Hours ago this pathetic blog related stories of hungry, houseless, vultcheristic buyers gobbling up houses at what they feel are bargain prices. Clearly these folks believe a correction of 20-30% is all she wrote. It closely matches the largest price reductions in North American history (27.6% in Canada, 32% in the US). So, in they go.
But wait.
As the snarly pack of Blog Dogs pointed out here recently, these buyers do not represent the reality most people are experiencing. Surely the buying blip is just that – a diversion from the steady erosion Canadian real estate must go through if sanity is to revisit the nation.
This brings us to Oakville. Far to the north of its quaint downtown and historic houses (which cost a fortune) unfold large swaths of subdivision homes (which also cost a boodle). In the 1970s, fewer than 70,000 people lived there. Now the population pushes a quarter million. Like Milton up the road, this is the epitome of suburban sprawl as McMansions sprout where the cows once grazed. It gives Premier Doug Ford goose bumps.
However, there’s big trouble where Canada’s mega-builder, Mattamy Homes, is once again selling pre-cons now that Covid’s gone.
Maybe you saw the media. Folks signed up with Mattamy a year ago and paid huge amounts for the privilege of living on a postage stamp in a big house made of OSB, face brick, aluminum and (of course) granite, engineered hardwood and copious toilets. The market was roiling. FOMO was bubbling. Mortgages were 2%. And purchasers thought that they must buy now or buy never. After all, real estate only goes up. Re/Max said so.
Then the pandemic was over. And the storm hit. For a while Mattamy shut down its sales offices. Nobody was coming. Now the company is back flogging homes to be delivered in a year or so, and at market prices – which are 20% less.
So, life-altering problems now abound for all those late 2021 and early 2022 buyers.
First, the houses that will close in the next few months are worth less. A lot less. For example, Nik Juneja paid $2.3 million and his (unfinished) place, valued now at $1.8 million. Ivalina Petrov agreed to a sale price of $1.9 million and now her new home is worth $400,000 less than others being sold on the same street. Lawyer Ajit Soroha (pictured here) put $800,000 down to secure two new builds with a contract price of $2.46 million each. He says he cannot close. Bold for a guy who practices real estate law.
What happened? The correction, of course.
These people don’t have millions of dollars in savings. They need financing to cover the gap between contract price and deposit. With market values lower, bank appraisals have plunged along with the amount lenders are willing to pony up on the properties. In order to close, that shortfall – averaging about half a million in this hood – must come from the buyers. They say it’s impossible.
Worse, 2% mortgages have turned into 5% borrowings. So a $1.5 million home loan now carries a monthly nut of $9,400 – up from the payments of just over $6,000 that were anticipated.
And there’s more. To buy the shiny big, new Mattamy piles, these purchasers must sell existing homes. And they can’t. Buyers are scarce. Sales volumes have crashed. And so have prices. The math that made them believe the move was a reality a year ago – high selling price and low mortgage rates – is currently a dream. The only option is to seek out a subprime lender who might be happy to finance the entire original price – but with a mortgage rate of 10% or more. Monthly payment = $13,420.
Mattamy says tough noogies. You signed a contract to buy it. We’re building it. House values always fluctuate over such a long period of time and if they’d gone up, you wouldn’t be squawking. The pendulum swings both ways, baby.
Well, the buyers are calling for assistance. From Mattamy (not happening). From the government (let’s hope not). They blame the Bank of Canada, and the federal government. Plus Mattamy, of course. It’s all so unfair. The argument is that if prices fall after a contract is signed, or interest rates rise, buyers should be able to walk. Of course, if prices rise or rates fall, the builder should be the one left holding the bag and obligated to build the home.
The buyers were greater fools. They’re reaping the results of FOMO. Besides, paying $2 million for a tract home in a treeless, store-devoid, suburban former pasture seems hard to justify in the light of day. Here we have examples of the absurd lengths Canadians will go to in order to chase an asset higher. Mortgages of well over a million. Closing costs and land transfer tax of sixty grand. Home loan rates which reset at least every 60 months. And property values completed screwed over by a pandemic, cheap money and societal insanity.
None of these people will get out of this unscathed. They are victims of themselves. And yet they blame everyone else. Sounds familiar.
About the picture: “Wayne enjoying a hike through the Black Mountain Golf Course in the Kelowna off season,” writes Elizabeth. “We foster ‘failed’ when we volunteered to foster this mixed Rottie/Pittie in March 2020. He was so calm and loving. We couldn’t let him go! He was out saviour in the crazy pandemic times. Much like Garth is our saviour in the crazy financial world!!”
210 comments ↓
Buy now…or be___________________
BTW firrssttt
This gets funnier. The guy in the picture is a … real estate lawyer? Does he not understand how contracts work?
https://www.thestar.com/news/gta/2023/02/04/they-paid-top-dollar-for-pre-construction-homes-at-the-market-peak-now-their-builder-is-selling-the-same-models-for-far-less.html
https://ajitlaw.com/
As they say in Russia- toughski shitski
Pre-sales are like Pre-nups.
Don’t sign them.
Walk away.
You’ll be glad you did.
these folks were straight up gambling and got burned.
you take your chances now you live with it.
this nonsense goes both ways though eh.
https://www.cbc.ca/news/canada/toronto/cancelled-sales-agreements-preconstruction-ontario-1.6278526
Its hard to give a shit about Ajit losing his shirt buying at the peak house ($2.46 million each??!!) . Even if the price was half its still way over priced considering the fundamentals. They expected housing prices to continue increasing, got greedy and got burnt.
Almost like the people that hold the bag buying meme stocks on a pump and dump day, as soon as it loses momentum, down it goes.
Wouldn’t be suprised if the stupid feds start bailing them out.
Thought you folks might be interested in “Warehousing RE” done through Ai assisted RealPage app inspired by airline industries price fixing case circa 1994, developed with the help of an old timer of the industry.
https://www.curbed.com/2023/01/nyc-real-estate-covid-more-apartments-higher-rent.html
#170 Ponzius Pilatus on 02.06.23 at 1:18 pm
162 Faron on 02.06.23 at 12:18 pm
#154 kommykim on 02.06.23 at 11:22 am
RE: #147 Dharma Bum on 02.06.23 at 9:43 am
I know you’re making a joke, but you are absolutely right. Plus, the technology has existed since the late 1800s. They are called electric trains, trolleys, & busses and work really well.
—
I had the same thought. Imagine the summer air quality in the Vanciuver Metro without electric busses. All on San Francisco’s transit is electrified. Untold preservation of health for not having to breathe as much diesel exhaust. Intercity electric commuter rail is widely used in more-sane Europe.
———————
Yep.
But the problem now is.
That all the Teslas.
Are gobbling up the electricity.
That could be used.
To electrify the buses and the street cars.
Love SAN Fran.
Interesting is.
That way back, some idiots wanted to get rid of the cable cars.
The were slowing the cars down, they said.
Can you imagine, Frisco without cable cars
—
Yes, the notion of the personal vehicle needs to die with exceptions made for commercial traffic (yes Crowdie, that lets you drive your work truck) and the minority of Canadians who live in rural areas. Introducing very strong financial disincentive to driving a car is the best approach.
Any increase in cost of driving a personal vehicle would have to be front-run by improvements in mass-transit infrastructure. We can’t expect people dwelling in Canadian cities today to suddenly adapt to a carless life. The infrastructure works against that and it’s not the fault of median Canadians living today that our cities don’t look like Berlin.
I think EVs are a useful patch-over technology in the same way that natty gas turbines are a good patch-over from coal. But, they cannot be the end all. The productivity loss in all of that horrid traffic is reason enough on its own. If anyone pipes up about tunnels they will get laughed at, as they should. Holy grift.
Buying a preconstruction house has always been a speculators game. Whether or not the people doing the buying would admit it to themselves. 9 times out of 10 the house is worth more when it comes time to take possession and pay up and everyone is happy. This is the 1 out of 10.
If the banks won’t approve a mortgage on a deal in advance (or you have sufficient money to cover any shortfalls) then you’re rolling the dice.
I for one, do not believe that the Housing correction is over, we have a few puddings to eat yet, before this is all done. Sure, there will be signs of multiple offers, minor price increases and none but the least selling above asking monster. Realtors love to tell you to list lower to attract buyers and they get a few got to have this place on the hook, once you pay up to the price it should have sold for in the first place, the realtors pound their chest in “look what I got for your neighbor’s home: It is all about attracting new clients and getting the listings. Then your home goes among the statistics of selling above asking, it was never real.
As for buyers like Mr. Soroha, it is too bad, so sad, but it was his decision to play the big shot and throw his money around, a perfect case of a lawyer that is not too smart and not in any position to sell advice to potential buyers. Do not kid yourself, there will be at least one or more in Ottawa that will take a run at the Liberals to offer up some form of help to these poor people who paid too much or “I won’t agree to this, I won’t agree to that”, what a sad state of affairs us Canadians have to put up with. No sympathy here, I was on the team of, saw that coming with no attorney background.
Quote of the day: Everything you do is a signature of yourself, so if you signed it with STYLE you can now walk that extra mile
“So a $1.5 million home loan now carries a monthly nut of $9,400 …”
A monthly nut? haha, eeewww…
Lawyer Ajit Soroha should switch from real estate law to bankruptcy…
I dunno Garth. If they’re buying a house for 1.9 million my sense is they’re okay. I looked some up on LinkedIn and they don’t even really seem to have well-paying jobs. How else would they get these houses in the first place unless another money tree exists. Very bizarre.
So now that we have our sacrificial lambs this marks the peak of the correction, even though homes in downtown Toronto never stopped rising. Soon the median Toronto home will cost $3 million, which is more expensive than any city in the world, because Toronto is the best city in the world to live of course! No other city has higher incomes, better arts and culture, a better transit syst or better weather. The median home in Toronto cost only $90,000 in the 1980s, because back then Toronto was a horrible place to live. Now it’s more than 30 times better, before adjusting for inflation of course!
I forgot to add that no city in the world is as beautiful as Toronto and no city has better restaurants than Toronto, so of course Toronto should have the most expensive housing in the world.
Like I said in my last comment…..suck it up – buttercup.
Every decade or so prices go in reverse to reach new lows to let others jump on the bandwagon. Just look at the ups and downs of Canadian housing prices over the past 40 years if you don’t believe it. Smart buyers always stand on the sidelines and wait for the overspenders to go broke and get foreclosed on or go insolvent. Good things come to those that wait.
They bought a futures contract… too bad so sad. Personally I wouldn’t buy an unbuilt home, too much risk. When you buy from a drawing everything looks perfect but in reality it usually isn’t. Having worked in the industry for over 20 years and doing hvac in over 10000 homes during that time I’ve seen everything. Certain builders should be bankrupt while others should be billionaires but unfortunately it doesn’t work that way. In a bull run like we’ve seen since 1997 everyone made money.
In the US the wealthiest 10% of the population owns 89% of the stocks.
https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html
RE however, although involving many “investors” (almost majority in some markets…), is a much more equalitarian affair with massive middle class participation.
Care to guess which class is going to get burned (again)?
The RE bubble in Canada is popping, but Canada is not alone, RE bubbles are popping all over the western world and in China, because everywhere RE has been used as a money printer and speculation tool instead of what it’s supposed to be: A place to live and shelter.
If your wealth is tied to RE you’re poorer than you think, by a lot!
I bought a nice 1960s bungalow on a large lot within walking distance to a bustling little main street that has seen a renaissance.
Built like a rock.
However, it has not been without it’s costly renovations and repairs, some of which I have yet to do.
Not complaining, just sometimes I wonder about the shiny siren’s song of those large cookie-cutter new homes.
Then I read Garth’s posts.
Those new homes don’t last I guess, huh?
Yogism #42: “Not one to question, only to ask”.
