Real change

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The only political thing I’ll say today (as the votes are finally being tallied) is that Janie lives a few streets over from Stephen Harper. She may be better or worse off. We’ll see.

“First, I love your blog and engaging writing style,” she says, sucking up to me in a way her neighbour never could. “It’s refreshing to read a perspective that’s different from most of the mainstream media. I’m hoping you can give me some advice.” You bet. Lay it on me.

My husband (36) and I (31) live in Calgary and recently sold all three of our condo rental properties. Like many landlords, we were tricking ourselves into believing our tenants were paying down our mortgage for us. In actuality, with special assessments, income taxes, carrying costs, increasing condo fees, etc., we were cash flowing negative on all three.

I’m grateful we sold when we did, my husband ended up losing his job in oil and gas and with the current economic environment, landlords are having trouble renting out their places. I’m now wondering if we should sell our house too and rent? After selling our rental condos, we have $180k in the bank and our inner city house is currently worth about $725k (down from $850k a year ago) with a $260k mortgage. We have $250k in RRSP and TFSA investments.  It looks like it might take my husband a while to find a job and I make $100k per year.

Well, Janie, you’re doing a helluva lot better than most people. More than four hundred in liquid assets and about four-fifty in equity, for a net worth of close to $900,000. Sweet. The trick now is preserving it, growing it, ensuring you have a Plan B if the oil patch takes a while (like a decade) to recover. If ever. As far as your net worth goes, now that the condos are history (genius move), you’ve almost 49% of your wealth in the house – close enough to complying with my Rule of 90. (The % of NW in RE should = 90 minus your age.)

The big question is the one you have identified. Should you sell? After all, $125,000 in equity has vaporized in the past year and there could be more coming. Calgary sales last month plunged 34% and Alberta deals shrank 24%. Sales this month are worse – off 35% from last year. The median price is down 4.5%, average prices are lower by 7%, and those are the official realtor frankenumbers. On the street, it’s another story, as your 14% equity drop shows.

In fact, right across the country we have a weakening housing market, with the exception of two cities – and even in Vancouver and Toronto sales are slipping. Nationally sales were down over 2% in September, traditionally a strong month for housing. And when you strip out the bubble burgs, the price appreciation was just 2.9% – barely a percentage point above the current inflation rate, and lower than the 10-year average.

In short, Janie, like politics, this ain’t healthy. Oil markets (Cowtown, Edmonton, Saskatoon, Regina) are sliding. Most cities in the country have stagnant sales. And the pace of activity has dropped even in 416 and YVR. Let’s remember this is happening after the Bank of Canada cut interest rates twice in the last ten months, and with five-year mortgages in the 2% range. Borrowing just doesn’t get any better – and yet we seem to have hit a wall.

Over at TD Economics, Diana Petramala isn’t so surprised. “This underscores our view that the highly stimulative impact of lower mortgage rates at the start of this year would wear out by September, October,” she says. Meanwhile this week more international analysts are looking at us, wondering what we’re all toking.

Says Moody’s Analytics in a new report: “Homes in Toronto and Vancouver are increasingly becoming unaffordable either to own or to rent. Canadian household debt has risen faster than disposable income since 2011, greatly increasing the debt burden for consumers and the risks of a pullback in spending as interest rates rise.” And the irritating gerbils at The Economist keep nibbling away at Canada. “An uncertain economy…  makes inflated debt and housing values more dangerous.” They say our real estate is too dear by 34%, and Toronto’s no New York or London. Vancouver? Pfft.

Janie, here’s my conclusion: structural weakness in the Canuckistan economy, the global oil price collapse, slagging employment, falling exports and delusional voters will continue to impact housing. Higher prices on fewer sales in 20% of the Canadian market is no formula for future stability. Valuations relative to the incomes people actually earn are suicidal. When four in ten homebuyers in one city need to rent out their basements to meet the mortgage payments, you can smell trouble.. And when things seriously slow down in Mississauga or Richmond, then Calgary’s toast.

Now imagine if you sold and had a liquid portfolio with $900,000 in a balanced and diversified mix of assets. If the next decade’s like the last one, it’ll double, giving you two million by mid-forties. Meanwhile you can rent for less than you own, even in Calgary. You’ll have more flexibility and mobililty – the freedom to chase better jobs, while escaping further losses.

List it, Janie. Embrace change. Seems like a good day to start.

313 comments ↓

#1 TurnerNation on 10.19.15 at 4:45 pm

Early post. Gartho must be an election fan.

Nicr move on QSR today. You’ve always got time for TH.

#2 common sense on 10.19.15 at 4:46 pm

Great job Janie and hubby!

Keep it up and enjoy…

#3 Curious on 10.19.15 at 4:46 pm

I wonder if we are going to have Justin Trudeau, aka “Sarah Palin of Canada” in charge by the end of this evening? Sigh….

#4 CREIT on 10.19.15 at 4:52 pm

Blog dogs,

I work for a Canadian REIT and I allocate 5% of my salary towards the Employee Unit Purchase Plan, plus the company matches my contribution.

My question is, would I be better severed, from a tax perspective, if I transfer my units into my personal TFSA (on an annual or quarterly basis)?

Currently the units sit in a Non-registered account administered by a third party company (Computershare).

Your thoughts?

#5 Axehead on 10.19.15 at 4:55 pm

Those have to be pictures of subway lines, no?

Or maybe CT scans of brain activity of residents in perspective cities, perhaps?

#6 Bytor the Snow Dog on 10.19.15 at 4:59 pm

That picture clearly shows that Toronto is not world class.

#7 Richie Louis on 10.19.15 at 5:05 pm

I can’t believe that I’m saying this but please give me more Harper!

#8 Londoner on 10.19.15 at 5:07 pm

“List it, Janie. Embrace change. Seems like a good day to start.”

Isn’t your advice to new investors to just invest when you have the money rather then trying to time financial markets? Why wouldn’t the same apply to housing? After all, even you agreed that they’re within your rule of 90. So why suggest that they sell?

#9 Frustrated Kiwi on 10.19.15 at 5:11 pm

Janie – my 2c is that Garth’s advice is spot on unless you love your home and want to live there for the next 20 years. After all, you’re not violating his rule of 90. Also, now might be the time to consider kids with hubby being the primary caregiver? Will take the stress out of job seeking for him. Just a suggestion – certainly wouldn’t work for everyone.

#10 What-the-what on 10.19.15 at 5:12 pm

Look like libs are SOMEHOW going to pull it through.

Politics are unpredictable and crazy.

Congrats everyone.

#11 Victoria on 10.19.15 at 5:13 pm

I have lived in London, Paris, New York and Toronto.

The subway maps are excellent. Toronto is certainly not London, Paris or New York.

#12 Randy on 10.19.15 at 5:15 pm

Renting out your basement. Now that’s living !

#13 Change (in my pocket) on 10.19.15 at 5:23 pm

I knew our transit system was terrible while taking transit in other major cities, but these visuals make ours seem strikingly worse.

#14 Winnipegger on 10.19.15 at 5:23 pm

Hope you voted Garth! It was my first one as a “new stock” Canadian – felt great to be able to finally have a say.

#15 Mr. White on 10.19.15 at 5:26 pm

Bail now Janie. You can rent a way nicer place than yours in a great location for a whole lot less money.

Why not let someone who is like you used to be subsidize your lifestyle? We did this 5 years ago moving from Edmonton to Calgary.

Our house is in some great investment accounts that have gained about 10% a year since we sold our house and rented.

We were in a Mount Pleasant in an infill side by side worth about a million bucks. We paid about $2300 per month, without a second thought about maintenance or much else. Problem with the furnace, call the property manager. Having dough sitting there earning beats the heck out of painting deck and sweating the housing market.

Garth is right, when interest rates revert to norm, too many people are going to be hooped. Buy again if you like when that happens.

#16 Blacksheep on 10.19.15 at 5:27 pm

M F # 308,

“Your post doesn’t make sense. Like you said yourself, after Obama’s message of “hope” look how it all played out.”

“Then you say that Trudeau represents hope? Just watch how it will turn out if he is voted in”
———————————————-
The reference was Garth’s, “fear met hope”.

Thanks to Trudeau, my naive young daughter, has ‘hope’ for the future (ref: Obama’s change)

Thanks to Harper, my naive old father in law, lives in ‘fear’ of the future (ref: Scary Mooslems)

At the tainted old age of 52, I’ve seen enough to know, none of the issues discussed by the ‘leaders’ mean shit, (including your precious TFSA) in the big picture.

Anything I actually care about, is not up for debate, as the system has it’s own agenda (ref: Obama’s worse, than Bush)

So to me, It doesn’t matter who ‘wins’ tonight.

https://www.youtube.com/watch?v=SHhrZgojY1Q

My vote was cast for my daughter and her hope.

#17 Mark on 10.19.15 at 5:30 pm

I suspect examples such as the above are a lot more common in Calgary and Toronto than people think. Young professionals with the entirety of their wealth in real estate, even rental condos rather than portfolio diversification.

The problem with engineers in the oil and gas sector is that they tend to be minimally in demand outside the sector. Most contemporary engineering employers want staff who will be not very expensive, and will stick around for the long run — few engineers in the O&G sector, after experiencing such, will be able to offer such. Non-O&G employers will perceive them to have wage demands that are higher than they can afford. And prospective non-O&G employers will seriously question whether they will be loyal, or if they’d simply jump ship as soon as the O&G sector revives itself. Many employers outside the O&G sector probably won’t even understand the true nature of the carnage in the sector.

Just like with the ex-Nortel engineers or the O&G / Mining engineers of the 70s/80s, it could be a long uphill battle to find replacement employment of any kind. The young, and the old probably will have it the worst — the old will simply run out of time, and the young will be painted with expectations that few employers will perceive themselves being able to meet.

On that note, and perhaps lost in the election ‘noise’ is Wednesday’s announcement by the Bank of Canada. The economy is clearly begging for a rate cut, but the BoC has disappointed before.

#18 Freedom First on 10.19.15 at 5:35 pm

Right on Janie. Good for you! I’m impressed. Welcome to the world of being able to live off of income streams. Stay there.

Heck, you may even buy a place again. It’s like when a friend of mine asked me when I’m going to buy a place of my own again, I said, “when I can’t say no”. He replied, “good answer”. I am a numbers man. Anything else, to me, is just stupid. Liquidity, balance, diversity. Everything else is high risk.

#19 Victoria Real Estate Update on 10.19.15 at 5:37 pm

American families make about as much money per year as Canadian families. Young American families can buy beautiful, spacious, newer homes like these for a fraction of the cost of a similar Canadian home, in or close to any major Canadian city.

Canada is the only G7 country in recession in 2015.

Those who work in the housing industry in Canada don’t want Canadians to know how extremely overvalued Canadian homes are. They don’t want you to see the information that I post. Several of them have made (lame) efforts to explain lower house prices in the US by saying that the American economy is weaker than the Canadian economy, but that myth has been proven wrong.

Action taken in Canada to inflate house prices since 2000 is the reason house prices are so much higher in Canada than in the US. More action was taken in 2015 in Canada to further inflate Canada’s housing bubble. In comparison, there has been little change in American mortgage lending standards over the past 10 years. This has allowed house prices in the US to revert back to the long-term mean and remain there, allowing young American families to buy homes at prices that make sense based on their incomes.

Young Canadian families deserve the same.

Imagine how low the monthly mortgage payments are on these beautiful American homes.

$ 113 K, Jacksonville, Florida

$ 134 K, Fort Myers, Florida

$ 115 K, Hampton, Georgia (Atlanta)

$ 149 K, Las Vegas, Nevada

$ 110 K, Coolidge, Arizona (Phoenix)

$ 137 K, Fort Worth, Texas

$ 130 K, Houston, Texas

$ 135 K, San Antonio, Texas

$ 115 K, Charlotte, North Carolina

$ 165 K, Chesapeake, Virginia

$ 170 K, Syracuse, New York

$ 125 K, Cleveland, Ohio

$ 129 K, Columbus, Ohio

$ 179 K, Sioux Falls, South Dakota

$ 215 K, Puyallup, Washington (Tacoma)

All of these houses have at least 1,800 sq. ft. of primary (above ground) living space, 3 beds, 2 baths, are no older than 10 years and have an attached double garage.

Foreclosure and auction homes were not included.

#20 Randy on 10.19.15 at 5:46 pm

Why doesn’t Toronto and the GTA pay for their own Infrastructure since they get the benefit as their houses appreciate ? Taxes in Toronto are ridiculously low and TCC fares are subsidized. Cheap Bastards. Make the property owners pay.

#21 Londoner on 10.19.15 at 5:51 pm

#15 Mr. White

What are you talking about “when interest rates revert to norm”? Could be years before interest rates trend higher and there’s no indication that this couple would be “hooped” when they do.

Inflation is the name of the central bank policy game. Make no mistake about it. And they’re willing to let rates stay low until inflation is well above their target. When they finally get the inflation they’ve been engineering you can bet that rates will be rising quickly, but so will wages and economic growth. That inflation growth could easily dwarf any correction in house prices. Houses may be overvalued now and the price imbalances will eventually work themselves out but don’t try and link them to monetary policy.

#22 Mf on 10.19.15 at 5:53 pm

#16 Blacksheep on 10.19.15 at 5:27

That’s right. I voted for my “precious TFSA” because it matters to me by impacting me personally.

If the system has it’s own “agenda” like you
Say, and nothing really matters what we do, then what else do we base our decision on?

Mf

#23 Joe Schmoe on 10.19.15 at 5:54 pm

Calgary is a great renters market.

Some sweet long term lease deals out there right now…sadly my wife likes owning…sigh.

meh. I am too lazy to move anyway.

#24 John on 10.19.15 at 5:56 pm

Hi Jamie. You are young. Take your 900 grand and invest in a balanced portfolio that churns out $60,000 per year. Move to the beach in Costa Rica. You will be rich and live like Kings on 40 grand per year max. Your pile of money will continue to grow. You can spend your days surfing and hiking and chatting with interesting people from around the world. Seriously, you won the lottery. Get the heck out of Calgary.

#25 Londoner on 10.19.15 at 5:58 pm

#6 Bytor the Snow Dog

I think Toronto is a great city and has just as much to offer as any of the others.

#26 Nora Lenderby on 10.19.15 at 5:58 pm

#3 Curious on 10.19.15 at 4:46 pm
I wonder if we are going to have Justin Trudeau, aka “Sarah Palin of Canada” in charge by the end of this evening? Sigh….

Don’t be silly. You can’t see Russia from Westmount.

(Although I believe he moved the family to Rockcliffe Park, Ottawa in the last few years).

#27 Nora Lenderby on 10.19.15 at 6:01 pm

#320 Nagraj on 10.19.15 at 4:22 pm

So! You confess to Milord Black and the rent boys?

Be careful – Stevlad the Inhaler is listening.

#28 April. on 10.19.15 at 6:02 pm

This is only slightly related to today’s blog – but I just can’t resist bringing it to your attention. :)
http://www.nationaljournal.com/twentysixteen/2015/09/02/1-easy-way-donald-trump-could-have-been-even-richer-doing-nothing

#29 bill on 10.19.15 at 6:03 pm

great pic Garth!
it sure puts that ‘world class ‘ city thing in an interesting light.
just to underline the obvious:
lets take Tokyo for for an example…a fairly comprehensive subway/train/high speed ICE system eh?

http://www.wa-pedia.com/images/content/TokyoSubwayMap.gif

http://www.wa-pedia.com/images/content/TokyoJRMap.gif

on the other side of the pacific we have Vancouver and its Skytrains and the West Coast Express .
not exactly world class… the transport systems here look to me to be stop gap political sops thrown to a credulous public rather than a comprehensive transportation system.
can we safely say that Vancouver isnt a very ‘world class’ city?

