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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

Canada’s Humility Gene: Connor Skates But Truckers Get Buried

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My friend and colleague Roy MacGregor used to talk about the “humility gene” in Canada’s hockey heroes. From Gordie Howe to Jean Beliveau to Wayne Gretzky it described the aw-shucks attitude of the top players in the game, who are as Canadian as Roy’s famous canoes.

The refusal to go Hollywood like the NFL, NBA or MLB stars was a defining characteristic of the hockey culture that once bound Canadians. For decades this “fear of flying high” was used by the NHL against the stars when it came to getting paid. Even when players belatedly started a union, their executive director Alan Eagleson did everything he could to suppress salaries and please his buddies in the owners’ box.

What Eagleson’s treachery didn’t accomplish the Tallest Wheat syndrome in Canada did . “You’re paid to play a child’s game. When is enough money enough? You should be grateful the owners let you wear their uniform.” For most players the fans’ withering guilt was the worst fear. In short, outsiders are not allowed to rip on Canada’s stars, but Canadians themselves are free to bring low their heroes.

In our obit for Bob Goodenow, Eagleson’s successor at the NHLPA, we described the slow, painful climb to final self determination in the 1990s. “It’s hard to understate the mentality he had to change… Goodenow convinced hockey players that to earn their worth in the market they had to stick together in negotiations.”

This is relevant this week as Canada’s star player Connor McDavid resurrected the humility gene in Edmonton. The greatest player in his generation McDavid held all the cards to negotiate a new contract with the Oilers or whomever he wanted. Everyone outside Edmonton— particularly his hometown Toronto Maple Leafs— wanted a piece of McDavid and was willing to pay a huge price for him.

As a hint at what McDavid might earn, Minnesota’s Kirill Kaprizov, who’s never won a major award or played past the first round of the playoffs, just received $136 million for eight years ($17M per year). The new CBA allows that soon the top players could earn as much as $20 M a year.

But this was humble time in a Canadian city mortified that its coolest kid was leaving. What to do? Being a self-deprecating Canadian and successor to the humility gene McDavid chose to halve the baby, taking a preposterously low $12.5 a year for two years in Edmonton while also making it obvious he’s gone should the Oil again fail to win the franchise’s sixth Stanley Cup.

It was the most Canadian solution to wanting to be a good guy for a city that, trying to being kind, isn’t Palm Beach or Brentwood. While hinting he will cash in later.

For certain the low-ball conclusion to what was to be a season of painful interviews about his future did nothing to endear McDavid to his fellow NHLPA members. Notwithstanding Kaprizov’s haul, McDavid’s cratering will put a chill on salaries for stars while putting a big smile on the face of NHL commissioner Gary Bettman. He has players back in the barn, and he has Canada to thank for it.

We saw that same Canadian herd instinct in the election when the Liberals marshalled ex-pat Mike Myers to reinforce the suppressing instinct. Exposed by Trump for their handling of their economy the past 10 years the Laurentian elite recoiled in horror, preferring the sunny fairways of self delusion over the reality of a dysfunctional nation.

The best bookend to McDavid’s humility is the concurrent legal resolution to the Truckers Convoy of 2022, a non-violent event (okay, someone pissed on the Cenotaph) that convulsed the nation for three weeks. If a Covid mask obscured your view of the circus let’s just say it was a sit-in by truckers upset with the arbitrary virus/ vaccine actions inflicted by Justin Trudeau’s government.

While Trudeau hid beneath his desk the truckers frolicked next to Parliament Hill, honking horns and playing on Bouncy Castles while the Hill’s media entertained thoughts of Lenin seizing power in 1917. The reality of the demonstration— no guns, no breaking down the doors of Parliament, no firebombing Trudeau’s residence— was lost on locals inconvenienced by long lineups at Shoppers Drug Mart. There was no mention of regime change or insurrection. Except in the eager-to-please-Justin media.

The high-profile stunt from the West clearly Irritated Woke Canada clinging to rumours of MAGA invasion (still embraced by these spares ), firebombing and CBC suggestions of Putin espionage demanded the full weight of the law for organizers Tamara Lich and Chris Barber.

So Trudeau sent in mounted police to bowl over grannies, and his justice droogs threw the book at the evil doers behind the convoy. Okay, they were charged with mischief. Remember. Not assault. Not destruction of property. Not subversive behaviour. Not overthrowing government. Not possession of  weapons. All this performative justice applauded by Canada’s purchased media. Even when the OPP head of intelligence found no credible evidence of threats to national security, extremism, foreign influence (e.g., Russian or American sources, or Donald Trump), or plans for violence.

Because you can’t flaunt Canada’s Liberals and get away with it. So Lich and Barber were keel-hauled through the Canadian justice system and jails for three years. Huffy prosecutors and tendentious judges made the proceedings look like The Mikado, slapping the pair with criminal records and house arrest for not being sufficiently contrite to the Laurentian elites.

They still face civil charges from people whose bed times were upset by the truckers. And the judge hinted that they’ll be made to pay for the cost of cleaning up Wellington street after turning it into a party zone. But by God, they’ll think twice about challenging the federal liberals again.

And so, kids, our lesson? It’s okay to pretend humility in Canada. Just don’t dare get above your station.

