They Feel Like, Even If They Don’t Get One House, It’s OK, Because Another Is Coming
It’s Friday desk clearing time for this blogger. “More homes are popping up for sale in the Triangle, and more of them are sitting on the market longer, according to a recent market analysis. ‘The days of just putting a sign in the yard and selling it really quickly, those are behind us,’ said real estate agent Jason Kogok. ‘Our sellers have to take the time to improve their properties, get it market ready.’ The market analysis shows inventory is up 44%. Kogok has been selling homes in the Triangle area for more than 20 years. He calls the current state of the market ‘normal.’ ‘It just doesn’t feel normal because of what we just came out of,’ he said. ‘During COVID, we had what I call artificially-low interest rates. It made all these people who never thought about buying all of a sudden become buyers.'”
“Broward County‘s residential real estate market continued to lose steam in May, with total home sales falling nearly 18% year-over-year as high mortgage rates and strict financing rules weighed on buyer demand, according to the Miami Association of Realtors. The condo market, once the darling of South Florida investors and retirees, showed signs of price compression. The median condo price dipped 2.5% year-over-year. Statewide, condo prices fared worse, dropping 6.1% year-over-year. The limited availability of Federal Housing Administration (FHA) financing continues to choke off potential first-time and low- to moderate-income buyers in the condo market. Just 21 of the 2,397 condominium buildings across Miami-Dade, Broward, and Palm Beach counties are approved for FHA loans — less than 1% of the total.”
“Adding to the challenge, Florida requires a 25% down payment for condos under limited review rules without sufficient reserves — more than double the 10% required in other states. Despite weaker demand, inventory is on the rise. Total active listings in Broward County increased 35.9% to 17,959 homes in May from 13,219 a year ago. The months’ supply of inventory in Broward is now at 5.9 months for single-family homes — considered a balanced market — and 12.5 months for condos, which suggests a shift to a buyer’s market.”
“‘The Denver metro real estate market at midyear 2025 is a study in recalibration,’ said Amanda Snitker, chair of DMAR’s Market Trends Committee. ‘Buyers and sellers who began the year operating on outdated assumptions — expecting lower interest rates, surging competition or guaranteed appreciation — are now confronting a market that demands flexibility and realism,’ she added. At month’s end, the report said, inventory of homes on the market remained over 14,000, the highest level since 2011. Detached homes priced over $2 million are now reaching an equivalent of six months of inventory, DMAR said. The month saw luxury condos and attached homes priced from $1.5 million and $1.99 million climb well into buyer’s market territory, to over 14.33 months of inventory.”
“In Southern California, home sale cancellations have risen sharply, with one in six transactions falling apart in May. According to Redfin, an online brokerage, 2,261 home sales were canceled in May, marking the second consecutive month of increased cancellation rates compared to the previous year. In April, 16.5% of Southern California home sales fell through, followed by a 15.6% cancellation rate in May, both up from around 15% a year earlier. Tom Pelton, a Coldwell Banker broker in Palm Springs, noted a ‘dramatic increase in buyer cancellations’ as buyers no longer feel the urgency to purchase immediately. This shift has contributed to a buyer’s market, where buyers feel they have more negotiating power and are willing to walk away from deals if sellers do not meet their demands. Nationwide, the trend mirrors Southern California’s experience. In April, 14.3% of U.S. home-purchase agreements were canceled, up from 13.5% the previous year.”
“Manteca is about to go small in a big way. Builders at Lumina at Machado Ranch are prepping ground on their 827-home project on the southwest corner of Airport Way and Woodward Avenue that includes 87 motor court homes. They are four homes clustered around a common driveway. One of Lumina’s 12 motor court clusters will have only three homes. That doesn’t mean much until you take into account the average lot size. It’s 2,746 square feet. That’s less than half the size of the typical tract lot of 6,000 square feet that’s been around Manteca since the late 1960s. The cost saving would not be as effective if they were traditional lots facing a street. That’s because you are ‘stacking’ a home behind the ones either bordering or facing the street. It is a different take than the 114 duplexes being built on the northeast corner of Airport Way and Center Street in Manteca or the crowded ‘Grey Poupon’ housing in the North Main Commons kitty corner from the Kia dealership. The homes are so close it seems you could pass a jar of mustard from the side window of one side yard to another.”
“Sales of existing homes in the nine-county Bay Area in May fell 8.2% from the same period last year, according to the association. For condominiums and townhomes, Marin County reported a median price of $745,000 on 47 sales in May. A year earlier, the median was $850,000 on 77 sales. As of May, the Bay Area had nearly three months of unsold inventory, a 53% jump from the same time last year. With more choices on the market, sellers are seeing reduced competition for homes. ‘The demand and aggressiveness of buyers is way down,’ said Rusty Paap, a San Jose agent with Intero Real Estate Services. ‘Even though the number of views online has been consistent with the beginning of the year, buyers’ willingness to pull the trigger and write offers has changed significantly. They feel like, even if they don’t get one house, it’s OK, because another is coming.'”
“Speaking to analysts last month, Lennar co-CEO Jon Jaffe affirmed what other giant homebuilders have been saying all year: This year’s housing market was weaker than they expected. ‘All of the markets we operate in experienced some level of softening [this quarter]. Even in our strongest performing markets, buyers needed the assistance of incentives. Incentives will vary across the different markets, but primarily in the form of assistance with mortgage rate buydowns,’ Jaffe said. ‘The markets that experienced more challenging conditions [for Lennar] during the quarter were the Pacific Northwest markets of Seattle and Portland; the Northern California markets of the Bay Area and Sacramento; the Southwestern markets of Phoenix, Las Vegas, and Colorado; and some Eastern markets such as Raleigh, Atlanta, and Jacksonville.'”
“To attract sidelined buyers, in Q2 2025, Lennar—America’s second-largest homebuilder—spent an average of 13.3% of the final sales price on sales incentives, such as mortgage rate buydowns. At that incentive rate, a home with a $450,000 sticker price would come with nearly $60,000 in incentives. According to John Burns Research and Consulting, that’s the highest incentive level Lennar has offered since 2009. The May figure (119,000 unsold, completed new homes) published last week is the highest level since July 2009 (126,000).”
