Commies

millennial

Canadians have no constitutional right to own property. Yes, you might think you own your residence. But, pfft, you don’t. The state – from the federal government to the province, the municipality, the local conservation authority or power utility (among others) – can force you to alter, share, devalue or give up your property. And tax it, naturally.

Long ago, in a distance universe now past, I was a Member of Parliament when Quebec aspirations caused a rethink of the nation’s Charter of Rights. A dude named Joe Clark was in charge of the process, and I decided it was time Canadians gained some protection over their own land. So, being an energetic, iconoclastic little beaver, I formed a property rights coalition, mounted a conference in Ottawa, launched a petition, and lobbied the poop out of Joe and my colleagues. Finally, sick of me, the right to own property was included in the proposed set of Charter changes.

Yay! Finally. No more expropriations without due process. No local government changing zoning without compensation. No mercurial new taxes or capricious bylaws passed by left-wing city councils without recourse or input. Canadians would gain something Americans have had for 200 years – court remediation for the assets they’ve acquired when the state wishes to take them away, or materially affect their value.

Of course, the lefties howled. Social goals should trump private ones, they said. And they had a point. Societies need to protect rivers, birds, renters plus other endangered species, while building roads, dams and services for the good of all. I get it. But governments sometimes engage in theft. There should be a path to justice for everyone nailed by it.

Well, it all went to a national referendum in 1992. It was called the Charlottetown Accord, and also recommended Senators be elected, not appointed (the ‘Triple-E’ Senate) plus Quebec be deemed a distinct society. In a highly contested campaign, 54% voted against it – mostly because of the Quebec deal. (Ironically, Stephen Harper granted Quebeckers exactly this status – with no referendum – 15 years later.)

So why do I bring this up?

Because we’re once again tipping over the edge into tinpot dictatorship in many aspects of national life. Like in Vancouver, where the first empty-house law in history is about to be ratified. Simply put, it means if you own property and fail to live in it most of the time as your principal residence, where all your mail arrives and your dog sleeps, you’ll be massively taxed. Doesn’t matter if you’re a local, or already pay property tax, or bought the place and forked over land transfer tax, you’re about to face theft-by-lefties.

Starting in January, the tax is a massive 1% of the market value of your property, with a $10,000-per-day penalty (yes, ten grand every 24 hours) for non-compliance and a negative option, meaning if you don’t proactively file for an exemption, you’ll pay with an automatic tax. The social goal is to increase the number of units available for rent, but the unspoken impetus is pervasive anti-Chinese sentiment in YVR based on the unproven belief most of the 10,800 residences (largely condos) not occupied full-time are owned by foreign dudes.

Shame on us. Lament democracy.

Exempted will be people who leave their houses to vacation elsewhere for a few months, or are engaged in a proven reno, or just died, or live in condos where bylaws prevent units from being rented, or where owners use the place for business at least six months a year. Presumably, a corporate guy living in Victoria and working in Vancouver two days a week – who buys a condo because it’s cheaper than hotel living – would be nailed. And meanwhile homeowners will continue to be allowed to Airbnb their houses with city blessing instead of putting that space on the rental market. Suck. Blow.

Add in the 15% tax levied on foreign buyers – announced without consultation, notice or legal recourse – and no wonder Canadians start looking like commies to the rest of the world. To its credit, Vancouver is setting up an appeal process to the empty-house tax, since thousands of people will inevitably be caught up in its negative-option web. That office will cost taxpayers $5 million to set up, and another couple of mill a year to run. At least the bureaucrats will be happy.

Back in 1992, when my little crusade came close to success, I was scorned, flagellated and pummeled to a bloody political pulp by women’s groups, social justice warriors, environmentalists and dippers. Maybe I deserved it. Maybe taxing people twice because the state doesn’t like what you do with your own property is popular. Maybe most are happy to surrender control over their lives. Maybe, with risk-fearing Millennials craving a shared society, I’m nothing but a dino.

But some days you can almost understand what created Trump.

224 comments ↓

#1 Debtslavecreator on 11.13.16 at 1:05 pm

Garth I deeply respect your efforts to pass this property right as we live in a third world country masquerading as a world class nation. The illusion has started collapsing and the truth about this left wing liberal shit hole will hit the masses right between the eyes
On top of all the ways these criminal extortion left wing types steal what doesn’t belong to them we add on top the steady depreciation of the aptly named Loonie
We have entered a most dangerous phase where broke governments and the statists are going to use all excuses to further confiscate whatever wealth remains
Please consider doing all you can to StOP these extortionists
If O’Leary or another non establishment real conservative runs please consider serving again and passing the right to property to save what remains of our so called democracy
Thank you

#2 Ponzius Pilatus on 11.13.16 at 1:10 pm

Garth, you’re not a Dino.
Just a good old fashioned capitalist.
Not that there is anything wrong with it.

#3 Ponzius Pilatus on 11.13.16 at 1:13 pm

As for Canada looking like commies to the rest of the wold:
Remember, foreigners cannot own property in China.
Now that’s good old fashioned Communism.

#4 Max on 11.13.16 at 1:15 pm

Private property is a spook. To hell with spooks.

#5 Keith in Calgary on 11.13.16 at 1:21 pm

Best picture ever !!!!!

#6 Butcher on 11.13.16 at 1:23 pm

The wife and I are leaving Las Vegas +US$15.40

#7 Nearlyneil on 11.13.16 at 1:29 pm

It’s the people living, working, and renting here that should come above the rights of capital. So who cares about the rights of Chinese dudes, or any other foreign investor with no attachment to our city other than they parked some money here?
It’s been a utopia here for foreign and domestic property investors. The big losers in this scenario are working class folks (like 99% of us) who need affordable places to rent.

#8 On the flip side on 11.13.16 at 1:38 pm

Most of us don’t want the uncontrollable immigration being forced upon The People. The governments are not listening to the people. A day of reckoning (like Trump) is inevitable in Canada.

This 1% tax is an attempt to deceive the people while detracting from the real reason rents are skyrocketing in Vancouver.

Canada accepts immigration equal to 0.8% of its population annually. Nothing uncontrollable about it. — Garth

#9 rainclouds on 11.13.16 at 1:39 pm

Gregor needs to keep his social experiments funded.Witness empty flower pots separating bikes/cars downtown. (Apparently there is a debate over who will maintain the currently absent foliage in the middle of Smithe/richards/nelson/ect st. ) whoever does it will be paid the standard YVR starting rate (in excess of $25 per hour…………

A small.example of the daily stupidity we see in Delusia when irresponsible people are allowed to take other people’s money

when the wheels fall off the gravy train hopefully he and his cabal of tone deaf fiscal incompetents will be shredded in the next election.

#10 Julie K. on 11.13.16 at 1:45 pm

Come on, man. No woman ever pummeled a politician to a bloody pulp.

#11 On the flip side on 11.13.16 at 1:46 pm

And T2 is well out of his league and it’s going to show big time. His masters will get him to nudge Poloz to reduce/hold rates while the USA raises them., causing the loonie to drop.

Canada then become a “currency manipulator ” in the eyes of Trump, just like China. Any nationalistic businessman will see right through that BS.

Expect tariffs AND QUOTAS going forward on Cars, Softwood, oil at a minimum.

Let’s see T2 and his merrymen react by spending more and boosting immigration. The fools.

#12 The Beauty Of Me Is That I'm Very Rich on 11.13.16 at 2:00 pm

Make Vancouver Great Again! We’ll round up all the criminal homeowners who have lives outside of Vancouver and fine them $10k per day. Then we’ll build a 15% tax wall around Vancouver to keep undeserving foreign owners out.

#13 Ponzius Pilatus on 11.13.16 at 2:01 pm

Found this on Der Spiegel

http://www.spiegel.de/international/world/spiegel-editorial-trump-is-a-dangerous-president-a-1120925.html

#14 Jungle on 11.13.16 at 2:10 pm

Just wait until this carbon tax kicks in for Ontario. No one will want to make a major investment here for jobs. Too much tax, hydro rates increasing too much.

Now with Trumps new policies, we will become uncompetitive when their business will be taxed less than ours.

#15 Michael Tan on 11.13.16 at 2:17 pm

Thx Mayor Robertson for the vacancy tax christmas present

#16 greyswan on 11.13.16 at 2:17 pm

All the UN lobby in Canada has done is give control to outside forces control of our Federal institutions and media!!

#17 mark on 11.13.16 at 2:29 pm

This tax sounds like really bad news. If Lena Dunham buys a place in Vancouver it means she’ll actually have to live there.

#18 Doghouse Dweller on 11.13.16 at 2:30 pm

Will this law apply to empty foreclosed properties that Banks will be desperately trying to unload ?

A few years ago during the depths of the great recession I moved to that jobless dipper paradise known as Welland the Wilted Rose City.
Empty power of sale properties everywhere and absolutely nothing to rent. I could not figure it out, so many vandalized empty decaying properties and the Banks still wanted top dollar. No foreclosure auction deals here in Canuckistan.
The banks were not in the rental business, nor was anyone else.
The BPOE soon to be most traumatized place on earth.

#19 S T on 11.13.16 at 2:33 pm

What happens when a property for sale is on the market for an extended period of time? Surely Vancouver’s Bike Lane Mayor wouldn’t be able to slap that $10k/day penalty for houses that can’t sell. (Even if the property is listed at 1.5-2x market value?)

#20 When will they raise rates? on 11.13.16 at 2:36 pm

Property rights are central to the libertarian platform which is why I and 586 others in my riding pulled the lever for the libertarian party last September. We got 1.1% of the vote.

Thank you Garth for fighting the good fight! You would have my vote should you re- enter politics for this reason alone.

#21 Damifino on 11.13.16 at 2:45 pm

All stripes of bureaucrat have been asleep at the switch for over twenty years while the monster that is Vancouver took shape in Dr. Franken-number’s laboratory. The CMHC, Feds, CRA, Vancouver City Council, and BC Provincial Government. All are complicit. All are culpable

Rather than enforce perfectly adequate laws already in place they now choose to churn out new, complex, and difficult-to-enforce rules usually soaking in bogus green-washed correctness.

I was as anti-Tump as the next guy but with each passing day I understand better where he came from.

Conrad Black has coined a good term. He calls the last two decades “the era of the Obushtons” who have just now exited the stage forever. Although I tire of the usual pompous pant-loads we get from Conrad, I do tend to agree with him on that point.

The Obushtons have much in common with Louis XVI except that Louis didn’t even pretend to care.

#22 Context on 11.13.16 at 2:45 pm

We called Joe Clark the Duck years ago. Someone would say there comes the Duck and all in chorus would go quack quack quack.

#23 Metaxa on 11.13.16 at 2:46 pm

There is fringe on both sides, the lefties in Portland triggering the lardy white guys in Iowa.

However, there is also mainstream on both sides and somewhere there is a Venn diagram containing the mainstream supporters of both Bernie and Donald.

Trump is a symptom of that confluence and is decidedly too vain to see it and I doubt his circle of influence sees it either but there are those that will see it. When a charismatic politically savvy leader recognizes that then you will see change for real.

The industrialist who originally bankrolled western separation and saw Preston Manning morph that into Reform saw it but he is gone now…I’d love to sit for a few beers with Preston right now tho…

But some days you can almost understand what created Trump.
Trump isn’t what is interesting, it is the set of events over decades that created those that willingly voted for him that is interesting. Trump is a New York Democrat playing a game. Watch as his true colours spill forth…can he, will he be able to unwind that?

Probably not, eh?

#24 Context on 11.13.16 at 3:01 pm

#10 Julie K:- I have seen in Toronto outside of the famous club TGIF a bully the size of an all star football player hit upon a young lady in the street. Her mom taught her well as she kicked a field goal and he went down. Then she taught him a lesson and beat him to a palp until he was crying for his mama. Nobody came to his defense as it was show time in the big city.

#25 jay on 11.13.16 at 3:01 pm

http://vancouversun.com/news/local-news/theres-simply-nowhere-for-them-to-go-reports-of-homeless-growing-in-metro-vancouver-suburbs

#26 Cecil Henry on 11.13.16 at 3:06 pm

What we learned in the 2016 Presidential election:

1. ‘Racism’ really means ‘I hate White people’. ‘Racism’ just means you’re anti-White.

2. Diversity means everyone MUST think alike about ‘diversity’.

3. Africa for Africans, Asia for Asians, White countries for Everyone IS White Genocide.

4. The problem with socialism is that you eventually run out of White people’s money.

5. Polls aren’t done to assess public opinion, BUT to coerce and direct public opinion.

6. Virtue signalling is no virtue. ITs theft.

The MSM everywhere continue their distortion of Trump, their distortion of the issues. They continue to insist on asking the wrong questions to avoid addressing the real ones. And on its goes.

Its NOT about Trump!

Why aren’t these aggrieved liberals moving to Mexico or Latin America, or Doha?? Cultures rich with the ‘diversity’ they demand. What hypocrisy and blindness.

Envy is one of the seven deadly sins. Socialism justifies it, excuses it, hides it, enables it.

What is your fair share of what someone else has earned??? It has to be EARNED before it can be taxed and stolen.

Want to see ‘socialism in a picture’ or two??

https://punditfromanotherplanet.files.wordpress.com/2015/07/social-justice.jpg?w=590

http://3.bp.blogspot.com/_nHxd6JKTkN4/S8SxgtP2WdI/AAAAAAAAABM/XwR4qo9N09k/s1600/Snap_2010.04.13+13.57.50_003.png

It was NEVER about Trump!!!

#27 When Will They Raise Rates? on 11.13.16 at 3:07 pm

#13 Ponzius Pilatus on 11.13.16 at 2:01 pm

Found this on Der Spiegel

http://www.spiegel.de/international/world/spiegel-editorial-trump-is-a-dangerous-president-a-1120925.html
———————————-

Wow. That article is chock-full of outright lies.

#28 For those about to flop... on 11.13.16 at 3:14 pm

Not too sure who is going to lead the Conservative Party into the next election but I expect the 30th Ministry of Canada to look something like this.

Minister of Finance- Garth Turner

Minister of Health- Smoking Man

Minister of Immigration,Refugees and Citizenship-MF

Minister of Justice and Attorney General-WUL

Minister of Transport -IHCTD9

Minister of Environment and Climate Change- Bottoms up

Minister of Status of Women- Julie k.

Minister of Sports and persons with Disabilities -Flopper

Minister of Small Business and Tourism- Metaxa

Minister of Veterans Affairs- Context

Minister of Families,Children and Social development- Gut check

Minister of International Trade- common sense

There are still some spots up for grabs…

M42BC

#29 InvestorsFriend on 11.13.16 at 3:21 pm

Theft and other poor abuses By Democracy

It is amazing what kind of laws and theft people will support as long as it is someone else who is being stolen from or being discriminated against.

It’s why democracies need strong constitutions to prevent the abuse of minorities by majorities.

The vacant property tax is absolutely outrageous and should be unconstitutional.

