Great post, Garth. What a mess……
People are hooped, things are too expensive.
Something has to give.
F61AB
Argentina remove rent controls and housing supply skyrocketed, and rents dropped around 20-30%. A lesson for BC. You also need rules to be able to evict someone who doesn’t pay rent. If this was implemented in BC, rent prices would drop like a rock.
Up it goes
Meanwhile the federal government continues to deceive by publishing false statements.
Worse, the guys in charge are lying to us.
————-
This is why people are so cynical and angry, myself included. Politicians lie to themselves, to each other, and to us. The MSM helps or enables them. They spin, distort, twist, misrepresent,blur, omit the truth and they outright lie. Nothing they say can be taken at face value. Like 2.9% inflation. Riiight.
It’s not. One month of data makes no difference.
*********
Then this statement applies to everything even the recent sideways but still negative job numbers in July. In my experience most layoffs happen in the fall.
I read somewhere that it takes 12-18 months for rate hikes to make their way through the system. How long does it take for rate cuts to work?
Especially with the understanding that rate cuts do not occur when everything is good. I also read an opinion that the inflation experience thus far originated from pre Biden. They have yet to feel the Biden stimulus yet.
Without those housing starts what do all the construction trades do for work in the fall or manufacturing related to the housing market. Those new softwood duties are also lurking in the background.
Assuming no continous price increases how long does it take the average or above average income to pay off today’s average mortgage if payments cannot be increased? Prices always have a ceiling when borrowed money is part of the equation.
You can easily leave a landlord but not the Bank.
I am checking out of the consumer driven economy. Only buying what I really really need and like Shawn said only on sale items for food. Eating out is done, poor quality for the expense. Not that I have too…just tired of being gouged by everyone. And I am not the only one.
#2 Arm chair economist on 08.18.24 at 10:43 am
Argentina remove rent controls and housing supply skyrocketed, and rents dropped around 20-30%. A lesson for BC. You also need rules to be able to evict someone who doesn’t pay rent. If this was implemented in BC, rent prices would drop like a rock.
—————————
Houses are built with lumber and labour.
How did removing rent control increase housing supply, if no new houses are built?
The Lying and gas-lighting by government has become endemic.
Trusted
Not Trusted
Dis Trusted
They have reached stage 3.
I am not sure what has flipped in their perspective, but I suspect the ruling classes across the West have decided that divide and confuse to rule is the better strategy than supporting the peace and prosperity of a Middle Class Society, keep the masses precarious, in a daze of confusion, pit them against each other so they never look up.
Anyone can see that lack of shelter combined with mass immigration (TFW, Students, Immigrants, Refuges), group identity and loyalty, will turn Mouse Utopia into an overcrowded hellscape.
“… there are 21,158 unsold housing units available – a massive 14.5 month supply. That includes 17,391 condos and 3,767 single-family homes. “ – GT +
More than 82% of the unsold are condos? Are we talking matchbox in the sky kind of condos? In Vantown listings are 11,981 with 6219 apartment condos, or roughly 52%. Here in Cowtown of 4769 listings 1501 are apartment condos, so roughly 31%.
82% is a pretty scary number, especially given the demographics of our incoming population surge, which to my eye doesn’t fit the profile of those whose first choice would be the 600 square foot box in the sky.
Well…let’s just get it out there. There’s only one word to capture the whole debacle. Consequences. And there will be second helpings available for those with large appetites.
And then the NP had this story yesterday: “A new analysis warns that Canada’s major cities are struggling to keep their transit systems running, and says public transit is heading for a “downward spiral” unless major new streams of operating revenue open up.” Oh boy.
Too much of the wrong housing model, too many people, downward spiraling transit operations, and let us not forget crumbling infrastructure everywhere one looks. BOC and others hand wring over poor productivity in Canada, but sure seems like investment dollars have gone more to real estate than product innovation, new equipment, worker’s skills and technological changes. ‘Big Fail’ captures it perfectly.
currently reading Gregor Craigie’s book “our crumbling foundation” about our housing crisis.
Interesting in that one chapter is about a city in Canada, the next about a city somewhere else (just finished Helsinki) and it goes from hopeless to the next chapter being hopeful… and the hopeless chapters are about Canada.
So far a good read; learning about what is actually going on around the world shows the political statements we have here for what they are…
‘How to fix things? Start with honesty.’
—————
Wait… the politicos? Haha
Any government ‘plan’ is equally boosterism, hopium, enthusiasm and currying of favour.
Honesty is not part except insofar as avoiding blatant lies clearly obvious to the unwashed masses.
Never trust government… but definitely leverage their incentives and pay your taxes
Forgot to add. Once the back to schools sales bump is over…what wiil be next?
Lower than normal interest rates are the foundation of this mess. With immigration continue at these rates?
Looks like students and new immigrants are having a hard time finding jobs. As I said weeks ago a recent income assistance Provincial gov senior manager (friend) told me that welfare cases are increasing and the new immigrant category is swelling.
There is an assumption that all homeless people have some sort of mental health addiction etc. Judging by the number of fixed income seniors who are being evicted due to substantial rent increases we have a much bigger problem. Even the new immigrants are leaving Canada.
What about the bankers…BMO. Do they not have skin in the game? They wouldn’t lie either would they.
Problem is not population, but a concerted effort to pack everyone in the major cities paying exorbitant rent, while the billionaire developers get swathes of Greenbelt land for pennies should be something concerning.
What billionaire Canadian developers? Please name a few. – Garth
There’s only so many ways to cut back.
I look forward to working with people that are going commando…
M50BC
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
“Stretched consumers pull down undies sales.
Australians have pulled back on buying expensive underwear in favour of value packs of briefs, jockeys and boxers as household budgets continue to be squeezed.”
Alberta Exceptionalism!
Meanwhile housing starts in Alberta are at about record levels.
Alberta housing starts are up (yes) 49% year to date versus 2023. And accounted for 19% of all the housing starts across Canada.
Wowzer!!
Here’s a long term graph of Alberta housing starts
https://economicdashboard.alberta.ca/dashboard/housing-starts#
Did I mention that young skilled and ambitious Canadians should move to Alberta?
Something tells me adding between 1.14 to 1.33 Million people a year to an already strained country might not be the smartest strategy for prosperity.
What billionaire Canadian developers? Please name a few. – Garth
The billionaire developers who bought the portion of the Pickering Greenbelt which automatically became open for construction under Ford through suspicions of corruption. RCMP was assigned to the scandal.
Hey @8 Jag;
“… which to my eye doesn’t fit the profile of those whose first choice would be the 600 square foot box in the sky.”
As per my current reading, (ref post 9) a retired executive assistant excitedly moved into a brand new studio appt in Paris, 331 sq ft for Euros 700 per month including utilities and all fees. (Pg 41, first paragraph, chapter titled “Dreams Renewed”)
Somehow, we Canadians feel we need 1200sq ft minimum, with 2+ car parking spaces, and a million+ cost to be happy. How many can afford that? We are so wrong…
(Yes, I’m reading this book, because I want to understand from as many sources as possible what the “housing crisis” is here in Canada, because, the “official line” is always tainted by ego)
The root cause is lack of money to build; the root cause of that is federal debt and diluted monitary value; the root cause of that is government overspending and inflated money supply; the root cause of that is a fiat currency system controlled by central banks. As always, follow the money.
I look at this housing dashboard about once a month to see if any trends are unfolding.
As relates to this topic, if you scroll down to the construction section you will see an uptick since around May 2022 in B.C under construction.
Freeland will probably take a victory lap for that, like she did with the recent interest rate reduction.
I also find the dashboard useful to see what the kooks on Vancouver Island are up to, and how many people from Ontario and Alberta have decided living there is no longer their idea of fun…
M50BC
///////////////////////////////////////////
“Construction
Home construction, as measured by starts, units under construction, and completions, are crucial variables for the overall housing market. As new homes are added to the provincial housing stock and eventually become part of the resale market, construction data is essential for REALTORS®. Construction is also the primary way that new supply is introduced into the housing market, which in the long run is the only way to keep prices stable and maintain affordability.
A Housing Start is the stage when the concrete has been poured for the whole of the footing around the structure or an equivalent stage where a basem*nt will not be part of the structure. A unit is under construction after the start but prior to completion. The number of units under construction exceeds the number of starts and completions since units remain under construction for a duration before completion.”
https://www.bcrea.bc.ca/economics/housing-monitor-dashboard/
What billionaire Canadian developers? Please name a few. – Garth
Good question. Ron Butler seems to think their are vastly rich developer families.
Having owned shares in an Alberta residential land developer for many years, I have learned that it is a tough business.
In Alberta it seems that there are many small developers when it comes to single family lots. That creates competition.
When you consider the years and decades that money is tied up before a lot is sold it seems the return on equity is not great at all.
I would think that some land developers in the slower markets might have to sell off land and lots at lower prices now. The market does not care a whit about their costs. If they need to sell and buyers are scarce, prices have to drop.
Cheaper underwear
#13 Flop… on 08.18.24 at 11:40 am
There’s only so many ways to cut back.
I look forward to working with people that are going commando…
M50BC
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
“Stretched consumers pull down undies sales.
Australians have pulled back on buying expensive underwear in favour of value packs of briefs, jockeys and boxers as household budgets continue to be squeezed.”
**********************************
Good news for Warren Buffett / Berkshire as he/they own Fruit of the Loom.
Buffett said of that company “we cover the asses of the masses”
If you have a house, protect it from water damage. Leaks from the roof or pipes can cause deterioration, so stay on top of maintenance. Also, keep your eavestroughs clear of leaves. Overflowing water from clogged eavestroughs can flood your basem*nt and rot your foundation.
Houses are expensive, so if you have one, take care of it. In the long run, properly maintaining our current housing stock will help with this crisis.
“What billionaire Canadian developers? Please name a few. – Garth”
In Vancouver we have Bob Gagliardi, Bosa family, Aquilini family, Peter Wall, Caleb Chan for starters.
