Keith, you're on the ball here. What they're doing here in Canada isn't just an oops. There's no coincidence that many, if not all of our current ministers are all straight out of the young global leaders program.
The people that are always predicting cuts, are the modern equivalent to the person that is always saying the market is going to crash. Same type of people, opposite ends of the spectrum. Both equally annoying.
That was your mistake. You don't take a salesman's word for it when the dropping of rates helps his business line. Always get second opinions from accountants, financial advisors, etc
5% rates are not high. Too bad for the over extended. They made a choice and lost. Too bad so sad. This is a learning experience. Housing bubbles won't last forever. 5% boc rate may be new normal.
They aren't historically high but considering the racking up of debt over the last 15 years a generation of people have gotten used to these cheap rates and now some will get burned by it.@@AdrianSAsher
Steve, I’d be hesitant to say BC’s grid is “perfectly fine”. About 20% of the electricity in BC 2023 was imported due to low water levels. Hydro is well aware of these shortfalls and have a “Call for Power” out now asking independent power producers to build new generation. It’s expected most of this will be Wind generation. BC’s Hydro resources aren’t unlimited! I wouldn’t expect brown out situations but do foresee power prices going up significantly.
Read the news, Alberta had 6 nat gas power plants OFFLINE. BC is hydro and fortunately not completely and utterly incompetent like the monkeys running the show over there.
I knew this would happen. Winter of 2023 the same thing happened and everyone got excited that ohhh rates are coming down. Inflation is like not so fast! Rates need to stay high until more people renew, as in at LEAST 2 years
In BC we had people convert to from Oil to Natural Gas over 20 years ago telling Citizens it would save them a lot of money. Within a couple of years they jacked Natural Gas prices and it became more expensive than what people paid before the conversion. I'm sure the same will be for Electricity over Gas for vehicles as California car owners have currently been experiencing that switched over.
Rich your parents immigrated from Portugal with the intention of becoming Canadian and raising Canadian children . The negative sentiment towards immigrants is in direct correlation to their lack of wanting to adopt Canadian values . That’s were the problem lies .
@@marcgatto9675 European Christian roots. Canada was founded on European Christian Ideals and settled this way. Of course you have a native heritage as well. Thats it. People refuse to assimilate.
@@marcgatto9675 learning to speak English and adopting our western way of life. When my grandfathers immigrated from Italy and Portugal , the first thing they did was try to assimilate to Canadian culture and language . If we don’t have a cohesive homogenous culture the country is doomed to fail .
Well headshot for these three snipers. What a way to wrap it up. Pissed about the instigation of fumes from ovens, against the idea of redirecting vessels to make even more and worse fumes. We should all be fuming about the choices on productivity. The cost of inefficiency sure is high, shows what Canada really values....
5% rates aren't high. People may need to get used to these new normal rates. Boc's job isnt to keep housing prices inflated. Corrections are financially healthy
Rich, immigration isn't inherently good or bad. It's just a policy. Either it works for the current economic and cultural conditions, or it doesn't. And yes, whether it works or not isn't a binary. It's a gradient. But what we're doing has crossed that grey line into the territory of not working because we have a finite amount of resources that we can only increase at a limited rate. It doesn't make one a bad person to prefer to give resources to the ones who born here rather than the ones who newly arrived. That's a choice that has to be made whether it feels good or not. But ultimately, what we want is irrelevant. The regime will do as they please regardless of input from the population.
I see I got canceled-last weeks comment on how property tax increases are not nearly as much as rent increases. Yet we hear mostly about the owners suffering Don’t you think the population growth is a result of corporate pressure for cheap labour? It’s not the university student issue so much. It’s the 2 year programs in colleges and fly-by-night diploma mill schools. The government increased the number of hours foreign students can work to forty hours a week. That’s a result of corporate pressure. It’s an exploitive program because our corporations and fat cats want cheap labour.
Why is there an expectation of rate cut as if people deserve it. Interest rates are decided mainly bond and debt market. Current rates are just fine when compared to historical averages
BOC is stuck with a ridiculous situation. The divergence between the real estate sector in the big cities and the rest of the economy is so wide they have nowhere to go. If they drop rates, the economy will benefit, but the real estate sector will take off. If they don't our economy will drop into a recession but the real estate sector will finally see a reasonable correction. But here's the rub. This situation wasn't solely created by the BOC. Not even close. I'd say it's mostly been 24 yrs of bad gov't policies. Lowering down payment requirements, massively increasing mortgage terms lowering monthly payments, allowing people. and corporations to buy 2, 3 4 5 properties as investments (hoarding), land transfer taxes, massive development fees, GST on new homes... it's just endless stupidity. Yet, the gov't has done nothing to really correct this. Also municipalities who refuse to develop a fast and efficient plan for development. In Toronto, it's still yrs and yrs of NIMBYs and clown councillors blocking density proposals. So in the end, the BOC is stuck with 2 very negative options.
Great return to the boys just talking about current events. Thanks for the original format. I feel sorry for the 👽 looking over my life, must be bored. Cheers.
Home pricing will have to adjust to average local incomes over time is the answer to how the market will settle out. In urban cities in many places in Canada including Vancouver area, Fraser Valley, GTA, other Southern Ontario cities etc, the average (median) household income is around $100,000. Over 75 percent of Canadians 55 and under have less than $50,000 saved for retirement. There is an unsustainable level of debt in the average Canadian household including lines of credit, vehicle loans etc. (highest household debt in the G7 nations). 2 paths to correction are higher interest rates for longer until home prices are brought down into line with the historical average of 3.5 times the average (median) household income for the area which would mean urban housing correcting down to around $400,000 on average or the Canadian currency depreciating in value through inflation so that current home prices are sustained at over $1,000,000 in urban Canada while continued increases in average pay goes up substantially to where average household income in urban Canada exceeds $300,000. Both Dollar devaluation and higher interest rates for longer is most likely the answer where no one feels any wealthier and home equity stagnates until affordability returns. Immigration and lack of housing supply doesn’t assist home prices past where they currently are because affordability is at its maximum and bringing in more people who can’t afford the current pricing just means co-sharing homes continues to increase so that more people are shoved into existing structures. It’s a numbers game and maximum affordability is a real thing as immigrants have on average less than $50,000 when they arrive in Canada and take just over 10 years to reach average local wages. Correction is happening through both higher interest rates and continued dollar devaluation as everyone petitions for more wage increases and inflation continues.
