Spring

stupid1

Jamie’s got hungry eyes.

“I’m 36, married 2 kids just about to start school. We’re both employed in decent paying jobs and live in central Vancouver Island.  We have a house worth about $340,000 we owe about $202,000 on it.  I don’t need to move nor do I want to. We make minimal payments on the house and unless interest rates spike I expect to continue doing that until the mortgage is gone.”

So far, so good. Modest house. Two incomes. Low horniness rating. Gaming those mortgage rates. What else ya got?

“We’re just getting started in the process of maxing out our TFSA’s – 10k so far. I had thought of it as only a savings account until reading your blog a few months ago and realizing the error of my ways.  We also have about 50k in RRSPs and misc cash probably works out to $7k.   Real estate prices are starting to decrease around here but haven’t come down much yet.”

Hmm. Not so good. That’s but $60,000 in liquid investments, most of it in a taxable RRSP. Looks like the house is 70% of your net worth which (according to the hallowed Rule of 90) is about a fifth too much. Worse, that one asset is already under pressure. As Jamie points out, real estate on Vancouver Island is a slow mo train wreck.

So, you’re about forty grand behind on your TFSAs, dude. Plus you have no non-registered investments to fill with juicy dividend-payers and ETFs pumping out tax-efficient capital gains. And what about an RESP for the wrigglers? When the government’s willing to give you money, how can you not take it? Like, why aren’t you paying attention?

“What I’m really wanting is a little cabin on some land by a lake somewhere on the island.  Unfortunately places like that tend to cost more than my house in the middle of town.  My thought is as the boomers retire and start to run out of money recreational properties like this will be one of the things they sell off to stop from eating cat food.”

Oops. This sounds dangerous.

“Am I correct that these properties will be far less expensive in the near future or am I dreaming that I’ll ever be able to afford one of these things without doing something stupid and borrow a ton of money for a little shack in the woods?”

So this is what happens when Spring comes. Motorcycles. Convertibles. Affairs. Seed catalogues. Shacks. Testosterone. Woods. Or all of them together. Like I said, Jamie’s got a hunger.

Is it reasonable to believe the price of recreational properties will be lower in the future? You bet it is. Big time. In fact this has been a trend for the last two years, whether it’s in Whistler, the Laurentians, the Qu’Appelle Valley, Muskoka or up-island. Across Canada, cottages, hobby farms and chalets have turned illiquid as buyers simply fail to materialize. Prices have eroded seriously in many of these places (check out Whistler, from Olympic glory to today’s sorry), and it’s easy to see why.

The vast majority of shacks, cabins and other furry lovenests have been financed with equity loans taken against urban properties, or with cash. And, yeah, the majority of the owners are Boomers, whose best axe-wielding days may be behind them. Yes again, these wrinklies are already massively invested in real estate (78% own some), and are aging by the pathetic moment. Near sunset you can actually hear it.

With the need to raise retirement income, there’s no doubt the true wave of selling in cottage country has only just started. So over the next five years I fully expect prices in Blue Mountain or Big White or those dumb ski condos up the road from Trail to plunge. Any doubt of that should vanish with the current sales stats I’ve reported to you so far this week.

With the number of deals off 19% in Van and 15% in the GTA it means downward pressure is growing on those urban properties which folks used as ATMs to finance the rural retreats. Guess what happens next? Especially if you’re a Boomer with a disgusting amount of your net worth in property?

Yes, Jamie, prices crumble. The massacre in the woods will ultimately be far worse than that in town. But it’s not happening tomorrow. This year, some bargains. Next year, more of them. The spring after that, a gush.

But this is irrelevant. You’re already messing up. At your present pace you’ll be forty with about the same equity in the house (count on a price drop) and less than a hundred thousand outside of it. The kids will be eight or nine years away from fat university costs, with no reservoir of savings. Given the choices you’ve already made (start a family, dump your cash into a house, go RRSPs), how are you going to buy a cabin and trees? You have no available funds.

You do not need more real estate. You need to save and invest.

Feed the TFSAs, not the bears.

167 comments ↓

#1 bear dreamin on 03.06.13 at 10:03 pm

first?

#2 Tripp on 03.06.13 at 10:08 pm

Everything is fine, the battle has been won!

http://www.theglobeandmail.com/report-on-business/economy/battle-of-housing-bubble-won-carney-focuses-on-economic-growth/article9336355/

#3 canadian on 03.06.13 at 10:08 pm

I work in the condo constuction industry in THE BEST PLACE ON EARTH and layoffs are going to be happening real soon.

#4 pathcontrolmonk on 03.06.13 at 10:10 pm

Nice pun on “feeding the bears”.

#5 grant on 03.06.13 at 10:11 pm

am i first?

#6 grant on 03.06.13 at 10:13 pm

Crap. This is like day trading. Pfft. Im off to a warm beach.

#7 Uwinsome on 03.06.13 at 10:19 pm

Can anybody comment on the Squamish real estate market? I’ve heard that it’s not doing as bad as Whistler. It’s more affordable than both Whistler or Vancouver and still close enough to commute – these are the reasons told to me why prices are holding up.

Anybody know the truth?

#8 Tim on 03.06.13 at 10:21 pm

When would it ever make sense to buy recreational property at even half these prices? How many days a year does one go to the lake? It would be far cheaper to rent a luxury hotel, then you have no maintenance and you are not locked into the same spot every year.

#9 SCIBIDUBADEBUMBADO on 03.06.13 at 10:21 pm

I would like to see more direct democracy rather than voting in a 4 year dictator like our present system.
The Swiss have much more say in what goes on and even though they do not vote in record numbers, the Swiss who are affected by a particular policy or law will make sure they are voting.
While we have people who parrot propaganda like “If you don’t vote don’t complain”. I beg to differ in that we really have very little say in our whole lifetime as to what goes on in Government. You actually can affect policy more efficiently by writing to politicians and newspapers than you can by voting in this country.
Our elected politicians would have a harder time pulling real estate manipulation for votes if we had regular 4 times a year voting on policy.

http://en.wikipedia.org/wiki/Voting_in_Switzerland

#10 claudius emperor on 03.06.13 at 10:27 pm

stock market skyrocketing…
so does the dollar…
PMs leveling, slighly up…

very scary stuff

#11 HAWK on 03.06.13 at 10:28 pm

The one thing I don’t get in all this is that boomers, Octogenarians and even others who own houses don’t use their voting muscle to force the government to charge lower property and land transfer taxes.

These taxes are way too high but people (should I say sheeple) just pay them without any effort to resist or fight back. Incredible!

#12 GeoKall on 03.06.13 at 10:29 pm

Garth-when buying prefereds are perpetual or term the way to go?

#13 Toronto_CA on 03.06.13 at 10:31 pm

Blog-dogs, what’s your thoughts on “Sell in May, go away” strategy for 2013? With a market correction due, the Dow in record highs, I’m wondering if going almost entirely out of equities (or just US equities) until September or October is a good plan? I’ve got a very large gains I would like to try to hold instead of seeing them disappear over the summer and then come back in early 2014.

I know what Garth is going to say before I submit..rebalance and stay the course, diversify your holdings, don’t try to time the market.

But when you look at the historical data, across the world markets, the growth from November to April is compelling.

http://en.wikipedia.org/wiki/Halloween_indicator

Give me the counter arguments why this is a terrible idea!

#14 The real Kip on 03.06.13 at 10:36 pm

I’m having trouble commenting on the blog tonight. I just heard the news that a truly great Canadian, Stompin Tom Connors died today.

If there was a Greater Fool constitution it should be draped in black for three days mourning.

For those here too young to remember the guy who wrote songs like, The Good Ole Hockey Game, Bud The Spud and one of my all time favorites, Sudbury Saturday Night, he will be missed.

Rest In Peace Stompin Tom.

#15 Ronaldo on 03.06.13 at 10:38 pm

#9 SCIBIDUBADEBUMBADO on 03.06.13 at 10:21 pm

”While we have people who parrot propaganda like “If you don’t vote don’t complain”. ”

Hear what George Carlin has to say about that. (make sure the kids are in bed)

http://www.youtube.com/watch?v=xIraCchPDhk

#16 Toronto_CA on 03.06.13 at 10:38 pm

None of my friends in their 30s, even the well off professionals, aspire to owning cottages. We’d rather travel to Europe, Oz, the Caribbean, etc. and stay in a luxury hotel than go to the same cottage/lake every summer and deal with maintenance and property taxes and closing it up for winter etc.

The odd weekend in the summer you get an invite to a cottage that is owned by a boomer parent of a friend, and that can be fun for a night or two. But to buy one? Why? It’s expensive to buy and expensive to maintain, and you’re stuck going to the same place. Nevermind the awful traffic to get there if you try to go for a long weekend? No thanks.

Have to wonder who is going to buy all those cottages when the boomers start to get too old to go themselves and sell them. I don’t see a big market, even if the prices come way down. Maybe me and my friends are not typical of the Gen Xers, but I’m hard pressed to name any friend who bought a cottage (but my parents and aunts/uncles all had them in their late 30s/40s).

#17 Macrath on 03.06.13 at 10:41 pm

Don`t they have plenty of hungry Grizzly bears roaming the woods on that island. I remember seeing the garbage cans hanging on chains 12 ft. high in the trees.

Get a room at the Tigh-na-mara.

http://tigh-na-mara.com/

#18 run away on 03.06.13 at 10:43 pm

I got have a copy of his book signed, it is hilarious stories and depict his journey across Canada, and they great people he met. so sad.
Canadian Icon for sure.
cheers

#19 Ronaldo on 03.06.13 at 10:49 pm

#17-Macrath on 03.06.13 at 10:41 pm

”Don`t they have plenty of hungry Grizzly bears roaming the woods on that island. I remember seeing the garbage cans hanging on chains 12 ft. high in the trees.”

Actually, they were left there by the ”tree huggers”. Not sure what they used them for.

#20 AK on 03.06.13 at 10:49 pm

#12 GeoKall on 03.06.13 at 10:29 pm
Garth-when buying prefereds are perpetual or term the way to go?
——————————————————————–

Perpetual Stock – Without a fixed maturity date.