#30 the other white meat (pork) on 11.13.16 at 3:21 pm

Doesn’t the U.S. have “eminent domain” laws that allow government to expropriate private property for projects it deems to be “for the greater good”?

It looks like Mayor Moonbeam has taken a page from the Trump doctrine and will “drain the swamp”. Wanna bet on what comes up?

Christy is throwing foreign investors under the bus, this whole scheme has her stink all over it. This government needs an enema. Watch for the NDP dude to don an expensive suit and a cheap blond rug early in the new year.

#31 White Canadians, Be Honest on 11.13.16 at 3:22 pm

White Canadians, Be Honest: Do We Need To Be Afraid Of You?

http://www.huffingtonpost.ca/niki-sharma/racism-canada-trump_b_12916094.html

“Niki Sharma is a lawyer who practices aboriginal law in Vancouver.

She was elected in Vancouver’s local government on the Park Board. She served as the chair of the board and worked on creating a more inclusive and sustainable park system.

She now serves on the board of the Vancouver PuSH International Performing Arts Festival, Battered Women’s Support Services and the Women’s Advisory Committee to the City of Vancouver.

She is passionate about creating a greener and more compassionate world.”

In my compassionate world we will look at people as we look at trees and flowers now, they all express beauty, their wide range of colours is part of the same landscape.

Preferring certain type of trees of flowers, certain colours will be deeply personal preference and it will be seen as that. Like looking at trees and flowers now.

#32 TurnerNation on 11.13.16 at 3:25 pm

The goal of business elites via Trump or anyone else is getting this figure down to $10/hr…to “stay competitive”.
Record profits for record serfdom. Our lives must be nasty, brutish and short – retirement for only those who may afford healthcare.

Roll Back the Wages to Win:

http://www.cbc.ca/news/canada/edmonton/labatt-beer-for-life-1.3848000

“Stirr said employees tell him the atmosphere started to change after Labatt first sold to a foreign company in the 1990s. And pulling retirees’ free beer is not the first cut.

Starting in 2010, new hires saw a $10 drop in wages. The new starting wage was $24/hour, compared to $34/hour for workers hired previously. New employees also have to pay into their own pension.”

#33 For those about to flop... on 11.13.16 at 3:40 pm

Just had a meeting and this concession was made.

Minister of Public Safety and Emergency Preparedness- Freedom First…

M42BC

#34 Chaddywack on 11.13.16 at 3:45 pm

I actually think the fines of $10,000 a day are what is needed with the issues in Vancouver. A lot of offshore “investors” (some would argue money launderers) will even find that this amount is the cost of doing business to get their money out of sketchy countries.

If you’re worth millions what is $365,000 a year? At least the city will profit and put a price on their desire to store money in the form of empty real estate.

They should have a similar level penalty with people caught evading the foreign buyer tax.

Canada is already a joke to most of the world when it comes to our laws. I remember watching the CBSA show where a Chinese National was caught with a large amount of undeclared money. They broke the law on their declaration card and paid a very nominal fine and were given all the money back! What is the incentive.

We have to keep in mind compared to places like China Canada’s laws seem really weak. I wonder what the penalty would be in China for similar things that are happening here? I’m sure you’d be rotting in a cell for years……or worse.

#35 For those about to flop... on 11.13.16 at 3:47 pm

Phone is ringing red hot …..just had this nomination.

Minister of Agriculture and Agri -Food

The other white meat (pork)

M42BC

#36 greyswan on 11.13.16 at 3:59 pm

….point 8 percent of population of 35 million is around 300,000 a year….is that your numbers!?
or almost a million foreigners every 3 years!!

The UK immigration numbers are 350,000 annually with
population over 80 million population before brexit.

Britain is smaller than Ontario. Get a grip. — Garth

#37 Wrk.dover on 11.13.16 at 4:00 pm

Excellent record of public service.

You, are The Man !

#38 Newcomer on 11.13.16 at 4:04 pm

Garth, please.

If you live in a city, you have to put up with city bylaws. Cities have to figure out how to fit hundreds of thousands of people into a small space and have that work for everyone. You get told how high your house can be, what color you can paint it, if you can have a pool, when you get to water the lawn, whether you can leave it empty, and how much rent you can charge if you do rent it out.

If you want to do whatever what you want with your property, move to the countryside. It’s a free country, after all.

#39 saskatoon on 11.13.16 at 4:15 pm

“governments sometimes engage in theft”…

governments are ALWAYS engaged in theft.

#40 Invictus on 11.13.16 at 4:15 pm

@ #1 Debtslavecreator

I agree with every single word in your post.

Bravo!

#41 Great Cornholio on 11.13.16 at 4:23 pm

Yea yea grrr communism, more hysteria from a guy with a ton of money and a great fear of losing it and becoming a regular Canadian, you know like those guys that do something other than ‘manage people’s money’ for a living. Anyway. Boring.

But what’s interesting is I never heard about this option. I cannot wait for this to come to Ontario, specifically Toronto. I live near my MPPs constituency office so I will write a letter and drop by after work tomorrow to have a chat and give the letter asking for such a measure in Ontario. The only thing is that the 1% tax is very milquetoast. It would take 100 years to pay off the property at that rate. It should probably be between 5-10% giving a payback of 10-20 years. Much more reasonable. 100 years is ridiculous.

It’s crazy that some people are allowed to have additional properties in places that people need to live with no surcharges and extra taxes. I mean it’s completely nuts now that I think about it. Doesn’t even the board game monopoly have a tax on properties? Are we worse than a game designed to mock capitalism?

This can’t come soon enough to Ontario. If a foreigner tax is too unpalatable cause something something racism (even tho race and nationality are not the same thing), then we can just implement this and crank up the rates over time until we achieve the result we want. After all there’s not much difference between a greedy foreigner and a greedy local. In both cases it hurts society. People need a place to live, you know, near their families, near their jobs.

You want to invest in real estate? Buy a REIT and use your money productively.

#42 ROTFL on 11.13.16 at 4:26 pm

Get used to it, and more like it. Government has to be paid for somehow, and if productive capital gets to go offshore to tax havens, and labour also escapes the net (astronaut families and the local black economy), then unproductive capital is all that’s left to be taxed. It’s the one thing you can’t hide easily in our current system — and there’s little capital less productive than a vacant house in an otherwise vibrant urban area. How is owning one different from stacking gold bars?

http://usatoday30.usatoday.com/news/world/story/2012-01-29/tax-evaders-greece-spain-italy/52822942/1

#43 Roial1 on 11.13.16 at 4:29 pm

Ha! Garth, you don’t know squat about commie taxes.

Those “Commies” (AKA Banks) in Switzerland got us beat by a country mile.

If you own your house in Switzerland they (the gov.) assesses the value and adds about 5% of that value to your income and you must pay tax as if you make that money by renting out your house. Even if you live in it.

HOWEVER. if you are mortgaged to the banks (to the max) you can deduct the interest from your income.

SOOOOO, Everyone keeps a large mortgage.

Good deal for the banks, No?????

I know this as my wife was a Swiss home owner.

#44 VS on 11.13.16 at 4:30 pm

Hello Garth; what site is best (reliable) to track home prices in GTA. Thanks

#45 BobC on 11.13.16 at 4:31 pm

It’s popped up 2-3 times down here that if Trump really does force out the illegals that many of them will cross into Canada. Imagine if 3 million or so (about 10%) ignore your immigration laws and flow into your country.
Add that to your diminishing property ownership laws and many more leftist policies. Then talk about bad about the uneducated deplorables down here. I’ll give you 7 more years before your begging for a Canadian Trump.

#46 Roial1 on 11.13.16 at 4:34 pm

Oh, add to the above that this is only on SINGLE HOME owners

#47 Wait There on 11.13.16 at 4:40 pm

Let us not kid ourselves. At this point it is plain to see that the USA will swing right in its economic policies while we are swinging left. The correlation between the two economies will diverge as we have not seen before. We will be out of sync. Real Estate in Canada, had it corrected when Garth predicted it should have would have allowed us to ride on the US coattails this cycle. That it did not correct and was further extended will create major problems down the road for Canada. People don’t see it coming at all.

#48 crowdedelevatorfartz on 11.13.16 at 4:40 pm

….And while the irony of the 0.01% vacancy rental rate in Vancouver continues to broil on the voter stove.
Vancouver implements a ridiculous “vacant tax” vs shutting down AirBNB…..which would free up thousands of spots.
Gregor Robertson is a fiscal moron who shouldnt be allowed to award a peanut stand in the Stanley Park Zoo.

As for homeowners “rights” stay tuned for the Christmas time eviction of a Northern BC family who has farmed their land for over 100 years….Why?
Because they vocally opposed the Site C Dam.
Apparently after they began “stirring the pot” BC Hydro survey crews realigned the access road for the Dam….right through their house.

The govt are unaccountable, lying, bullying scum.

http://www.google.ca/url?url=http://rabble.ca/news/2016/07/evictions-loom-demands-federal-action-against-site-c-rise&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiY_qeE2abQAhVU72MKHdVKBJ0QFggUMAA&usg=AFQjCNFNVcudAH6WMVUuPzZ3tH5DS7n4pQ

#49 Newcomer on 11.13.16 at 4:43 pm

Comment 26 (especially item 3) seems to have been written by a Klansman. I’m surprised it has not been deleted.

#50 chapter 9 on 11.13.16 at 4:43 pm

But some days you almost understand what created Trump

The EPA and the US Army Corps of Engineers are the two the biggest environmental agencies in the US. Readers digest version, When a farmer plows his field they produce “furrows” bordered by small ridges of dirt, these ridges of dirt will now be called”mini mountain ranges”. The idea,more regulatory power over farmers and private land. Most if not all plowing would be considered a “discharge of pollution” and would require a permit.

Donald Trump has two options, with the stroke of a pen kill this insanity as well appointments to the supreme court if it was challenged. Where did Donald win big- farming states!

#51 Skip Breakfast on 11.13.16 at 4:49 pm

Great post and spot on. Yes it is that kind of environment that creates a necessary correction like Trump,or worse something that is truly nasty, not imaginary nasty. Thank you for fighting that fight in your day. Hope we still have it in us to see the light.

XO

a gay progressive for Trump

#52 Dan on 11.13.16 at 4:56 pm

Canada is a property of Queen of England. Only she can put book value on it. So you owe that shack build by dust and glue but not the lot on which “house” is built.

#53 greyswan on 11.13.16 at 4:58 pm

So where do most foreigners prefer to move to in Canada…is it Vancouver or Toronto…Garth??
I live in Greater Vancouver which is similar to UK climate
and is being sold…..over populated like where they came from….traffic and traffic, taxes, tolls….progress!!

#54 Dan on 11.13.16 at 5:06 pm

Difference between communism and wild west capitalism s that in communism you cannot rebel against state and in capitalism you cannot rebel against your boss. Both systems are ruled by criminals, by nepotism, tribalism and social connections. Because every new emigrant in Canada is welcomed by wisdom of: It is not important what you know but who you know, ha, ha, ha…..But people do not like disturbances and they like somebody rule over them and lead them.
Even if a person is a moron, who just takes selfies and have public appearances. Important stuff is at least he is a son of somebody. See? Stability.

#55 WUL on 11.13.16 at 5:15 pm

The men who wrote the Declaration of Independence debated including a right about ownership of property but went with pursuit of happiness. They were smart.

Sure, amend the Charter to create two classes of citizens. Those who own property and those who do not.

What else should we create fundamental rights about? Ownership of Bentleys?

#56 Context on 11.13.16 at 5:32 pm

#28 For those about to flop:- I will gladly accept the position of Minister of Veterans Affairs. Those Veteran politicians who are having affairs need to be outed and will be most willing to uncover the dirt for the PM’s eyes only to take appropriate action.

#57 WUL on 11.13.16 at 5:33 pm

That being said, I am in agreement with Garth. Banning the assignment of real estate purchase and sale contracts and a tax aimed at discouraging a type of use of property kinda does away with contract and property rights that are 100s of years old. But, they are simply pieces of stupid legislation by a politician hell bent on re-election 6 months from now.

I also agree with Garth’s oft made statement that we have a right to shelter but not to home ownership.

#58 conan on 11.13.16 at 5:36 pm

RE: #54 Dan on 11.13.16 at 5:06 pm

I quite like this new government. I hated the old one. Except for Garth who I was lucky to meet once or twice.

So down vote me to oblivion you…. Con lovers…… oh there is no down vote button.

#59 Gary on 11.13.16 at 5:49 pm

Shame on the government for deliberately targeting foreign investment for Vancouver and the ill-conceived Immigrant Investor sham, which did not create jobs, only made real estate less affordable for Canadians. Shame on the government for turning a blind eye to money laundering in Vancouver and for failing to collect data or to enact any measures to quell the ridiculous valuations until they were unafordable to the vast majority of Canadians. This is mostly the government’s fault. Thanks to people like Gregor Moonbeam, the whore of developers, they haven’t kept up the rental stock and have built condos instead of apartments and wow surprise there is almost no vacancy! We need more affordable housing, no kidding Gregor, you moron.

#60 Ben on 11.13.16 at 5:58 pm

Liberalism requires freedom from rentier activity. Fine, own your own home, but don’t own 15 and force other families to hand over their wages.

That made absolutely no sense. — Garth

#61 CL on 11.13.16 at 6:03 pm

Now you’re catching on. It has nothing to do with Trump, racism, homophobia etc. but everything to do with poor government policy that directly affects the lives of masses in general.

I’m not a racist or homophobe, not even close but some just don’t know when to quit and people are sick of watching these special interest groups and their never ending quest for conformance among the population.

Gays for example, they’ve “made it” if you will. Nobody really cares how people live their lives since they’re living their own but when it goes from “made it” to “hey, let’s keep pushing for more” that’s when people say enough. That’s what you’re seeing Now.

Two in my family are gay and have been out for decades. They live their lives. Have successful careers. Are accepted among all that I know. Do not wish or push for pride crosswalks, pride flags at city halls, laying wreaths at a Remembrance Day ceremony meant to honor “ALL” those who have served and died for our country not a special group. For ALL. Even they shake their head at what is going on since these very policies that are supposed to be inclusive and encourage tolerance only create division and animosity among our countrymen.

Not a fan of trump at all but this needed to happen.

#62 For those about to flop... on 11.13.16 at 6:04 pm

I must apologize to everyone for a major oversight in the announcement of the next possible Ministry of Canada.

Minister for Misinformation- Mark

M42BC

#63 millenial1982 on 11.13.16 at 6:05 pm

So how long until they will want to implement the empty nest tax across the nation? After all, it won’t be hard for governments to justify it because you know, it’s only fair since somebody else is already doing it. That’s commie thinking. Just think of all the vacation properties that could get blasted.

#64 Pepito on 11.13.16 at 6:07 pm

There is nothing novel or unique about such a tax. It encourages the use of such properties for public good. Here, in Spain, it is a fact of life that a vacant property is taxed higher and that a vacant non-resident property higher stll.

You’re all for the bs trickledown and tax breaks for investors on capital gains presumably because of the social-economic gains of such taxation yet when it comes to the positive effect of such a property tax all societal benefits be damned.

