Bruce Dowbiggin
Getting Real About Justin’s Real Estate Economy. It Won’t Last
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
The Folding Lawn Chair: PMJT The Worst Negotiator in Canadian History
Stop us if you heard this before. Justin Trudeau talks tough but folds like a cheap lawn chair. His current spasmodic response to Donald Trump’s tariff threat should look familiar. He’s been here and backed down before.
The defining crisis of his time as prime minister– the 2022 Trucker Convoy in Ottawa– is the blue print for his handling of stress. For those with poor memories— or Liberals trying to forget—his arbitrary handling of the Covid vaccine crisis created a massive pushback among voters. Having forced everyday Canadians to take— under threat— an unproven vaccine he was faced with an unprecedented display of impertinence to his majesty.
In better times the pushback might have originated with a media offended by his high-handed ArriveCan fiasco and locking citizens into hotels against their will. By this time, however, PMJT had paid off large segments of Canadian media and was on his way to paying off many more. So it fell to independent truckers to expose Trudeau’s arbitrary undemocratic behaviour.
They came to Parliament Hill armed with truck horns and Bouncy Castles. There were no guns, no bombs, no assault vehicles. Just your garden-variety 18 wheelers who’d come from across the nation. This made Mr. Tough guy catatonic. As the truckers neared the capital he called them racists and Nazis intent on overthrowing the government. He baselessly claimed (in French) that their supporters were anti-science.
This faux-tough talk surprised many who recalled that, only months before, he’d blithely stood back, brows knit, as indigenous radicals blocked the main railway lines for months in protest of oil pipelines (more on this later). It was all soothing words and grovelling imprecations to understanding from Skippy. Maybe billions were lost, but at least he hadn’t upset Canada’s “first peoples”.
But when truckers protested in his home city, it was Code Red for our hero. Rather than meet protesters when the trucks arrived, hearing their grievances and agreeing to negotiate— as he’d done with the trainspotters— a cringing Trudeau hid, vilifying the invaders from inside his Covid cottage. It was all no quarter, no surrender, no show.
Canada’s media dutifully covered his flank, shopping numerous fake stories about Nazi/ Rebel flags and arson attempts. (For which they’ve never apologized.) In parliament he and his NDP service animals invented stories of huge donations from evil right-wing forces in the U.S.
Not surprisingly, giving Truckers the vaunted Trudeau middle finger did not send them scurrying back to their homes. Quite the opposite. Instead they hunkered down in an 18-wheel version of Woodstock. It was a rock n’ roll party that Ottawa police were dumbfounded how to stop. Noisy but non-violent.
This infuriated the burghers of Ottawa, those making their livings from government and the National Capital Commission. They were losing sleep in their cozy cribs. “Someone must pay!” A still-bunkered Trudeau then played the Dad card, sending in federal cops and suspending Canadians rights while seizing the financial livelihoods of the Convoy leaders.
His suspension of historic civil rights invited international censure. It would later be declared illegal in the courts. The use of the Emergencies Act “does not bear the hallmarks of reasonableness — justification, transparency and intelligibility,” Federal Court Justice Richard Mosley wrote. No matter. He’d proudly used a sledge hammer on a flea. People charged with mischief were off to jail for five years. Cosseted by the huzzahs of the purchased media he gave himself a W and went surfing.
Fast forward to 2024 when Justin was about as popular as scrofula in the polls . Entering 2025 he was trying desperately to hang onto power till the end of his term in the fall, when his handlers at the WEF would rescue him with sinecures and flattery. All domestic attempts to shame him into quitting failed. It seemed he had a clear path to make his own exit.
He never anticipated a re-elected, vindictive Donald Trump, never planned for the implications. Yes, this was the same Trump he’d casually ridiculed and insulted for most of the decade. Least of all, he was unready for a Trump armed with serious tariff threats unless the post-national PM shored up his defence and propped up the border. Oops.
Shades of the Truckers, the tariff skirmish could have been resolved by working with Trump on the border issue. But that’s not how PMJT rolls away. Trump invited him to Mar A Lago post-election, only to ridicule him as “governor” of a new 51st American state. A butt-hurt Trudeau then shut down Parliament and blamed Alberta’s energy cash cow, getting the other premiers to insist that the province block oil sales to the U.S.
Just like Dad in the old days there was no reciprocal ask of Ontario blocking its auto industry or Quebec its aluminum industry. Branch-plant Alberta would carry the burden. He coerced media and other parties to give him cover, vilifying anyone refusing to go along. He closed Parliament till March so his party could sort out its next move. This divide-and-retreat strategy has left the country on verge of dismemberment. But he acts like he had time.
Trump says Trudeau has till February 1 to cut a deal. Instead of negotiating Trudeau is threatening. The PM bravely supports “the principle of dollar-for-dollar matching tariffs” against the U.S. Conceding that this a terrible tactic he says the feds would be “there to support and compensate businesses”. Using public money to compensate for the negligence his progressive agenda has left behind. Can you say Covid.2?
What’s the difference from his Truckers Convoy dithering performance? Trudeau had simple truckers then, without power. In Trump, however, he has a freshly elected president with the hammer of Congress, the Supreme Court and the White House. Who can’t wait to crush Trudeau and his Liberal snobs as freeloaders on the American dime. “Exporters of terrorists, drugs and contraband into America”. Trump now has a unified front of social media billionaires while Trudeau has only a burned-out cabinet and Laurentian loyalists. What couldn’t go wrong?
