.22 at 3:16 pm

Never feel sorry for idiots that listen to banks and realtors before turning on their brains. The USA border runs the whole length of Canada just south of most Canadian cities. Buy twenty houses in the USA for the price of one in many parts of Canada. Canada is crashing hard and most people who bought in the past 20 years will suffer huge losses as the markets correct and collapse. Check zillow or redfin and see for yourselves.
Zero in on New York State, Vermont, Maine, Florida, Michigan, Ohio, Illinois, Pennslyvania, Washington State, Oregon, California, Arizona, the Carolinas, Georgia etc.

“Wrong. This has only started. Whatever the labour market stats on Friday, there are more rate hikes coming, a further erosion in the ability of average families to buy average homes and the absolute inevitability of further price declines.

Where are we now? How about the almost 30,000 families in the GTA alone who bought property in the first 90 days of this year, when realtors were forecasting gains? Here’s the current scorecard. Prices down 10% to 40%, depending on the hood. Plus closing costs, financing, property taxes and stress.

Oh boy. The truth is out there.”

#25 Bill zufelt on 10.06.22 at 3:16 pm

There is so much more work to do.I stick by my call that the overnight rate will be 6% by Q3 2023.Where markets and RE prices will be is anyone’s guess.It will only take a small % of homeowners in trouble to send the kit and kaboodle down 25%(easily).Even if we enter into a recession that 6% rate will see little movement and going higher can’t even be ruled out.The days of free money are so over and aren’t returning–it’s distorted everything.

#26 crowdedelevatorfartz on 10.06.22 at 3:19 pm

https://www.reuters.com/world/americas/canadas-trudeau-under-pressure-conservative-rival-back-new-lng-2022-10-06/

“There has never been a strong case for LNG distribution on the east coast”, Trudeau.

Uhhh, when the German Chancellor comes knocking requesting a LNG contract for 60 million people…..that’s a pretty strong case.

As Trudeau babbled on about “future green Hydrogen projects”……

They should be pounding that Nat Gas pipeline in as we speak and floating an LNG plant around from Asia to hook up in Newfoundland.

#27 Faron on 10.06.22 at 3:21 pm

DELETED (Argumentative)

#28 Ustabe on 10.06.22 at 3:25 pm

#21 Don Guillermo on 10.06.22 at 3:03 pm

Here’s a lighter real time story for today. This is our first full season on this property (Charlies neighbour) so we’re on a bit of a learning curve.

Our avocado tree is yielding a bumper crop right now. I’m not exactly sure what the variety is. A quick google search came up with “Fuerte” so I’ll go with that. They are very tasty, about 1 1/2 times the size of the Haas we’re used to up north and with a lighter smoother skin. We gathered over 60 this morning, gave our neighbors some and took a large box to the nearest seniors lodge. They were very well received. Hundreds more are coming in the next few days so we’ll have to figure our where to go next There’s a boys orphanage near by so will probably try that.

Portugal produces more oranges than the EU allows them to sell plus almost everyone in the south has an orange tree or two. So oranges end up in bags, hung from the front fence, free for all for the taking.

I love me a good orange but must confess I’m sort of tapped out by the time we come home from there.

#29 Sail Away on 10.06.22 at 3:27 pm

#21 Don Guillermo on 10.06.22 at 3:03 pm

Here’s a lighter real time story for today. This is our first full season on this property (Charlies neighbour) so we’re on a bit of a learning curve.

Our avocado tree is yielding a bumper crop right now. I’m not exactly sure what the variety is. A quick google search came up with “Fuerte” so I’ll go with that. They are very tasty, about 1 1/2 times the size of the Haas we’re used to up north and with a lighter smoother skin. We gathered over 60 this morning, gave our neighbors some and took a large box to the nearest seniors lodge. They were very well received. Hundreds more are coming in the next few days so we’ll have to figure our where to go next There’s a boys orphanage near by so will probably try that.

———

Tree-ripened avocados are the best. We’ve spent months in Peru during avocado season and pretty much live on avocado cheese sandwiches with the odd roasted guinea pig for variety.

#30 Søren Angst on 10.06.22 at 3:30 pm

#19 Prince Polo

Sympathetic. But obliterating the Cartel means you will have obliterated Cdn Wealth along with it in the meantime.

Pyrrhic Victory.

Well, except for the Renters and plenty of them:

https://www150.statcan.gc.ca/n1/daily-quotidien/220921/mc-b003-eng.htm

Over half the condos in DT Trauma and YVR are rented. A World of Hurt for the Specuvestor cum laude Landlords coming with rising rates, mortgage renewals.

#31 Re-Cowtown on 10.06.22 at 3:37 pm

They should be pounding that Nat Gas pipeline in as we speak and floating an LNG plant around from Asia to hook up in Newfoundland.

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

Trudeau’s ego prevents any other view of the world than one where the world ends due to global warming unless he alone is the hero who saves it.

Kind of doesn’t matter how many people freeze to death so Trudeau can prevent global warming.

#32 Shirl Clarts on 10.06.22 at 3:38 pm

#21 Don Guillermo on 10.06.22 at 3:03 pm
——
It’s official – your new handle is Donnie Guacamole.

Sorry, couldn’t resist. Very thoughtful of you to give to those in need. That will feed your soul.

#33 Linda on 10.06.22 at 3:45 pm

‘Gus’ looks very wise & ready to play with his people:)

Well, Tiff’s tough talk certainly depressed expectations that the BoC would soften its stance any time soon. Ditto the Fed. Have to say I can’t see how demand for goods or services is going to slack off any in the USA given the various disasters – hurricane Ian being just the most recent – that will need to be addressed. Plus the push for the holiday season has already begun. So presumably shops will be looking to hire additional staff for that time period. So would actually be surprised if the USA job numbers didn’t show as being on an upward trajectory. I’d expect Canadian job numbers to be on the increase as well. As for inflation, while dropping RE values plus price drops in transportation etc. will likely see lower numbers for the month of September I still expect the official number to be +6% for the rest of the year. Canada didn’t escape hurricane damage, presumably the cost of infrastructure repairs etc. in the Maritimes will have a flow through effect on the demand for goods/services (increased job numbers) here as well.

#34 schadenfreude on 10.06.22 at 3:46 pm

“Or are things too hot, fueling more central bank aggression?” – GT

It’s this whole unsustainable central banking FIRE economy and the mess they are causing. It’s not sustainable period. Nobody and I mean nbobody wants to a Japonification of our society and contribute to a system rigged in the favor of the lucky ones simply due to their birth year.

This massive unreported inflation going back to 1999-2000 due to out of control cental baking policies is now hurting too many future generations. It’s complete BS and even boomers cannot justify it anymore.

So no government moving forward can fix anything, it’s snowballing from one crisis to the next when it comes to peoples’ finances, the economy and the new creative measures to stimulate something that is on its death bed.

#35 Steven Rowlandson on 10.06.22 at 3:48 pm

Someone once said there are lies, damned lies and then there are statistics. There might be something to that.

If you want truth, trust God and believe and double check the evidence of your eyes. And when in doubt check again and again.

As for those numbers on the chart above the prices are still too high and must fall much further like +95% off their peak price before affordability is achieved and even then, the homes will not be cheap. Then again perhaps any man with a job might be able to buy one.

#36 Søren Angst on 10.06.22 at 3:50 pm

#13 Captain Uppa

Garth showed the average. Which is fair & all that was available at the time.

The median, the “middle” value, is worse:

https://twitter.com/himansh36013599/status/1578035377926852608

If expensive homes were sold, this introduces skew. Thus, Median is a better overall measure than average (add all the numbers up and divide by the total number) in this case.

And, at the time of posting on Twitter which Garth used, the above (median) was not available – himanshu added information to please many requests during the day.

Bottom line, Richmond, Halton end up with higher price declines as do most others w/median.

Dissect however you want but the overall GTA results are the antithesis of your Blog Commenter handle.

#37 Brett in Calgary on 10.06.22 at 3:53 pm

Garth your favorite asset class is now positive for the year in Canadian dollars (MNT) and US (PHYS). Hopefully bonds show some negative correlation with stocks in the next few months.

#38 Søren Angst on 10.06.22 at 3:56 pm

#27 Faron on 10.06.22 at 3:21 pm
DELETED (Argumentative *)

* Imagine that?