So as the housing price, affordability, construction, sales, continues to struggle…..
The govt still won’t deal with the hundreds of thousands if not millions of people pouring into Canada year in and year out……with no affordable place to stay…..
Sounds about right.
Perhaps if 10,000 homeless start popping up tents on the front lawn of Parliament they might get it.
Love the dog’s expressions – holy moly, those humans are crazy:)!
And yes Garth absolutely nailed it. Private industry won’t build at a loss – can’t, if they want to survive as a business – but our government keeps airily promising that RE will be built in quantities sufficient to allow ‘everyone’ a secure, affordable home. “Vote for us!!!”. Given that actual reality have my doubts that any of said politicians, those currently “in” & those who want to replace them will be actually honest about what will & won’t occur regarding housing.
Reality says the only way ‘affordable’ housing will occur is if it is massively underwritten/subsidized by taxpayers. In other words, ‘the government’ has to build it & then manage it so folks can have an affordable place to live. Given our current deficit situation, means a LOT more debt because no one is going to cut back on all the other stuff folks demand, like health care, OAS, child care subsidies, that much vaunted ‘free’ dental plan & more. Let’s throw in the UBI – universal basic income – while we are at it. Everyone gets a pony!!! Meanwhile, the assault on those who actually own continues, with the expectation that ‘the rich’ will fund all this largesse for those who don’t yet own. So have to ask – why would anyone continue to own if they get punished for doing so by being taxed into oblivion? Why would anyone who doesn’t yet own want to become the next target to be so taxed? Oh wait, that won’t happen because it wouldn’t be ‘fair’? So why is it fair to do it now?
Freeland can’t even save her own money for her down payment on the house she now lives in. Yes, her parents had to give it to her to buy the house. What, did she buy too many shoes, clothes with her money or what.What does she know about families, people struggling to buy a house or those that buy a house that has saved up had to be taxed to the max under her Liberal, left, socialist, UN, EU, China CCP backed Trudeau, Freeland government
Cheap, unwarranted, personal shot that says more about you than her. – Garth
After all, how many of us will there be in 2031? “Canada will likely end 2024 with about 42 million people. This will be about 48 million at end of 2029,” says a leading population forecast. “Canada should pass 50 million in 2030 or 2031. Ontario will pass 16 million this year and will be over 20 million before 2030.”
In other words, if you think we have a housing crisis today, you may be gobsmacked at what lies ahead.
>>>
OH NO!
Is this growth more motivation for First Nations to lawyer-up, organize and pull more damages and reclaim their lands?
Land is about to come at a premium in Canada, and if federal government has $135 Billion in latest budget to pay back-damages treaty claims in the court system now, what will it be in 2030? And what will the renegotiated treaties look like going forward?
Crocodile Dundee was on this weekend. Of course with streaming, no one needs to watch the TV broadcast, but I did catch this part:
“Well, you see, Aborigines don’t own the land.They belong to it. It’s like their mother. See those rocks? Been standing there for 600 million years. Still be there when you and I are gone. So arguing over who owns them is like two fleas arguing over who owns the dog they live on.” – Crocodile Dundee
We taught them a new way. Now we’re going to pay for it in property taxes big-time.
Average height of a Canadian man: 5’10”
Average height of a USA male: 5’9″
Average height of an Algerian male: 5’8″
Average height of a Venezuelan male: 5’6″
If Trump gets in the hospitals will fill up. With the TDS patients.
IMO it’s a selection not an election so get ready to bow down before Pres. T.
— —
The permanent favelas, barrios and no-go zones are here.
Imagine owning a SFH in this neighbourhood.
Just another day in a Former First World Country.
And a reminder there is nothing Corvid cannot do. It did so much. Not to mention the unlimited powers to our Rulers.
Why, the image resembles the photos of Corvid Internment Camps (for those who broke The Rules) in China. Are we following?
https://ottawa.ctvnews.ca/brockville-ont-to-construct-supportive-housing-cabins-for-homeless-population-1.7004646
Brockville, Ont. to construct supportive housing cabins for homeless population
“I can tell you as a mayor of a rural community, we do see it in our villages,” said Brant Burrow, the committee chair and Mayor of Elizabethtown-Kitley, a township just outside of Brockville.
“This wasn’t really a front of line issue in the city of Brockville prior to the COVID-19 pandemic,” added Brockville Mayor Matt Wren.
“Especially the stories of the 370 yard drive.”
+++
Golf ball and club technology has vastly improved over the last 10,20,30 years.
A friend who is a fat, lazy weekend warrior golfer regularly crushes the ball 350 yards.
But when it slices or hooks….big trouble.
A few years ago a group behind us was playing.
4 elderly ladies poking their drive shots, second fairway shots, third shots ….150 yards …every shot…straight….in the fairway….perfect layups and lies…..all the way around the course a few years back.
All 4 were scratch golfers.
They kicked our ass…big time.
Big shots are fun but only part of the game.
What billionaire Canadian developers? Please name a few. – Garth
Pierre Poilievre owns a stake in a rental corporation, and Jagmeet Singh’s wife was reported to have a mortgage with RBC where her tenants pay her rent to pay for her mortgage.
Not billionaires, but millionaire bureaucrats akin to the oligarchy in Eastern Europe. At least in Soviet Russia, the government provides housing and doesn’t charge rent.
Nothingburgers. They are entitled to own real estate assets in their modest portfolios. Move on. – Garth
It infuriates me when our elected officials lie to us. More reason to evict them.
Here in NB btw, you can evict a tenant for non payment of rent pretty quickly. Within a couple of weeks of filing for non payment of rent, a pair of sheriffs will show up at your door with all the required paperwork, and police back up if needed. You’ll have an hour to take what you need and seven days to claim and pick up what’s left behind before it’s removed and trashed. You’ll also receive an invoice for any extra costs and/or damages incurred.
On the other hand, there are no rent controls here so rents have increased exponentially over the last few years. New construction rentals start at $2,000 a month which is crazy given $600 a month used to get you a half decent one bdrm in these parts. On the other hand, house prices are still relatively affordable comparatively though, but property taxes are on the high side.
The east coast isn’t for everyone for sure, but for those of us who enjoy it, no complaints from these parts (notwithstanding the unhelpful backwards provincial govt in power; election soon).
Does anyone on this blog really believe the feds have your best your best interest when governing LOL
I OWE I OWE it’s off to work I go.
It’s on me guys, enjoy.
https://www.toronto.ca/city-government/accountability-operations-customer-service/long-term-vision-plans-and-strategies/access-to-city-services-for-undocumented-torontonians/
Access to City Services for Undocumented Torontonians
Undocumented Residents Day
August 20, 3 to 4:30 p.m.
the City: publishes a searchable list of identification requirements to access City services, along with four ways to make a complaint for those who may be dissatisfied with a service or feel wrongfully excluded from receiving a service
— —
Folks you need to take Moneypox seriously. Cases are up!
I propose a return to the tested and true Scientific Indoor Dining Restrictions.
-All tables 6-6-6 feet apart.
-Contact tracing and temperature checks.
-Random sized sheets of plexiglass hanging from the ceiling.
-For booth-style seating a pane of plexiglass atop each booth back (yes I saw this),
-8pm last call with 9pm closing. The Science shows that the later people stay and drink the more chance of ‘monkey business’ occurring.
— —
Hey Siri/Google show me China’s Corvid Camps.
Coming soon a a town near you? Under the guise of “Affordable housing”.
They are so healthy though. I’m jelly.
https://www.aljazeera.com/economy/2023/3/23/china-quit-zero-covid-its-huge-quarantine-centers-stayed-put
China’s huge quarantine camps standing months after ‘zero COVID’
Satellite imagery shows facilities are still intact nearly four months after the end of Beijing’s draconian pandemic policy.
…and you don’t find it unethical that a bureaucrat could profit from a housing crisis by ramping up immigration and at the same time restricting the construction of houses?
Why should Poilievre or Singh own millions of dollars, while Canadians have to line up at food banks because they can’t afford to find a loonie for the Loblaws/NoFrills shopping cart?
What if our politicos think they ARE being honest, and this is just the nature of the beast?
May I suggest this blog implement a new game for when the pols make an announcement or try to take a victory lap?
The rules are simple: regardless of the colour of their tie, whenever a pol makes a statement, we try to guess whether they’re being Dumb, Dishonest, or Inept. And that’s it. I’m open to amending the terms, but, using today’s post as an example, Ms. Freeland is clearly being dishonest. There might also be ineptitude, but she is clearly not dumb. So, dishonest it is.
What do you think? Yah or nah?
Underwear Prices
The real question is whether there should be a higher charge for larger size underwear.
There must be quite a change in the material used for size 28 versus size 58 or something.
Or would this be considered unfair discrimination? Currently discriminating by size and weight is not specifically illegal. BUTT one might get canceled for such a thing.
Every developed country in the world is dealing with this problem. But, hey let us blame Chrystia Freeland.
Why not?
Ignorance is bliss as they say.
Are they all telling lies to citizens? – Garth
A fascinating new academic paper has been released. Its title is “The Myth of Fed Political Independence.” Its premise is this: “The much-vaunted independence of the Federal Reserve is a myth. The Fed is not the bastion of sound monetary policy. Rather, it is just another politically coopted agency of the federal government.”
Billionaire Canadian Developers.
I believe I’ve only worked for one, Chip Wilson of Lululemon fame.
I worked on at least 2 of his private residences on the Westside of Vancouver, I did not get the contract to work on his current compound on Point Grey Rd, as I was not up to date with my construction mafia payments, which last time I heard was valued as the most expensive house in the city.
I think I worked on his houses in between the years around 2003- 2008, before he got into the real estate big time.
At that stage he was probably only considered rich, as opposed to now with some people considering him to be filthy rich…
M50BC
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
“Inside the real estate empire of billionaire Chip Wilson.