Alberta experience was a good example with regards to the amount of additional excess capacity that needs to be built when a grid has significant renewables. We always need excess generation capacity, but the reality is fossil or nuclear has a much higher availability as these plants. For large renewable power generation, we either need significant energy storage or significant excess capacity to have a reliable grid... sad reality is none of this is priced in or planned. If we aren't careful the competitive advantage of a reliable power supply will disappear which would be a disaster for the economy
Alberta, the province with some of the least renewables on their grid (mostly because they aren’t using their hydro potential) also is the only one who’s system almost crashed, yet it is renewables fault somehow. Make it make sense
It appears the point I was trying to make didn't come through clearly. The point I was trying to make is that when you have intermediate generation sources you have to build in some additional reserve generation capacity for periods where these sources aren't capable of generation (or alternatively energy storage). However, not all renewable sources are the same. Your example of hydro is a good example, hydro project with a reservoir has more availability then solar. If we had built the same capacity in hydro as solar and wind, you won't need the same level of reserve generation. Whereas run of the river hydro generation would need a higher amount of reserve generation in the grid as there is less water flow in winter.
Conestoga College (Kitchener On) 2021-22 had a budget surplus of 30 million dollars, the latest estimate puts the surplus ballooning to just over 100 million due to foreign students.
The college administrators are doing very well from this and they keep opening new administrative positions. The 2 year programs are a pathway to PR. But really the government (corporations) want cheap labour.
EV's in cold weather work fine, but require some education in best practices, Tesla for example has a cold weather tips section in the owners manual. I'm not an environmentalist and support pipelines and oil, but at the same time i drove from Prince George to Mcbride in back on the coldest day up here and had no issues at all. Yes there is range loss of 40-50% in extreme cold but charging will be near full speed if you follow best practices (which people have not been doing in chicago, new york etc). Here was my documented trip with all of the data: ruclips.net/video/nhOGo7gDe3s/видео.html one question to ask or study that should be done is 'how much extra energy do evs use to keep the battery warm and charged up after phantom drain loses'. This should be factored into the green equation
The windmills are heated because it makes them shed ice. They were down because at -31°C and below, they apparently have to worry about the blades shattering due to brittle failure. Alberta was also low on power because they don't pay for their gas generators uptime anymore. Their normally available extra gas capacity was down for maintenance. Sounds a lot like Enron in California doesn't it?
Usually like the takes on this show, but the exchange on EVs draining in the cold was severely exaggerated to the point of BS. Range is reduced, yes, but you don’t lose even a single percent of charge overnight, let alone “over lunch”.
Yeah that's a load of BS. My Polestar doesn't drop overnight, maybe 1-2% with the preheat if not plugged in. Doesn't drop at all between the time I park it at 7AM at work and when I leave at 17:00. There's something wrong with his car if he's serious.
Yes you actually do. Batteries lose their capacity in the cold. This happens with normal 12 Vs. if you don't keep them FULLY charged then the resistence to cold is reduced. This is why you saw dozens of stories about people who couldn't start their EVs because they let the charge go down too low and the battery couldn't handle the cold shock.
If you haven’t figured it out this pod has a consistent narrative on several issues. If you know anything about those issues it becomes obvious. Sadly it has made me lose respect for all their opinions cause I used to learn things here
@@mathieuroy6572 where do you live? The reason this was happening was because people were leaving their batteries at low charge in cold weather that causes the problem The lower the charge the worse the resistance to cold. This was the same with 12V lead acid batteries. If you let a 12V battery discharge it can freeze solid at -10. If you maintain a full 12.5V then it is resistant to freezing to -45C or more.
IMO... the biggest single issue moving forward that will effect everything and continues to be lost within our normal bias.... is the gravity of changes coming to lifestyles, personal freedoms and standards of living that Climate Change initiatives represent.... and the DEBT that will be facilitative of those initiatives implementation from CBDC's into everything else.
SO I need to spend more electricity just to keep my heat pump warm? Remind me why heat pumps are cheaper again? High installation costs, higher electricity costs. Gas is still too cheap to cause mass adoption of heat pumps. Thats why governments have to provide massive subsidies.
@@central3425 You are taking it backward, you need a backup heating when it's too cold, it's not to keep the heat pump warm but to still be able to heat your house. You also need a backup because the heat pump can break too. Electric is still more efficient than Gas. Gas is like 75% efficient, electric is 100% and heat pump is over 100% depending on the outside temperature, below 100% efficiency it's better to switch to your backup heating.
@@jordsti2 doesn't matter about efficiency, it's cost. My gas bill significantly lower than heat pump bills. Most new gas furnaces are 95% efficient now
Just wanted to add, we (Alberta) wouldn't have had this power issue if we weren't forced to shut down our coal power plants. Before the UCP (Conservative government) the NDP led by Rachel Notley, who recently stepped down as their leader, in 2015 she agreed to shut down ALL coal power plans across the province. Instead of coal, the then NDP put in place some not very well thought out green energy plan and there you have it. So if you're wondering why Alberta - the province so rich with energy was facing an issue powering itself.... there's your answer. We replaced coal energy with options that don't work too well in the winter. In a province that has some of the most brutal winters. NDP & Liberal will shift towards green energy with no thought or regard for how this might impact power demands. Great show as always guys, enjoying the banter. 😀
Alberta’s power problems go far before the NDP party. Lack of investment and resilience in Alberta’s power infrastructure is the problem. In fact, you can point to the start of these issues shortly after Ralph Klein deregulated electricity and natural gas.
I would argue immigration including non-permanent residents is what's keeping the housing market from collapse. Rents have stayed buoyant because the non-permanent are primarily renters and upwards pressure on rents has kept investors from bailing and underwater homeowners from selling. Be careful what you wish for.