Sorry Garth, merely being observational, border line anecdotal.

—————–

Yet another eyeopener today as to what is coming. And it is not good for Cdns by in large.

Not good at all.

#39 chalkie on 10.06.22 at 3:58 pm

Do real estate agents make a lot of money in Toronto?
At a 5% commission split 50/50, each agent would make around $26,556, or $18,589 after brokerage fees. This means that the average real estate agent salary in Toronto would be $55,767 per year if they sell 3 homes per year. Having said that, there are a few exceptional realtors that rake in Millions each year, but they worked hard and long hours to get to where they are today, there are no free rides for beginners. Some well-established agents across the country, sell homes in the multiple double digits per year, thereby squeezing out those who are not cut out for the industry and struggle, then there are a few agents that succeed far beyond the rest of the pack.

Think about becoming a realtor. You should not see competition as a discouraging factor or a reason why not to get into real estate. You should merely be aware of it, and be prepared to do what it takes to remain competitive; the turnover is high and the hours are long if you are to become successful. Other great option ideas are, go drive a truck, become a nurse, and make a much higher average salary, it’s rewarding and a good balance of knowing when you are coming or going & what days you have off for your own leisure. Many companies will write you a check for your college training, and education fees, once you have served a year or so with their firms, think of it, what is better than a free education.

121,000 homes sold in Toronto in 2021, would mean an average of 2 homes per agent. Get rich quick, is not something that comes easy in the real estate world.
Could never understand why on average, 6500 new agents begin their career in real estate or an average of 18 new real estate agents start in the province of Ontario every day of the year.

The CREA association said that about 667,000 residential properties changed hands in 2021, about 30 per cent more than the 10-year average. The home sales numbers works out to 1,827 homes got sold in Canada for every day of the year, or 76 homes sold for every hour of the day or 1.26 homes for every minute of the day, in 2021. When you think of it, this is a staggering home sale turnover in Canada.
I suspect the 2022 report will show far less home sales numbers than 2021.

Using the three home sales per year number per agent, if you work 40 hours a week, its works out to $27.50 an hour and most agents work far more than 40 hours a week and sell less than 3 homes a year, go figure why such a hype on being a realtor. That construction worker that you see working away in his/her coveralls, is making double the amount of a realtor, year in and year out.

You could even make approximately $25.00 an hour as an Uber driver, delivering flowers or cook in a restaurant is now paying these salaries, all these jobs equals out and you don’t have to drive fancy cars or buy suits of clothing to stay with the in-crowd.

With Canadian home prices having had climbed higher (to high) in a quick period of time, buyers are now more dependent on larger mortgages as interest rates rise, house prices will most likely fall by 12% by the end of 2024 – 8% in 2023 and another 4% in 2024. Homes may not go back to pre-pandemic levels by the end of 2024, but they will hover close to it. Any little upticks in pricing will be short lived and adjust under its own weight, we have entered into a buyers’ market and it will stay that way for quite a while. There are two more interest hikes this year, it will be early 2023 before the dust settles on interest rate moves.

If we get that ¾ point increase tomorrow on the BOC rate, that would be around 400% increase on the prime rate from late last winter, its insane on how one can afford to make payments on the prime that keeps adjusting as the BOC keeps setting the rates. Big home bought last year, big mortgage now, higher and higher cost, no end in sight yet.

Equity on HELOC’s for maximum LOC’s handed out in April this year, have now shown minus equity, should something go wrong for many owners.

No sense rushing out and buying an investment property to profit $1200 a month while you loose $5000 a month in deprecation on that same property, how smart is that? Some experts suggest, once the bottom of real estate is found, it could go sideways for 5 to 8 years afterwards.

Canada unemployment fell for three straight months in a row, full time jobs loosing 77,000 and seasonal jobs fell by 39,500. These job losses are indicators that one needs to pay close attention to your needs and wants, before rushing out and buying any large ticket items, more pain ahead.

#40 twisted_sisters on 10.06.22 at 4:00 pm

@#26 As Trudeau babbled on about “future green Hydrogen projects”……
———————————————————-

Yes yes, let him keep digging his own grave with his prophetic future green case.

#41 Doing my Part on 10.06.22 at 4:00 pm

Sail Away, I like your stories, jokes, wit, etc. Don’t get me wrong but, you must be 150 years old, where do you have the time to do all this stuff with a job and kids.

#42 Captain Uppa on 10.06.22 at 4:02 pm

#36 Søren Angst

“Dissect however you want but the overall GTA results are the antithesis of your Blog Commenter handle.”

In my case, it’s not in the name.

I am no fan of the housing market situation in Canada. I used to be, but not anymore after I have seen the damage it has done.

#43 Captain Uppa on 10.06.22 at 4:09 pm

#36 Søren Angst

By the way, the Median % decline still shows Richmond Hill (and Newmarket) ahead of Toronto.

So my original point of some suburbs holding up better than TO proper still stands. Am I reading the graph data wrong?

#44 the Jaguar on 10.06.22 at 4:21 pm

@#3 Martha’s Vineyard is an Island! on 10.06.22 at 1:23 pm+++

That’s a pretty long post, Martha. This one won’t be. I’ll just say this:

-the format in which I read the NP doesn’t support posting links, and here is the definition of snippet: ‘a small piece or brief extract.’

-It’s obvious to anyone who cares to read the snippets versus ‘scrolling right on by’ that I do ‘cherry pick’ those excerpts. That’s the whole point. How dishonesty and hypocrisy enters into that makes zero sense. They are excerpts only and reflect my views or take on a given issue. You can do your own research and form your own opinion, as I am under no obligation to ‘inform your lazy ass’ in any way, shape or form. I will do as I like and you can use the scroll button or kiss my Jaguar ass. Garth decides what does or does not get posted.

Now buzz off you left winger.

#45 IHCTD9 on 10.06.22 at 4:26 pm

2023 will be the year for some of the pandemic related spending repercussions to start hitting home. The pinnacle of the rate hikes as inflation finally slumps, and home prices continue to get steamrolled like hot asphalt. Maybe a shaky economy. Layoffs? More volatility in the markets? Rental crises? The repair of supply lines right when folks are deciding to tighten their belts. Undoubtedly there will be many more Billions flushed down the drain for nothing in Ottawa too, of course.

Could be a year we can’t wait to get behind us.

#46 Søren Angst on 10.06.22 at 4:26 pm

Off topic

Since Putin made his veiled nuclear threats Uncle Sam in Aviano Air Base, 8.5 km from where I’m typing, has been launching jets reliably every morning, full afterburner, flying low over head, so all can behold they mean business and make a God awful racket while they’re at it.

Does rattle a person trying to drink a caffè macchiato in the morning.

Uncle Sam has a whack of nukes at Aviano that would be delivered by bombers. Making sure any nearby Ruskies can hear them roar all the way to Venezia is my guess.

Still, good to know Uncle Sam has Italia’s back and Mille Grazie Uncle Sam.

And,

KISS the ground you stand on Canada & that you don’t have the above morning greeting, eyes wide open.

#47 Søren Angst on 10.06.22 at 4:27 pm

#43 Captain Uppa

Pyrrhic.

#48 DON on 10.06.22 at 4:30 pm

#14 IHCTD9 on 10.06.22 at 2:15 pm
#146 DON on 10.06.22 at 12:40 pm

Truck is a 1995 GMC Sierra 4×4. Was my parents truck and my sis gifted it to me to maintain it. Mint condition…almost a collector (2025), but easy to work on as you know. Back in the day when I borrowed it from parents…it had to come back gased up and clean…that was the deal.
__

Cool that you have your parents truck, it’ll be tough to ever sell it. The guy I bought my ’91 from was the Son of the recently deceased owner. He was the original owner, and the Son was not much older than the truck was. He literally grew up riding around in it.

As I prepared to drive off after the deal was done, I noticed the Son having trouble sitting in his GF’s car. I hadn’t had time to consider the emotional impact this sale was having on him. Now I feel like some of that emotion has rubbed off on me, and that this isn’t just an old beater pickup, and that I should take extra good care of this one.
******
I am sure you will take good care of the 91 fpr his son. Good on you for recognizing it. I have an extra brand new distributor still in the plastic if you need one and it fits. Should have returned it – Long story.

