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Bruce Dowbiggin

Getting Real About Justin’s Real Estate Economy. It Won’t Last

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Have you ever been to a concert where a hot new product like Tesla is mentioned and many in the crowd applaud in approval? Have you been at a dinner party when you say you went to a new Thai restaurant, and everyone at the table explodes in rhapsodic glee? Have you ever been to see a comic and he mentions he has the latest iPhone with the nifty camera and people actually cheer?

You see those people cheering a piece of tech or a style of cuisine? Those are the people who believed Justin Trudeau when he told them to sink everything into real estate when interest rates were near zero. They. Will. Believe. Anything. So long as they think it makes them cool kids. Trudeau could say he can control the weather by stopping cows from farting, and they’ll be wearing a bovine flatulence T-shirts pronto.

Now, we can hear you laughing in derision at our skepticism about the real estate-economy that has taken over the nation— the new economy that Justin fed, watered and then bragged about. (To the exclusion of the other cornerstones of our once-dynamic nation state.) The one that will be going to Market one of these days for a meeting with an air compressor.

Again, you laugh. Despite the housing shortage Justin says we can easily accommodate two million new souls a year, no problem. He says Trump was a vile racist for wanting to exclude unhinged radicals from zombie countries back in 2017. The freshly-arrived from Trump’s “shithole countries” with “shithole value systems” and “shithole economies’ will prop up the value of Canada’s two-million dollar cash-cow bungalow in West Van or Etobicoke. And the Happy People believe.

Why? Because Justin and his cabinet are in Control, and they’ll just rein in these types when they get here and start asking that Jews be exterminated or white people surrender the merit system to DEI droogs. That little dustup at the universities where nervous trust-fund virgins claim to be onside with systemic rape? Justin can stop them anytime. Everything is cool. After all, Canada is the model for a postmodern state.

And that stuff about how the Canadian real estate market being 80 percent propped up by drug money, kleptocracy profits and Blackrock? Pshaw. That is just the Far Right Diagolons trying to panic you into hiding your money from the government which just wants to send it to the “shithole” countries in a kickback loop. If nothing else, the banks will save you— if there’s any shareholder value left after this deranged DEI diversion.

Can’t happen here? We know people who were around the EU in 2008 when the U.S. mortgage debacle cratered economies around the world. For years they’d been served by Poles in the service industry, Spaniards in the restaurant kitchens and Bulgarians doing the physical labour. Life was good. Everyone drove a Beemer and owned a condo overlooking the sea.

Then, one day, they noticed that all the airport parking lots were overflowing with Beemers that went unclaimed. No one had paid rent in months. The banks noticed that all these lovely fellow citizens of the EU had drained their savings, reached their cash credit limit on the Mastercard and skedaddled with the dough. Funny, they all must have gone on holidays to once, no?

No. They were gone. Bye bye. Adios. And the credit bubbles in Ireland, Norway, Iceland, France and other EU worthies popped like the champagne they’d been sipping for years on easy credit and idiotic notions of productivity. Nations like Iceland went bankrupt overnight. Counties in England threw their keys on the table. People’s life savings evaporated.

But Justin says that won’t happen here on his co-watch with Jagmeet the Bespoke. Sure, no one under the age of 40 can afford those two-million dollar cash-cow bungalows in West Van or Etobicoke. But those old Boomer geezers will die soon, and after we tax the daylights out of the estate, the kiddos will inherit the house. Probably after we turn it into a four-plex or fine them for having empty bedrooms because they couldn’t afford kids.

One of the ferocious beauties of market economies is their way of periodically turning on themselves when too many people are getting rich too easily. The Canadian RE economy of Justin Trudeau is one of them. It’s about a decade old without any sign of dropping. Life is good. Everyone drives a Tesla and rents a condo overlooking the sea.