“Despite a persistent housing shortage in Calgary, condo sales are contracting, giving first-time buyers a respite after a four-year whirlwind. In 2021, Tony Wang moved to Calgary from Saskatoon after accepting a job offer at a multinational agri-tech company. Excited for a new life in the Prairie city, Mr. Wang was eager to begin his real estate journey, and buy his first home. In April, he finally placed a successful offer, $15,000 below listing price, on a loft-style condo whose double-height ceilings and south-facing windows captured Mr. Wang’s heart. There was no bidding war on the 815-square-foot property. Mr. Wang’s experience was not an anomaly. After a record two years, Calgary’s condo market is levelling off. In the first quarter of 2025, 96 per cent of condos sold below asking price, according to data compiled by Wahi.”
“Rebecca Chamberlain, a real estate agent and co-founder of Chamberlain Real Estate Group, a Calgary-based brokerage, suggests that the spike in condo listings could be due to out-of-province investors leaving the Calgary market. After a barrage of new purpose-built rental units launched in Calgary last year, vacancy rates in Calgary are rising. As a result, asking rents are trending downwards, affecting the cash flow of investors. ‘The Ontario buyer just isn’t used to losing,’ Ms. Chamberlain says. ‘You have many investors pulling back because they’re not making money. And buyers that have many options.’ But prices aren’t yet low enough to drive potential buyers into action, says Calgary realtor Amanda Ku. ‘They’re sitting on the fence.'”
“The national median dwelling value was $815,389 in June, down by 16.1% from its January 2022 peak but up by 1.1% since the beginning of this year. Median values in the main centres were unchanged in Auckland and Wellington compared to May, but up slightly for the month in Hamilton 0.3%, Tauranga 0.6%, Christchurch 0.6% and Dunedin 0.2%. Cotality NZ Chief Economist Kelvin Davidson said June’s figures emphasised the current variability of the market. ‘In particular, the abundance of listings on the market means most buyers aren’t in a rush and can be quite tough when it comes to price negotiations,’ he said. ‘The subdued labour market remains an important factor too. After all, it’s not only the direct job losses that are problematic, but a reduction in security for those who have kept their jobs will also be weighing on the property market. Of course, problems for some are opportunities for others and a soft market is providing plenty of scope for first home buyers.'”
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‘In Southern California, home sale cancellations have risen sharply, with one in six transactions falling apart in May’
This report was originally out of the Orange County Register, but was behind a paywall.
‘prepping ground on their 827-home project on the southwest corner of Airport Way and Woodward Avenue that includes 87 motor court homes. They are four homes clustered around a common driveway’
You can get one free look at the article and they have a drawing of this setup. Hope you like yer neighbors because you’ll be seeing them often!
The image in question, without a paywall: https://centralca.cdn-anvilcms.net/media/images/2025/07/02/images/teaser.max-1200×675.png
Reality will probably be a little more intimate than the artist’s rendering.
I’ve seen setups like that in Silicon Valley
Here’s a set-up just like this just outside of Frederick, MD. Unfortunately Google has street-viewed it yet, but it’s easy to see.
https://www.google.com/maps/place/2468+Bear+Den+Rd,+Frederick,+MD+21701/@39.4521058,-77.3873845,625m/data=!3m1!1e3!4m6!3m5!1s0x89c9daadd56b5d9b:0xd4ac089c1fc551de!8m2!3d39.4519356!4d-77.3871184!16s%2Fg%2F11c87bbzp0?entry=ttu&g_ep=EgoyMDI1MDYzMC4wIKXMDSoASAFQAw%3D%3D
Up close, it’s actually quite beautiful. But I suspect they have a very active HOA.
I’m sure one of them is already reserved for Tyrone and his extended family as a condition of project approval. Utopia!
From the comments to the NZ article:
Specuvestors would normally be 50 posts deep by now calling it the market bottom (of the crash). But apparently they cannot afford 27c per day to comment. Anyways…whether it’s a firm bottom, or ongoing smacky bottom is still TBA, and only future stats will show which. Like the song the gambler, hold em or fold em. The “mortgagee” and “urgent” (banks advised sell before we do) listings on TM do suggest there’s a fair bit of folding underway.
No one takes this made up report seriously…the indicators to watch are:
Job losses
GDP
Asking prices
Inventory levels
3 month averages of monthly stats
It just feels bleak in economy and I discount H1 GDP as in the rear view mirror already.
Realtors are liars.
“There’s never been a better time to buy downstream from the Three Gorges Dam.” — China NAR
The Three Gorges Dam Nightmare Arrives, as the Yangtze Floods Sichuan With 1,000 West Lake Volume
https://www.youtube.com/watch?v=3BWNvzD6yIM
It is interesting how their reservoir’s large surface area evaporation contributes to increased precipitation up north as the southerly air currents carry moisture northward to the mountains, rising on its slopes and cooling to its dewpoint.
This is a nice example of unintended consequences. Oops.
Is now a good time to buy, or would it be prudent to wait until purchase prices become more affordable relative to rents?
At least mortgage rates are finally settling down to levels a rate dater can love… aren’t they?
‘After a barrage of new purpose-built rental units launched in Calgary last year, vacancy rates in Calgary are rising. As a result, asking rents are trending downwards, affecting the cash flow of investors. ‘The Ontario buyer just isn’t used to losing’
That’s interesting Becky cuz Ontario igloo prices have been sinking like a turd in a well for 3 years.
‘You have many investors pulling back because they’re not making money. And buyers that have many options’
They say this every time a different sh$thole craters. The fact is almost nothing in this frozen wasteland ever cash flowed. They were fine with that as long as the sweet equity kept rolling in.
“…purpose-built rental units…”
So these are apartments, not condos?
This Northwest Florida house was built just after the Civil War. It is fire damaged and listed for 125K. After the tear down expenses, there is just no money to be made on this property.
https://www.zillow.com/homedetails/6748-Berryhill-St-Milton-FL-32570/47868564_zpid/
That house has zero architectural value whatsoever. That looks like a new roof. They shouldn’t have bothered.