I got asked twice if I wanted to sell it but I couldn’t replace it. I use it when I need to. But am haunted by the voice of my step dad ( a car guy). ‘Are you gonna fix the scratch’ and so on.

cheers!

#49 Søren Angst on 10.06.22 at 4:38 pm

#42 Captain Uppa

Ya, I know. I read your stuff. Took the opportunity to use Uppa for that other Commenter that kept writing that last year about RE. Sorry about that opportunistic prose on my part.

A home should be a home at the end of the day as you allude and not some get rich quick scheme and/or retirement strategy (or method of impoverishment as of late).

It’s sad to read what is happening to far too many Cdns that were swept up in the FOMO rage. Some of that blame, as Garth alludes to today, is the fault of the RE Cartel. They stoked the flames.

And, it isn’t over yet.

The US Fed and BoC let that be known today in spades.

75 bps coming Canada’s way. How much more can Cdns take?

#50 Concerned Citizen on 10.06.22 at 4:39 pm

As you say, despite the home price declines, affordability is still getting worse.

And why not? After, who is the marginal buyer in real estate these days? I would argue that it’s increasingly not first-time buyers, but rather investors (domestic and foreign), money launderers (domestic and foreign), and kids financed by down payments by the Bank of Mom and Dad. All these groups are not as concerned about underlying affordability – this is why the bubble has been able to grow so big in the first place. After all, if you’re an investor, you can always turn that basement closet into a space for a 20th renter.

I have zero expectations that home prices will become more affordable. Prices may continue to decline, but it would take years of pain to asset holders to rein in the speculative bubble of the last 20 years. I simply don’t think the central banks have it in them.

Foreign buyer taxes of 20% have basically removed the small number of non-Canadian purchasers. As for money launderers, there is no statistical evidence to suggest they have any impact on market prices. Canadians borrowing from homes through HELCs to buy second properties have been much more consequential. – Garth

#51 NOSTRADAMUS on 10.06.22 at 4:43 pm

WHAT THE HELL IS THE POINT?
I hear you asking what the hell is the point? Is there a point to all this madness? Yes there is a point, as I will now make because you asked so nicely. The point is nobody can stop this monetary insanity. The Federal Reserve and the other Central Banks must keep creating cash and credit until it is literally no longer possible. Why?. Because so much, so terrifying much, so stupendously much, so unbelievably much debt is owed that it is utterly impossible to even start trying to pay it back. Why?. Because the economy would completely and cataclysmically collapse if we did. Truthfully the above rant is a bit of spontaneous whimsy that I just threw in. I don’t know why. Perhaps we’ll never know why, or even care why. Finally the voice of reason.

#52 DON on 10.06.22 at 4:49 pm

@Racheal

I thought that was a pic of my dog. A lab-burmese-pyrenees 11 year old with a maine. Looks like a whir wolfe when he’s guarding…big bark…but loves kids is a big suck. A stroll around CDN tire is a pet fest. He has the galaxy in his eyes though.

#53 Sail Away on 10.06.22 at 4:52 pm

#15 Søren Angst on 10.06.22 at 2:28 pm
#6 Sail Away

Two arbitrages in play at the moment are Activision/Microsoft, with an upside of +28% by June 2023 and ATCO/Fairfax with an upside of +11% if the offer is accepted.

——–

NXF gives me an 11% dividend yield paid every quarter. US Oil ETN gives me a 42% dividend yield paid every month.

Activision/Microsoft – June 2023 is 2.6 Quarters, 7.8 months from today.

No single stock pick anxiety. I like that better.

I’ll have cash on the barrell long before you’ll ever see any (that’s if you do).

——–

Good work. There are many paths to success.

#54 Don Guillermo on 10.06.22 at 5:11 pm

32 Shirl Clarts on 10.06.22 at 3:38 pm
#21 Don Guillermo on 10.06.22 at 3:03 pm
——
It’s official – your new handle is Donnie Guacamole.

Sorry, couldn’t resist. Very thoughtful of you to give to those in need. That will feed your soul.
@@@@@@@@@

Thanks, I can live with the new handle :-).

It feels good to be generous here. There are so many in need, everything you give goes a long ways and everyone is always very gracious. You’re right, it feeds the soul.

#55 Ed on 10.06.22 at 5:19 pm

“Now buzz off you left winger.”

I’m all for more of these … still wiping snot off my moustache.

#56 House of Comuppance on 10.06.22 at 5:24 pm

#50
As for money launderers, there is no statistical evidence to suggest they have any impact on market prices.

False. It has been shown that money laundering has increased prices in Vancouver by 5%…

https://news.gov.bc.ca/release/2019FIN0051-000914

#57 twisted_sisters on 10.06.22 at 5:39 pm

@#45 ‘Could be a year we can’t wait to get behind us.’
—————————————————————
;-) It’s quite amuzing how your words sound so true since the GFC and definitely during 2020. And still to this date!
Well, that is for the 99ners…

#58 Survey Says! on 10.06.22 at 5:48 pm

It would be interesting to have a link to where CDNs rank politicians as opposed to RE agents, used car salepeeps, lawyers, bankers, investment advisors, hair stylists, massage therapists, doctors?

#59 cuke and tomato picker on 10.06.22 at 5:51 pm

A .75 increase in very very fair people have had free
money for 12 years and they thought it would never end so buy expensive house, car, truck, TV, renovate and don’t forget the tropical vacations etc. However now comes time to GET REAL. Plus both the Dow and TSX are melting away so there could be a sell off to pay the bills.

#60 twisted_sisters on 10.06.22 at 5:58 pm

@#50 – ‘False. It has been shown that money laundering has increased prices in Vancouver by 5%…’
——————————————————————-

that’s it? oh c’mon we all know this is bs numbers again to hide the truth from the public.

Just think for one second. If a house, say in Shaugnessy, sold in 2006 for 2x the average price with a laundered basket of money, sight unseen – no inspection req’d, what do you think the agents were saying to the other prospevtive sellers (or buyers) as they were dropping off their little pamphlets saying ‘CASH MONEY FOR YOUR HOUSE’??
What effect would you guess that would have for next laundered basket of cash – or the typical size 12 shoe box neatly packed with $100 bills that HSBC gladly accepted thru their special drop off section.
This has all been brough to light, reported and supposedly delt with. Maybe, would explain why HSBC is selling their Canadian assets and geeting out??

#61 Shawn on 10.06.22 at 6:01 pm

Export LNG from the east coast?

#26 crowdedelevatorfartz on 10.06.22 at 3:19 pm
https://www.reuters.com/world/americas/canadas-trudeau-under-pressure-conservative-rival-back-new-lng-2022-10-06/

“There has never been a strong case for LNG distribution on the east coast”, Trudeau.

Uhhh, when the German Chancellor comes knocking requesting a LNG contract for 60 million people…..that’s a pretty strong case.

As Trudeau babbled on about “future green Hydrogen projects”……

They should be pounding that Nat Gas pipeline in as we speak and floating an LNG plant around from Asia to hook up in Newfoundland.

******************************
hmm well, I don’t think any company has any proposal fro a pipe to the east coast. TransCanada canceled Energy East (an oil pipeline) years ago due to Quebec opposition and expectations that Keystone and Transmountain would happen and be enough.

I don’t recall there was ever even a proposal for a gas pipeline. In fact was TransCanada (TCL) not going to convert the mainline gas pipeline to oil?

As for the maritime provinces. Both Nova Scotia and New Brunswick governments say they would like to have LNG export plants. The gas would flow up from the U.S.

Meanwhile they both BANNED natural gas fracking. They can pound sand sand. No sympathy. Send the gas west. Trudeau is not the only barrier. And he is right, there is no business case for LNG exports from the Atlantic coast since we have no pipeline to get it there and since the people there are against gas fracking and almost every other form of industrialization and resource extraction ever proposed in the last 50 years. Look it up, they even mostly hate forestry. They do however tend to love equalization and other federal handouts.

#62 Bezengy on 10.06.22 at 6:16 pm

Here in Northern Ontario things are going bonkers. Buildings are being built at breakneck speed. Thousands of acres of farmland have been developed. Plenty of new factories producing roof trusses, metal roofing, plastic pipe, prebuilt buildings, furniture, etc. all thriving. Did I mention that’s just in the Mennonite community? The rest of us up here in the north are waiting for somebody to do something to lower our cost of living, although most agree it’s time for another round of government checks to be mailed out. I’ve never heard the Mennonites complain about housing either, when someone needs a place they just build another house. Usually takes a whole day, sometimes two if it’s a bigger shack.