Little wonder. Everything he and his faculty lounge of dimwits like Chrystia Freeland, Melanie Joly and Steven Guilbeault have done this decade has been to prop up the value of real estate owned by their real pals in Asia, Europe, the assorted kleptocracies in Africa or the sub-continent. It was like an ad for Chlorox the way these “investors” blithely laundered their dirty money in Canadian condos and low-rises. When news leaked out that mobsters were using casinos in B.C. (where Justin’s maternal side came from) as a laundering station it was covered up very quickly.

But the clock ticks. Even Justin’s former finance minister Bill Morneau is warning that the bubble is going to pop if Justin keeps printing more money to keep the real estate values so unsupportably high. The entire middle class of Canada, which has ridden the real estate train, will see their life savings evaporate like Jody Wilson Raybould’s political career.

No matter. Justin’s been living in government housing since 2015 (some of it with his Mommy). What does a trust-fund nit know about making rent cheques or a mortgage payment? Without Sophie spending like a dervish, he never needs to look at an America Express card again. He’s got 17 more months to build up credits with his future benefactors, and he’s not applying the handbrake now.

Okay, you can applaud now.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. Now for pre-order, new from the team of Evan & Bruce Dowbiggin . Deal With It: The Trades That Stunned The NHL & Changed Hockey. From Espo to Boston in 1967 to Gretz in L.A. in 1988 to Patrick Roy leaving Montreal in 1995, the stories behind the story. Launching in paperback and Kindle on #Amazon this week. Destined to be a hockey best seller. https://www.amazon.ca/Deal-Trades-Stunned-Changed-Hockey-ebook/dp/B0D236NB35/

BRUCE DOWBIGGIN Award-winning Author and Broadcaster Bruce Dowbiggin's career is unmatched in Canada for its diversity and breadth of experience . He is currently the editor and publisher of Not The Public Broadcaster website and is also a contributor to SiriusXM Canada Talks. His new book Cap In Hand was released in the fall of 2018. Bruce's career has included successful stints in television, radio and print. A two-time winner of the Gemini Award as Canada's top television sports broadcaster for his work with CBC-TV, Mr. Dowbiggin is also the best-selling author of "Money Players" (finalist for the 2004 National Business Book Award) and two new books-- Ice Storm: The Rise and Fall of the Greatest Vancouver Canucks Team Ever for Greystone Press and Grant Fuhr: Portrait of a Champion for Random House. His ground-breaking investigations into the life and times of Alan Eagleson led to his selection as the winner of the Gemini for Canada's top sportscaster in 1993 and again in 1996. This work earned him the reputation as one of Canada's top investigative journalists in any field. He was a featured columnist for the Calgary Herald (1998-2009) and the Globe & Mail (2009-2013) where his incisive style and wit on sports media and business won him many readers.

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Bruce Dowbiggin

A Decade Later, The Picture That Launched A Thousand Ships To The West

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Nine years after September 2, 2015 the image is still searing. A little Syrian boy in shorts and a t-shirt washed up on a Turkish beach after his father’s boat capsized during a panicked escape from the civil war in their country. If you had a shred of humanity you probably resolved to do something about it. You vowed to help these desperate people.

So you unwittingly elected radicals and social engineers to the highest offices in the nations, trusting that their honeyed words about Aylan Kurdi’s sacrifice would not go to waste. What you didn’t know is your tears for a tiny lad would be re-purposed by radicals into an immigrant culture washing over Western culture. Is it correlation or causation? At this point it doesn’t matter.

There are many factors at play, but you could do worse than look at that dead boy as Patient One in the fever gripping the elites of Canada, the U.S. and the EU. While you can argue about previous conditions in Syria and the Middle East, the photo is Day One in the obliteration of Western traditional society.

It certainly contributed to the downfall of PM Stephen Harper, who was holding his own in the 2015 federal election until the Syrian war spit out that desperate family, the family that was taken down by the waves. Looking to be taken seriously in his battle for PM, Justin Trudeau used the Syrian crisis to flail Harper’s cold-hearted approach to the refugees.