Oh well.. you win some.. you lose some
Some fell into heaven
Some fell into hell
The lawyer pictured above is going to become the meme for Canadian real estate. In 10 years, that image of him dressed like the Blues Brothers in front of his Teslas, crying about how unfair life is, will be the defining image that we all remember of this crazy time. Canadian RE greed and excess now has a face, and Mr. Soroha is it.
I feel a teensy bit sorry for some of the other buyers, who maybe don’t know the law, but honestly this guy is a joke. Why you’d sign to buy a pre-con home without having at least the mortgage rate and lending criteria form part of the terms and conditions of that deal is beyond me. Simple solution, they should have insisted that the Seller backstop the lending at a locked-in rate, term, and payment. Or complete the home within 120 days, or whenever the original mortgage offer runs out. Or have the sales contract void beyond trigger payment/rate levels. The Seller won’t like any of this (except maybe the ability to provide the mortgage through them) because it puts risk on them. But that’s the point of contracts: they’re to be negotiated, not accepted. If you don’t know how to do this, hire someone who does. And if the Seller is unwilling to negotiate terms and conditions, then tough potatoes, they can sell to some other greater fool.
I don’t disagree that some sort of regulation would make sense in this case: requires T’s & C’s of the sort noted above, or the express, informed waiver of such conditions, for pre-sale units. The problem here is not that Mattamy dropped the price (that’s the free market), it’s that the contract was made under expectation of financing conditions that no longer exist. That can be dealt with.
Mattamy has a very valid point. Anyone who is currently bemoaning their financial woes due to purchasing at peak & facing both a valuation as well as a mortgage crisis would in fact be crowing about how astute they were to buy had the party continued. Caveat emptor, baby. Does it suck to pay more? Yes, but given that housing is now treated as an investment one must expect market fluctuations. Could be worse – imagine if they’d ‘invested’ in one of the crypto funds that have crashed & burned so spectacularly. At least there is the possibility they can use the asset, though from the description sounds like at least some of the buyers are going to have to walk, with all the financial armageddon that entails.
Dr. Ajit Singh Saroha, Barrister and Solicitor
M.A., Ph.D., L.L.B, PGDHRM, PGDHFWPE, Certificate de Francais Moyen, CONTRACT LAW (HARVARD), THE SCIENCE OF HAPPINESS (BERKELEY)
With over 20 years of experience in the legal field and thorough knowledge of the legal system of 2 different countries (Canada and India), Dr. Ajit Singh Saroha also serves as a mentor to Saroha Law Professional Corporation. He has an inter-disciplinary Doctoral degree in Sociology and Laws from Punjab University, Chandigarh, India. In addition, Dr. Saroha has undertaken Postgraduate Diplomas in Health, Family Welfare and Population Education; and Human Resource Management. An Intermediary Level course in French, proficiency in English and Hindi, working knowledge of Spanish, Urdu, Punjabi and several other dialects helps him appreciate different languages and cultures of developed and developing countries of the world. Dr. Saroha likes to spend his spare time among friends and family, and occasionally, at the golf course, socializing in the lap of nature with friends and family.
CIVIL LITIGATION
We take up all kinds of civil and business litigation and see that they reach their desired goal.
CRIMINAL LAW
If you are accused of a crime– you are undergoing one of the most stressful time of your life. You have fundamental rights under the Canadian Charter of Rights and Freedoms. In addition to the right to be presumed innocent, you have a right to an effective lawyer. The qualifications, experience and approach of that lawyer are crucial factors to consider when looking for a professional to guide you through this stressful period. At Law Office of Dr. Ajit Saroha, we will treat you with the highest standards of the legal profession and provide you with an honest, effective, and passionate representation.
Our practice areas in criminal law include:
Murder/Homicide
Sexual Assault, Domestic Assault, Assault and other Violent Crimes Attempt Murder, Robbery and other Violent Crimes Impaired Driving, Over 80, Dangerous Driving and other Major Driving-related Offences Property Crimes, Possession of Stolen Property and Proceeds of Crime Fraud, Theft, Breach of Trust, and Financial Crimes Professional Disciplines Youth Court Cases Constitutional Applications Search Warrants Bail
FAMILY LAW
We have successfully represented numerous clients undergoing difficult and complex divorces and separations. If you require legal representation — either to deal with property issues arising from your divorce, or assist with child custody/access issues and/or child support or spousal support issues. We will provide you with effective legal representation while protecting and/or advancing your best interests.
Our Family Law Services
At Law Office of Dr. Ajit Saroha, we give personal attention to each and every aspect of the family law and divorce matters in an effort to better serve our clients. We have an extensive knowledge of the issues confronting you in this difficult time. We provide the following services to help families and individuals through this difficult time in their lives:
Divorce Legal Separation Child Custody Child Support Child Visitation Rights Property Division Alimony/Spousal Support Matters with CHILDREN’S AID SOCIETIES
In addition to providing excellent legal representation we offer our services in a less litigious and an extremely cost-effective manner. With us, you will never feel let down in any way.
PERSONAL INJURY/INSURANCE LITIGATION
In life, accidents and injuries can happen at any time. Whether you are driving or a passenger or just strolling, there is always a chance that you may be involved in an accident that can change your life instantaneously. If you were recently involved in an accident that left you with painful injuries or emotional distress, you may be entitled to file a personal injury lawsuit. We help victims win or settle their personal injury claims and collect compensation for their Medical treatment; Rehabilitative care; Lost wages from time taken off of work; Future lost income (for disabling injuries); Property damage; Pain and suffering; Emotional trauma and more…
We’re Here to Serve You! You may have a great deal on your mind during this difficult time, but your recovery needs to be your first priority. With the Law office of Dr. Ajit Saroha serving as your supportive litigator, you can focus on your rehabilitation while we concentrate on obtaining any compensation to which you are entitled.
REAL ESTATE
We do clean and thorough job throughout the Real Estate transaction whether it is commonplace “Residential” or a more complicated “Commercial” transaction. take up all kinds of civil and business litigation and see that they reach their desired goal.
IMMIGRATION
We ONLY take up complex immigration matters for Appeal work and Detention Review
=======================
Quite the resume’
Intriguing how this will unfold…
They are victims of themselves. Yes and they have perhaps took part in taking advantage of the run up. Suck it up sums it up nicely. Thanks Mr T for the great post. Oh and it suck’s they don’t have a few million liquid like that lower 90% lol
“None of these people will get out of this unscathed. They are victims of themselves. And yet they blame everyone else. Sounds familiar.”
———————————————–
Who wants policies to get cheaper houses?
Everyone!
Who wants policies that will reduce the value of their property?
Nobody!
Ahhh Brampton mortgages. You gotta love it!
Fortunately Pearson has daiily flights back home to India.
If i buy a million dollars of a S&P 500 index ETF on day 1 and then on day 2 it drops and is now worth $700,000 who is going to bail me out?…..exactly
If Mr Sohora s a real estate lawyer, would he not know the contract is binding? I don’t know that I would want someone that doesn’t know that to represent me in any real estate transaction.
Surely, these folks represent a vanishingly small portion of home buyers. But we are supposed to get all in a froth about them?
Just as the entirety of the LBGT+ crowd represents +/-4% of the North American population and dominates the US news, so to with these guys.
Ask yourself why and to what end. Plus don’t waste your time.
“Some of the “hot” listings I’ve been tweeting about are having their offers collapse before subject removal.
Final sales also appear to be mostly consistent with Sep-Dec prices.
Tons of showings and offers, but when you look under the hood, this market isn’t getting lift-off.”
– Jesse Klein, Realtor/Broker
https://twitter.com/jesse_kleine/status/1622653462898163714
During these sad, gloomy, depressed days, I’ve been re-reading books by and about the Jedi Masters of the investing universe and cross-referencing the Sail Away holdings with the wisdom therein.
So many great insights, and equally related to personal emotional control as investment evaluation.
The recipe: Choose long term, solidly profitable companies, season with a mixture of diversification, and mix well while ignoring all the volunteer chefs in the room. Add a large portion of self-control, set to simmer and relax with a fine beverage. Use a large oven because expansion can be astounding.
That’s it. Easy peasy. Let the snowball roll.
#172 Ponzius Pilatus on 02.06.23 at 1:30 pm
The only thing that I can say is, that if there ever is a naval conflict between the China and the States, it would truly be a world war.
———-
I wouldn’t sweat it Ponzie. It’s a global world now, any conflict and *both* parties get a black eye. Biden knows it, so does Xi. The global economy is only going to get more and more integrated in the future – raising the stakes even higher. The further we go, the more damaging conflict becomes. Hopefully this means it is less likely to ever happen…
…and so this blogs title Greaterfool…is still relevant. No rebranding necessary as per the poster yesterday.
“a big house made of OSB”
—-
Garth, I don’t know if new homes are made of materials even as high quality as that. I think it’s closer to recycled Amazon Prime boxes.
Building booms in Canada make me nervous. Do y’all remember the leaky condo crisis in Vancouver in the 90s? Massive expenses for homeowners, government bailouts in the form of interest free loans, industry reckoning – the whole nine yards.
Driving through the barren hellscape of Southern Ontario and the cookie cutter made-of-cardboard developments all along the QEW, I’m not at all convinced that Canadian residential construction has improved since the 90s. Yeah yeah – there’s building codes, I know. But when there’s so much money and greed in real estate – as exemplified by the ninnies highlighted in today’s post – you don’t think that developers might not be greasing a few palms to have inspectors look the other way?
What I’m saying is that a decade or two from now, don’t be surprised if all these new developments start to fall apart from mold and rot, triggering a crisis that homeowners who are saddled with credit are ill capable of handling.
“Someone will always be getting richer faster than you. This is not a tragedy.”
-Charlie Munger
MSM is reporting that approx. 1/3 of mortgage holders feel they will have to sell in the next 9 months.
Not it’s not. That was one bogus survey with results misconstrued. Use your head. – Garth
However, there’s big trouble where Canada’s mega-builder, Mattamy Homes, is once again selling pre-cons now that Covid’s gone.
Ontario Bill 23 promises more homes will be built faster but they won’t. Let’s take Mattamy Homes. I’m using the pronoun “they” to refer to the corporate entity. Maybe sometime in the future they will emerge from their problems but they are going to be very reluctant to build more speculative homes. Starting with land acquisition. Once the land transfer is complete then they’re on the hook. Next up is infrastructure. Water, sewer, gas lines and internet. Roads and sidewalks. Their costs are going up but there’s no revenue. Now that was okay when prices were going up but with prices going down, it’s no fun.
Bill 23 was passed with the collusion of all political parties. It eliminates single-family zoning. It reverses established law and practice. It revokes the authority of municipalities to set their own zoning. There was a provincial election in the summer of 2022 but no mention was made of Bill 23. The promise is more homes will be built faster. but they won’t.
Buying PreSales is like buying stock options. No one sheds any tears for the traders who’s options came up short on the expiry date( Been there). They rolled the dice…….
Lawyer Ajit Soroha (pictured here) put $800,000 down to secure two new builds with a contract price of $2.46 million each. He says he cannot close. Bold for a guy who practices real estate law.
===================
The much bigger question is why would Mr. Soroha go public with his RE dilemma ?
This does not cast him (and his resume’ ) in a good light.
Is there another agenda in play ?
From what you’re describing, it kind of sounds like the credit crisis, only with real estate. In order to secure financing for the new deal, they need to get the sale from the old deal, and if the old deal dries up, so does the new one.
If this asset crisis goes the same way as the credit one, I wouldn’t be at all surprised to hear that the government will be offering bailouts.
Greedy people are experts in manipulation.
I think the messaging of this blog is really getting muddled. Messaging aside I don’t think this is the story that signals a market bottom.
The blog has no message. How quaint and analogue of you. – Garth
Starting to see capitulation in the specuvestor rental cohort in my southern Ontariowe city.