#63 Concerned Citizen on 10.06.22 at 6:28 pm

#56 House of Comuppance on 10.06.22 at 5:24 pm
#50
As for money launderers, there is no statistical evidence to suggest they have any impact on market prices.

False. It has been shown that money laundering has increased prices in Vancouver by 5%…

https://news.gov.bc.ca/release/2019FIN0051-000914

*****

It’s also important to point out that Canada’s reporting requirements are notoriously easy, so it’s very difficult to tell just how serious the problem is. I posted a link to an episode of The Agenda with Steve Paikin (TVO) about a month ago that looked at this topic in more detail. Don’t watch it unless you want to get angry.

#64 Broader Mind on 10.06.22 at 6:33 pm

Central banks playing suck and blow. It’s totally a game of whack a mole. They are fully cornered by there own interventions.

#65 Poilievre Critic on 10.06.22 at 6:34 pm

DELETED

#66 Ponzius Pilatus on 10.06.22 at 6:51 pm

#41 Doing my Part on 10.06.22 at 4:00 pm
Sail Away, I like your stories, jokes, wit, etc. Don’t get me wrong but, you must be 150 years old, where do you have the time to do all this stuff with a job and kids.
——————
Finally, someone’s putting 2 and 2 together.
But the answer is simple.
Sailo is a Dual Citizen.
He serves 2 masters.

#67 Steven Rowlandson on 10.06.22 at 6:58 pm

RE#49

“75 bps coming Canada’s way. How much more can Cdns take?”

It doesn’t matter what the super debtors in this country think of increases in interest rates. There is much inflation to rein in and the debtors can pay or lose it all. The banks are lending the money and they set the terms.
If you are big enough to buy homes at these idiotic prices you are big enough to pay the prescribed interest rate or you can skip the financing and pay cash out of savings. Take your pick.
As for the government they ought to know better than to get into debt in the first place. I would imagine they will run the printing presses at some point and retire debt a bit at a time. That is a guess though.

#68 Faron on 10.06.22 at 6:59 pm

#27 Faron on 10.06.22 at 3:21 pm

DELETED (Argumentative)

Garth, if you don’t want agumentativeness, please edit or delete Sail Away or other’s comments or portions thereof when they lob the first disrespectful grenade as happened this time. I will always return fire, but only very rarely initiate.

#69 crowdedelevatorfartz on 10.06.22 at 7:03 pm

@#50 Concerned Citizen
“I have zero expectations that home prices will become more affordable. Prices may continue to decline, but it would take years of pain to asset holders to rein in the speculative bubble of the last 20 years. I simply don’t think the central banks have it in them.”
+++
I rented a house in 1980 that was appraised at $240k.
In 1981 it was appraised at $90k
The interest rates HAMMERED the Real Estate market.
Lots of fires on new builds.

#70 crowdedelevatorfartz on 10.06.22 at 7:05 pm

@#68 Faron.
“Garth, if you don’t want agumentativeness,…”

+++
You’re arguing again….

#71 ogdoad on 10.06.22 at 7:09 pm

Oh, and you know what else sucks for the middle class? HAVING to put money into a falling stock, such as a house. You said it too, G. Dishwasher, dryer, furnace, roof, bugs, rodents, lawns, garage full of lawn garbage, loud and stinky pot smoking neighbors…whats the purpose? Its losing value…

‘Dang it, I have to keep working at my go nowhere, one-horse, dinkly managed, shit processing job just so I can put gas in my lawn mower – thanks friggen’ 16th century France’!

So, if the idea was to buy and keep for 30 years then whats the prob? G, you need to stress this more. Fear goes away when you’re not paying attention to it.

If the idea was to buy out of dupedness, then there’s a problem. Biggest cohort is middle class right? They’re all talking about hockey and houses and how busy they are and how smart their kids are and their new cars and having beers in garages…but suddenly, most may not have as much $$$$ as they thought…then comes thought…not good for contentment, just sayin’!!!

So I pose a question for you. The purpose, on a large scale for many generations (FW middle class) was to own a home (I mean the ‘ends’). WHEN that sentiment changes significantly (could last 10 years, right?) what values are new middle class families going to start gravitating towards (todays 12-16 yo’s)? Where are they going to put their $$$?

And how could you profit? Finance blog, right?

Og

#72 crowdedelevatorfartz on 10.06.22 at 7:11 pm

@#61 Shawn

Two words. Global warming.
Two more words. Hudson’s Bay.
Run the pipeline east from Alberta and Sask, Refrigerate it in Manitoba and pump it aboard LNG tankers to the EU
Avoids the bleeding Liberal enviro nazis in Quebec and the politics of the Maritimes.
Shorter route to Europe.

#73 Victor Llearna on 10.06.22 at 7:14 pm

Those 30,000 families (sheep) in the GTA alone who bought property in the first 90 days of this year are screwed! Not only is the GTA horrible, worst traffic, wrost public transportation, worst gun crime in Canada, its also over priced and now they will be underwater on their ill advised house purchase probably for the rest of their miserable lives.

#74 Faron on 10.06.22 at 7:18 pm

#17 Søren Angst on 10.06.22 at 2:52 pm

Scorched Earth Environment Canada:

https://weather.gc.ca/saisons/image_e.html?img=s123pfe1t_cal&bc=prob

Honest question: do you know how to read probabilistic seasonal forecasts?

#75 Quintilian on 10.06.22 at 7:24 pm

“As for money launderers, there is no statistical evidence to suggest they have any impact on market prices. Canadians borrowing from homes through HELCs to buy second properties have been much more consequential. – Garth”

Just hold on Garth we will survey the criminals and get back to you with the stats.

But seriously.
It’s like asking to prove a negative.

Sure, HELC’s would constitute a large portion of buyers, but the money launderers are the a multiplying potentiators. (All is needed is a spark to start a forest fire).

Canadians just love finding others to blame for their actions. Chinese. Central banks. Criminals. Realtors. It’s amusing. – Garth

#76 Shawn on 10.06.22 at 7:28 pm

Mennonites get after it?

#62 Bezengy on 10.06.22 at 6:16 pm

Here in Northern Ontario things are going bonkers. Buildings are being built at breakneck speed. Thousands of acres of farmland have been developed. Plenty of new factories producing roof trusses, metal roofing, plastic pipe, prebuilt buildings, furniture, etc. all thriving. Did I mention that’s just in the Mennonite community? The rest of us up here in the north are waiting for somebody to do something to lower our cost of living, although most agree it’s time for another round of government checks to be mailed out. I’ve never heard the Mennonites complain about housing either, when someone needs a place they just build another house. Usually takes a whole day, sometimes two if it’s a bigger shack.

**************************************
Great. Can just anyone become a Mennonite? Maybe some outsiders can marry in to join?

And can you send some Mennonites to Alberta? They sound like good industrious people.

#77 Bezengy on 10.06.22 at 8:12 pm

76 Shawn on 10.06.22 at 7:28 pm
Mennonites get after it?

#62 Bezengy on 10.06.22 at 6:16 pm

Here in Northern Ontario things are going bonkers. Buildings are being built at breakneck speed. Thousands of acres of farmland have been developed. Plenty of new factories producing roof trusses, metal roofing, plastic pipe, prebuilt buildings, furniture, etc. all thriving. Did I mention that’s just in the Mennonite community? The rest of us up here in the north are waiting for somebody to do something to lower our cost of living, although most agree it’s time for another round of government checks to be mailed out. I’ve never heard the Mennonites complain about housing either, when someone needs a place they just build another house. Usually takes a whole day, sometimes two if it’s a bigger shack.

**************************************
Great. Can just anyone become a Mennonite? Maybe some outsiders can marry in to join?

———————-

I do remember seeing ads in the newspapers asking taller men to provide some genetic variety to the community, but that was a long time ago. I’m kinda short so I didn’t pay too much attention.

#78 Ballingsford on 10.06.22 at 8:15 pm

Don’t know why some of the investors in my hood are still renting their investment properties. The rent might cover the mortgage payments but not all the expenses.
I realize some missed the chance to sell around February and make a decent capital gain. But even if they sold now, they might make a little bit.

I guess some think the market will eventually go higher than it was in Feb.

