Out of budget lockup. I recently wrote: "Ottawa imposes a 10 percent luxury tax on yachts... yet a family buying a semi in Scarborough pays the equivalent of 15 percent in [DCs] and land transfer taxes." Today the gov't addressed this by eliminating the luxury tax on yachts.

A clear and present danger to Canada. Now you know why Trump doesn’t care about restarting the Keystone. Much better prize south. Imagine a Canada that has landlocked its oil provinces forced to sell oil at steep discounts to the US or not even able to sell it at all.

US Consumer Sentiment Index approaches record low in Nov, dropping nearly 11% from Oct: the drop was "led by a 17% drop in current personal finances and a 11% decline in year-ahead expected business conditions": sca.isr.umich.edu

Numbers don’t lie—🇨🇦’s economy is booming! 🥳 Over 1 in 3 jobs even went to seniors! Heck, 🇨🇦 made so many jobs that its population of multiple jobholders grew by 30,000 last month! We’re doing so good that maybe we’ll all have 2 or 3 jobs soon!

I was on Power and Politics on Thursday, giving my thoughts on the federal Budget 2025, as it relates to housing. When it comes to the Budget, this policy Dad says, "I'm not mad, just disappointed by your choices". Watch here: cbc.ca/player/play/vi…

Facts. Somehow this chart didn't make it into the budget. Canada debt-to-GDP (%) world ranking. Canada is 9th worst in the world among 208 countries. Source: Wikipedia, IMF.

Austin is booming!

Nearly 180,000 purpose-built rental units in the construction pipeline! Go home developers....you're drunk! CMHC

BTC has been the leading indicator for every major S&P 500 peak going back to 2017. Across cycles, Bitcoin has consistently topped 6–8 weeks before the S&P 500: • 2017 → 2018 • 2021 → 2022 • 2025 → 2025 • 2025 → 2025 (projected repetition) With BTC already down ~30%

this is why.

Annual population growth was just 81k nationally in Q3 driven by big decline in temp residents, a key rental cohort We have 175k rental units in construction pipeline I keep telling people the math here is really simple. You're probably not bearish enough on the rental market

My biggest takeaway from today's Statistics Canada population release.

BREAKING🚨: An ounce of silver is now worth more than a barrel of oil. This has only happened once before.

Even after the major upward revision of Real GDP (years '22-25), Canada's per capita Growth (from 16) is still the worst in the G7. It is in line with Germany's dismal record, which faces the spectre of war, and climate seppuku and China. It's actually quite amazing.😭 🤦‍♀️

From 1994 to 2015, U.S. and Canadian Real GDP per Capita moved lockstep. Since then, the disconnect, which started with an oil-focused recession, has persisted. This is in part due to the collapse in Non-Residential Business Investment, which in turn has hurt Productivity.

The Venezuela plot thickens: While Venezuela holds 303 BILLION barrels of oil reserves, much of this is HEAVY crude oil. Texas and Louisiana also *happen* to have 6 of the LARGEST HEAVY crude oil refineries in the world. What does this mean? Let us explain. (a thread)

Arbitrage opportunity 🤫

To the new Venezuelan oil bulls with the "300 Billion Barrels" largest-in-the-world reserves charts today, the real number is 25 billion. Congratulations, welcome to the Orinoco Belt. API Gravity: 8° ("Extra Heavy"). Sulfur: High ("Sour"). Metals: Yes, lots of Vanadium (poison

If you don't like absentee landlords who don't maintain their properties, you should be ultra YIMBY. Why? COMPETITION forces out bad landlords. A lack of competition allows them to fester. More housing = more competition for landlords = more options for renters. That's the

Trump is going after the US housing market: President Trump just announced he is BANNING single-family home purchases by institutional investors. Within minutes, Blackstone's stock erased as much as -$17 BILLION today. What happens next? Let us explain. (a thread)