You don’t seem to be too bad at sucking and blowing yourself.

As for airb&b, their disruptive, greedy bs is slowly being pushed back in many cities in the world…. along with the scumbag uber. Vancouver should do likewise.

Other than the slur against me, your argument has merit. Too bad you blew it. — Garth

#65 Guillaume on 11.13.16 at 6:28 pm

Also you should have probably heard about the implementation next year of the universal basic income in Ontario….
These liberal Ontarian could really get a Nobel price in insanity…
When I see, here in BC, all the global village bullshit and other stupid concepts that the education system starts to teach to 10 year old kids, I understand why you don’t find to much people that would enjoy making there living from a normal real job like being a mechanic, a baker, a farmer…… This is a massive educational failure, then these over-educated people that would not find there ass with there two hands reach government or educational jobs and this explains that !
Probably it is one of the reason why Canada needs 300000 new immigrants willing to work in jobs nobody around wants to apply for… Our progressive politicians are so cleverly stupid ! On the other side our crazy christian conservative crusaders/Warmongers doesn’t seem much wiser.

I am a bit concerned that this won’t end very well for the next generation….

#28 For those about to flop…

It looks like Something huge is rising here !

It’s a limited pilot project in Ontario unlike to survive the next election. — Garth

#66 Dick on 11.13.16 at 6:42 pm

As a landowner, I’ve been expropriated for the creation of a new provincial highway, and by a big -headed small town municipality that needed to put their Town Hall and public works department somewhere, so naturally they thought my woodlot would be perfect. I learned from both experiences that property owners might be compensated on a fair market value basis for the land that is expropriated, but good luck getting fair value for the residual damage done to your property (try selling a house next to the municipal snow dump or a new two lane highway). You can try to get justice for your assets, but it will cost you in legal fees, time and energy.

Next time I buy property I will be doing double due diligence on all aspects, including the quality of the municipal council and zoning. It’s amazing what kind of riffraff gets elected in both cities and in boons.

#67 Gordo on 11.13.16 at 6:52 pm

Mayor Moonbeam and the xenophobes are running Vancouver with a “beware the Yellow Peril” mantra. A rational city council would get to work on permitting and zoning regulations in an effort to make more housing available.
Instead Vancouver has new green regulations that add months to the permitting process and thousands to the cost of construction. That does not sound like a council that is concerned about affordability. To that we add the 1% tax, pure genius, let me out of this City!

#68 1% of the market value is DUMB on 11.13.16 at 6:56 pm

Just tax the hell out of AirBnB and their ilk bookings in YVR.

Watch the vacancy rate soar overnight instead of using the 1% tax to do this.

The tax supposedly will be revenue neutral at worst…well that would be a first for Government and if so, why bother?

Children of a Lesser Mind hard at it again trying to be seen to do something.

Pity about your property reforms being defeated way back when Garth [I voted for them]. You are correct about property rights, many years ago saw blocks of homes expropriated for a freeway in Edmonton, receiving rock bottom prices with nothing the owners could do about it – take it or leave it from the City.

And we are supposed to be so progressive vis-à-vis the American’s, as if. Great Blog today Garth.

bsant

#69 Freedom First on 11.13.16 at 6:57 pm

Yes. Not adhering to the rule of 90 for the housing market has manymanymany dangers. Try explaining to a homeowner all of the dangers is most often futile. Keep in mind I have owned and lived in 2 houses myself. Of course, I would never own a condo. That’s just plain foolish.

Interesting how all of the initiatives to buy RE everywhere in Canada were so gluttony inducing, a RE bubble bigger than the U.S. was manufactured, and now, and for a while too, the incentives have tuned into penalties.

Liquidity is King.

007
Freedom First
Master of Freedomonics

#70 fishman on 11.13.16 at 7:02 pm

Ok WUL, can I put in for Min. of Fisheries. Experience:
42 years commercial fishing captain from 54:40 to the fence & the edge of the continental shelf in.
Bagman for Cummins & treated just like he was by the PMO & DFO; (squishy brown goo one scrapes off the shoe on the curb).
And yes, I had no idea that Trump would win, just like I had no idea that the Dog salmon would return like they did this fall. Seiners dumping fish because all our processing facilities sold down the river & no ice, Stripping eggs in the river. Millions of pounds dumped destroyed, wasted or like one small processing owner buddy said”filling my offal bin every shift, & boy the salmon food guys were happy, always had another stainless steel container ready.”
Their still coming. the rivers are overflowing & the chums are stacked, you can dip net them in all the rivers in the lower Gulf here. No one can remember anything like it & DFO has given up because they destroyed the commercial industry & there will be a huge overspawn.
As the new minister I will continue Ottawa’s narrative They did a pretty good job for the 2016 cycle year but missed out big time on the fall chum run. I will continue to strip wild salmon for their eggs turn the carcassess into fish pellets to feed farmed salmon.
I will formulate a more flexible narrative for our cabinet since we can’t rely on “ocean survival” as the reason no other runs came back to B.C. Rather
embarrassing when millions of salmon show up on your doorstep after you’ve told the Canadian public they all died at sea. We’ll stick to & continue bribing our press to suppress facts like Alaska & Russia having huge returns this year & it’s their salmon feeding us this winter.
As far as the East coast, I don’t have specific knowledge, therefore, I will continue to ignore any & all input from anyone near an ocean & formulate a fishing plan at least a thousand miles away by expert government officials following correct political thought.
I will continue to allocate monies in my department that will benefit the re-election of our parties in designated coastal ridings. I will not let sentimental actions like preserving fish or their habitat get in the way(break a few eggs to make the omelette) of the big picture. I’ve killed many tens of thousands of fish. I’m hardened, I’m your man. Please let me in.

#71 rknusa on 11.13.16 at 7:03 pm

re: #36 greyswan on 11.13.16 at 3:59 pm

….point 8 percent of population of 35 million is around 300,000 a year….is that your numbers!?
or almost a million foreigners every 3 years!!

The UK immigration numbers are 350,000 annually with
population over 80 million population before brexit.

Britain is smaller than Ontario. Get a grip. — Garth

but very little of Ontario and Canada for that matter is habitable

#72 Hawk on 11.13.16 at 7:05 pm

#31 White Canadians, Be Honest on 11.13.16 at 3:22 pm

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

As a “non-white” Canadian, I find Nicki Sharma’s article silly and riddled with errors.

Some of Trump’s statements were a bit outrageous, but no less so than Hillary’s thinly veiled condemnation of White Middle America aka “basket of deplorables”. In addition most of Trump’s rhetoric has been focused on foreigners, not non-white US citizens.

There is very little coverage (if any) in the media regarding the fact that Trump increased his share of the vote over Mitt Romney in 2012 as follows:

Whites +1%
Hispanics + 7%
Blacks +7%
Asians +11%

If minority groups had voted in the same proportion for Trump as they did for Mitt, Hilary would be president elect.

As for Canada, if there is any over-enforcement of undesirable values upon non-whites, its more liberal values such as very young children taught about sex and such stuff that is depressing, not really conservative values.

#73 Smoking Man on 11.13.16 at 7:05 pm

This is halarious. Who in their right mind would go into debt to go to a modern university. What a complete waste of money. .

After the Trump win.

Look at these morons. Teachers suck.

 The University of Michigan offered its traumatized students coloring books and Play-Doh to calm them. (Are its students in college or kindergarten?)

 The University of Kansas reminded its stressed-out kids that therapy dogs, a regular campus feature, were available.

 Cornell University, an Ivy League school, held a campus-wide “cry-in,” with officials handing out tissues and hot chocolate.

 Tufts University offered its devastated students arts and crafts sessions. (OK, not kindergarten — more like summer camp.)

 At campuses from elite Yale to Connecticut to Iowa and beyond, professors canceled classes and/or exams — either because students asked or because instructors were too distraught to teach.

#74 andres on 11.13.16 at 7:05 pm

Garth, the lefties did not create Trump. Trump was elected because he promised the rust belt he would destroy free trade, something ironically his own party spent forty years aggressively developing. His economic policies are not the opposite of the left – in a weird twist of fate they probably resemble the leftist position circa 1985.

#75 Cow Man on 11.13.16 at 7:10 pm

Sir Garth:

So right you are about agencies “taking” your property without a cent in compensation. Our farm was in your Federal Riding. Between the Region and the CA they turned our 173 acre farm into a 90 acre farm through the Natural Heritage Designation and a 45 metre setback from “top of valley bank”. In agricultural use for over 200 years, agriculture is no longer allowed in the designated area. Compensation $0. And the property owner still gets to pay the property taxes unless they are willing to turn it over to the Ontario Ministry of Natural Resources.

This is being done with every agricultural property within the Greenbelt designation. The Greenbelt includes all Niagara Escarpment Designated lands as well.

No wonder we have Donald Trump. The rural urban divide is evident in the administration of all democracies. The urban majority unaffected by rural land use planning policies have no idea what is happening to rural land owners in Ontario.

#76 I like it! on 11.13.16 at 7:12 pm

Tax those foreigners! It happens all over the world, why should Canada be any different? Please, why must we bleeding hearts to price insensitive foreigners?

#77 This is Who is to Blame for Trump on 11.13.16 at 7:13 pm

Classic rant from a Lefty. Pretty funny too.

Find on Facebook (on YouTube also, but with no subs) by English Comedian, Political Satirist, Jonathan Pie on Viral Thread called “This is Who is to Blame for Trump”:

https://www.facebook.com/viralthread/?pnref=story

A lot of truth in what he says.

bsant

#78 ROTFL on 11.13.16 at 7:16 pm

#63 millenial1982 — “So how long until they will want to implement the empty nest tax across the nation? After all, it won’t be hard for governments to justify it because you know, it’s only fair since somebody else is already doing it. That’s commie thinking.”

That’s taxation thinking. Google “bedroom tax,” “hearth tax,” and even “window tax” and discover similar across many centuries and countries. The Domesday Book was all about taxation of the capital stock of England. Tax what can’t be moved, hidden or lied about. I’m not a Georgeist, believing that only land should be taxed. But I think that, as owners of portable and paper capital lobby and/or cheat to reduce their tax burden, owners of real property will inevitably be left fighting among themselves as to who will pick up the slack.

Vancouver, ironically, is an example of both. Part of their problem is that their real property is being used as a store of value and a hidden cache of assets by people from elsewhere, which distorts vacancy, household income and poverty rates, the tax base, and much else.

#79 InvestorsFriend on 11.13.16 at 7:21 pm

Due Process

I suspect there is always due process and compensation whenever land is expropriated.

The state can certainly force expropriation but there will always be compensation.

The state can raise property taxes and impose rent controls which can certainly devalue property. They can also impose development and other restrictions and designate a property as an historic site which also devalues it.

An action that targets a specific group like those that keep properties vacant may well be found to be illegal. Stand by. Although perhaps it is not a whole lot different than rent controls which are also an abomination.

#80 boonerator on 11.13.16 at 7:22 pm

I see a business opportunity to help people avoid the empty nest tax.
Here is a possible ad.
“Hire a renter”
For $x per month, Y times per month, I will come to your empty house/condo, run water, do some laundry, play music loudly, cook some smelly food, leave current newpapers and magazines on the coffee table.
I’ll bring in some thrift store antique furniture, your place will have the look of a lived in place.
This would not survive a serious surveillance but it should keep away the nosy neighbours.

A guy should be able to do quite a few residences that way, saving the owners quite a tax hit.

#81 MarketInquisitor on 11.13.16 at 7:24 pm

Check out a brief note I wrote on the opportunity on declining HY credit.

I think you can pair XHY with ZPR to negate some of the interest rate risk in your portfolio and receive a 5% yield with low positive correlation.

http://marketinquisitor.com/2016/11/12/junk-bonds-painful-memories-resurfacing/

#82 Keith on 11.13.16 at 7:35 pm

#34 Chaddywack – Check your math and add a zero

#83 Drill Baby Drill on 11.13.16 at 7:35 pm

When you have a perceived weak kneed president, a corrupt Democrat with a litany of scandal 30 yrs plus in the making and a poor outlook for the economy. You get Trump !!

#84 Metaxa on 11.13.16 at 7:39 pm

Other than the slur against me, your argument has merit. Too bad you blew it. — Garth

That’s not a slur…its a feature!

#85 Doghouse Dweller on 11.13.16 at 7:43 pm

#63 millenial1982
Just think of all the vacation properties that could get blasted.
—————————————————————–
Vacation properties have been getting stung for decades. Cash starved local municipalities feasted on the cottagers. The year I sold mine the
taxes had doubled with planned 20% increases for each of the 3 following years.
This on a boondocks property with no municipal services at all.
These days I cruse the wilderness in a camper van.

#86 Pepito on 11.13.16 at 7:46 pm

Other than the slur against me, your argument has merit. Too bad you blew it – Garth

Considering your pic in today’s post, your lament couldn’t be more ironic.
I guess snowflakes come in all ages… grin.

Ah, a moister. Explains a lot, thanks. — Garth

#87 Future Expatriate on 11.13.16 at 7:49 pm

A hypothetical… could one form a balanced portfolio full of nothing but New Zealand assets? Say someone was to emigrate there and wanted to put the money into NZ so it would meet the requirements for investor residency?

I have a problem with northern hemisphere nuclear wars between the PenceUS and Russia/China because “Iran”. Would rather go through earthquakes and tsunamis although the island does have an inland.

Thanks.

#88 Hawk on 11.13.16 at 7:57 pm

#26 Cecil Henry on 11.13.16 at 3:06 pm

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

North America isn’t comprised of white countries and there is no genocide of anyone.

#89 Bram on 11.13.16 at 8:00 pm

Canada can use some additional sunny beaches:

https://thinkpol.ca/2016/11/12/canadians-invite-california-oregon-and-washington-to-join-canada/

#90 Smoking Man on 11.13.16 at 8:08 pm

Conrad Black on the Trump win.

The American people, and most other advanced nationalities, are less well-educated and less well-informed than they were 50 years ago. The teaching and academic professions and the journalists have failed. They have not failed completely, of course, and there are many individual exceptions, but they do not get a passing grade. Government can do something about the schools but can’t really touch academia or the free press without threatening the foundation of free society. There is no obvious solution

#91 BobC on 11.13.16 at 8:16 pm

I know, understand and have total respect for politicians for the thick skin they have. You have that thick skin I envy but your no longer a politician.
I have to ask, how in the world do you let someone like #64 Pepito slide. With your master of words you could have verbally destroyed him in so many ways and for so many reasons.
My hat is off to you.

He will learn. You do not make a man listen by yelling at him. — Garth

#92 BG on 11.13.16 at 8:36 pm

#31 White Canadians, Be Honest on 11.13.16 at 3:22 pm
White Canadians, Be Honest: Do We Need To Be Afraid Of You?

http://www.huffingtonpost.ca/niki-sharma/racism-canada-trump_b_12916094.html

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

What if the article was titled:
“Brown Canadians, Be Honest: Do We Need To Be Afraid Of You?”