You do not want to be holding Perpetual Preferrds in a rising interest rate environment.

#21 Angela on 03.06.13 at 10:52 pm

#7 Unwinsome: I can’t comment on Squamish RE, but if you like Timmies be prepared for a 1/2 hour wait at any given time of the day. It’s the middle of nowhere, not really close enough for an enjoyable commute.

#22 run away on 03.06.13 at 10:52 pm

Thailand : rent 1000 for six months, great food, beaches, very social people, lots of outdoors eating and entertainment, very cheap and great culture, cottage, why have that anchre, you can rent for one or two weeks, then not worry about all the headaches to maintain it. time are a changing, we always had a cottage in the old days, big family get togethers etc… but now all that is gone, we life a loner life and stay in doors most of the year, yes nice to have a cottage, but the price is now to hi, I wouldn’t want the burden, but saying that, I miss the fishing, serenity, saunas,swimming, canoeing, It was hte best childhood anyone can ask, never had to join sports int he summer we were always out doors etc… but do not the bugs and all the work to maintain it and now that the families are so much smaller, being alone and not socializing, cootage life will not be the same, now I rent a cottage, and do one fly in fishing trip, good enough for em, I love to travel the world, lots of cheap place to visit, and not waiting until I am all wriggled to do it, do it now, when your old it too hard.

cheers gmc

#23 None on 03.06.13 at 10:54 pm

If I understand this ‘rule of 90′ correctly it needs some serious work to account for risk exposure to RE.

If one ‘owns’ a million dollar home and only has 100K in it and has 200K in non-Reg equities that would mean your ‘Turner-tally’ would be 33% – perfect for someone who is 57.

If I am understanding this correctly : yeeps. If not, please explain.

#24 T5>myT4 on 03.06.13 at 11:01 pm

Toronto_CA: My thoughts exactly on owning a cottage. That market is doomed.

Is anyone being bold enough to use a low interest LOC to buy into some high yeild ETF’s at these levels and try pocket the 2% split ?

#25 Jimbo on 03.06.13 at 11:01 pm

Come on Garth, as the couple saves a little more, you’re precious rule of 90 will be true. It can’t be true all the time, but if the value of the house is dropping and the TSFA’s are increasing, they’ll be there within a year or 2

#26 Andrewski on 03.06.13 at 11:03 pm

R.I.P. Stompin Tom Connors!

http://www.stompintom.com/

#27 Devore on 03.06.13 at 11:03 pm

#8 Tim

I don’t get it either. For it to be worth it, you have to go there A LOT. It’s like people buying an extra bedroom, “for guests”. In Vancouver, that’s an extra $150-200k in price, for that kind of money you can put up your guests (how many of them do you get anyways?) in 5-star hotel with limo service, for YEARS to come.

I like variety in my travel and vacation destinations, but I gather some people just love going to the same pine shack season after season.

#28 Salvage the Sauce on 03.06.13 at 11:03 pm

“Looks like the house is 70% of your net worth”

Net worth = $340k – $202k + $60k = $198k

Doesn’t he have $340k/$198k = 172% of his net worth in the house?

No. — Garth

#29 Chickenlittle on 03.06.13 at 11:04 pm

RIP Stompin Tom… I always wanted to see him in concert. I am sad to see such a great Canadian go!

So landlord has the house up for sale. It was $799k in October, and now it is listed at the low, low, rock bottom price of $780k. Huge discount. Many viewings. No offers. Needs a lot of work. Who would want to pay $780k for a house in Mississauga that will end up costing almost $850k after renos…yet many do.

#30 Vandamncouver on 03.06.13 at 11:08 pm

“When the government’s willing to give you money, how can you not take it?”

Garth, why don’t you feel this way about RRSP’s? Sure, the money the governments giving you back when you contribute is a deferral on taxes paid, and sure you’ll have to pay it back later when you pull that money out, but why not take your refunds and dump that into an investment in a TFSA? That way you’re getting growth on it in the meantime, regardless of the tax rates in the future.

Make sense?

#31 Editor on 03.06.13 at 11:11 pm

#2 -I know, right? Talk about overreach. Anyway, speaking of delusional, we got a boilerplate realtor brochure today, the kind filled with helpful home-maintenance tips. Please forgive me for typing out one entire article but it was deliciously absurd. We could spend hours picking apart its fallacious logic and sneaky innuendoes. In fact, we probably will! Here goes:

Owning your home Remains a Logical Long-Term Investment

There are varying opinions about the merits of treating a principal residence as a part of a long-term investment strategy, rather than renting a home and investing the remaining savings. Dollar for dollar, renting sometimes comes out ahead in such analyses, largely based on the lump sum required for most down payments, and the costs associated with ongoing maintenance. However, there are enormous advantages in making a commitment to purchase a home when it is certain to increase in value over time. Once you purchase a home, mortgage payments become a forced discipline that contributes to long-term equity. Meanwhile, you are able to enjoy the relative security of living in a place of your choosing, under relatively preferred terms. In other words, you make your home to your liking, while it makes you more financially secure over time. This may seem unconvincing to anyone who prefers to rent, but few renters possess the discipline to systematically invest their “spare” cash month after month the same way a homebuyer readily accepts a mortgage as a normal part of a meaningful and rewarding financial investment.”

Pass the ginger ale and have at it. Does this reek of desperation or what.

#32 Editor on 03.06.13 at 11:17 pm

PS What kinds of fools “readily accept” the yoke of endless debt around their necks?

I give up.

#33 Karie on 03.06.13 at 11:17 pm

#16 – Toronto, CA – I think the Boomer generation weren’t big travelers. My parents rented a cottage every year for a week for our family and we once went to Florida; same with my husband’s family and they went to Myrtle Beach a couple times.
Gen X is more adventurous – backpacking, going to Australia, Asia, etc. but still like camping and the beach. Even people with families like myself, travel to various destinations. Several of our friends have taken their kids on cruises and all inclusives which was unheard of in the past.
I definitely think there will be some buyers, mainly people who grew up cottaging but, not as many, like you say!

#34 OwlEyes on 03.06.13 at 11:19 pm

This fan posed a question about incentives municipalities had for constantly ballooning property values to increase the tax base. I was shouted down by the blog dogs who assure me that no, you don’t pay more tax just because assessments go up. So what about this?
http://www.thestar.com/business/personal_finance/2013/03/06/i_reduced_my_property_taxes_by_appealing_the_asessment.html

Looks to me like cities have a BIG stake in ballooning property values. So where did all the money go, Toronto?

#35 HogtownIndebted on 03.06.13 at 11:21 pm

There was an interesting bit on the Lang and ugly bald freakshow guy show tonight.

In response to the story of the bubble risk allegedly going away, O’Leary said that he thought RE prices would be “not down much more” but would also be “not up for 5-7 years”. (You can trust in this nowhere-near billionaire because, after all, he has no conflict of interest in discussing real estate – jeez, it’s not like he flogs mortgages or anything.)

Shortly after, guest Andrew Pyle pretty much smacked down the world’s dumbest dragonshark, saying:

“…to say the housing bubble is over is kind of like saying there’s no risk of fire with a pool of gas as long as you don’t bring any matches…”

Pyle pointed out that the alleged stability in RE could quickly change since we have not had any kind of shock test – yet – with economic events such as an interest rate rise.

Sometimes the mainstream media’s lack of integrity and impartiality is quite surprising, especially with public broadcasters (the private ones are mostly beyond hopeless) Even the once respected CBC has jumped the shark in its national programming.

See this Toronto Star piece about how the CBC’s lead anchor is basically a toothless shill for the sorry status quo:

http://www.thestar.com/opinion/editorialopinion/2013/02/08/cbcs_peter_mansbridge_coulda_bin_a_contender_salutin.html

Speaking of the Star, Garth, did you read this?

http://www.huffingtonpost.ca/2013/03/04/toronto-stay-layoffs-outsource-pagemasters_n_2807006.html

If you’re looking for some part time work, maybe you can bid on their upcoming RFP for online comment monitoring – you’ve done a pretty good job of keeping some of the golden inglorious smoking realtor idiots off this blog, so why not Canada’s biggest paper? You might even get a cubicle beside the well-connected Susan Pigg….

#36 solex on 03.06.13 at 11:24 pm

Jamie, whn the corrction coms to Nanaimo/Parksvill your 340k property will be worth 270k maning you will only have ~50k worth of equity in your house. Will you still be able to afford the cottage then?

If you’re so confident prices will come down, sell your 340k house now while you still can, rent for a year or two then buy that cottage by the lake.

You can’t have your cake and eat it…

#37 connie on 03.06.13 at 11:27 pm

We sold two properties in 2 years one (rental Property )took 3 days and the cottage took over a year. with a price reduction . It was the best thing we did to sell both . It was a white elephant and the rental I had enough of tenants . We moved to the country peace and mortgage free

#38 Djb on 03.06.13 at 11:28 pm

Rent a cabin for two weeks a year and get it out of your system. How much are you really going to use it? Not unless you need to get away from the screamers and ball and chain?

#39 Austria school on 03.06.13 at 11:28 pm

When guys like this speak you should listen. Specifically Ken Langone, and Stanley Druckenmiller.
http://www.zerohedge.com/news/2013-03-05/druckenmiller-when-you-get-kind-rigging-it-will-end-badly

#40 CrowdedElevatorfartz on 03.06.13 at 11:30 pm

Jaime,
Eat the Bears, save money, buy TFSA’s

#41 Foggy on 03.06.13 at 11:43 pm

At 16 Toronto_CA:

“None of my friends in their 30s aspire to owning cottages… Why? It’s expensive to buy and expensive to maintain…
———————————–

It wasn’t always so. There was a different mindset back in the 70s and before. There was a real respect and appreciation for the outdoors and nature. It was something you wanted your kids to understand and enjoy. And Ontario was blessed with so many lakes, wildlife and beauty. But here’s one big difference – a cottage cost about a fifth of an ordinary residential home. Why? Because it was just a simple frame building with a roof. No services or city conveniences – just a simple 2×4 building. And you spent time and gas to get there so distance dropped the price as well. It was snowed in during the winter and bug crazy in the summer.

