The reject

rejected-modified

Just imagine if I were not male, pale and stale. Maybe then Jane Rooney would want me. Perhaps being a non-white, transgender personage with a serious limp would qualify me to join her steering committee on financial literacy. Then again, enabling crazies, doomers, moisters, tinfoilers, anarchists, cowboys and mouldy basement dwellers every day through a questionable blog auto-disqualifies me from everything that’s socially redeeming.

But I digress. It’s just that I’m morose. Today I received the following letter rejecting me for a role in the National Financial Literacy Strategy, for which I hadn’t even applied. But apparently some rascals who read this site did. Shame on you. Now I’m a discard. Crushed.

Dear applicant,

Thank you for your application for membership on the National Steering Committee (NSC) on Financial Literacy and also for your patience during the selection process. Over 120 applications were received from individuals representing a broad range of public, private and non-profit organizations from across Canada. We carefully considered all applicants.

I want to acknowledge your commitment to strengthen the financial literacy of Canadians and thank you for your interest in working with me as member of the Steering Committee. However, I regret to inform you that you were not selected to be a member. I greatly value collaborating with all organizations who have an interest in this important issue and would like to continue to work together as we implement the National Strategy for Financial Literacy.

The new committee will be publicly announced in the near future by the Commissioner of the Financial Consumer Agency of Canada (FCAC).

Thank you again for your dedication to help strengthen the financial knowledge, skills and confidence of Canadians.  Your commitment is greatly appreciated.

Sincerely,
Jane Rooney
Financial Literacy Leader

Touching, right? So personalized and deep. Maybe you’ve never heard of Jane, but she’s been busy spending your money for the last three years as Leader of this financial literacy initiative that’s presided over the biggest debt run-up in Canadian history. As you read here, we owe $2 trillion now. Over half the people taking out new insured mortgages in Toronto have debts exceeding 450% of income. A quarter of us would fold if we faced an unexpected $2,000 bill. About 65% of all loans are mortgages – which moisters universally see as “good debt.” Now BC is giving kids almost forty grand in starter debt with training wheels attached, so they can buy houses with 97.5% financing.

Our collective personal debt exceeds the entire Canadian economy. Forty percent of people say they’re “overwhelmed” by debt and another 11% believe they’ll never pay it off. Over the last decade a massive amount of personal net worth has been concentrated in a single asset, which in most of the country is under siege. And with this week’s pivotal US rate increase – plus more to come – the lowest debt servicing costs in history will start to rise. Our savings rate is one-fifth what it was a generation ago. Eighty per cent of TFSA money is in brain-dead, interest-bearing assets. Thirty per cent of Canadians and 60% of all GenXers have put aside zero for retirement.

Good job, Jane. But you don’t need my help. I get it.

This week the Bank of Canada published its Financial System Review raising the alarm over the rampant debt and mindless concentration people have engaged in. I wonder if Jane has read this, or absorbed the “heat maps” showing how many people in, say, Toronto have put themselves in extreme hock.

mort

Canada’s ‘National Strategy for Financial Literacy – Count me in’ is set up to empower people to achieve two major goals: manage money and debt wisely; and to plan and save for the future. Despite the millions Ottawa’s shoveling into Jane Rooney’s department, by every discernible measure it’s a fail.

Boomers are retiring with obscene mortgages on ludicrous houses. Seven in ten of us have no corporate pensions, but inadequate savings. Millennials think nothing of plunging into debt to get something they could rent for a fraction of the cost. A majority of people believe the lowest interest rates in 300 years are normal. And nobody understands the greatest risk extant is not losing money, but running out of it.

Well, Jane, I know old white dudes are out of fashion (except for Trump’s cabinet) but you have to admit your plan to educate and empower the deplorables ain’t working.

Hey, maybe you should start a blog. This one costs nothing. People came here 6.7 million times in the past year.  And it’s pathetic. So at least we share something.

166 comments ↓

#1 For those about to flop... on 12.16.16 at 6:18 pm

For those people interested in what Americans have been spending their money on in the last 75 years.

Food and clothing down.

Housing and transportation up.

