All they want

MILK modified

She had a little trouble fitting under the edge of the table. So, when are you due, I asked? And Tracy said, “early March.” Beside her Alvin looked proud, but there was a soupcon of terror when she added this would be the second of “at least three.”

Then I learn they bought a townhouse seven months ago, paying a little less than six – cheap, but expected for a ‘developing’ part of town. It’s small, though, no yard, tough hood. Now they want a detached on a better street for a growing family, and have no illusions what that’ll cost. A mill. Alvin makes one-ten, Tracy makes babies. They have $125,000 equity in their current home. And, I probe, what else do you have?

That turns out to be five thousand dollars, in a savings account. So, in their mid-thirties, I judge them to be financial illiterates. You must realize, I say, you’re going over a cliff?

They don’t. The reason they’re talking to a financial guy the day before Christmas is so I can make it all work for them. Like Jesus. Loaves and fishes. Besides, [email protected] told them that with Alvin’s salary they can borrow at least $600,000. Add in the existing equity, and maybe a loan from the Bank of Mom, and how hard can it be to get what they really want? In fact, that’s all they want. Three babies who will need college degrees and no pension plans between them, be damned. That house, it’s an obsession.

As you might imagine, T&A left disappointed. They probably hate me. And all I did was call them myopic, irresponsible fools who need to get real, budget and live within their means. Imagine.

But these two aren’t unusual. It looks like 2016 has the potential to make everyone understand how many couples around us are on the verge of blowing up. The overwhelming reason is cheap money. As reported days ago, the number of households with debt levels equal to 500% of what they earn has increased from just 3% in 1999 to 11% in 2012, and likely 15% today. That means between 500,000 and almost a million more people are on the edge.

A study by CD Howe tells us more about who they are: they generally earn less that the average; they’re younger; and they live in Vancouver or Toronto. Oh yeah, and never forget that in Canada 20% of all folks with mortgages have less than $5,000 in financial assets to deal with any curves life might throw at them. One in ten, unbelievably, have only about a thousand bucks – even though they may “own” a house worth hundreds of thousands, and a fat mortgage.

Here’s the problem.

First, our resource-based economy is in piteous shape, as evidenced by the price of oil, the performance of the Toronto stock market, the dollar and household finances. Second, we’ve developed a culture of house lust and a one-asset investment strategy, layered over a deep financial illiteracy. In other words, hundreds of thousands of happy people (like Alvin and Tracy) have no idea how screwed they are. Third, the Bank of Canada should be taking away the punch bowl, but can’t. Our floundering economy makes it all but impossible (at least immediately) to follow the Fed lead and end emergency interest rates. Fourth, the T2 government just got elected telling people without money they’ll see lower taxes financed by the rich, and everything will be cool. Plus they get weed.

The feds know this. It’s why down payments were increased on a graduated basis, starting in seven weeks. That move to 10% down over the half-million mark was intended to shield weakening markets (like Winnipeg or Saskatoon) along with most first-time buyers, while putting some brakes on epic debt-snorfling. Likely it won’t be enough. Especially if the Bank of Canada does what many expect, and cuts rates once in 2016 to stave off an oil-induced recession.

A reasonable conclusion is that the year will bring at least one more round of credit tightening by Ottawa, which will coincide with rising fixed-term mortgage rates, despite the central bank holding the line or even reducing its own rate a quarter point. Expect the first T2 budget to be a mother of a deficit-creator as the Hot One’s cabinet tries to spend its way out of a deepening economic morass. This will also mean new taxes – including a war on personal incorporations and more HST.

Meanwhile, understand there are legions of Alvins-and-Tracys working with you, living beside you, in your employ or part of your town. The share of households under age 35 with 300% debt ratios has swollen by a third. The average family with a mortgage in BC has 375% more debt than income. Retired people have never before had this much debt, and half of mortgaged Canadians say they’d struggle to make higher payments.

And yet the house-humpers in YVR and the GTA say 2016 will be another year of heroic gains. Borrow and be free.

No wonder the kids dis me.

224 comments ↓

#1 first on 12.25.15 at 4:37 pm

Maybe.

#2 Siva on 12.25.15 at 4:50 pm

“While the crash in oil prices idles drilling rigs and empties out downtown Calgary offices, Steven Low’s company can barely keep up with the deluge of work.”

http://www.cbc.ca/news/canada/calgary/evictions-business-booming-oil-slump-1.3378567

#3 Funny on 12.25.15 at 4:54 pm

I am a multi-millionaire but refuse to buy a home. The world upside down!

#4 Randy on 12.25.15 at 5:01 pm

Isn’t one of the big reasons that Eastern Canada voted Liberal because they knew that the economy is tanking, and they are in a precarious debt to income situation. They believe that the Socialist Liberals will help bail them out with easy money and stimulus spending. Seems that when the Liberals endorsed multi-year deficits their popularity went up significantly. Dumb Harper was pushing that balanced budget, fiscal responsibility nonsense. Seems like that was the last things a lot of Canadians wanted.

#5 SJF in 312 on 12.25.15 at 5:04 pm

Merry Christmas from Bratislava, Slovakia. Spending Christmas on the Danube instead of thinking about investments. Thanks for the great blog Mr. Turner.

#6 The Unhealthy on 12.25.15 at 5:07 pm

I paid attention and continue to do so.
Thank you, Garth.
Happy holidays!

#7 For those about to flop... on 12.25.15 at 5:14 pm

Since I am housebound and don’t celebrate Xmas,I did what any good boy would do I went back to the start of this blog ( mar 2008).
It looks a lot different than now but one thing I did not understand was that in a lot of entries and comments was this code/ printing mistake that went something like this ….€<¥tm.
Can you tell me what happened?
Hope you are having a fine day and I hope you are knighted someday for your services.

#8 G on 12.25.15 at 5:17 pm

likely 15% of households on the edge, most of them home owners? That is a huge number. The picture is increasingly scary.

Merry Christmas Garth.

#9 DON on 12.25.15 at 5:17 pm

Financial stress is all around us. And people in Vancouver believe they are immune. Maybe the coming lesson will usher in an era of risk management and individualism and not collective suicide.

Funny…no longer any real estate chat around my circles, no longer exists.

#10 Doug in the great white north on 12.25.15 at 5:18 pm

Considering the pathetic nature of anyone checking this Blog on Christmas Day – a simple Merry Christmas might have been a good option. How was the coal in your stocking?

#11 mark on 12.25.15 at 5:20 pm

I am still hoping for some solid ideas for legal tax avoidance for Canadians, for the middle class earning under 80k year.
Sure we get/understand the basics, shift income to rrsp(not necessarily for retirement), max out TFSA with aggressive equities, live below your means and save, save, save, but I dont hear any Enlightening ways to save by somehow reducing taxes for single parents, singles, couples with/without children, renters etc. I dont think there is much left in the tool box in Legal Tax Avoidance? Feel free to share anyone?

#12 drydock on 12.25.15 at 5:23 pm

Benedictus Deus et omnes qui consenserunt ei verbum.

#13 Ho Ho... on 12.25.15 at 5:40 pm

Hold the Payments!

#14 pinstripe on 12.25.15 at 5:43 pm

Canadians are experiencing the effects of the policies set by the harpo CPC.

regardless what policy Justin sets in the short term will have no impact on the harpo CPC policies for the next several years.

those in big debt are the smart ones. harpo CPC policies are designd to reward non savers and punish savers. The money laundering is doing well in Canada aiding the harpo CPC policies stay afloat.

#15 Retired Boomer WI on 12.25.15 at 5:55 pm

Ah, the stories, and the fiscal illiteracy remains the same, or even worse.

Just think, back when rates were 7-8% a 15 year mortgage was the aim, not a 30 year one. Naturally, prices were lower then, as were wages. No lender is my hood would look at you if you had less than 20% cash down, and a pretty solid work history history, and payment record.

Gee, maybe it is time to return to those Boomer standards? While we can’t raise interest rates, ‘we’ -the voting people of Canada-could start demanding lenders
and the CHMC require those as minimum terms for a CHMC insured mortgages. If the Lender wants to take a mortgage for less, I guess they would be free to do so.

Yes, it would leave the sellers / realtors/ lenders but, just might help save the tax payer. It would also give an immediate downward shove to prices. (sorry Calgary, but you are screwed already, right?)

I just love chaos!!

#16 OXI in GREECE on 12.25.15 at 6:06 pm

Plus “dem million dollar” foreign wires continue……govt sanctioned money laundering so…..

#17 Frank R on 12.25.15 at 6:10 pm

One Way to Unrig Stock Trading

http://www.nytimes.com/2015/12/24/opinion/one-way-to-unrig-stock-trading.html?_r=2

#18 "Boomer standards" on 12.25.15 at 6:12 pm

#15 Retired Boomer WI

No lender is my hood would look at you if you had less than 20% cash down, and a pretty solid work history history, and payment record.

You retired from a very different world. It’s gone… for good.

Lenders have to run their business. Not on “boomer standards” nostalgia, but reality. Whatever that reality is.

#19 middle class earning under 80k year on 12.25.15 at 6:20 pm

#11 mark on 12.25.15 at 5:20 pm

I am still hoping for some solid ideas for legal tax avoidance for Canadians, for the middle class earning under 80k year.
Sure we get/understand the basics, shift income to rrsp(not necessarily for retirement), max out TFSA with aggressive equities, live below your means and save, save, save, but I dont hear any Enlightening ways to save by somehow reducing taxes for single parents, singles, couples with/without children, renters etc. I dont think there is much left in the tool box in Legal Tax Avoidance? Feel free to share anyone?

===

Those fancy tools are for non-payroll players with much more money.

Rule#1 You gotta be a Capitalist.

#20 Mark on 12.25.15 at 6:25 pm

“Rule#1 You gotta be a Capitalist.”

True. Which pretty much means increasing leverage. Whether by buying businesses with higher leverage. Or putting it into one’s portfolio itself.

The problem for commoners (and why they remain commoners) is usually they don’t think about leverage until its far, far too late in the cycle. For instance, it was great to leverage heavily into YVR/YYZ RE 15 years ago. But doing so over the past few years has done nothing but destroy value, and increasingly significant amounts at that as time goes on.

#21 win on 12.25.15 at 6:27 pm

Notice it took his majesty 5 paragraphs to get T&A into his column. Well. Done. Garth.

#22 For those about to flop... on 12.25.15 at 6:30 pm

In hindsight I should have bought a sfh in Delusia in 2004 when I was going to.
Many holidays taken since that we would not have been able to afford, as well as a mortgage.
But with a tip of the hat to the above photo…
No point crying over spilt milk!

#23 Herb on 12.25.15 at 6:35 pm

#169 IHCTD[ipstick]9 (last thread)

“How’s that state war on poverty going?”

Darn, I didn’t get around to reading your comment until 20 minutes ago, but it does deserve an answer and does kind of follow where we’re going with to-day’s post.

Anyway, not worth a damn, thank you. Do you think it’s cheap financing the bennies and institutions required to support capitalism?

#24 John Prine on 12.25.15 at 6:37 pm

Harper was pushing that balanced budget, fiscal responsibility nonsense. Seems like that was the last things a lot of Canadians wanted.

Why would he push now after all the deficits in the last 8 years, Harper put all our eggs in the Alberta/oil basket. Was mailing all those cheques this fall fiscally responsible?

For someone with a pretty poor track history I don’t see how he could handle anything differently than T2 with the economy the way it is.

#25 Brydle604 on 12.25.15 at 6:38 pm

Garth this story of T & A reminds me of an experience I had earlier this year.
My wife and I were at a RV Park near Chilliwack B.C.
A young mother in her Mini Van had come to ask how to connect her TV to a digital antenna.
She remarked she and her husband had made a mistake in purchasing a house which they had been foreclosed from and are now living in a relatives 5th wheel with their children.
I felt really bad for them but then thought this was a new beginning for them, they were young and if they took the lessons, they had a chance to rebuild their financial life.
I can see a lot of bankruptcies coming for the under 35.
Tough times ahead for many people. Sad!

#26 Obvious Truth on 12.25.15 at 6:43 pm

Merry Chistmas Garth, your family and all those who read and comment.

#27 For those about to flop... on 12.25.15 at 6:43 pm

#20 Mark on 12.25.15 at 6:25 pm
“Rule#1 You gotta be a Capitalist.”

True. Which pretty much means increasing leverage. Whether by buying businesses with higher leverage. Or putting it into one’s portfolio itself.

The problem for commoners (and why they remain commoners) is usually they don’t think about leverage until its far, far too late in the cycle. For instance, it was great to leverage heavily into YVR/YYZ RE 15 years ago. But doing so over the past few years has done nothing but destroy value, and increasingly significant amounts at that as time goes on.

///////////////////////////////////////////

Not to sure what hurts my guts more…reading your posts or the out of date egg nog.
That’s all commoners can afford!

#28 Frank on 12.25.15 at 6:44 pm

What’s the responsible way to take advantage of cheap credit?

#29 Leo Trollstoy on 12.25.15 at 6:44 pm

#14 pinstripe on 12.25.15 at 5:43 pm

Translation: JT and his government will be impotent and ineffective.

I completely agree.

#30 Leo Trollstoy on 12.25.15 at 6:46 pm

Garth, more T&A stories please. Thanks.

#31 Herb on 12.25.15 at 6:46 pm

#4,

wrong, Randy!

Eastern Canada was only tired of Harper’s
hostile dictatorship (nod to Jeffry Simpson’s book on Chretien’s “Friendly Dictatorship”).

Harper’s “balanced budget” of nine deficits also might have played a role.

#32 slim on 12.25.15 at 6:56 pm

If this doesn’t bring a tear to your eye, then nothing will.

http://bc.ctvnews.ca/christmas-miracle-terminally-ill-b-c-woman-lives-to-see-newborn-son-1.2713810

#33 juno on 12.25.15 at 7:02 pm

merry Xmas all.

Best wishes for the new years.

#34 ed on 12.25.15 at 7:03 pm

I have images of Spain in my head after reading this–the myopic, delusional belief that you are something special just because you own a little RE. It’s happened before; it’s happening now here, and somewhere in the world it will happen again.

#35 Smoking Man on 12.25.15 at 7:04 pm

As you might imagine, T&A left disappointed. They probably hate me. And all I did was call them myopic, irresponsible fools who need to get real, budget and live within their means. Imagine.
….

You only live once..
Spend it all. Enjoy.

#36 Lulu on 12.25.15 at 7:26 pm

Government knew all about that on the housing market, and every time when the housing is on the edge or gonna burst, BoC will do something to rescue it , either lower the interest rates or extended the years, Harpo did that during the 2012 peak time and successfully grab more people in this mess and not too long ago, BoC said again, in crisis, they will do the NIR to counter the crisis.