How modern, cool and inclusive does it sound now?
I guess the big white wolf is the new bogeyman.

#93 Context on 11.13.16 at 8:41 pm

#28 For those about to flop:- I recommend for your consideration a change from The Minister of Health to The Minister of Defense for the Smoking Man. We need a mother ship watching over all of Canada to release those fliers for our protection to keep us safe.

#94 NotAGreaterFool on 11.13.16 at 8:46 pm

What will Wynne announce tomorrow for the Ontario Real Estate market?

#95 45north on 11.13.16 at 8:47 pm

Add in the 15% tax levied on foreign buyers – announced without consultation, notice or legal recourse – and no wonder Canadians start looking like commies to the rest of the world. To its credit, Vancouver is setting up an appeal process to the empty-house tax, since thousands of people will inevitably be caught up in its negative-option web. That office will cost taxpayers $5 million to set up, and another couple of mill a year to run. At least the bureaucrats will be happy.

administration costs will be more than the tax collected

If Ross Kay is right, nobody is going to care about this silly little tax. Ross says that BC real estate is about to take a staggering lost – like 20% across the board from Smithers to Abbotsford. He has not backed away from his prediction – 20% loss in Vancouver, 20% loss in BC. As this loss becomes apparent, the City officials charged with implementing the tax will quietly stop doing it. In fact they’re not going to start. They’ll tell the politicians that if they want to make a speech go right ahead but leave us out of it.

#96 Renter's Revenge! on 11.13.16 at 8:48 pm

Well, they do say that property owners are the ultimate tax mules. Real estate is the least mobile form of capital, so local goverments can charge whatever tax they want and there’s nothing the owners can do about it, besides leave. This year, the City of Winnipeg raised residential property taxes 17%. Meanwhile, the Manitoba Residential Tenancies Board limited rent increases to 1.1%. Ouch!

#97 TurnerNation on 11.13.16 at 8:49 pm

Floppster I’ll take Head of Intelligence services. Heck I seem to run into many them going out so often. I can pick them out now. Mum’s the word…it’s not my place to fight a battle which is not mine.

#98 Metaxa on 11.13.16 at 8:51 pm

Sunday Story Time.

Short hiatus as bizarro world unfolded down south and more than a few regular posters joined in but back to reality. For those of us who are able…

I’ve been talking about short term or small investment ways to increase your income while preserving your career.

So I know a guy, in fact he was one I did a laundromat deal with years ago. So here we are years later and I bump into him and we go for a few beers to catch up.

He now is running paperwork around for lawyers, financial types and some medical stuff…courier job that pays him $80k per. In his spare time he parts out cars on eBay.

Not any cars tho…old Jaguars, old Land Cruisers, old Jeep Wagoneers, old anything niche really.
One or two at a time, ships via Canada Post and anything that weighs to much to mail is scrap metal.

Interiors, electronics, motor parts, glass…whatever.
He just posts what he is parting out on his eBay store and folks from all around the world buy the parts from him.

He does rent a small, chin link fenced yard with a pole shed on it and obviously has to pay a tow truck now and then plus pick up on his scrap bin but I actually asked him what he did, seeing as we had a good business relationship years ago.

He didn’t give me a number but he did allow that he has a PayPal account full of US funds, its bought him a 5th wheel on a lot in a gated, private resort and pays all those expenses, pays for itself as in all expenses and costs and provides him with enough of a bump to get him to 6 figures income wise. so +/- 20 grand clear.

Going to the auctions, etc is fun time for him, a hobby.
Packing and shipping? I don’t know, didn’t go there.
Actually taking the vehicles apart he estimates takes 10-20 hours a month.

Write offs? Quite a few. GST rebates, etc and he indicates it is very worthwhile.

So what have you got that can be monetized?
no one ever went broke selling stuff to the formerly middle class and the working poor, you do not need Dragon’s Den, you need a greasy product and a small market that you prevail in.

That is a coin operated car wash or a mail order parts thing or anything that is not food and not labour or infrastructure intensive. Don’t try and sell one a month at $50,000, aim for selling $100 a month at $30 and do that month over month over month.

Not all income can be passive, especially if you are just starting out.

#99 John on 11.13.16 at 9:00 pm

Canada accepts immigration equal to 0.8% of its population annually. Nothing uncontrollable about it. — Garth

A little out of the subject line, but, don’t you think that this is also a good drive of the prices of the houses? If only in Toronto there are 200k immigrants coming every year, can’t this also drive the prices of the houses up (along with the rents), since there is a shortage of dwellings? The city doesn’t grow 5% per year as the population of Toronto does. Add the FOMO to it and the small rates, and this is a good explanation why the market it is what it is. In other words, unless the population won’t have access to big, cheap money, the market won’t go down. And with 70% of the families owning houses, forget about the government making big steps on cooling the market. They will try some, but this won’t have much of an effect. Stagnation of prices – yes. Price drop – no.

#100 A man on 11.13.16 at 9:02 pm

Our concern here is – Affordability in cities like Vancouver, Toronto etc.
Findings / doubts/ solutions/ questions
Option 1- Increase the pay / per hour for the employees so that there affordability can increase— but doing so is not acceptable by employers / Capitalist as it reduce their take home / taxed / NOT taxed- Cash money.

Option 2- Give stuff free or subsidized to new bees to the tune where affordability is no more an issue. Govt. budgets and pressure on tax payers (One who collect any mode of payment and not only Cash) fund cannot afford it.

Option 3- Tax the people who are making money from this country and not paying taxes in terms of capital gains (as its primary residence) and not even on the rental income ( Cash Rents). *** Bcoz govt is against Chinese or other foreign investors…..* Hello??

Garth, I respect you; your are known in my family as my second wife, since I don’t sleep without reading your blog, but lately, I started feeling that you are against every move the govt is taking towards affordability although you always been warning and pointing fingers when the govt was not taking any step.
I guess we need to listen, follow and trust someone whom most of the countrymen elected, especially when we do not have any solution for the problem.

If you have one, please help us understand your vision and plan.
Thank you!

#101 Russ on 11.13.16 at 9:05 pm

Hey flopper,

Can have the portfolio that looks after our savages?

I think they can use my help.

#102 dosouth on 11.13.16 at 9:13 pm

You may not be so far off Garth.

The present day Libs and Cons may want to start listening to what the electorate want, not just the politically correct overkill that had taken over the U.S (throwing fuel onto their election results).

I might warn that we may want to avoid, unlike the democrats in the U.S., crying wolf too many times. Like for example the types of stories like the PC candidate Deepak Obhrai from Calgary is floating right now regarding racist emails (none produced) will create a neo-patriotic Canada.

Like your story, you just wanted to be heard.

We are usually 4-5 years behind the U.S. in anything progressive or non-progressive. The Trump tide is rising and “Trumpness” may not be such a fantasy here.

#103 fancy_pants on 11.13.16 at 9:14 pm

welcome to Canada. how can we change for you?

oh yeah, and the wicked witch is hellbent on destroying ontario before she gets put out with the trash.

#104 Pete on 11.13.16 at 9:18 pm

#52 Dan. That’s part of it.
The whole form of government is illegitimate. The current form of government derives their so-called authority from the British North America Act and other British decrees. This is the same government that oversaw the (still continuing to this day) policies of genocide of the First Nations peoples, from the deliberate introduction of diseases to the residential school system. This was a crime against humanity. The fact that the government is now comprised of completely different people is irrelevant (the Nazi party was not left in charge of Germany after the war but with fresh faces at the helm, the Nazi party was rendered illegitimate). It is still the same governmental system in place in this country. The First Nations peoples are still the rightful owners of the whole continent. Reparations to them is the real issue, not bickering over which of us owns what when it never was ours to begin with.

#105 BS on 11.13.16 at 9:24 pm

#34 Chaddywack on 11.13.16 at 3:45 pm

I actually think the fines of $10,000 a day are what is needed with the issues in Vancouver. A lot of offshore “investors” (some would argue money launderers) will even find that this amount is the cost of doing business to get their money out of sketchy countries.

If you’re worth millions what is $365,000 a year?

365 days x $10,000 = $3.6 million per year in fines. That adds up for even the extremely wealthy.

Outstanding fines will likely be applied as a property tax lien. Property tax liens are granted first lien status. They are superior over mortgages and any other lien regardless if the mortgage or lien was recorded before or after the tax lien. The potential of a home being an “empty home” will be something the banks will have to track very closely with all Vancouver mortgages otherwise the security on the mortgage could disappear.

#106 WalMark of Sadkatoon on 11.13.16 at 9:35 pm

Since the US election CAD is getting smoked. Bond market tanking too.

As the US economy ramps up, inflation comes back and interest rates rise, our dollar is dead

http://ca.reuters.com/article/idCAKBN1362BO

#107 Tudval on 11.13.16 at 9:36 pm

And this may just be the first step. The government dictating what you must do with your own property. Next logical step, as it happened in stalinist countries, will be to mandate renting out ‘excess’ space. You don’t think that’s possible? We’re half way there, ideologically.

#108 TurnerNation on 11.13.16 at 9:39 pm

Future Expatriate . Investors Business Daily weekend print edition today has a big report on NZ becoming a safe haven of international elites. Property going upppa up. A trend. Location location.

#109 toronto1 on 11.13.16 at 9:39 pm

Pure madness! unadulterated, padded room inside an insane asylum, batsh crazy

Van city has lost its mind, bring this tax in and see what happens to whats left of the real estate market and confidence in the market– it will drive all foreign money out of Canada for the next few decades. Foreign money does not differentiate between BC/Ontario etc.. its all Canada to them.

The other side of this is capturing tax from the lucrative underground market in rentals. im willing to bet that a lot of these “unoccupied homes” have basement or other suites that are rented out but on a cash only basis.
looks like the fools in BC got a bit jealous that the federal govt is getting its cut with the new cap gain regulations and they want theirs too.

google eminent domain for an idea of what Garth is talking about– locally in the GTA, there have been some high profile cases, the Durham airport expansion, TTC subway extension in Scarborough and i think even Metrolinx has had some press lately about that as well.

Basically if your property is in the way of a “greater good” then goodbye and the courts decide on fair value not you.

#110 Paul on 11.13.16 at 9:39 pm

The 1% empty-house tax in YVR is unfair.
Calling for 5% empty-house tax.

#111 ESC on 11.13.16 at 9:42 pm

#61 CL on 11.13.16 at 6:03 pm

Well said…my thoughts exactly

#112 moctezuma on 11.13.16 at 9:44 pm

commies?

This country began with genocide and then stealing the property of aboriginals. Now that you white peoples are on top, you of course want to set in stone property rights. I would believe you if you did that before people stole it from aboriginals all over in Australia, Canada, USA, Latin America, New Zealand, etc.

The question is how did you get your property? With money? How did you get the money? By legitimate means? Honest business?

Sure didn’t come from running a blog. — Garth

#113 Ret on 11.13.16 at 9:44 pm

#14 “Now with Trumps new policies, we will become uncompetitive when their business will be taxed less than ours.”

Our immigration policies and continued support for NAFTA will also be at odds with the US.

US companies don’t want to stay here with a 75 cent dollar and they are looking at additional carbon taxes and CPP premiums for enhanced pensions.

http://www.torontosun.com/2016/11/12/canada-roadkill-under-trump

#114 InvestorsFriend on 11.13.16 at 10:04 pm

Capital Mobility

Renter’s Revenge! on 11.13.16 at 8:48 pm said”:

Well, they do say that property owners are the ultimate tax mules. Real estate is the least mobile form of capital, so local goverments can charge whatever tax they want and there’s nothing the owners can do about it, besides leave. This year, the City of Winnipeg raised residential property taxes 17%. Meanwhile, the Manitoba Residential Tenancies Board limited rent increases to 1.1%. Ouch!

*****************************************
Agreed that real estate is immobile capital. Leaving does not avoid the tax, only selling to someone else avoids you paying property tax.

Most capital in terms of improved land, buildings, roads, airports, factories, and farms is immobile. You can cash out your ownership only be selling you can’t take the actual physical asset away.

Some capital including the investments in banks and insurance companies and software companies are quite mobile. The actual operation could be moved and the employees relocated. In a world where those types of companies generate an increasing share of GDP we can see why competitive corporate income tax rates become important and all the other factors that make a business environment attractive as well (which includes living costs of all kinds and the costs of all corporate inputs and all taxes)..

Oh yes, and some of these companies and even the immobile ones cheat the system by making all their profits magically appear in Luxemburg or some such by using transfer prices and locating intellectual property there.

A country must be competitive in order to compete. Corporations are not as captive as they used to be. People still are though.

#115 WUL on 11.13.16 at 10:05 pm

FLOP:

Instead of a cabinet post, could I just cut a hefty cheque to each proposed dog Minister’s campaign in exchange for an appointment to the Bench? (Wink). No heavy lifting and mostly indoor work to the age of 75. No-cut contract.

#116 Fed-up on 11.13.16 at 10:14 pm

Canada accepts immigration equal to 0.8% of its population annually. Nothing uncontrollable about it. — Garth

————————————————————————-
Nonsense.

The GTA and GVR accepts immigration equal to 0.8% of Canada’s population. Please stop oversimplying that statistic.

And therein lies our problem These 2 areas cannot handle this uncontrollable annual flow.

#117 Ponzius Pilatus on 11.13.16 at 10:15 pm

#27 When Will They Raise Rates? on 11.13.16 at 3:07 pm
#13 Ponzius Pilatus on 11.13.16 at 2:01 pm

Found this on Der Spiegel

http://www.spiegel.de/international/world/spiegel-editorial-trump-is-a-dangerous-president-a-1120925.html
———————————-

Wow. That article is chock-full of outright lies.
—–;———
Please be more specific.
Who is lying?

#118 Ponzius Pilatus on 11.13.16 at 10:31 pm

Garth,
It’s time to cut the ramblers short
100 words should do it.
Should teach them to focus.

#119 Ace Goodheart on 11.13.16 at 10:31 pm

Well if the foreign buyers’ tax didn’t kill the Vancouver house market, this negative option 10K per day tax will do it.

#120 Doug t on 11.13.16 at 10:35 pm

Flux and change peeps – there are cycles in society that happen and cause disruptions to the norm through out history. We are experiencing one of those times right now – pay attention to 2017.

#121 Ace Goodheart on 11.13.16 at 10:36 pm

It’s over BTW. The new empty house tax has just made Vancouver real estate as untouchable as a Toronto apartment building during rent controls.

Sell now. Get out. It’s finished……

#122 traderJim on 11.13.16 at 10:44 pm

They are really going all out in Vancouver to burst that bubble, I’m amazed they are being that aggressive.

Have the politicians really thought this through? Aren’t there more home owning voters than voters wanting to buy homes cheap?

I agree with Garth on this one. These policies are nuts.

Would have been much better to tax proceeds from flips as income, and to make sure the banks were not lending to people whose assets and income cannot be verified.

So go after the foreign speculators, but in the same way local speculators are treated.

Interest rates should also be normalized, but of course local politicians have no say in that.