10 billion coal export facility going into Roberts Bank. 40 billion LNG going into Kitimat. Unknown billions into twinning pipeline to export crude out of Vancouver harbour. Whole log exports - don't anyone dare burn them for heat because they are renewable. We are environmentalists of a different flavour.
Yeah the elites keep telling us the sky is falling but yet they still travel weekly on their private jets but yeah I have to reduce my carbon footprint.
Having access to Canada is not a human right. According to the laws of the UN, asylum seekers must seek refuge in the first safe country they get to. Canada has contiguous borders with one country, the USA. I don't think the Vietnam war is still going, so I doubt any Americans need refuge. Besides, as things collapse, where do WE flee to?
Dude, you know about planes right? Refugees aren't crossing on foot like it's the 1800s. If Canada is the first place they land, then that's legitimate.
@@brasssnacks8413 If they can afford to buy a plane ticket to Canada and travel through customs at an airport, they're not refugees. They're immigrants. Just because they were born somewhere else doesn't make them a refugee. That's an incredibly narrow minded and frankly, imperialist view, that anyone not born in the so called first world is seeking refuge here.
If possible can you address the question of housing supply, but focused on overall Canadian population growth vs units coming to market. And whether or not the death rate is represented? I assume that most deaths result in more units being available?
Don't think Keith's comment on international students cap adversely affecting the universities was very accurate. Established public universities in Canada have a relatively low number of international students and a competitive admission process. The problem is the proliferation of private colleges with the cohort comprising almost exclusively of international students. They should rightly be capped
AB was feeling the impacts of the Notley NDP’s ideological interference in the electrical system from 2014-2018. Scott Moe and Sask were the ones that helped the situation due to their ability to provide call out power from combined cycle power plants (that Trudeau wants closed)
Being against immigration is not dumb. Stop saying this. Are you implying that Japan is dumb? Immigration or no immigration is a value judgement that is neither smart or dumb.
When Rich says/implies that government policy should pivot bc the policy is clearly not benefiting it's citizens and that it should; we need to examine this premise. 1. the premise is that the government has an intention/duty to act in the interests of the citizens 2. If acting in this manner and the manner is a mistake then the government needs to change the manner in which it behaves to continue to adhere to the premise 1. At this point the amount of $ spent from Mckinsey/PBO etc. would have shown these risks in the policy they have chose and of course would be offered a series of courses of action much like an algorithm each with probable outcomes (negative/positive). The govnerment could take these courses of action now. Seemingly they are only changing pace of the messaging in the media bc of polling. Real concrete action will probably not be seen. I used to work in the mental health and addictions field. When folks exhibited these "behaviours" that seem counter to explicit assumptions of what is best and/or declarations of intent for what is best and then observing repeated behaviour of the opposite; we cautiously assumed deception. Of couse this is in the case of folks not seriously mentally ill or addiced. "Cautiously", out of an abudance of compassion and empathy for the indiidual and respect for the client centred relationship; but, also due to the esoteric nature of human motive and behaviour. I the case of the government; though, I think this is the highest probability of explanation. Now, after all that might wind I blew on this comment...if you believe that or want to entertain the idea; then what does this mean? Then what must one do?
Why hasn't oil jumped I price. Opec is continuing with production cuts, there is war tension among many oil producers, and oil is going down. Makes no sense
Due to market mechanics. The prices don't move up or down in straight lines. I noticed this too when OPEC made some major cuts last year, the price retraced before blasting higher.
Was travelling and missed this one: BoC had to intervene in the repo market on Jan/3. Seems like a great setup for another repo blowout mid march. This wasn't covered at all in the news. Wondering if you have any views on this. "operations are conducted when the overnight collateralized interest rate is trading materially above the target policy rate and when broad overnight general collateral funding conditions warrant a temporary liquidity injection".
They don’t read comments. And news has been hiding this since 2018. 2019 I said wtf is the world going to do. Boom Covid 19 sprang outta the darkness to keep everyone blind to the trillions of stolen dollars. No one knows about anything everyone stuck with fingers in Trudeau and trump and can barely focus on life.
@@b-rare not sure but there were people on the Calgary subreddit saying they weren't pumping. I don't know if it was a cold issue or an energy issue. It was the coldest weather we've had in half a century. There was plenty more things that stopped working than EVs.
what happened to global warming? lol. all this talk is marketing stunts to sell product. global warming as we think we understand it is a scam@@brasssnacks8413
@22:22 why would it keep him up at night? "Supply is extremely low and immigration is at an all-time high". People were not manipulated, and no one is going to lose their home or have their life destroyed or their families lives destroyed. I honestly can't think of a single reason why anyone would be upset at a realtor right now.
Yes, let's blame our problems caused by super low interest rates on immigrants. We need more. I work for the largest energy company in the country, and 70-90% of our engineers are immigrants. They work jobs Canadians won't do.
How do the students work, I mean it is a gross large number and messing with the housing market right now for sure. But can they stay long term? Or do they get to use the PR application and be limited to the 500k cap or peave home? Just wondering if the 640k number is added on top of the pR number or if it is bapanced out in future years.
Alot of Canadians didnt know what BOC is or interest rates... Alot of ppl want to live the day-to-day life... Markets and inflation hurts but 9/10 ppl i talk to dont know or care. Covid has created alot of echo chambers in ppls lives.
Did anyone get the money the government promised to cover kids going to the dentist? We filed 3 times and got nothing back. Our dentist told us that nobody they know got any reimbursement..
The government is extremely backed up right now. Almost to levels that were last seen in 1989 USSR. And let's be real, if there is a benefit, it's probably going to "new Canadians" first.
Immigration is like playing with engine throttle... You feather it, close it, wide open. Currently it's wide open and the person left the controls unchanged 😂
EVs lack practicality.. That be like having a gas engine where the gas tank leaks. I heard ev's put out quite a bit of radiation and its like driving in a microwave. Thats why Steves hair is turning grey
@@Rawdiswar I can't recall the source of where I heard it. But all electronic gadgets produce levels of radiation. Cell phones. Laptops. Etc.. so just imagine something that can propel you forward in seconds to 100kms hr.. how much it could be.