Government know all too well the housing market is too big to fail now, the snowball is running too large and cannot let it go flat, especially in Vancity and T dot.

Well…. in a year or two when those who just bought two or three years ago and need to renewal their rates, then we may see a glut of inventories throw at the market and still take a few years for the market to go down.

#37 Gord In Vancouver on 12.25.15 at 7:35 pm

Oh yeah, and never forget that in Canada 20% of all folks with mortgages have less than $5,000 in financial assets to deal with any curves life might throw at them. One in ten, unbelievably, have only about a thousand bucks – even though they may “own” a house worth hundreds of thousands, and a fat mortgage.
_____________________________________________

Remove the word “Canada” and this scenario isn’t much different from the Miami scene in the “The Big Short” movie.

#38 kothar on 12.25.15 at 7:45 pm

Just got finished watching movie “the big short” after the book. Pretty funny movie but reality how it all came down in the US and how a select few betted on the opposite. Years from now a movie will be made on the Canadian house implosion, “The Canuck Conundrum”

#39 rosholt on 12.25.15 at 7:49 pm

What is the big deal? Interest on a 600k mortgage at these rates is almost nothing. The oldies here talk about years gone by yet they have their smartphone and tablet.

Face it, near zero interest rates are here for good. Might as well take advantage of it.

There’s no freakin way that the gov’t would let all of us borrow this much if there was a chance that we all would not be able to pay it back.

Some of you need to look in the mirror and see that you are not in your 20’s anymore! You’re in your 50’s and this is the new reality.

You need to come to grips with this even more than you keep telling us not to borrow. Because you don’t understand it (rates staying low) you feel you have to be negative nellies.

We FINALLY have a Prime Minister who is in touch with REALITY and technology. Because an old foggie isn’t in office you 50+’ers get all cranky. Go back to your newspaper crosswords, get a shingles vaccine and go to bed at 7pm after your 4pm Senior’s dinner and let the new guy run the country the NEW way! This ain’t the 80’s and will never be again. Thank god!

That’s so cute. I shall frame it. — Garth

#40 rosholt on 12.25.15 at 7:55 pm

……….and I have to add that it would seem super unprofessional for someone to trash talk potential clients in public here. Hey come hire me to offer you financial advice and if I don’t like your choices I will smear your story online with a slanted POV. How classy!

#41 cyclist on 12.25.15 at 8:02 pm

Still trying to get this new tablet to work…..

#42 cyclist on 12.25.15 at 8:02 pm

Woohoo :-)

#43 Retired Boomer WI on 12.25.15 at 8:08 pm

#18 Boomer Standards

Today, you may well be right. Tomorrow, not so much!

While 64 years of observations mark not recorded history, they just might give a longer perspective than T & A who are half the age.

Rather than owning a place to live in an overpriced area, if one desires a family I would think an area with less pollution would be foremost. I also put a low “worth” on humans overall.

I have a tougher time getting past the concept of replicating more than replacements (2 kid-lets), unless tax laws are changed to make each child more expensive to ‘own’ rather than a tax deduction.

#44 Victor V on 12.25.15 at 8:10 pm

#28 Frank on 12.25.15 at 6:44 pm

What’s the responsible way to take advantage of cheap credit?

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

1) Borrow at low interest rate.
2) Invest those funds through a non-registered account.
3) Build a balanced portfolio with target of 6-8% return per year.
4) Deduct the loan interest from your gross income to get a tax deduction.

#45 Bytor the Snow Dog on 12.25.15 at 8:11 pm

@#39 and 40-

T & A, izzat you?

#46 Gord In Vancouver on 12.25.15 at 8:13 pm

@#38 kothar

Years from now a movie will be made on the Canadian house implosion, “The Canuck Conundrum”
____________________________________________

Since that movie will need well over two hours to view, it’ll be turned into a film series that’ll need just as many parts/volumes as Hunger Games.

#47 salonist on 12.25.15 at 8:13 pm

chocolate jesus
https://www.youtube.com/watch?v=1wfamPW3Eaw

north Oakville,new housing north of dundas street.not a Christmas light and most houses have no lights on.

the new Oakville hospital is hiring nurses…$47.00 to $57.00 an hour plus overtime, plus benefits.

rabba was serving sushi this morning,freshly made.
the odd observation was all the guys lined up and all they were buying was a single aluminum roaster

#48 I'm stupid on 12.25.15 at 8:26 pm

#39 and 40 rosholt

Now that’s a classic millennial talking. Math doesn’t matter, I’m so special that you can’t talk to me that way! The bubble generation, that hasn’t figured out that their momma’s are the only ones who love them. The rest of us couldn’t careless if they end up eating cardboard.

#49 Retired Boomer WI on 12.25.15 at 8:29 pm

#39 Rosholt

Cute, juvenile, but quite cute.

Somehow, the young generation believes interest rates will stay low forever, that credit card rates could never return to the normal 12% of my youth, and that everybody ‘needs’ a smartphone, and a tablet.

Babycakes, one thing I WILL absolutely guarantee you is that there is nothing MORE certain in your future as change.

Some ‘changes’ may well assist you, other ‘changes’ may well damage you. There be change every dam year. Change in employment, love, location, tax laws, luck. How am I doing so far? Some change you have control over, some you will have ZERO control over.

I don’t expect you to comprehend yet you still think it might be joy-stick controlled, or a smart phone app.

For you to believe the government gives a crap about you, or your situation in ANY way is the height of naivety.

To say your complaints sound like a broken record is true, but you probably have to reference to that simile.

#50 All they want | Realties.ca on 12.25.15 at 8:33 pm

[…] Source: http://www.greaterfool.ca/2015/12/25/all-they-want/ […]

#51 paul on 12.25.15 at 8:38 pm

My Daughter and I had talk,she is getting married in the summer and rents a concrete box in 416.
Her and her squeeze want to buy a house asap.
So my mission if I decide accept it is to find a ‘cheaper’ house say $750,000. I said this Realtor won’t be putting her in that much debt, I said wait 1 year minimum.
This post will self destruct in 10 seconds.

#52 Leo Trollstoy on 12.25.15 at 8:52 pm

So my mission if I decide accept it is to find a ‘cheaper’ house say $750,000.

Of course you’ll accept it. Daughter expects it. And you have no choice.

I said this Realtor won’t be putting her in that much debt

Does it really matter what you say?

#53 45north on 12.25.15 at 8:55 pm

Alvin and Tammy: Here’s a story that is in stark contrast to them: my wife’s grandfather was working in Belleville for the CPR in the 1930’s. It was the depression and CPR offered him a 10% wage cut provided he move to Toronto. He took the offer. This prudent and sensible choice let him provide for his family and was the basis of stability for his family.

Let’s look at Alvin and Tracy again. First priority is to keep Alvin at work. Does his present housing situation enhance or detract from his employment possibilities? I mean Alvin can make the call. If it detracts then that’s a reason to sell and rent. That’s a big reason. Next let’s look at an extra $600,000 in debt. Does that enhance or detract from his employment possibilities. That has got to detract. Extra stress. Every month.

#54 I am the Babblemaster on 12.25.15 at 8:57 pm

“Especially if the Bank of Canada does what many expect, and cuts rates once in 2016 to stave off an oil-induced recession.” – Garth

————————————————

Negative rates are coming.

Not a chance. — Garth

#55 Bla bla bla on 12.25.15 at 8:58 pm

Until the wine & cheese is removed from your mouths, you have nothing to wine about..2016 will be the most surprising year yet. You will begin to question all that you have been told here about the good old USA.

#56 I am the Babblemaster on 12.25.15 at 8:59 pm

And, don’t forget, a 50 cent Canadian dollar.

Not a chance. — Garth

#57 Marco Polo on 12.25.15 at 9:00 pm

Garth was right. Its soon 2016, and everything he ever described years ago has come true. Short of a fall in house prices in Toronto and Vancouver, they are still riding the bubble for now.

I can see this coming year, US and Canadian interest rates diverging, and Polos claiming it doesn’t matter. It does to our dollar, and it will cave further this year. What you need is income and growth, not an expensive residence. Its hard to pick a bottom, but there are many dividend paying stocks on sale right now.

#58 A Box in the Sky on 12.25.15 at 9:18 pm

#20 Mark on 12.25.15 at 6:25 pm
For instance, it was great to leverage heavily into YVR/YYZ RE 15 years ago. But doing so over the past few years has done nothing but destroy value, and increasingly significant amounts at that as time goes on.

—————————————–

It would be a true Christmas miracle if you’d stop lying about the Toronto housing market on here.

For a guy who doesn’t even live in this city to come on and constantly lie that the housing market in Toronto has been declining for 2 years is pretty damn insulting to anyone that is actively looking at buying/selling and actually tracks this market.

I challenge you to name the neighbourhoods in this city that have seen a decline in prices from 2 years ago because I sure as hell haven’t seen it.

I’ve been scraping the tosolds website and can assure you houses have not fallen in any of Playter, Riverdale, Leslieville, etc …. and if they’re still going up on the east side well then good luck trying to say they’re falling on the west where everything sells at a higher premium.

#59 onionringaz on 12.25.15 at 9:30 pm

“Meanwhile, understand there are legions of Alvins-and-Tracys working with you, living beside you, in your employ or part of your town. ”

Garth I thought this was an Eminem lyric at first, all that was missing was “spitting on your onion rings”

Meanwhile, are you worried about this evaluation worksheet perchance? Even the great unwashed may now be able to understand the magic behind what you financial wizards do!

http://www.theglobeandmail.com/globe-investor/investment-ideas/the-globe-and-mail-adviser-evaluation-worksheet/article27895286/

#60 onionringaz on 12.25.15 at 9:32 pm

#11 mark on 12.25.15 at 5:20 pm
I am still hoping for some solid ideas for legal tax avoidance for Canadians”

Simple answer, become a full-till expatriate……do it legally and by the book. I think you will find many choose this route in the coming years….lots of fertile space around the planet waiting for you.

#61 onionringaz on 12.25.15 at 9:33 pm

that was full-time, not full-till

#62 Marco on 12.25.15 at 9:48 pm

The government wouldn’t allow us to borrow that much…

I’m 31. You’re an idiot and a disgrace. You somehow think the government controls lending to idiots like yourself. Keep borrowing.

#63 conan on 12.25.15 at 9:50 pm

Then Garth said, “Let there be cats,” and there was cats.

#64 Dispatches from Under the Bridge on 12.25.15 at 9:59 pm

I was previously unaware of these Jesus like powers. I am not much for fish but if you could come by and conjure some ribeye and maybe paninis instead of loaves I could make some great steak & cheese sandwiches. I already have the mushrooms, peppers and provolone in the fridge.
Also I have a bottle of scotch here for you (meant to send it before Christmas but things happened). I currently have about $37 to invest and would like to hire you to oversee my holdings and advise me on a new Kia.
As for the person so enthralled with Trudeau and his bunch I can assure you that all that has happened is one bunch of ideologues that think they know what is good for your has been traded for another bunch with a different ideology but they are no less certain that they know what’s best for you. Like it or not.

#65 I like cookies on 12.25.15 at 10:12 pm

So here I am, watching back episodes of “Gordon Ramsay’s Kitchen Nightmares” while the dinner is bubbling away, and it strikes me that Ramsay and GT have the same brash tell-it-like-it-is attitude that people hate to hear, because the truth always hurts. It’s sad that they’d rather have their hands held and nurturing words whispered in their ear.

Keep on preaching it, Garth. Here’s to a fun year ahead, hopefully one where people learn that being able to afford chrome and granite isn’t as easy as writing a letter to Santa and wishing ‘real hard.

#66 tkid on 12.25.15 at 10:20 pm

#39 and 40 rosholt, it’s good that money means so little to you, because you’re going to have very little of it.

#67 espressobob on 12.25.15 at 10:28 pm

Globally diversified investors did quite well this year along with a short term bond index or two. Owning the S&P500 in USD outperformed.

Prefs took a pounding, but why not buy more? Short term thinking usually results into big losses, governed by emotion. Not so good.

Almost forgot it’s still x-mas day (mild weather and lots of bourbon) and this little fellow is my idol. Probably a contrarian.

https://www.youtube.com/watch?v=ZgP0aUKlmNw

#68 Smoking Man on 12.25.15 at 10:55 pm

Wow Christmas dinner after decades of fony shit was actually quite pleasant.

Took the death of my nephew to get everyone in the family grounded. The usual brag fest no where.

A few tears, some old videos when we where young, not completing… Refreshing.

It was tolerable..

Now at home, shit bungalow in shlong branch.

I got Jen Lopez on the ear buds, to my right first born , to my left, the Scottish wife whom spends to much time on eBay looking for a deals on highlander swords .

Both of them, screaming at me to turn it down.

What is my reply..

Wife says, your so gay, listing to Lopez…

On the floor is a good tune bitch was my reply…families is all I’m saying.

https://youtu.be/t4H_Zoh7G5A

#69 Ponzius Pilatus on 12.25.15 at 11:01 pm

Alvin and Tracy.
You gotta be kidden me.
Alvin will never leave the Chipmunks.

#70 Freedom First on 12.25.15 at 11:02 pm

Thank you for the T&A Christmas day story Garth.

It’s Great to be me. Freedom First.

#71 Keith in Calgary on 12.25.15 at 11:04 pm

Wait until the severance packages run out here in Alberta………probably by the middle of next year.

Driving past the malls here in Calgary, there’s lots of parking at 500PM on the day before Christmas. I wonder how long it will take the con artist’s in the media and various business special interest groups to “tabulate” the data from Christmas sales…….LOL !!! Given that point of sale terminal data is instantaneous………..

#72 "wisdoms" of the day on 12.25.15 at 11:15 pm

#66 tkid

#39 and 40 rosholt, it’s good that money means so little to you, because you’re going to have very little of it.

48 I’m stupid

#39 and 40 rosholt

Now that’s a classic millennial talking. Math doesn’t matter, I’m so special that you can’t talk to me that way! The bubble generation, that hasn’t figured out that their momma’s are the only ones who love them. The rest of us couldn’t careless if they end up eating cardboard.

#73 Smoking Man on 12.25.15 at 11:26 pm

The God damn human spirit.

Jews vs Muslims, right vs left. Woman vs Men.

You got this bitch in your ear buds, and you have been lucky enough to find your soul mate.

This is all that matters. A late blooming hippes advice.

https://youtu.be/a2zgmKtH_7M

#74 paul on 12.25.15 at 11:27 pm

#52 Leo Trollstoy on 12.25.15 at 8:52 pm

So my mission if I decide accept it is to find a ‘cheaper’ house say $750,000.