Pretty sure everyone would rather see a gradual return to normal rather than a full blown crash.

Of course the most idiotic plan of all to ‘make houses affordable’ is the Ontario plan to subsidize buyers. That’s a joke right?

Not as fun to watch as the election (and even more enjoyable subsequent snowflake meltdown) but still interesting. Gonna need more popcorn.

#123 Last of the Boomers on 11.13.16 at 10:55 pm

Living and renting in the greater Vancouver regional district definitely has it’s challenges. Try finding a reasonable priced home or rental within walking distance of West Vancouver Secondary school. Have you heard of Mr. Chen who bought the two lots across from the school and has consolidated the lots to build a 26,000 square foot home. He has virtually wiped those properties off of the face of the earth as it is no longer usefulness for most families or for the district of West Vancouver forever more. It could have services at least 13 families in a much more productive way. The bylaws and governance is far too weak. Too much damage has already been done. It will certainly be interesting to see how the new government rules unfold. Miraculously the 5000 Sq ft home across the street now has occupants. It has been vacant for the two years we have rented in this neighbourhood. My landlords living upstairs have not Been back from Iran for 1.5 years. If it is a portion of the home vacant, does that count as unoccupied?

#124 acdel on 11.13.16 at 10:56 pm

Why not just create a law that places a cap on how many properties one can own in one city/province? Why should anyone be allowed to own more then two properties in a city/province? I read a story a few months back (I believe it originated in Toronto) where a family was able to purchase 40 suites in one building forcing out many potential buyers, if the story is true, that is just insane!

#125 MF on 11.13.16 at 11:09 pm

#28 For those about to flop… on 11.13.16 at 3:14 pm

Lol thank you for the recent appointment to the position.

It is an honor to serve in the public office with such esteemed colleagues. I love this blog. I have the greatest respect for the posters.

We are going to Make Greaterfool Great Again!

#MGGA

MF

#126 MF on 11.13.16 at 11:15 pm

#116 Fed-up on 11.13.16 at 10:14 pm

There is nothing wrong with immigration if it is done right. So far we have actually done a good job of
choosing some of the world’s brightest, and the GTA (as an example) is quite successful because of it.

House prices are high mostly because of ZIRP, easy credit, CMHC, statistical manipulation etc.

We had immigration in the 90’s with a market going nowhere.

MF

#127 ABetterWay on 11.13.16 at 11:46 pm

Trump is a symptom of a problem, a problem that will impact all of us, both right and left, liberal and conservative, rich and poor – a larger and larger piece of the economic pie is going to the very rich, and the poor and middle class are getting less and less. That is the reason Trump got elected. For over 30 years, it was said that the “trickle down” effect would solve this problem. If you lowered taxes, the economy as a whole would benefit. It turned out that the “trickle down” effect was just that: most of the money went to the rich and very little trickled down to the poor and middle class. And see what happens to a country who has some of the lowest taxes in the world: monthly mass shootings; some of the worst racial violence in the world and a deplorable educational and health care system. Put your ideological biases aside for a moment, and tell me, how can you solve this problem without more taxes? How can you get more money into the hands of the poor and middle class so they do not vote for someone like Trump, who, if you read your history books, got into power on the same platform as Hitler. Except, at that time, Germany was the 99% who had very little and the rest of the Western World was the 1%. I do not see any other way of solving this problem other than by taxes. Remember that this problem does go away by calling me a commie or socialist. If you have a conservative or republican answer to this question, I am all ears!!!

#128 Not 1st on 11.14.16 at 12:00 am

I don’t understand the markets. For 8 yrs they have been trying to stoke inflation unsuccessfully buying bonds, and now here comes trump to really give them inflation by ramping up infrastructure and now everybody is freaking out.

#129 Barb on 11.14.16 at 12:02 am

Garth, your post today really hit home with me.

I salute you for your 1992 work (and more). Government was always afraid if “property rights” were entrenched in the Constitution/Charter that every Tom Dick and Harry on welfare would lay claim to a house…simply because they could.

15 years ago, my local ultra-lefty gov’t, when I was rezoning my acreage (R2 to C5) decided to accede to NIMBY neighbours who were against the planned facility with a liquor license.

So lefty-gov’t imposed a covenant on my land that I could only be open 6 months of the year and have to close daily 2 hours after sunset.

No competitors had any such restrictions on their businesses, indeed later research indicated that no other C5 business in the entire province had such restrictions. I was too far into the project to back off though.

How to make the lefty local gov’t regret acceding to the NIMBYists?
Get ’em where it hurts: I appealed my property taxes based on the discriminatory conditions of the covenant that placed limits on potential revenue.

I won.
Even the Appeal Assessor was stunned at the covenant’s restrictions on a business’ ability to maximize revenue.

Now, years later on this blog, I’m reminded of those NIMBYists who encouraged the covenant.
So many commenters here sound so much like my business’ NIMBYists.

I am amazed how many people here encourage government’s left-leaning and decidedly discriminatory actions and policies, whether it’s against immigrants, or current landowners or landlords.

Is no-one concerned with how intrusive and invasive lefty government has become?

Encouraging governments to discriminate–on any topic, for any reason–is a slippery slope.

Wait until government turns around, having run out of taxpayer money (as they surely will), and see YOU (previously “untouched”).

#130 Fed-up on 11.14.16 at 12:07 am

#126 MF on 11.13.16 at 11:15 pm

#116 Fed-up on 11.13.16 at 10:14 pm

There is nothing wrong with immigration if it is done right. So far we have actually done a good job of
choosing some of the world’s brightest, and the GTA (as an example) is quite successful because of it.

House prices are high mostly because of ZIRP, easy credit, CMHC, statistical manipulation etc.

We had immigration in the 90’s with a market going nowhere.

MF
———————————————————————–

Please back up 1 of the absurd claims in your post above.

We attract the best and brightest people on earth? Evidence please.

200,000 new arrivals each and every year to the grid-locked and infrastructurally derelict GTA is sustainable with little to no housing supply and a rental market that is drying up faster than democratic genitalia in America. Evidence please.

#131 WalMark of sadkatoon on 11.14.16 at 12:11 am

Why not just create a law that places a cap on how many properties one can own in one city/province?

Winner!

Of the dumbest comment of the day

#132 Long-Time Lurker on 11.14.16 at 12:25 am

I just looked through the comments section. It’s a real peanut gallery here. My sympathies, Garth.

I think I’ll stick to your thought-provoking articles.

By the way, do you have commodities in your fund’s asset class mix? You never seem to mention them.

#133 Europhile on 11.14.16 at 1:19 am

Slowly but surely we’ll all come around to the seeing the virtues of a Trump administration.

#134 Parksville Senior on 11.14.16 at 1:45 am

Time for another of your ill-considered Reform style rants about the ability of the state to wield ultimate domain.

Remember in Canada in general expropriation must be for a “Public Purpose”.

In the Disordered States of America, this power of expropriation extends to private purposes. A corporation may apply to the local govt to expropriate your property for a private purpose—ie, to build another Trump Tower.

And the private owner in the US has no more power than the property owner in Canada, except they can go to Breitbart or Fox and holler that Public Federal land they have been LEASING is not given to them.

Notice that I said “most of Canada”, the exception being the Enlightened Realm of Alberta where Bill 22 granted the power for the govt to expropriate for private purposes.

Who could have been guilty of such a Communist Act –the Social Credit and their funny money ideas–NO!
Notley and the Socialist NDP—NO!
Will the guilty party, The Progressive Conservative Govt stand up and take a bow.

Its not just in Real estate or finance that a little due diligence is required—most rants can be improved by the same exercise of intellect.

Have a good one.

#135 Vancouver on 11.14.16 at 1:52 am

Resolving affordability and other issues in Vancouver is no easy task… According to the research, over 10,000 apartments/condos are sitting empty in Vancouver (bought as an investment, but not tenanted). This is one of them, recently listed in our neighborhood. MLS listings says it has never been tenanted and the building is from 2001. Go figure how many of similar units are sitting empty like this one while people strugle to find housing in Van…
Also, in addition to empty home tax, flipping tax should have been introduced long time ago

$1,699,000
MLS® Number: R2119082
Bathrooms 2 Bedrooms 2

Land Size0 Built in2001

Description
RARE OPPORTUNITY TO OWN TRUE WATERFRONT REAL ESTATE WITH DIRECT VIEWS IN YALETOWN! There is a reason this 03′ floor plan so rarely comes to market. Rare townhouse-level floor height offers a surreal connection to Marinaside Crescent’s Active Waterfront Lifestyle. Panoramic vistas through floor-to-ceiling windows, open concept living, large bedrooms with plenty of closet space, very large den, solarium & a pantry to accommodate your lavish lifestyle in Yaletown’s most desired location! Exclusive membership to world-class amenities in Club Aqua includes 60′ salt water lap pool, hot tub, steam room, fitness centre, theatre, lounge, visitor parking, and an exceptional 24-hour concierge service. Never tenanted, barely lived in! Open House Sat. Nov. 12th 2-4pm.

#136 Punter on 11.14.16 at 2:29 am

5 mins away is Richmond where I own land and the floor is looking pretty solid with Moonbeam chasing investment out of No Fun City.
I went even longer on prefs last week when CPD topped $13. I’m in at $11.47. Buying more at the open given the odds of Trumpflation being 100%. GWO.pr.f is a brain dead cinch paying 5.6 p/a. Fyi

#137 NEVER GIVE UP on 11.14.16 at 3:27 am

These taxes are not lefty agendas, they are a reaction to the manipulation of our abodes by federal and provincial money manipulators.

Emergency interest rates:
(transfer of wealth to those who qualify for a mortgage and can scrape together a down payment).

CMHC manipulation:
Way to inject massive amounts of money into the hands of above people by allowing banks to lend without risk.

Allowance of Hot Money legal and illegal into our free for all markets.

In Vancouver it is only a reaction to unconscionable policies that have destroyed the lives of many young people and have stolen the savings of the old.

Garth you are attacking the wrong bastards!

#138 NEVER GIVE UP on 11.14.16 at 3:51 am

#112 moctezuma on 11.13.16 at 9:44 pm
commies?
This country began with genocide and then stealing the property of aboriginals.
——————————————————————
Before you start flailing yourself for being born here of an immigrant family. Lets look at the facts.

Even in 1871 Long after immigrants were arriving en masse, as seen below there were only 102,000 native Indians in all of Canada!

Just because a Native Indian may have walked on a piece of land in Northern Ontario does that mean he owns all the land on 5 miles each side of your footsteps.

It is hard to explain to someone just how vast our country is. If you USE a piece of land and farm it and work it by living on it it is reasonable that you own that land. But just because you immigrated here first over the Bearing Straight and a very few of you walked around or roamed without improving the land it is offensive to say we stole the remaining untouched land.
I was born in this land. I am offended when I hear this rhetoric.

There are huge tracts of land that you could walk on in this country that no human foot has ever set down on. You could be the very first since the creation of earth 5 billion years ago.

By the Census of 1871, an exact enumeration has for the first time been made of the aboriginal population within the limits of the Province of Prince Edward Island (323), of Nova Scotia (1,666), of New Brunswick (1,403), of Quebec (6,988), and of Ontario (12,978), showing a total for these five Provinces of 23,358.

Reading further down you will see a table showing about 102,000 souls inhabited all of Canada including the west coast.

http://www.statcan.gc.ca/pub/98-187-x/4151278-eng.htm#part1

These amounts of people constitute small villages along sources of water. Not a vast society that was farming and improving their land.

I think Native land claims are way out of line in BC whereby more than 110% of the entire province is claimed.

#139 TRT on 11.14.16 at 3:56 am

#126 MF on 11.13.16 at 11:15 pm
#116 Fed-up on 11.13.16 at 10:14 pm

There is nothing wrong with immigration if it is done right. So far we have actually done a good job of
choosing some of the world’s brightest, and the GTA (as an example) is quite successful because of it.

House prices are high mostly because of ZIRP, easy credit, CMHC, statistical manipulation etc.

We had immigration in the 90’s with a market going nowhere.

MF

——
You would have perfect for Hillarys team. And lost.

How convenient to ignore the parallel immigration system that is never counted in the 0.8%.

1 million + ten year visas
100,000’s Students
100,000’s Supervisas
100,000’s IMP
100,000’s TFW

#140 GFD on 11.14.16 at 4:00 am

Second amendment is always good thing when it comes down to your home and family protection and keeping corrupted ideology at the bay.

#141 Go smacked by the offensive liberals on 11.14.16 at 5:11 am

Just read in the GM that Iran is funding protest activism against Canadian resource companies. Isn’t it great to have a PM that shields the truth of his preferring Irans interests over yours?

#142 Zen Headspace on 11.14.16 at 7:09 am

“The more prohibitions you have, the less virtuous people will be. The more weapons you have, the less secure people will be. The more subsidies you have, the less self-reliant people will be.”

“If you want to learn how to govern, avoid being clever or rich.”

“Give evil nothing to oppose and it will disappear by itself.”

– Lao Tzu, Tao Te Ching

#143 Incubus on 11.14.16 at 7:44 am

“start looking like commies to the rest of the world”

They are. Just read what most of them say on Donald Trump.

#144 Wrk.dover on 11.14.16 at 8:19 am

For all of you sick and tired racists: I flew to St. Johns Nfld. a decade ago, and by the time I had retrieved my luggage and rented a car, I had seen more pale blue eyes than you would normally see in Toronto in a full day. It was really really freaky.

Thing is, the eye colour is created by the weather there, not genetics.

#145 IHCTD9 on 11.14.16 at 8:21 am

#31 White Canadians, Be Honest on 11.13.16 at 3:22 pm
White Canadians, Be Honest: Do We Need To Be Afraid Of You?

http://www.huffingtonpost.ca/niki-sharma/racism-canada-trump_b_12916094.html

“Niki Sharma is a lawyer who practices aboriginal law in Vancouver.

______________________________________

Wow, Canuck Trump just got one step closer.

If this kind of insane, reckless, ultra-divisive rhetoric keeps being written and published, I am prepared to make a prediction – All major economies in the Western World will eventually receive their own version of Trump.

Seriously, it’s like there is an unseen force at work doing overtime trying to put Trumps in power all over the world.

#146 IHCTD9 on 11.14.16 at 8:33 am

#32 TurnerNation on 11.13.16 at 3:25 pm

The new starting wage was $24/hour, compared to $34/hour for workers hired previously.
_________

$34.00/hr was STARTING wage?!

I’d love to know what MAXIMUM wage was…

Or maybe it’s just a little deceptive journalism.

#147 calgary rip off on 11.14.16 at 8:34 am

These leftist leaning persons dont understand that Trump will make great deals. He is the icon of what is great. A smart leader who listens. What will he earn as President? $1/year, said so himself.

Expect things like Keystone pipeline, revival of coal as an industry.

Great times ahead!

#148 jess on 11.14.16 at 8:41 am

New York Governor Andrew Cuomo he signed into a law a bill that targets Airbnb hosts who have listings that violate the state’s short-term rental laws. Seth Wenig / Associated Press

Airbnb :It will ban Airbnb hosts with multiple listings in the cities of San Francisco and New York.