Looks pretty worthless.
‘During COVID, we had what I call artificially-low interest rates. It made all these people who never thought about buying all of a sudden become buyers.’”
The Fed owns the implosion of Housing Bubble 2.0, but so do the FOMO lemmings who rushed in to buy insanely overpriced shacks as if the stimmy check welfare would go on indefinitely. Watching them get financially devastated is going to be schadenfreude at its most sublime.
“The Denver metro real estate market at midyear 2025 is a study in recalibration.”
Definition:
Recalibration: Jerry really screwed the pooch.
“This sucker could go down” — George W. Bush
The median condo price dipped 2.5% year-over-year. Statewide, condo prices fared worse, dropping 6.1% year-over-year.
Once again, with feeling: the dollar’s loss of 10.8% of its value so far in 2025 means the real wealth destruction is even worse than the YOY price decreases indicate.
“‘The Denver metro real estate market at midyear 2025 is a study in recalibration,’ said Amanda Snitker, chair of DMAR’s Market Trends Committee.
Amanda’s a lion. Commie-controlled Denver is spiraling into dystopia, which is driving out the productive & sane portion of the population as crime soars & the quality of life deteriorates. Ditto for Colorado Springs. Denver is really a case study in the rot that Democrat-Bolshevik malgoverance & reaching a tipping point in parasites vs. taxpayers brings to U.S. urban centers.
Dumver already can’t pay the bills, and it’s only going to get worse. Meanwhile the hapless Broncos want a new Taj Mahal to play in. I doubt they will pay for the whole thing.
“To attract sidelined buyers, in Q2 2025, Lennar—America’s second-largest homebuilder—spent an average of 13.3% of the final sales price on sales incentives, such as mortgage rate buydowns.
No amount of incentives could persuade me to buy a shoddily-constructed, defect-ridden shack from a corporate builder.
‘You have many investors pulling back because they’re not making money.
Die, speculator scum.
Zombie Kill of the Day.
https://x.com/jasonlewris/status/1940734620552909132
That one is gonna leave a mark. Already 25k in the hole and still not selling.
Waltham Office Park Sells For A Fraction Of 2018 Price
A suburban Boston office park has sold at a steep discount as the market continues to face high vacancy rates.
Lincoln Property Co. acquired the four-building, 270K SF Stony Brook Office Park at 130 Turner St. in Waltham for $25.5M, according to public records. That is less than one-third of the $80M Jumbo Capital and Sound Mark Partners paid for the building in 2018.
The sale also includes a 4K SF retail space at 5 Turner St. occupied by South Street Cafe.
The property reportedly hit the market last year after Jumbo’s $54.6M loan was classified as nonperforming by lender Rockland Trust, Banker & Tradesman reported in October. The property was 65% occupied at the time.
Jumbo and Sound Mark Partners bought the 16-acre office park from Clarion Partners in 2018. Quincy-based Jumbo in February sold another office campus in Bedford anchored by iRobot for $96M, about 10% less than what it paid for it.
The suburban office market has seen a wave of property sales that have shown how far values have fallen in the postpandemic office market, according to an R.W. Holmes report. In March, City Realty acquired 313 Washington St. in Newton for $8M, down from the $12.6M that Grander Capital Partners paid in 2005.
The Route 128 West submarket, where the Waltham property is located, had a 19.9% vacancy rate as of the first quarter, according to CBRE.
https://www.bisnow.com/boston/news/office/lincoln-property-buys-waltham-office-park-at-deep-discount-130005
Bankrupted Newtown apartment complex that defaulted on a $57M mortgage to be sold
NEWTOWN — A newly constructed apartment complex that sought bankruptcy protection when it defaulted on a $57 million loan will be sold as part of a court-supervised reorganization process.
Covered Bridge, a 210-unit development near Interstate 84’s Exit 9 in Newtown, is being marketed by a specialty broker after developer Anthony Lucera sought Chapter 11 protection for the limited liability companies that own the complex.
“(The) borrowers received a commercial loan for $57 million in December 2021, which required monthly payments of interest until the maturity date of April 1, 2023,” said attorneys for the mortgage holder, UC Covered Bridge MF Holder, LLC, in a 2024 lawsuit against Lucera and his limited liability companies. “The entire debt was immediately due and payable on the maturity date. (The) borrowers have failed to pay.”
Lucera, who sought Chapter 11 protection for his limited liability companies in December in federal bankruptcy court in Bridgeport, listed his debts between $50 million and $100 million, and listed his assets as within the same range.
In addition to the $57 million loan, Covered Bridge owes $2.5 million to Pace Loan Group and $700,000 to Panthers Capital of New Haven, according to court records. The apartment complex also owed $1.6 million in back taxes, but Newtown sold that tax lien for full price to a third-party company, which will go after the money with interest, First Selectman Jeff Capeci said on Tuesday.
Meanwhile, Keen-Summit Capital Partners is marketing the 21-acre Covered Bridge apartment complex, which consists of six 30-unit buildings and a seventh 30-unit building nearing completion.
“Completed units are 87.5% occupied,” the marketing material says.
https://www.greenwichtime.com/news/article/newtown-apartment-complex-bankrupted-57m-default-20391462.php
Another example of a not so bad occupancy rate on almost new airboxes going bust. Paid too much for the land.
Lender Seeks Foreclosure on Prominent Developer as Downtown Real Estate Crisis Deepens
Portland’s commercial real estate crisis has arrived at the door of one the city’s most storied developers.
Metropolitan Life Insurance Company sued John W. Russell for breach of contract on a $63 million loan for the “Black Box,” a 390,000-square-foot office building at 200 SW Market St. that sits atop a retail plaza like a black obelisk.
MetLife, based in New York, filed its suit in Multnomah County Circuit Court on June 23. It seeks a judicial foreclosure.
Russell bought the building at 200 Market in 1988 for $21.5 million, according to county records.
According to MetLife’s complaint, the trouble started when a large tenant of the building, Regence Blue Cross Blue Shield of Oregon, let its lease expire (Russell says they just downsized to less space).