When asked what he does for a living, Chip Wilson says he is an idea creator, constantly gathering and sharing information with those he works with.
Wilson is best known for the yoga pants that revolutionized athletic wear. He is, after all, the billionaire founder of Lululemon and while no longer CEO, he remains the apparel company’s single largest shareholder. The outspoken mogul aims to replicate his success in the athletic wear industry in real estate.
The burgeoning value of his sprawling Vancouver estate makes local news headlines annually, but apart from that, little is known about his billion-dollar real estate portfolio. He sat down for his first-ever interview on real estate with Daniel Foch and Nick Hill, hosts of the Canadian Real Estate Investor podcast. Wilson was joined by David Ferguson, CEO and co-founder of he and Wilson’s real estate investment, development and management company, Low Tide Properties.
Ten years ago, Wilson says he and his family, alongside Ferguson, decided to invest 65 per cent of their wealth into real estate in three cities by 2030. The CEO explains, “Our other businesses have done so well that, you know, we haven’t reached that percentage… We’ll probably be lucky to get to 20 (per cent). And that’s buying almost as fast as we can.”
https://realestatemagazine.ca/inside-the-real-estate-empire-of-billionaire-chip-wilson/
Joseph R, rent controls gone, more people with property are not discouraged and leaving, abandoning their properties. They actually take care and have pride in maintaining their properties.
The fact that they can still make a decent profit and have money, incentive to maintain, repair their property keeps the housing stock, inventories higher than if rent controls and other out of control government laws, regulations, taxes are in place. Do you think the almost 3 year old Toronto vacant home tax helps or destroys housing stock, inventories? It makes it worse.
The city of Toronto Olivia Chow’s failure and her socialist councilors, can’t even send out correct notices of who really needs to pay this socialist Toronto (VHT) Vacant Home Tax. There was over 100,000 notices sent to Toronto Residents with $6,000 to $9,000 Toronto (VHT) tax notices that submitted their information to the City of Toronto correctly and their bureaucrats, employees can’t even do that correctly without a colossal mess.
It is not bad enough in Toronto there are already so many taxes, costs, fees, insurance, tenant hassles etc. to deal with but if I can’t find a decent tenant and leave my house vacant, empty I have to pay 3% of the current value, $30,000+ every year to the city of Toronto. It discourages more housing in Toronto.
Look, this is no brain surgery, you restrict, choke anything, it is harder to survive and grow, houses, money, people are no different.
Even if you remove the cost of building the house it is still too expensive. The problem is the skyrocketing price of the dirt which has to come down by at least half. How is that going to happen when the people in charge don’t want to see peoples equity disappear.
Remember Kristy Clark in BC in 2015 making that same statement and look where we are today. All these rules and taxes they’ve put in place have done zilch to make housing more affordable. Bunch of incompetents. And I doubt that Pierre can do anything about it. It’s a bloody mess.
We all seem to acknowledge that CPI and inflation stats are blatantly understated. Proof exists in the actual supply of houses and the fact that developers are slowing construction due to sales. If you consider that there is a need but no one can afford a home/rent. House prices doubled during Covid and your salary did not , you’ve been bambozoled. Certainly CPP,OAS minimum wage …. all needed to double but didn’t. The disconnect between real and stated inflation are on full display. Start printing $ and set the minimum wage around $50 . Note – when printing $ it would be good if some could get to the people .
#17 Another Deckchair on 08.18.24 at 11:57 am
Hey @8 Jag;
I am all for living the tiny life, i.e never live in more space than what you require and meets your comfort level. Outdoor space and walkable neighbourhood high on my checklist. I am just not a fan of high density glass towers with small apartments which is what developers have been concentrating on building in most major cities these past twenty years or so….
To each their own of course…….
#15 Limited Sage “Something tells me adding between 1.14 to 1.33 Million people a year to an already strained country might not be the smartest strategy for prosperity.”
Yep seems totally nuts to be importing the equivalent of my local city (Nanaimo) EVERY month.
Estimated 6 million Canadians do not have a doctor. Presumably these new immigrants will be in the same position.
Recently spent 7 hours in ER with my FIL waiting to be seen with a condition that could have killed him. Suppose I should be grateful the ER was actually open. Not always the case depending on where you live. Our health system cannot deal with these levels of immigration. Same for our education facilities, day care, social services, etc.
And now we have the scam that is the Temporary Foreign worker program bringing in nearly 3 million ‘temporary residents’ who have pretty much locked locals out of traditional starter service industry jobs.
I guess the government just sees new immigrants as a source of tax revenue without regard to the strain it puts on our society infrastructure which is not keeping up.
There’s 453 SFH for sale in Ottawa between $800-$1M today. A developer would have to build for costs including labour, land, materials, interest and margin of between $640K-$820 before HST and development fee to be competitive with the resale market. That’s not possible even if there’s a terrible recession. The taxes give incumbent resellers a nice capital gain cushion to move on price. There might be a few rallies on the way but housing starts will continue falling as long as we tax them this way.
If and when mortgage rates decline 1%, it will be amusing to see which term is the top choice. Variable?
Here’s what the man with the largest number of US consumers as his customer base has to say about them.
https://finance.yahoo.com/news/the-state-of-the-american-consumer-in-a-single-quote-134908950.html
As I’ve said here before, the GTA is not a representation of all real estate in Canada. Here in Halifax, things are still chugging along. Condos in the 650k/1000sqft are selling in a week…SFHs are selling quickly as well.
I don’t understand how Chrystia can go home at the end of the day and feel good about herself, her ignorance, her lies…really makes me wonder. I wouldn’t be able to do it…I would be losing sleep and stressed out.
#28 Ustabe on 08.18.24 at 12:32 pm
Average height of a Canadian man: 5’10”
Average height of a USA male: 5’9″
Average height of an Algerian male: 5’8″
Average height of a Venezuelan male: 5’6″
_______________________________
I think Buddy was talking about the height of his ego, on the Trumpopian scale.
Of course they lie to us. Money and power. This is what capitolism has created. You will always have to screw someone over to make someone else happy for your own personal/political gain. If you don’t, you lose.
The fog horns are sounding in Victoria today – Fog horns should be sounding in Ottawa as well
“ kooks from Vancouver island” well thanks for asking flop. Personally, I’m doing just fine, it is a little more crowded than it used to be though, especially at the boat launch, or so it seems to me
@ # 30 crowdedelevatorfartz
A scratch golfer hitting the ball 150 yards, give me strength. You’re digging in a hole.
https://www.golfmonthly.com/features/the-game/how-far-do-scratch-golfers-hit-their-drives-235313
Great post..appreciated. Wading through the political BS is exhausting.
Maybe we don’t need 50M by 2030. I don’t see why it is desirable to turn Vancouver into a 4.5M+ large city in a short period.Perhaps not signalling that interest rates will decline, and keeping them close to where they are for a longer period of time (i.e. a few years) might eliminate the waiting game for both buyers and sellers, and bring prices down somewhat on existing stock.
How many of those 50 million in 2030 will remain? Any well run country or business usually has three plans – what to do if there is constant growth, what to do if the status quo is kept and what to do if a country or business is in decline.
Last winter a businessman took out a full page ad in The Star stating that Toronto is a city in decline. Having lived there for 60 years, I sadly agree.
Rekindle the housing market after a few rate cuts lol. These insane prices were caused by BOC dropping rates under 1% in 2016 and then 0.25% in 2020. People can barely afford food. Rates in the 3s won’t change much. Prices will have to come down a lot for many to be able to afford the mortgage payments when or if mortgage rates hit the 3s. Crea is so full of it, how often are they right about anything, they keep changing their predictions on a daily basis.
After all, how many of us will there be in 2031? “Canada will likely end 2024 with about 42 million people. This will be about 48 million at end of 2029,” says a leading population forecast. “Canada should pass 50 million in 2030 or 2031. Ontario will pass 16 million this year and will be over 20 million before 2030.”
*********************
People aren’t having babies anymore.
Where are all these people coming from, and why?
Are we allowed to talk about this yet, or are we going to be arrested for questioning the elites like they are doing in the UK right now?
There were 357,000 babies born in Canada last year, 183,000 males and 174,000 female. ‘People aren’t having babies anymore.’ Seriously? – Garth
#27 Landlord No.8
OH NO!
Is this growth more motivation for First Nations to lawyer-up, organize and pull more damages and reclaim their lands?
===================================
QUOTE:
Rather tired of your tirades implying majority of us are on “stolen” land.
History is very fluid.
First Nations are NOT “the” first. It is an arbitrary designation that is legislatively and politically levered.
The strategy appears to be to allow Trotzky- style communism to render our current governance neutralized and have multi -national corporations negotiate with “First Nations” and leave the rest of us on the outside looking in.
An example at the periphery would be Jasper. Watch the rebuilding be severely restricted so as to allow “archeological “assessem*nts as what happened to Lytton given we are at 3 years since that fire.
Halifax and Nova Scotia?
#48 Paddy on 08.18.24 at 1:43 pm
As I’ve said here before, the GTA is not a representation of all real estate in Canada. Here in Halifax, things are still chugging along. Condos in the 650k/1000sqft are selling in a week…SFHs are selling quickly as well.
**********************************
Yes, Halifax is doing very well. The mayor there has done a fantastic job attracting businesses and people.
But ultimately, my home province of Nova Scotia is one of the 6 weenie provinces that hardly matter.
Naturally, I moved to Alberta a long time ago.
‘I don’t understand how Chrystia can go home at the end of the day and feel good about herself, her ignorance, her lies…really makes me wonder.’
She’s used to it – probably even professionally trained – we just don’t know which outlet.
What do you think they were taught as western press correspondents to Ukraine and Moscow in the 90’s?
Whoa, outing the Rt Hon Finance Minister.(Although the shameless, bald faced lying does put the Honorable in question). Listening to her speak (even telling the truth) is excruciating and cringeworthy.