Where as downgrades in monthly rent askings were becoming typical, they are now starting to get serious.
Afterall, hitting DOMs of ~90+ there are ‘investor/gamblers’ who can no longer carry…
(The list of those on rental AND/OR sale is growing as well. Either/Or. “Get me out.”)
I don’t think many people with have any sympathy for these characters. What do they say – play by the sword – die by the sword.
Well, the buyers are calling for assistance. From Mattamy (not happening). From the government (let’s hope not).
+++++++++++++
This will be a great plank for the LibDips in their next election platforms.
I am also wondering why this RE lawyer is making his RE problems public. Terrible PR for his business. He should have shut up about it. He will end up with no houses, no business and no reputation. Hope his wife sticks around.
He gambled. He lost. End of.
The jobs report last week is not so rosy and we shouldn’t believe the economy is coming back. The headline NFP showed 517k jobs created in January vs 185k expected (and revisions added 71k jobs to the previous two months), while the unemployment rate dropped to a 53 year low of 3.4% vs expectations for a rise to 3.6%. For perspective John Williams at ShadowStats.com, where they compute unemployment the way it was computed by the government back in 1980, including people who haven’t looked for work very recently and those in part-time jobs looking for full-time work, reported the unemployment rate ROSE above the pre-pandemic high to 24.5%. The labor force participation rate ticked up to 62.4%, but remains lower than pre-pandemic levels and lower than in 1978 before it began to rise as more women entered the workforce.
But it’s not 1980. Unemployment is not 24.5%. That’s a 1930s depression number. You swallowed it? – Garth
smell the cowpoop out in Oakville? Or just the “other stuff” ?
Victoria I don’t think many people with have any sympathy for these characters. What do they say – play by the sword – die by the sword.
“live by the sword, die by the sword”
https://en.wikipedia.org/wiki/Live_by_the_sword,_die_by_the_sword
What a breath of fresh air reality, your article is today Garth. Pretty much puts a stamp on your repeated statement of only buy it if you can afford it. That includes factoring in being able to withstand any market disruptions.
When I see stories like thinks, and hear the bleating of sheep, all I want to do is repeat my favourite Al Swearengen quote:
“Pain or damage don’t end the world. Or despair or ***ing beatings. The world ends when you’re dead. Until then, you got more punishment in store. Stand it like a man, and give some back.”
How do you get 4.2 million $ mortgage?
What bank approves this?
these mattamy guys must be making big money selling 2 million paper mache houses.
they say they make 20%, regardless of the cost, so they have no advantage in finding cheaper trades or something. Dont they buy in bulk like the lighting, doors etc, i am sure they get half price across the board on everything. I simply dont understand how you get to 2 milion without everyone along the way doing good business billing and in the end its financed with some 25 year mortgage to some new immigrant. Canada is a sad place. New people working night and day for a house. They should just tell the people the truth when they show up at pearson, your going to be working for others and end up with nothing.
If the price of real estate had continued to rise, it is likely that Mattamy would have tried to surcharge those pre-construction purchasers.
5 year Canada bond yield was up huge today. Any reason why?
#33 Sail Away on 02.06.23 at 3:16 pm
ATVI -4.8% on reports the UK will block the merger. Guessing your position is -10% or so.
Why would a lawyer out himself like that .
He will become the posterboy of who not to hire.
We are all fed up of subsiding homemoaners for 20 years with low interest rates. We want blistering high interest rates now to make up for all the lost dough on our deposits over the past 20 years. Sorry folks you dummies signed the mortgage papers – it is our turn to get paid BIG $$$$$$
UPPA UPPA TO THE MOON
https://wolfstreet.com/2023/02/06/delayed-reaction-2-year-10-year-treasury-yields-jump-mortgage-rates-spike-40-basis-points-in-two-days-to-6-39/
The good ol’ days. Roaring down Winston Churchill Blvd in my red VW towards Ford Drive in Oakville, with nothing but farmland on the right side of the road as far as the eye could see. Too bad they had to spoil it all with ugly ass tract homes. Any fool knows the real Oakville is south of the QEW.
Let’s just get it out there – the word Schadenfreude was invented for guys like Ajit S.. I think the Jackie Wilson song ‘No Pity in the Naked City’ is also a good fit.
For starters just try and take in the full measure of someone who buys not one, but two properties for 2,460,000, purportedly the extra one for ‘family’, (not speculation of course). If he put down 800,000 that isn’t even the requisite 20% or closing costs. If the value of each new build has corrected by approximately 23% per the other example he is short more than a cool million to close. The other ‘cat not out of the bag’ in the news item is that guys like Ajit who buy properties at this price point always own other properties, sometimes lots of them, with most fully leveraged as that is how the real estate pyramid gets built. The phrase ‘tangled web’ comes to mind, as does multiple players. Enough said.
As for this question posed by another blog dog, “The much bigger question is why would Mr. Soroha go public with his RE dilemma ?”……… Maybe in the past the squeaky wheel got greased. Proving ‘victimhood’ this time around might be a little harder. ++++
Ring, ring, ring…..Old Boot….please pick up the telephono……
https://www.youtube.com/watch?v=59wpoMK3Rcs
Thought this news announcement might be of interest given the other day’s discussion about the BC Gov relaxation of small quantities of drugs, etc. Here is what the cowpokes on the other side of the Rockies are up to:
https://www.cbc.ca/newsinteractives/features/the-way-out-addiction-in-alberta-marshall-smith
Found some new home buyers.
We are alllmost back to normal guys. So close.
Our high taxes play for border controls. Totally worth it.
(This country ceased to exist as of March 2020 if you have not noticed. We are an open air tax slave farm. By design)
https://nypost.com/2023/02/05/migrants-abandon-nyc-for-canada-with-taxpayer-funded-bus-tickets/
“There’s gotta be 100 people a day,” said Tambini, 23. “I do this all day. They get dropped off and I take them the rest of the way.”
Tambini said his employer charged single migrants $40 to $50 each and families $90. Taxi drivers, who charge single migrants $70 each, compete for business by rushing to the buses to solicit passengers and help them with their luggage.
The Post accompanied several groups of migrants who rode Tambini’s van from the Mountain Mart gas station to a cul-de-sac at the end of rural Roxham Road, just steps from the Canadian border.
After trudging north along a snow-covered path and through a break in a concrete barrier, the migrants were stopped by Mounties stationed in an elaborate complex of metal sheds.
There are instances where buyers are asked to pay more for closing or the development gets cancelled and there is and buyers lose their deposits. Why wouldn’t financing be finalized when the contract closes or a Financing clause be added similar to what’s being done for already built homes. If the buyer is not able to secure financing they can back out. Bring in more protection to prop up the real estate buyers. The eh are the back bone of the Economy.
I live here in Oakville. Lots of listings lately, exactly like the one below. Original asking price of $2.3 million, now listed at $1.3, just begging for anyone to make an offer. I’ll stick to renting for now, getting much for house for less than half the cost of ownership.
https://housesigma.com/app/en/listing/amgL7A4R6D9yZ1MW/1463-Lakeport-Cres-Oakville-L6H3S1-W5890233-40372913
DELETED (Libelous)
They are not victims of themselves. They are victims of manipulated interest rates and non stop money printing by the federal government and BoC.
Did Trudeau make them buy $2 million houses and borrow seven figures? Nope. – Garth
MSM is reporting that approx. 1/3 of mortgage holders feel they will have to sell in the next 9 months.
Not it’s not. That was one bogus survey with results misconstrued. Use your head. – Garth
===============
Just posting what MSM said…
…….not to imply I agree with it nor is it ” fact”.
The issue is why would MSM post such a negative point…they are usually “rah -rah -rah RE ” types.
It does not make remote sense. Not happening. Ridiculous. – Garth
The blog has no message. How quaint and analogue of you. – Garth
______________________________________________
You write this blog, you don’t read it. Teddy isn’t the only one who thinks there is messaging going on. The last few entries have been pretty hefty tire pumping on how there will be no recession and that inflation will be under control by the end of the year.
I haven’t said anything because I know you’d crap all over my comments, as you’ll do now because you don’t care for any kind of criticism.
I read your blog for insight given your background, not your prognostications.
You’re free not to read it. I wouldn’t. As for my views on the economy, (a) no recession. That’s obvious now. (b) Inflation is forecast by the CB (not me) to be 3% this year. I know you want doom but, hey, sorry. – Garth
“And yet they blame everyone else. Sounds familiar”
…
Yes it sounds !!!
Google this: They bought their prebuilt homes at the market’s peak. Now they face financial ruin
…
Same newspaper. Same story. Same company. Different date >>> 2018.
…
This is what happens when the reptilian brain is in charge. Meanwhile, the fools of 2018 became genius since.
Renewing my call to make Canadian RE purchases eligible for Canadian citizens only..
Not PR, WP, Students(and their parents).
No one deserves to stand in line 7pm the previous night to land a pre-con
No one deserves to indebt themselves and future generations just for a roof over their heads..
Not in a first world country..
Only way to suppress demand and solve all of the above.. RE for citizens only
Prices would not change as a result of your xenophobia. – Garth
Just as an aside today, for those who don’t agree with me whenever I say that the government can’t be relied on to do anything in a cost effective matter and in most cases makes everything they touch worse:
After $69 billion dollars and 20 years the F22 finally has its first combat kill: A balloon.
Lucky us we are getting the follow-on F35 with even less capability for even more money per unit. We can’t be buying the much cheaper and more fit for purpose modern F18 Super Hornet because, well, I don’t know. Perhaps because the balloons will see them coming.
I read the Star article. I chuckled when the interviewee listed the entities he wanted to blame. There was Mattamy, Justin Trudeau, the BOC, etc.
Nowhere did he blame himself.
What a smart guy this lawyer!!!
a straight-A student who aced the LSAT and got expertise in the field.
he is buying close to 5mil to end up paying after 25 years close to 10mil with no other cost taken into consideration. Good deal for the lenders feeding on reptilian thinking.
God bless Smoking man and his granite (garnet) and stainless steel.
https://www.greaterfool.ca/2011/05/18/trouble-with-numbers/#comment-102384
#22 SMOKING MAN on 05.18.11 at 10:17 pm
Garth Love the pic………..inspired me to go to a rub and tug. Ya baby :)
But you are not taking into account the dumb ass mob.
Sales 2% off a record year. The mob or more important the garnet hardwood floor loving wife of the mob, is looking and waiting for some minuscule sign of hell lets buy this.
I can’t wait for all of these cheated FOMO’ers’ days-in-court, where we will finally hear the cold, hard truth that Tiff and JT held a gun to their heads and forced them to enter into legally-binding contracts (not of their own free will?)
Pathetic!
Just saw an article about Vernon BC offering up to $25K loans to live there. Must not be enough labor around for services. Nobody can afford to live there anymore.
Rumour is they can’t even get RCMP officers, can’t afford a house or the rent in Kelowna and Vernon is just up the valley.
So great, my house is worth a mil but the place eventually will have no law enforcement and two restaurants left run by high school students.
Anywhere else like this?
It sucks when you want to sell your home and your main competitor who is undercutting the price, is your builder.
In “normal” times, if the market goes slightly down, the builder usually maintains the same price to keep the neighbours happy, but adds a lot of upgrades. However, a 20% cut is way to many upgrades as the the house would be unsaleable with a 5% mortgage.
Let’s see how this plays out in June.
Mattamy will help if they can.
If there is a way for Mattamy to help finance the shortfall including eating some of it in some cases they may be wise to do it. In cases where the buyers really can’t close Mattamy is unlikely to get the damages from their broke a$$es. So may as well try to help them close if possible. Maybe offer to take one of their kids as compensation (kids don’t like to know this, but there is always a least favorite child)
On today’s topic:
I’m beginning to think maybe the “Austrians” were right, in that it is always and everywhere a bad idea to let central governments or their related entities set market prices including interest rates.