That’s a long wait for that to happen and always being in the red waiting. They’ll likely be dead from old age before that happens.

#79 Wrk.dover on 10.06.22 at 8:23 pm

#150 John Foster on 10.06.22 at 3:34 pm
Sail Away,

Not sure about boats, but I know for a fact that you cannot bring a US registered salvaged car back to Canada. Check the rules.
__________________________________

I have my doubts that salvage would even show up on a Florida boat title. I assume, it would be more like an as is receipt with a clear title of ownership. Especially from Florida, where any car, including an open wheel race car can be registered and plated for the road, uninspected.

Cape Coral; Wiki’s as having 400 miles of back yard canals within 120 sq. miles. Plenty of backyard tie up stinkpots to go around.

1990 was about the year Florida reached a million boats registered in state.

Google image boat car, they have crazies driving down the highway in speed boat hulls sitting on small truck frames. Even driving from the flying bridge!!!

But up here, we think being Garth is cool.

#80 Faron on 10.06.22 at 8:39 pm

After reading Putin’s Russia, the jailing and excessive sentencing of Brittney Griner for simple possession clicks right into place. Wouldn’t have mattered if she didn’t have the substance (for all we know, she didn’t) she would have been jailed under almost amy pretense for political gain. That she is black, a US citizen and gay makes her a perfect pawn for racist, America-hating and homophobic Putin (and the north american’s with those awful attributes).

Meanwhile Biden issues a pardon to all held federally for possession. See the symmetry there?

In other news, little PP gets caught using a misogynistic tag on his videos. Deplorables anyone? Seen a few MGTOWs around here. Gross.

Finally, looks like Trump has even more classified documents than previously thought. Not sure how anyone thought the trash of the earth would be able to drain the swamp. Regardless, he failed. He also lost the 2020 election.

#81 Wrk.dover on 10.06.22 at 8:42 pm

That google image search is polluted with Amphicars unfortunately. I did see several non floating examples on Reddit, Shittycarmods.com, when I used to surf it daily.

#82 dave from St.Thomas on 10.06.22 at 8:43 pm

Passed an Audi today with my big truck on the QEW in the Niagara region….

He was only driving 90 km/hr….

Figured he had to be a soon-to-be-superfluous Real Estate agent….driving slowly to save gas…returning from a no-show showing…. occasionally flinging spitballs at Tiff’s picture taped to the dashboard…

….And trying to comprehend the ramifications of Life with no Audi payments…(and no Audi!)

Oh, The Horror!

Regards.

Dave

#83 Shawn on 10.06.22 at 8:47 pm

LNG exports via Hudson’s Bay?

#72 crowdedelevatorfartz on 10.06.22 at 7:11 pm
@#61 Shawn

Two words. Global warming.
Two more words. Hudson’s Bay.
Run the pipeline east from Alberta and Sask, Refrigerate it in Manitoba and pump it aboard LNG tankers to the EU
Avoids the bleeding Liberal enviro nazis in Quebec and the politics of the Maritimes.
Shorter route to Europe.

**************************
I totally agree exporting through Hudson’s Bay would be great and I hope it is feasible.

A few years ago wen the price of Western Canadian Select plummeted with a HUGE discount versus West Texas Intermediate I though there might be a business case to use polar class oil tankers (Russian has some I understand) and ship oil by rail to Hudson’s Bay and export it making a fortune on the differential (Buy low and sell high). But imagine the protests over possible spills. (Whatever happened to some of those technologies that would turn heavy oil into solif pucks that float?)

Anyhow, then the NDP government in Alberta stepped in with mandated production cuts and massive rail car contracts that wiped out a big part of the differential. It was a good move for the province but would have killed any business that had planned on using Hudson’s Bay or even private companies that had contracted oil by rail counting on the large discount to continue. So gottta be careful.

In such a project you almost need the government as a partner so they don’t cut you off at the knees.

Not sure that putting natural gas on a ship is quite as simple as “refrigerate it” but yeah I agree explore the Hudson’s Bay option. And I suspect some private companies have looked into it.

Anyhow LNG from B.C. is feasible and is going ahead although it takes a long time. Hudson’s Bay route not likely to happen.

#84 crowdedelevatorfartz on 10.06.22 at 8:55 pm

@#76 Shawn
“And can you send some Mennonites to Alberta? They sound like good industrious people.”
+++

I believe they’re called Hutterites….

#85 Reynolds753 on 10.06.22 at 8:56 pm

#76 Shawn

“And can you send some Mennonites to Alberta? They sound like good industrious people.”
———————————————————————————————

Don’t you have Doukhobors in Alberta?

I am no expert on this topic and there do seem to be some similarities. Just saying.

#86 Ronaldo on 10.06.22 at 9:19 pm

#73 Victor Llearna on 10.06.22 at 7:14 pm
Those 30,000 families (sheep) in the GTA alone who bought property in the first 90 days of this year are screwed! Not only is the GTA horrible, worst traffic, wrost public transportation, worst gun crime in Canada, its also over priced and now they will be underwater on their ill advised house purchase probably for the rest of their miserable lives.
—————————————————————
And the big losers will be the bank of Ma and Pa who did a reverse mortgage on their illusionary house value to help the kiddies with the down payment and will now sit back and watch the equity in their house melt away over the next few years. They may even have to let the kiddies move into the basement.

#87 I don't know on 10.06.22 at 9:43 pm

#50 Concerned Citizen on 10.06.22 at 4:39 pm

Correct. Affordability will continue to get worse, not better, as the rate hikes continue. Most average folks are completely priced out and unable to obtain credit. Yet life continues as people get older, babies are born, and condos stop cutting it after a while.

The demand is still there.

Rents keep rising too, as more people are forced into the rental market adding pressure.

Our host is also correct when he said central banks always win. However we must not forget that they spent the last decade trying to stoke inflation. What central banks really fear is deflation. They will talk a tough game regarding inflation, and raise interest rates in response to little spurts of it, but they really don’t want to. Continued inflation means higher government revenue, reduction of debt loads over time, and spurs economic activity.

No one knows how high rates will go, but it’s a good bet that they won’t be anywhere near as high as everyone thinks/fears..and that they will fall as soon as they can. The stock market is starting to sniff this. It’s only a matter of time until the housing market does as well.

IDK

#88 meslippery on 10.06.22 at 10:09 pm

I cannot be reading the chart correct Whitchurch- Stouffiville average was $2.1 million again… average price that cant be right.

#89 Doug t on 10.06.22 at 10:14 pm

Canadians just love finding others to blame for their actions. Chinese. Central banks. Criminals. Realtors. It’s amusing. – Garth

This country has NOBODY but ourselves to blame for where we are today – our elected government over the last many years speaks volumes to this – we are a lost country with no LEADERSHIP and just wait for what the future holds for CANADA…… sad face emoji

#90 Summertime on 10.06.22 at 10:17 pm

This is what happens when people give their financial sovereignty to central ‘bankers’ – big runaway inflation for a very long time, combined with pathetically low rates.

Their role + that of the ‘government’ is pretty much to ensure normal people become debt slaves by encouraging ultra excessive money creation through new loans ‘guaranteed’ by ‘agencies’ and through purchase of crappy MBSs in order to ‘provide liquidity’.

If banks were loaning from capital or from deposit money instead of fake credit backed by central banks the numbers on the house prices chart would have been max 30 % from even current levels.

The nice part that really trills me is that with digital currencies things would become even worse for the average debt slave.
As smart people have said – to destroy the wolfs, you would need to destroy the sheeple first.

Pretty much on track for that. Enjoy your mortgage and inflation.

#91 Doug t on 10.06.22 at 10:23 pm

Sail away

Can you take your bloated ego and please SAIL AWAY

#92 Truthie on 10.06.22 at 10:41 pm

DELETED (Anti-vaccine doodle)

#93 MGTOW on 10.06.22 at 10:58 pm

The Canadian economy and cost of living are going to a crisis under Trudeau.

Tags: Canada, Trudeau, MGTOW

#94 Faron on 10.06.22 at 11:00 pm

#61 Shawn on 10.06.22 at 6:01 pm

any proposal fro

Would that be a froposal?

#95 Shawn on 10.06.22 at 11:31 pm

Danielle Smith elected.

Far right wingers and freedom fighters might want to move to Alberta. Pass the popcorn!