I bought my first one just outside Dorset, Ont for $18K in 1983. Why so cheap? Because that’s all it was worth for the reasons I just mentioned. The value equation was correct. And now any shack on a lake is $200K and up? Check out Dorset prices today. Ridiculous. Thank the real estate cartel for turning a simple getaway cabin into some kind of expensive “sought-after, lifestyle” thingee.

Cottage prices would have to do some serious re-aligning before I would ever consider one again.

#42 Ret on 03.06.13 at 11:45 pm

Property taxes, bad water, year round maintenance, endless improvement projects, third world living conditions, furniture cast offs from the 50′s, creaky lumpy beds, cancer causing wood smoke, power boat noise 24/7, every bug and pest known to man, endless visits from relatives, co-workers, off-spring and other cling-ons, two hours of terror filled white knuckle driving with crazed cottagers to get there, and then again for the trip back home if you have survived, and not fallen off a leaky roof while nailing on shingles.

This doesn’t sound like something that would appeal to the rational mind.

#43 45north on 03.06.13 at 11:54 pm

OwlEyes: This fan posed a question about incentives municipalities had for constantly ballooning property values to increase the tax base.

from your link: I phoned the Municipal Property Assessment Corp. (MPAC) and requested a copy of the Comparable Property Report.

from MPAC: While MPAC is responsible for determining the property classifications and current value assessments for all properties in Ontario, municipalities are responsible for setting the tax rates, calculating the taxes payable and collecting the taxes.

http://www.mpac.on.ca/property_owners/how/assessment_guide4.asp#36

#44 Rob on 03.06.13 at 11:56 pm

I had the pleasure of meeting Stompin Tom a number times when I was working in the music industry in Ottawa. A real class act…and for the record I am not an old hick that loves country. Actually dislike most country music but always got the toe tapping to Toms special brand of Canadiana.
Loved the cottage growing up like all kids but we are of the same rent it now and then mentality like most of our friends. Some friends have inherited a shared cottage. Most of them just bitch about their siblings not doing their part maintanace wise and many want to sell. I think many of them will soon.
Canada’s cottage country has its charm but there is so much world to see…factor in the cost it is really a bad idea, even if you can afford it.
RIP Tom.

#45 tkid on 03.06.13 at 11:56 pm

Stand with Rand

#46 Devore on 03.06.13 at 11:58 pm

#33 OwlEyes

I was shouted down by the blog dogs who assure me that no, you don’t pay more tax just because assessments go up. So what about this?

Maybe you are just bad at reading? Your property taxes will go up if:

- your property assessment is higher than the average (in which case you appeal your assessment), and/or
- city needs more revenue (and everyone’s taxes go up).

If the city budget is constant year over year, and your property assesses in-line with the average, even if it goes up by 100%, your property taxes will stay the same. Conversely, you may find yourself with a higher tax bill even if your property declines in value. (Of course, some cities may have rules where the higher the property value, the higher the tax rate, but that shouldn’t be a big deal when you’re a millionaire, right?)

It is just easier to slip in property tax increases when everyone is feeling rich on their equity.

#47 moon shot on 03.06.13 at 11:59 pm

BC about to become the king of the world.
http://www.vancouversun.com/business/bc2035/David+Black+says+close+signing+billion+Kitimat+refinery/8057592/story.html

#48 Walter Safety on 03.06.13 at 11:59 pm

Been looking at real estate in Stomping Tom’s birthplace for a few months. 80 acres Ocean frontage treed$44,500 , 160 acres clearcut 30 years ago $69’900. Lots of walk to beach cottages for under $50k.
He will be missed . Never let his fame go to his head. Always took time to speak to people even if they never understood how he could leave those sunsets at Skinners Pond.

#49 Richard and Zeus on 03.07.13 at 12:41 am

I would like to see more direct democracy rather than voting in a 4 year dictator like our present system.
The Swiss have much more say in what goes on and even though they do not vote in record numbers, the Swiss who are affected by a particular policy or law will make sure they are voting.
While we have people who parrot propaganda like “If you don’t vote don’t complain”. I beg to differ in that we really have very little say in our whole lifetime as to what goes on in Government. You actually can affect policy more efficiently by writing to politicians and newspapers than you can by voting in this country.
Our elected politicians would have a harder time pulling real estate manipulation for votes if we had regular 4 times a year voting on policy.
———————————————————–
Be careful…….they will call you a conspiracy theorist. Now get back in line and do as you are told. Hey…..be careful….you almost spilled your latte on my “brown shirt”.

#50 Uwinsome on 03.07.13 at 12:51 am

#21 Angela

Not too fussy about Timmies – I know sacrilegious.

I’m semi retired, sold Vancouver home, love the mountains. Squamish sounds like a good fit.

But, I really want to know if the Squamish Real Estate is going to crash and when, so I can start the hunt.

Everytime I look at Realtor.ca the prices seem to indicate that they’re flat.

#51 bill on 03.07.13 at 12:52 am

KIP said :
Stompin Tom Connors died today…
man thats a bummer. I saw him but once in bonnavista nfld in the ARENA. sold out of course. folks had been talking about it for weeks.
and it was great. when he started to heckle the mounties the place went wild.

#52 Smartalox on 03.07.13 at 12:56 am

@walter safety

Stompin’ Tom was actually born in St. John NB, not Skinner’s pond, though he did call Skinner’s pond home.

#53 blok existentialist on 03.07.13 at 1:20 am

No. 46, re: Kitimat
Media mogul, eh?
B.C. journalists used to refer to DB as Little Black (solely to differentiate him from Big Black — amazing how a little jail time can simplify linguistics). Little Black’s half-assed string of sh*t papers were never more than cheapo advertising spreadsheets, largely for small B.C. communities that were happy to have any extra reading matter to supplement the backs of cornflake boxes and The Hockey News.
Black made a sh*tload of money pandering to real estate advertising in particular. Still does. Any editorial staffers or reporters who got uppity and actually started reported what was going in their community were targeted as troublemakers and got the ax.
To give the devil his due, Black is a clever businessman. In the ’90s, he took a huge swot of real estate advertising away from the big daily newspapers who were still distracted by reporting the news in those days. Black offered cheaper rates and blanket saturation (free papers lying sodden everywhere) and he did very well.
So what is all this prestigious crap about the big bucks for the Kitimat project coming from Switzerland? It’s all money from China. The head guy for the generator project (power to China, not Switzerland … ironic to remember that we used to worry the U.S. would get it) comes from Crescent Spur. He passed through this community on a visit home last weekend. I’ve been living in the bush for too long obviously … totally out of the loop … I had no idea China had bought Switzerland as well as B.C. But maybe they just own the Swiss banks.
I love how Black implies The First Nations will be agreeable to all this too! (But we’ll get to them later, he says.)
So nice to see The Vancouver Sun is continuing the new standard of journalism implemented by both Blacks.

#54 Saskatoon-Living on 03.07.13 at 1:20 am

Qu”appelle Valley??? What strain did you smoke tonight? At least you could have said Waskesui.

#55 Tom Vu on 03.07.13 at 1:21 am

DELETED

#56 Nostradamus Le Mad Vlad on 03.07.13 at 1:25 am

-
Cottage property sux because it requires work, and I’m allergic to that. Good post otherwise.

Stompin’ Tom’s final letter.
*
10:58 clip US – EU FTA — Not free nor trade; US – UK One on record food stamps, the other food poverty; Bitcoin Why so popular? Easy Money Just getting started; Ultra Super Cars Forgot the Lambo; Subway Founder “When he was 17, he borrowed $1,000 dollars to open Subway. It would never happen today.”; Japan’s wild money printing; Recovery? Not in sectors, such as JPM; Payday Sharks Twelve weeks to D-Day; NatWest Glitch They’re bb-a-a-a-c-c-k; Bedroom Tax Tory times are tough times; Swedish Banks recommended for loans by BoE.
*
1:49 clip Drone crash lands, repairs itself and takes off again; 0:39 clip Bloopers can be so funny; Bacon Screw the scientists. I’m too old to care anymore, and I like bacon; Dream Job If I wasn’t retired, I would go for it; 313 mpg Not bad for a Volkswagen; Bagpuss And the cat came back; Find the Bird Mama and young owl; Underwater Swim with prosthetic fins; Hubble spots space invader; UN Agenda 21 (NWO) Apparently, Maine doesn’t want it; US wondering about making a move on Venezuela’s assets, but Israel celebrates Chavez’ passing; Obomba’s Selection Fracking and nukes are his specialties; Sarkozy May be forced to return to polytix to rid France of socialism; Martha Stewart as a young model; Samsung vs. Apple Samsung better?

#57 John Prine on 03.07.13 at 1:26 am

#7 Uwinsome on 03.06.13 at 10:19 pm
Can anybody comment on the Squamish real estate market? I’ve heard that it’s not doing as bad as Whistler. It’s more affordable than both Whistler or Vancouver and still close enough to commute – these are the reasons told to me why prices are holding up.

Anybody know the truth?
____________________________________________

There are currently 436 residential listings in Squamish (including all rural areas) In the last month there have been 25 completed sales. Prices may be holding up but nothing is selling….

#58 Freebird on 03.07.13 at 1:39 am

Stompin Tom died?! Why was not all over the Cdn MSM? RIP Tom. A true and loyal Cdn icon!

Agree with the comments about having great childhood memories of cottaging but my spouse and I are turned off for the same reasons already given…too much work for what Garth and others believe is essentially a depreciating asset. A sibling refers to it as their ‘summer home’ and feels its well located due to their doctor/lawyer neighbours (insert eyeroll). Sure. I’m guessing many who still buy them are for staus reasons. Our neighbours (couldnt ask for better) rent the same ‘cottage’ each year and love it…and their Audi which we rib them about constantly. Meanwhile we’re searching the net for great rentals in Spain, Thailand, Greece, Belize etc. Hoping to work remotely a few months a year and possibly rent our house out to a colleague during that time. We do need to catch up on liquid investments as most of our money has been re-invested back into our business, which has paid off in growth, but know we need to diversify.