Soon after, MetLife and Russell agreed to set up a reserve account with cash to be used for improvements aimed at attracting a new, sizable tenant, something that has been in short supply in Portland since the 2020 pandemic and subsequent riots prompted companies to leave town.
Russell and 200 Market Associates failed to make payments into that account on Aug. 1, 2023, “and each subsequent month thereafter,” MetLife says in the complaint.
In a brief telephone interview, Russell called the suit “old news.”
“There are issues with my lender,” Russell said, “but nothing will change.”
https://www.wweek.com/news/2025/06/25/lender-seeks-foreclosure-on-prominent-developer-as-downtown-real-estate-crisis-deepens/
“since the 2020 pandemic and subsequent riots”
Doom Loop gonna doom.
Kamas mom accused of killing her husband charged with mortgage fraud, money laundering
SUMMIT COUNTY, Utah (ABC4) — The Kamas mother who is accused of killing her husband and writing a children’s book about grief is facing new charges involving the fraud that investigators believe led to the alleged homicide.
Kouri Darden Richins, 35, is facing 26 new felony charges, including five counts of mortgage fraud, five counts of forgery, seven counts of issuing a bad check, seven counts of money laundering, one count of communications fraud, and one count of a pattern of unlawful activity.
She had already been facing two counts of mortgage fraud, two counts of insurance fraud, and three counts of forgery as part of her murder case.
Eric and Kouri Richins met in 2009, while she was employed as a cashier at Home Depot. The two would have a child in 2012 and marry in 2013. Eric Richins and a business partner owned C&E Stone Masonry, LLC. A premarital agreement between Eric and Kouri Richins stated that she would only have a claim to his business in the event he died before her while they were married.
Documents say that in 2019, Kouri Richins used a power of attorney to obtain a home equity line of credit worth $250,000 on Eric Richins’s home without his knowledge. Kouri Richins used this funding to form a new real estate business: K. Richins Realty.
In October 2020, Eric Richins allegedly discovered the line of credit taken out on his home. Documents say that “the secret origination and continued existence of the [line of credit] was a source of tension” between the couple. Kouri Richins allegedly promised her husband that she would repay it, and later “led Eric Richins to believe that she had repaid it.”
On October 13, 2020, Eric Richins allegedly consulted with a real estate planning lawyer, saying that he wanted to protect himself from “recently discovered and ongoing abuse and misuse of finances” by his wife. He also wanted to “protect his three children in the long term” by ensuring that Kouri Richins would not manage his property after his death.
The following month, on Nov. 3, 2020, Eric Richins “executed several estate-planning instruments,” according to investigators. He appointed his sister, Katie Richins-Benson, as “his agent, fiduciary, or trustee, to the intentional and purposeful exclusion of” Kouri Richins. Eric Richins organized “The Eric Richins Trust” and removed Kouri Richins as a beneficiary of his life insurance.
K. Richins Realty was struggling financially, according to documents. It realized “$170,000 in revenue while its monthly debt service exceeded $250,000.” Kouri Richins continued to buy property despite debt and “insufficient revenue,” documents say. By Nov. 30, 2021, she had added $1.1 million to her “already staggering and unserviceable” debt.
“By the end of 2021, [Kouri Richins] stood on the precipice of total financial collapse,” the charging document reads.
On December 23, 2021, Kouri Richins began contracting to purchase a $2.9 million unfinished mansion in Midway, Utah. She did not have the funds to purchase this mansion, and was already at least $1.8 million in debt. The deal was supposed to close on March 4, 2022.
That same day, March 4, 2022, Kouri Richins contacted 911 to report that her husband had died.
Kouri Richins had taken out at least three life insurance policies on Eric Richins, with roughly $1.35 million going to her as the beneficiary. She also believed that she would be the beneficiary of the life insurance policy he had transferred to his trust in 2020, worth $500,000. Documents estimate that Eric Richins’ estate was worth roughly $5 million at the time of his death.
While battling the mounting debt, Kouri Richins submitted falsified bank statements to obtain loans from these financial institutions: Iron Bridge Financial, Boomerang Finance, and Excell Financial Services. She also wrote seven bad checks that were ultimately returned by her financial institution for insufficient funds.
Using a property in Heber City, Kouri Richins also allegedly “extracted” money from her “best friend.” Kouri Richins owed several loans worth $456,000 on the property, and she told her friend to move in with her family and pay rent to her. She allegedly used these rent payments totaling $45,000 to pay her own debts. One of the lenders eventually foreclosed on the property, evicting the friend and her family.
The documents allege that Kouri Richins “murdered Eric Richins for pecuniary gain,” that his murder was premeditated in order to gain the financial means to pay off her debt and continue her realty business.
https://www.abc4.com/richins/kouri-richins-fraud-laundering-charges/
The tide is going out folks.
‘Once-in-a-generation’ Vancouver home sees massive price drop
A luxurious Vancouver home, once listed for nearly $35 million, has seen several price fluctuations, with the current asking price now below half that amount.
In 2017, 1126 Wolfe Ave. was listed for $34,800,000. The following year, the listing was terminated without snagging a buyer. That same year, the home was assessed at just over $13 million.
After various listings and listing agents, the home is currently listed for $16,997,000.
After the original listing from 2017, when the home was listed for $34,800,000, expired, the house wasn’t listed again till 2021, this time for $28,880,000. That price stayed constant through several listings that failed to attract a buyer till November 2024, when the price was reduced to $17,000,000.
That listing would only stay up for two days before it was terminated. Days later, it was listed again for $22,880,000, before that listing expired in February 2025. The price dropped again in another February 2025 listing, when it was listed for $17.5 million. The price was reduced to $16.5 million before being terminated last month. That leads us to the current listing and price of $16,997,000.
The current list price places it below the most recent assessed value of the Vancouver home, $18,273,000. The listing adds, “This is a once-in-a-generation opportunity to own a true legacy property at a best value!”
https://dailyhive.com/vancouver/vancouver-home-price-1126-wolfe
Letters to the editor for July 3
Whither the DST?
Re “What is behind Carney walking back the DST?” (Report on Business, July 1): Like Taylor C. Noakes, I am sorely disappointed in Mark Carney for cancelling the digital services tax. In fact, I’m kind of in a rage.