@@baseline6786 Be specific if you talk about radiation. What wavelengths and what is the mechanic generation? An EV has electric motors, which are everywhere in society. Are you saying electric motors emit radiation? Ionizing radiation?
@@Rawdiswar why not Google it lol. Fk if I know the wavelengths etc. But Google articles probably won't disclose true measures bc they want to make evs appear safe for the environment/health which they aren't really.
Politics is economics. Therefore politics need to be discussed. Rich remember calling anyone unvaccinated an idiot?? Curious your thoughts now? I’m genuinely confused how someone so smart doesn’t understand the implications of Digital ID
Keith knows...probably has a smart in the know kid or 2 ? Off the main grid insight. Some 1860s knowledge too, Keith? Anyhow, Love over Purdy's chocolates for me !!! Ask the Jonese. Agree SFO TE for the over up the middle though; and Reed out of the SFO weak spot (the slot) too !!
Hey Rich as much as I appreciate your tangents and your poignant arguments you know what's sadder then anti-immigration sentiment? Canadian quality of life declining faster then a high speed elevator, untenable wait times at E.R.'s (healthcare in general in shambles), no-one having kids, exorbitant cost of living, horrible quality of life etc etc.... who gives a fuck about anti immigration sentiment when the pre-existing Canadians here are in such a dire situation?
Millions going to foodbanks and ten of thouands homeless, ya canada is doing great open uo the gates we need all those rocket scientists and doctors and engineers to help us.
The best part is when you're driving in the cold weather, the cold wind will cool off the battery with whatever heat it creates to keep the battery warm. So you exponentially use more electricity as you drive faster, not just from inefficiency from the motor spinning faster which is what most EVs suffer from on highways, but when it's cold its even worse. It's funny how green unless it's nuclear is a joke. And I've always known that, I've always argued it in the exact way it's playing out, no variance, it's called being knowledgeable and using common sense. Unfortunately, brainwashing is a powerful thing and works on a good chunk of people.
BoC monetary policy is, and will be moving forward very strictly data dependent.... inflation/unemployment. And intending by default given the historical fiasco evidenced in the spring/2023 'rate pause' resurgence of Real Estate based DEBT/cpi inflation pressures... that any rate relaxation will be waay late when it does occur... regardless of mounting defaults/Debt proposals/losses all 'secondary' considerations anyways given the unsustainability/speculative DEBT fundamentals constraining GDI and (non-Debt based) Real GDP by default. Demand destruction/recession and painful deleveraging cycle.....
I think you three speak for all of us when you say how poorly the current immigration policy has been implemented and how it has played out. I guess we show our opinion with our vote. But whose to say the next batch of policy makers will fix all the problems. There's a reason we vote out the current gov't every 4 to 8 yrs (or sooner in some cases).
Keith, you're on the ball here.
What they're doing here in Canada isn't just an oops.
There's no coincidence that many, if not all of our current ministers are all straight out of the young global leaders program.
My realtor had me convinced the bank of Canada would’ve cut rates by now
The people that are always predicting cuts, are the modern equivalent to the person that is always saying the market is going to crash. Same type of people, opposite ends of the spectrum. Both equally annoying.
That was your mistake. You don't take a salesman's word for it when the dropping of rates helps his business line.
Always get second opinions from accountants, financial advisors, etc
5% rates are not high. Too bad for the over extended. They made a choice and lost. Too bad so sad. This is a learning experience. Housing bubbles won't last forever. 5% boc rate may be new normal.
They aren't historically high but considering the racking up of debt over the last 15 years a generation of people have gotten used to these cheap rates and now some will get burned by it.@@AdrianSAsher
Your too!?!
Steve, I’d be hesitant to say BC’s grid is “perfectly fine”. About 20% of the electricity in BC 2023 was imported due to low water levels. Hydro is well aware of these shortfalls and have a “Call for Power” out now asking independent power producers to build new generation. It’s expected most of this will be Wind generation. BC’s Hydro resources aren’t unlimited! I wouldn’t expect brown out situations but do foresee power prices going up significantly.
So they need that module nuclear power
Didn't BC just announce new funding to support the energy grid?
Read the news, Alberta had 6 nat gas power plants OFFLINE.
BC is hydro and fortunately not completely and utterly incompetent like the monkeys running the show over there.
@@sketchin6993 so Small nuclear or decent size would help base load power and work all year around lol crazy idea man....
How is Canada not broken? Housing? Debt interest? Healthcare?
I knew this would happen.
Winter of 2023 the same thing happened and everyone got excited that ohhh rates are coming down.
Inflation is like not so fast!
Rates need to stay high until more people renew, as in at LEAST 2 years
In BC we had people convert to from Oil to Natural Gas over 20 years ago telling Citizens it would save them a lot of money. Within a couple of years they jacked Natural Gas prices and it became more expensive than what people paid before the conversion.
I'm sure the same will be for Electricity over Gas for vehicles as California car owners have currently been experiencing that switched over.
Rich your parents immigrated from Portugal with the intention of becoming Canadian and raising Canadian children . The negative sentiment towards immigrants is in direct correlation to their lack of wanting to adopt Canadian values . That’s were the problem lies .
Nonsense. Second generation immigrants want nothing more than to 'fit in'. Your racism is showing there bud.
Would you care to elaborate on Canadian values?
@@marcgatto9675assimilation into the country without looking for every opportunity to take advantage of the system.
@@marcgatto9675 European Christian roots. Canada was founded on European Christian Ideals and settled this way. Of course you have a native heritage as well. Thats it. People refuse to assimilate.
@@marcgatto9675 learning to speak English and adopting our western way of life. When my grandfathers immigrated from Italy and Portugal , the first thing they did was try to assimilate to Canadian culture and language . If we don’t have a cohesive homogenous culture the country is doomed to fail .
Well headshot for these three snipers. What a way to wrap it up. Pissed about the instigation of fumes from ovens, against the idea of redirecting vessels to make even more and worse fumes. We should all be fuming about the choices on productivity. The cost of inefficiency sure is high, shows what Canada really values....
