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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

Elbows Down For The Not-So-Magnificent Seven: Canada’s Wilting NHL Septet

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The week after Grey Cup is always a good time to look in for our first serious analysis at how Canada’s NHL teams are doing. So let’s take a quick… WHOA… what’s happening here?

If the playoffs were to begin next week (we wish) then it would be a cold breakfast for teams in Elbows Up. Just two clubs—Winnipeg and Montreal— would even qualify for the postseason. And the Jets have just found out their star goalie Connor Hellybuyck is unlikely to play much before mid-January.

The two putative Canadian hopes for a first Stanley cup since 1993— Toronto and Edmonton— are sucking on vapour trails. After being raked 5-2 by Montreal, the Leafs have just a 24.9 percent chance of making the playoffs. Conor McDavid’s Oilers have a better percentage but their same old goaltending woes and a ticking clock on McDavid’s back.

Granted that, going into the weekend, no team in the East was more than four points out of the wild-card spot while all but three teams were within three points of a playoff spot in the West. But the Canadian teams are stuck behind some premium teams and need lotsa’ luck so they end up like Max Verstappen not Lance Stroll.

Maybe a Canadian men’s Olympic gold medal can reduce the sting of no Cup, no future for another season. But it won’t save the jobs of coaches in Calgary, Toronto and Vancouver unlikely to survive also-ran status. Let’s take a close look at the not-so-magnificent seven starting west to east.

Vancouver:  The Nucks have a sterling 4 percent chance of making the postseason as of this writing. In the powerful Western Conference that’s still an insult to a franchise that hasn’t recovered from the hasty 2013 firing of GM Mike Gillis—who won… let us us see… two Presidents Trophies and six Western Conference titles in a row. Since then? Uh, bagel.

It’s nice that Elias Petterson has come back from the morgue this season. But it will come down to goalie Thatcher Demko staying healthy and whether ownership wants to go full tank or just a quarter-tank for a draft pick. Hard to see Adam Foote surviving as coach.

Calgary: Speaking of tanking, everyone in Calgary wants the Flames to do a teardown for the top picks in the 2026 Draft. Everyone, except, for the Flames absentee owner Murray Edwards and his robo-spokesman Don Maloney. They want the five percent chance at a playoff spot and a mid-round first draft pick. The Flames missed the chance to restructure in 2023 when Johnny Gaudreau and Matthew Tkachuk departed. But again, denialism in the management suite tried to make it an even trade with Florida, sign huge new contracts and keep pushing. Bad decision.

Only question here is when does the purge begin and what can they get to help Dustin Wolf— signed for seven more years—  in net?

Edmonton: We’ve written at length here and here about the McDavid saga. He and the management team halved the baby with a short-term deal to pretend he’s staying in the Chuck. Their healthy chance of making the playoffs (75.5 percent) says one thing. Their play in the putrid Pacific— they’re given up six-goals-plus five times in just 24 games— says another. But as long as McDavid and Leon Draisaitl stay healthy they might still finesse a ticket to a their third straight Finals ride.

But if they get near the trading deadline and the postseason is a mirage the noise to trade McDavid will be deafening. And the offers staggering for a capped-out team.

Winnipeg: Last year was supposed to be the Jets big year. Okay, that didn’t work out so well. The Jets kept their core together for another chance at finally making a serious playoff run. So it will all come down, as it has in the past, to the health and playoff juju of Hellybuyck. Their ticket out of the Central Division lies in beating powerful Colorado and Dallas and, if that happens, staying healthy.

The Jets would probably just as well their stars didn’t go get beat up in the Olympics, but that’s unlikely. There’s always been a karma about Winnipeg breaking the Canada Cup jinx. Still a long shot.

EAST

Toronto:  So you’re saying Mitch Marner wasn’t the problem with the highly rated Maple Leafs never getting as far as the Conference Finals? They’re 3-5-2 in their last ten, their captain is still a sulky figure— only now his output doesn’t make it worthwhile. And the Toronto media is trying to do the players’ will to get coach Craig Berube fired for them. The same problems remain from years previous: dubious goaltending and a shallow talent pool on defence.

The biggest problem for the Leafs is their closing window for success. They’re old, have few tradeable assets in the system and have traded top picks away for short-term gains that never appeared. Expect fireworks after the Olympics if this crate doesn’t get moving. New MLSE boss Keith Pelley has no ties to the current administration and will sweep clean.

Ottawa: The Sens have managed to survive the loss of captain Brad Tkachuck to a broken finger. How? Ottawa have gotten goals from 17 different players which means they have balance. And so far they are above average 5-on-5. All good. They’ve also taken advantage of the mediocrity of the Leafs and other Eastern teams to stay afloat.

Their Achilles heel? Between the pipes. Both goalies have a save percentage under .875 and that ain’t going to cut it come spring. As always finances will limit their trades and manoeuvrability.

Montreal: The Habs were the fashionable pick before the  season as the Canadian team most likely to get to the Cup they last won in 1993. Defenceman Laine Hutson is all that he promised last year. The dynamic top line of Cole CaufieldNick Suzuki and Juraj Slafkovsky have cast back to the days of the Flying Frenchmen. Managing expectations in Montreal’s rabid hockey culture— where a misplaced apostrophe can cause chaos—means never taking anything for granted.