#30 Nora Lenderby on 10.19.15 at 6:20 pm

Blimey! That fair knight, Sir Richard Branson has leaked a UN document recommending decriminalisation of drugs.

http://www.virgin.com/richard-branson/finally-a-change-in-course-on-drug-policy

More vice to tax. Super!

#31 fcuk TTC on 10.19.15 at 6:23 pm

GTA/Toronto transit totally sucks.

Not only the number of subway lines, but also how frequently it breaks down, due to “signal problems”.
The Yonge/Bloor station platform at rush hours is a complete joke.

The TTC at the age of GPS still unable to space out buses, 3 or 4 shows up after 15-20 minutes waiting, the first two is packed, the other one or two is running almost empty.

#32 Leo Trollstoy on 10.19.15 at 6:30 pm

Fantastic job Janie! Sell the house and you and hubby are in easy street!

#33 Hicksville Alberta on 10.19.15 at 6:31 pm

Great post tonight Garth. Covers a lot and i think gives great guidance to Janie and any other Albertans reading today.
I think you are right on the oilpatch observations about later ( perhaps much later ) before any type of recovery and still quite possible to get quite a bit worse.
Declining volume on sales and the start of a meaningful decline in prices can easily lead to a locked up downside market in a heartbeat.
Add the uncertainty of a change in government at the Federal level to the uncertainty and inexperience of the new Provincial government and the spendthrift city administration and it isn’t difficult to imagine the worst of quite a few worlds could easily impale real estate in spades due to the illiquid nature of that asset class.
Perhaps a good leading example of that already in play in Alberta is the office and commercial property markets which appear to be setting themselves up for at least a generational asshanding.

#34 Imalwaysright on 10.19.15 at 6:40 pm

I am stymied by the lack of comments relating to the state of the economy in Ontario.Being employed in manaufacturing, myself and most of my contacts have experienced a drastic slowdown similar to 2008/2009.This doesn’t seem to be reported in the media although Sept earnings are being announced and Oct results fall into next quarter.I think many will be in for a shock that we are in a recession and it will not be over soon.

#35 pinstripe on 10.19.15 at 6:41 pm

the verbal exchange is very cutting. there are many desperate PCs and CPCs in the ring.

http://www.cbc.ca/news/canada/calgary/ric-mciver-angers-fellow-pcs-over-harper-endorsement-letter-1.3278545

#36 mike from Mtl on 10.19.15 at 6:44 pm

#31 fcuk TTC on 10.19.15 at 6:23 pm
GTA/Toronto transit totally sucks.
/////////////////////////////////////////

STM in mtl. you’ve not seen inefficacy and horrendous public planning if you’ve been here. Transit map covers almost random area less than a half of TTC, completely underground yet give every excuse not to do anything about it.

Even eastern europe puts us to shame in that area!

#37 Bytor the Snow Dog on 10.19.15 at 6:44 pm

#25 Londoner- Of course T.O. has amenities.

Just can’t get to them efficiently.

#38 Over at TD on 10.19.15 at 6:50 pm

Over at TD Economics, Diana Petramala isn’t so surprised.

I bet.

Over at TD they are busy to hand out little pink slips in house, in competition of gaining market share with jumbo green mortgages everyone else.

#39 mitzerboy aka queencity kid on 10.19.15 at 6:52 pm

Good luck to all the people running for Prime Minister of Canada …. may the best person win

all’s fair in love and war

#40 S.Bby on 10.19.15 at 6:55 pm

Vancouver’s “Skytrain” runs on Pentium PCs and uses floppy disks for backups. Early 90’s technology.

http://www.vancouversun.com/Inside+SkyTrain+control+room/10092529/story.html?__lsa=439c-98a3

#41 Kenchie on 10.19.15 at 7:15 pm

Garth, THANK YOU SO MUCH for this picture today. I try to explain to my Torontonian colleagues that the infrastructure in this city, for the size and importance of this city, is absolutely pathetic!

I used to live in London, have been to Paris 10+ times, and New York only 2 times. It’s so much easier to get around those cities without a car, relative to Toronto. This city, and other Canadian cities, need the Liberals’ infrastructure plan more than they need the Conservatives’ infrastructure plan.

Go Justin Go!

#42 cd on 10.19.15 at 7:19 pm

there is a few things that your subway maps don’t show such as tunnels under waterways, multi train tunnels, and cheap connections to the airport (like < $5). So with a bit of knowledge toronto looks even worse than it appears to be.

#43 Socialists suck on 10.19.15 at 7:20 pm

How about Windsor? Crashed along with America and now on a real estate ascent. Only had one direction to go lol. Detroit has a better sports, music, cultural scene than Tdot and Vangroovy combined. The downtown blight is being gentriifed by hipsters, buying houses at auction for $10gs ha. Great to see a price point that allows young ideas to blossom. Great businesses popping up all over the D. Too bad Canada is a socialist nightmare. Regulation, lack of productivity directly related to union mentality and general laziness pervades this country.

#44 DM in C on 10.19.15 at 7:30 pm

“in an infill side by side worth about a million bucks.”

A side by side is a duplex by any other name.

Spending a million $ to share a wall and a roof with strangers is beyond ridiculous. It’s stupid and moronic and short-sighted, and a dozen other terms I can’t be bothered to type.

#45 Retired WI Boomer on 10.19.15 at 7:31 pm

Janie – List the place, if you get a “seeker” sell it. Nothing beats liquidity, freedom, and cash in the bank, and good investments.

#2
Put half in your TFSA and stuff the other half with good growth ETFS.

#22 MF
Keep investing as you have been investing my friend. Nothing heals better than time. Those good dividend paying ETF’s or stocks (in my case) sure beats the snot out of most other equities. Yes, there is a time to take profits then buy them back later cheaper. I do play that game. I also like the INDEXES.
I also like utility ETF’s Healthcare ETF’s and even energy. Do I always win? No, but mostly, and the fixed side provides an anchor for my stupidity.

Hey, dude, you only live ONCE here, I would prefer to skid into the box, champagne in one hand, cigarette in the other, and stay, “What a hell of a ride.”

So far 64 next month, Jan 1 marks 4 full years of retirement, and I have more now than when I started retirement. What a country!! Your mileage may vary!!

As they say – Stay the course…

#46 Retired WI Boomer on 10.19.15 at 7:33 pm

Toronto is an OK city, not world class as measured by the world competition.
401 works,or Not.
Transit limited.
Taxes high.
Hoods varied.

Buffalo is a better buy. Even Hamilton, and that’s saying something!

#47 Gray Man on 10.19.15 at 7:48 pm

Here is a good laugh !

http://news.nationalpost.com/arts/television/dont-vote-for-stephen-harper-john-oliver-tackles-the-canadian-federal-election-on-last-week-tonight

#48 Kenchie on 10.19.15 at 7:54 pm

#40 S.Bby on 10.19.15 at 6:55 pm
“Vancouver’s “Skytrain” runs on Pentium PCs and uses floppy disks for backups. Early 90’s technology.

http://www.vancouversun.com/Inside+SkyTrain+control+room/10092529/story.html?__lsa=439c-98a3

Hopefully this can be remedied sooner rather than later…

#49 Don Derc on 10.19.15 at 7:56 pm

Everyone exercise their right to be ignorant? Remember, what you have today is what you voted for last election, you Canadian beavers you. One more for the road:

“Mr. Speaker, folklore has it that the Canadian beaver will bite off it’s own testicles when it is threatened and offer them up to its tormentors. I think that is a fitting metaphor for the way our government reacts to bullying on trade issues, by carving off pieces of our nation and offering them to the Americans”

Pat Martin Wpg MP

Testicles….great word.

#50 Joe on 10.19.15 at 7:59 pm

John Oliver and Mike Myers Blast Canada’s PM Stephen Harper: ‘Do Not Vote For Stephen Harper’

http://www.thedailybeast.com/articles/2015/10/19/john-oliver-and-mike-myers-blast-canada-s-pm-stephen-harper-do-not-vote-for-stephen-harper.html

#51 Freedom First on 10.19.15 at 8:00 pm

#39 mitzerboy…..

Yes, all is fair in love and war. But only because I live by my own rules. I have to. I am a man. And I am just fine with that. I love and accept that I am 100% responsible for myself. Anything else would be high risk.

Too all the people who are whining about day care. We need less people in the world, not more. Let’s not encourage even more overpopulation but instead deal with the real exponential problems the world faces. You have no valid argument against this truth. No exception.

#52 Joe on 10.19.15 at 8:02 pm

Ex PMO says Harper has lost moral authority to govern:

http://www.cbc.ca/news/politics/canada-election-2015-perrin-conservatives-govern-1.3277130

Now how many dumbasses will still vote for him because of a meager 5K in TFSA?

#53 Smoking Man on 10.19.15 at 8:10 pm

https://www.google.ca/finance?q=usdcad

FX market betting on an communist win.

Teacher Running the Country
+
Teacher Running Ontario..

= Disaster for private sector.

Guess Putin will be sending Harpo post cards from the Next G20

Ha.

#54 souvereigninternational on 10.19.15 at 8:11 pm

explaining housing insanity with just one picture. Maybe your best blog picture ever.

#55 Joe on 10.19.15 at 8:15 pm

Conservatives are cheating in the election–again!

https://www.reddit.com/r/canada/comments/3pdudu/reports_coming_in_from_all_over_canada_premarked/

#56 Ret on 10.19.15 at 8:18 pm

The political response to screwed up, and heavily subsidized public transportation seems to be, “Let’s build more of it!” How is that working out so far?

Everyone wants public transportation but at last count, only 11 people in Toronto wanted to pay fares that truly represented what it costs to run it.

The people in Kenora or Cornwall didn’t give the okay for 40 story condos on every corner of Toronto. Torontonians built the chaos. They own it.

Let Torontonians figure it out with their own property tax revenues from those huge condo projects.

#57 HARPER going Down on 10.19.15 at 8:18 pm

Will Harper be seeing RED tonight

#58 Linda on 10.19.15 at 8:21 pm

The trouble with travel abroad – particularly in Europe – is that when one returns home to Canada transit envy rears its ugly head. It took me nearly 3 months to get over my envy last time I came back from Europe – even the off the map, tiny towns had regular, efficient high speed train service & bus service was also very regular. To be fair, Europe is much more compact with much higher population density so intercity travel by high speed rail is much easier to achieve. However – in city transit services blew ours away. And unlike Calgary, those European towns & cities seemed to have no difficulty in implementing electronic payment for Transit. We are still trying to get one up & running, even though a European firm was chosen to set us up with modern transit tech.

#59 OXI in GREECE !! on 10.19.15 at 8:23 pm

Legal WEED will be here soon YAY !!!!

#60 YIKES! on 10.19.15 at 8:26 pm

Liberals elected or leading in ALL 32 ridings in Atlantic Canada. Will this be the case for the rest of Canada?

#61 Joe on 10.19.15 at 8:27 pm

“The big question is the one you have identified. Should you sell? After all, $125,000 in equity has vaporized in the past year and there could be more coming.”

There could be more coming? How can it not tank? Come on, people in Cowtown are in denial. There’s no reason to live there other than jobs or family, and now that we are almost certain oil will be low for at least several years, how can these prices be justified in this city? Seriously, would you pay $700K for a house anywhere in Calgary?

#62 Millenial on 10.19.15 at 8:32 pm

Garth,
Don’t you worry about Toronto having a primitive transportation infrastructure. Unemployment will be so high in a few years; positive GDP growth can only be sustained on debt and ZIRP for so long. Look forward to no morning and evening traffic on the 401, never have to look for a seat on the TTC.

#63 Frank on 10.19.15 at 8:34 pm

#48

Pentiums are built on the x86 instruction set which is actually 70s tech. Your PC today uses the same thing, just faster.

There’s nothing wrong with Pentiums. The skytrain is not a global web services like Facebook with billions of requests a second or a video game with realistic graphics. If it works its fine.

#64 BG on 10.19.15 at 8:35 pm

“First, I love your blog and engaging writing style,” she says, sucking up to me in a way her neighbour never could.
************************************

Lol! that was hilarious.

#65 liquidincalgary on 10.19.15 at 8:44 pm

…it’s a ‘red wave’ rushing across the country

#66 Smoking Man on 10.19.15 at 8:48 pm

Lib are killing it in atlantic canada

#67 conan on 10.19.15 at 8:52 pm

The Atlantic tribe has spoken.
Cue the Survivor sound clip.

#68 Blacksheep on 10.19.15 at 8:54 pm

MF # 22,

#16 Blacksheep on 10.19.15 at 5:27

“That’s right. I voted for my “precious TFSA” because it matters to me by impacting me personally.”

“If the system has it’s own “agenda” like you Say, and nothing really matters what we do, then what else do we base our decision on?”
——————————————-
Your allowed to cast a vote so that you feel, you have some control.

But reality is:

You (or I) do not have a choice on, unwarranted foreign military actions.

You (or I) do not have a choice on, Bill C-51.

You (or I) do not have a choice on, opting out of the TTP.

You (or I) do not have a choice on, private banks collecting interest, on national debts, ad infinitum.

You vote for the idiot that promises you what you want, pacifying you from bitching about serious issues like mentioned above. Such is life, just don’t kid yourself about what’s taking place.

#69 Jim on 10.19.15 at 8:56 pm

Re #58
This is because you have inbred idiots like Gregor “paver” Robertson running the city of Vancouver. His developer buddies got him elected and now he’s paved over most of the city with these shoddy hi rise condos and there has been no commensurate increase in transit. Even worse is Christy Crunch Clarke, our bimbo Premier, who is so against transit that that we end up with over crowded, slow buses and poorly serviced routes. Gregor wants to get people “out of cars” but he doesn’t offer much of an alternative or incentive.

#70 OXI in GREECE !! on 10.19.15 at 8:58 pm

Tax us into the stone age….OUT
The Stephen Harper Dictator Nutty Yahoo before Canada party……OUT

The legalize weed party……..IN

#71 Patrick on 10.19.15 at 9:07 pm

#53 Smoking Man on 10.19.15 at 8:10 pm

Next G20 meeting: Trudeau ‘stands-up’ to ex-KGB Putin. Unfortunately, Putin misses what he has to say because he’s taken Hilary outback for a roll in the hay.

#72 Smoking Man on 10.19.15 at 9:11 pm

About a year ago, I said on here attack adds on old bastards work. It will back fire if you use that tactic on a young opponent.

I said Gord Nixon should apologize for Igate and fire his CIO. And he did. After reading this blog.

Needless to say, Ive seen as always what was coming, moved alot shit usa dollar centric, bet on USDCAD and got a gig to work for a USA company , paid In USA Paso’s for my Casino stack.

And Im now telling all Canadian banks who are loading up on TFW , keeping them in The USA doing work for Canadian banks.. That ones going to blow up in your face shortly now that commies will be in power.

Free million dollar consultanting advise right here on GF will the banks listen, probably not.

Dr Smoking Man
Phd Herdonomics

#73 Entrepreneur on 10.19.15 at 9:12 pm

I say keep the house, Janie, unless the monthly payment is too much and need to move.