Non Finance-Finance proclamation on par with the Trumpian level of “alternate facts”
This “Cathartic satire” British group takes their name from WW1 soldiers referring to their incompetent Sr Officers sending them to certain death. Seems apt in these times. We need the Rhino’s back!
After all, how many of us will there be in 2031? “Canada will likely end 2024 with about 42 million people. This will be about 48 million at end of 2029,” says a leading population forecast. “Canada should pass 50 million in 2030 or 2031. Ontario will pass 16 million this year and will be over 20 million before 2030.” (Garth)
Just looked it up, Year of my birth 1943, population of Canada 11.8 million. That’s just MY life time, and I plan to get to the 50 million mark
There were 3.5 billion humans when I was born. Now 8 billion. And we keep pumping them out. – Garth
It is not looking good Garth.
If it were any other market, prices would have to drop by quite a bit to entice buyers back into the market in sufficient numbers to gobble up built up inventory.
Then again, this is Canada RE Nation so you never know what the buyers will do in the pursuit of their…
Precious
as a single asset strategy for retirement.
A nation of RE Gollum’s.
Disappointed today..tuned in for the update on the Democratic Convention ..and all I got was the housing crisis in Canada..off the CTV news I guess
Population
There were 3.5 billion humans when I was born. Now 8 billion. And we keep pumping them out. – Garth
***********************************
8 billion? Is that a lot? By what standard?
A statement of fact. – Garth
#52 Vancouver Keith on 08.17.24 at 11:26 pm
@ #46 Gerald
“He tells us all this truth about himself, every week on this blog!”
Especially the stories of the 370 yard drive.
//////////////////
He must live right beside the golf course.
Canada is in a very vulnerable position should another financial crisis strike. It is no longer unthinkable that a C anadian bank could wobble due to a Canadian economic crash. Watch China’s unfolding debt crisis. Risks abound.
I just now read the blog. (I come here mainly for the Comments and the Dog centerfold).
Ottawa eh?
Would I expect anything less from a city whose logo is actually 3 sixes?
(Isn’t the Mind fun, always seeing patterns where there is none??)
#30 crowdedelevatorfartz on 08.18.24 at 12:33 pm
“Especially the stories of the 370 yard drive.”
Big shots are fun but only part of the game.
—————
In business, investing, and golf, the big shots are all that really matter. Other people can clean up the edges.
Big dog’s job is to smack the bejeesus out of the important parts. Do that then take a nap.
There were 3.5 billion humans when I was born. Now 8 billion. And we keep pumping them out. – Garth
I had no idea that you are that young.
2.3 T0 2.5 IN MY DAY.
#67 Penny Henny on 08.18.24 at 3:41 pm
#52 Vancouver Keith on 08.17.24 at 11:26 pm
@ #46 Gerald
“He tells us all this truth about himself, every week on this blog!”
Especially the stories of the 370 yard drive.
//////////////////
He must live right beside the golf course.
—————————————————————–
Nope. Just down the way from us. No golf course near Stephenpoint Rd. (millionaire row) Just Planta Park.
They need to dial back immigration so that housing supply can catch up.
But they won’t do that. Businesses demand continual growth, and growth is what any political regime will give them.
On July 1,Greece introduced a six-day workweekfor some categories of employees, namely thoseworking for private businesses that provide 24/7 services. The new legislation seeks to boost productivity to support a growing number of pensionersas the country faces an aging, shrinking population.
The median age of the population in Greece increased from 41 to 44 years between 2010 and 2020, according to a2022 report prepared by the Greek government. In Canada, for comparison,the median age of the population increased from 37 to 40between 2000 and 2011, where it has stayed for the last decade.
https://www.talentcanada.ca/canada-shouldnt-follow-greeces-example-of-a-six-day-work-week/
#60 Shawn on 08.18.24 at 2:55 pm
Yes, Halifax is doing very well. The mayor there has done a fantastic job attracting businesses and people. ++
I might then ask why the area has the highest rate of shoplifting in the country, but never mind that would be impolitic. Look under the bed. There the dust bunnies lie. In many places where the money has flowed ( South Shore, Huntsville, BC Interior, etc ) there are people living at the margins, especially seniors. Ask teachers how many kids come to school without breakfast. Then there are the working poor. They are all right there in plain sight if we care to notice.
Not one of those 4 million homes will be affordable by any one with a job affordable to an employer. The price has to be killed and also the idea that real estate is an investment has to be killed. Given the current thinking in this country those homes will be 3/4s to 2 million dollars each real quick and those that need them won’t be able to buy any of them ever. Those possible buyers don’t get paid to buy homes at those prices. They get paid to buy at 1960s prices with their current incomes.
The big fail….yep. Dupedness.
From where I stand, middle-class is fingernailing the edge…
Og
Why banks are bracing for a mortgage renewal cliff. CBC
https://www.youtube.com/watch?v=42dIpVTzV04
Didn’t you hear? It’s been cancelled. – Garth
It has to be said:
“The public can’t handle the truth!”
It is clear from the collapse of the Progressive Conservative party following the introduction of the GST, a necessary replacement for the Manufacture’s Sales Tax and an economically smart and efficient tax (tax consumption, not production), that Canadians can’t recognize good policy even if it smacks them upside the head. The truth? Good luck with that.
Gold, silver, BTC are all insurance on government corruption, war, financial collapse,…. There will always be a few cowboys out there that refuse to buy insurance.
Earth to Canadian naval gazers: the housing crisis is happening in other countries too. Flooding Canada with immigrants too fast isn’t helping matters. Disclaimer, Im not anti-immigrant, just saying. However, bald faced lying to everybody isn’t endearing anyone to the rock bottom polling Newliberaldemocrat party either. Why, even the tic toc news watchers aren’t falling for this charade.
“After all, they cost what they cost – given land, materials, wages and infrastructure. Governments are not subsidizing the process because they’re already broke.” — GT
So, what about affordability? If people can’t afford to buy today, how will they tomorrow (even if rates do slide down a few more points, houses are still expensive). It might be we are in for a 5 to 10 year sideways market ….
25 years of liver treat (low interest & home equity) then kick in the stomach( 10 interest rate increase), now talk about little bones.
This dog trust the owner again.
Jag made a deal with the devil by hitching his wagon to the people-kind party. So, like Ed Broadbent learned in the 70’s, Jag can expect many years in the political hinterland. If Justin had kept his promise of electoral reform it might have been different. Funny how western politicians are not only on the same page, they’re equally despised by their subjects, ie the people.
CAN MONEY BUY HAPPINESS???
Age old question, when you have enough money does it buy happiness “ONLY IF”
(1) You buy back time: Hire someone to do the work you do not like. With the time saved, you can put the saved time into the things you enjoy. Increased happiness.
(2) Experiences, spend your money on new experiences Happy memories increase happiness.
(3) Invest in others, charity, family, worthy causes, etc. Again increased happiness.
It’s not all about more things, the highs are fleeting.
Better to give with a warm hand then a cold one.
I think we have beaten the idea of lowering house prices in major cities to death. Its not going to happen. Move on to some fresh thinking. Or maybe not so new … think Ayn Rand.
All new immigrants MUST move to small centers for the first 5 years of their time in Canada. Dont like it? Dont apply. There they will learn building skills and small town Canadian values. They will build and live in the new towns and villages along our newly twined national railroad where massive giga-factories will pump out the millions of small, modular 600-1000 sq ft home kits (600 – 1000 sqft) required to meet our current and future housing needs.
This is the way.
Is missing a target lying? Especially if it hasn’t happened yet? Blog dogs help me understand the exact lie, I’ll get a smart*ass comment on why I’m wrong from our host with the most (abs) but not a straight answer. Thanks.
It’s lying when you know the answer, and it’s not the one you are proferring. – Garth
#28 Ustabe on 08.18.24 at 12:32 pm
Average height of a Canadian man: 5’10”
Average height of a USA male: 5’9″
Average height of an Algerian male: 5’8″
Average height of a Venezuelan male: 5’6″
:):):):):):):)
Look at the average height of The Netherlands…
And on another note, I know for a fact that being above average in height pays divvies monetarily and in the search for a healthy spouse. . . . full, thick hair doesn’t hurt either.
Og
When there were 4 billion of us, not too far back issues of National Geographic featured places in the world where you’d have to go by ship, then boat, animal back and so on for even months to arrive for a visit.
Now you can get from there to Pearson, same day or in two!
Toronto school board deals with over 100 spoken languages these days.
It’s a few decades too late to express shock with the trend, now that western man has rejigged the climate, and vast regions are becoming uninhabitable.
Extrapolate forward, Canada isn’t going to be underpopulated, anywhere within hundreds of miles of the US border!
‘Stay the Hell away from the cottage’ guy, have a nice day!
Don’t get me wrong, i’d like to see an improvement in affordability of real estate but,
With the population estimated to grow by 8 million people over the next 6 years and,
Optimistically only about 1.2 million new housing unit built by 2030,
What do we think is going to happen with demand and pricing?
We may be flatlining right now, but those who are hoping for a large price reduction on real estate may not see it.
Given the input costs to procure land and build, how do prices get lower when demand increases?
Canada’s birth rate is well below replacement levels …. in line with just about every other developed nation. But, we are a land of immigrants …. so …
Putting the logistical costs and political incompetence aside. There’s plenty of physical room to cram in apartment buildings & condos in the GTA. Be it the portlands or along the subway tracks between Islington and Kipling. Places like etobico*ke and mississauga always have fill in for another hirise.
#88 ogdoad on 08.18.24 at 5:48 pm
I know for a fact that being above average in height pays divvies monetarily and in the search for a healthy spouse
_____________________________________
Big gangly people end up with back problems from dragging their knuckles on the ground, and ultimately fall harder when their geriatric hips breaks.
where do Easterners think they’re going to get their oil from if the ME goes up in flames?