Cheers all,

#59 Turtle on 03.07.13 at 1:42 am

You need a place to live – it is a house. Any other RE is a luxury. Don’t fool yourself that you can afford a cottage if the price is coming down and you have a cheap loan to borrow. You still have a mortgage on a house that your kids live in!

Do not spend 50% of your paycheck. It is possible. Find a way. And then you will have options: RESP (future education of your kids), TFSA (your retirement tax-free cash), or mortgage (your mortgage-free future). Choose anything you want, just don’t spend every second dollar.

#60 Richard and Zeus on 03.07.13 at 1:47 am

Stand with Rand
——————–
The only one not owned by AIPAC

#61 henrigolo on 03.07.13 at 2:08 am

Hey, I live in one of those stupid condos up the road from Trail, at the base of Red Mountain. The property taxes alone are equivalent to more than three months rent. My landlord is financing my stay here while I build a nice portfolio of dividend growers.

#62 Gunboat Denier on 03.07.13 at 2:08 am

Jamie – here ya go – cheap(ish)!

http://www.realtors.ca/propertyDetails.aspx?propertyId=12736241&PidKey=924155057

#63 Cowpie on 03.07.13 at 2:10 am

If you’re looking for some part time work, maybe you can bid on their upcoming RFP for online comment monitoring – you’ve done a pretty good job of keeping some of the golden inglorious smoking realtor idiots off this blog, so why not Canada’s biggest paper? You might even get a cubicle beside the well-connected Susan Pigg….
—————————————————————-

Y’know, the other day I was forced to watch the lady who cures couple’s credit card debt with “cash in jar” budgeting.

And I wondered: why there isn’t a Garth Turner greater fool tv show…?

or radio show?

Just a thought.

#64 Soylent Green is People on 03.07.13 at 2:11 am

cottages only work if you have a slave wife to do all the shopping packing carrying cooking cleaning plus one thousand other things, f*35 that b.s.

#65 Gunboat Denier on 03.07.13 at 2:15 am

Jamie – a little handier probably (and cheap!)

http://www.realtors.ca/propertyDetails.aspx?propertyId=12327244&PidKey=-2008068886

#66 jamie on 03.07.13 at 2:34 am

I’m the Jamie from the post. A few things

I didn’t mention the RESP It’s just shy of 12k. increasing about 400 a month. It’s setup as an automated investments every paycheck so I forget about it.

TFSA’s are increasing at a rate of 2k a month. that will increase to 3k/month when both kids are in school and daycare/preschool costs are gone.

As to why the cabin it’s simple. I do the same vacations every year and have for as long as I can remember. We get in the truck hook up the trailer and drive to one of a dozen or so lakes and park there every long weekend and for a few weeks every summer. Neither my wife nor myself have an interest in doing much else. If we had a place that was close enough we could and probably would be there every weekend.

Like Garth Pointed out this isn’t something that will be happening any time soon. I fully agree the savings need to increase. I was hoping that a cabin could be possible in the next 10 years. At current prices it’s not ever a reasonable idea.

#67 SCIBIDUBADEBUMBADO on 03.07.13 at 2:39 am

#48 Richard and Zeus on 03.07.13 at 12:41 am
Be careful…….they will call you a conspiracy theorist. Now get back in line and do as you are told. Hey…..be careful….you almost spilled your latte on my “brown shirt”.

The Brown shirts are already hard at work!

How would you like it if say for example a cop suspected you of a crime and stopped you, searched you and then even though you are innocent of any wrongdoing you are charged $50.00 for the cops time and trouble to clear you of any wrongdoing.

Well, welcome to the Canadian Border Services Agency where if you have a 20 foot container coming into the country and they want to search it. You must pay $1500.00 for them to take out the stuff from your container and look at it. Then they put it back in all at our expense. We of course are not allowed to do the work for them. WE must pay. I have paid this fee 4 different times. It happens randomly without warning.
Why must an individual businessman pay when the society as a whole is being protected by this search. It is not for my protection!

#68 Milionaire Machini$t on 03.07.13 at 2:40 am

“Going to the cottage only 2 weeks per year”, “all that maintenance”…. Are you kidding me??? I go to the cottage EVERY WEEK END! It’s almost a “need” to get away from all the madness of day to day “living”….

I will say that people SHOULD NOT go in debt to own a cottage, but to me, having 5 acres to call my own and fishing/hunting in my backyard is PRICELESS. 

Contrary to my blog name, I am NOT a millionaire (don’t even know one!) but I have made sacrifices elsewhere to be able to afford a cottage, but not at the expense of my older days (I drive older cars, bought house for cheap in early 2000′s, don’t travel much, non-smoker, don’t gamble and don’t spend too much either!) Plus, I built the place myself and pretty proud of it too!

I totally agree that in many places the cottage market is in “for hard times”, but it’s most probably because of all these “metrosexual” “guys” today, too afraid to break a nail splitting wood or messing up the gel in their hair while running after some deer….They would much rather play x-box on week-ends in their boxes in the sky… (No “maintenance”, except for all the fees…)

Ha!, Gel? Hair?….talk about maintenance!!!

Btw, I’ve always told myself that the last thing I want to be telling myself on my deathbed is “I should have” (for example: “I should have gone fishing/hunting/snowshoeing more often with my son” or “I should have told my wonderful girlfriend   how much she truly means to me while cuddling near the fireplace on a snowy night at the cabin”, etc…

But, I can assure you that NO ONE sits on their deathbed saying: “Damn, renting WOULD have been better than buying” or “TFSA rules!!”…In the end, all that matters is to TRY to be happy in our short time here, and specially not going broke doing so!

NO REGRETS

#69 Buy? Curious? on 03.07.13 at 3:31 am

Garth, why do I love you?

http://www.youtube.com/watch?v=l-O5IHVhWj0

#70 live within your means on 03.07.13 at 5:03 am

Haven’t read all the previous posts. Old friends rented for years, then built a German style cottage in the Laurentians. He & his wife had to bring all building supplies by boat across the lake as there was no road access then. His family owned 2 cottages on the lake. Spent many good times there. His parents died & left their cottage to them. Last summer, while in Mtl., she showed me pics of a fabulous, huge log chalet they built after tearing down his parents’ cottage. They rent out their German chalet during the summer. He sold his business a few years ago.

They are around my age & in terrific health. GF’s Mom – in her 90′s – is still going strong – puts in a veggie garden every year. She was my 2nd Mom growing up. They were WWII German refugees who arrived with just a couple pieces of luggage. Father arrived in Canada 1st. I took GF, her bro & Mom to Pier 21 several yrs ago as they thought the father had arrived there. Turned out he arrived in Quebec.

GF & her hubby had 3 gals & the family used the cottage summer & winter. Ski’d every weekend during the winter.

BTW, he built their 1st & 2nd home in a beautiful area off the island. Her Mom lives just down the street in a tiny, older home. No doubt their gals & grandchildren will inherit the ‘cottages’.

I’ve no doubt they’ve planned for their financial future.

#71 live within your means on 03.07.13 at 5:16 am

A chap my hubby works with recently declared bankruptcy. He & his GF just went on a Caribbean vacation this week!!!!!!.

#72 live within your means on 03.07.13 at 5:47 am

#15 Ronaldo on 03.06.13 at 10:38 pm
#9 SCIBIDUBADEBUMBADO on 03.06.13 at 10:21 pm

”While we have people who parrot propaganda like “If you don’t vote don’t complain”. ”

Hear what George Carlin has to say about that. (make sure the kids are in bed)
……………….

Always enjoyed George Carlin, but I couldn’t look in the mirror if I didn’t vote. Someone I really like is Bill Maher. Too bad I don’t get HBO.

#73 live within your means on 03.07.13 at 6:17 am

#16 Toronto_CA on 03.06.13 at 10:38 pm
None of my friends in their 30s, even the well off professionals, aspire to owning cottages. We’d rather travel to Europe, Oz, the Caribbean, etc. and stay in a luxury hotel than go to the same cottage/lake every summer and deal with maintenance and property taxes and closing it up for winter etc.
………………………..

Agree. We’ve gone to a neighbour’s cottage for many years. She’s now a widow (she did everything anyway = her hubby ). Because of mice she has to put everything in large plastic containers. She brings perishables home. Two years ago her son (a high school VP) bought a large RV & parked it on part of her lot. He connected to her electricity & has been using it since. He had a big smirk on his face when telling us about it. Both he & his sis (both married w/young kids) are total abusers of their Mom – & she knows it. Neither of us like her children. Yep, she also loaned (?) them the money for their down payment.

But, at least she told the kids they wouldn’t receive a cent of their father’s life insurance policy.

#74 live within your means on 03.07.13 at 6:29 am

She’s now a widow (she did everything anyway = her hubby ). Oops. meant to say her hubby was mostly useless around the house. She waited on him hand & foot. Before he had his stroke, many years ago, we loved talking with him about politics, etc. He & his bros. were was well known in the community. He died of a heart attack as did his 2 bros. – all within 3 years.

#75 Ralph Cramdown Ⓤ on 03.07.13 at 7:12 am

#24 T5>myT4 — “Is anyone being bold enough to use a low interest LOC to buy into some high yeild ETF’s at these levels and try pocket the 2% split ?”

No. But last year Scotiabank was sending me credit card offers, so I called and asked if they could tell me every offer I was eligible for. One was 10 months 0.99% with no “balance transfer” fee, so I took them up on it and bought ZHY when it was paying 7.5%. We also took Royal up on their “please, take our $40,000 for six months; all we ask is that you return it in good condition” insanity. Oddly, BNS keeps offering to lend me more. You’d think their computer would have flagged me as a “deadbeat” (i.e. pays on time)… These days I think I’d be looking for capital gains…

I just finished reading Gerald Loeb’s “The Battle for Investment Survival.” Oldies are goodies, and my public library is a gem.

#76 sarabeth on 03.07.13 at 7:21 am

Just an FYI ~~~ From the Huffingto Post CA ~~~

http://www.huffingtonpost.ca/2013/03/06/vancouver-housing-bubble-absurd-prices_n_2822178.html

#77 live within your means on 03.07.13 at 7:55 am

#34 HogtownIndebted on 03.06.13 at 11:21 pm

I can’t stand Kevin O’Leary. Surely the CBC can get someone better that he. Told a sis a few years ago that I lost respect for Peter Mansbridge. She was totally surprised that I felt that way. Wasn’t his retirement from the CBC advertised 2 years ago.