Of course you’ll accept it. Daughter expects it. And you have no choice.

I said this Realtor won’t be putting her in that much debt

Does it really matter what you say?
———————————————————-
Yes it does I am the very tight bank of Dad

#75 Smoking Man on 12.25.15 at 11:36 pm

How can me wee sons find this..

Education, ak school. Mind fkers who twist lessons, the world is flat. MSM and celeberties endorse it.

Swimming up stream, a loving dad

https://youtu.be/mRCe5L1imxg

#76 Mark on 12.25.15 at 11:58 pm

“It would be a true Christmas miracle if you’d stop lying about the Toronto housing market on here.”

I’m not lying, and I am in the GTA frequently.

The mix of properties actually moving has changed significantly though. That’s why perhaps you’re seeing what you’re seeing.

It doesn’t mean you’re wrong. It doesn’t mean I’m lying. It just begs an explanation, ie: that the sales mix has shifted, to understand why house prices have been stagnating, if not been minorly declining in the GTA, while the Realtor transactional averages have been higher.

You do understand the distinction between ‘house prices’, and “prices on what Realtors happen to be transacting in these days”, right?

#77 Irish Stew on 12.26.15 at 12:18 am

Tax the 1% and give the middle class what amounts to $8 per year per person. Then raise HST 2% and change CPP to erase all the gains that were given to middle class.

Looks like some people were duped into believing their witch hunt for 1%’ers would work out for them.

#78 espressobob on 12.26.15 at 12:20 am

In case you missed it “Smoking man” Richard Wright croaked. It happens. Floyd fan? He smoked.

https://www.youtube.com/watch?v=EiN6of3rBW4

At least you have good taste in terms of prog rock.

#79 Leo Trollstoy on 12.26.15 at 1:19 am

#58 A Box in the Sky on 12.25.15 at 9:18 pm

I wouldn’t worry about it. Making false claims is how he got himself banned on RFD. He’s been wrong about everything he’s commented on (a rare feat) from the CAD/USD, gold, deflation, Vancouver/Toronto RE prices, Barrick Gold Corp, IT jobs, etc. A great contrarian indicator. Will post more of his RFD gems later.

#80 steerage steward on 12.26.15 at 1:27 am

I come here for Garth’s deep insight, I stay for the good commentary. T2 can try and take our cash, we wish him luck.

https://www.youtube.com/watch?v=P13kNrFgsE4

#81 steerage steward on 12.26.15 at 1:56 am

The Grace of Garth. A man that was brought to us from a star.

#82 TRT on 12.26.15 at 3:07 am

I think the real suckers are the ones that pay the most taxes.

There is money laundering of epic proportions going on in YVR and everyone in power is looking away. In this day and age, be greedy and keep your money away from the gov. If you don’t, you will be the sucker who pays while the money launderers get a free ticket.

#83 T on 12.26.15 at 3:08 am

Merry Christmas to all, from a Forces member in Lebanon screening refugees to come to our amazing country.

#84 TRT on 12.26.15 at 3:12 am

Was thinking to go work overseas for a decade or so until our dollar recovers.

Told a friend and he went ballistic after I told him that I would come back periodically for healthcare and any other social needs I had. Definitely would come back for the OAS and GIS.

He calmed down after i told him many others had been doing that for years.

#85 betamax on 12.26.15 at 3:34 am

#39 rosholt

Paraphrased: “Old people don’t understand. It’s different this time! Mommy state! Technology!”

LOL. Thx for the extended satire. Haven’t heard so many inanities strung together since the dot.com bubble.

#86 crowdedelevatorfartz on 12.26.15 at 9:02 am

@#39 rosholt
“We FINALLY have a Prime Minister who is in touch with REALITY and technology. Because an old foggie isn’t in office you 50+’ers get all cranky. Go back to your newspaper crosswords, get a shingles vaccine and go to bed at 7pm after your 4pm Senior’s dinner and let the new guy run the country the NEW way! This ain’t the 80’s and will never be again. Thank god!”
+++++++++++++++++++++++++++++++++++

Bwahahahahahahahahahahaha!
Oh the naivity on the day of Nativity.
ahahahahahahahahahahahahahahahahahaa

Baby Trudeau is going to SAVE us with “technology” (twitter and facebook) and if that doesnt work…….higher taxes.
Praise the Lord.

#87 crowdedelevatorfartz on 12.26.15 at 9:05 am

@#63 Conan
“Then Garth said, “Let there be cats,” and there was cats.”
+++++++++++++++++++++++++++++++++++
Good one :)

#88 Love this Blog on 12.26.15 at 9:07 am

#39 Roshalt,

You have very plainly exemplified the sense of entitlement that is about to crush your generation.

I await with baited breath to see it happen, and drink your tears.

The lessons best learned are this which are most painful

#89 jeff on 12.26.15 at 9:34 am

It’s just as bad in the States according to polls in the latest Market Watch

:Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey”

http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06

….so much for the bastion of capitalism leading the way out of a recovery

#90 learningfromyou on 12.26.15 at 9:37 am

#44 Victor V on 12.25.15 at 8:10 pm
>1) Borrow at low interest rate.
>2) Invest those funds through a non-registered >account.
>3) Build a balanced portfolio with target of 6-8% >return per year.
>4) Deduct the loan interest from your gross income to >get a tax deduction.

For those who hasn’t been able to max out their TFSA.

Does it make sense to borrow at low interest rate and send the funds to the tfsa of himself and wife ?

In this case you do not apply for the tax deductions of the interest paid in the loan but also you do not have to pay taxes for the gains of your investments.

I’d like to know the answer for this one.

I already put cream in my back, ready for the slashes I usually get for asking these type of questions (Joke folks) :)

#91 another view on weed on 12.26.15 at 9:49 am

For those lefties who want weed legalized, it’s interesting how they will grapple with another lefty idealism i.e. green living.

Turns out weed isn’t so green:

http://www.bloomberg.com/news/articles/2015-12-21/as-pot-growing-expands-power-demands-tax-u-s-electricity-grids

#92 TurnerNation on 12.26.15 at 10:05 am

We have a generation of kids raised by Ipads. Shove one into their hands and parenting ends.
Makes a fertile fodder for the industrial complex. I saw it on a screen, it must be truth. Buy spend serve.

#93 WUL on 12.26.15 at 10:08 am

Hey, SMOKING MAN:

Meet Shlomit Malka, a budding super model and member of the Israeli Defence Forces.

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

I had dinner with her and her grandparents a few years ago in Calgary when she was on the eve of entering the IDF. She was with her grandparents touring Canada with my mom. About a 5th cousin to me. Staggering beauty.

When you weigh about 100 pounds they do not issue you a backpack, rifle and combat boots and send you to Gaza. They put you in Intelligence.

If she ever comes to Cowtown again, I will invite you. I doubt she has met an Nectonite even though the Mossad follows your every move.

I doubt she will come to Cowtown soon. I expect she is more enamoured of Istanbul, Prague, Moscow, Milan, Verona and now New York in February. Brighter lights.

You seriously believe he could handle this? — Garth

#94 For those about to flop... on 12.26.15 at 10:32 am

#90 learningfromyou on 12.26.15 at 9:37 am
#44 Victor V on 12.25.15 at 8:10 pm
>1) Borrow at low interest rate.
>2) Invest those funds through a non-registered >account.
>3) Build a balanced portfolio with target of 6-8% >return per year.
>4) Deduct the loan interest from your gross income to >get a tax deduction.

For those who hasn’t been able to max out their TFSA.

Does it make sense to borrow at low interest rate and send the funds to the tfsa of himself and wife ?

In this case you do not apply for the tax deductions of the interest paid in the loan but also you do not have to pay taxes for the gains of your investments.

I’d like to know the answer for this one.

I already put cream in my back, ready for the slashes I usually get for asking these type of questions (Joke folks) :)

/////////////////////////////////////////////
What are you spending your money on?
I earn less than 40k but still max out my TFSA.
Find a way to save $15 a day .
Put down the timbits ,drive past Starbucks it’s all about priorities .
15 bucks a day gets you $5475 a year ,close enough for me…
Nothing wrong with your questions either just do the opposite of what Mark tells you to do,it works for me.

#95 BillyBob on 12.26.15 at 10:45 am

#82 TRT on 12.26.15 at 3:07 am
I think the real suckers are the ones that pay the most taxes.

There is money laundering of epic proportions going on in YVR and everyone in power is looking away. In this day and age, be greedy and keep your money away from the gov. If you don’t, you will be the sucker who pays while the money launderers get a free ticket.

===================================+

Unfortunately, this is all too true, but beware this mentality spreading too far, too fast. At that point Canada basically becomes Greece. If it isn’t already.

#84 TRT on 12.26.15 at 3:12 am
Was thinking to go work overseas for a decade or so until our dollar recovers.

Told a friend and he went ballistic after I told him that I would come back periodically for healthcare and any other social needs I had. Definitely would come back for the OAS and GIS.

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

Well, you can’t really “come back periodically”, one of the conditions of being tax-free is severing all ties particularly those that involve benefits of Canadian residency. But any decent expat package will include health care that far exceeds the standard in Canada anyway.

I have done exactly what you describe – left Canada the better part of a decade ago. More out of desperation than choice, but it has worked out far, far better than I could have ever imagined. My compensation far outstrips what I could have made in Canada, and is in a US-pegged currency. Now that the CAD has bombed, I have no desire to return permanently.

It won’t work for most people, but for those who leaving Canada makes sense, I would heartily encourage doing so. You can always visit. But you will never look back.

This, from one who used to be the most fervently patriotic person in the country. I still love the country but you can see all the warts better when you’re not in it.

#96 For those about to flop... on 12.26.15 at 10:52 am

Forgot to thank the Metrosexual Messiah(TM)for his concern for my welfare.Since he cut the TFSA I now have extra money to buy overpriced vegetables and meat or maybe I can go back on the timbit / McCrapper diet.
What a guy!
Hope the Messiah got a new calculator for Xmas because his old one told him only the rich can save $15 a day.
That extra 12.50 a day was really killing me …thanks Tru2.

#97 rosholt is right on 12.26.15 at 10:57 am

#39 Rosholt

Good luck getting any thoughtful responses. This comment section is filled to overflowing with aging entitled boomers who just have no clue about how irrelevant they are about to become.

Justin Trudeau is just part of a wave that will radically change Canada. The ill-gotten gains of boomers, who barely ever had to fight for a job or an affordable house, will be reclaimed by all of us and redistributed much more fairly. You don’t want to even contemplate the alternative.

Interest rates will remain low for a generation. Boomers will be made to pay for all the unfair advantages, and so will their estates. They have sucked way more than their fair share out of society through transfers, health care and preferential tax treatment. The last thirty years of excess privilege for this boomer generation is coming to an end. The gold will all be pulled out of your teeth before you are laid to rest, be assured. Finally.

And if the boomers don’t like it? LOL!!

Take your cash and go to Mexico or some other beachside ‘paradise’. Take a few guns with you – the poverty and crime in those places has you already set as a prime target. And burn your passport. We won’t be letting you back in without full fees and repayment of all those earlier privileges. Boomers have taken so, so much, and given so very little back. You are the ultimate parasites, the tapeworm inside the guts of Canada.

Funny how change is always the least obvious to those who will be most affected by it.

Unhappy to read what I have written here? Maybe it’s time to change your Depends again, boomers. (I can’t wait until we have a proper adult diaper tax, too!)

Run along now, boomers. Enjoy your delusions :)

#98 BlackDog on 12.26.15 at 11:10 am

@Rosholt #39, “Because an old foggie isn’t in office you 50+’ers get all cranky. Go back to your newspaper crosswords, get a shingles vaccine and go to bed at 7pm after your 4pm Senior’s dinner and let the new guy run the country the NEW way!”

You do realize that T2 is only 6 years away from his 5th decade on the planet….just sayin.

#99 BlackDog on 12.26.15 at 11:12 am

oooops….typo…I should have said that T2 is 6 years away from his SIXTH DECADE on the planet. In 6 years he will be a 50+ old foggy like so many here on Garth’s blog.

#100 Katie bi-Wynning on 12.26.15 at 11:17 am

#91 another view on weed on 12.26.15 at 9:49 am
For those lefties who want weed legalized, it’s interesting how they will grapple with another lefty idealism i.e. green living.
_______________________________________

That’s why we sold off part of Hydro-One. Legalizing weed just ups the ante for people looking to buy the hydro utility. Worked with Gerry Butts on this one.

#101 Smoking Man on 12.26.15 at 11:31 am

#93 WUL on 12.26.15 at 10:08 am
Hey, SMOKING MAN:

Meet Shlomit Malka, a budding super model and member of the Israeli Defence Forces.

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

I had dinner with her and her grandparents a few years ago in Calgary when she was on the eve of entering the IDF. She was with her grandparents touring Canada with my mom. About a 5th cousin to me. Staggering beauty.

When you weigh about 100 pounds they do not issue you a backpack, rifle and combat boots and send you to Gaza. They put you in Intelligence.

If she ever comes to Cowtown again, I will invite you. I doubt she has met an Nectonite even though the Mossad follows your every move.

I doubt she will come to Cowtown soon. I expect she is more enamoured of Istanbul, Prague, Moscow, Milan, Verona and now New York in February. Brighter lights.

You seriously believe he could handle this? — Garth
….

Wow she’s hot.

Those days are long gone. Garth’s right. Not a chance.

Its been a few years now since I could hoist a wet beach towel.

I’m sure if I quit smoking and drinking a res-erection is entirely possible.

Screw that thought.

But I’m right about him losing his mind, first the cat pics, now an link to a super hottie..

The Wynne cultural police will be after him now.

#102 Doug in London on 12.26.15 at 11:39 am

@Victor V, post #44:
Makes good sense to me. A good time to buy the assets in that balanced portfolio would have been in the last month or so, before the Christmas rally, although there are still some good deals out there.

@kothar, post #38:
I think you’re right. It will be quite entertaining and might even get international fame, like Inside Job or Margin Call.

#103 Santa claus on 12.26.15 at 12:19 pm

What’s different this time around is the middle class in other parts of the world that did not exsist in the ’80’s . More people who have means to buy land than ever before and only so much land to go around. House prices may dip in other parts of Canada but stay pretty much the same in key areas. Just like in the US during their meltdown of housing prices. More people who want land, only so much land to go around means prices go up. Isn’t that obvious?
Also anyone who has a family and is tied by work to Van or TO can’t rent, its too expensive to rent and rent rates are going up way faster than interest rates ever will, with rental vacancies rates at a crisis.