#86 Albertaguy in AB on 08.18.24 at 5:37 pm
I think we have beaten the idea of lowering house prices in major cities to death. Its not going to happen. Move on to some fresh thinking. Or maybe not so new … think Ayn Rand.
All new immigrants MUST move to small centers for the first 5 years of their time in Canada. Dont like it? Dont apply. There they will learn building skills and small town Canadian values. They will build and live in the new towns and villages along our newly twined national railroad where massive giga-factories will pump out the millions of small, modular 600-1000 sq ft home kits (600 – 1000 sqft) required to meet our current and future housing needs.
This is the way.
****************************************
Twin railway is a good idea I guess. So is a more northern railway and highway corridor.
But we have no yet twinned the TransCanada! Most of Ontario is not twinned from near Ottawa all the way to Manitoba. Pats of BC also not twinned.
I happened to tour a modular home factory on Tuesday. Those can be part of the solution.
Just to tie a bow on the undies thing, how would you expect shrinkflation to affect them?
Put one less pair of undies in each pack?
That would have probably worked, but they seemed to have gone in a different direction.
When I visit the States, or Mrs Flop goes across the border on a day trip with a friend,she/we grab a pack of undies, mainly because they have bigger sizes there than I can get in Vancouver.
In general I don’t buy much clothing in Canada, I think I’ve bought a couple of tank tops from Dollar Tree for $2 each this summer and that’s about it.
My bum was sponsored by Fruit Of The Loom for the longest time, then I noticed the material started getting thinner, Mrs Flop brought back a pack of Hanes and the newer ones are thinner than the old ones.
Instead of putting less undies in each pack it seems they decided to cut back on the thread count instead.
Stealth shrinkflation.
To go with the flow I use the thinner, newer undies in the summer and keep the older, thicker ones for the winter months, not that I’m known for keeping warm down below.
I’m not sure if it’s because I’m dumb, Australian, or a combination of both, that I’m one of those guys that wear shorts pretty much every day of the year, to the point that random people yell out in winter stuff like, “You’re making me cold looking at you, put some pants on will ya!”
I’m enough of a gentleman to always insist on wearing pants on a plane though…
M50BC
Have to question the estimated population growth. StatsCan estimated Canada’s population at over 41 million as of April 2024. I thought I’d read that immigration levels were going to be reduced? So how if that is true can we pass 42 million by the end of 2024 if immigration is down & the annual birthrate is still below replacement? Ditto for passing 50 million by 2030 or 2031, a mere 7 years at most from now. In order to do that we’d have to grow by over 1 million citizens per year, every year, between now & then. And just where are all these folks going to live if we’ve a housing ‘shortage’ now? Yes, the GTA currently has a 14 month supply of homes for sale & yes, there are a lot of empty new condos. IF folks could actually afford to buy these places that supply would disappear before the end of the year but at an average $800K for a condo don’t see a lineup of buyers, even if rates drop back down to historic lows by the end of 2025. Because the average Joe or Jane simply can’t swing that kind of debt on the average income. What we have here is apparently a shortage of one percent income earners, because everyone else makes too little to ‘afford’ these crazy RE prices.
And if our population does indeed grow as estimated, can not see the price of housing whether one buys or rents coming down any time soon. Heck, with that kind of population growth any shelter will command premium pricing.
“A nation of RE Gollum’s.”
Truer words were never spoken. Never the less the situation seems like a mental and moral illness posing as capitalism. There are better ways of making money without screwing over ones fellow Canadians.
#59 RAH on 08.18.24 at 2:44 pm
#27 Landlord No.8
OH NO!
Is this growth more motivation for First Nations to lawyer-up, organize and pull more damages and reclaim their lands?
===================================
QUOTE:
Rather tired of your tirades implying majority of us are on “stolen” land.
History is very fluid.
First Nations are NOT “the” first. It is an arbitrary designation that is legislatively and politically levered.
The strategy appears to be to allow Trotzky- style communism to render our current governance neutralized and have multi -national corporations negotiate with “First Nations” and leave the rest of us on the outside looking in.
An example at the periphery would be Jasper. Watch the rebuilding be severely restricted so as to allow “archeological “assessem*nts as what happened to Lytton given we are at 3 years since that fire.
+++++++
My TIRADES implying majority of us are on “stolen” land?
Is there a comprehension problem or are you just upset to be learning the realities of law, land title, budgets?
I do not tirade. I inform.
You don’t want to know about actual high-court rulings in this country are happening right now here and what it may mean to your wallet, skip right over them. That doesn’t mean those rulings didn’t happen and the $10s of billions or more weren’t awarded. That treaties aren’t being renegotiated. That rights and privaladges are changing. That there is clearly a 2nd class Canadian citizen being clearly defined by law.
You don’t want to know about the $135B in the latest federal budget, with likely similar matching amounts needed in provincial budgets, as rulings are split between the two, skip right over what I write. It doesn’t mean they won’t come for your contribution on your property taxes to cover the bills.
You don’t want to hear about thousands of square kilometres of land returned back, regardless of who currently lives on it, new nations formed within Canada, US First Nations having Canadian Supreme Court declared rights to Canadian land-claims as they aren’t required to recognize the drawn US/Canada borders – skip on by my little comments. I’m just one of many.
If my post upset you so much, don’t read them – perhaps just read the 1763 Royal Proclamation?
It’s fun reading:
“Before Canada was a country, Britain recognized that Indigenous people living here had title to land; the Royal Proclamation of 1763 declared that only the British Crown could acquire land from First Nations, and that was typically done through treaties.”
https://bctreaty.ca/negotiations/aboriginal-rights/
Remember that 80s cartoon G.I. Joe and how it ended with a PSA?
“Now you know. And knowing is half the battle.”
# 79 Kurt- “the public can’t handle the truth!”
You’re partly right, but the gang who followed the Conservatives basically lied through their teeth. I believe they promised to ax the G.S.T. Kinda like the cons are gonna ax the carbon tax?
I have a great slogan for the Newliberaldemocrat party: We Are Legion! Mark 5:9
Wow, Freeland and Trudeau’s Liberal backwards economic, financial, socialist, failure government policies is cheap, insulting and getting old. Poverty and misery is their results.
@#54 EastVanKeith
“4 elderly ladies poking their drive shots, second fairway shots, third shots ….150 yards …every shot…straight….in the fairway….perfect layups and lies…..all the way around the course a few years back.”
+++
You neglected to mention “elderly” in your snub
I am being kind if I say these ladies were on the older side of 70.
They were excellent golfers.
On the green consistently in regulation shots.
Par-ing hole after hole..
Believe it or don’t.
I don’t really care.
:)
Do igloo’s count as houses, tents? Maybe a statscan reclassification may be in order. If you don’t measure up change the measure.
https://www.cbc.ca/newsinteractives/features/greg-martel
‘Canada’s version of Bernie Madoff’:
The rise and fall of Greg Martel
Greg Martel was a mortgage broker who coached his kid’s hockey team and pledged money to charity. By the time he owed investors $317 million, he was nowhere to be found.
Well, Yukon Elvis, I am sorry but Greece screwed themselves by going really socialist for 25 years, most Greek workers only 6 months working getting paid for 1 year, social programs and pension up the wazoo and the country racking up massive debts, deficits and expecting interest rates to stay low and their debt to not balloon to a point that would really strain their society and financial system. They also joined the socialist EU, European Union and got rid of their country’s sovereignty and currency the Drachma and got stuck now with the Euro currency. Greece is now fully conquered by the European socialist of the EU.
@44 Jag;
” I am just not a fan of high density glass towers with small apartments which is what developers have been concentrating on building in most major cities these past twenty years or so….”
Personally, total agreement with all your points. I’m not sure what a “housing crisis” really is, nor what “housing” is, and I’m reading, trying to figure it out.
Anyone here know the official Canadian documented definition of what “housing” is (and isn’t), and what the “housing crisis” actually is (and, what it isn’t)???
Without knowing exactly what the target is, we all know that the taxpayer will fork over billions for something that solves nothing, once again.
Maybe someone more in-tune can tell me?
#104 ‘baloney’ – what with global warming, don’t think your igloo will have a very long life span:)
https://www.thecanadianencyclopedia.ca/en/article/lester-bowles-pearson
Under his leadership, the government implemented a Canada Pension Plan; a universal medicare system; a unified Armed Forces; and a new national flag.
Pearson’s work culminated in Canada’s joining the North Atlantic Treaty Organization (NATO) in 1949. He strongly supported a Western self-defence organization; he hoped that its existence would discourage aggression by the Soviet Union.
In 1956, in the crucible of the Suez Crisis, L.B. Pearson invented United Nations peacekeeping. The Canadian foreign minister did not do so alone, and peacekeeping as it evolved was not exactly what he had in mind. Yet the United Nations Emergency Force (UNEF), which resulted from his persuasive diplomacy, set a precedent and a pattern.
Pearson won a Nobel Peace Prize for UNEF, and the force was led by a Canadian general, E. L. M. Burns, whose calming demeanor as he walked the line between Arabs and Israelis became a staple of the nightly television news. Canadians began to think of peacekeeping as their unique vocation.
#93 Wrk.dover on 08.18.24 at 6:18 pm
Big gangly people end up with back problems from dragging their knuckles on the ground, and ultimately fall harder when their geriatric hips breaks.
:|:|:|….
Oh, is that why they end up with back problems….
Og
I know living in a shoebox isn’t for most, but for the truly desperate we could probably solve two problems at once.
Apparently there are currently around 65 million shipping containers in use around the world, I’d like to see a jurisdiction look to see if the downtrodden could be housed in repurposed shipping containers.
I didn’t get a warm welcome when I came to Canada, the immigration officer couldn’t comprehend why I flew via Amsterdam from Scotland to get here, the implication was that I’d gone there to smoke it up, when instead it was because I had been backpacking for 2 and a half years and I found a travel deal and was in the habit of saving money on the road as much as possible.