Economic woes giving it to Steve’s 2022 interest rates prognostication on X this morning
5% rates aren't high. People may need to get used to these new normal rates. Boc's job isnt to keep housing prices inflated. Corrections are financially healthy
The change is alot in nominal terms because mortgage balances are so high
its not 90's, world is different now where global growth is under 3.
Bravo Rich! Can't thank you enough for always calling out the bullshit as it is
Double header today. Icecap webinar and a Loonie Hour! Have a great weekend, everyone.
KEEP BANGING THE DRUMS ON CBDCS AND DIGITAL ID!!!!!!!!!
"not having the testicular fortitude" 😂 ...it's called "balls" in plain language, Rich! ...but totally with you on saving the Fairmount bagels! 😉
Rich, immigration isn't inherently good or bad. It's just a policy. Either it works for the current economic and cultural conditions, or it doesn't. And yes, whether it works or not isn't a binary. It's a gradient. But what we're doing has crossed that grey line into the territory of not working because we have a finite amount of resources that we can only increase at a limited rate. It doesn't make one a bad person to prefer to give resources to the ones who born here rather than the ones who newly arrived. That's a choice that has to be made whether it feels good or not. But ultimately, what we want is irrelevant. The regime will do as they please regardless of input from the population.
Well said. The regime values being politically-correct over practically-correct.
Rich, I had a similar response to a Globe and Mail article on pizza ovens. Keep it up fellas.
I see I got canceled-last weeks comment on how property tax increases are not nearly as much as rent increases. Yet we hear mostly about the owners suffering
Don’t you think the population growth is a result of corporate pressure for cheap labour? It’s not the university student issue so much. It’s the 2 year programs in colleges and fly-by-night diploma mill schools. The government increased the number of hours foreign students can work to forty hours a week. That’s a result of corporate pressure. It’s an exploitive program because our corporations and fat cats want cheap labour.
Literally nothing makes me happier than watching Steve’s face when Keith drops the Thursday joke.
🤣
Why is there an expectation of rate cut as if people deserve it. Interest rates are decided mainly bond and debt market. Current rates are just fine when compared to historical averages
Exactly even a little higher would be better.
BOC is stuck with a ridiculous situation. The divergence between the real estate sector in the big cities and the rest of the economy is so wide they have nowhere to go. If they drop rates, the economy will benefit, but the real estate sector will take off. If they don't our economy will drop into a recession but the real estate sector will finally see a reasonable correction. But here's the rub. This situation wasn't solely created by the BOC. Not even close. I'd say it's mostly been 24 yrs of bad gov't policies. Lowering down payment requirements, massively increasing mortgage terms lowering monthly payments, allowing people. and corporations to buy 2, 3 4 5 properties as investments (hoarding), land transfer taxes, massive development fees, GST on new homes... it's just endless stupidity. Yet, the gov't has done nothing to really correct this. Also municipalities who refuse to develop a fast and efficient plan for development. In Toronto, it's still yrs and yrs of NIMBYs and clown councillors blocking density proposals.
So in the end, the BOC is stuck with 2 very negative options.
I hope the Interest rates will either stay the same or increase this January.
Great return to the boys just talking about current events. Thanks for the original format. I feel sorry for the 👽 looking over my life, must be bored.
Cheers.
Home pricing will have to adjust to average local incomes over time is the answer to how the market will settle out. In urban cities in many places in Canada including Vancouver area, Fraser Valley, GTA, other Southern Ontario cities etc, the average (median) household income is around $100,000. Over 75 percent of Canadians 55 and under have less than $50,000 saved for retirement. There is an unsustainable level of debt in the average Canadian household including lines of credit, vehicle loans etc. (highest household debt in the G7 nations).
2 paths to correction are higher interest rates for longer until home prices are brought down into line with the historical average of 3.5 times the average (median) household income for the area which would mean urban housing correcting down to around $400,000 on average or the Canadian currency depreciating in value through inflation so that current home prices are sustained at over $1,000,000 in urban Canada while continued increases in average pay goes up substantially to where average household income in urban Canada exceeds $300,000.
Both Dollar devaluation and higher interest rates for longer is most likely the answer where no one feels any wealthier and home equity stagnates until affordability returns. Immigration and lack of housing supply doesn’t assist home prices past where they currently are because affordability is at its maximum and bringing in more people who can’t afford the current pricing just means co-sharing homes continues to increase so that more people are shoved into existing structures. It’s a numbers game and maximum affordability is a real thing as immigrants have on average less than $50,000 when they arrive in Canada and take just over 10 years to reach average local wages. Correction is happening through both higher interest rates and continued dollar devaluation as everyone petitions for more wage increases and inflation continues.
Great Job!!! Thank You... :-)
Alberta experience was a good example with regards to the amount of additional excess capacity that needs to be built when a grid has significant renewables. We always need excess generation capacity, but the reality is fossil or nuclear has a much higher availability as these plants. For large renewable power generation, we either need significant energy storage or significant excess capacity to have a reliable grid... sad reality is none of this is priced in or planned. If we aren't careful the competitive advantage of a reliable power supply will disappear which would be a disaster for the economy
Alberta, the province with some of the least renewables on their grid (mostly because they aren’t using their hydro potential) also is the only one who’s system almost crashed, yet it is renewables fault somehow.
Make it make sense
It appears the point I was trying to make didn't come through clearly. The point I was trying to make is that when you have intermediate generation sources you have to build in some additional reserve generation capacity for periods where these sources aren't capable of generation (or alternatively energy storage). However, not all renewable sources are the same. Your example of hydro is a good example, hydro project with a reservoir has more availability then solar. If we had built the same capacity in hydro as solar and wind, you won't need the same level of reserve generation. Whereas run of the river hydro generation would need a higher amount of reserve generation in the grid as there is less water flow in winter.
Keith cracks me up every episode, the man is hilarious - Best weekly education guys, love all your insights.
Many thanks.
@icecapassetmanagementlimit849 we need those kind of people 😆
Conestoga College (Kitchener On) 2021-22 had a budget surplus of 30 million dollars, the latest estimate puts the surplus ballooning to just over 100 million due to foreign students.