Don’t care for Evan Soloman – too bad Don Newman retired – he had years of political knowledge & when a guest ‘lied’ he’d correct them and/or cut them them off. Evan mostly lets them rant. Andrew Coyne put down the CBC a month or so ago, but liked his $500 he received for each time he appeared on the National Newswatch panel. What a hyprocrite.

Never watch CTV for evening news.

#78 thinker on 03.07.13 at 8:11 am

If you want a second home, take the cash, buy WB.TO, take your 8% yield cash and blow it on rental.

#79 jane54 on 03.07.13 at 9:04 am

Agree that the next generation down won’t do cottages.

First cottages are too much work when you are a two income couple, second they are boring sitting on a rock for a week , third no one goes to the cottage with the kids for the two months of summer holidays any more and fifth, who can afford it with both incomes going to pay for city real estate.

A lot of boomers thinking that the 1980′s cottage will be a goldmine – it won’t. No market.

#80 Sexton Hardcastle on 03.07.13 at 9:04 am

R I P Stomping Tom , a true Canadian.

#81 Buy? Curious? on 03.07.13 at 9:06 am

#61 Cowpie, I’ve been telling Garth to start a show for a while now. May be jump on the Reality Show bandwagon. He can get 30 hot women competing for his Love and it would be the best reality show ever!

“I’m not here to make friends.”

Do it, Garth! DO IT!!!

#82 seren on 03.07.13 at 9:06 am

Hello Garth,

Can you comment on this article in a future blog as the risk of housing bubble has eased according to Bank of Canada.

http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-focuses-on-economic-growth-indicates-housing-bubble-risk-over/article9336355/

TIA

The BoC was talking about credit, not housing. — Garth

#83 Gypsy Kid on 03.07.13 at 9:09 am

I must confess, I’m looking for a cottage in Ontario. We’ve done the crazy travelling and I’m looking forward to quiet weekends by the lake. I know this makes no financial sense. Neither does buying a house now and people are doing it. Cottage Country: the well priced decent cottages are selling steadily…not much picking, so I might be looking through summer. No matter, Europe, here we come!!

#84 TurnerNation on 03.07.13 at 9:29 am

#16Toronto_CA

‘Tis true. Of the GTA area culturally diverse 30 to 40-yr old professionals I know most jet away twice a year to the sun destinations. Paying big bucks for adults-only Sandals resorts or Aruba. Cuba is another popular choice. Others to Dom Repub or Jamacia. UK, Italy, for others. They are all richer than they think.

Cottages are in the realm of old-money WASPs. Places like Lake Brandy Snifter and the like.

#85 TurnerNation on 03.07.13 at 9:42 am

The old saw holds true: If it flys, floats or flaunts then rent it.

#86 Holy Crap Wheres The Tylenol on 03.07.13 at 10:57 am

#56 Nostradamus Le Mad Vlad on 03.07.13 at 1:25 am
Great post on Samsung Vlad

When digging deeper on the link it confirmed my suspicions that both Apple and Samsung are a fait accompli when it comes to the smart phone market. The market is saturated and unless your margins are huge then you need to sell tens of millions of these things to maintain profitability. The only other option is to build the coolest, largest, cheapest smart phone and flood the world with it until every single being on the planet has one. Then you better build a better mousetrap, as you will need an entirely new business plan. I often wonder what the world will be like in the future when we have an Apple implant shoved up our ass so we can talk, text and watch videos 24/7 in high definition color without even having to reach into your pocket to answer.

Skip to year 2020,
Patient; “yes doctor I’m here to have the I phone 75 S implanted into my cerebral cortex. I have one question doctor,”
Doctor; “Yes what is it”
Patient; “If I sext with my girlfriend do can my pacemaker take the additional drain on the battery and will my laser eyes go off again and blow another hole in the wall of my dome”?
Doctor; Don’t worry the I Phone 75 S has a 50 megawatt power supply that will probably last you and your robotic body parts for at least 100 years, that is unless you are downloading Girls Gone Crazy on Youtube.”

http://www.businessinsider.com/berenberg-samsung-apple-2013-3

#87 Toronto_CA on 03.07.13 at 10:59 am

How many years can you rent an Ontario cottage for 3 weeks, versus the cost of buying a cottage (including interest or opportunity costs, maintenance, taxes?)

I’m going to guess indefinitely, without bothering to look up the average rental price, given a luxury 3 bedroom condo furnished rental in Toronto is $4k-$5k a month.

#88 Dorothy on 03.07.13 at 11:08 am

#68 said “I can assure you that NO ONE sits on their deathbed saying: “Damn, renting WOULD have been better than buying” or “TFSA rules!!”…In the end, all that matters is to TRY to be happy in our short time here, and specially not going broke doing so!”

This is one of the wisest things I’ve ever read on this blog. Everyone should pay attention, because life is very short.

#89 afraidit allmightend on 03.07.13 at 11:10 am

#22 Run….Yer right…plenty of cheap sunny places to avoid the Canadian winter……gets complicated to get the CRA monkey off your back….best thing to do is stop paying tax and take more time off…..cut down the taxable per household……..get the bills paid off….taxation overhead will kill you.

Thinking that you’re getting ahead by working more is a mugs game…look at the tax you pay…and for what? So that you can support some elitist uniuon memeber who will suck your tax dollar away for life on his/her overpaid pensions and perks? No way Dude…get off the treadmill…spend as little time working as possible….reduce tax every way you can…don’t buy that cottage or car….spend as little money in Canada as you can….time well spent is worth more than money wasted in tax rips….think of Canada as a cabin in the woods…..and live elsewhere.

#90 HD on 03.07.13 at 11:11 am

#77 live within your means on 03.07.13 at 7:55 am

Pretty much my thoughts as well…

P.S.

You can watch real time with Bill Maher for free on i tunes podcast. The episodes are also available online for free….just google it.

Best,

HD

#91 DreamingInTechnicolour on 03.07.13 at 11:12 am

Some advice on how to determine when renting vs buying makes better sense

http://patrick.net/housing/crash1.html

#92 Dr. Hoof-Hearted on 03.07.13 at 11:22 am

Same view re : recreational property;

Lost its lustre. I can appreciate that younger people want one, at that age you have that interest in the great outdoors. We’ve had our family cabin since 1974. At about 4 years ago I hit my tipping point…I am tired of the work, the upkeep….which I used to enjoy.

We do have waterfront. You did get that epiphany over time that you are staring at the same 3-D view all the time, may as well be a hologram.

Prices have been pumped up to the point of a City condo. A working person could at best spend 6 weeks up there. If they still find that worth it..go ahead.

Retirement? The older one gets, the closer to medical care one will want to be.

#93 fred fedtos on 03.07.13 at 11:27 am

The gap between hourly compensation and productivity is at a post-World War II high

http://money.cnn.com/2013/03/07/news/economy/compensation-productivity/index.html?iid=Lead

#94 Roy on 03.07.13 at 11:39 am

Stock market at record highs, yet most Americans feel recession….

In the immortal words of Mr. Gerald Celente, “Wall Street has killed Main Street.”

Rape and plunder on a grand scale. Bread and circuses everywhere else.

#95 Canuck Abroad on 03.07.13 at 11:44 am

Interesting observations on the Phoenix market, where landlords are discovering that they need to pay attention to the demand side re rentals. Oversupply of rental units there means rents are falling and cap rates are horrible. I could easily see this sort of thing being a problem in downtown Toronto if there are too many condos to rent.

http://www.ritholtz.com/blog/2013/03/is-there-a-rental-supply-glut/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29

#96 Dona Collins on 03.07.13 at 12:16 pm

Great, realistic advice. I think young couples tend to overlook things like college funds, retirement, etc. They think they’ll just get loans for college and forget (or don’t even think about -ever) planning. Retirement and college savings plans are tricky to balance to start with! Save extra property investing for later (if ever).

#97 -=jwk=- on 03.07.13 at 12:29 pm

Those 30 somethings that don’t ‘get’ cottages obvuously don’t have any kids. Kids LOVE cottages. I have wonderufl memories of my grandparents cottage – for months in the summer. The swamp that is Pigeon lake, canoe, boats, swimming. For a few summers we took my mini bike up there (Z-50) and I got to bomb around the woods. It was amazing. The sense of place, of familiarity, of belonging you can’t get from sterile hotels.
I have flown over 1.5M airmiles (over 1M on American Airlines alone!) and been all over the world on all kinds of exotic vacations. But there is nothing better than a cold beer on a warm dock at a lake you know and love for a summer getaway…I look forward to getting a family cottage soon so my little ones can experience it as well.

#98 live within your means on 03.07.13 at 12:32 pm

#14 The real Kip on 03.06.13 at 10:36 pm
I’m having trouble commenting on the blog tonight. I just heard the news that a truly great Canadian, Stompin Tom Connors died today.

If there was a Greater Fool constitution it should be draped in black for three days mourning.

For those here too young to remember the guy who wrote songs like, The Good Ole Hockey Game, Bud The Spud and one of my all time favorites, Sudbury Saturday Night, he will be missed.

Rest In Peace Stompin Tom.
…………………….

Not my style of music, but must say I liked Stompin Tom. He was unique. Yes, rest in peace.

#99 Old Man on 03.07.13 at 12:36 pm

What is the definition of a cottage? Can it be defined by cost alone; near or on a lake; how about a marina nearby with hundreds of slips and winter storage; a small town at hand with all; a golf and country club; curling rink; stores and services; parks; fishing that is out of this world; years to update changes; and in time might become a retirement home.

The so-called cottage country has priced itself out of the market, so the dream has ended for most; not to mention the high taxation; and waiting in traffic jams for hours on Hwy. 400 for example, as Muskoka has become a status symbol along with Collingwood that will correct, but nevertheless the cost to maintain this asset is a dear price to pay.