I wonder if she knows that the feds have the power to overturn any bill (like the sovereign act) at all. A power not used in many decades but might need to be used now.

#96 red falcon on 10.06.22 at 11:32 pm

Yes, so the sheeples have bought more real estate, and things are just getting more real…. gotta face the reality man… things are expensive. you just can’t go and buy real estate and think you’re on the road to the golden pond. If you do you’re surely and sorely mistaken… But sheeple will learn eventually… by paying out of the pocket every month, and eventually there will be more to pay… count on it!

Sheeple will do what sheeple will do… that is.. stupid things. =)

#97 Ponzius Pilatus on 10.07.22 at 12:02 am

84 crowdedelevatorfartz on 10.06.22 at 8:55 pm
@#76 Shawn
“And can you send some Mennonites to Alberta? They sound like good industrious people.”
+++

I believe they’re called Hutterites….
————————
Many Mennonites in the Fraser Valley.
Originally, they were a German enclave in Russia.
And then most moved to South America.
Reimer is a popular name.
I know a few.
Their German is about 200 year old.
Amish are probably closest in customs and religious beliefs.
But they mingle with the “English” and use tractors and other machines.

#98 Sail Away on 10.07.22 at 12:35 am

#91 Doug t on 10.06.22 at 10:23 pm

Sail away

Can you take your bloated ego and please SAIL AWAY

——–

Sorry, my sailboat has sold…

…the same sailboat I singlehanded engineless across the Pacific, battling high winds, doldrums, sea creatures and myriad hazards, finally reaching these shores in a pea soup fog, threading the needle via hand azimuth between the reefs, keying off the foghorn, bell buoys and whistle buoys… eventually entering Spring Cove and a well-deserved rest late at night.

No big deal. There are probably a couple other elite sailors who could’ve done it, maybe.

#99 Daren do on 10.07.22 at 12:46 am

https://www.cnn.com/2022/10/06/economy/imf-global-economy-recession-risks/index.html

Wow $4 trillion …..that’s alot of dough

#100 House of Comeuppance on 10.07.22 at 1:25 am

Canadians just love finding others to blame for their actions. Chinese. Central banks. Criminals. Realtors. It’s amusing. – Garth

Yes all these groups are part of the problem right along with other “Canadians”.

#101 fishman on 10.07.22 at 1:35 am

The Doukhbours had enough sense to pick up & move from Saskatchewan to the East & West Kootenays. Skipping Alberta all together. The Doukhobors are Russian. Mennonites are German. Both lived in Russia under the Czars. Otherwise similar except the Doukhobours are vegetarian. Interestingly, the Doukhobours were one of the first settler/farmers around that southern eastern area of the Ukraine, where their fighting now. Up to late 18th century that land was controlled by the Tatars,a nomadic people. The Czar gave Doukohobours the right to move down there & start their colonies. In those times you didn’t move anywhere without permission. Then the Cossacks were sent in to protect them. Protect them like we did for the white settlers here in North America from the Indians. Mennonites & Doukhobours were expendable because both religious teachings forbid them from serving in the Army. Heres one for you Canadiana nerds. The Doukhobours would only come to Canada if the Canadian government would give them assurance they would never have to serve in the Army. The Canadian government granted all Doukhobours legal right to refuse conscription in perpetuity.
By the way, if you want to join the Mennonites may I suggest a few years in the Mennonite Brethren Church. Their like Baptists on steroids. Like a farm team for the big leagues.

#102 Provaccine labradoodle - lmao on 10.07.22 at 1:42 am

DELETED

#103 Kiril Peev on 10.07.22 at 2:25 am

Ottawa Real Estate Market Update:

The Ottawa real estate market had a relatively good September. Prices were mostly flat on a month to month basis which is good news given the steep declines over the last few months.

Detached homes gained 0.9% from a year ago. They were up about $2,000 on a month to month basis.

Townhomes were up 1.0% compared to a year ago and lost about $6,000 on a month to month basis.

Condos gained about 6.0% compared to a year ago and gained about $28,000 on a month to month basis.

Market Outlook:

Looking ahead, mortgage rates will determine where the housing market goes. In my opinion, we will see further weakness in prices this winter. Once mortgage rates reach a top and are priced in, housing prices should stabalize.

For those who are interested, Ottawa sold prices are availbale via my site: https://ottawarealestatesoldprices.ca.

Please note, you will need to register and sign-in in order to access sold data.

I am always happy to answer any real estate relatived questions.

Kiril

https://www.kirilpeev.ca/ottawa-real-estate-market-update-for-september-2022/

#104 mo on 10.07.22 at 3:31 am

War only ends in one of two ways:
-stop hostilities
-one side wins
Russia is nuclear , therefore, it cannot lose. Ukraine cannot win.
Only option is to stop hostilities. Ukraine can only chose when to sit down at the table and negotiate while it can…

#105 Tomas the Tank on 10.07.22 at 4:04 am

#11 Søren Angst on 10.06.22 at 2:10 pm
#5 Annex It All!

Saw that last night on Twitter and just died laughing. There is some MAJOR comedic talent in that country.

For the little outfit that Czechia is they sure do have some giant sized cohones.

==================================

And they privately crowd-funded an actual tank to send, from a website called “Gifts for Putin” hahaha!

https://www.bbc.co.uk/news/world-europe-63121649

“In a message posted to Twitter, the Czech Defence Minister Jana Cernochova joked that contributors had bought Russian President Vladimir Putin – who marks his 70th birthday on 7 October – “a proper present”.

If we’re all gonna die in a nuclear annihilation at least some will do it laughing instead of fretting.

#106 under the radar on 10.07.22 at 6:06 am

A long time ago people bought homes and stayed in them for decades. Housing was not an ATM. You worked and payed down your mortgage pronto. Being mortgage free was the gold standard. Price never mattered until it was time to sell.
I suspect these goals are the same today for a majority. Take nothing for granted and be careful what you wish for.

#107 Wrk.dover on 10.07.22 at 7:15 am

#98 Sail Away on 10.07.22 at 12:35 am
sailboat I singlehanded engineless across the Pacific,
_______________________________

The return trip from when you yachted to Hawaii with your family, where they all jumped ship upon arrival there?

I solo circumnavigated the Toronto Islands in an eight foot dingy at twelve years old, with no food or water.

We all have heroic credentials here.

#108 Steven Rowlandson on 10.07.22 at 7:21 am

“Canadians just love finding others to blame for their actions. Chinese. Central banks. Criminals. Realtors. It’s amusing. – Garth”

Garth when you say their actions are you referring to actions of those placing the blame or the actions of those being blamed?
For the record I’ve never been a landlord, homeowner, realtor or real estate investor. So, when I blame such persons for the current situation I am doing so without hypocrisy and with justification.

#109 epic bear on 10.07.22 at 7:29 am

you KNOW its’ a Bear Market when the bears are taking away your amazon packages…

I swear a bear stole my Amazon delivery…no I haven’t been drinking!

https://twitter.com/FredSchultz35/status/1578019431644819458

#110 CTA of Equilibrium on 10.07.22 at 7:54 am

Statistics are misleading without scale and context. The thing to remember when looking at the decline rates in (1) housing prices, and (2) drops (and recent gains) in the stockmarket, is just how much asset prices appreciated from, say, July of 2020 to February 2022. Entry and exit points when buying or selling matter immensely. But a 20%-30% drop is less earth shattering it it is correcting a two-year 40%-80% rise.

Plus, to paraphrase a point made by Benjamin Graham, if you ignore the weird signals that Mr. Market is throwing out (either up in 2020-early 2022 or down in mid 2022+), and simply don’t chose to trade your assets at the current market price, all these weird gyrations blow over without affecting you.

For stocks, I personally go stare at 5+ year valuation charts to try and get some context.

Although as a Western Canadian who moved to East Toronto in 2018 without having had a chance to ride the housing market price up, Garth is 100% correct in that market prices are distorted. If the people sitting in the semis and detached homes around me sold and rebought their homes today, 3/4s flat our couldn’t make the payments. And the neighborhood is mostly filled with 1-2 income households of degree holding professionals who are comfortable, if not rich.

#111 crowdedelevatorfartz on 10.07.22 at 8:18 am

@#98 Sailaway
“…the same sailboat I singlehanded engineless across the Pacific,”

++++

Wouldn’t it have been easier with both hands…?