The so called “value” that was in house “prices” was never really there. It was just a matter of psychology and low interest rates. Distorted interest rates. Market manipulating interest rates. It was simply one abomination causing another abomination. A self-reinforcing mania. Nothing more. And nobody made any money from it unless they sold. But they sure borrowed a lot more.
You know what? Maybe the bank of Canada should have to bail out these buyers. After all, they caused the market distortions. We have a clear case of harm here, and it wasn’t Mattamy that caused it.
Anyway, on to the prognostications. Most bubbles take about as long to deflate as they take to inflate. Some observers call it “symmetry”. If this observation holds, real estate is going down for a long time to come. We may have deflated much of the covid part of the bubble, but there is still a lot of gas in that bag left to come out. But holding to the gas bag analogy, the gas always comes out fastest at first. So if 30% has come off already, we may have another 30% to go, but it’ll take a lot longer.
The lesson there is “Don’t try to catch a falling knife”.
But what about the strong economy? Well, by now we know that if you don’t know what to think of government actions or numbers or pretty much anything they say or do, assume it is either nefarious or just plain incompetent. Ya, I know, extreme. But history has proven that 9 times out of 10 that will put you on the right side of things, even if you don’t know why. It’s way better than guessing. Just assume the government is wrong and you’ll usually be right in the long run.
So with that in mind let’s look at the job numbers. Did they really go several standard distributions from the mean to the upside? Or did somebody goof up? Or worse, did they fudge the numbers? I say let’s wait for the revisions to be released in a couple of months on the back pages. I’m not willing to bet anything on an obvious outlier. But I would be willing to bet against it.
And Trump won, right?- Garth
#68 Nonplused on 02.06.23 at 5:00 pm
How much air-to-air combat has the US engaged in over the past 20 years? I’ll wait…
Like, seriously, do you actually believe the garbage you take in from Fox News or NewsMax or whatever other right wing pablum/propaganda source you read? Holy crap.
If the home prices had kept going up, were these folks going to share their profit with the taxpayers? The answer is no…so i hope that we, taxpayers, are not on hook for their loss. You gambled, you lost. Deal with it.
Spoke with a brilliant young chemical engineer last weekend in Toronto. He told me he is no longer working in the field and is now flying all over the world consulting for a multi-national making huge bucks. Next on his to-do list is getting his real estate license. Yup, that’s where the real action is he told me. No mention of chicks, kids, vacations, toys, nothing, just wants his real estate license. Lord help us.
They are not victims of themselves. They are victims of manipulated interest rates and non stop money printing by the federal government and BoC.
Did Trudeau make them buy $2 million houses and borrow seven figures? Nope. – Garth
********
No different than getting married…lots of due diligence up front can save a lot of pain later.
Garth:
What happens if the pre -sale buyers bail on their purchase ?
….we know they will forfeit their initial deposit ….but what are the added consequences?
Thanks in advance…
They will be sued for breach of contract and face significant damages and costs. Better to find a way to close, then at least they have an asset. – Garth
I suspect the lawyer is as credentialed as George Santos. If he declares bankruptcy he loses his ability to operate a trust account.
#57 Faron on 02.06.23 at 4:18 pm
#33 Sail Away on 02.06.23 at 3:16 pm
ATVI -4.8% on reports the UK will block the merger. Guessing your position is -10% or so.
———
Lol. Beep Beep!
This is me playing the world’s smallest violin for this guy.
These speculators are right to be mad at the central bankers, but they’re mad for the wrong reason. The central banks weren’t wrong to jack rates up to what are still historically low levels. They were wrong to bring them down so relentless over the last couple decades in the first place.
Zero interest rates – or even deeply negative in real terms – have created/enabled so many of the problems we now face. Who wants to speculate in bubbly real estate and deal with tenants, maintenance, financing, etc., if they can earn a risk free 3% or 4% in government bonds? When money actually costs something, the business case disappears for buying that crack shack down by the river for $2M.
Western central banks have done nothing but stimulate since 2009, and now we have economies where few could afford the homes they live in, and young people are totally priced out. Canada can’t take any more of this kind of short-sighted monetary policy, and I’m terrified that’s exactly what we’re going to get later this year. If Macklem, Powell, etc. were smart, they’d use this opportunity to stabilize the policy rate at a level well above 0% and keep it there for a few years.
It seems most people do not understand what the pandemic might have done to society without stimulative CB monetary policy, here and around the globe. We were about to go over a cliff and stupid house prices now are not a surprising price to pay for those bankers having saved the economy – or keeping billions of people out of financial misery. – Garth
“The default cycle has begun. Several large land bankers in Vancouver have filed for bankruptcy, unable to roll their loans now that the music has stopped.
These are offshore wannabe developers. Overpaying for sites, taking out expensive debt and refinancing every few years as land prices surged higher. It works until it doesn’t.“
https://twitter.com/stevesaretsky/status/1622701320351399936
There is a reason he is going public. He is not a fool.
They will all be looking for a government bail out and it will happen. This problem is real and widespread to the point where our liberal government will feel obligated to act.
You may laugh at these gamblers but you are the ones who will pay for their reckless behaviour, and they know it.
They will play the government and YOU WILL PAY.
That is how this country works.
Get ready for a long string of property tax increases well above the rate of inflation going forward.
Mark my words, you will pay.
The irony is it will come from your real estate appreciation.
Every dark cloud has a silver lining. The bankruptcy trustees are likely swimming in business.
As for Mr. Saroha – you can bet he will not have a dime to his name and will declare bankruptcy. Interesting question: Can you practice law while bankrupt?
#31 Ustabe on 02.06.23 at 3:14 pm
Surely, these folks represent a vanishingly small portion of home buyers. But we are supposed to get all in a froth about them?
Just as the entirety of the LBGT+ crowd represents +/-4% of the North American population and dominates the US news, so to with these guys.
Ask yourself why and to what end. Plus don’t waste your time.
————
Not any more… I read somewhere that 50% of graduating high school students identify as LGBTQQIP2SAA. Who knows what that % will be when my 3 year old son graduates.
Why? No idea, but I’m leaning towards homeshooling or private schoool. No drag-queen story time for my little one… I’m good.
Rothchild’s take bank private?
Once in a while we hear the nutty conspiracist segment nattering on about how the Rothchild’s control the world or something like that. (All wars are bankers wars, they chant)
Today we hear that some part of the family is taking their bank private for $4 billion. Four billion? Warren Buffett and Elon and Jeff Bezos can all find more than that under their couch cushions. This bank is TINY by bank standards.
Rothchilds lol. Their heyday was a couple centuries ago!
I mean, yes, they are rich but they sure as heck don’t control much these days.
Prices would not change as a result of your xenophobia. – Garth
How are you so sure?
It’s a suggestion worthy of a look at.. For the near term perhaps..
Btw.. What’s with this leftist loony approach to shut down opinions by throwing labels… By that argument We must all be xenophobic for refusing free borders, PRs to vote…
Bigotry is bigotry. We all live here as equals. Let’s act like it. – Garth
Nice deflection.
On another note. Got preapproved today. $3600 mortgage, $2700 interest. Ouch! How is this a good investment???? Real estate is not what it once was. Think wisely before you purchase.
This area sounds like Langley BC, which used to be a farm field, now comprised of cookie cutter homes that cost 1.4m each.
Also, there is this guy who runs a FB page called Vancouver Housing Collapse. And the guy running it is relentless in pointing out a housing crash everyday with examples (even though prices overall – with a few big falls along the way – have trended up, not down). It is a bit entertaining (especially the throwback pics/posts to what he calls “the way we were”), and he is not a fan of you Garth, as he mentions your name in posts with a lot of sarcasm.
The point here is that house prices might have pulled back, but they are nowhere near previous levels from just a few years ago and not affordable to anyone relying on a typical income.
Rents are not affordable either and rocketing up. So, this equates to a drop in the standard of living in Canada.
More is less.
@#155 Yukon Elvis
“Japan did that 80+ years ago at Pearl Harbour. Did not work out well for them.”
+++
Japan destroyed Battleships at Pearl Harbour.
Battleships were the anachronism from WWI that had their day and were rendered obsolete by ….Carriers.
Luckily no Aircraft Carriers were in the harbor that day.
When the US and Japan slugged it out at Midway…
The US Carrier force got lucky and sank 2 Japanese Carriers.
Rendering Japanese navy on the defensive for the rest of the war.
Carriers are now rendered obsolete in a major confrontation with a country that has also satellites, guided missiles, and nukes.
So just pay more money. Canada is worth it. Everyone wants to live here.
#48 jane24 on 02.06.23 at 3:56 pm
I am also wondering why this RE lawyer is making his RE problems public. Terrible PR for his business.
——–
Um, hello?
Reality show: Brampton Mortgage
The cities are emptying across North America. Starlink and broadband have kicked the countryside in the backside lifting forgotten communities, small towns and cities across the continent.
@#70 Nonplused
After $69 billion dollars and 20 years the F22 finally has its first combat kill: A balloon.
—
You’re looking at it the wrong way. You should be thankful that you live in a time where the F22 hasn’t had to do any real work in 20 years.
lots of warning and yet …
https://concerned.tech/
Stuff happens .. look at Tesla .. Ford .. they reduced their prices .. house prices go up and they go down .. tough life
#90 Welcome to 2023 on 02.06.23 at 5:48 pm
#31 Ustabe on 02.06.23 at 3:14 pm
Agreeing with Ustabe and adding that the majority of the non cis-hetero identify as LBG. Only 10% identify as, the apparently horribly dangerous, T-word.
If you are worried that the numbers are rising, consider that the # of left-handers rose in the 20th century as arbitrary social norms were abandoned. Handedness is about as useful a means of predicting dangerousness as gender/sexual identity.
Quit the handwringing and consider turning on those who would distract you from real issues so badly.
China, Egypt, Iraq, Qatar, Oman, Morocco, Algeria, Tunisia, Bangladesh and (as of this month) Kosovo. Forty-two others have passed restrictions to this effect, prohibiting crypto exchanges or limiting the ability of banks to engage with crypto.”
Why America Should Ban Crypto
It isn’t currency. It’s a gambling contract with a nearly 100% edge for the house.
By Charlie Munger
Feb. 1, 2023 6:16 pm ET
https://www.wsj.com/articles/why-america-should-ban-crypto-regulation-economy-finance-china-england-trading-currency-securities-commodity-gamble-11675287477
https://wallstreetonparade.com/2023/02/bombshell-emails-raise-questions-about-what-sullivan-cromwell-knew-about-fraud-at-sam-bankman-frieds-crypto-firms/
You need to do more of these feel good stories Garth
#59 Captain Uppa on 02.06.23 at 4:31 pm
Uhhh, that’s my handle. I have been using it for a long, long time.
No imposters allowed. Please change it.
#60 the Jaguar on 02.06.23 at 4:36 pm
…..
Ring, ring, ring…..Old Boot….please pick up the telephono……
https://www.youtube.com/watch?v=59wpoMK3Rcs
Thought this news announcement might be of interest given the other day’s discussion about the BC Gov relaxation of small quantities of drugs, etc. Here is what the cowpokes on the other side of the Rockies are up to:
https://www.cbc.ca/newsinteractives/features/the-way-out-addiction-in-alberta-marshall-smith
***********
Yes, I read this article today. Sounds sensible, therefore will be rejected out of hand by the Wokus Dei here in BC.
Marshall and I may have crossed paths in the Skids, as our tours there coincided. He should be the poster boy for success in drug recovery.
Apparently only active drug users have the requisite ‘lived experience’ to direct BC’s drug policies.
“Follow the Scientology” cry the spiritually pure, which as all good researchers know consists of extensive anecdata sourced from people who have hypoxic OD-induced brain damage, and who shoot poison diluted with puddle water into their neck veins on the daily.