Waiting for Justin Trudeau to break out in a dance step, maybe a song or two. Hollywood here is JT. LOL

#74 Smoking Man on 10.19.15 at 9:14 pm

#71 Patrick on 10.19.15 at 9:07 pm
#53 Smoking Man on 10.19.15 at 8:10 pm

Next G20 meeting: Trudeau ‘stands-up’ to ex-KGB Putin. Unfortunately, Putin misses what he has to say because he’s taken Hilary outback for a roll in the hay.
…..

Putin’s a libertarian… Sort of…
Its complicated.

#75 [email protected] on 10.19.15 at 9:21 pm

It’s very simple to fix Toronto crazy traffic, remove all signs of quite neigborough and allow trafic 4-6 pm on each road no matter what, no more traffic in 24-hours. The city it will breathe again. Lala says hi from Greece, 24 Celsius here in Thessaloniki, uzzo is cheap, girls don’t look like men, and I drink my coffe seated served with water, no more Tims on the rush.

#76 Smoking Man on 10.19.15 at 9:25 pm

Harpo will be out of a job.

But hes got good contacts, perhaps his next job will be coat boy for Indgo , Chapters.

Bilderburg Heather owes him huge….

Now fetch my coat you loser. Here’s your milkbone.

#77 Young Money 420 on 10.19.15 at 9:28 pm

That’s the business homeboy
We be stuntin’ on them bitches every chance we get.

#78 Your 15% on 10.19.15 at 9:30 pm

I’m calling it early. Your poll was way off. Skewed by your geriatric fanboys. Liberals will form government.

#79 JSS on 10.19.15 at 9:30 pm

Shall we uncork the champagne now?

#80 SWL1976 on 10.19.15 at 9:33 pm

#68 Blacksheep

You vote for the idiot that promises you what you want, pacifying you from bitching about serious issues like mentioned above. Such is life, just don’t kid yourself about what’s taking place.

Your allowed to cast a vote so that you feel, you have some control.

But reality is:

You (or I) do not have a choice on, unwarranted foreign military actions.

You (or I) do not have a choice on, Bill C-51.

You (or I) do not have a choice on, opting out of the TTP.

You (or I) do not have a choice on, private banks collecting interest, on national debts, ad infinitum.

Blacksheep, I thought your first rebuttal was good, but this one is even better.

Thanks for taking a stand and telling it like it is.

Sometimes the truth hurts.

MF, you seem like a smart guy, yet you still have much to learn about the reality of the situation.

We all have much to learn, and I suppose that is what keeps us coming back.

#81 Smoking Man on 10.19.15 at 9:35 pm

About 6 months ago, I told you bastards about a word.
Coined in london.

Rejectionist. You pricks got to pay more attention to my insaine posts.

Tonight that word has meaning.

Attention, CSIS, CIA, MOSSAD, NSA, KGB.

Highest bidder wins.

#82 Old stock Canadian on 10.19.15 at 9:35 pm

Mike Harris destroyed the Tories in Ontario. John Tory was a good leader but Tory party have a reputation as ruthless vicious dogs. Same thing Harper did to the conservative party of Canada. No chance for another 20 years.

#83 45north on 10.19.15 at 9:38 pm

structural weakness in the Canadian economy, the global oil price collapse, slagging employment, falling exports and delusional voters will continue to impact housing. Higher prices on fewer sales in 20% of the Canadian market is no formula for future stability. Valuations relative to the incomes people actually earn are suicidal. When four in ten homebuyers in one city need to rent out their basements to meet the mortgage payments, you can smell trouble.. And when things seriously slow down in Mississauga or Richmond, then Calgary’s toast.

“delusional voters” Somebody has to tell them they’re delusional. Really none of the big three political parties want to do this. Stephen Harper had the chance. He had low interest rates and a booming real estate market. That was the best time to say get ready for tough times. He didn’t.

#84 Go Jays on 10.19.15 at 9:41 pm

Came across this quote,”Democracy is a pathetic belief in the collective wisdom of individual ignorance.”

#85 Real change on 10.19.15 at 9:44 pm

Garth gotta be more careful with headlines.

#86 Keen Reader on 10.19.15 at 9:48 pm

ABC just declared a success! Hopefully we get a minority government that is kept in check, until we have new leadership for the Cons!

#87 Patrick on 10.19.15 at 9:50 pm

People made such a big deal about this this election. Really, it’s meaningless.

We got an anti-oil, environmentalist running the oil-province. Pro-union, anti-business Wynne running the manufacturing province. Who gives a shit who’s running federally. Not like it will make a difference.

At least Trudeau looks good on TV with his full-head of wispy hair and youthful good-looks. We could do worse.

We could have the NDP ‘B-team’ get elected and I’d have to look at that angry troll Mulcair for 4 years. Let the A-team win. At least the guy is full of endless optimism. It only cost us $5k a year tax-free.

#88 Moving on on 10.19.15 at 9:51 pm

Page turned. How do we make money off this?

#89 S.Bby on 10.19.15 at 9:55 pm

#63 Frank
Have you taken the Skytrain lately? Ask anybody who’s been stuck in it for hours about that “if it works it’s fine” theory…

#90 Smoking Man on 10.19.15 at 9:56 pm

Time to invest in food trucks.. Munchies Im thinking Justin is hobby freindly.

Where harpo fk up.. His public love affair with NutAndYahoo.

There is MSM , bahahaha

And youtube images of dead Palestinians rock chuckers.

.

Ultimately, humans have a heart. And your seeing it tonight.

Ya I know I’m anti semetic cause NutAndYahoo likes bombing kids, and it pisses me off.

Damn, going to miss that TSFA.

#91 presley1000 on 10.19.15 at 9:58 pm

#88… if you didn’t load up on pot stocks over the last week, watch the marijuana index fly tomorrow…

http://marijuanaindex.com/index-canada/

#92 Predictions2015! on 10.19.15 at 10:03 pm

TRUDEAU, TRUDEAU, TRUDEAU!!!

#93 stage1dave on 10.19.15 at 10:03 pm

Leave it to Mr. Turner to post a graphic of the FOUR roads in Edmonton that ARE NOT under construction this summer…

Anyway, I’m severely distracted by a PWCC auction tonite, but not so much that I can’t be a bit envious of Janey & her hubby! At her age, I was still thinkin’ the “hotel silverado” was pretty good accommodation…at whatever truck stop would have me, haha

This election thingie is a bit surprising, as well…wasn’t expecting a crimson tide. (mind you, I wasn’t expecting a 51 PH Howe RC PSA 8 with so-so centering to clear 20K either, so I guess the nite is full of surprises)

Damn, I’m outta popcorn…least I got smokes!

#94 Trojan House on 10.19.15 at 10:06 pm

Anybody see “last night, tonight with John Oliver” last night? He had a whole segment on the Canadian election. Funniest part of the segment was when he showed a clip of Justin Trudeau showing someone how he picked up girls, or something like that, by faking a fall down the stairs! He then actually fell down a flight of stairs.

That’s our next PM. I’m so proud to be a Canadian!

#95 1812 reasons to vote on 10.19.15 at 10:10 pm

Garth

shouldn’t it be illegal to have a baseball game on an election day…seems like it could be a yank led conspiracy to cut back voter turnout…

#96 Bumblestumble on 10.19.15 at 10:11 pm

#92 Trojan House on 10.19.15 at 10:06 pm
….. Funniest part of the segment was when he showed a clip of Justin Trudeau showing someone how he picked up girls, or something like that, by faking a fall down the stairs! He then actually fell down a flight of stairs.”

I miss Joe Clark, now that was world class stumbling!

#97 Bottoms_Up on 10.19.15 at 10:15 pm

Let this be a lesson to us all of the usefulness of a biased on-line poll. Regardless of topic.

The polls here reflected the voting intentions of the participants on that day. That’s what a poll is. — Garth

#98 young & foolish on 10.19.15 at 10:15 pm

Yeah … 900 grand churning out 60 grand a year like clockwork. Sound like somebody who has real money invested?

Exactly the experience of a balanced investor over the last decade, on an annualized basis. Anyone who expects a steady monthly return from a portfolio will have to live with 2%. — Garth

#99 Hogtown Gonzales on 10.19.15 at 10:18 pm

Garth,

Even Mexico City has a way better system than the Six…
https://en.wikipedia.org/wiki/Mexico_City_Metro

“It is the second largest metro system in North America after the New York City Subway. In 2012, the system served 1.609 billion passengers, placing it as the eighth highest ridership in the world.[1]
…… As of 2015, the system comprises twelve lines,[1] serving 195 stations,[1] and 226.49 kilometres (140.73 mi) of route (including the recently opened Line 12).[1]”

this is getting embarrassing, and it may be a struggle for Canada to catch up to developing countries…..

#100 Millmech on 10.19.15 at 10:19 pm

#70
Yup legalize it,good plan,keep everybody laid back and relaxed and unmotivated,If your not too high to see who will be pushing this agenda it will be big business just like the booze rackets and I guarantee you they don’t use it.
P.S. Get your pot checked for meth as it’s making it’s way to you,going to a friends funeral this week who got hooked on that crap that way.He lasted 6mths before it finished him off and know of three other people who are fighting the same fight he did through tainted pot.

#101 TurnerNation on 10.19.15 at 10:20 pm

Get ready for more NWO/UN global agenda. Carbon taxes. Restraint on movement. Theft of public assets.
And of course debt debt debt.

Resist? Then get the Turkish/Syrian treatment. There never was independence.

#102 Smoking Man on 10.19.15 at 10:21 pm

Damn, I light a joint tonight.

Not hidding in my gazebo no more.

I walked the streets of long branch. You always got to look to the bright side of shit.

Now if we can repeal backpage criminality of rentals.

I’ll pay higher taxes gladly.. Prostate health is whats going though my mind.

You don’t use it..you die..

#103 Sideshow Rob on 10.19.15 at 10:26 pm

#71 Patrick on 10.19.15 at 9:07 pm
#53 Smoking Man on 10.19.15 at 8:10 pm

Next G20 meeting: Trudeau ‘stands-up’ to ex-KGB Putin. Unfortunately, Putin misses what he has to say because he’s taken Hilary outback for a roll in the hay.
…..

Putin’s a libertarian… Sort of…
Its complicated.

Trudeau is already on the offensive against Putin. He put out the word that “Mr ex kgb” better behave or he will unfriend him on Facebook.

#104 Tiger1960 on 10.19.15 at 10:30 pm

76 smoking goof !
Your correct , he will be working next to you and robery Ford crack heads, gotta like that

#105 Bobs ur uncle on 10.19.15 at 10:35 pm

It fills me with joy to see Harper lose to a TRUDEAU. bahahaha – it sucks steve. Not that I love Justin, but God do I hate that helmet head prick.

#106 Smoking Man on 10.19.15 at 10:35 pm

#99 Tiger1960 on 10.19.15 at 10:30 pm
76 smoking goof !
Your correct , he will be working next to you and robery Ford crack heads, gotta like that

Im stoned out of my mind, yet , i can still see you’re an idiot.

Practice makes perfect.

#107 Ha ha ha on 10.19.15 at 10:35 pm

Well you pathetic bunch of Dickheadz you all got what you wanted. Four years, four freaking years, good luck with the new boy. I hope some buddy smart around him can talk some sense into that kid.
Ha ha ha ha

#108 Trudeau Knocks out Harper on 10.19.15 at 10:37 pm

A stunning right Knockout. Harper you are a loser. All that corporate money and you lost. LOL Loser. Now you will sit on the boards of big corporations and collect millions. scum

#109 He is just not ready on 10.19.15 at 10:37 pm

… to continue to be PM.

Which is actually good. No one should rule more than two terms.

#110 Gulf breeze on 10.19.15 at 10:39 pm

Liberals have themselves a majority. Yippee. Anyone but Harper! The conservatives won’t be voted back in for at least a couple of decades. Landslide for the liberals, is the word they’re using!

#111 IHCTD9 on 10.19.15 at 10:39 pm

#100 Sideshow Rob on 10.19.15 at 10:26 pm

Trudeau is already on the offensive against Putin. He put out the word that “Mr ex kgb” better behave or he will unfriend him on Facebook.
————-

LOL!

#112 conan on 10.19.15 at 10:41 pm

Rolling paper futures are off the chart.
Many millionaires made tonight.

#113 Smoking Man on 10.19.15 at 10:44 pm

#103 Sideshow Rob on 10.19.15 at 10:26 pm
#71 Patrick on 10.19.15 at 9:07 pm
#53 Smoking Man on 10.19.15 at 8:10 pm

Next G20 meeting: Trudeau ‘stands-up’ to ex-KGB Putin. Unfortunately, Putin misses what he has to say because he’s taken Hilary outback for a roll in the hay.
…..

Putin’s a libertarian… Sort of…
Its complicated.

Trudeau is already on the offensive against Putin. He put out the word that “Mr ex kgb” better behave or he will unfriend him on Facebook.

So what dudes , we’re paying more taxes but , be happy…
Jamaican…

How dose shit always work out for me.

#114 TurnerNation on 10.19.15 at 10:44 pm

Erm I think the Marijuana/Communist party won.

#115 Patrick on 10.19.15 at 10:44 pm

#86 Keen Reader on 10.19.15 at 9:48 pm

ABC just declared a success! Hopefully we get a minority government that is kept in check, until we have new leadership for the Cons!
_______________________________

A minority government isn’t a good thing in this situation. We have highly divisive lines drawn in the political landscape now.

The Liberals would have to pander to the NDP, because they won’t work with the Cons. Or worse they’ll team up with the Greens. That happened in Ireland pre-2009 and every damn bill had a carbon tax to get passed. Hopefully Trudeau shifts to a more centrist view to run the country and we’ll see exactly what he’s made of.

#116 Observer on 10.19.15 at 10:45 pm

Garth……Trudeau investment strategy?
Please don’t say “sell”.

#117 Jack Smith on 10.19.15 at 10:46 pm

All young Canadian workers not just Ontario residents will now lose on average $400,000 for one worker, $800,000 for a 2 worker household.

The new pension plan Ontario now will be stolen off their paychecks across Canada. Freedom 75 if your lucky and peanuts of an extra $6,400 a year or $12,800 per couple which is only 1.6% of all the money they lost not counting annual interest, capital gains, dividends etc.

Liberal, free to pay through the nose. Canada will follow in Ontario’s future. Glad, I am not working anymore and we are retired with $100,000 a year and lots of investments.

#118 lifegoesonPCweirdos on 10.19.15 at 10:47 pm

#107 — ” I hope some buddy smart around him can talk some sense into that kid.”

I hope half the people who threatened to leave Canada for greener pastures if Harper lost actually leave.

I hope all the transparent, narrow-minded doom-sayers who predicted economic Armageddon live long enough to eat their words.

I hope all my peers get jobs that allow them to have families and buy homes that dont force them to commute 3hrs a day.

I guess we’ll see.

#119 ALBERTA IS FINISHED on 10.19.15 at 10:47 pm

Carbon tax on the way……….

#120 Ontario's Left Coast on 10.19.15 at 10:48 pm

I’ll gladly give up the additional TFSA room to see the current PM kicking stones down the road. To be honest, I can’t even believe he ran this time around.

#121 Washed Up Lawyer on 10.19.15 at 10:51 pm

Apparently, here in Alberta, we did not get the memo.

So, nationally it appears to have gone from ABC and ABH to AMF.

#122 common sense on 10.19.15 at 10:52 pm

Well Justin….good luck..your going to need it.

And Stevie..I hope the door knocks your ass over on the way out you controlling, narrow minded, global warming denying bastard….