#104 Herb on 12.26.15 at 12:23 pm

#82 TRT,

the plan to work overseas and come back periodically for healthcare etc. willl work real swell – until CRA asks you to prove your resident/non-resident status, and OHIP (or its equivalent in other provinces) verifies your provincial taxes. And the penalties are murderous.

Unless you’re big enough to avoid paying taxes, your chances of evading them are about the same as evading death.

#105 Herb on 12.26.15 at 12:39 pm

#86 crowdedelevatorfartz,

give it up. You Neandercons lost for a reason, and that wasn’t Trudeau’s good looks or tech facility.

Enjoy irrelevance until you’ve reinvented yourselves which, going by your slagging, will take a while.

#106 Herf on 12.26.15 at 12:41 pm

#48 I’m stupid

“The bubble generation, that hasn’t figured out that their momma’s are the only ones who love them.”

More like the “bubble-head generation”.

#107 Kreditanstalt on 12.26.15 at 12:46 pm

$110,000…? (Who pays these people…!?)

That much would last me & son five years+, without working…if Alvin & co. lived frugally they’d be paid off in that time.

But, as with governments, spending (not earning) must be the real problem.

#108 Herf on 12.26.15 at 12:48 pm

#39 rosholt

“Interest on a 600k mortgage at these rates is almost nothing.”

Enlighten me. How much might that be in dollars?

#109 Herf on 12.26.15 at 12:55 pm

#48 I’m stupid

“The bubble generation, that hasn’t figured out that their momma’s are the only ones who love them.”

Do their parents still have to wipe their rear ends, or have they graduated beyond toilet training?

#110 45north on 12.26.15 at 1:07 pm

You must realize, you’re going over a cliff?

Ontario is going over a cliff:

The province of Ontario also considers balanced budgets to be an “aspirational” goal, a term meaning ‘we wrote it down somewhere but we have no plan to actually achieve it.’

written by Mark Sutcliffe in the Ottawa Citizen:
http://www.pressreader.com/canada/ottawa-citizen/20151226/281844347601442/TextView

Puerto Rico is already over the cliff but it looks like it can redeem itself by becoming the 51st state:

http://video.foxnews.com/v/4675990934001/debt-ridden-puerto-rico-looks-to-congress-for-help/?intcmp=hpvid1#sp=show-clips

this is Wynne’s secret strategy: Ontario becomes a US state and she the next president

#111 Ogopogo on 12.26.15 at 1:08 pm

Merry Christmas Garth, blog dogs.

Just came back from another vacation paid with dividends and moolah we save by renting.

When I read drivel such as #39’s I thank my lucky stars I’m a Gen X and not a clueless millennial. This generation simply sucks. I’m rooting for the Zs though. There’s hope yet for these kids.

#112 For those about to flop... on 12.26.15 at 1:31 pm

The best of both worlds perhaps ?
What a lovely set of puppies!

http://www.thesun.co.uk/sol/homepage/features/6823106/Rosie-to-the-rescue-as-Page-3-beauties-back-charity-saving-dogs-from-slaughter.html

#113 For those about to flop... on 12.26.15 at 2:00 pm

Hey boss, I know that you are a busy man but I need to ask a favour.
My team Manchester United are seriously struggling and are probably going to fire their manager in the next week or so.
Do you think you could go over to England and sort the mess out for me.
Garth Turner ,manager of Manchester United would beef up your weak resume a little bit.
Just looking out for you…it pays to have contacts!
Your welcome!

#114 OXI in GREECE on 12.26.15 at 2:08 pm

#91 another view on weed on 12.26.15 at 9:49 am
For those lefties who want weed legalized, it’s interesting how they will grapple with another lefty idealism i.e. green living.

Turns out weed isn’t so green:

http://www.bloomberg.com/news/articles/2015-12-21/as-pot-growing-expands-power-demands-tax-u-s-electricity-grids
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

What a ridiculous article. Dollar for dollar booze is tens times more money to make. Ever hear of the word DISTILLATION? And guess what…they use “plants” to make booze. Plants that travel thousands of miles, need oil based fertilizers etc etc etc

#115 BobC on 12.26.15 at 2:23 pm

I share info with 2 good friends. They’re both negative in their investments for 2015. Individual stocks and heavy in stock indexes.
I listen to you Garth and want to thank you for what you do here.
I’m up $600 taxable on a 6 figure account. Balanced like you teach. I have to wonder though if the return is worth the risk.
One day soon could you remind us the US market will rise at least 10% in 2016?

#116 Renter's Revenge! on 12.26.15 at 2:47 pm

You seriously believe he could handle this? — Garth

Garth, what the hell man, are you trying to give him a heart attack? Or me?

#117 Randy Randerson on 12.26.15 at 3:03 pm

Seems like T2 is already on a war path with personal corporations. In his last backgrounder release, I believe in Nov, the tax on investment income has increases, but so does the refund mechanism. Seems like it’ll balance things out, but it will mean higher pre-paid tax and a bigger refund. Will see if T2 will screw with CCPC more in the future.

#118 Renter's Revenge! on 12.26.15 at 3:06 pm

RE: Borrowing to invest

Why would you borrow at prime + whatever (say 3.5%) to invest in a balanced portfolio when the bond portion is paying only 2% in interest? It doesn’t make any sense.

Borrowing to invest in an equity index fund, maybe.

The whole idea of using leverage is to increase your returns while increasing your risk in the most efficient way possible.

#119 MF on 12.26.15 at 3:44 pm

#181 enlightment on 12.25.15 at 2:02 pm

“Nature “flaunts” all kind of plants and animals, creatures in “your face”.

Live with it, you are just one of those, nothing more.

You can learn who you are, why you are here.”

I don’t give a chit about the earth and the moon and the stars (or whatever the hell you are talking about).. Doesn’t change the fact that T2 pandered to the losers of society for votes with the weed issue and that 95% of weed smokers are actually just drug addicts telling themselves they are not because weed is “natural”.

MF

#120 Ministry of Selfies on 12.26.15 at 3:46 pm

Roshalt, you are an embarrasment mate. I’m 32 years old and your way of thinking is hopefully not indicative of the majority of our age group. If it is we’re fecked.

#121 MF on 12.26.15 at 3:52 pm

#97 rosholt is right on 12.26.15 at 10:57 am

idiot comment of the day (behind rosholt).

We are in this mess because we are following the boomers path because, in case you have not noticed, we are just a brainless follower generation.

How old are you? I’m 32. Just ask your friends how many want to own real estate as soon as they can and know zero about investing.

Ask your friends with houses how many borrowed from their boomer parents to buy.

Go ahead and do it.

T2 knew this, and duped us (you not me) into voting for his policies. I assure you he does not care one bit about you or our generation and is nothing but a liar looking out for himself and his cronies (NOT our country).

YOU are the fool.

MF

#122 MF on 12.26.15 at 4:44 pm

#120 Ministry of Selfies on 12.26.15 at

Agreed fellow geezer millennial.

Royally pooched

MF

#123 Cory on 12.26.15 at 4:58 pm

What do you mean personal corporations? a professional corp, as in Dr.?…or PSB’s (Personal Service Business).

If PSB’s then I don’t disagree with it entirely. If you mean legitimate business with real operations then I don’t know what you mean. Why would they want a war on business? doesn’t make sense. Business will simply close, or move.

#124 Casual Observer on 12.26.15 at 4:59 pm

#4 Randy on 12.25.15 at 5:01 pm

…They believe that the Socialist Liberals will help bail them out with easy money and stimulus spending. Seems that when the Liberals endorsed multi-year deficits their popularity went up significantly…

“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.”

– most frequently attributed to Alexander Fraser Tytler

#125 Hope & Ruin on 12.26.15 at 5:00 pm

#121 MF on 12.26.15 at 3:52 pm

T2 knew this, and duped us (you not me) into voting for his policies. I assure you he does not care one bit about you or our generation and is nothing but a liar looking out for himself and his cronies (NOT our country).
____________________________________

To be honest I don’t think T2 has cronies or an agenda. That would imply a plan and strategy. Don’t give him so much credit. He just thinks its cool to be PM lol. Gerry Butts on the other hand, he is a man with an agenda and some cronies.

#126 Freedom First on 12.26.15 at 5:13 pm

#97 Rosholt is right

I am a Boomer. I remember the same rantings filled with envy and jealousy by some of the childish entitled young Boomers of my day. It was as pitiful then as it is today. Now, I can only speak for myself, but, I am a Boomer, and I am Awesome. And no, you can’t have what I have until you earn it.

#127 Entrepreneur on 12.26.15 at 5:14 pm

T&A family lifestyle is more like the fifties & sixties where the woman stays at home and makes babies. With the help from bank of parent(s) that dream can sort-of come true. If you can walk and talk the government wants taxes or something from you. Listen to #3 Funny, listen to reasoning.

The only thing I could come up with the Legal Tax Avoidance is get creative for the small business (the entrepreneurs) to help middle class. Cut the paperwork, cut the taxes, cut the CRA bullies, and let the spirit come back. We can’t breathe; we are choking to death. Oh, that’s right, we are a dime a dozen. If you can’t make it work someone else will come along. That is the problem and is being ignored.

T2 does not see the problem as he said on One-On-One that people who have a small business only do it for tax write-off (or similar). Oh, yeah, ignored big time.

#128 Casual Observer on 12.26.15 at 5:19 pm

#11 mark on 12.25.15 at 5:20 pm

I am still hoping for some solid ideas for legal tax avoidance for Canadians… Feel free to share anyone?

Charitable donations.

#129 Retired Boomer WI on 12.26.15 at 5:26 pm

#120 ministry of Selfies and #122 MF

Sorry so FEW of those under… say ’40’ get it.

They seem to think Boomers had the world by the proverbial ASS. Too bad, they weren’t there. As a Boomer, I thought the ‘silent generation’ -our parents- and even they thought their parents the ‘depression era’ generation -our grandparents-had the world -more or less- by the ASS.

ALL generations got it wrong.

Whether it was my dad, who graduated high school in 1928 into a booming economy -only to see it really melt down to the depression depths of 1932- then serving in WWII before starting his family in the early 50’s (hence me)- who graduated high school in 1969 Viet Nam, political unrest, tough job market and a $1.65 an hour minimum wage!
Yes, you could buy a NEW home here for under $30 grand, a new car for under $4 grand. You might earn
as much as $6400 gross a year!! Whoppeee!!!

It is very difficult to show perspective, but there still was no “free lunch.”

Homes were much smaller 1,100 square feet likely no garage. 3 bedroom 1 pooper.

New car under 4 grand. that included automatic and am radio, no air, no cruise. Think Chevrolet Impala, Ford Galaxie.

Multiply income X 10 = $64,000 today.
Multiply home by 10 = $300,000 today.
Multiply auto X 10 = $40,000 today.

Except Vancouver & Toronto you are still ‘in the game’ on income & costs. (you will note the minimum wage has NOT gone up by a factor of 10, neither have ‘average’ American wages. That said, how many buy a ‘new’ car after high school?? or a home?

Yes, things change, yes $110,000 grand is a FINE income.

If T & A can’t handle their family situation, who can help these poor distressed ones? I think there are a few that might gladly trade circumstances with them.

I am old(er), a Yank in a smaller town, maybe I just don’t get it??

Still I have nieces and nephews, and a son who aren’t sniveling.

#130 Linda on 12.26.15 at 6:14 pm

#25: it would be excellent if people learned from history, but they do not. If they did, Canadians would not be in the same state (except we are apparently even worse off) that the USA was in back in 2008. I’m not sure why everyone thought ‘it’ could not happen ‘here’.

Further, the number of times Alberta has gone through a boom & bust & that Canada has seen a commodities meltdown of some sort, you would think everyone would realize it isn’t different this time. What is that saying? Something about those who ignore history are doomed to repeat it? Now THAT we have down cold!

#131 Smoking Man on 12.26.15 at 6:15 pm

Pretty slow day on GF.

So I’ll take this opportunity to tell you about Nectonite.

The place sucks. A bit bigger than earth, has a diameter of about 30k miles. Atmosphere has a high concentration of nicotine.

One world government rules the show, everyone can read each others mind, makes beach outings rather uncomfortable. But elections simple.

Baby’s are made genetically in the lab. Everyone has DNA in storage, you have an untimely accident, they just recreate you as a clone.

All memory is storded in water and can be download to the clone. As long as water is near by. You can be bought back with all your memories.

You can’t die and go to the next level, no escape if your pron to depression and unhappiness, your trapped like a caged animal.

Place is screwed up socially, space ship pilots are looked down on, generous bartenders are thought of as gods.

There’s no money cause there is no labour to be exploited, you want a house built, you just will it.

No competition at all.

The only entertainment is watching humans, a dumb down geneticly modified version of a Nectointe.

We created you bastards 300k years ago, to be used as sex slaves, shit gets real boaring when you have it all.

Disappointed results, they where bad at it. Then you started killing each other, something went wrong with the programming . Hence your ancestors where round up and exiled to earth.

Now that you pricks have nukes, and a primitive way of reaching outer space.

I was sent with 3 others to keep an eye on you. make sure you can’t get to Nectoite without more evolution, you know, that, hate kill, thing you people love.

We like Trump and Putin…..

#132 Richardo on 12.26.15 at 6:58 pm

If the Bank of Canada is concerned about inflation they would raise rates in step with the USA and let the exchange rate manage the rest ?!

#133 Smoking Man on 12.26.15 at 7:01 pm

#125 Hope & Ruin on 12.26.15 at 5:00 pm
#121 MF on 12.26.15 at 3:52 pm

T2 knew this, and duped us (you not me) into voting for his policies. I assure you he does not care one bit about you or our generation and is nothing but a liar looking out for himself and his cronies (NOT our country).
____________________________________

To be honest I don’t think T2 has cronies or an agenda. That would imply a plan and strategy. Don’t give him so much credit. He just thinks its cool to be PM lol. Gerry Butts on the other hand, he is a man with an agenda and some cronies.
……

Don’t worry about Butts. Nectonites are watching him.

Mossad, CIA, NSA, CSIS, FBI watching Nectoites. especially this one.

A Joke, humans is all I’m saying.

Last thing they want is another Raëlian movement.
Low life frauds. 10% of income for membership.

Lets face it, the Pope, the Rabbis the Ayatollahs, losing fans fast.

My space ship is free… and sort of truthful wrapped in a beautiful lie..

#134 Bram on 12.26.15 at 7:02 pm

#108 Herf on 12.26.15 at 12:48 pm

“Interest on a 600k mortgage at these rates is almost nothing.”

Enlighten me. How much might that be in dollars?