Eby is struggling with the knowledge that mandated treatment is the only hope for what ails drug addicts, but to say it out loud will be viewed as a grave ideological sin against the ‘destigmatize’ commandment of woke theology.
I think he’s just trying to organize behind-the-scenes political support in cabinet for it, before he takes the plunge into reality.
#85 Sail Away on 02.06.23 at 5:39 pm
#57 Faron on 02.06.23 at 4:18 pm
#33 Sail Away on 02.06.23 at 3:16 pm
ATVI -4.8% on reports the UK will block the merger. Guessing your position is -10% or so.
———
Lol. Beep Beep!
—
Hmmm, you’re the one getting crushed by the ATVIl by underperforming ZSP by more than 6% and XEQT by 11% since you and the rest of the droolers lurched in for muh arbitrage.
Methinks you are confused. Maybe a touch of species dysphoria? There are surgical and hormonal cures for that, you know.
#52 Pylot Project
When I see stories like thinks, and hear the bleating of sheep, all I want to do is repeat my favourite Al Swearengen quote:
“Pain or damage don’t end the world. Or despair or ***ing beatings. The world ends when you’re dead. Until then, you got more punishment in store. Stand it like a man, and give some back.”
—— —
I like to refer to him as Al Swearagain.
19 PBrasseur on 02.06.23 at 2:44 pm
In the US the wealthiest 10% of the population owns 89% of the stocks.
——————————-
Exactly,
That’s why all the international wealth statistics are skewed.
But are the Amis happier.
Than the poor suckers in the rest of the world?
Market cools off in January
Okanagan 3:29 pm – 753 views …………….. https://www.castanet.net/news/Kelowna/410100/Prices-tumble-as-interest-rates-winter-slowdown-cool-off-housing-market#410100 No surprise here..
Oakville originally 2.3 mil, now asking 1.3 mil. That’s a 43.5% loss in a year.
To finance the joint you pay 300% more than you did 18 months ago.
This is not a monumental loss, it’s a catastrophic loss. Thus governmental intervention.
No different than a hurricane.
My call for a 50% loss peak to trough looks spot on.
My call for a government bailout will also be correct as these folks will claim that the government was complicit by lowering rates excessively to stimulate the economy out of a recession created by the pandemic.
Watch the rhetoric, they were victims.
Brace for it, you’ll be bailing them out.
Follow Garth’s excellent financial advice, or go your own way. Your way, you will see what comes out the other end.
#94 North
Rents are not affordable either and rocketing up. So, this equates to a drop in the standard of living in Canada.
——————-
How would that be?
It’s a zero sum game.
Why do you assume that renters are poorer than the Landlords?
Right now the amateur Landlords are subsidizing the Renters.
2% rent controls in BC
We are so entitled in the first world that its almost an insult to our society if one doesn’t feign the victim from time to time…especially when money is involved…or, of course, repercussions of being unloved from daddy. . . . I know, it hurts.
8 bill. in the world? lawyer boy will get no sympathy from me. Nor will the duped wannabees overpaying for a driveway and stairs.
– – – – –
OAN, met a super cute Colombian today. Started talking about food….I see an in!
Og
I love it when the greaterfool.ca calls the masses ‘greater fools’. The universe is in complete synchronicity at that moment in time… ohm…. ohm…
#48 jane24 on 02.06.23 at 3:56 pm
I am also wondering why this RE lawyer is making his RE problems public. Terrible PR for his business. He should have shut up about it. He will end up with no houses, no business and no reputation. Hope his wife sticks around.
He gambled. He lost. End of.
__________________________________
My thoughts exactly.
Roadrunner, if he catches you you’re through!
The good news is I never saw the episode where the Coyote prevailed.
Re: #77 Shawn on 02.06.23 at 5:17 pm
They’ll help alright by suing him the day the signed contract is/was supposed to close. I watched the video on youtube this morning.
@#67 canuck on 02.06.23 at 4:50 pm
The blog has no message. How quaint and analogue of you. – Garth
______________________________________________
You write this blog, you don’t read it. Teddy isn’t the only one who thinks there is messaging going on. The last few entries have been pretty hefty tire pumping on how there will be no recession and that inflation will be under control by the end of the year.
I haven’t said anything because I know you’d crap all over my comments, as you’ll do now because you don’t care for any kind of criticism.
I read your blog for insight given your background, not your prognostications.
You’re free not to read it. I wouldn’t. As for my views on the economy, (a) no recession. That’s obvious now. (b) Inflation is forecast by the CB (not me) to be 3% this year. I know you want doom but, hey, sorry. – Garth
+++++++++++++
lmao, if you dopes don’t like the blog or the message don’t bother with it. i’m sure theres lots out there that fit your narrative on life.
Garth…. As for my views on the economy, (a) no recession. That’s obvious now.
**********
Well, let’s say it’s not obvious.
Second, my point will seem absurd to you, but Canada needs a good recession right now for a good economic recovery. It is necessary that numerous bubbles in all spheres of the economy quickly burst. Otherwise, Canada in 10 years will turn into a third world country with no future.
NYC mayor giving free bus tickets to Canada for “asylum seekers”. National Guard soldiers helping distribute tickets at Port Authority bus station in Manhattan to Plattsburgh. Then by van to Mountain Mart Gas Station & onto end of Roxham Rd.
When the Ruskies were doing the same thing via Belarus we (the west) called it “weaponizing illegal immigration”. Its highly unlikely the lil potato will build tout suite a 20 ft. iron fence like the Polish Army. Go with the Gartho & buy a little warm dry nest to crawl into at night if at all possible. There’s millions coming my friends, millions. And nobody is going to stop them? And nobody is going to make them leave. This is just the warm up.
#94 North of 60 on 02.06.23 at 6:03 pm
… and he is not a fan of you Garth, as he mentions your name in posts with a lot of sarcasm.
^^^^^^^^^
Nah. If he mentions Garth at all it is to repost a blog article of his. Perhaps you are thinking of “the oracle” rockstar realtor with initials SS.
Even at $500,000 less they are still overpriced by half.
Protest against Mattamy…Feds…and Banks.
(Is the protest speaker that lawyer Soroha ? )
PS:
Check the scanned side- by- side articles from 2018 vs 2023 re: housing price crashes in each year. Intriguing.
https://twitter.com/ManyBeenRinsed/status/1622608198703144962
You’re free not to read it. I wouldn’t. – Garth
________________________________________
Always with astute advice for steerage!
For free. We are blessed.
#102 Faron on 02.06.23 at 6:24 pm
#90 Welcome to 2023 on 02.06.23 at 5:48 pm
#31 Ustabe on 02.06.23 at 3:14 pm
Agreeing with Ustabe and adding that the majority of the non cis-hetero identify as LBG. Only 10% identify as, the apparently horribly dangerous, T-word.
If you are worried that the numbers are rising, consider that the # of left-handers rose in the 20th century as arbitrary social norms were abandoned. Handedness is about as useful a means of predicting dangerousness as gender/sexual identity.
Quit the handwringing and consider turning on those who would distract you from real issues so badly.
———-
Oh, I don’t think they’re dangerous at all, I just don’t want it foisted upon my children at gov indoctrination centers, er “schools”. I don’t believe in sexualizing children, straight, gay, trans or other. The way I see it, to each his own, but keep it away from children, especially mine. I would like grandkids one day, no offence. You do you.
#4 Ponzius Pilatus on 02.06.23 at 2:00 pm
Pre-sales are like Pre-nups.
Don’t sign them.
Walk away.
You’ll be glad you did.
———————————-
Prenups are essential for the established gentleman in the modern age. If you are just starting out perhaps you don’t need one. If you are half way to the finish line not getting one can practically destroy you and your family. They say you don’t really know your spouse until you’ve been married for 10 years, but that’s plenty of time to run off with all the booty.
Presales are essential for the financing of many projects, and don’t really present much more risk than any other home purchase (other than delivery date). Either way your fate is tied to the movements in the market.
Dr Ajit signed two $2.4M houses. I bet he wanted to flip the two house for $4M but he got caught with pants down. No sympathy from me here.
#12 Fiendish Thingy
Lawyer Ajit Soroha should switch from real estate law to bankruptcy…
Have some decency! That is someones son ,brother, father.
We all make mistakes.
It seems most people do not understand what the pandemic might have done to society without stimulative CB monetary policy, here and around the globe. We were about to go over a cliff and stupid house prices now are not a surprising price to pay for those bankers having saved the economy – or keeping billions of people out of financial misery. – Garth
Keynesian economics is a theory and like socialisms when practiced seems like a good idea ’till it ends badly. We should of taken the hit in 2008 instead we kept millions of people out of financial misery only to put billions more in the same predicament. We need to face the fact that the can is full of concrete and if we keep kicking it things begin to break.
Perusing and vetting earlier comments ..
I think Pre- Sales should be BANNED…
……I can see a collective advantage in some respects…but the flipside is they inevitably and historically set in motion a set of financial disaster dominos that will impact the rest of us.
“And Trump won, right?- Garth”
I believe he did… in 2016. What’s that got to do with anything I said today?
#45 wallflower -Rent or Sale
One such house
https://www.zolo.ca/mississauga-real-estate/2280-doulton-drive
Rent 35,000 Sale $13 mill
#90 Welcome to 2023 on 02.06.23 at 5:48 pm
#31 Ustabe on 02.06.23 at 3:14 pm
Not any more… I read somewhere that 50% of graduating high school students identify as LGBTQQIP2SAA. Who knows what that % will be when my 3 year old son graduates.
————————————
I wouldn’t go extrapolating that trend in such a manner. It falls under the category of “things that can’t go on, usually don’t”.
Due to the demographics and birth rates you find among the various religious beliefs, God will win that game in the long run, as he always does. Or Darwin, which ever way you want to look at it. The gene pool does not tolerate non-swimmers, and there is no life guard on duty.
#99 Eco Capitalist on 02.06.23 at 6:22 pm
@#70 Nonplused
After $69 billion dollars and 20 years the F22 finally has its first combat kill: A balloon.
—
You’re looking at it the wrong way. You should be thankful that you live in a time where the F22 hasn’t had to do any real work in 20 years.
——————————–
Cheese and crackers, a guy can’t even get away with a little bit of sarcasm around here! But so far as I can see, there won’t be any work for it to do in the next 20 either. Or the 20 after that. The future is drones and missiles. And the only potential rivals to western air power also have nuclear missiles, so there is that.
The proper analogy for the air force is probably a polaroid camera. They got better and better, right up until the end.
Interest rates will rise to 8%. Position yourself accordingly! Don’t listen to the greater fools..
Short term bonds are going to be the best place to shelter from the storm. Currently paying 4.5%
Patrice
There’ll be no reprieve where rates are concerned. Rates are on a one way trajectory, and that’s up, says the only guy that matters, Jerome Powell. “we’ve got a lot more work to do”, says Fed Chief Powell…the only guy who’s opinion matters. At this point Tiff can go home.
Our guy Tiff must be muttering in his soup that he ever let a foppish politico loose in the treasury but it’s too late. A collapse of consumer sentiment, of which real estate is the last disintegrating chopstick, which is all Canada can rely on now, after industry, resources and energy revenues have been taken to the woodshed, is imminent.
Certain economically devoid politicians had propped up GTA real estate as a virtue signal are squatting on their haunches and giggling in fear as the crowd sharpens their criticism. Say goodbye to your life savings as the Four Liberal Horseman gain ground, rampant inflation, house price collapse, ratcheting taxation, and a collapsing currency. Canada is broken, you get no argument from me.
Don’t run towards a hospital it’s a burning platform more for a unions pay than a place of health and safety. Don’t ask your government to cut back spending on the Global South Initiative, it’s too important to fund gas pipes in Kenya and Somalia etc etc etc.