Let the fun and games continue….

#123 Irent on 10.19.15 at 10:56 pm

Now Cons can put on all the niqab they want !!!!!

#124 Malrouni on 10.19.15 at 10:58 pm

Malrouni is talking about Justin Trudeau.
He sounds real human. Such a stark contrast to Harper.

#125 Tim on 10.19.15 at 10:58 pm

Re Ha ha ha

You simpleton, look what that prick Harper has done to Canada the last 10 years–you are probably too stupid to even comprehend the changes.

#126 Sponge on 10.19.15 at 10:58 pm

The centre has won a majority! Canada is now a little older and wiser…

#127 Flow on 10.19.15 at 11:02 pm

#119 ALBERTA IS FINISHED on 10.19.15 at 10:47 pm
Carbon tax on the way……….

Go with the flow… With current oil price it does not matter that much, anyway.

Use the opportunity to start thinking something new.

#128 Gordon Gilfoyle on 10.19.15 at 11:04 pm

Fox News just called it: 0% of Americans care one way or the other who Canada’s Prime Minister is.

#129 Doooooom on 10.19.15 at 11:07 pm

#100 — P.S. Get your pot checked for meth as it’s making it’s way to you,going to a friends funeral this week who got hooked on that crap that way.He lasted 6mths before it finished him off and know of three other people who are fighting the same fight he did through tainted pot.

I’ve always pitied doomsayers; such sad fearful people.

1 – pot is cheap and meth is less cheap. Why would anyone put meth into pot?
2 – can you concede that government regulated pot would be safer than street pot?
3 – do you shoot your shadow every time you walk into a brightly lot room?

#130 The Other Chris on 10.19.15 at 11:09 pm

To the rest of Canada: welcome to the nightmare we Ontarians have been living for the last 14 years.

#131 Fox on 10.19.15 at 11:10 pm

#128 Gordon Gilfoyle on 10.19.15 at 11:04 pm
Fox News just called it: 0% of Americans care one way or the other who Canada’s Prime Minister is.

That tells the most about Fox News. Relax.

#132 Gray Man on 10.19.15 at 11:10 pm

Meet the new boss
Same as the old boss

I Justin ,do swear that I will be faithfull and bear true allegiance to her Majesty Queen Elizabeth the second Queen of Canada , Her Heirs and Successors. So help me God

#133 Trojan House on 10.19.15 at 11:12 pm

Ok, nobody who voted Liberal has the right to complain over the next 4 years about anything the new government may or may not do.

#134 BG on 10.19.15 at 11:15 pm

Well good luck Mr Trudeau.
Not being Canadian yet, I didn’t vote but it could have been the Cons.

However Trudeau being elected actually makes me happy.
Bye bye TFSA, but welcome change and hope for more balanced policies.

#135 LH on 10.19.15 at 11:17 pm

Re 29 Bill
Your Tokyo subway map is missing the newest line, #13 Fukutoshin

The JR map is also only part of the network (excludes private railways)

A full network map looks something like this:

https://flic.kr/p/694BT5

Almost an eighth wonder of the world
puts NY, London, Paris to shame.
Hong Kong and Singapore are newer but smaller networks.
Shanghai, Beijing have expanded greatly but they’re mostly deep underground which is less convenient to access.

Look on the bright side, Toronto still looks good compared to Sydney (black sheet of white when it comes to subway lines!)
(And yes I’ve been on all of the above systems)

#136 Seb Bladder on 10.19.15 at 11:18 pm

News alert just in….

“Liberal set for Canadian majority. Meanwhile in other news a zombie apocalypse has broken out in the skies over Ireland….more details at 11.”

Brazilian man bites plane passenger, collapses, dies; woman arrested for drugs

Dublin — The Associated Press

Published Monday, Oct. 19, 2015 8:29AM EDT

Last updated Monday, Oct. 19, 2015 8:31AM EDT

“Police say a 24-year-old Brazilian man has collapsed and died on board an Irish aircraft after becoming frenetic and attacking a fellow passenger.

Sunday night’s Aer Lingus flight from Lisbon, Portugal, to Dublin was diverted to the southwest Irish city of Cork, where paramedics pronounced the man dead on arrival. Passengers said he had bitten a man sitting near him and crew members sought to handcuff him before he lost consciousness. A doctor and nurse on board failed to revive him.

#137 MSM-Free Zone on 10.19.15 at 11:20 pm

Look at the bright side.

Now is an excellent opportunity now to re-build a true (c)onservative party in order to replace a tyrannical, hypocritical fake one.

Just don’t screw it up again.

#138 Ex-Cowtown on 10.19.15 at 11:21 pm

Harper is the guys who stayed too long at the party and ended up getting the crap beat out of him. He should have left gracefully last year.

I just hope that with a majority Trudeau is less inclined to do all the dumbass stuff that the radical left wanted him to do.

If oil was at $100 Trudeau would be gunning for the oilpatch. I hope that no even he is stupid enough to think that this is a good time to go after the oilpatch.

We’ll see how far the apple falls from the tree.

#139 Rational Optimist on 10.19.15 at 11:23 pm

Rebuilding starts tomorrow. If you’ve lapsed, sign up again, and let’s choose the right leader.

#140 the day after yesterday on 10.19.15 at 11:27 pm

I dedicate 2 songs,

To the incoming rock star https://www.youtube.com/watch?v=xQhn2sy8r5g

For the dethroned dark lord https://www.youtube.com/watch?v=97ECZMvbLxg

#141 Fisc on 10.19.15 at 11:28 pm

Goodbye Mr. Housing bubble !!!

#142 Craig Daniels on 10.19.15 at 11:41 pm

Say good bye to the TFSA. They will get rid of it over time just like the Ontario Liberals did with labour sponsored fund tax credits.

It is a goner, folks. You really think they did not lie just like McGuinty lied about no new or higher taxes.

Carbon taxes, many other tax increases, new taxes, many tax credits, tax savings like income splitting are gone coming to a red Canada near you.

#143 Erm on 10.19.15 at 11:43 pm

#114 TurnerNation on 10.19.15 at 10:44 pm
Erm I think the Marijuana/Communist party won

Erm… Marijuana is a frikin plant, created by nature. Wrap your mind around it. If you can’t, then just repeat Garth Turner: don’t go against the US.

Communist? Now you are really making a fool of yourself. Anyone can tell, who actually lived under real Communist rule.

#144 Mark on 10.19.15 at 11:44 pm

Let the results of this election be a lesson to any “leader” who proposes a series of policies with the long-term result of weakening employment quality and security for Canadians. A lesson against waging war on the intellectuals in the economy, a lesson against making landlords and rent-seekers spectacularly rich as opposed to vesting the rewards of the economy with those who bring forth the greatest in intellectual vigour. A lesson against policies, like the TFSA, which reward behaviour of the past, rather than behaviour of the present.

If the Conservatives think that installing Jason Kenney as “leader” will fix things in the next election without fixing some of the dogma that has infected their good party — they will remain out of power for many elections to come. Many (including myself) originally heavily supported the Conservatives in earlier elections for their platform on account of its “Libertarian” slant, but the party increasingly turned their back on such. Whether it was issues like the niqab and C-51, CMHC “management” of the nation’s system of housing finance, or even the infamous bullying of political opponents (including the blog’s host), it was clear that they had lost their way.

#145 IHCTD9 on 10.19.15 at 11:44 pm

From Ontario:

Do not let Justin think for any amount of time on the following things:

Electricity production
The environment
The education system
Retirement plans
The health system (this one above all)
The power grid
Public sector compensation
Taxes

It does not matter which is Federal, and which is not. Keep his mind elsewhere for the next 4 years.

You’ve been warned.

Ontario: signing out.

#146 Ray Skunk on 10.19.15 at 11:44 pm

#130

To the rest of Canada: welcome to the nightmare we Ontarians have been living for the last 14 years.

Exactly. First order of business: use a huge deficit to shore up your PS worker vote to ensure perpetual re-election, no matter how corrupt your performance.

Works like a charm in Ontario.

To all those who thought Justin’s promised deficit would be used for infrastructure or other useful means are clearly not familiar with the M.O. of Gerald Butts.

The only silver lining is that the RE burst will happen on Trudeau’s watch.

I just hope that the Loonie doesn’t fall to 50c for my escape to the US, but I feel that’s a pipe dream.

#147 dosouth on 10.19.15 at 11:46 pm

Liberal gov’t as I predicted yesterday on this blog – check

Now another 1/4 point cut this week- (soon to be check)

#148 dosouth on 10.19.15 at 11:48 pm

#133 Trojan House on 10.19.15 at 11:12 pm

Ok, nobody who voted Liberal has the right to complain over the next 4 years about anything the new government may or may not do.
______________________________________

On the contrary, unlike your conservatives, Liberals allow discourse and discussion and heaven forbid, disagreement, even in public…..the shame of it all.

Let go and let Liberal!

#149 Down in Ontario on 10.19.15 at 11:52 pm

Is the hell that Ontario is now spreading all over Canada?

#150 Mark on 10.19.15 at 11:53 pm

“If oil was at $100 Trudeau would be gunning for the oilpatch. I hope that no even he is stupid enough to think that this is a good time to go after the oilpatch.”

Oil at $100 (or a very high price level) is precisely the time when the government should be applying the brakes to the sector to attenuate over-investment. That inevitably leads to a crash as capital mis-allocation is exposed.

A lot of people fault Trudeau Sr. for the National Energy Program, and blame its introduction for a crash in the Alberta economy. But with the benefit of hindsight, worldwide oil prices crashed in the 80s and 90s, and such was entirely decided outside of Canada’s borders. Had Trudeau Sr. not taken policy to attenuate/truncate over-investment in the sector, the long-term outcome of the Alberta economy would likely have been poorer. So looking back, Trudeau’s attacks on the oilpatch at the peak of pricing was the right thing to do, even if he was vilified for it at the time. Some elements of the National Energy Program, such as an East/West pipeline, were, in hindsight, extremely ahead of their time and now desperately desired by the Alberta oilpatch community.

I do believe that Trudeau Jr. will have the tailwind of a stock market ready to explode higher with the deeply countercyclical sector of the precious metals miners being the headline sector for growth. So he might actually have a pretty good run for the next decade, even as housing continues its decline towards, and even beneath long-term median pricing.

#151 Tiger1960 on 10.19.15 at 11:55 pm

Smoking goof!
Your stoned out of your mind !!!!and you can still see you are a looser ,goof (dislecia )
You in telemarketing !
Justin will help you , crack head, make you feel better ah!
Y does garth allow crack heads on this site

#152 OXI in GREECE !! on 10.19.15 at 11:57 pm

King Harper’s speech made me want to wretch….he was the most dictatorial power hungry PM Canada has ever had. Now it’s in ruins. It’s going to take decades to fix it. Longer if they do not start FIRING half the govt tomorrow.

#153 waiting on the westcoast on 10.19.15 at 11:59 pm

Weird feelings….

Happy that Harper got punted… Looking forward to the resignation speech. I was truly unhappy with some of his more extreme views/policies…

That said, not looking forward to tax and spend policies becoming even more in vogue under the red cape. Maybe JT can break a bunch of his promises and move more right and fill the small c void…

#154 just a dude on 10.20.15 at 12:01 am

Garth, any chance of you running to replace Harper when he steps down?

#155 Marlene from Victoria on 10.20.15 at 12:01 am

This is pretty much the election result I have been expecting for a couple days now.

Garth, while your blog poll was interesting last week, it demonstrated that the political instincts of most of your readers, as well as your own, are rather out of touch with Canadians and good sense, frankly.

On personal financial planning (and our bubbly housing market) I give you an A+ for advice and analysis, Garth.

But when it comes to the morality of our economic system, taxation, and lame and repetitive justification of special breaks for the wealthier among us…….well, I suggest you stick to personal financial planning.

Your repeated comments against common-sense economic and taxation fairness have often been as repellent to readers like me as the nonsense coming from Stephen Harper’s mouth on a host of subjects. The entire country has pretty much said so tonight, if you are listening. I hope you are, as well as so many of the right wing extremist men who read this blog.

The unsustainable, destructive tilting of our economy to favour the few must be stopped before it is the ruin of us all. A new government at least provides a chance to try to do that.

But I will continue reading you Garth, in the belief that your continued effort to alert us all to the housing bubble we are in, as well as smart personal financial planning, does a great deal of good. I mean that sincerely.

This blog is about empowering readers, not economic justice. Your condescension is misplaced. — Garth

#156 Capt. Obvious on 10.20.15 at 12:04 am

Well I guess Garth’s poll was right that Harper was quite hated.
A+ to the Liberal campaign.

#157 Tiger1960 on 10.20.15 at 12:09 am

Smoking goof !
Off with your head, an autopsi would show you that !!!

#158 entropic entity on 10.20.15 at 12:09 am

@ #152
“…King Harper’s speech made me want to wretch…”

Fortunately I was able to mute him before reverse peristalsis really kicked in.

#159 boonerator on 10.20.15 at 12:21 am

I took Garth’s political comments these last weeks as,
“Use your head, think for yourself, and vote accordingly”.

#160 Tiger1960 on 10.20.15 at 12:21 am

Smoking goof
Show that your a looser, with no re !
Just live like in a cave in mommies basement!!! How sad at 53 you are a looser big time !!!
You are a fake !
Crack head!
Looser!

#161 Energy on 10.20.15 at 12:22 am

Politics is about energy and resonance (like almost everything).

#162 time for a change on 10.20.15 at 12:24 am

Well it looks like Garth’s prediction that Harper would be re-elected, despite the fact that he is widely disliked in his poll, has not come to fruition. Fortunately, it looks to me like the strong conservative party supporters of his blog are not representative at all of the public sentiment.
Although we are in decent shape financially, and with Trudeau stand to pay more taxes, we are happily willing to do so in order to hopefully make a better society with an aim to try to alleviate huge income disparity and make rich corporations pay their due to society. Garth’s idea that the rich will just leave and companies all relocate on mass iis just dead wrong. As a family, we are happy for Canada to hopefully take a step towards the Norwegian model. Perhaps, Garth, you are out of tune with the sentiment in the country. That being said, I do very much like your warnings about real estate and self-responsibility for personal finance (but completely disagree on the idea that foreign buyers have nothing to do with what is happening in Vancouver and Toronto). However, similar to what the add said about Trudean and the marijuana issue, there are MUCH MORE important issues to our society than worrying about whether the TFSA will be decreased with the Liberals. In my view this was not a central issue of this election.

I made no prediction about who might win. My only advice was to vote for something, not just against. As for the election results doing anything to alter the wealth divide, milk corporations or turn us into Norway, you’re dreaming. — Garth

#163 DON on 10.20.15 at 12:31 am

#151 Tiger1960 on 10.19.15 at 11:55 pm
Smoking goof!
Your stoned out of your mind !!!!and you can still see you are a looser ,goof (dislecia )
You in telemarketing !
Justin will help you , crack head, make you feel better ah!
Y does garth allow crack heads on this site
*********************************

Welcome to the blog.

We have a seat for you in the back…with the other jack asses.

No need to insult the man/alien?.

#164 DON on 10.20.15 at 12:32 am

Is it Halloween tonight? Some of these comments are borderline freaky.

#165 Zoronqueen on 10.20.15 at 12:36 am

his blog is about empowering readers, not economic justice. Your condescension is misplaced. — Garth

Agreed… You recently pointed out that Mr. Trudeau earned $1.3 million in speaking fees around the time he entered federal politics and sheltered it inside a small business corporation instead of paying his allotted share as personal income. By doing so he reduced the tax payable by about half.