Depends on rate of course, in my case, I pay 2.79% which is by far not the lowest possible, but still not that bad for a 5yr fixed.

This would translate into a $16740,- per year on interest, or $322,- per wk.

Nice bonus: every week (provided you pay down principle), the interest will be a few dimes less than previous week, until it goes to $0,- in your last week :-)

The rest of the mortgage payment (the part that is not interest) will theoretically go from your cash to your equity, so as long as the market does not crash, will not be lost money, as the interest portion is.

Bram

#135 another small c brain on 12.26.15 at 7:17 pm

#91 another view on weed on 12.26.15 at 9:49 am

For those lefties who want weed legalized, it’s interesting how they will grapple with another lefty idealism i.e. green living.

Turns out weed isn’t so green:

http://www.bloomberg.com/news/articles/2015-12-21/as-pot-growing-expands-power-demands-tax-u-s-electricity-grids

==

That’s due to the criminalization of weed, forced underground (literally).

Weed grows perfectly outside in North American climate, without any electricity – the way how it used to be grown for hundreds of years, by Capitalists.

Morons with small-c
brain can’t connect the dot’s of course, they are too busy with their ideology. While there, you can also add the cost of law enforcement wasted on war on a plant.

You could use some hydro power to educate yourself before commenting on a topic, where your illiteracy is obvious.

#136 For those about to flop... on 12.26.15 at 7:36 pm

Message for BoomerWI.
I just finished watching the Raptors beat the Bucks and I seen a couple of shots of Milwaukee and just wanted your thoughts on that city.
I have heard some disparaging remarks in the past.
I like cities with a bit of soul,don’t have to be the prettiest.
I prefer Melbourne over Sydney back home.
Sydney’s pretty but Melbourne is a sports mecca.
I once went to St Louis for spring break because I wanted to see the arch and the Mississippi River.
The city is rough around the edges but the people were friendly and the zoo was great.
Staying in a 4 star hotel for less than 60 bucks a night helped too!
Milwaukee cool or poo?
What’s the name of your hometown too?
Peace.

#137 Leo Trollstoy on 12.26.15 at 8:13 pm

Justin Trudeau is just part of a wave that will radically change Canada.

I look forward to experiencing the Canadian economy under JT’s guidance.

#138 Bobs ur uncle on 12.26.15 at 8:37 pm

#119 MF on 12.26.15 at 3:44 pm
“95% of weed smokers are actually just drug addicts telling themselves they are not because weed is “natural”.

MF”

Maybe want to back that up with some facts?

How’s about “it is estimated that 9 percent of people who use marijuana will become dependent on it.”

http://www.drugabuse.gov/publications/research-reports/marijuana/marijuana-addictive

Now let’s compare that with:

“30% Of Americans Abuse Alcohol, Study Says”

http://www.cbsnews.com/news/30-of-americans-abuse-alcohol-study-says/

Who knows how accurate even those numbers are – but I personally know WAY more people with alcohol issues than weed issues.

95% are addicts? Not a chance. If so, all of those “addicted” lawyers, accountants, coders, engineers, civil servants, professors, scientists, MPs, traders, brokers, RE agents, entrepreneurs and other upstanding professionals who happen to enjoy a weed buzz over (or in addition to) a booze one would throw society into chaos, cause they’d be high all the time. Reefer madness!!!

But no. Instead, they manage just fine, having the occasional taste – same as Garth with his whisky.

I think you need to relax a little. Maybe smoke a joint?

Heh heh

The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people? To what benefit? — Garth

#139 Warren - the lagging indicator on 12.26.15 at 8:46 pm

rosholt ( #39 yesterday ), you are a hoot and rather jejune. This type of post exemplifies the generational tension toward the boomer generation from the millennials. They lack respect for those not just older but obviously much wiser than themselves. In all their naiveté it seems they feel they are somehow special or entitled. They speak in terms of a takeover or a new world of sorts, new utopian economic laws and an omnipotent nurturing government that will always support or rescue them. What will they think of T2 when they are screwed… who will they blame? I bet it will not be themselves.

#140 enlightment on 12.26.15 at 8:47 pm

#119 MF on 12.26.15 at 3:44 pm

#181 enlightment on 12.25.15 at 2:02 pm

“Nature “flaunts” all kind of plants and animals, creatures in “your face”.

Live with it, you are just one of those, nothing more.

You can learn who you are, why you are here.”

I don’t give a chit about the earth and the moon and the stars (or whatever the hell you are talking about).. Doesn’t change the fact that T2 pandered to the losers of society for votes with the weed issue and that 95% of weed smokers are actually just drug addicts telling themselves they are not because weed is “natural”.

—-

For a 32 year old, you show no sign of critical thinking, ability and willingness of scratching the surface.
You are full of suck-up political ideologies.

Quite a loser quality, regardless of which generation you belong to.

Watch the links and come back with real counter-arguments – if you have the brain.

#141 Warren - the lagging indicator on 12.26.15 at 8:59 pm

#161 Herb on 12.25.15 at 11:12 am

“The beggar-thy-neighbour practices of capitalism, not to mention partisan politics, are kind of hard to square with such beliefs, the “new law” to “love thy neighbour as thyself”, or even the common humanity of even older religions and philosophies.

Unless one wants to prove Marx’s “Religion is the opium of the people” right, of course.”

To add context and clarity to an often misrepresented quotation, Marx actually stated “Religion is the sigh of the oppressed creature, the heart of a heartless world, and the soul of soulless conditions. It is the opium of the people.”
and went on beautifully to say ” The abolition of religion as the illusory happiness of the people is the demand for their real happiness. To call on them to give up their illusions about their condition is to call on them to give up a condition that requires illusions. The criticism of religion is, therefore, in embryo, the criticism of that vale of tears of which religion is the halo.

Criticism has plucked the imaginary flowers on the chain not in order that man shall continue to bear that chain without fantasy or consolation, but so that he shall throw off the chain and pluck the living flower. ”

For those about to flop…on 12.25.15 at 1:04 pm “Happy 25th of December to any of my fellow atheists out there.”

Happy 25th or so to you also … thank god for my shiny new presents.

#142 rosholt on 12.26.15 at 9:02 pm

Ok, this is the 100% total elephant in the room. I know no one wants to talk about it but it is the ABSOLUTE TRUTH.
.
.
.
.
Our generation is set to INHERIT tons of money in ~20 years. The wrinklies (yes, that would be my parents too) will have a huge estate from their house that has maybe gone up 4-10x since they bought it. They will be leaving it to us kids.

It’s the parents responsibility to pass on to the next generation, and we (I) will do the same but I don’t want to have any kids so maybe it will stop with me – my choice.

As much as everyone moans and groans on here about ‘letting the millennials learn a lesson..’, no parents want their kids to fall flat on their faces. I was given a cell phone at 12 yrs old so that my parents could call me. I had to start paying my own cell bill after I finished school and got a job. Again, I have no problem to pay my way after my parents had done their part. I wasn’t asked to be born into the world parents pick up the tab until we are working on their own. I’d do the same. That’s common sense.

Right now I clear…CLEAR almost $1300 every paycheque. Paying a measly $1300/month interest is nothing considering I’m gaining equity in a dream home and not throwing money away renting. I still have tons left. Don’t bite the messenger.

As much as people don’t seem to talk about inheritances on here that doesn’t mean that it isn’t going to happen. Every generation following should be better and better off. If my parents retire at 65 years old, I should be done at 55 MAX!

I seemed to have touched a nerve talking about reality here but avoiding the obvious doesn’t make things any better.

Oh, and about Justin. You ALL voted for him or he wouldn’t have won a HUGE majority. How can everyone here say they didn’t vote for him yet he CRUSHED everyone else. Even the other country leaders want to meet him. Canada hasn’t been as popular EVER. I hope there is a reality series about his life as Prime Minister – that would be icing on the cake.

And to quiet a few of you up, NO! I didn’t even buy anything today on sale.

To be accurate, 39% of the 69% of Canadians who voted, selected the Libs. Over 51% did not. — Garth

#143 nonplused on 12.26.15 at 9:13 pm

Who cares about any of this when my wife just put my pristine truck in the ditch and ripped off the running board? Now I need a step ladder to get in.

I raise this point to mention that my faith in humanity was somewhat restored for some people. While most people just drove by slowly (we found the ice for them) and some even honked and waved (you’ll be in the ditch eventually) quite a number stopped to ask if we needed help, a phone, a ride, is everyone ok, even a few people offering to try and tow us out (I decided it would be safer to wait for the tow truck).

Garth, you are like these good Samaritans, trying to help people. Well I think that is a good thing. But in the end of the day you can only save yourself and I am beginning to believe the whole exercise of your blog is to just save those who would save themselves. These other people are going down and they don’t want, or think they need, any advice.

#144 Keith in Calgary on 12.26.15 at 9:14 pm

You gotta get rid of the beard Garth………..it’s messing with your brain big time………..you’ll end up like Mulcair soon enough if you don’t.

“The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people ? To what benefit ? — Garth”

Let’s just make everything illegal….alcohol (ooooppss tried that and it didn’t work………cigarette’s……….etc…….)

Because it doesn’t work. Been to Switzerland at all Garth ? Or even Vancouver ?

In other words, you have no beneficial reason. — Garth

#145 Retired Boomer WI on 12.26.15 at 9:21 pm

#136 For Those About to Flop

Hi There, Flop,

I grew up in a wee town (1248 people) about 45 miles southwest of Milwaukee called Williams Bay, WI.
It is situated on the shore of Lake Geneva a great fishing & boating lake. The area claim to fame was, and IS the lake. These days the lake frontage at around $1,000-1700 a foot is quite pricey for frontage, but demand (lust rules). Once away from the lake prices drop, but are still high.
People then as now commute to someplace else to earn their daily bread. Be that Milwaukee, Chicago, Beloit or Janesville envisions.
I lived in Milwaukee briefly (a year) from late 69 to late 70. I found it decently fun. Today, not so much. There has been a good deal of manufacturing job loss from those days, not much high tech replacement. Some medical though, but not enough to compensate.
During my career, I traveled to the Milwaukee area regularly, the outskirts are thriving the city greatly hollowed out. They do have a great lake front, museums, Zoo, etc. to show. Nothing you wouldn’t find in Chicago.

I have not stopped in the city itself in the last few years, no reason.

If you enjoyed St. Louis, you would also enjoy Minneapolis-St. Paul, Milwaukee, Chicago, even Detroit and Cleveland. Having been to each of those cities on a regular basis over the last few decades each has similar attributes, and problems. All declining manufacturing centers, some have weathered and re-invented themselves better than others.

Today, I live about 170 miles northwest of Williams Bay near La Crosse WI in an even smaller town! (508)
That’s a choice, after having lived in big cities like Detroit, Buffalo, and Madison, WI.

I’ve found the earning potential similar, the true costs of living almost 40% less. The math made it easy to choose.

#146 enlightment on 12.26.15 at 9:22 pm

The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people? To what benefit? — Garth

—-

Calling a plant a “substance” is reflection of a bias.

You can look up the thousands of years of documented medical benefits of cannabis as medicine – this information is getting mainstream these days, with plenty of recent modern medical research conducted around the world.

You can also look up how and why marijuana was made illegal in the US and forced to follow by other countries.

How do you smoke a plant? Root first? Of course weed is processed. And the legalization in question is for recreational use, not medicinal. — Garth

#147 nonplused on 12.26.15 at 9:23 pm

PS the tow truck driver took forever to get to us, apparently if the RCMP are dealing with an accident that is obstructing traffic that takes precedent and would be skiers who are off the road and safe just have to wait. And it cost a fortune. But he was very good got the thing out with no further damage and pointed the right way so we could drive away after I threw my parts in the box.

#148 charles on 12.26.15 at 9:35 pm

The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people? To what benefit? — Garth

Harm Reduction.

Restore trust in legislatures.

Re direct black market money into the light of day.

A versatile and proven producer of oil seed and industrial fiber.

A restoration of my human right to put into my adult body what I choose to.

A rejection of the corporate hammer lock the exists in the vices.

How’m I doing?

I love the industrial fiber argument. Not like you’re reaching, or anything. The nation needs more industrial fiber. No, seriously. — Garth

#149 Keith in Calgary on 12.26.15 at 9:37 pm

LOL…….Garth you’re killing me.

If you don’t legalize it, the stuff is not going to go away, and people are not going to stop using it. There’s a few hundred years of history to back that up. And no, it is not “processed”. Have you ever grown it ? That’s the fact you and others of your ilk cannot come to terms with. What benefit comes from persecuting those who smoke it ? That is the real question.

35 years ago I sat in the cupola of my Leopard tank looking thru my bino’s in the morning fog at the red and white guard box at the East German border fence…….the laser rangefinder said 3,200 meters…….far enough to lob a hesh round with 98% accuracy. I was doing a job I believed in…….and today “Kanaduh” under the conservatives, has become the country I was staring down on that morning.

#150 Bobs ur uncle on 12.26.15 at 9:51 pm

The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people? To what benefit? — Garth

Let’s turn that question around a bit: What benefit has criminalization brought?

More youth currently get into pot in Canada than in the Netherlands where it is legal. It is failed policy plain and simple. All we are doing is taxing the legal system needlessly and giving records to otherwise law-abiding folks.

Tax the weed, and take the money out of the criminals’ hands. (There’s your benefit…) The current underground growers are absolutely against legalization. Why do you think that is? Cause they are all for better health for Canadians?

I am honestly curious why conservatives want to nanny-state the choices of an individual’s harmless buzz of choice (or much less harmful than alcohol at any rate). Don’t touch my TFSA or whisky – but that dude’s joint – yeah take that shit away. It’s nonsensical.

No argument I’ve heard thus far stands up to rational scrutiny. Feel free to prove me wrong.

#151 enlightment on 12.26.15 at 9:53 pm

How do you smoke a plant? Root first? Of course weed is processed. And the legalization in question is for recreational use, not medicinal. — Garth

==

Are you familiar with the history of why and how marijuana was made illegal at the first place – despite the medicinal traditions and benefits?

#152 Bobs ur uncle on 12.26.15 at 9:54 pm

Also – it’s already WIDELY available. Ask any teenager.

#153 espressobob on 12.26.15 at 10:16 pm

Most individuals who smoke tobacco probably wish they could find a way to quit. Wheezing and hacking phlegm doesn’t sound like fun.

Alcoholics deep down know they have a problem. Not that any of us share this issue?

Potheads on the other hand feel justified in their behavior. Funny how addictions work.

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

#154 For those about to flop... on 12.26.15 at 10:42 pm

#141 Warren – the lagging indicator on 12.26.15 at 8:59 pm

For those about to flop…on 12.25.15 at 1:04 pm “Happy 25th of December to any of my fellow atheists out there.”