The college administrators are doing very well from this and they keep opening new administrative positions. The 2 year programs are a pathway to PR. But really the government (corporations) want cheap labour.
EV's in cold weather work fine, but require some education in best practices, Tesla for example has a cold weather tips section in the owners manual. I'm not an environmentalist and support pipelines and oil, but at the same time i drove from Prince George to Mcbride in back on the coldest day up here and had no issues at all. Yes there is range loss of 40-50% in extreme cold but charging will be near full speed if you follow best practices (which people have not been doing in chicago, new york etc). Here was my documented trip with all of the data: ruclips.net/video/nhOGo7gDe3s/видео.html one question to ask or study that should be done is 'how much extra energy do evs use to keep the battery warm and charged up after phantom drain loses'. This should be factored into the green equation
I just bought the Tesla model Y. If you have a V2 charger in your garage and live in the city, you’ll be more than ok 👍
The windmills are heated because it makes them shed ice. They were down because at -31°C and below, they apparently have to worry about the blades shattering due to brittle failure.
Alberta was also low on power because they don't pay for their gas generators uptime anymore. Their normally available extra gas capacity was down for maintenance. Sounds a lot like Enron in California doesn't it?
I feel like we are on a trajectory to a Hunger Games scenario.
Usually like the takes on this show, but the exchange on EVs draining in the cold was severely exaggerated to the point of BS. Range is reduced, yes, but you don’t lose even a single percent of charge overnight, let alone “over lunch”.
Yeah that's a load of BS. My Polestar doesn't drop overnight, maybe 1-2% with the preheat if not plugged in. Doesn't drop at all between the time I park it at 7AM at work and when I leave at 17:00. There's something wrong with his car if he's serious.
Yes you actually do. Batteries lose their capacity in the cold. This happens with normal 12 Vs. if you don't keep them FULLY charged then the resistence to cold is reduced.
This is why you saw dozens of stories about people who couldn't start their EVs because they let the charge go down too low and the battery couldn't handle the cold shock.
If you haven’t figured it out this pod has a consistent narrative on several issues. If you know anything about those issues it becomes obvious.
Sadly it has made me lose respect for all their opinions cause I used to learn things here
@@mathieuroy6572 where do you live?
The reason this was happening was because people were leaving their batteries at low charge in cold weather that causes the problem
The lower the charge the worse the resistance to cold. This was the same with 12V lead acid batteries.
If you let a 12V battery discharge it can freeze solid at -10. If you maintain a full 12.5V then it is resistant to freezing to -45C or more.
@@central3425Montreal. We don't get the harsh Vancouver winters but it gets a little cold too.
I just was talking to a guy who works for a large power company the wind supply was putting out under 1 percent of it’s capacity and solar was at zero
IMO... the biggest single issue moving forward that will effect everything and continues to be lost within our normal bias....
is the gravity of changes coming to lifestyles, personal freedoms and standards of living that Climate Change initiatives represent.... and the DEBT that will be facilitative of those initiatives implementation from CBDC's into everything else.
Lol damn I love you guys. Y’all give me hope on bad days
🙏🏻
Heat pumps rely on an internal electric heater as a backup during extreme cold.
yes heat pumps require supplemental heat sources if it gets as low as -20c or lower
SO I need to spend more electricity just to keep my heat pump warm?
Remind me why heat pumps are cheaper again? High installation costs, higher electricity costs. Gas is still too cheap to cause mass adoption of heat pumps. Thats why governments have to provide massive subsidies.
Is gas keeping you cool in the summer?@@central3425
@@central3425 You are taking it backward, you need a backup heating when it's too cold, it's not to keep the heat pump warm but to still be able to heat your house. You also need a backup because the heat pump can break too. Electric is still more efficient than Gas. Gas is like 75% efficient, electric is 100% and heat pump is over 100% depending on the outside temperature, below 100% efficiency it's better to switch to your backup heating.
@@jordsti2 doesn't matter about efficiency, it's cost. My gas bill significantly lower than heat pump bills.
Most new gas furnaces are 95% efficient now
“Babbling turds” saying..may this never get old 🙏
Ev I cold? Check out any Chicago news story in the past week about the massive problems with ev in cold weather
Great episode guys!
Rich's rant was on point!!!!!!!!!!!!!!!!!!!!!!!!!!
Snow in the back ground! Even Van got it! Heat pump works better at -20 than -8 for some reason!
The San Fran fan's mic volume is twice that of Steve's (consistently true each week). Dial those volumes inline with each other, please!
Anyone else noticing this? Seems ok on my end
Just wanted to add, we (Alberta) wouldn't have had this power issue if we weren't forced to shut down our coal power plants. Before the UCP (Conservative government) the NDP led by Rachel Notley, who recently stepped down as their leader, in 2015 she agreed to shut down ALL coal power plans across the province. Instead of coal, the then NDP put in place some not very well thought out green energy plan and there you have it. So if you're wondering why Alberta - the province so rich with energy was facing an issue powering itself.... there's your answer.
We replaced coal energy with options that don't work too well in the winter. In a province that has some of the most brutal winters. NDP & Liberal will shift towards green energy with no thought or regard for how this might impact power demands.
Great show as always guys, enjoying the banter. 😀
NDP has been gone for 5 years now.
@@bradcomis1066 Yes, and they're the ones who shut down the coal plants. Takes a long time to undo shitty policy decisions.
Alberta’s power problems go far before the NDP party. Lack of investment and resilience in Alberta’s power infrastructure is the problem. In fact, you can point to the start of these issues shortly after Ralph Klein deregulated electricity and natural gas.
I would argue immigration including non-permanent residents is what's keeping the housing market from collapse. Rents have stayed buoyant because the non-permanent are primarily renters and upwards pressure on rents has kept investors from bailing and underwater homeowners from selling. Be careful what you wish for.
Inventory has dropped 0.5% since 2018 but house prices have gone up 67%.
Immigration does not equal population. Our birth rate is only 1.4
10 billion coal export facility going into Roberts Bank. 40 billion LNG going into Kitimat. Unknown billions into twinning pipeline to export crude out of Vancouver harbour. Whole log exports - don't anyone dare burn them for heat because they are renewable. We are environmentalists of a different flavour.