He is no different that any politician making promises…. just musical chairs….

#166 liquidincalgary on 10.20.15 at 12:44 am

ALBERTA IS FINISHED on 10.19.15 at 10:47 pm
Carbon tax on the way……….

============================================

a carbon tax can be a tax on life itself.

nice one Liberal supporters!

#167 Bottoms_Up on 10.20.15 at 12:44 am

Boomers, you just got your first GenX PM.

#168 Parksville Senior on 10.20.15 at 12:46 am

Surprised that a blog that pushes for clear thinking could have so many deluded followers that believe how smart they are.

Results of your poll show just how great self delusion can be.

I like the theme of your blog, even though Steve is probably more of an economist than you-oh the horror. But you are a politician, rather than a deep thinker so I can accept that.

Keep up the good work–odds are only 50-50 that an expansionist fiscal policy can rein in the housing bubble. you will still be needed.

#169 DON on 10.20.15 at 12:52 am

I was hoping for a minority… leaned more lib than con in this election but remembered they are more or less the same and so are the NDP.

We basically voted for ‘Limited Change’ we actually need measured change and a different voting system.

Trudeau offered to look at regulating Marijuana and using the revenue generated. The US is well on its way and you know if money is involved steam will pick up. Building infrastructure means the promise of jobs. And that final Liberal ad “Do I look scared Steven?” Worked like a charm.

For me it was the real issues C-51, Supreme Court, TPP etc. Someone ought to do an analysis on ridings belonging to Harper, Ambrose and Kenney. Big WOW! Not that I expected anything different of Alberta, but it appears they went conservative big time. Guess we are back to the old east/west divide with the NDP trailing in 3rd.

And people don’t think things revert to the Norm. Next in line…housing.

Na na nana na na nana hey hey hey goodbye!

#170 Cdn Mom on 10.20.15 at 12:55 am

Quick, Justin needs a Nobel Peace Prize.

#171 Cyclist on 10.20.15 at 1:05 am

29 Bill – I found this interesting and a bit surprising. Yes NY dwarfs all others, but Canada takes 3 of the top ten

https://en.wikipedia.org/wiki/List_of_North_American_rapid_transit_systems_by_ridership

#172 Frank on 10.20.15 at 1:07 am

King Harper’s speech made me want to wretch

Bullocks.

That’s why I love this country. Even our ‘evil’ guy was upbeat, civil and gracious in defeat. He said all the right things. Mulcair too, class act all the way.

The guy I voted for? Glad he won and all but what a stinker of a speech. Too long, started off thanking his family and friends. It took him 5 minutes to address Canadians as a whole. Talked endlessly about his campaign. Guess what? The election is over, no one gives a shit about your campaign. Talk about the future. I hope he governs better than he talks.

#173 canuck on 10.20.15 at 1:45 am

Interesting comments. I suppose it isn’t coincidence that mental midget night shared the day with the federal election.

#174 So much for your polls Garth... on 10.20.15 at 2:00 am

As I posted before Garth, your polls are not random and populated by the well to do or those that want to be and thus, were biased – that is clear now.

They were though very good marketing studies Garth of your blog constituency.

The people have spoken.

Greater Fools stop whining about your TFSA, rather, get with the plan to figure out how we can make some extra cash to displace what we will lose under Trudeau – that includes you Garth.

#175 Great Canadian Bubble Co. on 10.20.15 at 2:02 am

Garth, are you at least taking some satisfaction from the fact that the man who cast you aside in the way he did has just had it done to him in a much more spectacular fashion?

#176 TRT on 10.20.15 at 2:07 am

TFSA?

Hahahahaha.

#177 jc on 10.20.15 at 2:22 am

With the likely demise of the added TFSA room, and income splitting, my family became many thousands of dollars poorer tonight.

I’ve been considering contemporary comparisons for Justin:

Biden: non threatening, approachable and folksy. Will predictably say something dumb and embarressing.
W: rode to victory on his surname.
Palin: dangerously unqualified.

On that last one, Palin at least held executive office. Justin may be peerless on this front.

I expect the shine will quickly come off. Particularly on the world stage, where serious people are needed to deal with serious problems.

I’m surprised at the characterization of this win as a landslide. Seems a thin majority is more accurate, with 7 per cent more of the popular vote, or about a million ballots, by the last numbers I saw. A huge improvement over expectations going in, I’ll give them that.

#178 AACI Home-Dog on 10.20.15 at 3:44 am

#155 Marlene from Victoria

Terrible post. Go away. Garth…excellent troll patrol.

#179 Freedom First on 10.20.15 at 3:48 am

Congratulations Justin! I sincerely wish you the best.

Too bad about the economic and RE $hit$torm you are now in the eye of.

H got off easy. Too bad about my TFSA though. However, I am glad I don’t need a job or own a house. I am blessed.

#180 Boombust on 10.20.15 at 3:51 am

Soooooo glad that creep, Harper is gone.

Buh-bye!

#181 Freedom First on 10.20.15 at 3:53 am

#155 Marlene from Victoria

Misandry. Marlene, you should do something about your hatred towards men. Not good for your psyche.

#182 Londoner on 10.20.15 at 4:24 am

“Exactly the experience of a balanced investor over the last decade, on an annualized basis. Anyone who expects a steady monthly return from a portfolio will have to live with 2%. — Garth”

It’s not about the inconsistency of the return. For years this blog has been going on about balance being the goal. Now we meet a couple who are balanced – not too much invested in RE, a small mortgage and also a portfolio of investments – and the advice is to sell the house? Why sell an asset into a falling market and crystalize a paper loss? Why not suggest they take advantage of low rates to pay down the mortgage? Take out a line of credit to fund emergencies or bump up their investment portfolio. Why turn a tax free capital gain into a potential taxable income stream when there are other options? It just doesn’t make sense and seems contrary to all that’s been written here before.

Hardly. More losses ahead for housing. More job pain for Calgary. — Garth

#183 NDP Man on 10.20.15 at 6:52 am

The orange voter saw through mulcair who is a CON wolf in NDP clothing. We got the orange voters to stand down or pass our vote to the liberals. We did it Canada we knocked out Harper.

#184 Henry Simpson on 10.20.15 at 7:33 am

To Freedom First #178

I am in a similar situation so others will be more impacted many ways.

Each younger Canadian that has an average job of earning $50,000 a year just lost $1,000,000.

Please, don’t ask me how I got this number because this means you are not too bright and are financially illiterate and have no idea what change you voted for.

The change in your pocket is what it amounts to and you will see.

#185 fancy_pants on 10.20.15 at 7:34 am

Insurmountable problem? Nah, just apply the red paint solution to fix it. Tax and spend. It’s working in Ontario ;)

Give it time, just don’t say you weren’t warned.

#186 fancy_pants on 10.20.15 at 7:50 am

#51 Freedom First on 10.19.15 at 8:00 pm


Yes, all is fair in love and war. But only because I live by my own rules. I have to. I am a man. And I am just fine with that. I love and accept that I am 100% responsible for myself. Anything else would be high risk.

Okay, I’m going to call you out on this… plagiarism from Wynnies speech!

#187 Sacola on 10.20.15 at 7:58 am

what election?

#188 Nagraj on 10.20.15 at 7:58 am

On Oct. 19th 2015, Canadian voters mortally wounded racists, xenophobes, sexists, homophobes, Anglo-ethnocentric cultural supercessionists (new to you?), warmongering braggarts, poverty-deniers, and the revolting would-be demonizers of young Canadian adults – among other such narrow-minded people.

Notable pools of blue on the map: rural SW Ontario, a provincial backwater (in every opprobrious sense of the word provincial), and The Prairie Provinces.

For the first time in a long time I’ll put on my beautiful maple leaf lapel pin, and proudly wear it when I travel.

Justin Trudeau’s funeral oration, eulogy, fifteen years ago, remains the political template for Liberal inclusiveness and civil dialogue.

The Conservative Party of Canada’s upcoming leadership contest will be an opportunity for the party to rediscover its principles. Which were completely absent in the most disgusting campaign Canadians have been subjected to in my lifetime. I’ll be watching that contest with great interest.

As many have pointed out, money issues do not necessarily trump other concerns in an election.

Harper himself has evolved or devolved into a fascinating tragic figure, in my opinion. Brampton went solid red despite his wife dancing Bollywood onstage, and Ford Nation notwithstanding, Etobicoke voted red. For only the third time in Canadian history a federal finance minister has been defeated, Lazarus has been finally entombed – and hopefully with him Harper’s unique misunderstanding of the national character. non-vision of Canada.

#189 George on 10.20.15 at 8:10 am

What a bunch of whining bitches. For conservatives, your all pretty weak. Go back to your Bibles and pray.

Let’s try for more respect and a constructive approach. — Garth

#190 learningfromyou on 10.20.15 at 8:12 am

#181 Londoner
> Take out a line of credit to fund emergencies or bump up >their investment portfolio
I did my math using money from a secured line of credit to invest in a balanced portfolio and I came out with a real 1.02% gain after all the expenses.
Please, could you show how you’ll do it with numbers?

I want to learn, for real.
Thank you in advance

#191 Leo Trollstoy on 10.20.15 at 8:27 am

Congrats to all the 1%! The government always supports us!

#192 pbrasseur on 10.20.15 at 8:28 am

A change was to be expected after 10 years of Conservative governments, a majority is better than a minority of any kind. The good news is the NDP was sent back to its rightful place and the Cons didn’t collapse, this is a rather thin majority after all. The Conservatives can now regroup, pick a new leader and hopefully will be in good shape to defend economic freedom, individual responsibility and fiscal prudence next time.

Meanwhile the road will be tricky for this new inexperience leader and his government. With the energy sector down, the commodity bubble collapse, the thread of a real estate bubble, rapid population ageing and a serious productivity problem, adopting anti-growth policies such as (taxing the rich and growing government) promised by the liberals could exacerbate an already critical and fragile situation.

The best we can hope for at this point is that this new government will not do too much damage, but judging by what those same liberals did to Ontario this may be asking a lot.

#193 Dup on 10.20.15 at 8:38 am

Liberals got elected, embrace for more taxes. I see the gas at the pumps already 10c more expensive this morning. Next will be the Cad dollar. Next the CPP from payrolls etc etc …

#194 BobC on 10.20.15 at 8:40 am

Someone told me last night that a single Canadian man making $115,000. A year has to pay $50% in income taxes. I didn’t believe him. Is it true?

#195 Sponge on 10.20.15 at 8:46 am

Now for the most import question of the decade for Canadians… Who will be Harper’s replacement and will it be a Progressive Conservative?

#196 Sponge on 10.20.15 at 8:47 am

*important :P

#197 Herb on 10.20.15 at 8:48 am

“Ding, dong, the Witch is dead …”,

but we didn’t need revulsion emerging as Trudeaumania II and making collateral damage of some good parliamentarians.

I voted for a minority NDP or Liberal government dependent on a supporting party that would curb its enthusiasm and restrict its freedom of action. That role now reverts to a public service that – hopefully – will again be willing “to speak truth to power” after the Harper regime.

Perhaps the ideological swamp this blog has turned into will now be drained and get back to fact-based economics and real politics vice propaganda snippets and slogans.

#198 Keith in Calgary on 10.20.15 at 8:51 am

Looks to me like today’s political pollsters went to the same finishing school as the current crop of “economisseds”. They can’t tell shit from shinola.

Congrats Justin. You got my vote and I was a 40 year conservative.

#199 saskatoon on 10.20.15 at 8:52 am

congratulations, canada!

you’ve successfully replaced one megalomaniacal sociopath with another.

#200 The Other Chris on 10.20.15 at 8:53 am

@194 BobC on 10.20.15 at 8:40 am

>Someone told me last night that a single Canadian
>man making $115,000. A year has to pay $50% in
>income taxes. I didn’t believe him. Is it true?

Not really. You don’t reach the 50% marginal rate that early in any province. You may have been reading an estimate that also includes average sales taxes paid.

Income tax rates are going up though. The top marginal income tax rate in New Brunswick, including the retroactive tax changes in this year’s provincial budget and Trudeau’s 4% hike, is going up to 58.75%. That will hit at $250k CAD (around $192k USD).

Incidentally, that will be the fifth highest combined regional/federal income tax rate in the world.

#201 duh on 10.20.15 at 9:05 am

#194 — “Someone told me last night that a single Canadian man making $115,000. A year has to pay $50% in income taxes. I didn’t believe him. Is it true?”

Federal tax rates for 2015

•15% on the first $44,701 of taxable income, +
•22% on the next $44,700 of taxable income (on the portion of taxable income over $44,701 up to $89,401), +
•26% on the next $49,185 of taxable income (on the portion of taxable income over $89,401 up to $138,586), +
•29% of taxable income over $138,586

1 second of googling. Educate yourself.

Raw tax payable (in Ontario) would be $36,700, or 37% of income. The marginal rate is 43.4%, meaning he would lose $43.50 of each subsequent $100 in income. — Garth

#202 ben on 10.20.15 at 9:11 am

Great to hear of a rentier on the rocks. Thanks for subsidizing us,

love: the renters.

#203 gut check on 10.20.15 at 9:12 am

Finally, it’s over.

I can’t wait for all the changes to start

#204 lee on 10.20.15 at 9:17 am

#194 Bob,

It’s not true, unless you include HST and realty taxes, and even then its a stretch, and would only really apply at the margins.

#205 old gringo on 10.20.15 at 9:17 am

I see many similarities between the condition the economy was left by Harper, and the way G.Bush left the USA to Obama.
Could be a long hard grind back to reality for Canuks.

#206 Rusty Venture on 10.20.15 at 9:18 am

Interestingly enough, the Chamber of Commerce supports a carbon tax.

http://www.ctvnews.ca/politics/election/chamber-of-commerce-asks-incoming-government-for-carbon-tax-changes-to-cpp-1.2617085

I hope the new gov’t steps cautiously here…

#207 fancy_pants on 10.20.15 at 9:29 am

#194 BobC on 10.20.15 at 8:40 am

hi Bob, not true.

And in this case, the majority of the income falls into lower tax brackets and will not be taxed at the higher rates. Also consider the basic personal amount. A large non refundable tax credit that results in your first @12k being tax free.

And if your income level puts you into the next tax bracket, it is only the amount above that threshold that gets taxed at that higher %, not the whole works.

#208 Londoner on 10.20.15 at 9:30 am

#190 learningfromyou

Borrowing from a LOC to fund an investment account is something that’s been written about here before (I’m sure you can find it in the archives). The idea is that you borrow while rates are low and your investment return is higher, then liquidate your assets if/when required. But that’s not the point I was trying to make. If the goal is to reach a balanced position then why, when we have an example of this balance, is it still recommended to sell the house? That option seems to present a greater risk as you’re trying to time a market. Imagine if you had sold a house in 2011 expecting to be able to buy back at a lower price by now. If the couple here wants a house then they’ve already got it. Doesn’t make sense to sell unless they want to move or need the cash and it doesn’t sound like they’re looking for either. They have enough savings to cover periods of unemployment (e.g. now) and they have equity in their home to tackle emergencies. Taking their chances on trying to time the housing market is just a punt.

Having over half their net worth in one declining, non-revenue-producing asset while living in a commodity-dependent region with poor employment prospects constitutes risk. The economic goal of life is not a house, but rather income security. — Garth

#209 Denise Swanson on 10.20.15 at 9:35 am

To Ray Skunk #146

If you look at the percentage differential of 7.6% 39.5% Liberal versus 31.9% Conservative, these are most likely government workers that voted and gave the Liberals a majority.