For a PM whose warmth was never a strong point, Trudeau’s exploitation of the drowned little boy hit with the Liberal’s burgeoning base of white suburban women (and men who want to sleep with them). As we wrote in September of 2015: “If the campaign has had a moment where blood pressure crested, even briefly, it was in the visceral reaction to the drowned Syrian boy. The heartbreaking photo provoked an authentically Canadian dismay and a completely disproportionate response to the gravity of his desperate personal quest. 

Even flinty Post columnist Christie Blatchford was advocating open borders to assuage first-world guilt over the Syrian mess.” Before you could say Joe Biden/ Kamala Harris, the doors to Europe and North America were indiscriminately opened to penniless refugees, to the worst criminals the third world produces, to the most extreme Marxist revolutionaries, to climate-change fanatics. The pillars of western thought, built over two thousand years, are disintegrating as those immigrants (legal or otherwise) clog the streets with the politics and religions they supposedly left behind.

When a newly-elected Donald Trump sought in 2017 to limit immigration from nations with radical politics he was met with a banshee wail from MSNBC, CNN, the Washington Post and New York Times. Still smarting from Trump’s election they branded him a racist, a stain that follows him till today.

Making it doubly exasperating was the fact that these interlopers were not what the public had voted for. A succession of progressive politicians such as Barack Obama, Hillary Clinton, Trudeau and Jagmeet Singh repurposed a geopolitical tragedy, diluting the traditional population with immigrants who neither care for nor respect their adopted homes. (Hands up anyone who’s heard these demonstrators with a good word about Canada or the U.S.)

The impact of this seemingly virtuous immigration touches every corner of Western societies. Having open borders is misconstrued as being open minded. It was argued again in the U.S. vice presidential debate on Oct. 1 with Democrat Tim Walz and his CBS News allies bizarrely insisting that the newcomers haven’t made housing more expensive. GOP nominee J.D. Vance countered that the surge of buyers was a supply/ demand driver for home-price inflation. The fact this was even debatable underscores how deep the rot has become.

From housing to education to healthcare, the ballooning of Canada’s population from 35 million to 40 million ignores the reality that makes citizens feel like strangers in their own land. While the moribund Liberal/ NDP axis and their paid media still embrace the flood of illegal aliens, polls show that most Canadians agree with the CPC’s stand that the saturation point was surpassed a long time ago.

The impact was similar in Europe where the attempts to staunch the flow of refugees looking for a toehold in the generous EU turned into a raging flood. Anyone asking to slow down the process was accused of wanting more Aylan Kurdis. Landing on all manner of craft in southern Europe the refugees made their way north to the embrace of health benefits and income guarantees. By the end of the decade all the major cities in the EU were penetrated by ghettos of aliens seeking to recreate their previous Damascus home in Stockholm or Paris or Brussels.

The clash of cultures produced horrific results that those who’d invited the strangers into their homes were reluctant to admit. Stories of grooming white girls in Bradford, England, or attacking outsiders who wandered into Malmo, Sweden, were dismissed and, now, punished by new anti-hate legislation. Those who cared in 2015 are now finally realizing the impact of using Aylun Kurdi to satisfy their liberal guilt has been a disaster for their culture.

It is said that a week is a long time in politics. In this case a decade has been more than enough to bring Western Civilization to its knees.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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Bruce Dowbiggin

Rogers Buys Out Bell In MLSE Shakeup: What Does It Mean For Fans?

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There is an old joke that Canada has two seasons. Summer. And the months when the Toronto Maple Leafs lead the nightly Canadian sports networks. Perhaps it’s not that bad, but for those who don’t live in southern Ontario it often feels that way.

The reason, some said, for this Buds obsession was that both TSN and Rogers Sportsnet were part owners of the team through Maple Leaf Sports & Entertainment, a business giant created in 2011 when the warring telcos took equal  percentage shares in MLSE (Larry Tanenebaum took the final 25 percent, now 20 percent after selling a share to The Ontario Municipal Employees Retirement System.)

