First snowfall arrived yesterday. Environment Canada was predicting several inches of accumulation and hazardous driving conditions. False alarm. We did receive a light coating of snow and it should all be gone by tomorrow as a bit of a warming trend arrives to this part of the country. By warm I mean somewhere in the 50s Fahrenheit or the low teens Celsius.
And Daylight Savings Time ended yesterday. The long dark days of winter combined with a pandemic may prove a bit challenging for the clipped wings of Canadian Snowbirds like myself. Not to mention a stock market that awaits the political chaos that may run wild as we brace for the unfolding drama of the U.S. election. That begins in earnest tomorrow evening although I expect the unexpected. MAGA, baby, more MAGA. Or a New World Order. One or the other.
Interest rates up here have reached a new low of 1.29 percent on a variable-rate mortgage. The rate of inflation will soon be higher. Free money. The result will be continued inflation of real estate which, in this neck of the woods, is completely unhinged.
Can you name the top ten cities in North America that have the most expensive real estate prices? Would it surprise you to learn that 5 of those 10 cities are in Canada: Toronto, Vancouver, Surrey, Coquitlam, Brampton?
Canadians pay the highest real estate prices in the world due to excessive government spending and low interest rates.
Canada has one of the highest unemployment rates. In Toronto that rate is almost 13 percent.
This level of real estate inflation is dangerous and it is definitely not normal.
Another thing that isn’t normal?
Newmar asking $1.3 million USD for a King Aire motorcoach. Yikes.
Let’s do a quick check on the Year of the RV.
The RVIA pushed out the latest numbers from September — October numbers won’t be out for a few more weeks — with all of the usual spin about the strong demand amidst the backdrop of COVID-19. People are literally pounding at the doors of RV dealerships: I WANT AN RV AND I WANT ONE NOW!!!
Not surprisingly, the Year of the RV seems to be big for folding camping trailers and van campers.
And some good numbers for travel trailers and 5th wheels.
But for Class A motorhomes? Down almost 32 percent from last year.
Seems to be a bit of a mixed bag for the industry. Better than expected for the cheap rigs (folding camping trailers and lower-cost travel trailers) and not great for the expensive rigs.
There will be some residual production for the balance of the year and October’s numbers should be interesting to review.
Hard to predict where things might go next year.
One would expect a global recession to hit hard.
Except in Canada. We like spending a lot for a little. Like this recent listing in Toronto. It did sell by the way. For about $200,000 over asking.