The participation rate that voted was 68.5% which was the highest since 1993.

Take 68.5% of 11%, this gives about 7.53% which is pretty close to 7.6%.

So in Canada, there are about 15% of workers that work for the Federal government. Don’t forget about provincial and municipal workers in Ontario, Quebec which are the most populated provinces in Canada too.

Ontario and Toronto, once again is behind this.

There are fewer than 450,000 federal government employees, and I’d guess they didn’t all vote the same way. You have no case. — Garth

#210 Holy Crap Wheres The Tylenol on 10.20.15 at 9:46 am

We we out at a bar last night watching the Blue Jay game with friends. One channel tuned to the election, three on the game. Most of us were interested in the game. The one thing I noticed and I have noticed here on this blog as well. Its not that people are voting for Mr Trudeau as much as it is people voting out Stephen Harper. I could hear jeers in the bar, F#$% Harper, Harper sucks, ya Harper your done, Harper can go F#$$ himself. We could see the results on the screen and I asked one guy what was the result Majority or Minority? All he said was I don’t give a shit who wins but anybody but Harper. That is the mentality of Canadian voters!
So there you have it folks, we just voted in the new prime minister, Congratulations Mr Anybody But Harper!

#211 senta on 10.20.15 at 9:47 am

Garth, Last night must be bitter sweet for you. Your nemesis rides off into the sunset (and board seats, book deal, professorships and think tanks), your ex-party is the winderness (hey you can now pull a steve jobs and rescue it) but tfsa a big source of $ for FA’s is likely history. Such is life, you never get everything but your sure keep things interesting on this blog, even though you are consistently wrong, (like on interest rates and housing in YYZ and YVR) (but never admit it). Keep up the good work.

To be more precise: my last Parliamentary post was as a Liberal MP and special advisor to the Leader of the Opposition. As for TFSAs, they are not a ‘source of revenue’ for financial advisors since they’re simply a tool to assist clients in reducing their taxable exposure. Taxpayers benefit from them, not guys like me. — Garth

#212 Sheane Wallace on 10.20.15 at 9:47 am

I can’t believe how much Harper (not Mr. and definitely not officially honourable any more) must have been hated to get these results considering who the other leaders were.
The guy pretty much single handily lost the elections. Maybe that his goal?

His dictatorship style and the bad economic decisions he made will hunt Canada for decades to come.
Let’s hope that he would be investigated officially for the long term damage to the economy he caused as well as for the CMHC follies and policies driven explicitly by him.
To be fair to future governments, we need to explicitly determine and quantify the extent of that damage to the economy of this country. Many future government will have very hard time cleaning his mess.

#213 Holy Crap Wheres The Tylenol on 10.20.15 at 9:51 am

#199 saskatoon on 10.20.15 at 8:52 am
congratulations, canada!
you’ve successfully replaced one megalomaniacal sociopath with another.
____________________________________________
Well Ive told people here before. Meet the new boss same as the old boss. The Who had it nailed back in 1971!

https://www.youtube.com/watch?v=zYMD_W_r3Fg

#214 Denise Swanson on 10.20.15 at 9:55 am

There are millions of government workers in Canada. We all know how public sector unions work and how they mostly vote.

In Ontario and Toronto, the Liberals got their highest percentage totals and seats so that is where my point comes from.

People are not naive how unions and the Liberals work together like back in last year’s Ontario election.

Harper laying off close to 20,000 federal employees does not matter, right!

Let me know when the tinfoil runs out. — Garth

#215 Elmer on 10.20.15 at 10:01 am

Has Garth ever not advised someone to sell when asked this question?

I have. — Garth

#216 Broke Dick on 10.20.15 at 10:06 am

#179 Freedom First on 10.20.15 at 3:48 am
Congratulations Justin! I sincerely wish you the best.

H got off easy. Too bad about my TFSA though. However, I am glad I don’t need a job or own a house. I am blessed.

====================================

Hey Freedom First.
I am in a similar position as you. I don’t have to work and I have a house that I think is splendid.
But I don’t have this urge to constantly repeat myself and expose myself to be a complete dickhead as you do.
You are an arrogant bastard.

#217 Denise Swanson on 10.20.15 at 10:08 am

Let me know how the measly $7,500 a year in extra C.P.P. pension works out in 30, 40 years and government workers get an extra $50,000 a year in pensions in 30, 40 years.

Say goodnight, Denise. — Garth

#218 conan on 10.20.15 at 10:08 am

Do the current TFSA rules stay in place until legislation changes it?
Are we dealing with a use it now and get to keep it situation?

I missed the memo if you have talked about this before. So, my bad if that is the case.

#219 AB Boxster on 10.20.15 at 10:10 am

Finally,

Now we can grow the economy from the ‘heart outwards’.
Kumbaya, my lord, kumbya…

#220 lala on 10.20.15 at 10:10 am

From libs website, prepare for new bidding wars except that:

We will undertake a review of escalating home prices
in high-priced markets – like Vancouver and Toronto – to
determine whether speculation is driving up the cost of
housing, and survey the policy tools that could keep
home ownership within reach for more Canadians

https://www.liberal.ca/files/2015/09/Affordable-housing-for-Canadians.pdf

#221 Solitario on 10.20.15 at 10:17 am

Well,
I guess the old-stock niqab-hating one-percenters were not enough to keep Stevie in power.

Ignorant. — Garth

#222 Dup on 10.20.15 at 10:22 am

If PM Harper wanted the Conservatives to win this time he should have resigned before the election. The Conservatives would have been a majority by now. Half the people voted to just get him out and not the Conservative party. The Conservatives got punished because of their leader…

#223 presley1000 on 10.20.15 at 10:24 am

Denise, you’re thinking too hard.

The majority of Canadians (both government employees and regular stiffs) thought Harper was an out-of-touch idiot on one issue…

http://www.cbc.ca/news/politics/canada-election-2015-marijuana-1.3248969

…just waiting for Garth to light one up and acknowledge it. :)

#224 friend or ami on 10.20.15 at 10:26 am

Garth

What is with these politicos addressing the crowd as “my friends”. ok in French “mes amis” has a nice ring to it, but in English this sounds way to PC and dorky…I know you would never use such terms…..

It sounds better than ‘dickheads.’ So, yes. — Garth

#225 Incubus on 10.20.15 at 10:27 am

Garth,

You should do a survey how big will be the Canada’s Federal Debt in 4 years?

My number, I guess 800 billions.

#226 the day after yesterday on 10.20.15 at 10:38 am

Every time IT walks into the room play 3 DRESSED UP AS A 9 by Trooper. At least play it in your head.
https://www.youtube.com/watch?v=xQhn2sy8r5g

#227 Londoner on 10.20.15 at 10:38 am

“Having over half their net worth in one declining, non-revenue-producing asset while living in a commodity-dependent region with poor employment prospects constitutes risk. The economic goal of life is not a house, but rather income security. — Garth”

With $430k in liquid assets, an equal amount in home equity and $100k in income it doesn’t sound like income security is an issue. Is Janie’s job also in the commodity sector?

#228 jean on 10.20.15 at 10:42 am

Pretty funny reading the comments from all the crybabies over at the National Post, gnashing their teeth and plotting their return in five years. LOL, good luck with that.

Congrats to everyone who worked to oust Harper yesterday. Yeah!!!

#229 Nora Lenderby on 10.20.15 at 10:42 am

#181 Freedom First on 10.20.15 at 3:53 am
#155 Marlene from Victoria Misandry. Marlene, you should do something about your hatred towards men. Not good for your psyche.

Ms. Marlene didn’t say she hated men. She just said there were a lot of “extreme right wing” apparently male commenters on this blog. That is undeniable, but it isn’t a bad thing. She may not agree with them, but they sometimes have useful things to say (if you can avoid the snarling and distracting invective). And many of them have experience and access that is instructive.

Ms. Marlene also misunderstood Mr. T’s non-recommendations during the compaign. This is interesting – people all read the same material and see things they want, or things they don’t want. It’s like asking eye-witnesses about something, you can get sompletely different opinions.

#230 IHCTD9 on 10.20.15 at 10:42 am

#160 Tiger1960 on 10.20.15 at 12:21 am
Smoking goof
Show that your a looser, with no re !
Just live like in a cave in mommies basement!!! How sad at 53 you are a looser big time !!!
You are a fake !
Crack head!
Looser!
__________________________________

Hey buddy, how about you take a hike?

Thanks!

#231 jean on 10.20.15 at 10:46 am

194 / Bob

No it is not true. Depends on the province but highest rate is Quebec @ 47%. Put 115000 into the box and it will give you the combined federal + provincial rate by province:

http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2015-Personal-Tax

#232 pbrasseur on 10.20.15 at 10:49 am

There are fewer than 450,000 federal government employees – Garth

Maybe so but 20% of the workforce in this country works in for the public sector, they are all unionized, organized and that force wanted Harper gone, replaced by a more «friendly» socialist leaning government, just like the one they helped elect in Ontario.

BTW The shrinking of the TFSA will cost thousands to my household. I’m pissed and I will not forget this.

#233 ALBERTA IS FINISHED on 10.20.15 at 10:50 am

Well that was fun. Quebec/Ontario back in charge. NEP 2.0 coming via a carbon tax. Sex Ed Wynne and Big Balls Coulliard already signed up for some thing with Moon Beam Jerry in California.. So off to Paris the kid will now go and back he will come with some sorta carbon Tax. Oil sands investments -bye bye.

And in a couple of weeks we get the provincial NDP budget – $ 8 billion deficit at least.

Well at least we now have pot and brothels coast to coast to ease the pain.

This seems to be a RE blog of some sort.. Anyone want to buy my house?

#234 Nora Lenderby on 10.20.15 at 10:54 am

#188 Nagraj on 10.20.15 at 7:58 am

Good words, Mr. N.

I wish good luck to all the people who ran and especially to those who won in the election. Even more so to those who are just about to take over in government. Not because of their party, but because they all have a difficult job ahead of them.

Now back to work!

#235 Toronto_CA on 10.20.15 at 10:56 am

I thought the Liberals would win, but not this big. For me the tipping point of the campaign was when Mulcair came down hard on Pierre Trudeau during the debate on the anniversary of his death. Justin’s response was what the kids called a “mic drop” moment. At our hearts, Canadians are mostly kind people (internet commenting aside). Justin ran the least “attack ad” type of campaign and I think that helped immensely.

Mulcair came across as mean spirited, which is not what we want in our left wing leaders.

Let’s all hope for electoral reform, where each party will get representation based on popular votes.

#236 jean on 10.20.15 at 11:01 am

Sorry, goofed. The rate I gave earlier is the marginal tax rate. The actual highest combined federal+provincial tax rate on an income of 115000 is 33.44%. That’s the Quebec rate. Other provinces are cheaper.

http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2015-Personal-Tax

#237 broader mind on 10.20.15 at 11:02 am

Wow,is the TSX green wave a result of the Canadian red wave? Interesting support.

#238 Not that Garth needs defending but... on 10.20.15 at 11:04 am

To all those who have attempted to offer snide, condescending comments directed at Garth Turner, you are reaching to say the least. You also offer proof that your reach exceeds your grasp.

Garth Turner’s methods work, his commentary is sound, prudent, well reasoned, and he always tends to speak of likelihoods, possibilities, and other matters that inform those who choose to listen about risk. In life, very little is carved in stone.

He also has a grounding in two realms (finance and politics) that most of us will never have. His explanations are about as good as it gets. Considering that this is a free blog, there is great value in what he offers.

#239 Polozified on 10.20.15 at 11:07 am

Even if you’re of the conservative persuasion, the ousting of Leona Aglukkaq and Julian Fantino can only be seen in a positive light.

Name one person (not belonging to the Ford family) who will miss Fantino in Ottawa. Ditto for Aglukkaq.

#240 paul on 10.20.15 at 11:20 am

#151 Tiger1960 on 10.19.15 at 11:55 pm
————————————————————-
Can we not get some servility,
Can’t believe the personal attacks!

I think servility is what Mr. Harper demanded. — Garth

#241 Herb on 10.20.15 at 11:33 am

#232 pbrasseur,

if you won’t forget a reduction in TFSAs, it’s a good thing you were not into Income Trusts when Harper axed them.

#242 Smoking Man on 10.20.15 at 11:35 am

Strategic Voting, social media is what kicked Hapros ass.

I like it. He didn’t embrace it, was afraid of it. Hell Gartho got shown the door for this pathetic blog.

Thought MSM would help him, as much as they tried.

Harpo Got ubered

#243 gilmorem on 10.20.15 at 11:40 am

S&P/TSX up 1% today, it seems like Liberals will also “protect the economy”

#244 sleepinginthebackbenchfor30yrs on 10.20.15 at 11:51 am

#239 — “Even if you’re of the conservative persuasion, the ousting of Leona Aglukkaq and Julian Fantino can only be seen in a positive light.

Name one person (not belonging to the Ford family) who will miss Fantino in Ottawa. Ditto for Aglukkaq”

Let’s bring in term limits for all MPs, with a possible extension for an MP turned PM.

Power corrupts; don’t let anyone have it for too long.

An unworthy blanket statement. There is an inherent danger in always insisting your leaders are inexperienced. Untainted often also means clueless. — Garth

#245 IHCTD9 on 10.20.15 at 11:56 am

Congrats Ontario Millennials, you’ve got your man!

Now, let’s establish a baseline from which improvements can be measured:

On. Employment rate – 61%

Jobs lost under On. Liberals – 300,000 (and counting)

Youth employment rate in Ontario – 50-52% (Yikes!)

Toronto youth employment rate – 43.5% (Greece-like, and worst in the Province)

On. Tuition Costs – Highest in the country

On. Student debt – highest in the country

Ok, Ok, Ok, so the Ontario liberals have not been doing the best of jobs here, but I realize Justin is totally different, so I am looking forward to some significant improvements.

I mean really, how could things get any worse than they are now – right?

God knows the millennials sure need those improvements – especially since they all voted Liberal!

Please guys, help me watch for the improvements that are surely coming, and if I miss any of them, please bring these improvements to my attention :).

#246 Yep on 10.20.15 at 11:58 am

Re: #188 – Nagraj

Gee, what a load of sanctimonius crap your post was. Your nose is so far in the air, I’m surprised you haven’t fallen over backward.

You trash the rural areas for their conservative vote, but likely don’t hesitate to eat a few times a day? Show some respect for farmers. Show some respect for the country you claim to ‘now’ love–it was built by many people, even, ‘gasp’, conservatives–but it is attitudes like yours that will leave it weakened.

Your posts have always been irritating, but this one is the last from you that I will ever bother to read.

#247 TurnerNation on 10.20.15 at 12:00 pm

Attn. Millionaires this is a stock picker’s market.
Index investing is red.

#248 sleepinginthebackbenchfor30yrs on 10.20.15 at 12:13 pm

An unworthy blanket statement. There is an inherent danger in always insisting your leaders are inexperienced. Untainted often also means clueless. — Garth

We could elect people who weren’t clueless to serve short terms, contribute their ideas then resume their civilian life.

As opposed to career politicians who end up with a long list of flip-flops, missed parliamentary votes and ideals exchanged for future privilege.

Do you need 6 years as an MP to be a Minister? Why?
Do you need 3 elections worth of contributions on your back to lead a committee?
Exactly how many years do you need being whipped into every voting position before you can develop a good federal policy idea?