Don’t even ask for pity when you your kids extracurricular stuff are cut because you’re electric bills carbon taxes clean you out, because there a those who deserve Canada more than you who’s needs come first. I pity the great blue whales being misinformed by off shore windmills and being beached by the dozen out of a population oh just a few. Climate Change Uber Allas.
Lots of balls juggling in the air.
FOMO , financial, fiduciary.
The Spring real estate rutting season will be interesting to watch.
Renting rocks!
#103 jess on 02.06.23 at 6:28 pm
Why America Should Ban Crypto
It isn’t currency.
Well yeah isn’t it obvious that if some junk digits can’t be exchanged for another easily accepted junk digits the former is worthless? If there was no exchange permitted would we even be having this discussion?
Fiat is also make believe however, anyone simply exchange time, labour, taxes, food, energy, transportation, housing, goods, and so on for nearly any other fiat. I’d sooner take physical cash, booze or a labour promise (favour) over a computation.
#136 Nonplused on 02.06.23 at 9:13 pm
#99 Eco Capitalist on 02.06.23 at 6:22 pm
@#70 Nonplused
After $69 billion dollars and 20 years the F22 finally has its first combat kill: A balloon.
+++++++++++
Nobody wants to fight the F22 or the F35. When Israel hits Iranian proxies in Syria both the Syrian and Russian airforces stay on the ground. The Russians do not even turn on their S400 air defence systems cuz the US built jets will kill them.
The Prime Minister and Premiers meet this week to try and bash out a “Health Care” deal.
Expect our profligate PM to toss more hundreds of billions on the national debt “binfire of his vanities”.
But he looks great in those brown shoes doesnt he?
#86 Concerned Citizen on 02.06.23 at 5:40 pm
This is me playing the world’s smallest violin for this guy.
These speculators are right to be mad at the central bankers, but they’re mad for the wrong reason. The central banks weren’t wrong to jack rates up to what are still historically low levels. They were wrong to bring them down so relentless over the last couple decades in the first place.
Zero interest rates – or even deeply negative in real terms – have created/enabled so many of the problems we now face. Who wants to speculate in bubbly real estate and deal with tenants, maintenance, financing, etc., if they can earn a risk free 3% or 4% in government bonds? When money actually costs something, the business case disappears for buying that crack shack down by the river for $2M.
Western central banks have done nothing but stimulate since 2009, and now we have economies where few could afford the homes they live in, and young people are totally priced out. Canada can’t take any more of this kind of short-sighted monetary policy, and I’m terrified that’s exactly what we’re going to get later this year. If Macklem, Powell, etc. were smart, they’d use this opportunity to stabilize the policy rate at a level well above 0% and keep it there for a few years.
………..
It seems most people do not understand what the pandemic might have done to society without stimulative CB monetary policy, here and around the globe. We were about to go over a cliff and stupid house prices now are not a surprising price to pay for those bankers having saved the economy – or keeping billions of people out of financial misery. – Garth
……
But yet, not every country on the globe ended up with rediculous house prices…in fact, most did not???
#127 Welcome to 2023 on 02.06.23 at 8:17 pm
Oh boy. Sigh.
#106 Alois on 02.06.23 at 7:43 pm
PS:
…..Check the scanned side- by- side articles from 2018 vs 2023 re: housing price crashes in each year. Intriguing.
https://twitter.com/ManyBeenRinsed/status/1622608198703144962
These buyer remorse stories have been going on ever since I first bought GTA RE in 1990. I had this feeling then, but hung on to survive. If these investors bought at peak, they better close so at least they have an asset and won’t get sued for a fortune.
1990, 2008, 2018, and 2022. These were noticeable drops in RE Prices, but if you’re in for the long haul, then you did great (like me)!
Gee.
60% of polled Canadians support private health care.
The largest shift in public opinion in decades.
But the govt would rather spend money on bureaucrats.
Protecting their turf….as it were.
The Liberals own this 100%
Luvin it.
Jacinda Ardern may be the first PM to resign before her mandate was up……she won’t be the last.
CANADIANS playing with houses like cryptocurrencies…
Haha!!!
#124 Houses in many parts of the USA we research are in the 20- 50k range and are as good if not better than stuff in Canada where you get stuck paying10 to 20 times the American prices. Unfortunately Canadians have tuned out for the past 20 years and have got caught in the harsh slap of reality. Don’t listen to realtors do your own research on zillow and redfin etc.
@#122 fishman
“NYC mayor giving free bus tickets to Canada for “asylum seekers”. National Guard soldiers helping distribute tickets at Port Authority bus station in Manhattan to Plattsburgh. Then by van to Mountain Mart Gas Station & onto end of Roxham Rd.
When the Ruskies were doing the same thing via Belarus we (the west) called it “weaponizing illegal immigration”. Its highly unlikely the lil potato will build tout suite a 20 ft. iron fence like the Polish Army. Go with the Gartho & buy a little warm dry nest to crawl into at night if at all possible. There’s millions coming my friends, millions. And nobody is going to stop them? And nobody is going to make them leave. This is just the warm up.”
+++
I’m sure the “Pure Laine” in Quebec will welcome them with open arms………
The Liberals will fall all over themselves to explain why our border is still secure.
It’s been a few years but, 2 cents. We’ve just started the downturn. Like, we are literally cresting the hill and some are calling bottom. It’s no different from the tops we’ve been calling for YEARS.
Oakville, a fantastic place to live with great neighbours and a ravine within walking distance wherever you live.
And North Oakville – home to the very first Police Picnic in 1981, not far from where I live now. Likely not far from the Mattamy homes in question.
I think this was the first concert I attended.
https://www.insauga.com/the-police-picnic-turned-the-spotlight-on-oakville-40-years-ago/
Love it!
And of course North Oakville had a maverick of an MP who got himself kicked out of his party for starting a blog.. what was his name?
#127 Welcome to 2023 on 02.06.23 at 8:17 pm
#102 Faron on 02.06.23 at 6:24 pm
#90 Welcome to 2023 on 02.06.23 at 5:48 pm
#31 Ustabe on 02.06.23 at 3:14 pm
Agreeing with Ustabe and adding that the majority of the non cis-hetero identify as LBG. Only 10% identify as, the apparently horribly dangerous, T-word.
If you are worried that the numbers are rising, consider that the # of left-handers rose in the 20th century as arbitrary social norms were abandoned. Handedness is about as useful a means of predicting dangerousness as gender/sexual identity.
Quit the handwringing and consider turning on those who would distract you from real issues so badly.
———-
Oh, I don’t think they’re dangerous at all, I just don’t want it foisted upon my children at gov indoctrination centers, er “schools”. I don’t believe in sexualizing children, straight, gay, trans or other. The way I see it, to each his own, but keep it away from children, especially mine. I would like grandkids one day, no offence. You do you.
**********
Ah, the old left handedness canard.
The number of left handed people rose 6% over a period of 6 decades , while number of children and youth identifying as trans has risen 4000% over the course of a decade.
Transition was 99% male until 15 years ago, but the ratio is now 80% female to 20% male. 70% of the girls are same sex attracted as are 60% of boys, 30% are autistic, and most of these kids have OCD, BPD, NPD, anxiety, or trauma issues.
The dramatic increase in trans identification is confined solely to youth and young adults. There is no increase in the number of middle-aged women seeking transition.
Middle-aged men who transition are almost exclusively heterosexual men with a transvestic fetishism disorder. None of them has a history of childhood gender non-conformity.
A diagnoses of gender dysphoria is not required for referral to ‘gender affirming care’. Children are being transitioned because they’re gender non-conforming, or because they play with the wrong toys.
Trans children are like vegan cats; you know there’s an adult with an agenda behind it.
The UK, Sweden, the Netherlands, Finland, and France – all socially liberal democracies – have halted medical transition of children and youth after performing systematic reviews of the ‘affirmative’ model of treatment. Even Florida is ahead of Canada in evidence-based care.
There is no evidence that transition improves long term mental health or suicidality. There is a developing body of evidence that transition may increase suicidality.
Even the World Professional Association for Transgender Health admits that social contagion is driving these numbers. Not surprising, as we know that eating disorders spread this way amongst girls.
Faron is an idiot, and knows less than nothing about this issue.
#118 Doing my Part on 02.06.23 at 7:26 pm
Roadrunner, if he catches you you’re through!
—————
That will be an interesting day. The outcome is assured.
“The pendulum swings both ways, baby.”
so well said!
a pendulum goes to the same height on both sides. the game just starts. it takes another 12-18 months to see the real impacts from the higher rate, and rate stops going up is quite different from rate starts going down, why rushing in now, BABY?
Sex is genetic: if your parents didn’t have it, you wouldn’t have it either.
#146 crowdedelevatorfartz on 02.06.23 at 9:40 pm
Gee.
60% of polled Canadians support private health care.
The largest shift in public opinion in decades.
But the govt would rather spend money on bureaucrats.
Protecting their turf….as it were.
==================
BC Opposition leader Kevin Falcon said BC has approx. 60 Public Health executives making over $400,000..while Alberta has approx. 20.
Much like BC Ferry union recently said they have more VPs at BC Ferries than they have actual Ferries.
https://www.foxbusiness.com/economy/economist-who-called-2008-housing-crash-predicts-another-drop-home-prices
Economist who called 2008 housing crash predicts another 15% drop in home prices
I am having a hard time imagining Premier Ford having goosebumps.
I side with these investors that I learned about this week who appear to think all will be OK with RE and the economy.
The group just bought a hotel along the QEW Mississauga-Burlington corridor for $37 million. The seller had bought it 5 years ago for only $18 million.
Right beside a GO station. They say it’s an 5 to 8 year project for them to tear down the hotel and build a complex of condos.
They see condo prices doubling in that time frame.
#152 Old Boot on 02.06.23 at 10:26 pm
That’s a steaming pile there miss covered by a sunbaked patina.
A couple gems:
Old Boot’s BS claim:
Reality: To apply for these surgeries, Nova Scotians must first obtain at least three letters: one mental health assessment letter confirming that the patient has gender dysphoria and is capable of informed consent; a support letter from a clinic or family doctor confirming that the patient will be cared for post surgery; and a letter from an endocrinologist, psychiatrist or surgeon also assessing the patient’s mental wellness
Old Boot’s BS Claim:
Reality: The authors conclude that “In this first total population study of transgender individuals with a gender incongruence diagnosis, the longitudinal association between gender-affirming surgery and reduced likelihood of mental health treatment lends support to the decision to provide gender-affirming surgeries to transgender individuals who seek them.”
Frankly, I ignore almost everything you write because, where you deal with data, you partake in highly dishonest slants that are not supported. Elsewhere you rally fear based on prudish preconceptions while conjoining yourself with a right wing that happens to be an ally of yours on this issue at this moment despite a deep and lingering hatred for homosexuals (apparently you among them) among its ranks. That kind of pandering is disgusting.
Occasionally I’ll fact check your nonsense as above and 100% of the time your conclusions lie far far away from any medical or social reality. Other times your sources are laughable (Evie for example).
No, I’m not an idiot. I’m smart enough to see the insane zealot you are. One who is willing go to any length, shape shift among any number of online personas, baselessly claim certain persons are pedophiles and likely lie in uncountable other ways to try to win over an issue that lines up with ideals rooted firmly in fascism and other horrors that society occasionally embarks on.
I could see you from miles off having dealt with climate change nutters. Garbage sheer trash doing the world zero favours. Go away.
#155 Sail Away on 02.06.23 at 11:18 pm
Sex is genetic: if your parents didn’t have it, you wouldn’t have it either.
—
IVF.
Do not worry for the Lawyer, he can just pick up a few shifts for Uber.
I know this location very well, along Dundas street in Oakville. Buyers have been buying and flipping these homes from Mattamy for the last 10 years. Lets hope any of our governments DON’T throw our cash into this to save them. I feel for the true families that bought high, however there are plenty of flippers at this location and more.