There are options in life by changing the definition that need to be addressed for those that want a cottage or a retreat if you will by thinking out of the box. One can have it all, more or less, so start to think under $100K with taxes on freehold that will shock you, and with the cost of fish about $10.00 per lb. take your boat out of the marina to catch Walleye and Steel Head to make $300 on a weekend to pay for travelling expenses going back to Toronto in a chest with some dry ice, and guys hope you learn to fillet and pack this windfall.

#100 Mixed Bag on 03.07.13 at 12:39 pm

#16 Toronto_CA on 03.06.13 at 10:38 pm

Never thought of it, but now that you mention it, none of my peers have purchased a cottage. A few have parents who have one. It’s not that we don’t appreciate nature, we can just do it MUCH more cheaply than buying a cottage. Not to jump on the boomer-bashing bandwagon, but is that another of their “lifestyle” choices which has driven cottage prices way up?

For the price of a cottage these days, take the annual mortgage payments, and take a FABULOUS vacation, a different locale every year.

#101 Mixed Bag on 03.07.13 at 12:39 pm

The guy in the pic, he looks like Smoking Man.

#102 Tom Vu on 03.07.13 at 12:44 pm

Speaking of CBC celebs.

What happens to Don Cherry’s old suits ?

Are they recycled as upholstery for Pimp mobiles ?

#103 Kaganovich on 03.07.13 at 12:46 pm

#95 Canuck Abroad

Thanks for posting such a relevant article. This is the reason why Schiller has been hesitant about calling a bottom in the US housing market. Hanson makes an important distinction between organic demand and the parasitic carpetbaggers coming in to turn a quick buck or the new-era landlords who thought they would just rent out their distressed property purchase until they got rich. this whole raft of nouveau landlords will fall on this sword after the scam artists (private investment pools) dump the properties in the next while:http://robertreich.org/post/44639598939

No organic demand, less people working, no significant rise in incomes among the majority of people (but corporate profits are indeed high)……who’s going to rent all the houses? The snowbirds I know all bought because they bought the snowjob.

#104 live within your means on 03.07.13 at 12:56 pm

#21 Angela

Not too fussy about Timmies – I know sacrilegious.

Can’t stand Timmies tho hubby is addicted. Gather MacDonalds has better coffee than Timmies now. Guess dear Leader will have to spend more propaganda millions at MacD’s now.

I drink tea in Canada & take my own tea to PIL’s in France. When in cafes, restos I drink coffee.

#105 Herb on 03.07.13 at 1:00 pm

#89 afraidit allmightend,

ordinarily I would heap a bit of derision on you, but you are doing such a good job of deriding yourself I just have to sit back and enjoy it.

Keep up the great comments, Dude.

#106 Toronto_CA on 03.07.13 at 1:16 pm

#97 -=jwk=- on 03.07.13 at 12:29 pm
“Those 30 somethings that don’t ‘get’ cottages obvuously don’t have any kids.”

Actually, a lot of my 30something friends have kids and still don’t feel the need to buy a cottage when they can rent one and get the same experience for their family for a tiny fraction of the expense.

#107 Old Man on 03.07.13 at 1:17 pm

Tim Hortons is one scenerio I could never figure out, as go to this small shopping centre a few times a week, and the cars are lined up, whereby, have to make a different turn. They will be burning gas for at least 20 minutes to buy a cup of coffee at the takeout window to get a fix. I just don’t get it, unless something is in that cup of coffee to make it so special.

#108 Spiltbongwater on 03.07.13 at 1:31 pm

#107 Old Man on 03.07.13 at 1:17 pm

I am surprised our BC government actually allows drive thrus, and has not applied a carbon levy to drive thru customers. If saving the planet requires us to burn less fuel, you would think a simple ban on drive thrus would be a no brainer. I say there should be a $1 levy on every drive thru order. I can’t even idle my car for 2 mins in New Westminster without breaking their idling by-law, but people can sit an idle in a drive thru line for 10 or more mins with no penalty?

#109 Daisy Mae on 03.07.13 at 1:40 pm

#27 Devore: “I don’t get it either. For it to be worth it, you have to go there A LOT. It’s like people buying an extra bedroom, “for guests’….”

********************

I don’t get it, either. For instance, people pay $100,000-$200,000 for monster RVs, a depreciating asset. At least they can tour North America with the thing — getting 8 miles to the gallon — but they’d have to be full-timers for it to make any sense. I see too many sitting unused.

#110 :):( Ying Yang on 03.07.13 at 1:54 pm

#101 Mixed Bag on 03.07.13 at 12:39 pm
The guy in the pic, he looks like Smoking Man.

Not a snowballs chance that is Smoking Man, I’m with stupid is spelled corectly.

#111 Derek R on 03.07.13 at 1:59 pm

#93 fred fedtos on 03.07.13 at 11:27 am wrote:
The gap between hourly compensation and productivity is at a post-World War II high

Fair enough. However the most interesting thing I see on that graph is that something happened in 1978 or thereabouts that broke the link between productivity and wages. I wonder what it was?

#112 Ret on 03.07.13 at 2:08 pm

And the average age of a Timmie’s customer is????

I’ll line any day up to make money. Only fools line to spend it.

#113 DonDWest on 03.07.13 at 2:18 pm

#111 Derek R

“Fair enough. However the most interesting thing I see on that graph is that something happened in 1978 or thereabouts that broke the link between productivity and wages. I wonder what it was?”

Credit cards.

#114 Mixed Bag on 03.07.13 at 2:24 pm

#107 Old Man on 03.07.13 at 1:17 pm

The poor man’s Second Cup?

#115 The Prophet Elijah on 03.07.13 at 2:31 pm

#162 The Prophet Elijah on 03.06.13 at 6:09 pm #148 betamax on 03.06.13 at 4:39 pm Garth: “the stock market tanked on March 9th, 2009….It was also the moment of least risk and greatest opportunity, the cheapest point in a dozen years.”

So now that the Dow’s hit a record high, it represents the moment of greatest risk and least opportunity. Time to sell.

No, time to rebalance. — Garth
———————————————————-
There is an inverse relationship between the DOW and gold, time to fill the sack with all things gold?

Not a gold blog. You were warned. — Garth
———————————————————-
Garth in regards to your comment yesterday, why can’t I be allowed to make sound arguments for gold. It plays a big part in international finance. And will play a bigger part going forward as gold is moving towards the system and not away.
Anway I hope we can have some balance here as you have no problems taking shots at the “metal heads”.
My above comments are valid and made to enlighten.

Afterall, the above helpful remember states:
• Respectful, wide-ranging discussion on the topic of the posting is encouraged, and will not be censored.

Because you can’t. — Garth

#116 afraidit allmightend on 03.07.13 at 2:33 pm

Re: #89…loks like I chose the right handle…the leftist entitlement nutbags really take it hard when anyone figures out how to beat the sytem….

Bwahahahahahaha….I’ve got news for the slimy bag biters with their snouts in the trough…..I know that theres millions of Canadians who are doing exactly the same as myself and #22 Run Away…obviously the socialist tax gouging pinheads don’t get out much…except to maybe vacation in Cuba.

The ex pat colonies of Canadians around the world who are spending increasingly less of their time and money in Canada ( ipso facto cutting back 80% or more of taxation canada) are bursting at the seams with people who have figured out that Canada is a tax gouging toilet for the elite unions.

How many doctors and dentists etc are working 5 days a week ..12 mos a year anymore?…I’ll tell you…next to none….the pro’s I know are all managing investments by the pool….in places like Texas and Thailand etc etc where there is zero personal income tax for the time we spend there….and the cost of the artificially inflated Canadian commercial complex is a bad memory…..it’s 40% cheaper down here for everything!!! In Thailand rent and good meals for a month are less than a single trip to Loblaws…..you’ve either got no brain…or you’re desperatly poor to stay in Canada and continue to take that crap.

Pay less tax in Canada…live elsewhere…particapate in Canadian commerce as little as you can…..screw the union elite out of their champagne dreams …..let them fight it out with the other special interests with their own increasing tax bite…..revenge is sweet….BTW…it’s 72 where I am today….whats happening in TO?

#117 live within your means on 03.07.13 at 2:35 pm

#70 live within your means on 03.07.13 at 5:03 am

I’ve been so fortunate to have such great GF’s over the years. I was at my German GF’s cottage in the Laurentians when she heard the bldg. I & my 2 sister’s lived in was on fire – Nun’s Island (early 70s I think.) Younger sis was at my parents, older sis living in NY city. Gita heard it on the news but didn’t want to tell me until we arrived back at her home. She immediately dug out wading boots, etc. for both of us & drove me to the apt. I was too upset to drive home. Those boots came in handy. I & sisters lost lots of irreplaceable material stuff, but we didn’t lose our lives. Turned out I & my 2 sisters were the only ones who had insurance in that end of the building.

#118 John Prine on 03.07.13 at 2:46 pm

Lots of people today down on cabins, RV’s and anything else that is fun and costs money. I have learned a lot from participating in this blog but we LIKE owning our own home and also have the best memories staying in summer cabins. Friend has a quarter section north of Edmonton, he has a big pond stocked with trout, a wharf and a small cabin. His children and grandchildren spend lots of time there in the summer and all love it. We owe no money but aren’t paranoid of spending on fun things either….Like somebody mentioned, life is short, have fun.

#119 Humpty Dumpty on 03.07.13 at 2:48 pm

The Commies continue to Spring into action…

The reality of a ‘Second Bretton Woods’ would be China will play the part of the United States, and the United States is probably going to end up playing the part of Britain. That’s not good. It doesn’t mean our economy and everything is going to crash, but it will cement a ‘New World Order.’ And the new king of that world order is likely to be China.

http://kingworldnews.com/kingworldnews/King_World_News.html

#120 spaceman on 03.07.13 at 2:50 pm

#13 Toronto_CA

short term thinking will sink you into speculative gambling, and the Banks and Stock brokers will love you for it. they are the ones that make the money.

Should you be rebalancing your portfolio now? Yes most likely, if it isn’t balanced(60/40) (EQ/Bonds)

But sell everything and wait for a hypothetical drop? You just haven’t been listening have you?