Imagine if I’d been given a shipping container to live in, and the same unfriendly immigration officer said if you don’t behave yourself we’re gonna ship you off to where you come from…
M50BC
$$$$$$$$$$$$$$$$$$$$$$$$$$$$
https://www.livinginacontainer.com/category/container-house-designs/
“As the global inventory of shipping containers continues to grow, so too does the creativity in their repurposing and the environmental concerns associated with their use and loss. These steel boxes, once only used for transporting goods across the ocean, are now being transformed for various secondary applications, while also posing safety and environmental risks when lost at sea.
Shipping Containers Repurposing
Shipping containers have found new life beyond their original purpose of housing containerized cargo flows. They are being repurposed into onsite storage, offices, and even homes, with modifications that can include insulation, windows, and doors. Their durability, along with the ease of stacking and modifying, makes shipping containers a versatile solution for both temporary and permanent structures.
* Onsite Storage: Shipping containers are often used for secure, durable onsite storage solutions.
*
* Offices: With some customization, containers can be converted into functional office spaces.
*
* Homes: An emerging trend in architecture, often referred to as cargotecture, involves transforming containers into affordable and innovative living spaces.
@#99 Landlord No $800 Billion
“the Royal Proclamation of 1763 declared that only the British Crown could acquire land from First Nations, and that was typically done through treaties.””
+++
Then let the British Crown pay them……
I pay enough taxes.
never been sure whether hotels count as “housing stock”
Do senior citizens’ homes/nursing homes count? or Student Residences? Because parents could not receive mail at such
same problem with officetels, or work/live spaces. Just try getting a bank account when you have mail delivered to a work/live space
everything’s so over-regulated. How can we fix our economic problems with this overburden of “superstructure”
prefab housing’s been available for decades. probably takes about a week to set them up
otoh I think WFH has been a total failure in terms of information security, worse than offshoring jobs, imo
ISIS, Al-Qaeda and the National Socialists are at least honest and open about their goals. The federal government of Canada, however, is deceptive, misleading and dishonest.
These people need to be categorized as domestic terrorists. We have no idea who is handing down marching orders to these despicable puppets. We have no idea what this orders entail.
Excellent article regarding unaffordable housing which also includes apartments.
Countless tenants bask in extremely low rents for their lifetime thanks to ancient rent control laws. Unfortunately, this removes a rental unit from the natural supply for decades and contributes to the prevalent rent disparity.
Mississauga’s apartment crisis was created from Ontario poor policies including rent control. Furthermore, incompetent city pilot programs contribute to the unaffordable rental debacle.
Mississauga Ward 7 councillor Dipika Damerla bragged it was “her idea” for MARC mandatory inspections of apartment buildings, however, Dipika Damerla’s mandatory inspections can create RENT HIKES from landlord AGI’s making rents less affordable!
Mississauga councillor Brad Butt stated that MARC could result in “above the guideline rent increases at a time when affordability of rent is paramount.” Daryl Chong (GTAA) explained landlord capital costs are “eligible for AGI’s.”
Both Brad Butt and Daryl Chong agreed that onerous MARC inspections and regulations could discourage developers from purpose-built apartments in Mississauga which are urgently needed. City Council Meeting Mar 27/2024 (Public Information)
On February 2nd/2024, Canadian Justice Joyce DeWitt-Van Oosten wrote that a city is PROHIBITED “from using its delegated authority to regulate businesses in relation to a subject matter for which those businesses are already subject to regulation under another statute, for the same predominant purpose.”
How can Ontario municipalities impose pilot programs that conflict with existing statutes and property rights? The Ontario Residential Tenancies Act (RTA) and the Landlord & Tenant Board (LTB) already regulate businesses. If the RTA enabled city intervention of landlord and tenant matters or building management policies then the act would implicitly grant such power.
Municipalities should not referee landlord and tenant issues. Ontario legislation already handles these matters. Mississauga needs to focus on incentives for purpose-built affordable apartments and not adverse pilot programs that can increase rents.
I am working 2, 24 hour part-time jobs and paying 47% of my gross income in rent $2,000 a month. Even this hard lifting financially in my life at 27 years old, I still managed to save $9,000 last year on a $51,000 gross income. The $9,000 RRSP contribution helped me get back a $2,400 tax refund and helped reduce my taxable income, net income getting a $500+ GST/HST Credit, more Ontario tax credits, benefits hundreds of dollars. I now have a $3,000 HISA TFSA and $1,100 regular cash HISA both for backup money so I do not get into deep credit card debt. I will stay positive even if my rent goes up another $300 a month in the next 3 years.
Shawn #37
I have been buying big and tall clothes for nearly 2m height and linebacker frame for decades. Higher prices have always been the case for big and tall folks male and female; we can accept that. What has until very recently irked us and caused many to eschew brick the whingeing mortar shops is the poor selection, which seems to have been purposely limited to clothing and footwear styles, synthetic garbage fabrics and colours not yet found in nature. These found in patterns that would embarrass a demented beach gigolo or a pimp. Smaller men and women will tell you of the same problems. The internet has been a godsend. If you are an off the rack size consder yourself lucky.
106 Yanni Gianoapoulos on 08.18.24 at 6:58 pm
hum what about all that off the balance sheet debt trick?
https://www.aljazeera.com/economy/2011/10/8/did-us-banks-hide-greek-debt
#97 Linda on 08.18.24 at 6:21 pm
What we have here is apparently a shortage of one percent income earners, because everyone else makes too little to ‘afford’ these crazy RE prices.
_________________________________
BINGO!
#112 crowdedelevatorfartz on 08.18.24 at 7:43 pm
@#99 Landlord No $800 Billion
“the Royal Proclamation of 1763 declared that only the British Crown could acquire land from First Nations, and that was typically done through treaties.””
+++
Then let the British Crown pay them……
I pay enough taxes.
Cheap, unwarranted, personal shot that says more about you than her. – Garth
But were #26 Liza ‘s comments in the post accurate ?
Truth shall set one free. Or does that include Liberal supporters ?
Personally denigrating those who are elected is childish and useless. You know better. – Garth
66 Shawn on 08.18.24 at 3:33 pm
Population
There were 3.5 billion humans when I was born. Now 8 billion. And we keep pumping them out. – Garth
***********************************
8 billion? Is that a lot? By what standard?
A statement of fact. – Garth
———————-
Jesus, Shawn.
The world is cranking out babies like there is no tomorrow.
Sadly, if this continues in an ever heating up planet.
There may not be a tomorrow.
#70 Sail Away on 08.18.24 at 3:59 pm
#30 crowdedelevatorfartz on 08.18.24 at 12:33 pm
“Especially the stories of the 370 yard drive.”
Big shots are fun but only part of the game.
—————
In business, investing, and golf, the big shots are all that really matter. Other people can clean up the edges.
Big dog’s job is to smack the bejeesus out of the important parts. Do that then take a nap.
—————-
Any serious gopher (Caddy Shack) knows:
“Drive for show, putt for dough”
How is your putting, Sailo?
#103 crowdedelevatorfartz on 08.18.24 at 6:45 pm
@#54 EastVanKeith
“4 elderly ladies poking their drive shots, second fairway shots, third shots ….150 yards …every shot…straight….in the fairway….perfect layups and lies…..all the way around the course a few years back.”
+++
You neglected to mention “elderly” in your snub
I am being kind if I say these ladies were on the older side of 70.
They were excellent golfers.
On the green consistently in regulation shots.
Par-ing hole after hole..
Believe it or don’t.
I don’t really care.
:)
—————————-
It’d be fun to watch FURZ playing on a Pitch&Putt golf course.
Every time he slices his “drive” 50 yards into the other fairway.
He’d blame Trudeau.
Man, except for the taxes, junkies, mostly unavailable healthcare and crazy RE $, VI has to be one of the best places to live.
Puttered out front in the boat this morning- bing, bang, boom- 16lb spring. Steaked it up for dinner and could literally see my golfing muscles grow while eating. Lots more where that came from.
Out now for a w..a..l..k.. (sshhh- they’re watching) with the beasts, then a relaxing evening. Life in Paradise!
RRSP versus TFSA
#116 Milly on 08.18.24 at 8:09 pm
I am working 2, 24 hour part-time jobs and paying 47% of my gross income in rent $2,000 a month. Even this hard lifting financially in my life at 27 years old, I still managed to save $9,000 last year on a $51,000 gross income. The $9,000 RRSP contribution helped me get back a $2,400 tax refund and helped reduce my taxable income, net income getting a $500+ GST/HST Credit, more Ontario tax credits, benefits hundreds of dollars. I now have a $3,000 HISA TFSA and $1,100 regular cash HISA both for backup money so I do not get into deep credit card debt. I will stay positive even if my rent goes up another $300 a month in the next 3 years.
************************************
You are doing great! But you probably should maximisr TFSA before RRSP.
RRSP appears to add $2400 to your net worth and savings but it really does not unless you will that money out later at 0% tax.
A proper accounting of “your” RRSP would be an after-tax amount reduced by some assumed ta rate upon eventual withdrawal.
Although you make a good point that RRSP also gets you more GST so something to think about there. Just be careful of putting into an RRSP at a low tax rate and taking out at a higher tax rate.
FHSA will also reduce income for higher GST as well for $8000 max.
If you think you might buy a house even within 15 years then prioritise First Home Savings Account. It actually will increase your net worth by the tax refund since no tax on withdrawal to buy a house.
And let me emphasise again you are doing great and WAY ahead of most people at your income level and presumably age.
Another one @116. Almost robotic.
#123 Ponzius Pilatus on 08.18.24 at 9:32 pm
Any serious gopher (Caddy Shack) knows:
“Drive for show, putt for dough”
How is your putting, Sailo?
—————
All weak drivers say that. Everybody knows putting is just random chance
#122 Ponzious
The world is cranking out babies like there is no tomorrow.