I was extremely disappointed that it didn’t discuss the price of cauliflower or bananas…

M42BC

https://howmuch.net

#2 Trump on 12.16.16 at 6:24 pm

I told ya so……

The system was created for the RICH

Only the poor and middle class pay taxes and suffer!!!

#3 Anna on 12.16.16 at 6:30 pm

We didn’t just run out of domestic suckers, we’re trying to import them. Prices advertised in China are higher than here – even at these ridiculous levels.

https://betterdwelling.com/city/vancouver/even-chinese-buyers-getting-screwed-vancouver-real-estate/

#4 Canadian Moose on 12.16.16 at 6:31 pm

The letter closing should read.

Sincerely,
Jane Rooney
Failing Financial Literacy Leader

Much more apropo. lol.

Cheers from the Hinterland

#5 Terrie Rolph on 12.16.16 at 6:35 pm

You’re brilliant. And they’re threatened. Thank you for this very wise and funny blog.

#6 Self Directed on 12.16.16 at 6:37 pm

Wow! You know you’re having a bad Friday, if you’ve just read this blog… and your name is Jane Rooney.

#7 calgaryPhantom on 12.16.16 at 6:43 pm

Rejected because you are over qualified.

#8 Darryl on 12.16.16 at 6:43 pm

Is there a link for that Chart Garth ?

#9 vanisle wally on 12.16.16 at 6:50 pm

In this case Mr. Turner I’d keep in mind the old Groucho saying about not wanting to be in a club that would have ya…

#10 Goldie on 12.16.16 at 6:51 pm

Oh, a little taste of the anti-white male political atmosphere eh Garth? Welcome to “the current year”. Perhaps you can announce that you have decided to identify as a transgendered lesbian of color after waking up a few days ago. They will be worshipping the ground you walk on. The wife might not be too crazy about it though.

Sarcasm aside; frivolous accusations of racism, of which this blog is guilty of having participated in at various times, have contributed to the proliferation of “white cuck” culture and its wider acceptance among the leftist media, the liberal party of Canada, and university campuses across North America and the west in general.

Instead of participating in it, refute it strongly whenever you encounter it. You may not be overly affected by it, but the younger generation need your support, especially if they want to work anywhere in media or the public sphere in general.

#11 Victoria Real Estate Update on 12.16.16 at 6:53 pm

Sales of detached houses have slowed dramatically since April in Oak Bay and Saanich East.

Plus / Minus – Sales of detached homes (year-over-year):

Oak Bay:

April: + 72%
May: + 6%
June: – 33%
July: – 36%
August: – 54%
September: – 32%
October: – 25%
November: – 24%

Saanich East:

April: + 48%
May: + 25%
June: + 16%
July: + 11%
August: + 11%
September: + 5%
October: – 18%
November: – 20%

The market correction process is underway in Victoria and it started before mortgage rates began to normalize.

CMHC’s lobbying will probably result in higher down payments, nullifying any effect that Christy’s vote-buying move may have on the market.

The big picture here is that the feds have already made qualifying for a mortgage more difficult with recent moves and are likely not done.

Even more important, Victoria’s market began the correction process before any moves were made at all. The forces that are changing Victoria’s market are powerful.

In the past, a similar program – the BC First-Time New Home-Buyers’ Bonus (up to $10,000) – failed to stop house prices in Victoria from falling significantly. It was in place from 2012 to early 2013, at a time when prices in Victoria were falling, despite falling 5-year mortgage rates.

When a housing market is in a bubble and it turns south, it’s extremely difficult to turn it around again.

No bubble in history has ended happy.

#12 Timmy on 12.16.16 at 6:54 pm

To compensate for her dismal failure at governing the province of BC, Christy Clark is offering loans interest free for five years for first time buyers. Another example of her ineptitude and her desperation of trying to get re-elected.

#13 Thom on 12.16.16 at 6:56 pm

Old white dudes seem to be extremely popular these days, especially in places like Calgary where those unemployed oilfielder just can’t compete with a grey-haired old man when the little millennial does are out hunting.