Both cities have been battlegrounds for the San Francisco-based home sharing platform and commercial operators, hosts who often manage multiple listings, have been a particular point of contention for Airbnb, lawmakers, and housing advocates.

but what about the unregistered?
The “one host, one home” policy has been something Airbnb has said it has implemented and attempted in New York since June 1 of this year but, as of Nov. 1, the company says its technology platform will now be able to prohibit a single individual within the five boroughs of New York from having multiple listings

#149 MF on 11.14.16 at 8:48 am

#130 Fed-up on 11.14.16 at 12:07 am

“Absurd claim”?

Can i ask where you live?

I’ve grown up and lived in the GTA my whole life. I’ve worked alongside, went to school with, and grew up with immigrants my whole life too. To suggest the GTA is completely collapsing and everyone hates each other is just false hyperbole and you know it.

From what i have seen, The Vast majority of immigrants are happy here.

Main Reasons: tolerance, clean, jobs, safety.

Hence, i said SO FAR the immigration system here has worked well. As long as T2 and his Progressive “ideology” do not ruin it like how they did in Europe (the failed system he seems to want to emulate).

If you are looking for some statistic that has some integration or happiness factor and a measurement scale feel free to post it.

MF

#150 Grey Dog on 11.14.16 at 8:50 am

Homes should not be used as commodities, ie left empty year after year. My contractor literally is in charge of 7 empty homes here in Unionville all owned by one guy off shore. I support the vacancy tax!!!

Flopper; Being a minature Schnauzer, Grey Dog, I have good managerial instincts, I would like to put my name in as Minister of Leash Free dog parks.

#151 Bat Flipper on 11.14.16 at 8:52 am

Maybe Trump will actually save us all from WW3.

With Russia and several other countries geared up for ww3. http://www.morningnewsusa.com/world-war-3-news-8-countries-prepare-for-war-with-russia-uk-builds-up-troops-against-putin-23119859.html

Putin even claims to have built bunkers to protect millions from nuclear fallout.

With the leaks to deface Clinton, and trump entered in as a puppet for Putin, this may have been all a show.

http://www.independent.co.uk/news/world/americas/us-elections/world-war-three-donald-trump-president-averted-putin-aide-claims-a7412111.html

Trump has the biggest decision to make even before his presidency even begins. Piss off Nato or Piss off Putin.

#152 MF on 11.14.16 at 8:58 am

#139 TRT on 11.14.16 at 3:56 am

Lyin’ Ted Cruz is that you?

Special interest group? Donor?

Okay I’m kidding.

MF

#153 Dups on 11.14.16 at 9:10 am

As usual a coward move from the Canadian government towards its people! This is not going to solve anything other than upset the people and collect money for government revenues. It will not stop the RE price madness! Down with the Communism or we elect a Trump like individual to run our country one day! As always people in Canada want to work for the government and people in US like to work for the private sector! Lazy work and high rewards…! Maybe is time for a change south of the border style!

#154 Johnny Boy on 11.14.16 at 9:12 am

#73 Smoking Man on 11.13.16 at 7:05 pm
This is halarious. Who in their right mind would go into debt to go to a modern university. What a complete waste of money. .
After the Trump win.
Look at these morons. Teachers suck.
 The University of Michigan offered its traumatized students coloring books and Play-Doh to calm them. (Are its students in college or kindergarten?)
 The University of Kansas reminded its stressed-out kids that therapy dogs, a regular campus feature, were available.
 Cornell University, an Ivy League school, held a campus-wide “cry-in,” with officials handing out tissues and hot chocolate.
 Tufts University offered its devastated students arts and crafts sessions. (OK, not kindergarten — more like summer camp.)
 At campuses from elite Yale to Connecticut to Iowa and beyond, professors canceled classes and/or exams — either because students asked or because instructors were too distraught to teach.
…………………………………………………………………….
Smoking Man your a joke, what did you get for marks in school? Did the little girl in your class rebuke you? Did the little boy kick dirt in your face? What is your problem with teachers? That is all you have on your agenda (teacher hate). I am not a teacher nor do I hate them or love them, but I had to deal with many teachers throughout life the same way I deal with any other person. Obviously you are uneducated, perhaps self taught but still lacking in basic skill sets and not capable of functioning in a team set. By the way Trump University was a joke so explain that? Your hero! Oh one other thing Donald Trump believes whole heartily in education and it is one of the most important tenets in his doctrine. If you don’t believe me just google the sixty minute interview last night with Leslie Stahl. “His words not mine.” He himself and everyone in his family are University grads. He would never hire the likes of you without any education, paranoid and severely undisciplined. Then again! Now what the hell were you doing in a drunken stupor the other night?

http://www.breitbart.com/big-government/2016/11/13/anti-trump-youre-going-write-graffiti-learn-spell/

#155 NoName on 11.14.16 at 9:39 am

#130 Fed-up on 11.14.16 at 12:07 am

We attract the best and brightest people on earth? Evidence please.

—–

I am the living proof of that!

#156 Brokerizer on 11.14.16 at 9:40 am

Meaningful tweet in the mortgage world:

Rate Spy:

“Equitable Bank says > 1/2 of its 2016 YTD prime single-family securitized mtgs would not qualify for insurance under the new rules. Src: RBC”

Half their clients cannot qualify at 4.6%. Wow.
I wonder if their Toronto clients were condo buyers, since I assume, many first-time buyers cannot afford anything else.

#157 traderJim on 11.14.16 at 9:45 am

Trump on 60 minutes. Admit it, all you snowflakes watched it (hope it didn’t take away from your burning a flag fun time).

Knowing Trump’s strategy now (being a common sense person myself, I get him) he made it clear his plan is:

1) Secure the border (wall, fence, whatever it takes)

2) Deport illegals WHO HAVE BEEN FOUND GUILTY OF COMMITTING A CRIME. (No sense deporting them now as they will just turn around and walk back across the border).

3) ‘Then we’ll see what to do about the terrific people (illegals) left’.

Meaning: We’ll grant amnesty to the law abiding, hard working illegals once we have the first 2 jobs done, but of course we are not going to announce it right now, as we’d have a massive flood of illegals immediately if we say that’s what we’re gonna do.

You’re going to see him repeat this pattern of ‘pacing and leading’ over and over again, so you might as well get up to speed on it.

It’s how he got a Republican rally to cheer wildly when he started waving a rainbow flag around on stage.

GW Bush wouldn’t have had a clue how to do that.

Watching this guy is going to be really fun. Media already all over him of course, and they will be every minute of ever day for the next 4 years (Appoint outsider: No experience whatsoever!! Appoint insider : “He’s not draining the swamp!!)

But people don’t trust media anymore. In fact, like me, most people do not even watch the ‘news’ channels at all.

Life is so much better when you ignore the hysteria.

#158 IHCTD9 on 11.14.16 at 9:55 am

#47 Wait There on 11.13.16 at 4:40 pm
Let us not kid ourselves. At this point it is plain to see that the USA will swing right in its economic policies while we are swinging left. The correlation between the two economies will diverge as we have not seen before. We will be out of sync. Real Estate in Canada, had it corrected when Garth predicted it should have would have allowed us to ride on the US coattails this cycle. That it did not correct and was further extended will create major problems down the road for Canada. People don’t see it coming at all.
__________________________________

I have been pondering the implications of a Trump led USA vs a Trudeau led Canada on the economic front.

There should be some good turmoil. The USA used to be our biggest customer for oil, now they are our biggest competitor. The USA used to export to us 10’s of thousands of high paid, full time manufacturing jobs, now these are leaving our soil in a steady stream. The US and Canada have never had such a pair of oddball opposites running their respective sides of the border. All of the above problems will accelerate under DJT.

I guess the loonie will get smashed along with the reemergence of the 8.00+ cauliflower phenomena. I would expect some loss of consumer spending and a corresponding GDP drop. Oil probably not going anywhere, Dollar probably getting stronger under Trump.

Trudeau has already indicated (and demonstrated) that all the lefty revenue annihilation and debt accumulating will continue up here, and he will be working hard keeping the special interest groups serviced fighting against the “sexist climate change”.

I see some possible good to be had with Trump on the energy front, but I am thinking the SJW crew we have running Canada will eliminate any chance of the good actually being realized.

Think about just how many fronts our outlook would have been improved if Harper still ran the show up here.

The Canuck millennials probably won’t even get their legal weed for all T2’s folly if Trump’s buddy Mike Pence has any influence on DJT’s position. It’s not even up to Trudeau anymore. NAFTA renegotiation on the way…

#159 feesimpleton on 11.14.16 at 10:02 am

Canadians have no constitutional right to own property. Garth”

Garth, surprised you missed this one…all land in Canada is owned by the crown and you only have the right to use it(i.e. rent it) as long as you pay your property taxes. Most is held as “fee simple”
https://en.wikipedia.org/wiki/Fee_simple

I though they taught this in high school?

#160 traderJim on 11.14.16 at 10:05 am

Anyone else see the hypocrisy of the lefties opposed to the new sharing economy, specifically Uber and AirBNB?

Doesn’t sharing a car mean a whole lot less wasted energy?

Doesn’t allowing someone to rent out the extra bedroom in their home stop a lot of high rise hotels from being built?

What am I missing here?

#161 Smoking Man on 11.14.16 at 10:06 am

I forgot to post this last night. Better late than never.

The lunatic fringe and why Trump won the white house in a landslide despite overwelling odds and the constant nukes tossed his way by MSM

A long time ago LGBT was group hounded by injustice and hate, suffered violence and death, they still do in some Arab countries. Yet no one seems to talk about this.

They organized and because politically active. They infiltrated the schools and curriculum to change the mindset of the herd and it worked magnificently.

So what do you do now that gay marriage and being gay is cool, and you have a huge political machine in place? You keep pushing to the point of ridiculous.

In Ontario no more mother and father, boy or girl. Soon it will be a criminal offense no to call a transgender person by their desired mood swing name of the day. What’s the % of the sexually confused, I figure about 1%?
Apparently being heterosexual 95% of the population will no longer be allowed to call itself Normal. SisGender is the new acceptable term.

Trump was a backlash to all the cultural marxism. Being a straight white male. The left will try and categorize me, as an angry white man, in spite of the fact that I have never owned a black slave, never looked down at blacks, I never hated gay people, followed all the rules. Son of world war two refugees with nothing but their clothing when they came to Canada. But I have white privilege according to the lunatic fringe.

And there in lies why trump took it down in a landslide. There are lots of me’s out there and they have had enough.

It’s coming to Canada. T2 will be a one term wonder, Wynne will get decimated in the next election.

Dr Smoking Man
Phd. Herdonomics

#162 Grey Dog on 11.14.16 at 10:17 am

Being in charge of leash free parks in high density areas, I realize each and every neighbourhood needs a leash free area.
So…I will expropriate land from 3 maybe 5 unoccupied homes in a row. This depends on width and depth of property. Heck no one lived in them anyways. Please note, I will name this leashfree park after absentee owners.
Take the money and invest it in Canadian Research and Development, proving Canada is important to you.

You sound obsessed. Houses are like any other asset or commodity – you can own all you want, according to your ability to finance. Real estate is not a social asset, and there’s already too much government involvement in its management. More is about to come from Ontario later today. — Garth

#163 bdwy sktrn on 11.14.16 at 10:22 am

My landlords living upstairs have not Been back from Iran for 1.5 years. If it is a portion of the home vacant, does that count as unoccupied?
———————
the exact details are yet to come, but unless the house is somehow shipped south across the harbour, then no tax will apply.

van city only.

#164 IHCTD9 on 11.14.16 at 10:24 am

#129 Barb on 11.14.16 at 12:02 am

How to make the lefty local gov’t regret acceding to the NIMBYists?

Get ’em where it hurts: I appealed my property taxes based on the discriminatory conditions of the covenant that placed limits on potential revenue.

I won.
Even the Appeal Assessor was stunned at the covenant’s restrictions on a business’ ability to maximize revenue.
__________________________________

LOL – Excellent! Good for you!!

#165 bdwy sktrn on 11.14.16 at 10:29 am

#132 Long-Time Lurker on 11.14.16 at 12:25 am

I think I’ll stick to your thought-provoking articles.
—————-
please do, you have stunk it up in here today, please desist asking idiotic questions

#166 Context on 11.14.16 at 10:32 am

#146 IHCTD9:- In fairness to TurnerNation a starting wage of $34.00 per hour pre 2010 may be possible. In manufacturing there were Unions and this calculation would depend upon the hours and if benefits were added into the mix. For example did a tax return in the 1980’s for an electrician who worked for Ford making $72,000. There was overtime, double time, and triple time. Know of a food manufacturing company that pre 2010 that workers were earning $60,000 per year without the benefits factored into the mix.

#167 Fed-up on 11.14.16 at 10:43 am

#149 MF on 11.14.16 at 8:48 am
#130 Fed-up on 11.14.16 at 12:07 am

“Absurd claim”?

Can i ask where you live?

I’ve grown up and lived in the GTA my whole life. I’ve worked alongside, went to school with, and grew up with immigrants my whole life too. To suggest the GTA is completely collapsing and everyone hates each other is just false hyperbole and you know it.

From what i have seen, The Vast majority of immigrants are happy here.

Main Reasons: tolerance, clean, jobs, safety.

Hence, i said SO FAR the immigration system here has worked well. As long as T2 and his Progressive “ideology” do not ruin it like how they did in Europe (the failed system he seems to want to emulate).

If you are looking for some statistic that has some integration or happiness factor and a measurement scale feel free to post it.

MF

—————————————————————–

Born, raised, educated and live in the GTA.

More hot air and baseless BS in your post.

Again, show me where we have attracted the best and brightest this world has to offer the past 35 years and how we can sustain hundreds of thousands new arrivals each and every year here.

If not, clam up.

#168 I HATE CONservatives on 11.14.16 at 10:49 am

calgary rip off on 11.14.16 at 8:34 am
These leftist leaning persons dont understand that Trump will make great deals. He is the icon of what is great. A smart leader who listens. What will he earn as President? $1/year, said so himself.

Expect things like Keystone pipeline, revival of coal as an industry.

Great times ahead!
_____________________________________

Oh great lots more pollution with coal! I’m getting sick of seeing the blue sky. let’s bring back smog days so corporations can make more money and we can choke on pollution. I hope you are joking or are you a typical ill-informed CON?

#169 james on 11.14.16 at 10:52 am

#161 Smoking Man on 11.14.16 at 10:06 am

I forgot to post this last night. Better late than never.

The lunatic fringe and why Trump won the white house in a landslide despite overwelling odds and the constant nukes tossed his way by MSM

A long time ago LGBT was group hounded by injustice and hate, suffered violence and death, they still do in some Arab countries. Yet no one seems to talk about this.

They organized and because politically active. They infiltrated the schools and curriculum to change the mindset of the herd and it worked magnificently.