Sadly, if this continues in an ever heating up planet.
There may not be a tomorrow.
———
Garth also uses the collective world “we” with regards to increases in global population that “we” in the western world and in some Asian countries are not seeing with our below replacement level birth rates. Perhaps the countries that are pumping out babies (i.e. Africa, some middle eastern countries) need to be at the forefront of the collective “we”. To have a situation in Canada and some other western countries where it is not financially viable to have one or even two kids is for many families a very sad situation.
Alberta Exceptionalism!
Meanwhile housing starts in Alberta are at about record levels.
Alberta housing starts are up (yes) 49% year to date versus 2023. And accounted for 19% of all the housing starts across Canada.
Wowzer!!
Here’s a long term graph of Alberta housing starts
https://economicdashboard.alberta.ca/dashboard/housing-starts#
Did I mention that young skilled and ambitious Canadians should move to Alberta?
————————-
I have family in Alberta and they say there are NO JOBS anywhere there. My niece age 24 says there are 300 applicants on Indeed for a single Timmie’s job. People are moving to Edmonton with the windfall of an Ontario or BC house sale, buying again for 50% of their previous house sale and banking the rest. Then they look for a job and can’t find one. Family say to only consider the Alberta option if you are retiring or work online. A lot of heartbreak there to come. Plus Edmonton winters are brutal.
#112 crowdedelevatorfartz on 08.18.24 at 7:43 pm
@#99 Landlord No $800 Billion
“the Royal Proclamation of 1763 declared that only the British Crown could acquire land from First Nations, and that was typically done through treaties.””
+++
Then let the British Crown pay them……
I pay enough taxes.
+++
Well, they facilitated the transaction, but the upholding of the treaties was left to our Canadian federal and provincial governments. I think we covered this. I don’t want these risks and taxes also, but in everything I read this bill looks like it will be ours to cover 100%.
I just don’t see a recourse here.
Then the issue is, what if the Royals repudiated the 1763 proclamation – then it undermines it all and allows the First Nations to negotiate with anyone through anyone.
To be honest…I wonder what the legal standing of that proclamation is. And I also wonder what the absence of it would mean.
#122 Ponzie
Jesus, Shawn.
The world is cranking out babies like there is no tomorrow.
Sadly, if this continues in an ever heating up planet.
There may not be a tomorrow.
—————————————————————
https://www.youtube.com/watch?v=GflHQSap1FI
“our nonfinancial Finance Minister ”
LOL
#132. Grow up Chicken Little. There is no population explosion, nor is the world boiling. Sheesh, you doomers are pathetic.
#99 Landlord No.8
QUOTE:
My TIRADES implying majority of us are on “stolen” land?
Is there a comprehension problem or are you just upset to be learning the realities of law, land title, budgets?
I do not tirade. I inform.
You don’t want to know about actual high-court rulings in this country are happening right now here and what it may mean to your wallet, skip right over them. That doesn’t mean those rulings didn’t happen and the $10s of billions or more weren’t awarded.
blah blah blah
==============================
COMMENT:
Dear Mr. Tirade(ie Faron’s sibling)
Review this FN group.
https://en.wikipedia.org/wiki/Tsawwassen_First_Nation
This FN band has a population of approx. 200 on reserve and approx. 500 members in total.
Their land, some of THE best farmland in BC…was previously in the ALR. Their band is relatively small due to the fact that the neighbouring Semiahmoo and Musqueam would historically engage in turf wars with them. The “White man” established arbitrary reserve boundaries that created some peace and civility amongst and between the bands.
( BTW The Musqeam have a chunk of reserve land smack in the middle of Tswassen band lands. Why?)
QUOTE:
“…When opening an important event or function, we acknowledge the traditional territory of the
local Indigenous people (First Nation, Métis or Inuit) who have occupied this land since time
immemorial.
The Tsawwassen First Nation signed British Columbia’s first Urban Land Treaty in 2009.
The Musqueam Indian Band has 150 acres of territory in Ladner.
We respect all of the Indigenous
people who have not ceded the land in Delta nor have had any treaties signed.
etc etc.
==================================
COMMENT:
Tsawassen ALR lands were converted to modern housing tracts and a Mega Mall.(NOTE: I must have missed the class that said those are rooted in FN culture. )A few years after the mega mall was built, it was sold to an Asian billionaire.
An Urban Treaty was negotiated in 2009…which effectively allowed THEM to develop the land whereas NO OTHER GROUP would even remotely have similar treatment. The land is also leasehold..meaning home purchasers are on land with 99 year lease.
So..this Tsawassen FN band , on a pro – rata basis are millionaires simply because they have certain DNA and were given special treatment. If not for Delta agreeing to provide connections to sewers, water and other utilities the Tsawassen band would be hooped and stuck with bare land.
This is simply a template and test case/precedent for the future. Again…they are given special priveleges worth Billions$$$ via modern technology etc. ….but of which none of rest of us can ever hope to achieve or be given…and yet I am still expected to surrender and genuflect ?
This is not what we signed up for nor voted for.
If YOU wish to be treated as a 2nd class citizen?? then go for it…. but keep the rest of us out of it.
So, broken record here. We do not have a supply problem, we have an affordability problem.
130 Jane
“I have family in Alberta and they say there are NO JOBS anywhere there.”
—————————————————————-
The moral of this story is DON’T move to Alberta to build houses for the people moving to Alberta.
For the 1981 version, change “Alberta” to “Nanaimo”.
Politicians and Lawyers by definition use “ weasel words” to twist the truth. Remember the famous Trudeau ‘ Fuddle Duddle’ ? Words mean different things to different people. Maybe it’s all in the interpretation. And there’s the rub.
Are we looking for actual housing or the political interpretation of any other topic related in the context of absent facts and twisting figures . Maybe the solution here is to redefine or redesign what ‘ housing’ means. ‘Housing’ to you is maybe not the same thing as ‘housing’ to me or any of the other players on the field.
What is housing to a refugee claimant and that industry? What is housing to an increasingly hopeless childless Millenial couple desperate for a step on the ladder? What is housing to a pollster or statistician watching his political master flailing in agony at the prospect of losing an election?
What is housing? Will a politician force private ownership of housing into the hands of government? Stalin got people to share apartments. Castro has created dorms. Mao just figured out that people could disappear if you ‘sent them away’.
How many extra bedrooms are you underutilizing? Figure that out and we’ll be closer to finding a definition of what housing is. Krystia ….. what does housing mean to you?
#126 Shawn on 08.18.24 at 9:55 pm
RRSP appears to add $2400 to your net worth and savings but it really does not unless you will that money out later at 0% tax.
Although you make a good point that RRSP also gets you more GST so something to think about there. Just be careful of putting into an RRSP at a low tax rate and taking out at a higher tax rate.
______________________________________
What year did you finally figure out how horridly trapped your master plan had set you up to be Shawn?
Maybe give 100% of the RRIF withdrawals to a good Cape Breton charity?
Local lad goes down the road/does well monument gets erected by grateful community?
#130 jane24 on 08.18.24 at 11:00 pm
Edmonton winters are brutal.
____________________________
Applies to anywhere a days walk from Pacific or Atlantic water in Canada, doesn’t it.
On a side note, an article that helped put things in perspective for me: a review of the forthcoming book “The Happiness of Dogs: Why the Unexamined Life Is Most Worth Living.”
https://www.theguardian.com/books/article/2024/aug/18/i-wag-therefore-i-am-the-philosophy-of-dogs
I’m really looking forward to reading this book.
Grim.
What future does this country have if the middle class have to waste half or more of their income on housing?
@ #5
¨I am checking out of the consumer driven economy. Only buying what I really really need and like Shawn said only on sale items for food. Eating out is done, poor quality for the expense. Not that I have too…just tired of being gouged by everyone. And I am not the only one.¨
BRAVO! Prices for nearly everything are absolutely outrageous. Retailers, restaurants and services took advantage of COVID to bolster, prop up and stuff their balance sheets. I saw them coming because I´ve been buying loss leaders for the last 40 years and negotiate everything. Absolutely everything.
People have been led to believe that retailers set the price. They don´t. Demand does and so long as fools pay the asking price for everything, those price stickers will forever test what the market will bear.
It is a very rare day that we pay asking price.
Vote with your wallets. Your future will be much more comfortable.
#110 ogdoad on 08.18.24 at 7:19 pm
#93 Wrk.dover on 08.18.24 at 6:18 pm
Big gangly people end up with back problems from dragging their knuckles on the ground, and ultimately fall harder when their geriatric hips breaks.
:|:|:|….
Oh, is that why they end up with back problems….
Og
:):):)
And just as a side note, a friend of mine, 6’9″, played Team Canada volleyball, then played across Europe and and Asia and ended up wealthy….happily retired at 40. He doesn’t complain about his back ;)
Og
@#131 Landlord No. $800 Billion
“To be honest…I wonder what the legal standing of that proclamation is. And I also wonder what the absence of it would mean.”
++++
The federal appeasem*nt process is creating an “upper class” 1% through taxation and Court mandated handouts…
It won’t foster a lot of love from the 98% of the population living and financially struggling under those punitive taxes while the “1st” Nations live on the rez with their tax free status.
Especially when one considers the speed of immigration to change the predominantly “colonialist” makeup of the county’s population as it ages and declines into new First millennium generation Canadians…in about 50 years…
“1st” Nations better not squander this latest multi billion dollar cash cow….there won’t be another handout like this…ever again.
Yes, jane24, not as bad actually it is okay for now but similar to us this happened to me and my husband. We moved from the GTA and sold our house for $957,000 but only paid originally $395,000 back 14 years ago but with all the mortgage payments, CMHC, home insurance and repairs, property taxes, maintenance, real estate commission, lawyer fees, moving expenses etc. We netted $260,000 as profit after we bought a modest house now in Alberta. The good thing is we are at least getting a decent 5.5% 120 months GIC interest on it until February-2033 and it is an each of our own RRSP, TFSA so our income taxes are not impacted. This compound interest will be a addition to our savings of close to $18,000 a year. We were prudent and have a $10,000 reserve in our savings in case.