#14 john on 12.16.16 at 6:56 pm

LOL..your gift of penmanship always impresses me obviously “jane” won’t get the message :-)

#15 Wow! on 12.16.16 at 6:57 pm

I thought I lived among the rich, everyone driving an Audi, wearing designer clothes, remodelling their homes but turns out according to the heat map, my area is dark red, with high loan to mortgage debt at excess of 450%

I am stunned!

#16 Cici on 12.16.16 at 6:57 pm

Very witty, good work as usual Garth :-)

#17 Watching the World go by on 12.16.16 at 6:57 pm

I drove by a new town house development today. You know the kind – clad in stone, looking substantial. Before the cladding goes on, it’s a different story. Chipboard over wood framing held up with diagonal braces – looking for all the world like a house of cards,,,,,,,,

#18 AJ on 12.16.16 at 7:01 pm

I can’t believe that this sh*t show has been going on since 2008. The perpetual low interest rate environment is one thing- but simultaneously allowing the real estate industry to be so shady- and foreigner ownership of Canadian properties as if we’re a monopoly board. This is just some straight up bullsh*t. Surely revolutions are started for less than this.

#19 InvestorsFriend on 12.16.16 at 7:02 pm

TFSAs invested in GICs?

“Eighty per cent of TFSA money is in brain-dead, interest-bearing assets.”

******************************************
That would be things like bank guaranteed investment certificates (GICs) which are classified as bank deposits and also “high” interest accounts which are also bank deposits.

Well, yes, SOMEONE has to own all those deposits that are used to fund all those mortgages.

It does not have to be you or me but it has to be someone.

Since Canadian banks fund mortgages with Canadian’s deposits it is impossible for Canadians collectively to not have tons of bank deposits when Canadians collectively have tons of mortgages.

Yes, agreed it is not the best use at all for the TFSA but the deposits exist and they gotta be in some account or other.

Luckily there is really no “we”. Every individual is free to conduct themselves far differently than the somewhat mythical average Canadian.

#20 crowdedelevatorfartz on 12.16.16 at 7:02 pm

“And it’s pathetic. So at least we share something.”

Classic

#21 This is crazy on 12.16.16 at 7:04 pm

I am absolutely stunned looking at this heat map, this is scary stuff. People have so pickled themselves in debt, for what? Four walls and a roof? Why would anyone do this to themselves? The edge people are sitting on is razor thin, this will end badly, no doubt about it! Scary!

#22 45north on 12.16.16 at 7:04 pm

Today I received the following letter rejecting me for a role in the National Financial Literacy Strategy, when I hadn’t even applied. But apparently some rascals who read this site did. Shame on you. Now I’m a discard.

me too! I got my rejection letter today too.

Here’s a snippet from my application:

13) Outline any approaches that you took to reach consumers with the goal of promoting responsible financial decision-making and improving the financial well-being of Canadians and how those approaches were effective and the outcomes that they achieved.

Whenever we go shopping our policy is to pay for the things we get.

http://www.greaterfool.ca/2016/06/21/the-canada-pittance-plan/#comment-455385

you know people like Jane Rooney are the reason Donald Trump was elected 45th President of the United States.

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

#23 Parksville Prankster on 12.16.16 at 7:06 pm

… sorry to read that rejection letter Garth…it somehow looked vaguely familiar … when you put the application link up on your blog awhile back, on a lark, I threw my hat in as well. Even though I’m only one of the unwashed in steerage that the financially literate normally avert their eyes from, I got the exact same letter….I’ve been strutting around the house telling all that will listen that Garth Turner and I were culled in the same round of rejections… I feel honored to be considered in the same class by Jane.

#24 Fish on 12.16.16 at 7:10 pm

Thankyou for your blog, so if bc is giving just under
40 k, do you think Ontario will do this also. Can’t image
All the legal stuff that they possibly will be smoking, maybe the bankers like it as well, done deal, just wait

#25 Wally Mart on 12.16.16 at 7:11 pm

Was at the store, lady in front of me applying at the cash register for a credit card. She kept saying how much will be the limit? As much as I want? The lady behind the cash said, it depends, it can be anywhere from $500 up. Long story short, the lady was declined. Of course she was carrying a designer wallet, I guess from the last credit card she maxed out.