If Trudeau lets this go past Feb. 1 without a deal or an election call it will be the worst constitutional catastrophe since conscription in WW I and II. Expect no mercy from down south. Every turn of the screw on Canada increases Trump’s polling. The Family Compact ain’t saving you, Skippy. And they won’t save the midwits who elected Trudeau PM three times.
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. You can see all his books at brucedowbigginbooks.ca.
Bruce Dowbiggin
On The Clock: Win Fast Or Forever Lose Your Chance
Play this drinking game. Every time some football analyst on TV says during the course of a game, “He’ll be a star for this team for years” take a drink. You’ll be tipsy in a hurry.
Maybe in the old days, Skip. But the concept of the players you’re loving now lasting very long with NFL, NHL, NBA or even MLB teams has come and gone. The new model was never more apparent as when the NFL No.1 seed Detroit Lions, replete with young stars, were blindsided from the NFL playoffs by upstart Washington’s rookie QB Jaden Daniels.
Heavily favoured Detroit (10 point favourites in some places) was loaded with superstars on their first contract. Jahmyr Gibbs, Jameson Williams, Amon-Ra St. Brown, Penei Sewell, Aidan Hutchinson (injured), Sam LaPorta, Jack Campbell and Ali McNeil (injured). Added to veteran QB Jared Goff and a sprinkling of veterans they seemed perfectly balanced.
Except the new mantra says you can only win a Super Bowl in this time of salary-cap hell with a HOF QB or a QB on his affordable rookie deal. Goff is neither, and to emphasize the mantra he threw four picks and fumbled once en route to the heartbreak loss. The dynasty turned into as ‘die-nasty”.
In the old days you’d just say “we will get them next year” and hope for better luck. But within two years the Lions will have to do a painful triage of their glittering young stars. You can’t pay them all, so who will go and who will stay? Adding to the misery of the salary-cap mandated chop will be can you get value for them in trades?
The Lions are far from the only ones dealing with leagues that value parity ahead of dynasty. In the NHL the Edmonton Oilers and Toronto Maple Leafs are hearing the steady tick-tock counting down on the NHL’s cap machine. The two clubs lost consistently for a decade to score top picks in the draft. Riding the skills of Conor McDavid and Auston Matthews they’ve brushed up against a Stanley Cup but have yet to do the deal.
As every fan of the teams knows it’s a race to add the proper players to the roster to compliment the young stars before they get too expensive. McDavid is an unrestricted FA after 2025-26 and as the league’s top star he will command the maximum under the salary cap where ever he lands. If that’s Edmonton he and Leon Draisaitl will be added to Darnell Nurse, Zach Hyman, Ryan Nugent Hopkins as a large portion of the cap. Can the Oilers balance these stars and still pay defensemen and goalies?
Ditto the Maple Leafs who have Matthews, William Nylander, Mitch Marner, Morgan Rielly and Chris Tanev hogging the top end of the cap. Can they find the right pieces at a cheap price to create a team that will reach the Final, let alone win the Stanley Cup? And can they do it before their core players start to decline?
For those reasons, NHL teams and players were fixated on the news that there will be no more escrow deductions taken from players the rest of the season. That led many to surmise that the salary cap will be going up significantly for the next few years, allowing teams more latitude to complete rosters and elite players to be paid their worth to the league. Even if true the increases will be proportionate, forcing the same constraints of a cap at the top and bottom of payrolls.
None of these economic concerns seem to bother the defending World Series champion Los Angeles Dodgers. With just a luxury tax, not a salary cap, to restrain them the Dodgers have added Japanese star Riki Sasaki and bullpen ace Taylor Scott to their payroll in the past week. This in addition to two-time Cy Young winner Blake Snell. Their payroll now exceeds $370 M. For 2025. By comparison the Pittsburgh Pirates sit at just $77 M for 2025 and the fans are outraged demanding the owner sell.
The Dodgers justify the spending because they are building a global brand. While the competing leagues constrict their payrolls to pay service to parity, MLB is allowing the Dodgers to take a soccer attitude to their payroll. The arguments for parity are pretty weak when you consider that their have-nots are happy to take the bounty of great TV/ digital/ logo revenue but refuse to improve their teams.
Which leaves us with the Toronto Blue Jays, definitely a large-market team trying to spend like one. Monday they announced the signing of FA Anthony Santander, who had 44 homers for Baltimore last season. This follows an offseason of humiliation where the team has made no progress signing its superstars Vladdy Guerrero and Bo Bichette.
Like NFL Lions or NHL Maple Leafs, the clock is ticking on their core players as they become prohibitively expensive. Should they sign both? One? Or trade them to get value before they scram to LA or New York? Right now they seem caught between bad options.
Meanwhile the underwhelming Jays management was punked— yet again—in pursuit of a high-profile Japanese FA. The very visible failure left many wondering if it was the market or the management that is holding back Toronto. Which might be another drinking game. Take a drink every time the Jays management swings and misses on a high-profile free agent. You’ll be in detox pretty soon.
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. You can see all his books at brucedowbigginbooks.ca.
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