So what do you do now that gay marriage and being gay is cool, and you have a huge political machine in place? You keep pushing to the point of ridiculous.

In Ontario no more mother and father, boy or girl. Soon it will be a criminal offense no to call a transgender person by their desired mood swing name of the day. What’s the % of the sexually confused, I figure about 1%?
Apparently being heterosexual 95% of the population will no longer be allowed to call itself Normal. SisGender is the new acceptable term.

Trump was a backlash to all the cultural marxism. Being a straight white male. The left will try and categorize me, as an angry white man, in spite of the fact that I have never owned a black slave, never looked down at blacks, I never hated gay people, followed all the rules. Son of world war two refugees with nothing but their clothing when they came to Canada. But I have white privilege according to the lunatic fringe.

And there in lies why trump took it down in a landslide. There are lots of me’s out there and they have had enough.

It’s coming to Canada. T2 will be a one term wonder, Wynne will get decimated in the next election.

Dr Smoking Man
Phd. Herdonomic
………………………………………………………………….
I have one word for your above statement, “Pence” think about it, Donald’s #2 Man.

#170 n1tro on 11.14.16 at 10:54 am

@ABetterway

Shrink the government. Use cost savings and give people a basic income. No more welfare programs. If people are not happy with basic income, they are welcome to “get rich or die trying”.

Stop comparing Trump to Hitler. When Trump marches 6 million (insert race) to death camps, then by all means. As for preying on the masses, Obama did the same with his “Change and Hope” campaign.

#171 Oilpatch Adams on 11.14.16 at 11:02 am

#150 Grey Dog on 11.14.16 at 8:50 am

Homes should not be used as commodities, ie left empty year after year. My contractor literally is in charge of 7 empty homes here in Unionville all owned by one guy off shore. I support the vacancy tax!!!”

This is economic nonsense….forcing people to become geographically immobile is not only bad for the economy, but also bad for individuals….imagine some oil patch guy who leaves the maritimes to go out west so he can feed his family??? This only benefits geographically set people like the government workers, which is why they would support it!

#172 Dups on 11.14.16 at 11:04 am

@ #162 Grey Dog on 11.14.16 at 10:17 am

You sound like someone that likes things given to them or steal from others!
Go ahead and expropriate others properties until you come across some owners that would spill blood over that!
In other countries around the world private property is sacred, and no one F’s with it! It should be no different here!

#173 SeeB on 11.14.16 at 11:10 am

Yes, it’s all leftys in Vancouver causing these crazy house taxes and not a broad groundswell of working people who can’t find affordable rentals. Though, I guess It’s not like any self-respecting righty has to deal with the same rent/ownership situations here. I suggest everyone here be extra careful about being caught short, lest you be labeled a dirty liberal.

#174 InvestorsFriend on 11.14.16 at 11:22 am

Fodder for the Lunatic Fringe…

Fee Simple, Alleged lack of property rights.

A field day for looney people who think property and income taxes should be illegal.

The property rights glass is about 90% full but the lunatic fringe will focus on the 10% empty part. Wiser people will continue to own property (as suits their portfolio and their means and needs and desires and view of the future).

Not too many of the lunatic-taxes-are-illegal group will ever show up on the lists of wealthy people.

#175 InvestorsFriend on 11.14.16 at 11:25 am

Debateable

#161 Smoking Man on 11.14.16 at 10:06 am said:

I forgot to post this last night. Better late than never.

***************************************
Good post

But some of your posts might fall under the Better Never than Ever category.

#176 ROTFL on 11.14.16 at 11:30 am

“Houses are like any other asset or commodity – you can own all you want, according to your ability to finance. Real estate is not a social asset, and there’s already too much government involvement in its management.”

Ever since Thag clubbed Ugg over the head because UGG started up a slaughtering tent and artisanal rendering plant right next to Thag’s fancy new doublewide wigwam, real estate has been the ultimate social asset — believe me, I was there.

Here without a hint of irony:

Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and
growth of free institutions and of our civilization. Through the REALTOR®, the land resource of the nation
reaches its highest use and private land ownership its widest distribution.

Yep, that’s the preamble to the BCREA Code of Ethics — LOL!

#177 Smoking Man on 11.14.16 at 11:33 am

USA University un hinged .

These kids think they will get good paying jobs.

http://www.zerohedge.com/news/2016-11-14/tolerant-educators-exile-trump-voters-campus

#178 Fed-up on 11.14.16 at 11:39 am

155 NoName on 11.14.16 at 9:39 am
#130 Fed-up on 11.14.16 at 12:07 am

We attract the best and brightest people on earth? Evidence please.

—–

I am the living proof of that

————————————————————————-

Mark Zuckerberg is that you?

I guess just take your word for it.

#179 dzh123 on 11.14.16 at 11:50 am

You can keep harping on ‘unspoken impetus’ but you’ve misdiagnosed the problem. And IMHO blowing the racist dog whistle is how Hilldog lost the election and how Brexit happened. It doesn’t matter if the target is local or foreign investors. The reason for these taxes is the very same class warfare behind 1950’s Chinese land reform and ultimately the great leap forward.

Now we all know how the great leap forward ended (actually none of my millennial friends do) but this is what Canadian education, culture and politics has wrought. It’ll take someone smarter and more influential than me, some rando internet commentator, to engage this thinking and actually change some minds.

In fact, I tend to think it can’t be done at all, so I will take the Baron Rothschild’s advice to wait until the blood is in the streets. Would love to be proven wrong though.

#180 Alex on 11.14.16 at 12:01 pm

Britain is smaller than Ontario. Get a grip. — Garth

Well, actually UK is twice bigger than Canada

Capital: London
Dialing code: +44
Area: 243,610 km²
Population: 64.1 million (2013) World Bank
https://en.wikipedia.org/wiki/Britain

But I do agree immigration is not the main factor in RE prices (however still the one of)

Canada: 9,985,000 km². — Garth

#181 Jeff on 11.14.16 at 12:21 pm

Left when pushed too far = communism.

I hope our Care Bears prime minister who care more about lgbt than strong family will get his ass kicked by Trump !

#182 RW_ZM on 11.14.16 at 12:22 pm

“Canada accepts immigration equal to 0.8% of its population annually. Nothing uncontrollable about it. — Garth”

The majority of Toronto is not from Canada. How much more do you need before you’re satisfied?

None of us who are non-aboriginal are ‘from Canada.’ Don’t bother posting again. — Garth

#183 Julie K. on 11.14.16 at 12:33 pm

Flop,

Honored!

Julie K.,
Future Minister of Status of Women

#184 Happening now on 11.14.16 at 12:42 pm

I think you woefully underestimate the effect of ham ….

https://www.bloomberg.com/news/articles/2016-11-14/world-s-biggest-real-estate-binge-is-coming-to-a-city-near-you

#185 Bram on 11.14.16 at 12:55 pm

I wish Vancouver would actually build what people want.
There are too many 7 bedroom homes here, whereas:

“Between 2008 and 2011, only 40 freehold row houses were built in all of Metro Vancouver,”

http://www.theglobeandmail.com/news/british-columbia/vancouvers-budding-romance-with-row-houses/article4244001/

And while we’re at it, why not start building in brick as well, so it will not be rotted away in 60 years time, as chip-wood will be.

https://ruimtevolk.nl/wp-content/uploads/sites/115/2012/08/25812387_orig.jpg

I often wondered if it would be possible to actually hire brick-layers in Vancouver, and if the city would actually let you do that, or simply block it because the building inspectors have no experience with it.

#186 Headhunter on 11.14.16 at 12:57 pm

been an avid reader for 5 years, been tempted to post but just stayed on the sidelines.. until now

#154 Johnny Boy on 11.14.16 at 9:12 am
Smoking Man your a joke, what did you get for marks in school? Did the little girl in your class rebuke you? Did the little boy kick dirt in your face? What is your problem with teachers?

are you out of your mind! We do not teach we indoctrinate. Homeschooled kids are not allowed in intellectual competitions i.e “spelling bees” in the USA. Why? You know the answer.

With the internet schools are going to be a thing of the past. I’ve been a headhunter 25 years.. one example of stuff I see on resumes off the newly conned rubes

EDUCATION:
• Renovation Technology – Advanced Diploma, 2014 – 2016
George Brown College

 Completed the Special Events Planning program at George Brown College 2012-2014
 Earned the WPIC Certified Wedding Coordinator certificate 2012

education in “renovation technology” seems legit

Garth you rock

#187 Renter's Revenge! on 11.14.16 at 1:04 pm

#114 InvestorsFriend on 11.13.16 at 10:04 pm

Capital Mobility

Some capital including the investments in banks and insurance companies and software companies are quite mobile. The actual operation could be moved and the employees relocated. In a world where those types of companies generate an increasing share of GDP we can see why competitive corporate income tax rates become important and all the other factors that make a business environment attractive as well (which includes living costs of all kinds and the costs of all corporate inputs and all taxes)..

Oh yes, and some of these companies and even the immobile ones cheat the system by making all their profits magically appear in Luxemburg or some such by using transfer prices and locating intellectual property there.

A country must be competitive in order to compete. Corporations are not as captive as they used to be. People still are though.

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

Some people seem to think that the only tax that should exist is property (land) tax. In a way, it makes sense. Once you own a piece of land, you form a natural monopoly, because no one else can own or use that particular location. Shifting all taxes into property tax would force the owners to find the most efficient, productive use of their land, if only to stay cash flow positive. At the same time, eliminating taxes on income and mobile capital would free up resources for personal consumption or investment and make our country more competitive with others.

#188 William on 11.14.16 at 1:10 pm

“It’s a limited pilot project in Ontario unlike to survive the next election. — Garth”

You are wrong Mr. Turner. Basic Income will come to pass. It is not what it appears. It is an opportunity to steal CPP and OAS funding.

Here’s how it will work:

Everyone will receive a “Basic Income” of somewhere around $1300.00 per month. But if you have income too (whether passive or active) your Basic Income will be reduced by the amount of income that you have.

OAS and CPP will be canceled. Funds allocated for CPP and OAS will be taken.

So if you have Income from investments (RRSP’s for example) you will loose CPP and OAS because the government took that money away, and because you have RRSP savings generating income, you will get no Basic Income.

Bottom line:

Government confiscates CPP money that YOU paid into for the entire time that you were working.

Government confiscates OAS money and rolls it into General Accounts.

Government gives you “Basic Income” but then claws back that Basic Income because you have RRSP savings generating income.

So they steal your CPP, steal your OAS, replace those with Basic Income and then claw back that Basic Income because you have RRSP holdings. That’s how they intend to tax RRSP’s

Sell your million dollar slanted Semi in Toronto and go rent to retire?

Nope, that cool million (invested) will generate INCOME that will allow them to claw back your Basic Income.

No matter how you slice it, we get screwed.

#189 jess on 11.14.16 at 1:11 pm

the unemployment rate in detroit is over 10 % it was 24% five years ago
==============
120 million votes cast in the 2016 election, 107,000 votes in three states effectively decided the election.
Trump won convincingly in 26 states, collecting 227 electoral votes. Most of these states usually vote Republican, except Iowa and Ohio, which voted for Obama in 2008 and 2012.

Clinton won decisively in 18 states and D.C., netting her 222 electoral votes. All of these states are traditional Democratic strongholds. Most are densely populated and along the coasts.

============
10 November 2016 -Deloitte handed highest ever misconduct fine by theFinancial Reporting Council record £4m over Aero Inventory Plc audit

SEC charges PwC partner for audit failings

One in three of UK’s richest “investigated for unpaid taxes”
http://economia.icaew.com/

Three arrested amid Panama Papers insider trade inquiry (14 Nov 2016) Christopher Williams, Chief Business Correspondent 11 November 2016 • 10:10pm (telegraph)

“Three employees of major banks have been arrested as part of a investigation of insider dealing sparked by intelligence from the leak of the Panama Papers, it has been claimed.More arrests are planned in the joint-investigation by the Financial Conduct Authority (FCA) and the National Crime Agency (NCA), Bloomberg News reported

The de knighted
Ex-BHS owner Dominic Chappell arrested during HMRC tax probe (14 Nov 2016)
https://www.theguardian.com/business/2016/nov/13/bhs-scandal-dominic-chappell-arrested-amid-tax-investigation
Lloyds under attack on claims it ‘benefited’ through offshore fund (14 Nov 2016)

#190 Ontario Land transfer tax just raised on 11.14.16 at 1:20 pm

Breaking news… Homes over $2 million just got hit with higher land transfer tax…. Ontario gov comn after you rich folks!

#191 jess on 11.14.16 at 1:22 pm

bigger than ever hack AdultFriendFinder
data from 20 years

The stolen data included the details of 15 million accounts that had been deleted by the users but remained on the company’s servers.
Anyone who has used the following sites could have been affected:

AdultFriendFinder.com – 3.4 million users affected
Cams.com – 62.7 million users
Penthouse.com – 7.12 million users
Stripshow.com – 1.4 million users
iCams.com – 1.14 million users

#192 PeteC on 11.14.16 at 1:26 pm

You sound obsessed. Houses are like any other asset or commodity – you can own all you want, according to your ability to finance. Real estate is not a social asset, and there’s already too much government involvement in its management. More is about to come from Ontario later today. — Garth
——————–
But houses are not quite like other assets. For better of worse government is deeply involved in the housing market, from setting interest rates, insurance (CMHC), zoning and land use regulations, various subsidies to first-time buyers etc. So it is not surprising that they are attempting to tweak some of the bad outcomes of their policies with other policies, such as this empty housing policy (which does seem slightly ridiculous and surely won’t work as intended).

I would prefer a housing market that is a true free market, where willing buyers and sellers, along with the suppliers of financing, set prices with as little interference from government as possible. I guess my point is that to complain that just one (rather silly) policy is an abuse of state power is a little odd – the government interferes in the working of this market in much more important (and harmful) ways that that.

#193 Eks dee Sipal on 11.14.16 at 1:30 pm

Well done, Mr. Thompson. Standing up to the bully that is the CRA:

https://scc-csc.lexum.com/scc-csc/scc-csc/en/item/15990/index.do

VI. Conclusion

[41] Given our holding in Chambre des notaires that the exception contained in the definition of “solicitor-client privilege” in s. 232(1) ITA is constitutionally invalid, the Minister’s request that Mr. Thompson be compelled to disclose the documents he has been withholding must be rejected. The information contained in those documents is presumptively privileged, and its disclosure cannot be required unless a court first determines whether solicitor-client privilege actually applies. Because we conclude in Chambre des notaires that the ITA ’s requirement scheme is unconstitutional insofar as it applies to lawyers like Mr. Thompson, it is unnecessary to return the matter to the Federal Court.

[42] In light of the above, we would allow the appeal solely to set aside the Federal Court of Appeal’s order, and we would dismiss the Minister’s application. On the basis of this outcome, we would award costs to Mr. Thompson throughout.