Happy 25th or so to you also … thank god for my shiny new presents.

//////////////////////////////////////////////
In the spirit of the season I’m going to go easy on you.
If you are happy that Xmas ,Easter, Valentine’s Day and Halloween have become so commercialized then I am happy for you.
There are plenty of other days on the calendar to buy gifts for loved ones and friends.
But you’d have to think for yourself on that one…

#155 Herf on 12.26.15 at 11:08 pm

#142 rosholt

Where to begin? You said so many points for which I feel the need and desire to slap you around. I find it kind of fun:

“Our generation is set to INHERIT tons of money in ~20 years. The wrinklies (yes, that would be my parents too) will have a huge estate from their house that has maybe gone up 4-10x since they bought it. They will be leaving it to us kids.”

Are you sure? What’s to say your parents (and/or that of some or most of your peers) decide for some reason (e.g. they’re in debt upto their ying-yangs right up into their retirement and subsequent deaths) and don’t have anything to pass onto the kids? Or they need to liquidate assets to pay for their own long-term and/or health care, leaving you nothing? Or, they decide the kids have been well pampered (i.e. entitled) during the parents’ youth, so screw the kids, and the folks leave any of their remaining wealth to charity (e.g. the Sally Ann; the Foundation for Widowed Fathers/Mothers With Bachelor Adult Sons/Daughters; their favorite pet; etc.)?

“It’s the parents responsibility to pass on to the next generation, . . .”

Says who? Used to be it was the parents’ responsibility to instill moral values, honesty and a strong work ethic into their kids, and provide for their kids’ basic needs (not necessarily “wants”) until they reached adulthood and could strike out on their own. Anything beyond that was at the discretion of the parents.

“and we (I) will do the same but I don’t want to have any kids so maybe it will stop with me – my choice.”

What happened to your “responsibility” to pass on to the next generation? Why will it be your choice, yet you still expect your parents to automatically pass on their estate to you? What happened to their choice to cut you out of their will?

“. . . no parents want their kids to fall flat on their faces.”

Who says? Some parents have found their kids learned valuable lessons in life when they were allowed to fall on their faces. Some of those kids probably desperately needed to fall on their faces. I think in some cases it was called “tough love”.

“I was given a cell phone at 12 yrs old so that my parents could call me.”

Sounds like it was a gift from the hover-parents – the electronic umbilical cord. I hope it was a basic voice phone and not one of those $800+ i-phones or other pocket computers that talk. Did your folks make you pay for the purchase price of the phone?

“Right now I clear…CLEAR almost $1300 every paycheque. Paying a measly $1300/month interest is nothing considering I’m gaining equity in a dream home and not throwing money away renting. I still have tons left. Don’t bite the messenger.”

Let’s see if I get this. You’re earning $1300 per paycheque (after taxes net). Assuming you’re paid bi-weekly, you’re taking home a bit over $2600/month, but you’re paying interest of $1300/month interest. Are you sure you mean $1300/month in “interest”, as opposed to a mortgage payment (which does mainly consist of interest and a bit of principal in the early stages of the amortization)? Whatever. According to your blurb, you’re paying about 50% of your take-home pay on your accommodation costs, not including repairs, maintenance and insurance, incidentals, etc. (unless, of course, you’re paid $1300/week, in which case your mortgage/housing cost consumes about 25% of your pay, which isn’t so bad). But if the former, what kind of hair-brained logic is that – pissing away 50% of your take-home pay on accommodation? Are you on dope? Wait, given your rah, rah fanboy enthusiasm for the Mini-PET’s promise to legalize weed, I might just have to assume you’re on dope.

And as for your not wanting to “throw away your money on rent”, did it occur to you that you’re throwing it away on interest, on an asset that is not guaranteed to appreciate in value?

As for your request to “not bite the messenger”, for whom are you a messenger – the real estate industry; entitled millenials; trolls of all sorts? Nah, I don’t want to bite you; just slap you around a bit – it’s fun!

“If my parents retire at 65 years old, I should be done at 55 MAX!”

Assuming you live that long, or that your folks live that long, and that the economy, your financial status and/or your health don’t take a dive. Nothing like a health issue, accident, economic downturn (think Alberta), etc., to suddenly and unexpectedly “happen”, throwing a monkey wrench into all of one’s great “plans”.

Case in point: one of my former bosses bought a house with his partner before the 2008 economic melt-down, while the good times were still rolling. I thought it was an unwise move. Six months later, he got diagnosed with cancer and had to leave his job, which he never returned to. Nine months after that, he was dead. After getting diagnosed, him and his partner looked at putting the house up for sale, but by this time, the global financial melt-down was underway, companies were laying off, and house prices were falling. They would have had to sell the house for less than what they paid for it.

There are no guarantees in this life, other than trials, tribulations, line-ups (to pay), paying taxes and death.

“I seemed to have touched a nerve talking about reality here but avoiding the obvious doesn’t make things any better.”

The nerve you’ve touched is that of annoyance – you come across as a clueless, entitled little snot, probably bread into you by your probably entitled, over-indulged parents, assuming you’re not just some troll making up the crap you’re spewing. It’s hard to know who’s more annoying – you, or your folks who hatched and raised you (again, all assuming you’re not just some troll)?

And as for your reality, are you on dope?

“Oh, and about Justin. You ALL voted for him or he wouldn’t have won a HUGE majority. How can everyone here say they didn’t vote for him yet he CRUSHED everyone else. Even the other country leaders want to meet him. Canada hasn’t been as popular EVER. I hope there is a reality series about his life as Prime Minister – that would be icing on the cake.”

Garth has already corrected your misinformation re: the election of the Mini-PET. But I’ll add this: From your extended diatribe, you appear to have delusions of grandeur and exaggeration (and earlier you seemed to exhibit over-confidence). Have you ever been tested for bipolar disorder? If you are bipolar, are you off of your meds, because you’re not sounding rational?

“And to quiet a few of you up, NO! I didn’t even buy anything today on sale.”

Could that be because after pissing away 50% of your income on accommodation (in your case, throwing away money on interest), you have nothing left to spend on other things, even when they’re on sale?

#156 cyclist on 12.26.15 at 11:20 pm

142 rosholt – wow. A cellphone. Such responsibility. Wish you well waiting for your folks to die. Very compassionate

#157 Tom Black on 12.26.15 at 11:22 pm

Nothing new under the sun move along..

http://www.csmonitor.com/1985/0904/fbanks.html

history has a habit of repeating itself!

#158 For those about to flop... on 12.26.15 at 11:23 pm

BoomerWI.
Don’t know if you will get this message tonight ,might be past your bedtime( laughs)
I checked out La Crosse on the web.
Seems like a cool town ,I like the brick ones with the ma and pa shops downtown.Reminded me of a few towns I stopped in Montana on the way to Yellowstone.
Milwaukee has been added to the bucket list.
Peace brother.

#159 Retired Boomer WI on 12.26.15 at 11:33 pm

The discussion has turned to weed? OK, my 2 cents worth.

Legalize it. Tax it. Prove drug treatment upon request.

Legalization takes away the ‘taboo’ effect. Alcohol, tobacco, pot. Remember Coca-Cola even contained a bit of cocaine (in the US, I’m speaking) until 1958.

I’ve used to partake fairly regularly in the early 1970’s. I shared a joint a few months ago, probably 4 years prior to that. Hardly a ‘regular’ yet no prude either. I enjoy my cocktails more.

There is the industrial uses of hemp. Maybe even a plant for ethanol conversion, I don’t know.

The HUGE amount of money pissed away by law enforcement, the damage to people caught & charged for pot is incalculable. Having worked closely with the Wisconsin state patrol I had often asked the question, “How many drunk drivers have you arrested and convicted?” of sworn officers with say 10-30 years service. “100’s” was a common answer. Only ONE TIME had an officer arrested and convicted a driver of using drugs. He had not been smoking, but rather “huffing” glue (inhaling the vapors from a plastic bag), and was driving erratically. Not one pot impaired driver found??

Between redirecting resources from pot to other things, plus a new tax stream…. where does keeping it illegal maker any dam sense? 2 cents worth…

RB

#160 Keith in Calgary on 12.26.15 at 11:34 pm

Pot used to cost $300 a ounce until about 2 years ago, when it dropped to $200. Last week on Vancouver Island, it was $120 an ounce at the retail level.

To make money as a grower you’ve got to sell your product in bulk to someone, and no one is going to pay you anything worth the criminal risk you’re taking as a grower at $100 per retail ounce. Why is it so cheap now ?

In Washington state you can buy legal weed for the same price. Prices have dropped, the market is saturated, and the state is raking in millions in tax revenue as people smoke legal pot. The “criminals” aren’t interested at such low profit margins. So, you’ve solved two problems………you’ve generated more tax dollars than you ever imagined and hindered the supposed “criminal” element at the same time. Why do I say “supposed criminal element”…..because the people I know are not criminals, just normal hard working human beings who happen to like to smoke a plant.

I walked into a legal weed store in Washington for the first time last year, and the beautiful blond lady at the front counter asked me if I had been in their store before. After I said no I hadn’t, she said “welcome to the future” as she ushered me into the back room where I had my pick of the inventory……literally. That is the way it should be, and soon will be.

The states blueshirts (Hitler had his brownshirts, Harper had his blueshirts) need their bogeyman to keep their funding dollars flowing, and now that the silent majority has spoken, they’ll need to find another. When I voted, 75% of the people in the long line were under 30………and I bet 90% of them didn’t know who Stephen Harper was……..or didn’t care.

#161 I'd Leave my Money to a Cat before I'd Leave it to you on 12.26.15 at 11:40 pm

#142 rosholt

Read title.

Sorry about the cat reference Garth.

#162 Keith in Calgary on 12.26.15 at 11:43 pm

Retired Boomer WI……..

I’ve been to La Crosse, Osseo, Tomah, Green Bay and Eau Claire in the last 3 years. Spent a 1-2 weeks in each of those places…….nice countryside……and, man, can you guys drink.

#163 For those about to flop... on 12.26.15 at 11:47 pm

People will rip me for saying I’m going to go to Milwaukee but I’ve always said I will go anywhere twice.
The second time is to say sorry!

#164 tkid on 12.27.15 at 12:08 am

Right now I clear…CLEAR almost $1300 every paycheque.

This is not impressive. That’s how much I SAVE every paycheque.

#165 Kreditanstalt on 12.27.15 at 12:08 am

“The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people?” – Garth

“We” have no right to do so. “We” should respect the prerogative of every individual to do as he pleases with his life, his body or his possessions so long as he does no overt harm to anyone else.

To that end, a next desirable step would be to phase out socialized medicine, which serves to force some to subsidize the risky behavior (or financial straits) of others – involuntarily.

#166 Retired Boomer WI on 12.27.15 at 12:11 am

‘criminal elements’ have found far more lucrative fields in banking/trading these days. Think 2008 was a ‘one off event?’

Count the people convicted, and you have found your answer.

We shall revisit the 21st century tulip traders in the not too distant future.

#167 espressobob on 12.27.15 at 12:18 am

Starting to sound like a drug blog? What justification is there in stupidity? Why not legalize crack, horse, or a line of blow?

We all live by the choices we make. Why make bad decisions? Isn’t there more to life than this shit?

#168 Lessons Learned Selling Cigarettes on 12.27.15 at 12:47 am

It will be interesting to see how, if Marijuana is legalized, how it will be marketed and sold. I believe that with any product, particularly with tobacco, that an effective marketing strategy includes the identification of a brand (with all that that implies) and snagging customers when they are young. And presumably, the sellers will want to get customers before they are “hooked” on another supplier’s goods. Getting people to switch brands can be tough. There may be the perception here too on the part of the Federal Government that there is a time constraint. If they do not act quickly, other suppliers may gain an insurmountable advantage although perhaps that point is moot if all the government wants is the tax revenue.

Presumably, if the LCBO is to be the sales outlet, they will have to have suppliers to fill the shelves with the goods (I use that term loosely). If not, how would that work? Would the Feds be in the business of growing MJ too? Imagine the competition for those jobs.

I am not in favour of legalizing MJ. This could be a Pandora’s box for many reasons.

#169 Bobby on 12.27.15 at 12:51 am

#142 Rosholt reminds me of the many skateboarders I work with from the I’m entitled to club. The generation where nobody kept score and everyone got a medal. If they failed it was always somebody else’s fault.
If we were all watching the same election, Mr Trudeau got in with the same amount of popular vote that elected the previous Conservative majority. Yes, over 60% didn’t elect the Liberals and my guess is by this time next year over 80% will be wishing someone else is in power. Fluff and selfies don’t make for sound governance. Just look at Ontario to see what lies ahead for Canada. History has a funny way of repeating itself. But Rosholt probably was one of those who missed that class but still demanded an A, because it was their right.
Perhaps the inheritances won’t be there as lefty government’s scramble for even more money to pay for those fluffy promises. What will the likes of Rosholt and Co do then?

#170 Sean on 12.27.15 at 1:02 am

Floppy:
“Nothing wrong with your questions either just do the opposite of what Mark tells you to do,it works for me.”

So desperate for popularity he tries to get on the anti-Mark bandwagon…

#171 A Boomer on 12.27.15 at 1:07 am

To Rosholt,
While T2 was campaigning, I laughed and laughed at his promises in the sky. Now I’m laughing and laughing that he’s discovering he was naively wrong. His party is so naively stupid it’s going to be an entertaining year!

As for your expectations… enjoy them while they last because “life” happens! One of my friends was recently SHOCKED to have the estate they were waiting for “donated” to 3 charities.. Yes, life happens!

Other friends who expected estates were dismayed to watch the $$$ go to expensive long term care homes. ($10,000 / month for years) Now the money has disappeared and parents are living with the “children” Yes, life happens !

#172 fishman on 12.27.15 at 1:21 am

The last thing growers out here in B.C. want is “industrial fibre”. That means “hemp”. That means the males are fertilizing the females. That means when you roll that joint & smoke it up ,it’s well, like smoking a rope.

It doesn’t matter what you think or say about grass in this province anyways. The die was cast this fall. The choppers didn’t go up & the Queen’s Cowboys didn’t tramp the bush on their annual search & destroy exercise. What for , they’d get thrown out of court by the time the case comes up anyways.

We’ve been growing out here for 50 years. I remember the hippies going into northern Afghanistan to get the Indica seeds because they needed to harden up the tropical strains. now they got plants adapted to every micro climate in every corner of B.C. & the Yukon too. AS we speak thousands of Mothers are producing hundreds of thousands probably millions of clones. No shortage of experienced growers. And every week another hungry young man comes back from the patch to take up the torch.