At the time the merger of Bell (TSN) and Sportsnet (Rogers) was compared to Twitter and Facebook deciding to partner. Such was the rivalry that many predicted it wouldn’t last. But it did—if you don’t include Stanley Cups. Until this past week when it was announced that, if approved, Rogers will buy out Bell’s stake in MLSE, leaving it with 75 percent ownership. The process should close next year.

Rogers also has an option to buy out Tanenbaum next year, giving it complete control of the Leafs, Raptors, Argos (CFL), Toronto FC (MLS) and Toronto’s ScotiaBank Centre, among other baubles.  (The new Toronto WNBA team is owned by Tannenbaum  and several partners.)

Why the deal? Why now? Despite the huge national audience for the NHL, NBA and MLB, the component parts are said to be underperforming in a time when equity in sports franchises is soaring. Rogers’ national NHL TV contract is a significant drain on revenues. The Blue Jays’ flopping in the standings has left them a “stranded money-losing team” whose value isn’t fully reflected within Rogers. The Raptors are now also-rans.

Bell’s debt rating was downgraded to one notch above junk in August by Moody’s Investors Service. While not to the point of selling pencils there’s a thought that packaged as a group under one owner, the teams will now be more lucrative and, possibly, lead to an IPO in the future.

What does it mean for sports fans? For now, not much change. TSN is getting a 20-year agreement to get 50 percent of the regular-season Leafs and Raptors games. So it will have an NHL/ NBA presence until April. (It also has regional Montreal Canadiens rights.) TSN also has a strong NFL, tennis and golf presence. Rogers will have the existing property rights for the NHL playoffs as well as regional interests in Vancouver, Calgary, Edmonton and Ottawa. Plus its existing monopoly on the Blue Jays broadcasts.

Bell is reportedly interested in cutting its property inventory and concentrating on “5G, cloud and enterprise solutions”. TSN says it remains the prime media backer of the CFL, even though it no longer has an ownership position. Mediocre Toronto FC remain an add-on with a niche audience. As NHL national rights holder, Sportsnet (using CBC as a cutout) will still be the major outlet for postseason hockey. It’s also the exclusive home of the Blue Jays and the MLB postseason.

What does it mean in business terms? Despite the apparent cordiality of the deal, there is a fly in the ointment should digital companies such as Amazon, Prime, Apple, YouTube or Disney decide to bid on the primo national NHL broadcast rights packages. Already big leagues such as NFL, MLB and NBA have hived off packages to these outfits. Could they drive the price past Rogers’ comfort zone?

All this begs the question of what happens to the Raptors, Argos and Toronto FC which have fallen from their hip status of years prior. It’s well known that Rogers execs aren’t fond of Raptors president/ GM Masai Ujiri. Will they get the love in the C suite to bid on the top basketball contracts? Ditto Toronto FC, a pet project of Tanenbaum’s. It competes nationally with other Canadian teams. Will it have an ally in the front office?

If there is an ally it will have to be the peripatetic new CEO Keith Pelley who returns to Canada from running the European PGA Tour after stints running TSN, Rogers Sportsnet, the 2010 Winter Olympics  and the Toronto Argos. Pelley knows all the broadcast and sports players firsthand from his prior gigs. He’s seen as an innovator but he also has good friends in the traditional sports leagues.

The one certainty is that cable and satellite packages will not decrease in price. Nor will ticket prices as pro sports continues to stretch the boundaries on how much people will pay for tickets (still a key revenue for NHL owners). And, for those wondering, the chances of leading newscasts with a Maple Leafs practice will be remain very strong for the future.

Bruce Dowbiggin @dowbboy is the editor of Not The Public Broadcaster  A two-time winner of the Gemini Award as Canada’s top television sports broadcaster, he’s a regular contributor to Sirius XM Canada Talks Ch. 167. His new book Deal With It: The Trades That Stunned The NHL And Changed hockey is now available on Amazon. Inexact Science: The Six Most Compelling Draft Years In NHL History, his previous book with his son Evan, was voted the seventh-best professional hockey book of all time by bookauthority.org . His 2004 book Money Players was voted sixth best on the same list, and is available via brucedowbigginbooks.ca.

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