Connect with us

Bruce Dowbiggin

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

Published

9 minute read

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.

Follow Author

More from this author

Bruce Dowbiggin

Burying Poilievre Is Job One In Carney’s Ottawa

Published on

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.

Continue Reading

Bruce Dowbiggin

Sports 50/50 Draws: Make Sure You Read The Small Print

Published on

Throughout the recent World Series baseball fans were regaled with the exploding total in the Blue Jays World Series 50/50 draw. When the L.A.Dodgers finally subdued the Jays in the seventh game the total had skyrocketed to a whopping $50,020,115— half of which was won by a fan from Oshawa, Ont.

That means that $25,010,055 was donated to Jays Care Foundation which then sends money to worthy charities and causes supported by the Blue Jays. A number of those charities are identified by the team in its publicity. Win/ win, right?

Should be. But how much of the $25,010,055 devoted to charities and sports organizations goes to administer the draw? We examined the rules printed online and the financial records to see the distribution of those funds. “At Jays Care, every dollar of net revenue, after prize payouts and raffle-related expenses are deducted, goes directly to supporting kids in Jays Care programming.”

To the unwashed public that says that $25,010,055 is going completely to the charities;. Wait, they said “net revenue” and “raffle-related expenses” Okay, what constitutes net revenue? What are raffle-related expenses? In the 2024 statements for Jays Care Foundation, general and administration total is $324,321 after raising $21,234,364 . Seems like to might be worth noting.

This is not to suggest that the Jays Care lotteries are not what they seem on the surface. Or they do not have a charitable component. We have been unable to find any reporting on the draw that implies or states something shady. Or any reporting from Toronto’s vast media mob into just how these draws work. Still, the public should know how much of the prize money they’re donating goes to the charity. Because you won’t get it from listening to the team games on TV which marvel at the 50/50 amounts.

The Jays’ draw is worth noting, because there have been questions raised about other large sports 50/50 draws. The charity in charge of the Edmonton Oilers 50/50 raffles paid more than $81 million in lottery funds over four years to Win50, a sports betting and gaming company controlled by the Oilers Entertainment Group, according to audited financial statements obtained by the Investigative Journalism Foundation.

The IJF found that only 19.6 percent of the 50/50 raffle proceeds went to charity in 2024. The Oilers did not deny the claim, but did say that the charitable aspect of the draws and the publicity they generate far outweighs the costs in running the draws. “By focusing on expense ratios and purposely ignoring the millions of dollars in legitimate operational costs covered by WIN50, the IJF misleads readers about our how our 50/50 operates and our overall charitable impact.” Weak sauce, no?

Sources who spoke to us said that, in one case a capture of $550K returned just 10 percent— $55K— to their charity. The rest disappeared to pay bills and distribute funds as the organizers saw fit. Oh, and the charities must sign NDAs to keep their status as Oilers’ charities. There may be some legitimate reasons for the silence so far on the draws. But that was not communicated by the Oilers to their fans up front or in their response to the IJF.

It is reminiscent of stories we wrote for the Calgary Herald in the early 2000s about shady practices surrounding NHL oldtimers versus cops or fireman hockey promotions. Until we made it public the companies running the ticket sales oversold the arenas, created fictional handicapped children for donations, returned as little as five percent to charities and more— while never telling the NHL stars about the deception.

The other telling aspect of this Oilers Care story is that it was generated by an independent journalism source— not the main Edmonton media. The IJF is not likely to be getting seats on press row at the Rogers Centre any time soon with this kind of aggressive reporting.

With sports teams now partnering with broadcast and print partners, doing this kind of investigative work will not advance your career. We should know after enduring years of the cold shoulder for our reporting corruption in the NHL under Alan Eagleson and the league (Eagleson went to jail briefly for his fraudulent use of NHL Players Association and Hockey Canada funds.)

Rogers now has its name on numerous arenas and stadia across Canada. It controls MLSE, owners of the Maple Leafs, Raptors, Toronto FC and the Argonauts. Former journalists work for team owners. The government sends “support” money to so-called private broadcasters and newspapers to toe the line. As we wrote in October the PR pitch for Elbows Up has been everywhere in Canadian sport.

“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 reading verbatim prefab slugs about the story of the Blue Jays “not being written yet.” (We counted three doing the hype before Gm. 1 of the World Series) Watching the proud-as-punch onslaught from the team’s owner one would think this has to be more than Vlad Guerrero uber alles.”

Watching the willful denial of Canada’s legacy-media death throes is reminiscent of when the big automobile companies were challenged by smaller, more efficient Asian imports in the early 1970s. The Detroit big shots tried ignoring them, then actively enlisted government to stop them. Then, with bankruptcies impending, they copied them. The car market finally became a freer market in North America.

The media elites are at the stage where they’re begging government to excuse their inefficiencies and corruption versus “uncouth” independent media. The protectionist racket won’t work any better than it did for the car makers.  The question now is will they accept the ultimate solution of sharing the field with social media and doing that kind of reporting again? Because, without that reckoning they won’t be here to greet the 2030s.

As Mark Hebscher concludes in his new book Madness, “In the end it’s not so much the stories being covered as the stories being missed.”

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.

Continue Reading

Trending

X