#194 Victor V on 11.14.16 at 1:36 pm

Get ready for higher interest rates under Trump, says RBC, as it downgrades REIT sector

http://business.financialpost.com/investing/get-ready-for-higher-interest-rates-under-trump-says-rbc-as-it-downgrades-reit-sector?__lsa=d63f-bcd9

#195 Victor V on 11.14.16 at 1:37 pm

Ontario land-transfer tax rebate doubles to $4,000 for first-time homebuyers

http://business.financialpost.com/news/economy/ontario-land-transfer-tax-rebate-doubled-to-4000-for-first-time-homebuyers

Ontario is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000, but is increasing the same tax on homes that sell for over $2 million.

The government says half of first-time buyers won’t pay any land-transfer tax to the province, while the half-percentage point increase on homes over $2 million will affect less than one per cent of the population.

The province takes in over $2.1 billion a year in the land-transfer tax, and the government says any increase in revenues from the increase on luxury homes will help pay for the doubled rebates for first-time buyers.

#196 Eks dee Sipal on 11.14.16 at 1:40 pm

In case you missed it, we know that the actor that plays Michael Ignatieff also plays John Forbes Kerry. Spouse match. You sort out the ramifications.

Anyway, here is undeniable proof that one does not need to use their REAL BIRTH NAME to run as a candidate in a federal election: No birth certificate or SIN required.

http://www.elections.ca/pol/can/formsreg/ec20010_e.pdf

“The Nomination Paper of a confirmed candidate may only be disclosed in accordance with the Canada Elections Act. The personal information provided
is otherwise protected under the Canada Elections Act and the Privacy Act. The information is retained in Personal Information Bank CEO PPU 005.
The Nomination Paper of a confirmed candidate must remain in the office of the returning officer at all times during the election period and may
be examined by any person during that period of time.”

#197 jess on 11.14.16 at 1:41 pm

long term vs short termism
local vs non local

St Ives held a referendum on the issue earlier this year after residents argued that a surge in holiday homes had led to a lack of affordable housing for locals. More than 80 per cent of voters backed the change.

Ban on second homes could be extended in Cornwall as five parishes submit plans

http://www.telegraph.co.uk/news/2016/11/14/ban-on-second-homes-set-to-be-extended-in-cornwall-as-five-paris/

#198 Eks dee Sipal on 11.14.16 at 1:50 pm

It’s long past due time to abolish the Senate. Get rid of Elizabeth/Lucille Ball as well, David Johnston is bloody Johnny Carson! For Pete’s sake.

The upper house of the Parliament of Canada, the Senate (French: Sénat), is a group of 105 individuals appointed by the governor general on the advice of the prime minister;all those summoned to the Senate by the viceroy must, per the constitution, be a minimum of 30 years old, be a subject of the monarch, and own property with a net worth of at least $4,000, in addition to owning land worth no less than $4,000 within the province he or she is to represent. Senators served for life until 1965, when a constitutional amendment imposed a mandatory retirement age of 75. Senators may, however, resign their seats prior to that mark, and can lose their position should they fail to attend two consecutive sessions of parliament.

WHAT PURPOSE DO THEY SERVE? IT’S RIDICULOUS.

#199 jess on 11.14.16 at 2:00 pm

Prince Edward Islanders refer to those people as “come from away”

look back PEI database of ownership

http://business.financialpost.com/personal-finance/mortgages-real-estate/prince-edward-island-the-one-place-in-canada-where-foreign-property-buyers-must-check-in

#200 InvestorsFriend on 11.14.16 at 2:03 pm

Assistance to First Time Home buyers and the law of unintended consequences

#195 Victor V on 11.14.16 at 1:37 pm observed the news:

Ontario land-transfer tax rebate doubles to $4,000 for first-time homebuyers.

**********************************
The inevitable unintended consequence will be that some of the extra $2000 will go to the home sellers as houses are now more affordable to first time buyers. Those houses that are predominantly bought by first time buyers should command a higher price than would be the case without the subsidy as the demand for those houses will increase due to added affordability.

Just like the added affordability brought on by lower interest rates has gone instead to higher home prices. In this case only a subset of buyers benefits from the extra $2000 so not all of it will be subsumed into higher prices. But some will, inevitably.

#201 Damifino on 11.14.16 at 2:20 pm

#160 traderJim

“Doesn’t allowing someone to rent out the extra bedroom in their home stop a lot of high rise hotels from being built? What am I missing here?”
——————————-

It turns out you’re missing quite a bit, Jim.

All cities have an infrastructure paid for by taxes. That would include roads, water, public transit, electricity, emergency medical and firefighting services, police & maintenance.

Entrepreneurs who run hotels are in business to make a profit. Over and above what they must charge to do so, local civic authorities extract taxes from them to pay for the load their guests from other jurisdictions put on the above mentioned services. It is not free.

Airbnb providers are also welcome to run a hotel out of their own homes if they so desire. But in order to keep from ripping off their neighbors who do not run bed and breakfasts, yet pay their full share of taxes, they must be licensed and overseen. They must also meet the same minimal safety requirements as anyone else in the business of supplying lodgings commercially.

And, of course, it goes without saying that they must report all of that income to the CRA and forego capital gains tax exemptions on the portion of their home that is used in a commercial enterprise. That’s how a “sharing economy” works.

Glad I could help clear that up.

#202 End CMHC on 11.14.16 at 2:21 pm

#192 PeteC

Exactly. PETE we need free and open markets with no government involvement. That means no CMHC. Write to your MP everyone. Time to have real interests rates that reflects true risk.

#203 Housing market to crash on 11.14.16 at 2:22 pm

$4 know rebate will do nothing. Bye bye housing bubble. You Realtors are finished

#204 Ace Goodheart on 11.14.16 at 2:44 pm

I see all these comments on here with people not too pleased with what various governments are doing about high house prices in various places in Canada that might or might not represent an asset bubble.

From what I can see, when this housing situation blows up these chickens are going to come home to roost, so to speak and they are going to come right to the doorstep of the Federal and Provincial governments. Any major debt fueled asset bubble crash will not end up in the hands of the masses. We live in a peculiar system nowadays, where when people get themselves into trouble by doing stupid things, they are not responsible. Instead, government and those associated with it, and those who are involved in the professions, are responsible. That is how we tend to do things.

So say for example, it is true that people have been for the most part buying multi million dollar houses with multi million dollar mortgages, and putting small amounts down. When this situation blows up (and it will) all of the blame and all of the responsibility will be put squarely on the doorstep of our governments. They will have to pay for it and they will have to make it right.

So I don’t really agree that these taxes and whatnot are some form of left wing theft. Really this is just an attempt by government to once again get rid of a very large and unpredictable debt fueled asset bubble before it gets any worse.

Really my only surprise is how long it took anyone to do anything about it.

#205 Bill on 11.14.16 at 2:45 pm

Seriously? THANK YOU GARTH!

#206 Minimal Impact on 11.14.16 at 2:49 pm

Looks like the Ontario ‘affordability’ measures are a replay of what BC did.

in BC, they increased the threshold for first time buyers in BC grant and then put a tax on homes over a a couple of million. In Ontario, they just doubled the first time homebuyer to 4k and an additional tax on homes over 2 million.

4k is nothing and I doubt that this will be inflationary like some are hoping (GTA UP UP UP).

#207 Rational Optimist on 11.14.16 at 2:53 pm

The provincial change to the land transfer tax makes sense. The 1st-time-homebuyers exemption hadn’t been changed in years- it makes sense to increase it as inflation makes it worth less.

But, all of the thresholds should have been raised. That’s logical. Of course the province isn’t willing to do that, though, it’s a huge cash cow.

I guess I’m supposed to like the increased tax on houses costing over $2 million, since I’m unlikely to ever buy a house costing over $2 million. It seems capricious when the tax is already bringing in more than anyone could reasonably expect.

Any actual impact on demand from virgins next year? Was anyone actually considering the land transfer tax? Maybe they will now.

#208 NoName on 11.14.16 at 2:53 pm

are you by some chance the same guys who wrote post some tame ago how all you frends and relatives (or something around those lines) have lots of money and houses in expencive part of city, and you are buudy with them?

how is your self esteem and self confidence now days anyway. mine is o. all times high, and i dont need zuki’s billions to feel that way. don’t you find that interesting?

#209 Smoking Man on 11.14.16 at 3:00 pm

Who would have thought that trump would kill the bond market..resulting in higher rates and the future destruction of hipsters propetty values.

Rather than protesting I would be putting on a freash coat of paint on that condo and getting out of doge.

#210 RyYYZ on 11.14.16 at 3:19 pm

#180 Alex on 11.14.16 at 12:01 pm

Britain is smaller than Ontario. Get a grip. — Garth

Come on, Garth. When it comes to immigration, it is the relative populations of immigrants and residents that matters, not the area of the country. At least in terms of our ability to absorb all these newcomers. Might have been different 100 years (or less) ago when we were populating the prairies, but these days nobody’s coming here for that. Most immigrants move to one of a relatively few urban areas in this country (not unexpectedly), driving demand for housing, and generally increasing the demand for services of all types.

What does it matter how big Canada’s landmass is? A big part of it is essentially uninhabitable, and of the remaining part much of it is lacking in any sort of economic capability to absorb immigrants, or even provide for the current inhabitants – which is at least part of the reason that the total population in places like Nova Scotia is actually shrinking, while Toronto continues to grow like a cancer. Ha, I should know, I moved here (Hamilton, to be exact) from Nova Scotia nearly 20 years ago today (I think I arrived here on Nov. 18th, 1996).

You traded bucolic NS for the Hammer? Yuck. — Garth

#211 For those about to flop... on 11.14.16 at 3:21 pm

Hey Bram,some of the 40 row houses that you mention were probably built in your neighborhood during that time period.

I’m talking about the ones on the east side of Cambie and 45th.

Haven’t been up that way for a while but I think they had a lot of brick on them too.

Not too sure how they will last but they looked to be better quality than most of the stuff I see being pumped out in this city.

Also seen some decent quality ones done in Bdy Skrtns approximate area of Commercial and 20th not far from the Croatian Cultural Centre…

M42BC

#212 Realtors are stupid on 11.14.16 at 3:48 pm

206 Minimal Impact

You are clueless. GTA prices to go down down down. Nothing you can do realtor

#213 Context on 11.14.16 at 4:13 pm

There is word out that a revolution is being organized in Toronto. Get your signs ready and protest whatever your heart desires.

#214 Context on 11.14.16 at 4:27 pm

I see Eric Lindros is being inducted into the Hall of Fame, but have a secret about him that occurred one evening at an exclusive northern resort – should I tell on him?

#215 Tim on 11.14.16 at 4:31 pm

“No local government changing zoning without compensation.”

Understand your frustration on that one, but property rights don’t prevent that. The U.S. has enshrined property rights and was also ground zero for the creation of zoning back in the 1920’s (I believe it was the Euclid decision, though it’s been a while since my planning law course.)

Zoning was found to be a legitimate exercise of the state’s policing power. And this was in the Coolidge/Harding 1920’s.

#216 Alice on 11.14.16 at 4:42 pm

@Smoking Man, anyone that understands that Trump’s plans are inflationary. Bonds are a suckers game when inflation is about to go out of control.

#217 Freedom First on 11.14.16 at 5:12 pm

#183 Julie K.

Good for you Julie!

Freedom First- Future Minister of Status of Men.

#218 IHCTD9 on 11.14.16 at 5:20 pm

#188 William on 11.14.16 at 1:10 pm
“It’s a limited pilot project in Ontario unlike to survive the next election. — Garth”

You are wrong Mr. Turner. Basic Income will come to pass. It is not what it appears. It is an opportunity to steal CPP and OAS funding.
———

I doubt it, the same folks totally in love with the CPP and OAS are those proposing the basic income. I hope it flies. If it does, my aspirations to eliminate as much tax paid as possible, and my goals to retire as early as possible will suddenly meld into a singular plan that will have just floated down out of the sky, into my lap :).

#219 jess on 11.14.16 at 5:20 pm

$29 million goes to the whistleblowers

#145 America’s Largest Private Companies Life Care Centers of America

29million for the whistleblowers
http://www.stltoday.com/business/local/life-care-centers-of-america-to-pay-record-million-over/article_1aab1b99-bfc8-5f51-9b4f-be9634da48f2.html

https://www.justice.gov/opa/pr/life-care-centers-america-inc-agrees-pay-145-million-resolve-false-claims-act-allegations

=======

#220 Ignorance Is Bliss on 11.14.16 at 6:01 pm

@#161 Smoking Man

I certainly hope you are right about Kathleen Wynne & T2 being one-term politicians. As an everyday working stiff, my quality of life has not improved one bit with either of them, and in fact has declined greatly with Wynne’s ridiculous hydro prices and the loss of manufacturing in Ontario that hasn’t returned since the start of the recession in 2008…and I am getting sick and tired of it. The last Ontario election was just like the map of Trump vs. Clinton…almost all rural Ontario areas voted Conservative, and all Liberal votes were concentrated in the GTA, giving Wynne the premier’s seat, rural vs. urban with urban winning out that particular time. I don’t think that will happen again, the rural folks will rise up because their livelihoods depend on it.

#221 jess on 11.14.16 at 7:00 pm

fairness and honesty?
100 percent Egyptian cotton. NOT

http://www.bloomberg.com/news/articles/2016-11-14/dirty-linen-a-bed-sheets-scandal-is-roiling-the-cotton-industry

Tax shopping /outsourced anyway
Missouri Quality Jobs Act

New York-based Lord & Taylor is a subsidiary of Hudson’s Bay Co., which is based in Toronto, Canada. In June, Hudson’s Bay said the company had outsourced its North American IT systems maintenance functions as part of a cost-cutting initiative to save $16 million a year.
======================

#222 macroman on 11.14.16 at 7:43 pm

Oh Flopper…Minister of Defense, howaboot

A Damn Bighill

#223 Saraya Grewal on 11.14.16 at 11:00 pm

We are going through horrible growing pains of Globalism. Vancouver has received the brunt of it with foreign cash being dumped into the re market. Our self interested, short sighted governments on both the federal and provincial levels have allowed money to flow in with no consideration for the impact on cities. Many other very capitalistic cities have implemented appropriate taxes on foreign investment that help cities cope with housing issues. Vancouver’s mayor, the provincial and federal government have helped create the open cash border, now they are implementing patchwork taxes to solve the problem. As usual too late. We DO need to tax groups that choose to purchase re here but work and pay taxes elsewhere. It’s not right that people who work and live here pay a majority of the income tax. If you want to live here, part time you need to pay into the tax system. Or you can reduce the working Canadians tax by a large percentage (how likely is that!!!). This will equalize the playing field. You cant have globalization that creates extreme inequality. Politicians and business people need to start understanding this.

#224 Brokerizer on 11.15.16 at 11:02 am

Enjoy: “Lengthy probe reveals major real estate fraud in Quebec”

“We’re talking about real estate fraud involving government agencies,” according to Plourde, who formerly worked with Quebec’s anti-corruption bureau, UPAC.

http://www.mortgagebrokernews.ca/news/lengthy-probe-reveals-major-real-estate-fraud-in-quebec-216618.aspx