Now if only goaltender Jacob Dobes can keep up his play long enough for Sam Montembault to regain his form the Habs could be a thing in the spring.  At this rate they might be the only thing.

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

Burying Poilievre Is Job One In Carney’s Ottawa

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The Liberals’ first budget under Mark Carney— about nine months overdue— snuck through Parliament with Green Party leader-of-one Elizabeth “Margarita” May as the deciding vote. (All it took was a commitment to her insane climate targets.) A quick review of the Book of Revelations does not reveal this as a sign of the Apocalypse. But to Canadians who voted for a change in the spring it’s a rude reminder that no one is minding the store in Ottawa.

The Parliament Hill media has largely shelved discussion of Carney’s budget ‘guzintas (the PBO said there is a “less than 10 percent chance the government will keep its deficit-to-GDP ratio on a downward track through 2029-30… and Finance Canada has “changed its reporting of deficit financing, separating capital from operational spending.”) Translation:  If Carney keeps on this track till 2030 the total GST collected from Canadians will not be enough to service the federal debt.

The chattering class is, however, full speed ahead on their Pierre Poilievre deathwatch. The leader of the CPC is one of their more anodyne figures to lead a party since Mackenzie King. His earnest kitchen-table schtick is about as dynamic as a cheese sandwich. Even when he famously defenestrated a blundering BC journalist in an apple orchard he never raised his voice. (What page am I taking from Trump’s book?”)

In the House of Commons, he has performed a monotone strafing of Liberal policy since becoming leader in 2023. He hasn’t elbowed aside a female NDP member. In the fine tradition of the House he does mock the Liberals front bench, throws water on their fevered policies and acts like a vice-principal of a small high school disciplining a student.

But in the judgment of today’s febered media— okay, the Liberals— he’s “rage-farming” or “rage-baiting” when pointing out that Canada’s debt is out of control, its real estate is a bubble waiting to burst and the relationship with the U.S. is flat lining. In fact he’s all rage, all the time, for their purposes. According to Carney’s bots, Poilievre stoops “to stirring and riling up ‘white-trash’ elements in society into hateful rhetoric against the prime minister. “

Team Carney has gloried in his travails since Donald Trump upended the spring election by cozying up to Carney. (Poilievre didn’t help himself taking pot shots at Trump who then dismissed Poilievre). CBC/ CTV/ Global savants who spit every time they mention Trump bizarrely were suddenly in enthusiastic approval of Orange Man Bad spanking PP for them.

The tone about his performance as opposition leader is vitriolic. “Pierre Poilievre’s rage-baiting and empty slogans aren’t what Canada needs”. His slogans (stolen by Carney during the election campaign), his by-election win in Alberta, his insistence on core issues— it drives the panelists on talk shows to fits for pique.

Which is funny when you think about it. Those with longer memories can recall the hijinx of the Liberals’ Rat Pack in the 1980s and 90s. Led by Sheila Copps (dubbed Tequila Sheila by Tory justice minister John Crosbie), Don Boudria and John Nunziata they were an early version of Polievere and Melissa Lantsman and the CPC front bench. Just more obnoxious.

Except the wind therapists were amused by them. Instead of rage monkeys they were the subjects of puckish CBC features. Copps could speak Italian with her (Hamilton) constituents and also had “perfect French,” said reporter Jason Moscovitz.” But she needles Mulroney in plain English,” he added, as Copps introduced a question for Brian Mulroney by comparing him to to Johnny Carson.

The irreverent Rats even produced their own T-shirts to wear in the House. “Other MPs say he’s sleazy, slimy, and a snake,” said Moscovitz, of Nunziata as he donned one of the T-shirts. So Nunziata used the same words in the House of Commons.”Sleazy, slimy Tory patronage!” he proclaimed on the floor of the House.

Laugh? We could have died. It was entertaining in the collegial debating club of the time. The sparring of the feisty Copps and her target John Crosbie was mint.

But now that the Liberals are entering a second decade of mismanaging the nation, their appetite for impertinence has disappeared. So the clever ripostes of Copps are now Poilievre “rage” farming and “rage baiting”. Some people have noticed the contrast: “Caucus unrest treated as a calamity when it involves the Conservatives, while Liberals get a pass” But the bubble-bound Canadian public only hears one slant.

In the U.S. there are hopeful signs of a bubble breakthrough. Hip TV host Bill Maher was forced to tell Woke comedian Patton Oswalt that his BlueSky world was strangling him. He enlightens an oblivious Oswalt on the UK grooming gangs. He also brought him up to reality when Oswalt said the Left never orders gender off of passports.

It’s not much, but it’s hopeful, at least in America. Here in Canada the information corridor is so thoroughly policed by the culture Stasi (using their dreaded Trump guns) that nothing can get through. Singing O Canada and not abusing the lyrics is considered a sacrilege on the Left. Daniel Smith is a Trumpist etc. Carney is intent on importing British hate speech convictions, not AI chips and nuclear energy.

If that isn’t enough of a bummer remember that Carney is just a stop-gap, a guy to rag the puck for a few years till the Liberals have groomed Justin’s eldest for the PMO. Where he can complete the Woking of traditional Canada that Grandpapa Pierre started in 1968.

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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