All we need

Another scared AI insider fleeing his frontier lab job (at Google DeepMind) says the new technology might “kill us all” before long. Days ago it was a researcher departing Anthropic who said the same. Following that, the guys in charge of those companies, plus OpenAI’s Sam Altman and even Elon Musk piled on.

We’re pooched, they said. Unless government establishes rules, guardrails and limits, AI could take over the Internet, infect key infrastructure, utilities, weapons systems, your FitBit, iPhone and TFSA, and end society as we know it.

Of course, Mr. Trump replied it’s a hoax and fearmongering. “All we need is a high-IQ president,” he said. If only.

Well, that’s one thing to mull over.

Here’s another: the bond market.

The yield on benchmark 10-year US bonds has hit a two-decade high of 5%. The bad news is it’s probably not going back down, at least by much or for long. Inflation is heating up again. Oil is over $100 a barrel and will be higher for much longer. The US deficit is gross. The American federal debt is a record $40 trillion and interest payments alone equal half the Canadian economy each year. Tariffs aren’t working. The trade war is making everything cost more. The US president is a nutbar.

If it weren’t for an AI investment orgy and massive spending by the hyperscalers, America would be in serious trouble now. But it’s all okay. Except the part about AI killing us, of course.

This brings us to the cost and saleability of a house in Etobicoke, Dartmouth, Altadore or Kits.

There is so much for people to fret over at the moment that the resale real estate market has fallen off a cliff since the end of July. Sales have crashed (by 20%) even in a mostly-stable city like Ottawa. Albertans are bent out of shape over Cowgirl’s insane and needless referendum next month. Quebeckers are in the throes of a divisive election campaign. Long-term fixed mortgage rates have been edging higher. And all these negative headlines about the latest batch of tariffs and the fear of job loss have people spooked.

That is impacting housing in a major way.

Sales nationally tumbled 7% last month from a year ago. On a seasonally-adjusted basis, they were off more than 8% from July. New listings crept higher. Average prices stayed about the same. In general the markets have fallen into a torpor, crawling sideways with 80% of sales in Toronto being blow ask.

Tomorrow the American central bank will raise its key interest rate, if market predictions hold. It will be a momentous moment, an admission inflation is uncontained, American economic policy isn’t working and President Trump’s insistence on rate cuts is ignorant and dangerous.

Will Canadian rates follow?

Not immediately, economists say. But higher American ones will bring down the value of our dollar – good for trade but exacerbating problems with the White House which already sees a 72-cent loonie as an unfair rate. So, we may well see the Bank of Canada plumping the cost of money in early 2027. Some say sooner.

Add it all up, and only the brave are out there making offers.

Toronto sales are down 3%, Vancouver is off almost 9%. Calgary plopped 16%. Montreal, Ottawa and Halifax are all underwater. Only the prairies, where the wheat is tall and bungalows are cheap, are seeing real estate stability and modest price gains.

What’s next?

It may get worse. The Iranians are peppier than ever and unready to roll over. The global supply of energy is being upended even more, thanks to the ragtag Houthis. Inflation stats for September will be brutal. Bond market turmoil has increased since the US Treasury Secretary’s failed attempt to manipulate it a few days ago. Trump is out of control after promising to give away $1.2 trillion in cheques of five grand to every adult citizen if his party wins the coming midterm vote.

Oh, and AI is waiting to, you know, kill us.

If you’re feeling frisky and defiant, it’s a great time to be hunting for a house. Just make sure it has a fireplace and a generator. Plus a garden and a fence. Big one. And a mean dog. Enjoy.

About the picture: “Thanks again for your blog. It’s been my only daily read for over 10 years,” writes Tomas. “We said goodbye to our dog, Floyd (after Pink Floyd) yesterday morning; lymphoma, chemotherapy, a heart issue, arthritis, and other things worked against him, but he fought through. We did everything in our power to give him life when he could still enjoy it, but last night nature won. He lived in North Vancouver and was a Bernedoodle. He was big brother to 4 children. His favourite food was turkey. We’d be honoured if he could grace your blog. It would be a fitting tribute to 11 years of companionship, as your readers will understand. This is him enjoying a meal with us in 2022.”

To be in touch or semnd a picture of your beast, email to ‘[email protected]’.

Source: https://www.greaterfool.ca/2026/09/15/all-we-need/