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Downtown Down The Most?

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  1. From the first 21 minute video. You should watch the first few minutes intro BTW:

    Help! All My Money Is Stuck In Toronto Real Estate!Aug 9, 2022
    Toronto Real Estate Market Report for the week of July 28 – Aug 3, 2022.

    The second 9 minute video:

    Toronto Condo Prices Down Nearly 100K Since Peak Market!
    Aug 9, 2022 In this video, i take a look at GTA Condo Prices since peak market conditions. Where are Condo Prices down the most? Where have they been the most resilient? We cover the following areas; Toronto Condo Prices, Downtown Toronto Condo Prices, Peel Condo Prices, York Region Condo Prices. The Toronto Condo Market and Downtown Toronto Condo Market have faired slightly better than other areas, such as the Peel Condo Market.

    1. Canadians can never count on having a particular loan interest rate last more than five years. At the end of the loan’s life span, borrowers have to refinance.

  2. Did U-Haul run out of trucks as Californians fled the state?
    Sacramento Bee|14 hours ago
    U-Haul did run out of trucks in California last year. “We sustained a shortage of available one-way trucks and trailers for outbound moves at times during 2020 and 2021 in California and other West Coast locations due to a substantially greater outflow vs.

  3. ‘The wheels have fallen off this week’s crypto rally after Coinbase’s painful earnings call. Coinbase (COIN) posted a steep second-quarter slump that revealed the true scale of damage from losses in trading fees following months of crypto-meltdown.’

    ‘Tuesday’s earnings call revealed a billion-dollar second-quarter revenue loss for the world’s second-largest crypto exchange, with COIN shares bleeding deeply into the red.’

    ‘The combined gain in expenses at the ‘distributed company’ (it has no headquarters and all employees work remotely) and the decline in top-line income from the sharp loss in trading fees has put the company on a back footing.’

  4. ‘The social-media management company Hootsuite Inc., a beacon of Canada’s tech sector in the early 2010s, told employees Tuesday that it would lay off 30 per cent of its staff worldwide.’

    ‘The Vancouver-based company confirmed the news Tuesday morning. “We want to be very clear this decision is not a reflection on them, or their work,” chief executive officer Tom Keiser said in an e-mailed statement. “We need to refocus our strategies to drive efficiency, growth and financial sustainability.” About 400 people are expected to lose their jobs at Hootsuite as part of Tuesday’s internal announcement.’

    ‘The Hootsuite layoffs are the latest in a string of deep cuts by Canadian tech companies adjusting to an era in which funding is less free-flowing. In recent weeks, Shopify Inc. said it would lay off 10 per cent of staff; CFT Clear Finance Technology Corp., also known as Clearco, laid off 25 per cent; Wealthsimple Technologies Inc. let go of 13 per cent of staff as a key investor eyed slashing its valuation of the company by nearly half. Many other companies have since followed suit.’

    ‘People in customer-experience and product-management roles at Hootsuite made public posts on LinkedIn Tuesday saying they’d been part of the layoffs. One person said they found out as they watched friends’ Slack accounts deactivated one by one before finding out in the early afternoon that they’d lost their job, too.’

    1. “…told employees Tuesday that it would lay off 30 per cent of its staff worldwide.”

      Quietly culling the workforce by removing access privilege from their ID cards seems more secure. They report to security for their personal effects and a severance check.

  5. ‘Britain’s Deliveroo said it would quit the Netherlands after failing to gain a strong local position, as it reported a larger pretax loss in “challenging market conditions” in the first half. The food delivery company, which slashed its full-year revenue outlook last month after a sharp slowdown in its second quarter, reported a pretax loss of 147 million pounds ($177 million) in the first half compared to a 95 million pounds loss a year ago.’

    ‘Deliveroo, which competes with Just Eat Takeaway and Uber Eats, said the Netherlands accounted for 1% of its gross transaction value (GTV), and a “disproportionate” amount of investment would be needed to improve its market position.’

  6. San Francisco is being crushed by remote work and Big Tech’s belt-tightening, and now almost a quarter of the city’s offices are empty
    Business Insider|24 minutes ago
    San Francisco office vacancies have more than quintupled since the pandemic began, and there are signs they will rise more in this “difficult” market.

    1. “…almost a quarter of the city’s offices are empty…”

      Pension funds are deeply invested in SF’s commercial real estate.

  7. ‘California-based mortgage lender loanDepot is shutting down its wholesale division amid plummeting origination volumes and widening financial losses in the second quarter.’

    ‘The announcement on Tuesday came alongside a $223.8 million loss in the second quarter of 2022, more than double the $91.3 million loss in the first quarter of 2022. A year ago, the company delivered a $26.2 million profit in Q2.’

    Why that’s savagely unhealthy, right Logan? Clown.

    1. loanDepot is shutting down its wholesale division amid plummeting origination volumes and widening financial losses in the second quarter.’
      Most likely shutting due to reduced margins/competition. (cost are pretty low in bps for the channel). Back in the day, the company I worked for priced loans in this channel at marginal cost for a period of time to maintain volume and drive other companies out of the channel. I wonder if there are companies right now that are pricing at break even or marginal cost in an effort to chase the less efficient out of business.
      I expect more of channel withdraws and eventually closings/BK going forward.

  8. PB probably needs to read this the most.

    Jonathan Turley: “The Whole Enchilada”: Pundits Wrongly Claim Trump Raid Could Disqualify Him From Future Office

    “Consider that culinary-legal analysis for a second. The claim is that the Justice Department may be actively seeking to use a charge to block Trump as the real motivation for this raid and possible charge. There is not a hint of concern over the FBI being used to achieve such a political purpose. That is putting aside the fact that, unless there is evidence of a “willful and unlawful” effort to conceal or retain such material, the FBI could end up an enchilada short of a combination plate for prosecution.”

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