All I can think of to do is to “tax” those big American companies myself, by boycotting them. I’m cancelling my Amazon membership, forgoing Prime, using local taxi companies instead of Uber. I urge all Canadians to consider hitting back at those American transnationals that won’t even pay a paltry 3 per cent in taxes to the Canadians who pay them billions.
Carney may have caved, but the rest of us don’t have to.
Audrey Samson Halifax
Prime Minister Mark Carney has shown regrettable weakness in cancelling the digital services tax – and he may be disappointed if he thinks that concession will be enough to get trade talks back on track. As Taylor C. Noakes argues, there is a perfectly good policy basis for taxing the enormous profits that American tech giants make in Canada. Now what will happen when President Donald Trump goes after our dairy and poultry supply management system, about which he has quite legitimate grounds for complaint, given its protectionist and market-distorting nature? Will that become the hill the Prime Minister chooses to die on?
Peter Maitland Lindsay, Ont.
A show of elbows, please
Re “Carney ‘caved’ on DST, according to U.S.” (July 1): It pains me to find myself in agreement with both the White House and Pierre Poilievre that the Carney Liberals “caved” on the digital services tax.
We’ve just watched the spectacle of tech oligarch Jeff Bezos essentially buying Venice for his multimillion-dollar wedding extravaganza, but we don’t have the stomach to insist that he pay a 3-per-cent tax on the business he does in Canada? Those tax dollars are needed to finance all kinds of public infrastructure and services that support Amazon’s success. Bezos and his tech bros need to pay their fair share.
What happened to the promise of “elbows up” – standing our ground and defending our values?
Susan Watson Guelph, Ont.
For those who say Canada caved to President Trump when the DST was cancelled, I remind them that we were not obliterated.
Peter Woolstencroft Waterloo
https://www.theglobeandmail.com/opinion/letters/article-carney-may-have-caved-but-the-rest-of-us-dont-have-to-letters-to-the/
What happened to the promise of “elbows up” – standing our ground and defending our values?
Oh please. Defending “our” values? And whose values would those be? Those dictated by your globalist & WEF masters?
Those dictated by your globalist & WEF masters?
Must be the same as theirs, as they keep re-electing them. But hey, if they give it enough time, open borders and socialism have to eventually work!
“Owe Canada”: Our Nation’s Looming Fiscal Abyss
When Justin Trudeau became Prime Minister in 2015, he stated his government would incur a “modest short-term deficit” of less than $10 billion in each of its first three years and promised a balanced budget by fiscal 2020. But despite having inherited improving national finances from his Conservative predecessor that were on-track towards a balanced budget in another year or two, Trudeau then ran nine consecutive deficits, the last reaching $61.9 billion in fiscal 2024 – nearly doubling Canada’s accumulated federal debt from $650 billion to $1.24 trillion.
Who could have imagined that a supposedly prudent and ultra-competent former governor of two central banks would make Trudeau look frugal by comparison? The Government of Canada’s recently released spending plan, formally known as the Main Estimates, shows that spending in the fiscal year ended March 31, 2026 will increase by a further 8.5 percent over the current fiscal year to $437.8 billion, plus $74.1 billion in “non-budgetary spending” such as EI payouts, plus at least $49 billion to service the burgeoning national debt. After a couple of other calculations peculiar to the Main Estimates, this yields total planned expenditures of $554.5 billion during Mark Carney’s first year in office.
Even if tax revenues were to remain level with last year, that implies a $40 billion deficit. But given the tariff wars ravaging Canada’s automobile, metals, appliances and consumer goods sectors, the Carney government is facing an all-but certain decline in revenue. Further increasing public spending in the face of these realties will surely result in a record-setting deficit easily exceeding 3 percent of Canada’s GDP and thus dwarfing our meagre annual economic growth.
During Trudeau’s time in office, the Canadian dollar’s foreign exchange value fell from US$0.77 to US$0.696 on January 6, 2025 – the day he finally resigned as Prime Minister. To signal that his departure heralded a new era of fiscal responsibility, much was then made of Carney’s directives that federal departments look for savings and trim staff. But amidst Canada’s daunting financial challenges, such marginal measure are utterly trivial – if they are being implemented at all. Carney’s stunning plan now to actually increase spending will both accelerate inflation and push the international value of our currency down once more
In a recent article entitled “Mark Carney Was Right: He’s Not Justin Trudeau. He Spends More”, Franco Terrazzano of the Canadian Taxpayers Federation points out that Carney’s intensification of Trudeau’s debt-fuelled spending spree will raise interest costs precipitously. “The Main Estimates say that this year the government will spend $49 billion on interest [and] the Parliamentary Budget Officer projects interest charges blowing a $70-billion hole in the budget by 2029,” Terrazzano warns. “This spending spree means Canadians’ kids and grandkids will be making payments on Ottawa’s debt for the rest of their lives.”
During the spring federal election campaign, Canadians were inundated with TV and social media ads reminding voters that Carney had headed the Bank of Canada throughout the 2008 financial crisis, implying if not outright boasting that Carney had personally made the decisions enabling Canada to come out the other side in better fiscal shape than other countries. In truth, the key decisions were made by Conservative Prime Minster Stephen Harper and, as Harper himself reminds people to this day, his excellent Finance Minister, the late Jim Flaherty. It was their decisions – operating with only a fragile minority government, no less – as well as the previous decade-plus of sound fiscal management, that kept Canada solvent during the worst global financial crisis since the Second World War.
Now that we see the impact of Prime Minister Carney’s wild spending spree in the face of a trade crisis affecting virtually all government revenues, I’m reminded of former UK Prime Minister Liz Truss’s opinion that Carney “did a terrible job” in her country, being the “governor of the Bank of England who printed money to a huge extent, creating inflation.”
Then last week, Carney upped the ante by almost unbelievably pledging that Canada would match the new NATO spending target of 5 percent of GDP. If he and his Liberal colleagues follow through, Canada’s defence spending will balloon to the current annual equivalent of $155 billion. This is utterly unaffordable, obviously, and in my view is more revelatory of Carney’s true impulses than any hopes he might govern “sensibly”.