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, 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

Elbows Up Part Deux: Liberal Canada Now Riding The Blue Jays

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And you thought Elbows Up was just a hockey thing? Ha! The folks who marketed the Mike Myers hockey election campaign to use Donald Trump to distract Canadians have decided that baseball fans must too be swept up in patriotic fury to support the governing Liberal minority. All over a baseball team with zero Canadians on its roster.

This from the nation that half an hour ago was telling the world Canada was a genocidal settler tyranny burying murdered babies in the moonlight. Go figure.

Rogers Media is running commercials during the Blue Jays AL Divisional Series boasting in Liberal red and white “Proud owners of Canada’s national team”. (What team owner has ever put itself above the title on a sports team?) If you haven’t caught that ad there are others Rogers’ ads extolling its magnificence in giving Canada the highest telephone bills this side of Botswana. Oh wait… They say, Go Jays Go, Canada’s national team. Sorry about that.

The team’s announcers are also being made to read verbatim prefab trite slugs about the story of the Blue Jays not being written yet. (We counted three doing the hype before Gm. 1.) Watching the proud-as-punch onslaught from the team’s owner one would think this has to be more than Vlad Guerrero uber alles. And, of course, there is. Rudyard Griffiths, publisher of The Hub, calls it part of the “soft, silent takeover of the nation’s press”. Having used public money to bribe… er, support even the richest media in the country Liberals can count on their support for tongue bathing of Mark Carney’s faculty lounge.

The intro for Game One of the ALDS lathered the “Canada’s team” lard. You’re supposed to think its the 1992-93 World Series all over again. Don’t pay attention to those MAGA cranks in the corner. Rogers is not alone. Much of the advertising during the Jays/ Yankees equates Canada’s team and Canada proud. The advertisers on the games are punctuating ads with a “made in Canada by Canadians” angle (even as jobs flee the country).

But never has the Laurentian Elite of Canada needed a distraction from the mess of Canada’s Liberal hegemony. It can’t be seen that Trump was correct stating it was a better deal being part of the U.S. Samples of Elbows Down:

Canada has no mail system.

“Hollywood North” just got torpedoed by Trump.

Government financial watchdog said the economy is “unsustainable”

Country is in cost-of-living, unemployment and housing crises.

Imperial just let go 1,000 employees and sold its Calgary HQ.

There’s plenty more. Like the virtuous refusing to visit the U.S., the Jays’ insertion into the mindset of Boomer Canada is providential to advertisers who make a living pitching the Liberal brand. Almost as precious as “Our” team is the concept of the Blue Jays as a national team. It seems like only yesterday they were deposing the previous national team, the Montreal Expos. The ‘Spos had aided Toronto in getting a franchise in 1977. When Toronto sputtered in the early days the Expos gave them oxygen. But as we wrote in July of 2023, the newcomer turned on their National League cousins.

“As the Jays went from weak sister to equal partner to dominant team on the field winning the 1992-93 World Series, their tone about letting Expo games generate income in their territory grew less than cordial. Labatt Breweries owned the biggest, most lucrative market in Canada. And only they should profit from it.

This exposed the fundamental weakness of the Montreal franchise. The Olympic Stadium was proving to be a cold, fan-unfriendly disaster. Hundreds of thousands of English speakers had left the province when the Parti Québecois took power. At the same time as initial owner Charles Bronfman was tiring of coming up short on the field and repeated labour stoppages, the Expos were threatened with a severe hit to their broadcast revenues.

Their friendly sharing of MLB in Canada with the Jays now appeared naïve.  MLB said the Expos could control Quebec and the Maritimes, but it would have to stay out of southern Ontario. McHale could see the writing on the wall. Owner Bronfman appealed to then-commissioner Bowie Kuhn for relief, saying this ruling would “ghettoize” the team within Canada. His intent on buying the club in 1969 had been to “bring Quebec into the nation”. Instead, the team he’d encouraged to join MLB was freezing the Expos out of the large English speaking markets.

After hearing from the Jays, MLB commoner Bowie Kuhn allowed the Expos to show 15 TV games a season in Ontario. McHale and Bronfman knew this was inadequate. As the Jays started getting into the postseason in 1985 and the Expos sank in the NL the die was cast. Making it worse, the Canadian dollar began its plunge that ended with a 62-cent dollar versus the U.S.

The 1994 season, in which Montreal had the best record in MLB, was cancelled. Bronfman sold the club to a consortium of owners without Bronfman’s means. By 2000, attendance nosedived as the Expos dumped their great core of Walker, Pedro Martinez, Moises Alou and John Wetteland. By the early 2000s, new American owner Jeffrey Loria was actively trying to sell the team to investors who’d move it  to the U.S.

By 2005, the Expos were sold to new owners in Washington who renamed the club the Washington Nationals. Loria, meanwhile, was allowed to buy the Florida Marlins franchise, which he ran into the ground as he’d done to the Expos.

The Blue Jays, meanwhile swept in to capture the entire Canadian sports TV audience. They are today valued by Forbes magazine at a cool $2.1 billion. There was talk of transferring the Tampa Bay Rays to Montreal but that evaporated when local Florida politicians promised lawsuits. MLB is now talking about possibly returning to Montreal as an expansion club should they build a proper ball park.

Although who in Quebec has a billion to throw at a baseball stadium is unclear. And how they’d get past the Blue Jays monopoly on broadcast rights in English Canada is also a huge question. Just remember, however, that you needn’t look far to see who had a large hand in killing the Expos.

It was the Toronto Blue Jays.”

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, 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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