I’m cynical, I guess, but what does 10 years of experience as an MP buy of value, to a citizen?

#249 fptp_should_go on 10.20.15 at 12:27 pm

I’m imminently pleased that Mr. Harper can begin the next phase of his career and life. However, the conservatives swept to a majority with 39.5% of the vote and the Liberals secured an even larger one with 39.6%. It’s a poor way to represent the voice of Canadians and I think it should be changed. Please join me in writing your MP to that effect!

#250 Capt. Obvious on 10.20.15 at 12:42 pm

“Let’s all hope for electoral reform, where each party will get representation based on popular votes.”

I don’t know if people will like what they end up with under that system. Vague accountability of a set of MPs to your riding, and potential for deadlock in Parliament on one end of the spectrum and special favor handouts on the other end (to pass legislation). We’re unlikely to see a clear majority in a proportional representation system. It’s likely more democratic, but I doubt it’s a more efficient form of government. Pick your poison, I guess.

#251 saskatoon on 10.20.15 at 12:42 pm

#235 Toronto_CA

“Mulcair came across as mean spirited, which is not what we want in our left wing leaders.”

so, you would rather they lie?

#252 S.Bby on 10.20.15 at 12:44 pm

I’m pissed off.

#253 IHCTD9 on 10.20.15 at 12:47 pm

#246 Yep on 10.20.15 at 11:58 am
Re: #188 – Nagraj

Your posts have always been irritating, but this one is the last from you that I will ever bother to read.

______________________

Welcome to the club, there are many of us.

#254 Ray Skunk on 10.20.15 at 12:47 pm

#237, #243

More likely the result of clarification of where we now stand, rather than the uncertainty of the past ~80 days.

Markets don’t like uncertainty.

#255 MF on 10.20.15 at 12:51 pm

Well Good Luck to us all.

Asked a fellow millennial who they were voting for yesterday.

“I don’t know yet” he said. He then pulled out his smart phone and opened up an app that, after telling it your age/income/gender, told you him to vote for Trudeau.

On Facebook tons of “Bye fascist/rascist/zionist Harper!!!” messages with everyone who is looking to blame someone else for their screw ups.

Also at work, a comment from another coworker mid 40’s about how it’s good “the rich will have to pay more income tax!” This is while we work in a private business owned by a wealthy family.

I also doubt she knows what a TFSA is.

A new low for Canada.

Good luck to us all.

MF

#256 George has fled the building on 10.20.15 at 12:54 pm

Hilarious transit poster…..too bad you didn’t include Vancouver’s Tinker Toy Union Playground for comic relief from the fact that Canada’s largest city is a flop on urban planning. Even Bangkok has a better mass transit system with Overhead Light rail that really works and a subway.

Where does all the money go you ask? Well friends…when union workers, bureaucracies and special interests take more than 100% of all tax revenue in wages and benefits leaving nothing for infrastructure development you get the kind of rinky dink mess we have in Canada.

Last nights election results were reported on Bloombergs International program this morning…here’s what they said

1) That it must be a surprising victory to Mr Trudeau given his lack of intellectual heft ( a direct quote) and…

2) His main objective is to legalize marijuana.

That’s how the world see’s us…..and the infrastructure poster shows that we are deserving of our boondock reputation.

Great place to be a civil servant though. The wages are sure to go up in the public sector with taxes set to skyrocket.

BTW…the $C fell against the Thai Baht and many third world currencies again today….sure nice to know Canada is a force to be reckoned with. LOL

#257 IHCTD9 on 10.20.15 at 12:56 pm

#249 fptp_should_go on 10.20.15 at 12:27 pm
I’m imminently pleased that Mr. Harper can begin the next phase of his career and life. However, the conservatives swept to a majority with 39.5% of the vote and the Liberals secured an even larger one with 39.6%. It’s a poor way to represent the voice of Canadians and I think it should be changed. Please join me in writing your MP to that effect!
____________________________________________

Let me save you, and all the rest of us the ink.

Justin has already promised to kill first past the post!

It was one of his campaign promises!

No need to bother anyone, it is already on the “real change” agenda!

Right?

#258 MF on 10.20.15 at 12:57 pm

#45 Retired WI Boomer on 10.19.15 at 7:31 pm

Thanks for the words of encouragement as always.

Things have improved since last month. Our favourite ETF, CPD, is the only thing dragging down my entire portfolio now. The dividends are still flowing in though!

“Hey, dude, you only live ONCE here, I would prefer to skid into the box, champagne in one hand, cigarette in the other, and stay, “What a hell of a ride.””

-haha I like it. All I can think about is Kevin Pillar skidding into home plate last night. Definitely beats trotting home slowly on a base hit.

Staying the course!

MF

#259 MF on 10.20.15 at 1:12 pm

#68 Blacksheep on 10.19.15 at 8:54 pm

“You vote for the idiot that promises you what you want, pacifying you from bitching about serious issues like mentioned above. Such is life, just don’t kid yourself about what’s taking place.”

You are correct. You and I do not have much if any of a say in big issues like the ones you mention.

But isn’t that kind of the point? We don’t want one person such as you or I having too much power anyways. Each human being has his own bias and individual agenda.

We vote for the idiot whose agenda and bias most matches are own, and we do this knowing full well they may not follow through on promises. To me, having that minor “hope” still beats doing nothing and then complaining later on.

#80 SWL1976 on 10.19.15 at 9:33 pm

“We all have much to learn, and I suppose that is what keeps us coming back.”

Agreed. Thanks for the kind words as well.

MF

#260 NoName on 10.20.15 at 1:13 pm

people get easily distracted, its not just income tax that we pay in this country. when you add up all taxes that you pay, it will make your head spin.

Income tax 2015
0 to 11327 – 0%
11328 to 18214 – 15%
18215 to 44701 – 25%
44,702 to 89,401 – 32%
89,402 to 138,586 – 36%
more than $138,587 – 39%

taxes that are not called taxes
ON Health Premium 900$ around 1% for 100k of income
CPP 4.95% of 53600 (employee) employer add same
EI 1.88% of 49500 (employee) employer add bit more.

Sales Tax
HST 13% on any dollar spent (other than on food)

Tax that is not here yet but its coming.
ORPP 1.9% of 90000 (employee) employer

Capital Gain Tax and Credits
Municipal Tax
Property Tax
Land Transfer tax
Tickets and Fines
Gas tax
GOV Fees
Licenses

note
I am not against of paying a taxes, but it would help if actually people know exactly how much or how little of taxes they are paying.
Last long weekend, (when gov employees are paid double or triple time), I took my son fishing, and on a dead end road with no-parking sign anywhere in sight I got 70$ parking ticket in Burlington, tell me is that tax on stupidity, for not knowing Burlington’s bylaws or guy was just an @5#013.

#261 Smoking Man on 10.20.15 at 1:14 pm

#247 TurnerNation on 10.20.15 at 12:00 pm
Attn. Millionaires this is a stock picker’s market.
Index investing is red.

go check out medical weed producers, WooHoo

#262 Steve on 10.20.15 at 1:15 pm

A picture is worth 1000 words, but here are some numbers to go with it.

London 1572 sq km 8.5m population, ~22m in region
Paris 105 sq km 2.2m population, ~12m in region
New York 790 sq km 8.5m population ~20m in region
Toronto 630 sq km 2.6m population ~5.6m in region

Density:
London 5,432/sq km
Paris 21,000/sq km
New York 10,756/sq km
Toronto 4150/sq km

The London numbers are for Greater London, possibly reducing validity of the comparison given the large area included, but considering Paris and New York as more comparable, Toronto is frighteningly behind.

Maybe JT will be sponsoring tunnels in TO?

#263 OXI in GREECE !! on 10.20.15 at 1:17 pm

#232 pbrasseur on 10.20.15 at 10:49 am
There are fewer than 450,000 federal government employees – Garth

Maybe so but 20% of the workforce in this country works in for the public sector, they are all unionized, organized and that force wanted Harper gone, replaced by a more «friendly» socialist leaning government, just like the one they helped elect in Ontario.

BTW The shrinking of the TFSA will cost thousands to my household. I’m pissed and I will not forget this.
<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Wrong. When you add in the RCMP, the military and 250,000 contractors that number is closer to 1 million Federal Govt employees…..all those "Economic Action Plan signs" with shovel leaners standing around taking 3 times as long to build a road as it should take? Those are contract Federal Govt workers……

#264 Terrorist Destroyer on 10.20.15 at 1:20 pm

Where can I buy a joint now that TrueDough won.
Why drink and drive under Harper rule when we can all Smoke and Fly with TrueDough.

#265 Iconoclast on 10.20.15 at 1:21 pm

I am a natural conservative but I voted against Harper.

I voted against omnibus bills.
I voted against election fraud in the shape of robocalls.
I voted against his bullying of elected MPs. (like Garth!)
I voted against all his other profoundly undemocratic nonsense.

This will give them a few years to smarten up and find some humility.

I did not vote for the tax hikes, but I’ll be able to drown my sorrows with Mary Jane.

#266 Smoking Man on 10.20.15 at 1:23 pm

#240 paul on 10.20.15 at 11:20 am
#151 Tiger1960 on 10.19.15 at 11:55 pm
Can we not get some servility,
Can’t believe the personal attacks!

I think servility is what Mr. Harper demanded. — Garth.
………………….

I’m totally into free speech. Lets face it, a made up, fictional character riled the shit out of this guy. Love it.

A testament to my superior writing skills.

Tiger can churp all he wants, has no effect other than laughter.

#267 Dup on 10.20.15 at 1:23 pm

@ #221 Solitario

Most of the country actually agreed with the view PM Harper had on face covering.

You are ignorant!

#268 Pete on 10.20.15 at 1:25 pm

You can almost hear the collective sigh of Liberal relief – at last, at long last!, they can get their snouts back into the public trough, where they have a collective right to be!

The world will certainly be a kinder, gentler place for ISIS, assorted jihadists, criminals and pot smokers.

It will also be a better place for unionists, the perennially unproductive and the indebted.

It will be a worse place for the successful and for those who are willing to forgo instant gratification in order to invest in our economy – these miscreants will be roundly punished for their sins!

Ah, well C’est la vie – we will survive no doubt!

#269 pwn3d on 10.20.15 at 1:28 pm

Raw tax payable (in Ontario) would be $36,700, or 37% of income. The marginal rate is 43.4%, meaning he would lose $43.50 of each subsequent $100 in income. — Garth
——
Don’t forget to add the health tax which bumps the rates up.

On another note I had to laugh about the people here and online talking about Canadians making a moral choice. When JT forbids any Liberals for voting to limit abortions in any way (ie late term), you have no moral leg to stand on.

#270 jean on 10.20.15 at 1:28 pm

128 / Gordon – Fox might not care, but NY Times noticed.

https://twitter.com/liamstack/status/656331793860337664/photo/1?ref_src=twsrc%5Etfw

#271 Retired WI Boomer on 10.20.15 at 1:28 pm

Congrats on your new government. Selection is always a difficult process. Your coal MP should be your FIRST line of defense to protect the TFSA so helpful to a secure retirement – yours – that is.

I hope you take this new opportunity to congratulate the winner, whether new or old hand.

You might be surprised to learn they DO want to hear from constituents, and not just when you ‘want’ something.

A new day for the northern neighbors. Good lick to you all.

RB

#272 Retired WI Boomer on 10.20.15 at 1:29 pm

Dam that should be local MP not coal…

#273 Gulf Breeze on 10.20.15 at 1:30 pm

Ford nation weeps! LOL. What a great brand the cons created! I was momentarily worried for liberals when Conrad Black backed them.

Had Cruella a Miel seconded that endorsement, it would have been the best possible subvertisment for the libs–a Barbed attack.

Thank you, Cruella!

#274 jean on 10.20.15 at 1:33 pm

Hard hitting journalism from the UK.

http://www.mirror.co.uk/news/uk-news/justin-trudeau-sexiest-politician-world-6666495

#275 Chris in Nanaimo on 10.20.15 at 1:34 pm

Well I must say Mrs Trudeau is pretty Haaawt!

Hope we’ll be seeing more of her :-)

Not impressed I’m about to lose my TFSA increase + income splitting. But we’ll see if it’s for the ‘greater good’ of the country.

Being a Brit this reminds me of when Tony Blair was voted in. Everyone thought he was the Messiah. 8 years later he had a reputation worse then Harper.

#276 fancy_pants on 10.20.15 at 1:39 pm

BofC rate announcement tomorrow?

#277 saskatoon on 10.20.15 at 1:42 pm

#252 MF

“We vote for the idiot whose agenda and bias most matches are own, and we do this knowing full well they may not follow through on promises.”
this is such a pathetic statement.

this is such an irrational, pathetic statement–serving as yet another argument against democracy.

if you choose to vote: vote for PRINCIPLES.

rational principles shouldn’t change–unlike one’s unique life circumstances.

#278 TRT on 10.20.15 at 1:52 pm

Garth,

Can you stop the posting of all these comments insulting the Trudeau government?

Or was this benefit reserved for the Harper government?

#279 Nemesis on 10.20.15 at 1:53 pm

“Embrace change. Seems like a good day to start.” – HonGT

#FunnyYouShouldSayThat,Or… #YouReallyDon’tWantToHearThis,But…

[FT] – Harley-Davidson shares stall on competitive outlook

…”Harley-Davidson has been forced to rein in its ambitions for the year, sending the manufacturer’s shares plunging in their biggest one-day drop since the financial crisis.”…

http://www.ft.com/intl/cms/s/0/5f02851a-773c-11e5-933d-efcdc3c11c89.html

[BloomBerg] – Harley-Davidson Hog-Tied?

…”The people buying these machines are probably very familiar with Harley and that should scare Hog investors more than anything else—the prospect that the brand isn’t fading or forgotten, but irrelevant to a growing chunk of the market.”…

http://www.bloomberg.com/news/articles/2015-10-19/opec-brings-oil-price-war-home-in-pursuit-of-asia-s-cash

#WildHogBonus,OrCheerUp… #HilarityEnsuesWhenMenWithHarleysGoCamping…

https://youtu.be/xtsoPWkX_3A

#InYetOtherDisturbingDevelopments…

[Independent] – Genetically-engineered, extra-muscular dogs created by Chinese scientists

…”The mutant dogs have “more muscles and are expected to have stronger running ability, which is good for hunting, police (military) applications”, Liangxue Lai, one of the researchers on the project, told the magazine.”…

http://www.independent.co.uk/news/science/mutant-extra-muscular-dogs-created-by-chinese-scientists-a6701156.html

#280 pwn3d on 10.20.15 at 1:53 pm

The biggest losers in all this are 1 income families, they are getting screwed big time. It makes no sense that benefits like the child benefit that JT is proposing is based on family income, but taxes are not based on family income, they are based on individual income now that he’s cancelled income splitting.

#281 TRT on 10.20.15 at 1:58 pm

The pollsters were wrong on purpose. It was in the best interests of the business community to split the NDP/Liberal vote right down the middle.

The NDP were pumped right from the beginning. Now they are saying the NDP support crashed.

What lies. There was never any support to begin with. Don’t be deceived.

#282 Granti on 10.20.15 at 2:04 pm

#170 Cdn Mom on 10.20.15 at 12:55 am

Quick, Justin needs a Nobel Peace Prize.

Justin needs a bong… he’s a buffoon… well done canada. U just elected a 2 time college, bouncer for PM. Hope u proud.