Millions of Canadians were fooled by Mark Carney’s image as the great global banker, the serious and experienced technocrat who could safeguard Canada’s vital interests in going eyeball-to-eyeball against Trump. That image is starting to crack. Instead of respecting Carney, Trump is almost toying with him, last Friday announcing on social media that the U.S. was pulling out of the much-ballyhooed bilateral trade talks launched at the G7 Summit less than two weeks earlier – and brusquely adding that Carney would find out the new tariff rates on Canadian goods in the following seven days.
Meanwhile, Carney’s spending plans threaten to create an all-but unmanageable fiscal mess, jeopardizing Canada’s important credit rating, which S&P Global Ratings still has at AAA, with Fitch at AA+. It pains me to say that Canadians face a continuation of declining living standards and inflationary reduction in the value of their hard-earned savings. We can only hope for an early election that unseats Carney’s nation-impoverishing minority government.
https://c2cjournal.ca/2025/07/owe-canada-our-nations-looming-fiscal-abyss/
This is what happens when you vote for more of the same.
He escaped a ‘panic house’ in Mexico, where young drug users end up as hit men — or dead
The young man said he’s lived in fear ever since he developed an addiction to drugs and later fell prey to drug trafficking in Guanajuato, central Mexico. “Unfortunately, they’ve already killed my best friend and my relatives,” said the 19-year-old, whose name is being withheld since he’s afraid of reprisals.
“Drug addiction led me to a critical condition. I couldn’t find a way out, and I was scared,” he told Noticias Telemundo.
A year ago, he managed to escape from a panic house (also known as panicueva, or panic cave) commonly used by organized crime gangs in Mexico. Some of these buildings, located in Guanajuato and other states where drug use is rampant, also serve as recruitment bases for young people selected to become hit men and operatives for these criminal groups.
“It’s the place where you can go, buy your drugs, and get high right there,” said another 19-year-old who managed to escape a panic house and was interviewed by Noticias Telemundo on the condition that he remain anonymous for fear of retaliation.
“I entered a panic house and saw several women who had to prostitute themselves, and several of my friends got involved in selling drugs and ended up being killed,” said the young man. He said he spent five years living in one of the houses and eventually joined a local gang.
According to the latest report issued by the Mexican government, Guanajuato is the state with the highest number of homicides (980 from January to April). In February, the daily average reached 12.5. Last year, the Victimization and Security Perception Survey revealed that 87.5% of the population in Guanajuato considered public safety to be the most serious problem in the state.
https://www.nbcnews.com/news/latino/panic-houses-mexico-dangers-drugs-gangs-rcna216285
Guanajuato state, along with cities: Leon, Irapuato, San Miguel Allende and Guanajuato city was once considered a jewel in Mexico. A place full of colonial architecture and history, with cultural festivals. A tourist magnet.
Now it belongs to the cartels. Visit it at your own risk.
The globalist scum media seems to think to dredging up dirt on Democratic Socialist mayoral candidate Mamdani will somehow dissuade his supporters from voting for him. WRONG! First, Democrat-Bolshevik voters are devoid of anything resembling morality. Second, and more important: Mamdani is the sole candidate in the race who doesn’t grovel before Israel & AIPAC, and who is making the “cost of living crisis” – which the other worthless candidates won’t touch – the centerpiece of his campaign, even if he has no clue about the Fed’s role in making housing unaffordable.
https://www.dailymail.co.uk/news/article-14875565/zohran-mamdani-columbia-black-application.html
Most people only learn the hard way.
$400K for Berkeley schools in limbo after Trump’s grant freeze
The Trump administration’s decision to withhold $811 million in grants to California schools is a political move that weaponizes federal funding, California education leaders said at a press conference Tuesday.
California isn’t the only state in President Donald Trump’s crosshairs. The White House has frozen a total of $6.2 billion in grants that Congress allocated to support English learners, teacher training, after-school programs and migrant education in schools in every state.
State departments of education were notified of the funding freeze in an email sent on Monday, just a day before the money was scheduled to be released to school districts. The 84-word message said that the federal grants weren’t “in accordance with the President’s priorities,” said California State Superintendent of Public Instruction Tony Thurmond at the press conference.
BUSD had expected to receive about $400,000 in federal funds now being withheld to support “programs for effective instruction” and English language learners, among other initiatives.
At Oakland Unified, which serves a significant number of newly arrived immigrant students and youth learning English, the district faces a $30 million federal funding loss to support educators, after-school programs, students learning English, newcomer students, and other enrichment programs.
“The president and his administration continue to pick on and bully those who are the least among us — students, those who rely on health care, those who rely on the federal government to have a chance at a great education and a great life,” said Thurmond, flanked by the leaders of various state education organizations. “And we won’t stand for it. It will not happen on our watch.”
The Trump administration is withholding $121 million in grants for migrant education in California and $158 million to schools for English language acquisition programs, potentially impacting a significant number of Berkeley Unified students.
https://www.berkeleyside.org/2025/07/03/berkeley-unified-federal-grants-freeze-budget
BUSD had expected to receive about $400,000 in federal funds now being withheld to support “programs for effective instruction” and English language learners, among other initiatives.
I’m sure Berkeylites will be happy to write checks to cover that lost grant. Oh, that’s right, there’s no more USAID money to grift, so they’re broke too. Never mind.
Kidding aside, it just goes to show how FJB and his handlers sent money everywhere to fund their agendas.
Why should our Cultural Marxist indoctrination mills get taxpayer money to advance Soros agendas? Let them hit up their globalist oligarch Daddy Warbucks donors if they need funds.
So, ever notice that no matter how much people like Soros or Gates donate they always get richer.
Tax payer contributions to just about anything is what ends up paying.
The Government has partnerships with people like Gates and Soros. Big Pharmacy gets the bulk of their research and development paid by Government.
Why should taxes go to the benefit of or increased profits
for private party Monopoly Corporations or Rich psychopaths like Gates and Soros, or to NGOs or to political organizations, or to politicians or a political party.
These Entities are masterminds at looting the public to fund what they want .
those who rely on health care, those who rely on the federal government to have a chance at a great education and a great life,”
There’s that entitlement again.