There going back the old way-outside-cheap- hundreds of plants in cut blocks,old fire burns, everywhere. Except in the old days it was from seeds, now every plant is a clone from an exceptional mother. no comparison to historical yields & strengths. T2 has taken the feds out of the picture and thats major. There’s going to be so much weed this fall the market will be overwhelmed

#173 Freeman on 12.27.15 at 1:38 am

Houses in Canada are NOT expensive.

Just look at this 30 year old guy who paid off the mortgage on his Toronto house in just 3 years:

http://www.msn.com/en-ca/money/topstories/what%E2%80%99s-next-for-the-30-year-old-torontonian-that-paid-off-his-mortgage-in-three-years/ar-AAg9Bia

If Toronto house prices were over-priced then this would not be possible.

#174 Practical_Logical on 12.27.15 at 1:40 am

BOOMERS will be one segment that will fall flat on their face when the interest rate game goes high, following the US. Real Estate will crash and these smug boomers, borrowing money with second and third mortgages to finance Retirement, Casino Fridays and Mexico will be screwed.

“Priced out Forever” buying Millennials, flippers and speculators will feel the ultimate pain.
BTW, Trudeau is a Gen Xer like myself.

#175 Turtle on 12.27.15 at 1:43 am

Great blog today! Strong story to start… Some kid #39, #40 to bring some humour… Smoking Man with his good taste in music… “Happy Together!”… Love Turtles… Every comment, every story… Good work, People!.. Garth posted a Smoking Hot Girl for Smoking Man… love it! This is why I am here every day. Po-si-tivity!.. It is so hard to find nowdays…

#176 Practical_Logical on 12.27.15 at 1:44 am

Will 2016 be the year the Vancouver housing bubble bursts?

U.S. short-seller says signs point to a real-estate ‘debacle’ in Metro Vancouver
http://www.theprovince.com/business/Will+2016+year+Vancouver+housing+bubble+bursts/11603582/story.html

#177 NoName on 12.27.15 at 1:45 am

@rosholt

Deep down in your heart you know that clearing 1300 a week is not that much, my wife does better than that.

600k

1300 mrtg interest
1300 principal payment
0500 food
0500 utilities
0300 disc spending
0200 internet cable cellphone
0800 car-insurance-gas
0300 savings
——-
All your money gone

Cost of having baby first year
1000 a month, and after 1st year it gets more expensive!

I kindo wonder are a troll or just someone who is very misguided.

#178 Serenity Now on 12.27.15 at 2:41 am

#142 Rosholt
Clearing $2600 a month, clearing… haha.
That’s like, what… $40k/year gross. Wow. Get a real job.
Next time I’m at Starbucks I’ll give you a $1 tip to help pay for your dream home, I mean double wide.

#179 batt519 on 12.27.15 at 4:37 am

#73 Smoking Man

I’m embarrassed for you. Not only for your grasp of grammar but also as a man for you ‘chillin’ to those tunes. Throw on Amused to Death at the very least. ;)

Regards,
Batt

#180 LowRent of Arabia on 12.27.15 at 5:17 am

Sad Sad Sad…

just talked to a friend of mine back in Canada. After buying a house then selling the house and buying a bigger house…after having three kids…wife is walking out the door and half -assed taking the kids and looking for a third house.

So between the two of them they will have 6 bedrooms for 3 kids and a sheetload of debt. And she wanted him to borrow more money to build a bigger summer cabin.

Money, debt, real estate and divorce…all a big spiral.

I told him to ditch his house, rent a room or move into mom and dad’s basement and only rent a hotel room when he wants to see his kids…otherwise he will go bankrupt.

Nobody plans for the Black Swan event. But divorces aren’t Black Swan…they are almost a 50% probability.

#181 LowRent of Arabia on 12.27.15 at 6:05 am

At #84 Trt…

No need to come back for free crappy socialist long line healthcare…you can pay cash for decent fast healthcare in SE Asia. Paying for decent health care whe you pay no tam is a net gain.

#182 LowRent of Arabia on 12.27.15 at 6:06 am

Not tam “pay no tax”

#183 unbalanced on 12.27.15 at 8:36 am

HERF # 155 ——Give it a rest. Man, my ears are sore. Rant, jibberish. Geeesh! Lighten up. Go have a coffee. Ya sound like a loose cannon. Its almost as bad as the 2 other most unpoplar people here!!!!

#184 For those about to flop... on 12.27.15 at 8:42 am

#170 Sean on 12.27.15 at 1:02 am
Floppy:
“Nothing wrong with your questions either just do the opposite of what Mark tells you to do,it works for me.”

So desperate for popularity he tries to get on the anti-Mark bandwagon…

///////////////////////////////////////
Not to sure who you are, but I will give you the benefit of the doubt.
In the last year Mark was wrong on currency ,real estate,commodities and a bunch off other stuff.
Marks worst enemy is Mark.
Several times I have given him encouragement in his war with the Troll.
I even stick up for the guy occasionally but I think that is a lost cause.
If your gonna slag me ,you should know what you are talking about
Pay attention will ya!
Apology accepted…

#185 crowdedelevatorfartz on 12.27.15 at 8:47 am

@#142 Rosholt +++++++++++++++++++++++++++++++++++

Wow
Your helicopter parents bought you a phone when you were 12…..Good to know they trusted you enough that they had to check on you constantly with that electronic leash.
If they sound as materialistic as you I highly doubt there will be much money left by the time they die(I believe this is where I refer to you as a ghoul) for you to get your craven claws on. New cars, houses, vacations, sickness, care homes…. all cost money. But. I could be wrong they might win the Lotto Max.

I dont really care how much you “clear” per week, bi weekly, monthly, whatever. If you’re an idiot with your money it will soon disappear. The majority of my coworkers and friends all make much more than you and have neither a pot to piss in or a window to throw it out of. Yet they all have new cars, mortgages to the max, take expensive annual vacations( see parents previously mentioned) and think nothing about the future.

Your misguided assumptions about the federal election 2 whole months ago ( I know you spawn of Millenials have the video game attention span of gnats). Did you miss the “anyone but Harper” campaign? Trudeau wasnt so much elected as it came down to voters booted Harper OUT by electing baby Trudeau, nothing more complicated than that. Dont get too excited. I’d say the Trudeau “honeymoon” will be over by June of 2016. Then the slumping economy will smack him and everyone else thats unprepared(the majority) in the face like a cold , dead fish.
Enjoy whats left of the holidays cause the next year in Canada’s economy aint going to be happy.

#186 RealityCheck on 12.27.15 at 9:17 am

It is always interesting to read the comments but the predisposition to the extreme is ridiculous. There are always ebbs and flows. Is the US the booming hegemonic nation that it once was? Sadly no…it is awash in debt much more than Canada although T2 may be trying to correct that? Is the Canadian housing market about to get slaughtered? Nope…with the Canadian dollar so low there will be lots of foreign investment etc as Canada is still one of the most desired places to live.

If you look around you every nation is in stimulus mode and I wouldn’t be too quick to jump on the Garth bandwagon about the US – if it is a global economy either the US will drag us along with it or the US will end up reverting back to stimulus. The Canadian economy in the former has hit bottom as a gloal economy rebounding as Garth seems to suggest will result in the commodities sector reverting back to the mean.

#187 Macduff on 12.27.15 at 9:17 am

Enjoyed reading today’s blog immensely. Garth, keep up the great work in ’16.

Does anyone have thoughts about the Philippines as an expat destination?

#188 MissConstrued on 12.27.15 at 9:39 am

Just spent Christmas watching my ex shower our kids with Michael Kors purses and brand new iPhones 6s’s. These kids are 14 and 16 years old. And those were just the creme of the crop and doesnt include the other 40 gifts they each received. Quite disheartening to say the least considering their dad can barely afford his debt repayments. Needles to say, I had a chat with my kids about the true meaning of Christmas.

#189 For those about to flop... on 12.27.15 at 9:47 am

This might be taking the whole dog thing a little too far.
I work too hard for my money to spend 10k on a dogs birthday party.

http://www.thesun.co.uk/sol/homepage/fabulous/6808304/Doing-it-doggy-style.html

#190 Broke Dick on 12.27.15 at 11:16 am

#188 MissConstrued on 12.27.15 at 9:39 am
Just spent Christmas watching my ex shower our kids with Michael Kors purses and brand new iPhones 6s’s. These kids are 14 and 16 years old. And those were just the creme of the crop and doesnt include the other 40 gifts they each received. Quite disheartening to say the least considering their dad can barely afford his debt repayments. Needles to say, I had a chat with my kids about the true meaning of Christmas.

//////////////////////////////////////////

Does he live in the GTA? Maybe he won the lottery?

http://www.thestar.com/news/gta/2015/12/26/60-million-lotto-max-ticket-sold-in-mississauga.html

#191 Leo Trollstoy on 12.27.15 at 11:17 am

#188 MissConstrued on 12.27.15 at 9:39 am

After receiving new iPhones and 40 gifts valued at hundreds or thousands of dollars, this is what an adult talking about ‘the true meaning of Christmas’ sounds like:

http://youtu.be/ss2hULhXf04

#192 Leo Trollstoy on 12.27.15 at 11:20 am

Being anti-Mark is being anti-poverty. More RFD gems to come.

#193 Vampire Studies GMST 454 on 12.27.15 at 11:24 am

155 Herf – Rosholts comments are so bad it has to be a ruse. Dont waste your time.

#194 coffeine on 12.27.15 at 11:27 am

#167 espressobob on 12.27.15 at 12:18 am

Starting to sound like a drug blog? What justification is there in stupidity? Why not legalize crack, horse, or a line of blow?

We all live by the choices we make. Why make bad decisions? Isn’t there more to life than this shit?

===

Educate yourself then about topics you don’t know much.

There is no justification for stupidity based on intellectual laziness, you are just put on display.

#195 coffeine on 12.27.15 at 11:39 am

#165 Kreditanstalt on 12.27.15 at 12:08 am

“The question is, why do we need to legalize and make widely available another substance to impair, and possibly, addict people?” – Garth

“We” have no right to do so. “We” should respect the prerogative of every individual to do as he pleases with his life, his body or his possessions so long as he does no overt harm to anyone else.

To that end, a next desirable step would be to phase out socialized medicine, which serves to force some to subsidize the risky behavior (or financial straits) of others – involuntarily.

=====

The picture is more complex than you make it sound like.

Since you are talking about “socialized medicine”, take a dive, do the due-diligence, of what you know and what you think you know.

When finished, come back to tell us what you think.

https://www.youtube.com/watch?v=hmYNLNF7NBw

#196 For those about to flop... on 12.27.15 at 11:40 am

I was thinking a couple of days ago how the milder than normal weather pattern in the U.S might give a jump start to the economy ,particularly in the northeast in 2016.
Alas they dodged the snow but got tornadoes and bushfires instead.
There was a tornado near Sacramento….that’s crazy.
My condolences to the families who lost loved ones.

#197 Hope & Ruin on 12.27.15 at 11:50 am

#196 For those about to flop… on 12.27.15 at 11:40 am
I was thinking a couple of days ago how the milder than normal weather pattern in the U.S might give a jump start to the economy ,particularly in the northeast in 2016.

watch out. apparently the mild winter comes with an increase risk of ice storms. like the quebec one in ’97-’98. Nice to see the meteorologists getting a win on this one too. Calling for a mild winter since october.

http://www.thestar.com/news/canada/2015/10/21/winter-to-be-milder-thanks-to-el-nino-but-watch-for-ice-storms-forecaster.html

#198 young & foolish on 12.27.15 at 11:51 am

“It is always interesting to read the comments but the predisposition to the extreme is ridiculous … ”

Exactly … it’s easy to be dramatic behind internet anonymity. Let me see if I can add some here:

Are you counting on 7% from your balanced & diversified over the next couple of years? OK, then get your knife and fork out and prepare to start eating your capital.

#199 Fine Wild Roasted Gonads on 12.27.15 at 12:17 pm

Smoking man hits up vegas

http://www.iflscience.com/space/russian-space-rocket-debris-burns-over-california-and-nevada

#200 crowdedelevatorfartz on 12.27.15 at 12:33 pm

@#188 MissConstrued
Yep.
Have a coworker that spends waaaaaaay more than he earns. Leased car. Rents and commutes 90 MILES each way to work……….
His wife bounces from minimum wage job to minimum wage job never staying longer than 6 months because “they suck”.
She borrowed money from her part time job teenage daughter to buy copious amounts of Christmas presents for everyone! Even when he told her not to. What the Hell. Its Christmas!
Forget the bill collectors that are hounding them for car payments, rent, hydro, cable, cell phones, internet, etc.etc.etc. …..Just so long as they can keep the fiscal fantasy lurching along for a few more months…..They have lots of booze and cigarettes too! Cant have a merry christmas without the necessities of life.

January is gonna be a long, cold, unfriendly month for some.

#201 young & foolish on 12.27.15 at 12:33 pm

“One day soon could you remind us the US market will rise at least 10% in 2016? …. ”

Hahahaha …..

#202 true meaning of Christmas on 12.27.15 at 12:36 pm

#188 MissConstrued on 12.27.15 at 9:39 am
Just spent Christmas watching my ex shower our kids with Michael Kors purses and brand new iPhones 6s’s. These kids are 14 and 16 years old. And those were just the creme of the crop and doesnt include the other 40 gifts they each received. Quite disheartening to say the least considering their dad can barely afford his debt repayments. Needles to say, I had a chat with my kids about the true meaning of Christmas.

===

Your ex is not wasting the opportunity to use Christmas and your debt to demonstrate for the kids that who she thinks is the loser of the family.

Based on the comments, the core audience of this blog cares more about not having debt than the “true meaning of Christmas”, don’t expect much solidarity.

#203 JimH on 12.27.15 at 12:41 pm

#94 For those about to flop… on 12.26.15 at 10:32 am

“What are you spending your money on?
I earn less than 40k but still max out my TFSA.
Find a way to save $15 a day .
Put down the timbits ,drive past Starbucks it’s all about priorities .
15 bucks a day gets you $5475 a year ,close enough for me… Nothing wrong with your questions either just do the opposite of what Mark tells you to do,it works for me.”
===================================

Fantastic advice.
Why is it that we can always come up those extra bucks to blow away “because we deserve it, after all”, but straining to find a way to save is somehow beneath us?

I for one admire your efforts! Good luck, friend!

#204 Mark on 12.27.15 at 12:57 pm

“In the last year Mark was wrong on currency ,real estate,commodities and a bunch off other stuff.”