My husband lost his job in 2021 since the Pandemic and could not find steady work, crappy part-time jobs 15 to 20 hour weeks only. I was working full time in Ontario but now am working only part-time. We are both working 62 hours a week together at $21.10 to $21.55 an hour and after income taxes, CPP. EI, transportation, gas, living expenses like food, some other small personal enjoyments, raising two teenagers, car payments, insurance etc. we are able to save $200 a week off our gross wages of roughly $70,000 a year.The good news since we do not have that $1,625 a month mortgage payment that was left for 11 more years which gave us the ability to start saving again even with our lower income from part-time work. I would say that the job picture were we are has been pretty much the same for 1 year we have been here now and we living expenses are about 10% cheaper here compared to the GTA, Ontario.
#144 ogdoad on 08.19.24 at 7:59 am
happily retired at 40. He doesn’t complain about his back
_________________________________
I look forward to an update in 30 years, when I’m 100!
I just ran across a sheet of paper on which I had recorded the reaction of each of my holdings the last time Chairman Powell addressed the crew at Jackson Hole.
Dow, S&P, Nas, all dropped 3%, in round numbers.
Maybe polar opposite this year?
I am typically a strategic-keep-the-Cons-out voter but I will seriously consider voting for the first party that calls our housing fustercluck what it really is: the result of a generations-long ponzi scheme.
A house can be a guaranteed good investment that grows in value at several times the rate of inflation, or it can be affordable to someone who doesn’t already own one. It simply cannot be both. It is either a speculative investment for the first buyer or a place for the second buyer to meet their shelter needs. Pick one.
For a house to go from (inflation-adjusted) $150,000 to $1 million in forty years means the person who got in early gets paid off by a borrowed lifetime’s earnings from someone who comes along later. Since most people who do the math know that they, as the second buyer, are not going to see the same return (i.e. the house becomes worth $7.5 million inflation-adjusted after another forty years) you need to artificially prevent alternatives from coming onto the market: basic rentals, small apartments, etc. How am I going to get someone to buy my $1 million tulip bulb if they can find daisies as the local nursery?
What we’re seeing is a market where not only can new entrants simply not afford to buy into the ponzi scheme (they haven’t REALLY been able to for awhile now, barring the various long-ams and downpayment-accessing schemes presented as “promoting affordable home ownership”) but it’s becoming clear to them that even if they could, they shouldn’t. The now-80-year-old bungalow is not going to be worth $7.5 million (in 2024 dollars, more like $25 million nominal) in 2064.
The first party that calls this out front and centre will get serious consideration from me.
No sane person believed what the government has been saying for the past two years about building affordable homes and homes in general. “Affordable” has many definitions, a common one is a home that is 25% less than market value. This was probably the biggest lie the Feds spouted because they can’t control the cost to build a house. So many of their programs were aimed at attracting voters to get re-elected. Right now we are about 11,000 short.
The real estate price rebound may be limited. People have hopefully learned that a 2% or 3% mortgage may not last 25 years at those rates. Hopefully, new buyers do their own realistic stress test.
#145 crowdedelevatorfartz on 08.19.24 at 8:41 am
@#131 Landlord No. $800 Billion
“To be honest…I wonder what the legal standing of that proclamation is. And I also wonder what the absence of it would mean.”
++++
The federal appeasem*nt process is creating an “upper class” 1% through taxation and Court mandated handouts…
It won’t foster a lot of love from the 98% of the population living and financially struggling under those punitive taxes while the “1st” Nations live on the rez with their tax free status.
Especially when one considers the speed of immigration to change the predominantly “colonialist” makeup of the county’s population as it ages and declines into new First millennium generation Canadians…in about 50 years…
“1st” Nations better not squander this latest multi billion dollar cash cow….there won’t be another handout like this…ever again.
++++
I hear what you’re saying loud and clear.
The first point about 1%/98% split is a result of corporations aggressively driving wages and benefits down for the masses. Just read the little “Lost Decades” paragraph from the wiki page I’m pasting below about Japan. Is this not what is happening to us? I point this out because it appears to me that’s the path we’re on and that’s what those in charge are trying to stop with crazy debt, QE, low interest rates. And I don’t think they will stop it at all. I think they will potentially push it out a bit. For Canada the loss of meaningful industry, productivity, earnings is already happening. Hence, why it’s interesting to read this.
As for the resentment against First Nations, that could certainly be the case. Humanity currently exists on envy of what the other person has. I actually think this is a marketing strategy to make us want things.
As an immigrant I’ve arrived here and looked upon First Nations people as a 2nd class citizen. I remember them begging on the street, sleeping on heating outlets from the downtown towers in the winter. Drunk. Dirty. Neglected. Little did I know that they actually owned the place. Turns out these proclamations make it so.
Now…from what I’m seeing it turns out the immigrants/”colonizers” appears to be the 2nd class citizens as we’re finding this clearly confirmed by courts.
I feel like this all comes down to law and recognition of title. Aboriginal Title to the land is not a question as a fact.
If you think of it in those terms then the separation here is not First Nations / Immigrants&”colonizers”, it is a simple Landlord/Tenant separation of classes. The Crown is but an intermediary in these large land treaty transactions.
We are the tenants. We will pay what is agreed in the renegotiated treaties, which according to Supreme and Superior court rulings have to be negotiated in a manner that is satisfactory to the landlords.
As for your point about billions of dollars, the truth is that money/currency/FIAT is an invention and there are many forms of it. The landlords may choose the method of payment they accept in the future agreements, and as concerning as it is for me to write this, they may also choose who they sign those agreements with.
As noted…Japan Lost Decades
https://en.wikipedia.org/wiki/Lost_Decades
Economic effects
Despite mild economic recovery in the 2000s, conspicuous consumption of the 1980s has not returned to the same pre-crash levels. Japanese firms such as Toyota, Sony, Panasonic, Sharp, and Toshiba, which had dominated their respective industries from the 1960s to the 1990s, had to fend off strong competition from rival firms based in other East Asian countries, particularly South Korea, and China, since the 2000s. In 1989, of the world’s top 50 companies by market capitalization, 32 were Japanese; by 2018, only one such company (Toyota) remains in the top 50. Many Japanese companies replaced a large part of their workforce with temporary workers, who had little job security and fewer benefits. As of 2009, these non-traditional employees made up more than a third of the labor force. For the wider Japanese workforce, wages have stagnated. From their peak in 1997, real wages fell around 13% by 2013, an unprecedented number among developed nations. Surveys by the Ministry of Health, Labour and Welfare showed that household income in 2010 had fallen to 1987 levels. According to Teikoku Databank, Japan’s largest credit rating agency, the aggregate sales of all companies in Japan decreased by 3.9% in 2010 compared to 2000, or a decrease of 13,848.2 billion yen.
Yowza, CWB arbitrage from June 12 is +16%! Nibbling away at these ‘after announcement’ situations can really pay off.
Original position noted here on June 12 for legitimacy, of course.
Still the possibility of +6% more, but we’re closing out and freeing the cash. Very nice.
Just bring in 100 year mortgages.
If you look at polls, it is probably fair to say around 75% of people do not believe or take seriously what the Finance Minister says anymore. Although to be fair a good number of them have probably just tuned it out.
Freeland is not the strongest communicator, essentially just saying what the PM is but in an even more grating and preachy way. Of course, she just ends up eroding her own credibility when she talks about all the housing starts when anyone can see its not happening. However, I doubt the Liberal ship, which is already listing badly can find a new Finance captain, so her job is probably safe if she wants to go down with the ship.
We may muddle through this somehow. The inventory being built up may hold up until building resumes. I doubt unaffordable prices can rise further and even the Liberals seem to realize letting in millions of foreign students was a bad idea and are restraining immigration some.
I also suspect what will happen is those parts of the country with unaffordable housing will be less attractive to immigrants. Those places will stagnate or grow slower and those places with more affordable housing and room for growth will do better in the next five to ten years. Certainly there are hard limits to how much single family housing can be built in the GVA because of geography. Mountains and water can not be built on and both BC and Ontario do not want to pave over much of the good agricultural land remaining.
So while there is great demand for single family homes, there are a number of restrictions that will constrain supply both now and in the future. Younger people may have to look at other forms of housing and while the current glut of condos built is not that suitable for families, we will have to look at creating more dense housing that is.
#153 Sail Away on 08.19.24 at 1:05 pm
Yowza, CWB arbitrage from June 12 is +16%! Nibbling away at these ‘after announcement’ situations can really pay off.
________________________________
I’m impressed that your idea, as you proposed it then, has worked out so well for you.
Meantime Grand Master Garth had suggested that I take the bird in hand, which I did promptly selling CWB, which had just divvied and purchasing NA which then paid another divvy on the same money!
There are two ways to win.
Yeah, Jess, this is why I always told my wife I am a chicken with our money in staggered 1-7 year GICs, term deposits, high interest savings accounts, still have some Ontario Savings bonds maturing in 2028 but We sleep well at night at least.
We are both late 30’s, I never understood mortgage investments and we still our mortgage to pay off but 75% equity in the house, remaining 25% left is $178,000. No other debts hopefully in maximum 7 to 7.5 more years his sucker is paid off. The mortgage a and owing a house is the biggest risk we will take these days.
I did made sure spousal RRSPs, TFSAs for her and RRSPs, TFSAs for me. I don’t have a pension at work so we got to make sure to keep our account balances up there $245,000 and growing. She takes care of the teenagers, household and I make sure the bread is coming every week.
I am still the only income source working in deliveries for a local company here for 15 years now. The hours are not the most even, anywhere from 35 to 60 hour weeks, slower in the summer but mostly 9 months 45+ hour weeks.