FYI rumor was couples were buying two houses every phase and flipping them when the next phase opened……
@#156 Alois
“BC Opposition leader Kevin Falcon said BC has approx. 60 Public Health executives making over $400,000..while Alberta has approx. 20.”
++++
Yep.
Doctors all across the country complain of the insurmountable paperwork bogging them down….
The govt responds with more studies, recommendations and….paperwork.
Bureaucrats and the bureaucracy they must protect.
They are incapable of down sizing.
It is completely against their reason for existence.
Nauseating
@#158 troy
“I am having a hard time imagining Premier Ford having goosebumps.”
++++
Why not?
He induces goosebumps.
DELETED
#160 Faron on 02.07.23 at 1:36 am
This is gonna be fun. You posted:
“Reality: To apply for these surgeries, Nova Scotians must first obtain at least three letters: one mental health assessment letter confirming that the patient has gender dysphoria and is capable of informed consent; a support letter from a clinic or family doctor confirming that the patient will be cared for post surgery; and a letter from an endocrinologist, psychiatrist or surgeon also assessing the patient’s mental wellness”
1. This information is for surgical intervention only, not for puberty blockers or hormones, both of which have irreversible effects on brain development, sexual function, appearance and fertility.
2. The outcome of the mental health assessment is a foregone conclusion because Canadian law has left clinicians with only one choice: that to affirm a patient’s self diagnosis.
Bill C-4 banning “conversion therapy”, a practice that no one has been subjected to in Canada for decades:
[C]onversion therapy means a practice, treatment or service designed to
(a) change a person’s sexual orientation to heterosexual;
(b) change a person’s gender identity to cisgender;
(c) change a person’s gender expression so that it conforms to the sex assigned to the person at birth;
(d) repress or reduce non-heterosexual attraction or sexual behaviour;
(e) repress a person’s non-cisgender gender identity; or
(f) repress or reduce a person’s gender expression that does not conform to the sex assigned to the person at birth.
So if someone doesn’t identify with the regressive sex stereotypes of their birth sex (and who among us does?) but identifies with the culturally mediated sex stereotypes of the opposite sex (there’s only 2), they will be approved for mutilation, sterilization, and/or castration.
https://www.loc.gov/item/global-legal-monitor/2022-01-19
As to your second link:
Oh dear. You didn’t just Google a study but not actually read it, did you?
Of course you did.
First paragraph of your linked study
“UPDATE: August 1, 2020
The American Journal of Psychiatry has published an erratum notice after conducting a statistical analysis that was prompted by letters questioning the methodology of “Reduction in Mental Health Treatment Utilization Among Transgender Individuals After Gender-Affirming Surgeries: A Total Population Study.” The erratum explains why the study’s conclusion “that the longitudinal association between gender-affirming surgery and lower use of mental health treatment lends support to the decision to provide gender-affirming surgeries to transgender individuals who seek them” is too strong.”
The authors also conveniently excluded anyone in the study cohort who died.
The correction:
https://ajp.psychiatryonline.org/doi/10.1176/appi.ajp.2020.1778correction
And your third claim:
“No, I’m not an idiot.”
Considering your obvious difficulties with reading comprehension, I’d get a second opinion.
Nice try, PhDerp
It’s now coming out that several spy balloons traversed the US during Trump’s administration. However, a NORAD official says they were “unable to see them”.
Interesting how invisible and unverifiable balloons pop up out of nowhere right when Biden needs a convenient distraction to shift the focus on to someone else.
Pardon me for saying so, but the NORAD balloon cover story is just so much hot air.
“Greedy Folks Buy Preconstruction Homes as an Investment, Then Get Freaked Out When the Expected Value Drops at Time of Closing. VICTIMS!”
And this is a “news” story?
Why, exactly?
I guess the Toronto Star needs to fill space with something.
What a waste of ink and trees.
Pulp Fiction.
People who have been buying houses in recent years never realistically planned to pay their mortgages off. Everything in that equation depends on appreciation of 10%-30% per year. You just sell to pay your mortgage off and take the difference, flipping, flipping. That is where the demand came from, and if you are left to hold the hot potato, then game over.
#146
60% of polled Canadians support private health care.
The largest shift in public opinion in decades.
But the govt would rather spend money on bureaucrats.
Protecting their turf….as it were.
The Liberals own this 100%
__________
Yet health care is the responsibility of the provincal governments and only 1 province has a Liberal premier.
I am so bored with T2 being blamed for everything that happens. Focus on his real shortcomings people. He has lots. The colour of his socks is not one of them.
I am so bored with T2 being blamed for everything that happens. Focus on his real shortcomings people. He has lots. The colour of his socks is not one of them.
++++++++++++++++
True. His major blindspot is that he can’t do math, chemistry, physics, math, engineering, and economics, while having utter contempt for those of us who can.
The Alberta Soverignty Act: Protecting Albertans from STEM intolerance.
#166 Old Boot on 02.07.23 at 8:52 am
Ouch!
Wile E. Coyote should stick to his other obsession tracking other people’s individual trades and calculating imagined RORs.
Holy moly.
#62 Pricedoutmillenial on 02.06.23 at 4:41 pm
Why wouldn’t financing be finalized when the contract closes or a Financing clause be added similar to what’s being done for already built homes. If the buyer is not able to secure financing they can back out. Bring in more protection to prop up the real estate buyers. The eh are the back bone of the Economy.
———————–
I’ve often thought this as well. It would make sense for the buyer and seller, but the conclusion I come to is that no bank in its right mind would touch this. That should tell you all you need to know about buyer a house before it’s constructed.
If a bank wants to finance real estate construction they will just lend to the company itself. At a higher rate. With assets as collateral. And a certain percent of contracts signed by greater fools so there is some money to collect through lawsuits at the end of the day if everything falls apart.
No personal responsibility. Sounds like Reddit
#166 Old Boot on 02.07.23 at 8:52 am
Again, your excited “rebuttal” is full of cherry picks and lies.
Old Boot BS:
Experiences with sexual orientation and gender identity conversion therapy practices among sexual minority men in Canada, 2019–2020
Here’s a review of 53 studies that say the same thing as the one you challenge. I’m sure you’ll latch onto the last sentence because you are a disingenuous cherry-picker who doesn’t understand that science doesn’t have sides or bias and always takes caution. The article I posted was not retracted. Its conclusion was softened, yet stands.
Fifty-three studies were included. Findings indicate reduced rates of suicide attempts, anxiety, depression, and symptoms of gender dysphoria along with higher levels of life satisfaction, happiness and QoL after gender-affirming surgery. Some studies reported that initial QoL improvements post gender-affirming surgery were not always enduring.
You are a liar. Almost everything you write is crafted for a specific, hateful message. Every time I take a sec to look into your claims I find they are baseless. They are crafted to alarm a morally fragile right but are paper tigers. Go Away.
We are trying Garth’s patience. Garth, as a good human, I ask that you reconsider posting Old Boots comments. They are fictitious and harmful to a community that has enough problems already. Just as you would block neo-nazi content, you should block Old Boots anti trans garbage.
Another Joker in the Deck….
It appears AirBnB and other short term rentals inspired many to buy RE(homes and condos etc.) when interest rates were low.
It also appears the newbie landlords felt the rent would cover the mortgage and perhaps garner a small profit…with the option to re-sell into a hot RE market.
Well…that’s all changed….
…..with higher interest rates the olde short term rental business plan is null and void.
(I assume that these short term rentals bypass Vacancy etc. Taxes…maybe someone can clarify.)
So…it appears far too many people bought , the short term rental market is glutted…and this adds to the panic selling of unprofitable RE inventory.
#57 Faron on 02.06.23 at 4:18 pm
#33 Sail Away on 02.06.23 at 3:16 pm
ATVI -4.8% on reports the UK will block the merger. Guessing your position is -10% or so.
—————
Score! ATVI +5% since yesterday’s dip due to excellent earnings. It’s like the universe is gift-wrapping this plum. Warren and I… we believe. Haha.
The arb, when it settles, will be joy on top of happiness.
:-)
#120 HMMM
lmao, if you dopes don’t like the blog or the message don’t bother with it. i’m sure theres lots out there that fit your narrative on life.
************************************
Grow up this is a blog that means people leave comments. Comments mean a discussion. If you are hear to only kiss butt and say I have nothing to add that was great well why leave a comment? We should just have voting buttons and be done.
There wasn’t a single so called complaint just an observation. And no I am not forced to have the same opinion as Garth or everyone else.
Garth…QUESTION…
I posted earlier re: buyers bailing…
“WORST CASE SCENARIO”
What happens if buyer tries “jingle mail”…aka say they put $ 100,000 down on a $1 Million pre -sale…its now worth $600,000 …..and the buyer just walks away with no interest in moving forward ?
What happens next ?
They’re pooched. Don’t try it. – Garth
Ustabe! Where are you? See post 175 where it would appear someone is trying to vote someone off the island!
Where is your outrage?
#175 Faron on 02.07.23 at 11:00 am
#166 Old Boot on 02.07.23 at 8:52 am
We are trying Garth’s patience. Garth, as a good human, I ask that you reconsider posting Old Boots comments.
——–
Hey, look: Wile E’s pushing for censorship. What a tool.
Lose a fight that you started, try to censor your opponent. Sigh.
the Jaguar Schadenfreude was invented for guys like Ajit Soroha. I think the Jackie Wilson song ‘No Pity in the Naked City’ is also a good fit.
For starters just try and take in the full measure of someone who buys not one, but two properties for 2,460,000, purportedly the extra one for ‘family’, (not speculation of course). If he put down 800,000 that isn’t even the requisite 20% or closing costs. If the value of each new build has corrected by approximately 23% per the other example he is short more than a cool million to close. The other ‘cat not out of the bag’ in the news item is that guys like Ajit who buy properties at this price point always own other properties, sometimes lots of them, with most fully leveraged as that is how the real estate pyramid gets built. The phrase ‘tangled web’ comes to mind, as does multiple players. Enough said.
As for this question posed by another blog dog, “The much bigger question is why would Mr. Soroha go public with his RE dilemma ?” Maybe in the past the squeaky wheel got greased. Proving ‘victimhood’ this time around might be a little harder.
Soroha’s got a way out. India.
Consumer and business bankruptcies soar following termination of government aid
https://www.thestar.com/business/2023/02/07/consumer-and-business-bankruptcies-soar-following-termination-of-government-aid.html
“Ajit Singh Saroha with his protest sign. He bought two homes worth 2.46 million each now that prices fell he is upset. Says Mattamy, the Feds & BOC are all killing the buyers financially.”
https://twitter.com/RE_MarketWatch/status/1622829663981633538
“[Ajit] Buys $5M of Real Estate, gets caught on the wrong side of interest rates. Now wants a bailout from the BoC and the property developer. Don’t be like this guy.”
https://twitter.com/SteveSaretsky/status/1623004993560408064
#181 Sail Away on 02.07.23 at 12:07 pm
#175 Faron on 02.07.23 at 11:00 am
#166 Old Boot on 02.07.23 at 8:52 am
We are trying Garth’s patience. Garth, as a good human, I ask that you reconsider posting Old Boots comments.
——–
Hey, look: Wile E’s pushing for censorship. What a tool.
Lose a fight that you started, try to censor your opponent. Sigh.
************
– Posts a study on conversion therapy that doesn’t indicate when the participants actually experienced this harmful practice, so we can draw no conclusions on whether it has occurred recently or historically. Study cohort drawn from a self-selecting online convenience sample, which typically means multiple responses from motivated individuals.
– Fails to grasp that transitioning proto-gay kids is the secular version of ‘pray the gay away’.
– Claims that accepting the authors’ own stated results of meta analysis is ‘cherry-picking’.