Keep going Rich, in about a year you'll understand that CO2 is not the enemy.
Yeah the elites keep telling us the sky is falling but yet they still travel weekly on their private jets but yeah I have to reduce my carbon footprint.
@@central3425 Those people are not elite.
Bill Gates, John Kerry, Klaus Schwab? Yes they are.@@toddfromwork8931
Hey Steve! I heard your voice an episode of Gary Vaynerchuk's podcast, 4Ds. Thanks for the lively discussion. Cool to meet Gary Vee?
Having access to Canada is not a human right. According to the laws of the UN, asylum seekers must seek refuge in the first safe country they get to. Canada has contiguous borders with one country, the USA. I don't think the Vietnam war is still going, so I doubt any Americans need refuge. Besides, as things collapse, where do WE flee to?
Today's entitled societies believe everything is their right.
Dude, you know about planes right? Refugees aren't crossing on foot like it's the 1800s. If Canada is the first place they land, then that's legitimate.
@@brasssnacks8413 If they can afford to buy a plane ticket to Canada and travel through customs at an airport, they're not refugees. They're immigrants. Just because they were born somewhere else doesn't make them a refugee. That's an incredibly narrow minded and frankly, imperialist view, that anyone not born in the so called first world is seeking refuge here.
If possible can you address the question of housing supply, but focused on overall Canadian population growth vs units coming to market. And whether or not the death rate is represented? I assume that most deaths result in more units being available?
Wood fired ovens! Not my Montreal-style bagels!
Not having the testicular fortitude > Not having the balls
Don't think Keith's comment on international students cap adversely affecting the universities was very accurate. Established public universities in Canada have a relatively low number of international students and a competitive admission process. The problem is the proliferation of private colleges with the cohort comprising almost exclusively of international students. They should rightly be capped
“Testicular fortitude” 😂
The Looney Hour Is Hard Core
AB was feeling the impacts of the Notley NDP’s ideological interference in the electrical system from 2014-2018. Scott Moe and Sask were the ones that helped the situation due to their ability to provide call out power from combined cycle power plants (that Trudeau wants closed)
Biggest risk for 2024 is higher and higher inflation. Forcing 10yrUST to continue to climb and no relieve for mortgage renewals.
Most of the rate cut sentiment is hopium. There may be rate cuts later in the year but none of the data supported a Spring rate cut.
Keith seems more Gen X than boomer
Being against immigration is not dumb. Stop saying this. Are you implying that Japan is dumb? Immigration or no immigration is a value judgement that is neither smart or dumb.
BC hydro can easily generate enough power for B.C., they just need to stop selling it to the states.
Can you guys make a second podcast for pure politics? I'd love it!
If anyone messes with Montréal Bagels there are going to be riots! That's all that I have to say 😂😂😂
When Rich says/implies that government policy should pivot bc the policy is clearly not benefiting it's citizens and that it should; we need to examine this premise.
1. the premise is that the government has an intention/duty to act in the interests of the citizens
2. If acting in this manner and the manner is a mistake then the government needs to change the manner in which it behaves to continue to adhere to the premise 1.
At this point the amount of $ spent from Mckinsey/PBO etc. would have shown these risks in the policy they have chose and of course would be offered a series of courses of action much like an algorithm each with probable outcomes (negative/positive). The govnerment could take these courses of action now. Seemingly they are only changing pace of the messaging in the media bc of polling. Real concrete action will probably not be seen.
I used to work in the mental health and addictions field. When folks exhibited these "behaviours" that seem counter to explicit assumptions of what is best and/or declarations of intent for what is best and then observing repeated behaviour of the opposite; we cautiously assumed deception. Of couse this is in the case of folks not seriously mentally ill or addiced. "Cautiously", out of an abudance of compassion and empathy for the indiidual and respect for the client centred relationship; but, also due to the esoteric nature of human motive and behaviour. I the case of the government; though, I think this is the highest probability of explanation.
Now, after all that might wind I blew on this comment...if you believe that or want to entertain the idea; then what does this mean?
Then what must one do?
The Catholic church thought printing was its biggest threat
Thank you for great episode
Why hasn't oil jumped I price. Opec is continuing with production cuts, there is war tension among many oil producers, and oil is going down. Makes no sense
Due to market mechanics. The prices don't move up or down in straight lines. I noticed this too when OPEC made some major cuts last year, the price retraced before blasting higher.
@Casey-qm1nd historically it moved with world events or decisions. Now it seems to move when some group wants it. No more market forces,
Was travelling and missed this one: BoC had to intervene in the repo market on Jan/3. Seems like a great setup for another repo blowout mid march. This wasn't covered at all in the news. Wondering if you have any views on this.
"operations are conducted when the overnight collateralized interest rate is trading materially above the target policy rate and when broad overnight general collateral funding conditions warrant a temporary liquidity injection".
They don’t read comments. And news has been hiding this since 2018. 2019 I said wtf is the world going to do. Boom Covid 19 sprang outta the darkness to keep everyone blind to the trillions of stolen dollars. No one knows about anything everyone stuck with fingers in Trudeau and trump and can barely focus on life.
This was in Alberta and the government was sending out warnings over the alarm system please try to use less power
❤ seeing Keith realize that he’s living in a simulation 😂
As someone in Calgary, yeah EVs weren't working but neither were gas stations.
Gas stations were down? Why lol
😂😂😂😂
@@b-rare not sure but there were people on the Calgary subreddit saying they weren't pumping. I don't know if it was a cold issue or an energy issue. It was the coldest weather we've had in half a century. There was plenty more things that stopped working than EVs.
what happened to global warming? lol. all this talk is marketing stunts to sell product. global warming as we think we understand it is a scam@@brasssnacks8413
@22:22 why would it keep him up at night?
"Supply is extremely low and immigration is at an all-time high". People were not manipulated, and no one is going to lose their home or have their life destroyed or their families lives destroyed.
I honestly can't think of a single reason why anyone would be upset at a realtor right now.
December was expected.