#121 Ronaldo on 03.07.13 at 3:03 pm

#111 Derek R – Maybe the answer can be found here.

http://www.frbatlanta.org/filelegacydocs/ACF98.pdf

#122 Solex on 03.07.13 at 3:18 pm

If saving the planet requires us to burn less fuel, you would think a simple ban on drive thrus would be a no brainer. I say there should be a $1 levy on every drive thru order. I can’t even idle my car for 2 mins in New Westminster without breaking their idling by-law, but people can sit an idle in a drive thru line for 10 or more mins with no penalty?
————————————-

The planet doesn’t need saving. She’s doing just fine. It’s the people that live on the planet that are f*cked.

G. Carlin

#123 Solex on 03.07.13 at 3:22 pm

#93 fred fedtos on 03.07.13 at 11:27 am wrote:
The gap between hourly compensation and productivity is at a post-World War II high

Fair enough. However the most interesting thing I see on that graph is that something happened in 1978 or thereabouts that broke the link between productivity and wages. I wonder what it was?
—————————-

It’s called technology. Companies have invested in better, more hi-tec equipment that require less skill/input from the employees.

Most productivity gains over the last three decades have been due to the influx of new technology not by the “sweat of the brow” of the working man. Workers have actually got lazier and have more sedentary jobs now than they did 30 years ago.

#124 Humpty Dumpty on 03.07.13 at 3:25 pm

Val you seen this yet…

Money as Debt” tells in very simple and effective graphic terms what money is and how it is being created. It is an entertaining way to get the message out.

http://www.youtube.com/watch?v=0K5_JE_gOys&feature=player_embedded

#125 Harvard Grad on 03.07.13 at 3:33 pm

I know this is off-topic, but those who have noted about owning cottages or flying off to some exotic island – I got those both beat -

Sailing – own a used sailboat for $6K – dock it for a slip fee of $1200 per season – insurance, upkeep and minimal fuel expense (hence the sailing part).

I will take her out in May and sail throughout Georgian Bay – drop anchor in one of my many secret spots – my sailboat sleeps 4 and has a built in bathroom and kitchen. We take our kayaks and explore the many little islands that are too shallow to sail through. Each weekend we head out and it never gets boring as we always run across something new.

Those guys with the Million dollar ocean front view – well, I am legally allowed to drop anchor nearly anywhere – the water itself is owned by the Crown – and as long as I don’t stay anchored for a extended period of time – I come and go as I please.

That my friends is a sweet, cheap and never boring summer experience – priceless

Just be sure you understand the concept of sailing and know how to read nautical charts – or life can get abit choppy -

#126 trippy on 03.07.13 at 3:46 pm

The S&P 500 has recently hit the same peak, for the third time, since 2000. So for the last 13 year it has been range bound. So depending upon when you bought and sold over the last 13 years you may have lost or gained.

Commodities such as oil and gold have gone up multiples since 2000. Oil was at $11 and now $90. Gold at $250 and now $1500. Both have had a surge in the last few years and have been in a sideways pattern the last 2 years.

#127 Patiently Waiting on 03.07.13 at 3:46 pm

FYI: Single Family Home Sales in White Rock from January 1st to March 7th 2013 are 106. This is down 52% from 2012. Down 72% from 2011, down 43% from 2010, and down 16% from 2009. It also appears that the sales deceleration is escalating as sales for the last 30 days as compared to the same 30 period in 2012 are down 60%, while listings are climbing significantly – now at 781.

Cheers
pw

#128 TheManWhoStaresAtSheeple on 03.07.13 at 3:49 pm

re #111 Derek R

However the most interesting thing I see on that graph is that something happened in 1978 or thereabouts that broke the link between productivity and wages. I wonder what it was?
======================================

1. Normal diplomatic relations USA-China
http://beijing.usembassy-china.org.cn/bilateral.html
Read the link above to see what will follow soon…
2. Trade agreements Europe -China
3. First computer BBS
4. Humphrey–Hawkins Full Employment Act
5. The rest is history (GOLD traded above $200 for a first time)

#129 Toronto_CA on 03.07.13 at 3:53 pm

#120 spaceman on 03.07.13 at 2:50 pm

Thanks Spaceman! I needed that!

#130 trippy on 03.07.13 at 3:57 pm

Millions of jobs continue to be exported from N America. Gasoline, food and clothes keep increasing in price. Salaries are not increasing. Inventory of large chain stores is looking more shoddy as the months pass. Insider selling of stocks to buying is 50 to 1.

So how is it the stock market is going to continue to go up? Where are the sound fundamentals? The only thing keeping it going is the full admission by the Federal Reserve that they are juicing it, just like they juiced the housing market and had no clue it was going to crash…

#131 The Prophet Elijah on 03.07.13 at 4:00 pm

119 Humpty Dumpty on 03.07.13 at 2:48 pm The Commies continue to Spring into action…

The reality of a ‘Second Bretton Woods’ would be China will play the part of the United States, and the United States is probably going to end up playing the part of Britain. That’s not good. It doesn’t mean our economy and everything is going to crash, but it will cement a ‘New World Order.’ And the new king of that world order is likely to be China.

http://kingworldnews.com/kingworldnews/King_World_News.html
———————————————————-
Garth allow me:

Humpty you must of had a great fall, hope you can fix the crack in your head – Garth

#132 Grim Reaper/Crypt Speculator Ⓤ on 03.07.13 at 4:02 pm

Yes, that is a photo of Smoking Mannequin.

The sign points to Old Mannequin who is out of camera range.

Then they both switch places…( though redundant as they are identical twins, albeit born 3 months apart).

This is their only way to get close to babes.

#133 jess on 03.07.13 at 4:04 pm

“Workers have actually got lazier and have more sedentary jobs now than they did 30 years ago.”
=============
… but 30 years ago the male life span was shorter and those factory guys that retired at 65 died around 68 and don’t forget those industrial diseases…

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/health26-eng.htm

#134 Shawn Allen on 03.07.13 at 4:09 pm

MONEY IS DEBT?

124 Humpty Dumpty says:

“Money as Debt” tells in very simple and effective graphic terms what money is and how it is being created. It is an entertaining way to get the message out.

***************************************

So what is the implication?

Yes the banking system, together with its customers, creates money. And that is a very good thing.

It’s been happening for about 1000 years or more and so far the quality of human life during that time has gone up enormously.

Instead of fretting about what money is, just focus on accumulating more wealth. Wealth is measured in money. All money represents a claim check on real wealth (whatever goods and services you desire). All weath is NOT money though it is measured in money.

What will you do to increase your wealth this month, this year, this decade, this lifetime?

Viewing doomer films won’t likely do it.

#135 Goldfinger on 03.07.13 at 4:17 pm

Saw this on google ads today from another Toronto realtard with no ethics …note the 0% investment risk lol…..anyone doubting we have a condo crash in the works needs to get their heads checked….

“A+Downtown Condos,15% ROI – http://www.biljanastankovic.com – 0% investment risk, + rental income condo builder direct, mortgage help”

#136 Suede on 03.07.13 at 4:21 pm

#66 Jamie

Just rent a cabin!!

#137 Shawn Allen on 03.07.13 at 4:40 pm

Money and debt…

If I borrow a $10,000 from a banks and leave it on deposit at the bank…

1. New money of $10,000 is created

2. My wealth is unchanged

3. The bank’s wealth is unchanged

4. The value of the dollar is unchanged.

I have $10,000 of new claim checks on real goods and services, offset by my obligation to repay the loan.

Nothing nefarious, evil or deleterious to anyone has occured.

#138 LS in Arbutus on 03.07.13 at 4:41 pm

#118 John Prine
You are correct, there are lots of GREAT memories to be had at cabins… I have them as well. Both at my family’ cabin and other families’ cabins. And my children (and hopefully their children) will also have the same memories. I do agree that the upkeep, maitenance, and headache are a lot…. but they do provide “roots” as well for your children particularly if they are passed down generations. Our cabin is on the 4th generation now, built by my grandparents and I can see it lasting to at least 5.

#139 Good Authority on 03.07.13 at 4:48 pm

Hoof hearted #92
“Retirement? The older one gets, the closer to medical care one will want to be.”

If you are part of the 70+ crowd maybe. If you are aware of the crap that western medicine dishes out in hospitals, you would run from them. I have had numerous friends die from the side affects of the poisons that are handed out like candy by what are referred to as doctors these days.

Word of advice>>>stay away from hospitals.

#140 Ralph Cramdown Ⓤ on 03.07.13 at 5:08 pm

#126 trippy — “The S&P 500 has recently hit the same peak, for the third time, since 2000. So for the last 13 year it has been range bound.”

Not according to the chart. Stocks… the asset class that pays you to own it!

#141 afraidit allmightend on 03.07.13 at 5:23 pm

#139….GA….I reported often on the state of the first class hospitals from my perch in Bangkok while living there….the care there is not only dirt cheap inexpensive by CDN standards but the quality of care has been proven to be far superior. People flock there from Canada to get surgery of all kinds and recover just fine.

Its not the super expensive to maintain hospitals here that make people sick….it’s the uncaring unprofessional union civic servants who work the health care system for their own benefit rather than the Buddhist approach of care and compassion in Thailand..

#142 Ralph Cramdown Ⓤ on 03.07.13 at 5:24 pm

#133 jess — “… but 30 years ago the male life span was shorter and those factory guys that retired at 65 died around 68″

Don’t confuse life expectancy at birth with life expectancy at retirement. 30 years ago the 65 year old could expect to live to 79.
http://www.lifeinsurancecanada.com/life-expectancy-calculator

#143 brainsail on 03.07.13 at 5:36 pm

#116 afraidit allmightend on 03.07.13 at 2:33 pm

“BTW…it’s 72 where I am today….whats happening in TO?”

Are you our neigbor from Toronto now living in Austin?

#144 brainsail on 03.07.13 at 5:38 pm

Are you our neighbor in Austin that once lived in Toronto?

#145 Canadian Watchdog on 03.07.13 at 5:44 pm

#140 Ralph Cramdown

I’m truly amazed how every stock you pick or discuss are the ones that are soaring. You’re a talented guy.