#283 Holy Crap Wheres The Tylenol on 10.20.15 at 2:06 pm

#274 jean on 10.20.15 at 1:33 pm
Hard hitting journalism from the UK.
http://www.mirror.co.uk/news/uk-news/justin-trudeau-sexiest-politician-world-6666495
____________________________________________
Sexy aint gonna cut it in this world Jean baby. Just wait until Justin has to deal with this guy.
http://www.businessinsider.com/43-pictures-vladimir-putin-tough-2013-9#here-putin-trains-with-an-assault-rifle-simulator-4

#284 bdy sktrn on 10.20.15 at 2:08 pm

diane watts rides the shiny pony into the ground and becomes pm in 2020.

#285 Bottoms_Up on 10.20.15 at 2:14 pm

#280 pwn3d on 10.20.15 at 1:53 pm
—————————-
A one income family will still benefit from the reduced middle bracket rate (up to $670 per year), plus enhanced child bonus that won’t get taxed. Therefore, these changes help more families that need it, and take away the skew of helping families that don’t need it.

The increase in CPP premiums is expected to more than wipe out the tax benefit, which a relatively small number of people will receive. — Garth

#286 tkid on 10.20.15 at 2:16 pm

Garth, I’m waiting for Justin to eliminate TFSAs altogether. Then I’ll take my money and buy real estate south of the border. That way the government won’t get a dime out of my money but I’ll still see some appreciation. But I’ve had enough of feckless dweebs thinking fiscal responsibility is beneath them.

#287 DisgustMadeMePost on 10.20.15 at 2:17 pm

SONny ways my friends !

I kind of enjoyed that last night .

#288 Mf on 10.20.15 at 2:28 pm

#277 saskatoon on 10.20.15 at 1:42 pm

Meh You are probably right.

Not really disagreeing or agreeing just was tired of people proclaiming some sort of moral superiority by voting for JT. You want to talk about pathetic? Well that was pathetic to me.

Blacksheep said things don’t really change and the agenda moves forward regardless of which idiot you
vote for. I said given that, you should vote for what impacts you personally then. Makes practical sense I think.

Mf

#289 Blacksheep on 10.20.15 at 2:39 pm

SWL1976, Thanks for support.

MF, Thanks for civil discord.

#290 kommykim on 10.20.15 at 2:46 pm

RE:

#184 Henry Simpson on 10.20.15 at 7:33 am
Each younger Canadian that has an average job of earning $50,000 a year just lost $1,000,000.:

So what happens when they put the extra $4500 they have kicking around into their RRSP instead?
Run those numbers and get back to us.

#291 TheLaughingCON on 10.20.15 at 2:47 pm

Elections and some other numbers to be mindful:

Liberal party voters (CAN / ON):
2006 – 4,479,415 / 1,985,242
2008 – 3,363,185 / 1,743,241
2011 – 2,783,076 / 1,400,302
2015 – 6,930,136 / 2,923,791 (preliminary)

NDP voters (CAN / ON)
2006 – 2,589,597 / 1,100,366
2008 – 2,515,288 / 937,921
2011 – 4,512,411 / 1,417,435
2015 – 3,461,262 / 1,084,555 (preliminary)

Conservative party voters (CAN / ON)
2006 – 5,374,071 / 1,985,242
2008 – 5,209,069 / 2,020,641
2011 – 5,835,270 / 2,457,463
2015 – 5,600,496 / 2,287,179 (preliminary)

Or in summary in 2011 we had 13,130,757 voters for the three major parties (PG, Greens and all other not-counted) and now we have 15.991,894 (prelim) voters or a real surge of 2,861,137 new voters – people who had probably never voted before.

My guess is these were young voters, millennials etc bamboozled by Canada’s own “hope and change” policy and it will be nice for them go get a real life lesson that the “world is not the way they tell you it is”.

Some other numbers – from CRA with the latest available income tax statistics for 2012 years:

4,463,240 people with total gross income of $70k or more
5,912,240 people with total gross income of $60k or more
6,943,908 people with total gross income of $50k or more

And to round all these numbers as of Dec.2012 Canada had 3,569,800 public sector employees (and 11,260,800 in the private sector). Data taken from Cansim table 282-0011

Good luck Canada as you will really, really need it!

#292 Dual Citizen In Canada on 10.20.15 at 3:04 pm

The day after the election will always be a forum for the, “sour grapes”, crowd. It’s all so predictable.

#293 chapter 9 on 10.20.15 at 3:16 pm

#255 MF
‘the rich will have to pay more income tax”!

It’s called “class envy.” It starts by convincing the masses that the rich can pay more and it’s ok. And that maybe their money was not earned but obtained by unscrupulous ways like skirting the system or by cheating. Junior made a statement “that half of all businesses are actually ways for the rich to save on taxes because there are no jobs created and they contribute nothing to the economy”. You have to find a way to divide the people. In this case, those 270,000 taxpayers that earned over $200,000vs25,000,000 that didn’t.
The only solution to this problem is the government.
Karl Marx would be proud!!!

#294 Ken on 10.20.15 at 3:18 pm

Hi, Garth

Would like to see your take on the outcome of the elections? Your the only one truly qualified with political credentials to speak on this subject. Projections of what you see happening in the near and longer term would be greatly appreciated.

#295 Mark on 10.20.15 at 3:22 pm

Not sure why there’s a huge amount of whining about the TFSA, especially in the personal finance columns of some of the big newspapers today. They speak as though it is a travesty that seniors should have to pay tax on the earnings of their non-registered savings.

The retirement system worked just fine before the advent of the TFSA. It will work just fine as the TFSA limits are pushed back to $5500, and perhaps the TFSA itself is subjected to a cap or phased out.

There are far better long-term tax minimization strategies that Canadians can use other than the TFSA. And the TFSA really didn’t do much other than to effect a terribly-unnecessary investor preference towards fixed income and away from equity. With interest rates so low on the investments Canadians actually put into TFSAs, it barely saved Canadians any tax.

#296 Bottoms_Up on 10.20.15 at 3:33 pm

The increase in CPP premiums is expected to more than wipe out the tax benefit, which a relatively small number of people will receive. — Garth
——————————————————–
To be clear, the tax break goes to EVERYONE earning money between 44.7k to 89.4k (reducing the progressive income tax rate in that bracket from 22% to 20.5%). You would frame this as a 7% decrease in taxes. Of course, increased taxes elsewhere such as increased CPP premiums will ‘offset’ any gain here.

But remember what we voted for, looking out for each other. Most of us would agree the CPP maximum yearly benefit of $12,000 is woefully inadequate (see liberal links below). What’s social security in the USA?

By raising CPP premiums, employers are mandated to give their current employees a “future” raise. I see this policy arising from the lack of growth in wages over many years, combined with increased cost of living (i.e., lack of ability to save for the future).

Ensuring that more Canadians don’t live in poverty in retirement seems to be a worthy enough cause.

http://www.liberal.ca/policy-resolutions/71-priority-resolution-canadian-pension-plan-cpp-enhancements/

https://www.liberal.ca/policy-resolutions/10-pensions-age-security-canada-pension-plan/

#297 Freedom First on 10.20.15 at 3:35 pm

#186 fancy_pants

I never read or listen to anything she says. I am always out of my mind.

#298 Freedom First on 10.20.15 at 3:47 pm

#216 Broke Dick

Have you considered anger management?

I am here to help.

#299 bill on 10.20.15 at 3:57 pm

#171 Cyclist on 10.20.15 at 1:05 am
https://en.wikipedia.org/wiki/List_of_metro_systems
the really big riderships are somewhat bigger than any of the North American systems. reflecting our love for cars I reckon.
Dallas/ Fort Worth has virtually no subway I believe and that is a big spread out city … lots of freeways though.

#300 NoName on 10.20.15 at 4:28 pm

#279 Nemesis on 10.20.15 at 1:53 pm

What scares me is dynosaurus chickens , and
glowing pigs and cats.

#301 Patrick on 10.20.15 at 4:31 pm

#296 Bottoms_Up on 10.20.15 at 3:33 pm

“But remember what we voted for, looking out for each other. Most of us would agree the CPP maximum yearly benefit of $12,000 is woefully inadequate”
________________________________________

Here’s my problem with this Bottoms Up. This benefit gets paid regardless of an individuals income in retirement. So people who have ample money in retirement get the same as people who have nothing or very little. This is communism, not socialism.

On top of that, this will be accomplished by asking the younger generation, because most boomers are done, or close to done, paying into the system, to pay more into the system to support the retiring boomers. Since, they didn’t budget enough in the first place.

So you are ‘looking out for each other’ by taking money from young families struggling with poor wage growth and limited job prospects. Does this sound right to you?

You think you are doing the right thing and increasing the benefit for people when in actuality you’re taking from the younger generation. Who will most likely not see the same level of benefit, if any at all.

The correct response to the shortfall is to reduce the benefit for people, who saved for retirement, and give the extra to the people who didn’t save for retirement. This is ACTUAL socialism, redistributing wealth based on need. Unfortunately, the boomers do not understand this concept.

#302 Chad on 10.20.15 at 4:32 pm

Mark

“The retirement system worked just fine before the advent of the TFSA. It will work just fine as the TFSA limits are pushed back to $5500, and perhaps the TFSA itself is subjected to a cap or phased out.”

The retirement system was not just fine before the TFSA were introduced. TFSA are one saving tool that is much more equal to all Canadians than RRSP. RRSP are a rip off for low and even some middle income earning Canadians and a real giveaway to upper and upper middle income Canadians. If anything RRSP should be rolled back, and companies shouldn’t invest in emplyees RRSP but to their TFSA. Just because the RRSP were introduced first does not mean for that vast majority of Canadians that they are better than the TFSA.

http://www.theglobeandmail.com/globe-investor/personal-finance/retirement-rrsps/when-does-it-make-sense-to-invest-in-an-rrsp-and-when-doesnt-it/article8360065/

http://www.moneysense.ca/columns/low-income-hold-off-on-the-rrsp/

http://www.thestar.com/business/personal_finance/2014/02/04/how_to_plan_for_retirement_on_a_low_income_roseman.html

#303 Lorne on 10.20.15 at 4:34 pm

#250 Capt. Obvious
“Let’s all hope for electoral reform, where each party will get representation based on popular votes.”

I don’t know if people will like what they end up with under that system. Vague accountability of a set of MPs to your riding, and potential for deadlock in Parliament on one end of the spectrum and special favor handouts on the other end (to pass legislation). We’re unlikely to see a clear majority in a proportional representation system. It’s likely more democratic, but I doubt it’s a more efficient form of government. Pick your poison, I guess.
…….

Proportional representation voting (PR) is the main rival to plurality-majority voting. Among advanced western democracies it has become the predominant voting system. For instance, in Western Europe, 21 of 28 countries use proportional representation, including Austria, Belgium, Cyprus, Denmark, Finland, Germany, Greece, Ireland, Luxembourg, Malta, the Netherlands, Norway, Portugal, Spain, Sweden, and Switzerland.

The basic approach of proportional representation is simple: legislators are elected in multimember districts instead of single-member districts, and the number of seats that a party wins in an election is proportional to the amount of its support among voters. So if you have a 10-member district and the Republicans win 50% of the vote, they receive five of the ten seats. If the Democrats win 30% of the vote, they get three seats; and if a third party gets 20% of the vote, they win two seats. Electoral system designers have devised several ways to achieve these proportional results, and so there are three basic kinds of PR described below: party list, mixed-member, and single-transferable vote (also called choice voting).

These PR systems were devised to solve the many problems caused by plurality-majority voting systems. As a rule, PR voting systems provide more accurate representation of parties, better representation for political and racial minorities, fewer wasted votes, higher levels of voter turnout, better representation of women, greater likelihood of majority rule, and little opportunity for gerrymandering.

https://www.mtholyoke.edu/acad/polit/damy/BeginnningReading/PRsystems.htm

#304 saskatoon on 10.20.15 at 4:38 pm

#288 Mf

it’s the “virtue signaling” that gets to me.

the seemingly endless tweets signaling to networked friends how “good” they are.

social media has turned this into a new psychological illness.

additionally, blacksheep is mostly correct: three masks; one face.

#305 Bytor the Snow Dog on 10.20.15 at 4:39 pm

Notice that the CONS on this blog persist the attack on Trudeau even after the election is won.

You.Just.Don’t.Get.It

I hear there’s a reservoir in California that needs to be filled. The CON tears on this blog just might do it.

#306 Rainclouds on 10.20.15 at 4:41 pm

#291 Laughing con
“Good luck Canada as you will really, really need it!”

It would appear you aren’t finding things so humorous…….

#307 Ontario's Left Coast on 10.20.15 at 5:04 pm

298 Freedom First

Broke Dick is right… You are an annoying, arrogant loser stuck in your sad, lonely little world of self-worship. Enjoy the slow descent into madness!

#308 turn of the tide on 10.20.15 at 7:38 pm

So many rude, thoughtless, misdirected comments here. Go spew your nastiness and political frustrations somewhere else people.

This blog is about personal empowerment but it requires you use your head! You should all be thankful that somehow you found this blog.

I sure am! The advice and though provoking articles by hard are worth their weight in gold. Yet some people have the nerve to leave such awful, disrespectful comments.

Now, sure, loosing TFSA extended contribution limits will suck. Many other things will suck. Others will improve.

It is what it is. Get your *** together people and think how you can use the advice to improve your situation.

Garth, I’ve been reading your blog for less than one year and your advice has helped tremendously. Let these fools be fools and a BIG THANK YOU!

#309 Solitario on 10.21.15 at 9:08 am

My comment was made in jest.
It meant Steve managed to diminish his base by pursuing wrong-headed and stubborn policies that had nothing to do with the economy.
I have not voted in awhile. Last time I went to vote, I placed the stamp on Garth Turner’s name. Since then I had no one to vote for… I made a promise to myself to never cast a negative vote.
And no, I don’t believe the majority of the population agrees with Steve about the niqab…that would be to sad to believe… the courts certainly did not.

#310 Herb on 10.21.15 at 10:07 am

#303 Lorne,

the drawback of PR is that it gives more power to the parties. In First-Past-the Post (FPP) every seat is up for grabs in every election, and there is the possibility of throwing the bums out, as in 1993 and 2015.

In PR, each party is represented in proportion to its popular vote, hence retains a certain power. Under FPP, the 2015 election would have resulted in a minority government and collaboration or coalition between two parties to get anything done. And this permits parties entrenching themselves in government by horse-trading and sharing the spoils.

I spent 15 years in Europe between 1982 and 2001. In Germany in 1982, the smallest party changed its allegiance from the governing socialist party to the right-wing opposition, and Germany wound up with a brand-new government without any election or voter input. And in Austria in the 90s, I saw two major parties that had stayed in government for 30 years by coalescing between them, simply dividing power and cabinet posts on the basis of their share of the popular vote.

Personally, I don’t think that’s the way to responsible and representative government either.

#311 Milla on 10.21.15 at 12:40 pm

#308. Not at all, dear. If you would be more observant you could see that this blog aura is well managed.

#312 Terry on 10.21.15 at 1:50 pm

Not all is what it seems with monthly job creation in the US. Did the US actually lose 22,000 jobs in September?

http://globaleconomicanalysis.blogspot.ca/2015/10/does-sum-of-parts-equal-whole-not-if.html

USA 2016 Recession seems more and more likely……

#313 Glenn on 10.21.15 at 6:10 pm

Interesting. She says value of her home has dropped from $850,000 to $725,000 but CREB says prices have dropped only about 2%.

Wonder how that works!?