– No access available to study data used in meta analysis to determine whether or not included studies have since been corrected/amended/debunked entirely.
– Begs for the sweet, sweet release from an intellectual beat down via censorship.
Sad. Beep beep, Sailo. It’s Looney Tunes time.
DATA POINT IN THE HOUSING MARKET OF THE DAY:
GTA:
13K properties listed from Nov 1, 2022 to Dec 31, 2022:
4.9K Delisted
2.3K Still on market
5.7K Sold
->November: 59/day
->December: 76/day
->January/Feb:47/day
https://twitter.com/ShaziGoalie/status/1622965128915214336
#175 Faron
“science doesn’t have sides or bias and always takes caution”
lol lmao even
Fed’s Powell: We probably need to do further interest-rate increases.
Fed’s Powell: The strong jobs report shows you why we think this will be a process that takes a significant period of time.
Fed’s Powell: The jobs report was certainly stronger than anyone expected.
12:44 Feb 07US BondsUS IndexesUSD
Fed’s Powell: The process going to be bumpy, will need further rate increases.
Fed’s Powell: The message from last week’s FOMC was that the disinflationary process has begun, but there is still a long way to go.
#166 Old Boot on 02.07.23 at 8:52 am
Disgusting that you are conflating the now banned conversion therapy (that apparently homosexual you falsely and mind bogglingly claim isn’t even a thing) that is imposed on people against their will with the long and trying process of gender transition that is a radical act of self-will.
For those picking sides, many will pick Old Boot’s because her claims are artificial. They lie in the imagined world of pseudo-fact and cherry picked science. They can and will say anything because they have no constraint in reality, thys can craft a perfect message. The fight will never be fair because it’s the trans-rights people like me who are stuck in an often complicated reality arguing against an ethically bereft liar to an audience that won’t bother to follow up on her statements. Those are completely phony, inflammatory and keyed to their target group — far right people who are itching to hate marginalized groups.
Garth, the views that Old Boot is promoting and the actions that will follow if people like them prevail are outright human rights abuses. They lead to increased violence against trans people and cause real harm. By continuing to post your nonsense you are allowing a kind of hate speech. Anti-trans violence will hereafter, in some small part, be on you. You banned Old Boot on two separate occasions and presumably for good reason. Icd wager that their current behavior is far worse than that which landed them their earlier bans.
Also, Old Boot, you need to update your copy-paste internet trolling playbook. The link above is dead and your “facts” are inaccurate. Reminds me of the climate denying nuts that keep sending the same, 30 year old “arguments”.
#173 Josh in Calgary on 02.07.23 at 10:19 am
#62 Pricedoutmillenial on 02.06.23 at 4:41 pm
Why wouldn’t financing be finalized when the contract closes or a Financing clause be added similar to what’s being done for already built homes. If the buyer is not able to secure financing they can back out. Bring in more protection to prop up the real estate buyers. The eh are the back bone of the Economy.
———————–
I’ve often thought this as well. It would make sense for the buyer and seller, but the conclusion I come to is that no bank in its right mind would touch this. That should tell you all you need to know about buyer a house before it’s constructed.
If a bank wants to finance real estate construction they will just lend to the company itself. At a higher rate. With assets as collateral.
___________________________
When the buyer comes forward, he pays that contractor back for the higher rate.
When self building, it is pay as you go, so it should be on buying spec homes. Money all in before holding the title to be flipped, is fair ball.
You two nailed it!
#180 the Jaguar on 02.07.23 at 12:01 pm
#181 Sail Away on 02.07.23 at 12:07 pm
Yep, hate-speech should always be banned. Garth has banned Old Boot twice. Her posts are nearly 100% fiction aimed at inflaming hate.
Given that this blog’s comments skew pretty far right, Garth almost certainly suppresses innumerable racist, misogynist and antisemitic comments and commenters. Just as Twitter was right to ban neo-nazis until Elon let them back in, just as people like Andrew Tate are rightly arrested and deplatformed, Old Boot should be banned, full stop.
I lose these arguments in your eyes because Old Boot doesn’t have to limit themself to reality nor facts. I know what’s right and where the truth lies. The vast preponderance of data, human experience and outright kindness to others and respect for themselves and their choices informs me that I’ll only ever be wrong in your eyes. I couldn’t care less.
#177 Sail Away on 02.07.23 at 11:06 am
Cool, you are still 6% below a balanced equity index that this blog promotes. Meep Meep
#193 Faron on 02.07.23 at 1:05 pm
#177 Sail Away on 02.07.23 at 11:06 am
Cool, you are still 6% below a balanced equity index that this blog promotes. Meep Meep
——–
??
Please show the data as to your scientific determination of that. I did not share my entry points.
So demonstrably, you are making things up again. Not a good look for a scientist, or even a climate ‘scientist’, which is, admittedly, more flexible.
DELETED
186 Old Boot on 02.07.23 at 12:28 pm
#181 Sail Away on 02.07.23 at 12:07 pm
#175 Faron on 02.07.23 at 11:00 am
#166 Old Boot on 02.07.23 at 8:52 am
Old Boot’s BS:
From the study:
“CTP remains prevalent in Canada and is most prevalent among younger cohorts, transgender people, immigrants, and racial/ethnic minorities.”
Old Boot’s BS:
This is an opinion, you sate it as fact. Disingenuous lying that dolts like The Jaguar amd Sail Away thrive on.
Old Boot’s BS:
Your cherry picking is how you handle data in any statement you make.
Old Boot’s BS:
Listen to yourself. Essentially saying that if you (a paramedic medical bottom feeding hack) didn’t do the research, it can’t be trusted. What a joke.
Old Boots BS:
The more I dig into your comments, the more I realize how intellectually vacuous and, far worse, dishonest you are. Best part is you know it! I’m asking for Garth to grow a spine and reban you for hate speech.
the grammies must have made the rights head explode!
1972 -george carlin
pacifica case vs FCC
Seven Words You Can Never Say on Television
https://www.youtube.com/watch?v=jK2bMrH4ezA
My hip waders have sprung a leak.
I’ll come back later.
Pump & Dump Tuesday.
#171 Re-Cowtown on 02.07.23 at 10:14 am
I am so bored with T2 being blamed for everything that happens. Focus on his real shortcomings people. He has lots. The colour of his socks is not one of them.
++++++++++++++++
True. His major blindspot is that he can’t do math, chemistry, physics, math, engineering, and economics, while having utter contempt for those of us who can.
——————————
Hahahaha — that is a good one.
#194 Sail Away on 02.07.23 at 1:28 pm
#193 Faron on 02.07.23 at 1:05 pm
#177 Sail Away on 02.07.23 at 11:06 am
Oh, sorry, I assumed you entered when all the other mouth-breathing “muh arbitrage” goofballs did. Feel free to correct me with the facts of your position. Seems safe to assume it isn’t better than my inference, otherwise you would be crowing about it.
And don’t conflate my profession with what I say about stocks or you on this blog. That’s more libelous slander from you. Unsurprising at this point really.
Still boggles that you, an engineer slated to deal with projects that are climate sensitive, has such a desperately poor understanding of climate and climate change. When any infrastructure that you are involved in fails during a climate attributable event, I’ll be there with popcorn (and quotes from this comments section) to hand to the lawyers at your trial.
Bank of America CEO Brian Moynihan on Monday said the firm is preparing for the U.S. to default on its debt after surpassing its borrowing limit last month.
Lawmakers are locked in talks about whether to lift the debt ceiling, with Republicans insisting on spending cuts before a deal to raise the limit is struck, and economists are warning of financial crisis if a default does occur.
There will be no default. – Garth
“I know what’s right and where the truth lies”, says every single cult member ever, when forced to confront their own cognitive dissonance.
‘Feeling something very deeply’, is not the gold standard of truth and rightness. Ad hominems are not facts. It’s not a human right to lie about your sex, nor is it incumbent upon me to believe that lie in order to make someone else feel better about themselves.
“The fight will never be fair”? Dude, your ‘fight’ is backed by every western government, corporation, ngo, and educational system. The freakin’ NRA probably supports ‘trans rights’ (no one can actually list any human rights they presently lack).
You’re not a beleaguered rebel, bravely facing insurmountable odds; you’re an indoctrinated cult member who drank the Kool-aid.
All the real human rights battles have been long since won in Canada, denying oppression farmers like you the easy dopamine hit of socially applauded aggression. You’re just larping for woke cookies.
Next you’ll tell me I’m on the wrong side of history, and point out a grammatical mistake. That’ll make me see the error of my ways.
When you watch elected and unelected politicians and candidates in every level of government across the country routinely exploit immigrants for their own political status over the past 40 years you start to despise all politicians in Canada.
#196 Faron on 02.07.23 at 1:38 pm
…….REEEEEEEEEEE…..
************
You’re butthurt because you posted a study that you didn’t read or understand, and that didn’t say what you wanted it to.
You’ve staged a passionate, if deeply flawed, defence of establishment ideology and luxury first world beliefs. You’re not a freedom fighter, bravely facing certain death against insurmountable odds.
You’ve been given a dead mouse to play with, but still managed to let it get away. I’m sure pharmaceutical companies and for-profit medicine appreciate your sacrifice, though.
Take the L and walk it off. This is just … cringe.
#203 Old Boot on 02.07.23 at 2:37 pm
Woops, looks like I have successfully shot down each of your rebuttals so that now you are attacking my framework and claiming to be marginalized. LOL.
Here, in front of a crowd of righty nincompoops, the droolers will always fawn over you because you amplify their echoing nonsense with fabrications crafted to excite them. That’s it.
Literally everything that you write can be traced back to a root of either a cherry pick of data or an outright fabrication or intellectually dishonest take. Everything
IRL, your opinions and the fabricated arguments that support them are rapidly gaining traction with the DeSantis’ of the world who would just as soon conversion-therapy your presumed homosexual self into oblivion.
Makes me wonder: where are your personal standards that you join forces with a crowd that means you, personally, so much harm? I mean, Evie? Unless you aren’t who and what you say you are… which wouldn’t be the first time you’ve done that here…
You on the wrong side of history? Most def my man. Most definitely. I don’t say it because it’s a given.
Let’s see if I have this right:
Faron: draws a conclusion and makes statements based entirely on speculation, absent data proving his point
SA: points out that F had no data for such a conclusion, suggests this is not scientifically defensible, and if science is one’s job, perhaps concerning
F: REEEEEE! Libel! I’ll sue! I hope your business dies!
Sad… but sort of funny, too.
Perhaps an adult should sit down with these people and explain to them the meaning of the term “risk premium”.
I realize we will move onto a new topic soon..
….but Faron is all over the Map…trying to figure out their terms of reference…
More later….
GEES, THE BLOG HAS GONE TO DOGS LITTERALLY
Kanada’s de facto One-Child Policy. My ride share driver revealed he has two jobs. His wife has a job. They have only one child. Barely enough to make ends meet.
Just another day in a Former First World Country.
—-“We have always been at war with Russia”
This is all smelling a bit like a manufactured event to rollout a global Green/Reset Agenda??
“FRANKFURT, Germany (AP) — Europe imposed a ban Sunday on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow …
The new sanctions create uncertainty about prices as the 27-nation European Union finds new supplies of diesel from the U.S., Middle East and India to replace those from Russia, which at one point delivered 10% of Europe’s total diesel needs.
——- We were supposed to be so healthy :(
.Flu epidemic declared in Tokyo and five other prefectures (japantimes.co.jp)
https://www.bloomberg.com/opinion/articles/2023-01-19/why-are-young-people-dying-in-us-and-what-are-the-causes
Opinion Justin Fox
More Young Americans Are Dying, But Not From Vaccines
What the mortality data show is that, first of all, something has been killing American young people in sharply rising numbers lately. The 2021 mortality rate for those 15 to 34 was the highest since since 1973, and for those 25 to 34, it was the highest since 1950.