Foreigners, many who are here illegally, expect taxpayers to pick up the tab.
from lifetime felon to mega millionaire.
Farthing has been categorized as a “persistent felony offender” by Kentucky law enforcement officials. He has a 16-page rap sheet and a dizzying criminal record that spans 35 years and includes convictions in at least nine counties and from every corner of Kentucky’s penal code.
https://www.thesmokinggun.com/documents/crime/powerball-felon-294081
Boxer Julio César Chávez Jr. arrested by ICE, to be deported to Mexico, officials say
Famed Mexican boxer Julio César Chávez Jr. has been arrested for entering the United States illegally and will be deported to Mexico, where he faces organized crime charges, U.S. federal officials said Thursday.
The arrest comes only days after the former middleweight champion lost a match against Jake Paul in Anaheim, Calif.
Chávez, 39, was picked up by a large number of federal agents while he was riding a scooter in front of his home in Studio City, according to Chávez’s attorney Michael Goldstein.
“The current allegations are outrageous and simply another headline to terrorize the community,” Goldstein said.
The Department of Homeland Security said Immigration and Customs Enforcement officers detained Chávez for overstaying a tourist visa that expired in February 2024 after he entered the country in August 2023.
U.S. Citizenship and Immigration Services flagged ICE about Chávez last year, saying he “is an egregious public safety threat,” and yet he was allowed back into the country Jan. 4, the agency said.
Officials said he has an active arrest warrant in Mexico for his involvement in organized crime and trafficking firearms, ammunition and explosives and is believed to be an affiliate of the Sinaloa Cartel. The Associated Press contacted Mexico’s Attorney General’s Office about the charges but the office has not responded yet.
The Trump administration said Chávez applied for a green card on April, 2, 2024, based on his marriage to a U.S. citizen, Frida Muñoz, the former partner of Édgar Guzmán López, the now-deceased son of imprisoned Sinaloa cartel kingpin Joaquin (El Chapo) Guzman.
The agency said Chávez had submitted multiple fraudulent statements on his application, which led to his arrest.
Chávez had fought just once since 2021 before his bout with Paul on Saturday, having fallen to innumerable lows during a lengthy boxing career conducted in the shadow of his father, one of the most beloved athletes in Mexican history, a member of the International Boxing Hall of Fame who won championships in several weight classes.
The son has failed drug tests, served suspensions and egregiously missed weight while being widely criticized for his intermittent dedication to the sport.
Chávez said in an interview with the Los Angeles Times ahead of his fight with Paul that he and his trainers were scared by the immigration arrests.
“I don’t understand the situation — why so much violence? There are a lot of good people, and you’re giving the community an example of violence,” Chávez said. “After everything that’s happened, I wouldn’t want to be deported.”
https://www.cbc.ca/news/world/julio-c%C3%A9sar-ch%C3%A1vez-jr-ice-arrest-deportation-1.7576656
Undocumented restaurant worker chooses self-deportation amid immigration crackdowns
After more than 15 years living and working in the United States, Victor, an undocumented immigrant from Yucatán, Mexico, has decided to leave the country voluntarily.
He said he would rather buy a one-way ticket home than risk being arrested, detained or deported under increasingly aggressive immigration enforcement.
“I love to work,” Victor told NBC Bay Area. “But the way they’re detaining people—it’s unfair. They’re being treated like animals. We come here to work, not looking for problems.”
Victor arrived in San Francisco in 2007, just 16-years-old and full of hope for opportunity. Over the years, he built a life for himself, working his way up from dishwasher to kitchen manager. He said he’s paid taxes and kept a clean criminal record but remains undocumented.
Years ago, he applied for a U visa—a form of humanitarian relief for victims of certain crimes—after being robbed at knifepoint outside a bank in San Francisco. But like many, he’s still waiting for a decision.
“They followed me to my car, put a knife on me, and took everything—my phone, my money,” Victor recalled. “I applied for the U visa, but it’s been years.”
Now, he’s choosing to leave—on his own terms.
“I haven’t seen my mom in a long time. My son, too, I haven’t seen him since he was a baby,” Victor said. “My family is there. It’s time to go back.”
It’s unclear how many immigrants like Victor have chosen to self-deport, but labor statistics suggest that roughly one million foreign-born workers have exited the U.S. workforce since March.
“Go see your family,” Victor said. “You never know what could happen. Today I’m here telling you this story—tomorrow, I don’t know. I don’t even know if I’ll make it.”
Victor is scheduled to fly back home later this month.
https://www.nbcbayarea.com/news/local/undocumented-restaurant-worker-self-deportation/3907324/
Na na na na
Na na na na
Hey-ey-ey
Goodbye!
https://www.youtube.com/watch?v=opuPjRftg8M
He said he’s paid taxes
They all say that.
fter being robbed at knifepoint outside a bank in San Francisco
So in addition to being an illegal, he chose to live in the failed city by the bay?
‘labor statistics suggest that roughly one million foreign-born workers have exited the U.S. workforce since March’
Good news. Let’s get those numbers up!
+1
Build the wall, deport them ALL.
he applied for a U visa
FYI: Had to look this up on Chatty. If you’re a victim of a qualifying crime AND you cooperate with the cops with information on the case, you can apply for this U visa, which is a path to a green card. There’s a 10,000 limit/year and a long wait list for approval. While you’re waiting for approval, you get protection from deportation and a work permit. You absolutely need a cop or judge to confirm your cooperation just to get the application accepted, i.e. you can’t fake a crime just to get the temporary protection and work permit. Although, I’m sure there are ways to game that system too.
There is no time limit on waiting time, they can renew the protection and work permit every four years. If Victor is self-deporting, I have to wonder if his application is really legit.
But like many, he’s still waiting for a decision
I guess the Dems were right that this immigration system is broken. The part that’s broken is that the entire alien-government complex is built upon waiting. Waiting for court dates, waiting for dismissals, waiting for hearings, waiting for asylum check-in and non-decisions. In other words, the delays just make these illegal aliens effectively legal. No wonder they feel so entitled.*
At this point, all 47 has to do is hire 10,000 immigration judges to pass down a FINAL ruling for these people. No more dismissals or delays for a decade while the illegals collect bennies. Final ruling, alligator alcatraz, OUT. That will save billions just in repeated court check-ins and work permit renewals.
