Five years later, what are they saying?

Garth Turner, the GreaterFool

In 2008, when he wasn’t mercilessly insulting realtors, he was touring the country, pounding the table and adamantly advising everyone to refrain from buying a house. He even published a book entitled “After the Crash.” Now he blames the victims of his advice:

  • Here’s what he said Oct 28, 2008: “I forecast a minimum valuation drop of 15% in Toronto and 40% in the West.”A 40% drop would mean a median price of $234,000. Today’s median is $440,000. Epic fail.
  • “You will be basically unable to sell your home.” In Calgary, there’s such low inventory, you are “basically” unable to buy a home. 

Calgary Rip-Off

The following came from a notorious Calgary-hater who posted on my blog many times saying how he detested Calgarians and that he would never buy a house here. Five years, ago he said:

  • “My wife seems to think there wont be a bad crash in Calgary, and that the median wont correct to $250K. We had a big argument about this. I think it will crash hard by what I am seeing.”

    Somewhere he reversed direction:
  • “Dont wait in hopes that prices will come down because in Calgary you will wait forever.” – Calgary Rip-Off, proud Calgary home-owner

He doesn’t agree with his buddy Garth:

  • “The only thing ridiculous(about Calgary) is housing. And the argument that you can force house prices down by not buying is nonsense. “

6 responses to “Five years later, what are they saying?

  1. Funny thing is that there were no crash. Most bubble sites and blogs are dead. Most RE haters have moved on. I seldom see carioca canuck or squidly ever commenting on Garth’ blog. Garth Turner plays a dangerous game when ill advising folks on RE. I read comments from time to time from commenters who are mad at Garth because they listened to him and either postponed a purchase or sold in 2008 or 2009. Of course they should be mad. In the past year, Garth has been censoring comments and only publish comments that praise him.
    Bob, this is my question: since Garth has been totally wrong since March 2008, do you think anyone could sue him for irresponsible advice?

  2. Mikey the Realtor

    I agree with Dame on the censorship among others things related to Garth, about 6+ months ago a comment I made was never posted but later showed up in his daily post as quote, unfortunately he altered the comment adding profanity and some remark about his penis? of course the idea was to try and vilify me and tarnish me on his blog, that was the day I realized that this guy is not as honest and sincere as many on his blog believe him to be.

    The info he gives on his blog is very vague, “buy REITS and prefereds” when people ask him about certain REIT’s the comment is either ignored or they are told to get professional help, of course he is always ready and willing to hand out his email address.

    He seems to be getting more desperate on a daily basis. I think he’s panicking because he sees five years of fearmongering going down the drain. Many of his readers are trying to point this out, but he is quick with a flippant and dismissive retort. When he can’t make a reasonable argument based on facts, vilification is what you get. -Bob

  3. I should have been a contender.....

    He wanted to be Prime Minister, I think. Hates Mr. Flaherty. Actually he has been wrong on housing since March of 2006. Mentioned this on his blog and the comment just disappeared.
    When housing moderates at all, his mug will be all over the news… Mr. Northern Peso… The man is a xxxxxxxxxx.

  4. Time will hold Mr. Turner accountable for what he wrote on his blog.
    Actually it could be worthwhile to save all his posts since March 2008 and archive them on a hard drive. I am fairly confident that sooner or later he will axe his website and deny everything he said in a panic gesture. He was very bold (and very wrong) five years ago in his comments and predictions. By 2010 he stopped making predictions all together while switching to vague statements about the obvious (van & T.O.) troubled markets. Since 2011 he evolved into a Dear Abby column in which he mocks readers who disagree with him. Nowadays, since last year only favourable comments to Garth appear on his blog all the while he criticizes the finance minister (F) and realtors. His latest comment:
    “The best strategy, of course, is to sell your real estate when prices are still high and rates low, then buy in again when rates increase and houses are cheaper. If you don’t think that will ever happen, you must live in Calgary. We will light a candle for you.”

  5. Mikey the Realtor

    Bob, absolutely!

    I have frequented his blog since it’s inception of 08, and so I know full well how wrong the guy actually has been, the most pathetic thing of it all though is that there are many readers on his blog that have also been there since the start and still fail to see that this guy has no credibility. On the other hand there are some upset readers who have taken his advice and if they bring it up they are deleted or given some rude response where he shows no remorse or responsibility.

  6. I think garth is losing it. If you disagree with him he calls you a realtor or a racist. Makes no sense at all. Look at his latest blog – The average price for a brand-new SFH in America is now $249,000. In the GTA it’s $644,427.
    What a stupid statement. Comparing the 2nd most expensive city in Canada to the entire US AFTER a huge market crash. Can no one see through his BS?
    At least compare Toronto to NYC or Boston, etc.
    Any credible blog should allow every post to be displayed unless it’s profane or off topic.
    Maybe being WRONG for 5 years is getting to him. Tough to sell his new book if it’s full of BS.

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