It was a big holiday month spending
Wait for January and February numbers
Please you guys know better
Honestly there are big upsides to Tesla in the snow. Yeah preheat melts fucking everything for 10 cents
Pack(er) your bags, Keith !!!
> one of my rental properties
> they gotta cut rates omg cut the rates omg
okay now we know
The markets thought cuts last fall. Why anyone gives what the markets are pricing in much weight is absurd
Yes, let's blame our problems caused by super low interest rates on immigrants. We need more. I work for the largest energy company in the country, and 70-90% of our engineers are immigrants. They work jobs Canadians won't do.
My neighbors Tesla used $5 of ny electricity. Pathetic. It was only -25.
How do the students work, I mean it is a gross large number and messing with the housing market right now for sure.
But can they stay long term? Or do they get to use the PR application and be limited to the 500k cap or peave home?
Just wondering if the 640k number is added on top of the pR number or if it is bapanced out in future years.
I hope the BOC becomes the Adults by holding rates aiming for 2% inflation. They shouldn't tell anyone when they cut but work in the shadows.
Vermilion Energy Inc at 2.5 P/E ratio - back up the truck!
Guys that was like the Canadian education system.
Pedestrian.
If we wanna go full renewable we need solar batteries and nuclear. Never been a fan of wind tbh focus should've stayed on solar and nuclear.
Alot of Canadians didnt know what BOC is or interest rates... Alot of ppl want to live the day-to-day life... Markets and inflation hurts but 9/10 ppl i talk to dont know or care. Covid has created alot of echo chambers in ppls lives.
Did anyone get the money the government promised to cover kids going to the dentist? We filed 3 times and got nothing back. Our dentist told us that nobody they know got any reimbursement..
The government is extremely backed up right now. Almost to levels that were last seen in 1989 USSR. And let's be real, if there is a benefit, it's probably going to "new Canadians" first.
Rich will never survive knowing Kitsilano is Gluten Free only area!
Immigration is like playing with engine throttle... You feather it, close it, wide open. Currently it's wide open and the person left the controls unchanged 😂
Go Packers!
EVs lack practicality.. That be like having a gas engine where the gas tank leaks.
I heard ev's put out quite a bit of radiation and its like driving in a microwave. Thats why Steves hair is turning grey
What's the source of the radiation and what form of radiation is given off?
@@Rawdiswar I can't recall the source of where I heard it. But all electronic gadgets produce levels of radiation. Cell phones. Laptops. Etc.. so just imagine something that can propel you forward in seconds to 100kms hr.. how much it could be.
@@baseline6786 Be specific if you talk about radiation. What wavelengths and what is the mechanic generation? An EV has electric motors, which are everywhere in society. Are you saying electric motors emit radiation? Ionizing radiation?
@@Rawdiswar why not Google it lol. Fk if I know the wavelengths etc. But Google articles probably won't disclose true measures bc they want to make evs appear safe for the environment/health which they aren't really.
@@Rawdiswar 100-150 emf radiation throughout the cars cabin. If that's bad or not I don't know
Politics is economics. Therefore politics need to be discussed.
Rich remember calling anyone unvaccinated an idiot?? Curious your thoughts now? I’m genuinely confused how someone so smart doesn’t understand the implications of Digital ID
Keith knows...probably has a smart in the know kid or 2 ? Off the main grid insight. Some 1860s knowledge too, Keith? Anyhow, Love over Purdy's chocolates for me !!! Ask the Jonese. Agree SFO TE for the over up the middle though; and Reed out of the SFO weak spot (the slot) too !!
I will take the money over the media drumming allowed without disclosing paid for love like FOX or CBS. SFO aint that good...FG decisions cost GB HUGE
WRONG + lucky ....just watched the AFC QBs Keith...u gotta a chance come SB with that QB?
BTW, I won the $$
very fortunate to get out with a W, Keith.@icecapassetmanagementlimit849
50:24. Doooooooooods!!!!!
Hey Rich as much as I appreciate your tangents and your poignant arguments you know what's sadder then anti-immigration sentiment? Canadian quality of life declining faster then a high speed elevator, untenable wait times at E.R.'s (healthcare in general in shambles), no-one having kids, exorbitant cost of living, horrible quality of life etc etc.... who gives a fuck about anti immigration sentiment when the pre-existing Canadians here are in such a dire situation?
Millions going to foodbanks and ten of thouands homeless, ya canada is doing great open uo the gates we need all those rocket scientists and doctors and engineers to help us.
Govt is now 45% of Cdn GDP
Nothing to see here
There's still time for the Loonie Hour to form a political party and run in 2025. You would have my vote!
The war machine props up GDP
Enjoyed the video but I did almost turn it off when the guy said Prime Minister Danielle Smith.
The best part is when you're driving in the cold weather, the cold wind will cool off the battery with whatever heat it creates to keep the battery warm. So you exponentially use more electricity as you drive faster, not just from inefficiency from the motor spinning faster which is what most EVs suffer from on highways, but when it's cold its even worse.
It's funny how green unless it's nuclear is a joke. And I've always known that, I've always argued it in the exact way it's playing out, no variance, it's called being knowledgeable and using common sense. Unfortunately, brainwashing is a powerful thing and works on a good chunk of people.
Please invite Joe Brown from Heresy Financial to your channel.
BoC monetary policy is, and will be moving forward very strictly data dependent.... inflation/unemployment.
And intending by default given the historical fiasco evidenced in the spring/2023 'rate pause' resurgence of Real Estate based DEBT/cpi inflation pressures...
that any rate relaxation will be waay late when it does occur... regardless of mounting defaults/Debt proposals/losses all 'secondary' considerations anyways given the unsustainability/speculative DEBT fundamentals constraining GDI and (non-Debt based) Real GDP by default.
Demand destruction/recession and painful deleveraging cycle.....
No response from Ottawa Attall
12th Booster, no wonder you are sick
🤣
@@saretsky 🤣🤣🤣
I think you three speak for all of us when you say how poorly the current immigration policy has been implemented and how it has played out. I guess we show our opinion with our vote. But whose to say the next batch of policy makers will fix all the problems. There's a reason we vote out the current gov't every 4 to 8 yrs (or sooner in some cases).