————-
*And no wonder the Dems were so furious at Remain in Mexico. Suddenly the waiting worked against them instead of for them.
Tech companies are starting to ax “woke” policies that they adopted during the scamdemic when they had access to unlimited Yellen Bux “stimulus.”
https://www.dailymail.co.uk/news/article-14875557/ryan-breslow-bolt-axes-unlimited-pto-employees-advantage.html
unlimited PTO – a common perk in the industry. the incentive wasn’t working and that his top performers were more burnt out than ever, while his laziest were enjoying too much time on the beach.
How could anyone be so stupid to think that this would be a good idea? The total stupidity and lack of common sense is mind-boggling.
his top performers were more burnt out than ever
In my experience, top performers don’t take PTO, or take very little, regardless if it’s accrued or not. I have worked at places where people were forced to take their PTO.
We have this policy where I work. The catch is that your boss has to approve the PTO. The unspoken rule is that 5 weeks a year is considered reasonable. Yeah, your boss can approve more than 5 weeks, but that won’t go unnoticed when raises and bonuses are handed out.
SLO County man taken by ICE agents after court hearing
A longtime San Luis Obispo County resident who was born in Mexico was walking back to his car after a misdemeanor court hearing Wednesday when he was plucked off the streets of SLO by immigration agents.
He hasn’t been seen by his family since and is now in custody at an ICE detention center. The man’s attorney, Hogan Ganschow, told The Tribune his client showed up on time to court and Ganschow watched him leave the courtroom after his hearing around 10 a.m.
Ganschow believes his client left the courthouse from the Palm Street exit and was picked up on Osos Street somewhere between Palm and Mill streets. It’s the first known ICE detainment in San Luis Obispo County since President Donald Trump ramped up immigration enforcement in recent months.
Ganschow said his client has been in the United States for nearly all his life. The attorney said he’s been in close contact with his client’s family and informed the Probation Department that his client was taken into federal custody.
His client was sentenced Wednesday to formal probation for misdemeanor criminal threats and violating a court order. Ganschow said his client’s charges do not represent who he was. He was friendly, took responsibility and was ready to build a better life.
“It’s a terrifying time,” he said. “It’s a terrifying time not knowing what to do.”
https://www.sanluisobispo.com/news/local/article309955105.html
‘It’s a terrifying time,” he said. “It’s a terrifying time not knowing what to do’
Yep, it’s the hollowcost.
“his client has been in the United States for nearly all his life”
Illegally.
His client was sentenced Wednesday to formal probation for misdemeanor criminal threats and violating a court order.
He sounds like a model citizen. I say we skip the green card and just naturalize him! /sarc
I’ve never had a hotel tell me to bring my own toilet paper.
https://x.com/NotoriousAirbnb/status/1941176156373631197
California husband says he’ll continue to support MAGA movement after wife taken into federal cusody
LOS ANGELES COUNTY, Calif. – An Iranian woman who has expressed support for President Donald Trump was detained by federal agents outside her home in Diamond Bar, California.
“Trump is not trying to do anything bad,” said Arthu Sahakyan. “We understand what he’s doing. He wants the best for the country. I’m just trying to make the best of it. I don’t want any families to go through this. If they are, I apologize for what they’re going through because it’s hard.”
Home surveillance video shows federal agents outside Sahakyan’s home Monday. His wife, Arpineh Masihi, can be seen going inside their house to say bye to their four children.
“She came and kissed the kids and that was it,” said Sahakyan. “That was the last time we saw her.”
Sahakyan says his wife was born in Iran and came to the United States when she was 3 years old as a refugee. Then, roughly 15 years ago, her green card was revoked over a conviction related to theft. While Sahakyan says it was for “misdemeanor stuff,” they’ve been going through the legal process ever since to try and regain her citizenship.
“She just went in [for an immigration check-in] in April,” said Sahakyan. “They said you’re fine. Have a good day. See you back in September or October.”
“I’m very for [the United States vetting] Iranian nationals because of the sleeper cells,” said Sahakyan. “I think it will resolve a lot of issues because we’ll know exactly who’s in here for what reasons, even though I miss [my wife] dearly. I think we could have a faster process [where they determine] she’s not a radical, or tied to the crazies, let her out.”
Sahakyan tells FOX 11 he and his family are proud President Trump supporters. He believes Trump is trying to make the country safer through immigration enforcement efforts. However, he admits his opinion has slightly changed recently.
“Somewhat it has just because I’m going through it,” said Sahakyan. “I was very selfish before, but what I see now is there’s a reason for [this immigration enforcement].”
Sahakyan’s wife, Masihi, called her family during the FOX 11 interview. She was very emotional, fighting back tears, unsure what could happen with her immigration status.
“I’m on the list to be going to a different facility,” said Arpineh over the phone.
Sahakyan says he will continue to have Trump flags and signs outside their home.
“I’m still supporting [Trump],” said Sahakyan. “Even though my friends say take the flag down, you’re going through a lot. I’m like no. The flag stands.”
https://www.foxla.com/news/iranian-mom-who-supported-trump-federal-custody-her-husband-say-hell-still-support-maga-movement
Makes me think of the meme where the dude begs ICE to not deport his MIL, then proceeds to tell them where she lives and works.
Patriots or traitors – pick a side.
https://nypost.com/2025/07/04/us-news/just-half-of-democrats-consider-themselves-patriots-shock-poll/
Rootless, stateless, globalist “citizen of the world” coastal elitists.
Seethe harder, Democrat-Bolsheviks.
https://nypost.com/2025/07/04/us-news/ice-nabs-july-4-groper-who-was-allowed-to-walk-free-thanks-to-sanctuary-laws/
The Mexican media is losing its mind over over ICE’s new bigger and more beautiful budget. parroting the MSM line that it’s bigger than the other federal police agency budgets combined.
Claudia must be sweating bullets, knowing that millions and millions will be coming home and she can’t provide them with jobs or housing.