Actually I wasn’t wrong on real estate at all. RE prices continue to fall across Canada (including the GTA/GVR) with a recent acceleration downwards. And I was pretty adamant, much to Garth’s chagrin, that the next BoC policy rate actions would be cuts, not the hikes that were widely being predicted by the so-called ‘economists’.

Commodities, sure, I didn’t think they would have freaked out as bad as they have. But then again, the professional money managers of billions, if not trillions didn’t get it right either. I have always lined up beside Garth in imploring diversity rather than the one-asset strategies that cause people an incredible amount of pain (ie: USD$ and long US stocks seems to be popular here right now amongst the various trolls, but that trade is way, way overdone at this point!).

#205 Mark on 12.27.15 at 1:01 pm

“Nope…with the Canadian dollar so low there will be lots of foreign investment etc as Canada is still one of the most desired places to live. “

What makes you think that ‘foreign investment’ would actually flow to RE instead of to the multitude of other asset classes in the Canadian economy, many of which are priced at a mere fraction of the cost of Canadian RE?

Rich people around the world didn’t get rich by throwing money away on some of the most expensive assets in the world (ie: Canadian RE). They usually got rich by seeking out value. There’s a lot of it in the Canadian stock market which has barely budged upwards in the past 15 years and has suffered relentless multiple compression. But the RE sector is the absolute last place I would personally expect any meaningful amount of ‘foreign’ investment to appear.

#206 Mark on 12.27.15 at 1:06 pm

“Being anti-Mark is being anti-poverty.”

Pretty rich coming from someone who has been pumping a losing asset class over the past couple years (Canadian RE), and put on that disgusting display of a complete lack of morals and personal integrity in your Christmas Eve contributions to the comments section.

I think most here recognize that you frequently don’t know what you’re talking about and/or you take things completely out of context. Shame on you!

#207 Mark on 12.27.15 at 1:09 pm

“One of my friends was recently SHOCKED to have the estate they were waiting for “donated” to 3 charities.. “

Tell your friend to go see a good lawyer as soon as possible. Case law has evolved quite significantly on this issue.

#208 Aggregator on 12.27.15 at 1:15 pm

Is leverage rising in Canada's housing sector? According to inquiry data compiled by CanEquity (now SuperBrokers), yes it is. See the data here.

Below are Canada's top 15 cities/towns with the highest loan-to-income ratios. (ranked out of 50)

#15 | CALGARY, AB | 3.5942
#14 | MISSISSAUGA, ON | 3.6175
#13 | LETHBRIDGE, AB | 3.6552
#12 | EDMONTON, AB | 3.6864
#11 | BRAMPTON, ON | 3.6936
#10 | TORONTO, ON | 3.6990
#09 | YELLOWKNIFE, NT | 3.7928
#08 | WHITEHORSE, YT | 4.0545
#07 | VICTORIA, BC | 4.0570
#06 | SURREY, BC | 4.0706
#05 | VANCOUVER, BC | 4.1774
#04 | ETOBICOKE, ON | 4.2045
#03 | SCARBOROUGH, ON | 4.2807
#02 | BURNABY, BC | 4.4859
#01 | NORTH YORK, ON | 4.7539

I find it interesting how still today with housing inventory purportedly at historic lows, big banks' (OSFI regulated) impaired mortgage loans continue to rise, which implies there are many home squatters whose mortgages are being paid by insurers (Genworth) and the Government of Canada via NHA MBS guaranteed payments.

This scheme can work for a long time as long as rates and credit spreads remain low, however, one thing to consider is Canada still retains its AAA status, which seems like to be downgraded now that the energy sector is in decline (which will crash immanently should banks stop extending new credit lines to oil companies to help pay off outstanding debt). Canada's deficit will also be considered by rating agencies once they realize without a booming energy sector, Canada's trade balance doesn't look pretty.

Until then, extend and pretend.

#209 pinstripe on 12.27.15 at 1:43 pm

The WRP is determined to make harpo look like a pussycat socialist.

http://www.cbc.ca/news/canada/edmonton/brian-jean-has-his-dancing-shoes-on-waiting-for-a-partner-1.3370921

#210 For those about to flop... on 12.27.15 at 1:45 pm

#204 Mark on 12.27.15 at 12:57 pm
“In the last year Mark was wrong on currency ,real estate,commodities and a bunch off other stuff.”

Actually I wasn’t wrong on real estate at all. RE prices continue to fall across Canada (including the GTA/GVR) with a recent acceleration downwards. And I was pretty adamant, much to Garth’s chagrin, that the next BoC policy rate actions would be cuts, not the hikes that were widely being predicted by the so-called ‘economists’.

Commodities, sure, I didn’t think they would have freaked out as bad as they have. But then again, the professional money managers of billions, if not trillions didn’t get it right either. I have always lined up beside Garth in imploring diversity rather than the one-asset strategies that cause people an incredible amount of pain (ie: USD$ and long US stocks seems to be popular here right now amongst the various trolls, but that trade is way, way overdone at this point!).

////////////////////////////////////////
Look, I will go easy on you because I know you had a tough year.
I wish you luck next year but with one caveat…
Just because you say the same thing over and over doesn’t make it fact.
Sometimes when someone calls you out you just gotta say ” I WAS WRONG”
I will lead by example I didn’t make many predictions this year as I still have my training wheels on but I predicted the Cons we’re going to win the election because I thought the fear factor and so many people owning real estate would bail them out again…
I WAS WRONG.
See its not that hard..no harm…no foul!

#211 pinstripe on 12.27.15 at 1:49 pm

#205 Mark wrote

What makes you think that ‘foreign investment’ would actually flow to RE instead of to the multitude of other asset classes in the Canadian economy, many of which are priced at a mere fraction of the cost of Canadian RE?

Rich people around the world didn’t get rich by throwing money away on some of the most expensive assets in the world (ie: Canadian RE). They usually got rich by seeking out value. There’s a lot of it in the Canadian stock market which has barely budged upwards in the past 15 years and has suffered relentless multiple compression. But the RE sector is the absolute last place I would personally expect any meaningful amount of ‘foreign’ investment to appear.

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What contribution does laundered money have on the RE sector? Does laundered money care about cost when the intention is to gain legitimacy on any purchase? Is Canada open to the wild west mentality?

#212 For those about to flop... on 12.27.15 at 2:03 pm

#206 Mark on 12.27.15 at 1:06 pm
“Being anti-Mark is being anti-poverty.”

Pretty rich coming from someone who has been pumping a losing asset class over the past couple years (Canadian RE), and put on that disgusting display of a complete lack of morals and personal integrity in your Christmas Eve contributions to the comments section.
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#103 For those about to flop… on 12.24.15 at 10:06 pm
#93 Leo Trollstoy on 12.24.15 at 9:54 pm
Merry Xmas all you clowns.

I think I read somewhere on this pathetic blog that there was a 55 year old who was scheduled to go for surgery and had been smoking pot since the age of 17. Proof that if you smoke pot that you will have poor healthy while still in your 50s. Surgery at 55? Damn. That’s some crappy genes or poor living.
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Wow! You are proof that you can’t buy class.

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Yes Mark ,me and you actually agree on something.
I tried to spark him into apologizing for this tasteless comment to Keith in Calgary
I don’t mind the banter and the jokes but laughing at someone else’s health is not cool.
I had surgery 11 days ago and had a heap of well wishes from people on this blog which kept my spirits up.
So I ask once again so we can put this one to bed …
Leo can you apologize to Keith and be the bigger man.
I don’t think you will but you might surprise me.
Do the right thing.

#213 TRT on 12.27.15 at 2:12 pm

Mark is a troll purposely posting drivel to agitate readers.
Hahaha. I bet he is a disgruntled former blog dog.

YVR prices falling!? Hahaha

#214 Vancouver in the Rearview on 12.27.15 at 3:13 pm

Hey Retired Boomer WI,

You live in La Crosse? Say hello to Jay Buckley for me – I did one of his baseball tours a dozen years ago and it was one of the best experiences of my life. I had never heard of La Crosse before (or until your post, since).

#215 Entrepreneur on 12.27.15 at 3:18 pm

“They usually got rich by seeking out value” but not necessarily. The so-called rich foreigners may be hiding their money, running from Red Alert 1, like our system, laundered money (that don’t need mortgages), all which is valued by them.

Someone commented on PM J2 2015 Christmas Speech and what we thought of it. I thought it was too much on the Syrian refugees and how we should be giving but I would have liked the PM to talk to us Canadians but he basically ignored our problems.

#216 Retired Boomer WI on 12.27.15 at 3:40 pm

#214 Vancouver in the Rearview

Jay Buckley is quite the legend in these parts. He’s a retired La Crosse Central high school teacher / coach.

His baseball park tours are, well, legendary!

Wow! small world, eh?

#217 For those about to flop... on 12.27.15 at 3:50 pm

#203 JimH on 12.27.15 at 12:41 pm
#94 For those about to flop… on 12.26.15 at 10:32 am

“What are you spending your money on?
I earn less than 40k but still max out my TFSA.
Find a way to save $15 a day .
Put down the timbits ,drive past Starbucks it’s all about priorities .
15 bucks a day gets you $5475 a year ,close enough for me… Nothing wrong with your questions either just do the opposite of what Mark tells you to do,it works for me.”
===================================

Fantastic advice.
Why is it that we can always come up those extra bucks to blow away “because we deserve it, after all”, but straining to find a way to save is somehow beneath us?

I for one admire your efforts! Good luck, friend!

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Thanks for your kind words Jim.
Since it is NFL Sunday I will use some football analogy.
You have to be your own Quarterback and make some critical decisions if you are a low income earner trying to save for your own retirement.
If you don’t think you can pull it off on your own hand it off to your Running Back( financial advisor) and run the play together.
Finally there are no sexy Cheerleaders with pom poms to cheer you on, you are the main beneficiary and the buck stops with you.
Granite and stainless is sexy,saving not so much.
I don’t intend retiring on a granite slab with a faucet up my backside,that’s not sexy!

#218 The American on 12.27.15 at 3:59 pm

If you want to make money, adhere to Cohodes and their predictions using copious amounts of data. This is data that is both available and not readily available to the average Canadian consumer. 2016 is going to be one hell of a bad year for Canadian real estate, really taking grip by fourth quarter. Brace yourselves and deleverage. I’m all about short of the Canadian dollar and Canadian housing market. Fundamentally, it makes perfect sense.

#219 Cohodes on 12.27.15 at 4:13 pm

#218 The American on 12.27.15 at 3:59 pm

If you want to make money, adhere to Cohodes and their predictions using copious amounts of data. This is data that is both available and not readily available to the average Canadian consumer. 2016 is going to be one hell of a bad year for Canadian real estate, really taking grip by fourth quarter. Brace yourselves and deleverage. I’m all about short of the Canadian dollar and Canadian housing market. Fundamentally, it makes perfect sense.

==

Interesting…

http://www.theglobeandmail.com/report-on-business/economy/housing/californian-short-seller-targets-home-capital-group-canadian-real-estate/article25715455/

#220 Cohodes on 12.27.15 at 4:23 pm

Home Capital Group Inc closed up Wednesday by $0.11 or 0.41% to $27.22. Over the last five days, shares have lost 2.61% and are down 43.28% for the last year to date. This security has underperformed the S&P TSX by 33.13% during the last year.

Yet:
Of the nine analysts surveyed by Reuters Estimates that cover Home Capital Group Inc, the consensus rating is a buy. The rating changed on November 06, 2015 when it was upgraded from a hold.

#221 Tony on 12.27.15 at 5:36 pm

Re: #220 Cohodes on 12.27.15 at 4:23 pm

The short sellers always miss the hi tech market here. Every golf related stock listed on the Vancouver Stock Exchange and Venture Exchange has gone bankrupt.

Canlan Ice Sports Corp pay a 2.5 percent dividend but should go bankrupt.

Judging by the picture of Chief Executive Officer of Home Capital Group I can only see that company dissolve.

#222 Herb on 12.27.15 at 6:11 pm

To be accurate, 39% of the 69% of Canadians who voted, selected the Libs. Over 51% did not. — Garth

(to rosholt at #142)

To slice these numbers a bit further, it means that 56.6% of actual voters voted Liberal, while 46.5% voted for all other parties. Thus the Libs would seem to have won a fair, absolute majority.

The 31% of eligible voters who chose not to vote saw no reason to vote for anyone or anything, contributed nothing to the political landscape and, hence, do not count for or against anything.

I did not select the Liberals either. I’m just tired of unfounded cheap shots in Canadian politics.

No, it means 39% of all ballots were for Liberals. Period. — Garth

#223 Herb on 12.27.15 at 6:15 pm

Sorry, finger trouble: 46.5% should be 43.5 in my last.

#224 Jack Smith on 12.28.15 at 1:07 pm

To #134 Bram

Yes, the mortgage interest per year on $600,000 is $16,740 at a 2.79% rate but people forget that will always be paid with after income taxed dollars.

It takes $24,000 for most middle income earners at around a 30% tax rate.

For much higher income earners, it takes around $28,000 to as high as $34,000 to pay just the mortgage interest on a $600,000, 2.79% mortgage.

The problem is the mortgage payment is not the only monthly expense to buy, own a $600,000 house. You have another $6,000 a year in property taxes, $1,000 a year in water, $2,000 a year in electricity, $1,500 a year in heating bills, $1,300 a year in home insurance, repairs, maintenance add that too that will cost tens of thousands over years, decades etc. Don’t forget about condo fees if you buy, own a condo which will probably double every 13 to 15 years, $500 average monthly condo fee in Toronto will be $1,000+ in 2028 to 2030.

Does this not take into account the reality of the monthly mortgage payment is not just interest and is more, much more, around 5.2% or $31,000 a year not $16,740, not double but by 85% higher, so anywhere from $50,000 to $60,000 a year of income is needed just to payoff a $600,000 house in 25 years with a 2.79% mortgage rate that will be higher at some point at probably 3.79% to 4.79%.

Don’t forget CHMC insurance fees and this is not even starting all the other daily, general cost of living of food, car insurance, gas, car payments, medical, clothing, internet, phone etc.

Add that most living expenses and property taxes, utilities don’t increase by 2% to 3% a year, more like 4% to 6% a year.

Most people don’t do the basic math for today and future cost of living increases, property taxes, utilities etc. when buying, owning a house, condo etc.

Even if interest rates don’t rise much say 0.5% in the next year to 18 months or they stay flat, go down a little bit, 2.79% to say 2.49%, there will be some other economic and personal problem that can make anyone in debt to their eyeballs get caught easily in a trap that will be hard to maybe impossible to get out and stay out.