#112 crowdedelevatorfartz on 10.07.22 at 8:24 am

@#104 mo
“-one side wins”

++++
No one “wins” in a war.

The utter destruction, dead, the maimed, the wounded ….all have to be dealt with after Putins ridiculous expense of lives, money and time….grinds to a stalemate.

Happy Birthday Vlad…you made it to 70.
First time a Russian leader has done that in decades.

#113 Spanky on 10.07.22 at 8:42 am

Looks Like Biden has picked out his campaign song for 2024:

“Armageddon” by Prism

#114 Dharma Bum on 10.07.22 at 9:07 am

#44 the Jaguar

Now buzz off you left winger.
———————————————————————————————————

I LIKE it!

https://www.youtube.com/watch?v=oHGt91cTSy4

#115 Dharma Bum on 10.07.22 at 9:15 am

#68 Faron

Garth, if you don’t want argumentativeness, please edit or delete Sail Away or other’s comments or portions thereof when they lob the first disrespectful grenade as happened this time.
———————————————————————————————————

https://www.youtube.com/watch?v=qS7nqwGt4-I

Always the victim.

#116 Senator Bluto on 10.07.22 at 9:34 am

DELETED

#117 young & foolish on 10.07.22 at 9:46 am

What ends up mattering to most people is …. cash flow.

#118 Sail Away on 10.07.22 at 9:52 am

#107 Wrk.dover on 10.07.22 at 7:15 am
#98 Sail Away on 10.07.22 at 12:35 am

sailboat I singlehanded engineless across the Pacific,

———

The return trip from when you yachted to Hawaii with your family, where they all jumped ship upon arrival there?

I solo circumnavigated the Toronto Islands in an eight foot dingy at twelve years old, with no food or water.

We all have heroic credentials here.

———

Haha.

The Great Pacific Garbage Patch does not exist. Eyewitness testimony. I’d been waiting for weeks to see it, and… nothing. It’s almost like someone just made up a story.

https://www.heartland.org/news-opinion/news/the-great-pacific-garbage-patch-twice-the-size-of-texas-is-fake

#119 crowdedelevatorfartz on 10.07.22 at 10:14 am

Interesting article about a BC Realty company that was fined and suspended numerous times for violations of the Money Laundering Act.

https://www.burnabynow.com/local-news/lehomes-realty-fined-282k-for-anti-money-laundering-violations-5921011

Lehomes Realty received 10 fines and 5 suspensions…

#120 Slim on 10.07.22 at 10:21 am

Unelected Danielle Smith just became Premier. Alberta maybe about to have its Liz Truss moment. Smith is gung ho, pushing her crackpot policies on Albertans. In the meantime just don’t get sick or have an accident.

#121 Quintilian on 10.07.22 at 10:47 am

#119 crowdedelevatorfartz on 10.07.22 at 10:14 am
Interesting article about a BC Realty company that was fined and suspended numerous times for violations of the Money Laundering Act.

Hey Crowdie, this must be fake news, how many times does Garth have to tell us there are no criminals involved in RE- just plain old working stiff Canadians.

Never stated. Of course criminals exist and try to hide proceeds of crime. But to believe this moves a real estate market in which almost 700,000 properties sell in a year is foolish. – Garth

#122 Shawn on 10.07.22 at 10:48 am

Alberta and Danielle Smith

Danielle Smith the duly elected (by the party members only, because that’s how our system works) new Premier (swearing in on Tuesday) says:

Alberta first but proud to be Canadian.

My interpretation is she believes Alberta can help Canada best by being more free to do what is best for Alberta (develop and sell and deliver oil and gas).

Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this.

#123 Senator Bluto on 10.07.22 at 10:50 am

#120 Slim on 10.07.22 at 10:21 am
Unelected Danielle Smith just became Premier. Alberta maybe about to have its Liz Truss moment. Smith is gung ho, pushing her crackpot policies on Albertans. In the meantime just don’t get sick or have an accident.

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

That’s more than a bit of fear mongering. Smith is serving notice that she’s not going to be bullied by Trudeau or Ottawa.

It seems that leftists always try to stoke fear when they know that their ideas are empty failings.

The difference between Conservatives and NDP/Liberals is that Conservatives believe that they are entitled to the money they earn.

Liberals/NDP believe that they are entitled to the money to everyone else earns.

Your generalizations make you irrelevant. – Garth

#124 Ponzius Pilatus on 10.07.22 at 10:59 am

What a surprise!
Fisherman caught cheating at a fishing competition.
Probably was Sailo.

#125 Shawn on 10.07.22 at 11:13 am

No sign of recession in U.S. jobs report.

Gotta turn the interest rate screws a little tighter yet…
Gotta make this U.S. economy feel the pain.

https://www.cnbc.com/2022/10/07/jobs-report-september-2022.html

#126 Ponzius Pilatus on 10.07.22 at 11:17 am

#122 Shawn
Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this. Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this.
—————————-
1776.
A good time to be a Colonial Overlord.
And someone said “Let them eat cake”

#127 crowdedelevatorfartz on 10.07.22 at 11:18 am

https://nationalpost.com/news/canada/its-entirely-illegal-for-china-to-open-police-stations-here-says-ottawa

One wonders when the Liberal apologistas will wake up and realize…..China isn’t our friend.

#128 Don Guillermo on 10.07.22 at 11:31 am

126 Ponzius Pilatus on 10.07.22 at 11:17 am
#122 Shawn
Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this. Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this.
—————————-
1776.
A good time to be a Colonial Overlord.
And someone said “Let them eat cake”
@@@@@@
I always think of Ponzy when I hear “let them eat organic cake”

#129 Senator Bluto on 10.07.22 at 11:40 am

Your generalizations make you irrelevant. – Garth

+++++

I defend and respect your right to disagree with me. Doesn’t make me wrong though.

#130 Tan on 10.07.22 at 11:52 am

Liberals and NDP, lefties, communists, socialists want to look like the good people helping people, society but they always do it with other people’s money not their own. If you do not know this by now you are living in a dream world. It always fails and they always blame others for their crappy polices.

#131 Ponzius Pilatus on 10.07.22 at 12:06 pm

#128 Don Guillermo on 10.07.22 at 11:31 am
126 Ponzius Pilatus on 10.07.22 at 11:17 am
#122 Shawn
Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this. Her namesake Adam Smith in 1776 wrote that we are collectively better off when we each look after our own self interests. The public in general does not understand this.
—————————-
1776.
A good time to be a Colonial Overlord.
And someone said “Let them eat cake”
@@@@@@
I always think of Ponzy when I hear “let them eat organic cake”
———————
Haha,
I try to avoid sugar, but my almost daily guilty pleasure is a bar of CoffeeCrisp.
87 cents at Dollarama.
Do they have Dollarama in Mexico?
Oh forgot everything is cheap down there.
No need for discount stores.

#132 Sail Away on 10.07.22 at 12:11 pm

Well, how about that: the ATCO/Fairfax arbitrage jumped +6% overnight.

Who would’ve guessed? Haha.

#133 Ponzius Pilatus on 10.07.22 at 12:12 pm

127 crowdedelevatorfartz on 10.07.22 at 11:18 am
https://nationalpost.com/news/canada/its-entirely-illegal-for-china-to-open-police-stations-here-says-ottawa

One wonders when the Liberal apologistas will wake up and realize…..China isn’t our friend.
——————-
Yeah,
Chinese police stations every where.
One just opened in my neighborhood.
Feel a lot safer now.
In Richmond, all police stations are now manned by Chinese spies.

#134 Mikey on 10.07.22 at 12:12 pm

#89 Doug t on 10.06.22 at 10:14 pm
$$$$$$$$$
Mr Doug t you nailed it!
Promisises made that could never be kept.
Medicare and others forever sliding.
PPP = piss poor policies ect.
Have a good one Mr t!

#135 Senator Bluto on 10.07.22 at 12:56 pm

I just realized a fundamental incongruency in progressive thought and election strategy.

Progressives fundamentally believe that they can induce altruism in a population by making the population identify everyone in the population as a member of their extended tribe. So far so good.

But to get elected, progressives realized that an effective, though blunt strategy is to divide the group into smaller and smaller slices through identity politics and pit one against the other.

No wonder progressives don’t make a lot of sense; their view are internally incoherent.