#146 Blacksheep on 03.07.13 at 5:56 pm

Jamie,

We picked up a nice late model Toy hauler RV out of the states, cheap. Fits the dresser Harley, with room to spare. We like exploring the O.K in the summer. When its parked at home, it cost nothing and we are free to fly elsewhere. Wouldn’t touch Rec. property right now. I get RE hot lists from a few lake town agents and sales are dead.

Prices have been dropping for a few years and will accelerate, now that people are faced with the reality, that both their primary and secondary residences are losing equity.

take care
Blacksheep

#147 maxx on 03.07.13 at 6:31 pm

#34 OwlEyes on 03.06.13 at 11:19 pm

“Looks to me like cities have a BIG stake in ballooning property values.”

As more and more people refuse to pay for ridiculously overpriced RE, oh my lord will current owners feel the pain of yearly tax increases that outpace inflation by a wide margin.
Carrying costs are going through the roof and RE prices now need to ratchet down to accommodate the evolution of such costs. Prices need to adjust sharply for outsized and growing tax, energy, meterage, fees and insurance.
Without even taking in account opportunity cost, these sums often amount to as much or more of rental costs.
Pay too much and it’s a sad case of double indemnity.

#148 Axxman on 03.07.13 at 6:32 pm

#137 Shawn Allen – the bank has to hold capital against that so assuming you are 100% risk- weighted on their books (likely less in reality), they have to hold $800 of capital against your loan – so the system nets $9200. Bank leverage is a wonderful thing for the system – until of course you have a run of deleveraging … then it becomes apparent that it is a double edged sword.

#149 Westernman on 03.07.13 at 6:44 pm

Herb @ # 105,
Ordinarily, if you had any logical rebuttal to the truth being told about your beloved Socialist, Union-Infested Nanny State you would have aired it out …

#150 DL on 03.07.13 at 6:50 pm

Garth, when you take off your blinders and admit that real estate agents are needed to:
1. Sell the houses that all these seniors will be selling
2. Be the buying agent for the above houses.

With all these transactions taking place, it will be RE agents doing the deals. It’s irrelevant what the price will be (could be up 25% or down 50%) a RE agent will do the deal. Even you are telling readers to use an agent to get onto the MLS.

Agents are needed to prevent lawsuits that FISBO’s get themselves into. It’s a small price to pay for that piece of mind. Commissions are actually quite low for the potential headaches prevented.

Thanks for the commercial, but I have always counseled buyers and sellers to have representation. — Garth

#151 Blacksheep on 03.07.13 at 7:09 pm

live within your means # 72,

“but I couldn’t look in the mirror if I didn’t vote.”

I thought I had a pretty good understanding of what caused the GFC, but Just watched ‘Inside job’ recently. I severely underestimated the depth of corruption throughout the Government and corporate banking sectors. I have officially lost, what little ‘faith’ I had in elected officials as I don’t see how things can be, sooo different in Canada.

Not going to bend, to social expectations.
Not going to pretend anymore.
Not going to vote.

take care
Blacksheep

#152 Ralph Cramdown Ⓤ on 03.07.13 at 7:10 pm

#145 Canadian Watchdog

To be fair, that post was a rebuttal about an index. Yes, I get some wrong, and I tend not to cut my losses soon enough. You want me to start bragging about my stinkers? I’ll give you a hint. With a name like that, who could have expected to end up underwater?

#153 live within your means on 03.07.13 at 7:15 pm

#109 Daisy Mae on 03.07.13 at 1:40 pm
#27 Devore: “I don’t get it either. For it to be worth it, you have to go there A LOT. It’s like people buying an extra bedroom, “for guests’….”

********************

I don’t get it, either. For instance, people pay $100,000-$200,000 for monster RVs, a depreciating asset. At least they can tour North America with the thing — getting 8 miles to the gallon — but they’d have to be full-timers for it to make any sense. I see too many sitting unused
……………….

Two years ago a couple I knew 55 yrs ago visited my eldest bro with a $200k RV. They travel around & park it at their daughter’s place in FLA. Its their only home We older kids were glad to see them leave – fat rednecks.

anywh
..

#154 DL on 03.07.13 at 7:28 pm

Oh, sorry then.I thought you were anti real estate agents. My apologies.

#155 Nostradamus Le Mad Vlad on 03.07.13 at 7:32 pm

#60 Richard and Zeus — “The only one not owned by AIPAC”
– and –
#67 SCIBIDUBADEBUMBADO — #48 Richard and Zeus — “Be careful…….they will call you a conspiracy theorist. — The Brown shirts are already hard at work!” — Aha! People are waking up! Wholly horsefeathers — we’re outcasts and societal rejects!

#63 Cowpie and #81 Buy? Curious? — “Do it, Garth! DO IT!!!”– “And I wondered: why there isn’t a Garth Turner greater fool tv show…? or radio show?” — A very smart idea, so be careful. Critical thinking outside the box has gotten others into trouble throughout history!

#68 Milionaire Machini$t — “NO REGRETS” — No, absolutely none, because life would not have been worth living had I not made a whole bunch of mistakes (and learned from) to get where I am now. Right on!

#86 Holy Crap Wheres The Tylenol — Thx. for the feedback, and a great ending — is that how we’ll all end up, sexting from our central vortexes?!

#119 Humpty Dumpty — “And the new king of that world order is likely to be China.” — Could be China singularly, or a combo of Russia / China / Mongolia / Af’stan / Korea. Interesting to see how it all plays out.

#122 Solex — “The planet doesn’t need saving. She’s doing just fine. It’s the people that live on the planet that are f*cked.” — Bingo! Well said, ‘tho Carlin said it better!

#124 Humpty Dumpty — Seen it! Thx. for the link . . .
– and –
#134 Shawn Allen — “All weath is NOT money though it is measured in money.” — Good post and point. Unfortunately, too many of TPTB (the elite) have made it a point to take as much as possible from the mid- and poor classes.

#156 Dr. Hoof-Hearted on 03.07.13 at 7:38 pm

#139 Good Authority on 03.07.13 at 4:48 pm

Well said…thats a W-H-O-L-E other topic….

You’ve read the Flexner report..the genesis of the mess ?

Re the move closer to medical care…just what I observed with parties who try to retire in the recreational areas…get old and feel modern medicine is their primary need.

#157 shanks on 03.07.13 at 7:40 pm

you know were cooked when Alberta has to borrow money for a ‘cash requirement’ in their upcoming budget.

#158 HAWK on 03.07.13 at 7:44 pm

They forget about us:

http://www.zerohedge.com/news/2013-03-07/guest-post-unpopped-housing-bubbles-abound

#159 jess on 03.07.13 at 7:44 pm

shell companies and hidden names….

http://www.globalwitness.org/library/opaque-structure-horsemeat-company-shows-need-company-reform

#160 Herb on 03.07.13 at 8:17 pm

#149 Westernmoron,

you and your fellow travellers wouldn’t recognize truth if it hit you over the head. Fact doesn’t serve your purpose, invective does, which is why you only use the latter.

#161 Nostradamus Le Mad Vlad on 03.07.13 at 8:54 pm

-
Speaking of QE — Italy “Default on the public debt, nationalization of the banks, and a citizen dividend could actually save the Italian economy.”, Dangerous Way to much QE, but Stress Tests There is still too much QE; 11:49 clip Bitcoin CIA connection; Training Centres CISCO setting them up in Myanmar; 4:50 clip Why stocks are soaring while wages are stagnant or declining; False Advertising Increasing lies from management; Rob A Bank, Go To Jail Banks rob you, they post profits;
*
SSRIs Gun Problem? More like GW crap; Russia – China A hidden message for the US and SKorea? Chavez The hunger; Neocons wanted the Iraq war; EU-funded Israeli theft, 5:18 clip John Bolton is like John Baird — full of nothing, a warmongering politico and Kannnaduhhh John Baird, aka Mr. Loudmouth; USDA Approved Common additive triggers cancer and inflammation; ACLU Full report shortly on police militarization; Pakistan – US The US isn’t winning any friends, and New Clothing makes one invisible to drones; Arafat “We shall see. A test for Polonium 210, thought by many to have been the weapon used, should only take a day or two at most. The stall makes me suspicious.” wrh.com; Technology How to catch priests in the act.

#162 TEMPLE on 03.07.13 at 9:16 pm

#152 Ralph Cramdown Ⓤ on 03.07.13 at 7:10 pm

I’ll give you a hint. With a name like that, who could have expected to end up underwater?

I can’t resist riddles…and this is the first stock market riddle I have seen. My guess: DryShips (DRYS)?

TEMPLE

#163 Daisy Mae on 03.07.13 at 9:36 pm

#138LS in Arbutus
#118 John Prine
“You are correct, there are lots of GREAT memories to be had at cabins… I have them as well….”

*****************

So do I. Great life. We had various types of RVs and always a boat. Camped all summer long. Often free. Moved around. Very little upkeep involved. Suited us just fine.

#164 HAWK on 03.07.13 at 9:39 pm

#116 afraidit allmightend on 03.07.13 at 2:33 pm

===========

All good when you’re retired (have been to both Thailand and Texas on vacations) but not much use in your earning years. Barring some exceptional circumstances, it’s not easy to earn abroad.

#165 suggestion for "Live Within Your Means" on 03.07.13 at 10:57 pm

have you considered Twitter?

#166 Tony on 03.07.13 at 11:13 pm

Re: #152 Ralph Cramdown Ⓤ on 03.07.13 at 7:10 pm

It can only be TOPS better known as Top Ships also known as TOP Tankers, Inc. I guess the reverse ten for one stock split killed you. If i’m wrong then its Free Ships.

#167 afraidit allmightend on 03.08.13 at 12:22 am

#144 Brain……I wouldn’t live in TO if you gave it to me free….what a sh#t hole !!

#164 Hawk……the Internet set me free decades ago as far as making money from my investments…..don’t listen to Garth and you’ll actually do OK with your head on straight…….ex…CP Rail @ $83 in November ….$130 today….thats a 56% return on 1000 shares….more than enough for a year in Thailand…nothing balanced about a good stock pick…..just experiance in the markets.

if you want to work these days ..get yourself qualified in one of the NAFTA speciaties that the US is begging for…… Multi year TN Visa’a are easy for the right people. The list is on the US IMMi web site.