#136 crowdedelevatorfartz on 10.07.22 at 12:59 pm

Gee the Canada Revenue Agency AND the Canadian Justice Dept just got slapped by a judge…big time.

Fed up with the endless delays, misplaced evidence and arrogance of the Govt.
The judge ruled in favor of the plaintiffs.

https://www.cbc.ca/news/canada/british-columbia/demara-tax-court-appeals-abuse-1.6608659

He compared the CRA to Monty Pythons

#137 crowdedelevatorfartz on 10.07.22 at 1:02 pm

@#131 Ponzies Periodontal Predicament
“I try to avoid sugar, but my almost daily guilty pleasure is a bar of CoffeeCrisp.”

+++
When did your last rotten tooth get pulled?

#138 Don Guillermo on 10.07.22 at 1:11 pm

#131 Ponzius Pilatus on 10.07.22 at 12:06 pm

A good time to be a Colonial Overlord.
And someone said “Let them eat cake”
@@@@@@
I always think of Ponzy when I hear “let them eat organic cake”
———————
Haha,
I try to avoid sugar, but my almost daily guilty pleasure is a bar of CoffeeCrisp.
87 cents at Dollarama.
Do they have Dollarama in Mexico?
Oh forgot everything is cheap down there.
No need for discount stores.

@@@@@@
Nice, my favorite is Coffee Crisp as well. Not daily but possibly monthly. The chocolate bar selection in Mexico is dismissal. Strange considering chocolate is said to have originated in this part of the world. They do use chocolate to make molé sauces which are delicious and spicy.

They have discount stores throughout Mexico called Waldos. It can be entertaining to walk through one but sadly no coffee crisp.

#139 Shawn on 10.07.22 at 1:16 pm

Investors are hurting?

Let them spend dividends and interest too.

#140 TheDood on 10.07.22 at 1:32 pm

#23 TurnerNation on 10.06.22 at 3:11 pm
This is rich. Many Kanadians after spending 2 year hiding in fear from Covid, hot off the heels of ~15 year of “ISIS” fear pron on the Tee-Vee, now atr slithering around crossways trying to untangle their interest-rate hairshirt weave.

TIFF – the name which sounds like this gent coasted through Harvard on a sculling scholarship (hip hip!) .
Our new Antagonist.

————
WE pay high taxes for…our justice system! Keeping us safe.
Nope. It’s been turned against us, as well.
The Middle Classes will however be fined into oblivian. Why? WE alone pay the gold plated benefits and pensions of these legal system beagles.
Learn how the game is played lads. The person with a rap sheet this long gets release, as they are BROKE. Can’t get blood from a stone.
In our Crowded and Fetid UN Smart Cities.

https://vancouver.citynews.ca/2022/10/05/bc-crime-violence-question-period/
B.C. attorney general says increasing arrests to fight violent crime is ‘futile’
Murray Rankin says fighting crime by arresting more people is “futile,” and the government is instead considering a range of options to keep people safe.
____________________________

Makes you wonder how long it will be before the population starts doing the job for them. The government is quite clearly not equipped to manage this.

#141 Quintilian on 10.07.22 at 1:33 pm

#127 crowdedelevatorfartz on 10.07.22 at 11:18 am
One wonders when the Liberal apologistas will wake up and realize…..China isn’t our friend.

Crowdie, if history is written correctly, I do believe it confirms that it was your hillbilly Socred/ fake Liberal / BC rightwing, morally challenged political party that sold BC for a few pennies.

#142 crowdedelevatorfartz on 10.07.22 at 1:55 pm

@#133 Ponzies Proletariat Police Pals
“Chinese police stations every where.”

+++
If you dont see a problem with a ruthless Communist dictatorship setting up their “police” in democracies to intimidate their citizens ….

I feel sorry for you.

https://www.washingtontimes.com/news/2022/oct/2/report-china-operates-overseas-police-stations-tra/

https://torontosun.com/news/local-news/china-has-opened-overseas-police-stations-including-three-in-toronto-report

https://news.yahoo.com/china-opened-overseas-police-stations-154545452.html

Unless, they are here to merely arrest money launderers …..

#143 jess on 10.07.22 at 2:05 pm

Concerned Citizen on 10.06.22 at 6:28 pm

“Taiwan’s richest bankrupt person.”

They found that the company’s former chief financial officer, Hu Hongjiu, set up over 140 PEWC subsidiaries overseas and took US$572 million in bank loans guaranteed by PEWC that were then embezzled and laundered through bank accounts in places as far away as Vanuatu, according to a Taiwan Ministry of Justice document that compared the PEWC case to the infamous Enron scandal in the U.S.
California land records show the 10,000-square-foot mansion in the exclusive Beverly Park neighborhood was purchased in 2000 by a “single woman” called Yen Ling-Ning, before being sold to Romanian-American celebrity beautician Anastasia Soare in 2019. Media reports around the deal described Yen as a “Taiwanese businesswoman.”

https://www.occrp.org/en/suisse-secrets/taiwanese-tycoon-jailed-for-embezzlement-may-have-used-girlfriend-to-hide-tens-of-millions-at-credit-suisse

#144 Linda on 10.07.22 at 2:58 pm

#71 ‘og’ – one can have most if not all of the issues you mention renting as well, with the added benefit of your fellow tenants being just a flimsy drywall panel or two away from you. The main difference being that the landlord is supposed to be the one responsible for building maintenance. Depending on the type of unit offered – furnished or non-furnished – tenants may have their own laundry hookup ensuite, but if the machine breaks, they own it, they fix/replace it. Ditto for other appliances. If someone is renting a house, they are usually expected to mow the lawn/shovel the driveway & sidewalk. If the LL is doing it or contracts it to be done, expect the rent to reflect that additional service.

Gas powered lawn mowers are so dated. In today’s incredibly tiny yards a push mower is the better, less noisy & easy to use choice. No need to bother with oil or gas, drainage prior to winter etc. Yes, blades have to be sharpened from time to time, but a gas mower should have its blades sharpened as required too. As for electric or battery powered mowers, one requires an extension cord & the other requires the battery be charged on a regular basis. Push requires one thing. A bit of muscle & blade sharpening as required. And did I mention how much quieter they are?

#145 Bdwy on 10.07.22 at 3:06 pm

Nice, my favorite is Coffee Crisp as well. Not daily but possibly monthly. The chocolate bar selection in Mexico is dismissal. Strange considering chocolate is said to have originated in this part of the world.
…..
A 6 pack of coffee crisp is luck to last 24 hrs around here. I admit i have a small problem but great teeth.
After a month or so in a small mx beach town i found the mini super with the massive bar of decent chocolate kept under the counter. He’d chop off however many pounds as needed.
Ask around

#146 crowdedelevatorfartz on 10.07.22 at 3:30 pm

@#141 Quinty’s Quantifiables
“…it was your hillbilly Socred/ fake Liberal / BC rightwing, morally challenged political party that sold BC for a few pennies….”
+++
Sorry brudda.

I never , ever voted Socred or BC Liberal (Campbell or Clark).

But you are correct.
Many many years ago when the Socreds gave Hong Kong’s, Li Kai Shing an interest free $200 million dollar loan with a “no payments for 20 years ” clause to buy the entire waterfront of downtown Vancouver’s False Creek Expo 86 development..

One political wag said , “It was the greatest land give away in North America since the New York natives traded Manhattan Island for glass beads…..”

Li Kai Shing promptly sold a quarter of the land to Asian developers for $200 million, pocketed the money for other investing opportunities and went on his way.
The Asian developers then stuck BC taxpayers with the soil remediation costs for the undeclared toxic waste that the Railroad, foundrys, shipping construction, etc. and other industries had dumped in the creek for over 100 years.

No one said politicians were bright.
Just have to be smarter than the voters…..

#147 Bdwy on 10.07.22 at 3:33 pm

Omg. Sale is back on.

I want a better deal. Like a Costco hot dog.

3200 could happen

#148 Phylis on 10.07.22 at 3:53 pm

#147 Bdwy on 10.07.22 at 3:33 pm
Xxxxx
Just a sec, let me grab my purse!

#149 jess on 10.07.22 at 3:53 pm

no condos on juno beach! legal cost over 400k
argument -road access

https://legionmagazine.com/en/french-developer-plans-condo-complex-on-juno-beach/