#26 Victoria Real Estate Update on 12.16.16 at 7:13 pm

The BC First-Time New Home Buyers’ Bonus was for new an extensively renovated homes, different than the interest free loan recently announced.

House prices in Victoria fell significantly from 2010-14 even as 5 year mortgage rates fell, stimulating the housing market.

This proves that a market correction can begin at any time in Victoria.

Once momentum has begun to swing the other way (down), it’s difficult to change that direction, especially when the net effect of federal and provincial changes and rising rates will be a downward force on the market.

#27 David McDonald on 12.16.16 at 7:17 pm

That’s a shame! I suspect the National Strategy will be another well meaning failure. If Ms Rooney had any sense she would leverage Garth’s notoriety. Sure it’s tough to manage a crusty old white guy who tells it like it is but that’s the cost of having a shot at being relevant.

#28 I'm stupid on 12.16.16 at 7:18 pm

You might get deplorables, doomers and just idiots coming here but your message of balance and diversification has help many. They might not want you on the panel but you deserve an Order Of Canada. I cannot think of anyone who puts so much time and effort into helping Canadians for free.

#29 Bat Flipper on 12.16.16 at 7:18 pm

While some Ontario residents are forced to choose between food & hydro, the Ontario government drops a wad of cash to sponsor the UFC.

Tolls on highways, hotel taxes, etc. Tax the residents and burn the cash.

http://www.cbc.ca/news/canada/toronto/city-council-meeting-road-tolls-1.3893884

http://globalnews.ca/news/2796958/rural-ontarians-left-in-the-dark-as-electricity-bills-skyrocket/

http://www.bloodyelbow.com/2016/12/12/13920088/government-of-ontario-explains-why-they-sponsored-ufc-206-for-150000

#30 Financial Literacy 101 on 12.16.16 at 7:23 pm

Society is seriously messed up. People are gorging themselves on debt, the government is gorging themselves on debt, and they want to give us lessons on financial literacy – what a joke. I was taught financial literacy by my hardworking middle class parents – and it goes something like this:
– Don’t spend more than you make.
– Live below your means.
– Don’t borrow money you can’t pay back at the end of the month.

Done.

Those lessons cover just about any money questions you may have.

And in case people think I am a simpleton, you’d be right. However, I have a boat load of money, zero debt and no need to impress anyone. I serve God and God alone. I am slave to no one except Christ.

#31 Dan on 12.16.16 at 7:24 pm

I guarantee you that the financial advice you provide here for free is and will always be 1000x more effective than anything the government does. They will bring in there overpaid buddies with who have been in government their who lives- come up with some theories at 120k a year per theorist- the more the merrier- then drop a wack on money on an advertisement firm (price never matters because it’s government so tax payers money is so much easier to play with then if it was private sectors and their own money on the line)- by the way this is first time hearing about this committee, 3 years lots of good work done I guess ( way to educate the masses).

When will the education begin when Canada debt to incomes hit 175%. As a Canadian, I’ve been watching outside Canada for years and can’t believe what has happened in BC and I find it sad. Everyone s goal in life seems to be take on as much debt to buy massively overpriced real estate but it just keeps going and going and going- the financial insanity has no end.

That seems to be the only financial literacy Canadians understand- debt to buy real estate- maybe rent out at loss- other assets scary- real estate only asset that never goes down- debt who cares- real estate appreciation will make me millions… but apparently that seems be be all u need to know since BC gov has made it very clear that no one should ever loose all that hard earned equity in their home. Who needs discipline, living within your means and savings and financial education – so overrated!

#32 Bob on 12.16.16 at 7:25 pm

Unfortunately, common sense in this country seems no longer in fashion when the question of handling money is raised.

When Garth recites the debt numbers daily without fail it still does not sink in for the majority of the people in this land.

We are doomed…

#33 Johnny D on 12.16.16 at 7:27 pm

I come to this blog to escape and forget about all the overly politically correct, so-called “inclusive” culture that’s destroying common sense and freedom out there.

Hate to be reminded that even such thing as a committee to educate people in personal finances can get hijacked by such mindless, dangerous ideologies such as that.

#34 PillBoy on 12.16.16 at 7:27 pm

I’m really curious to find out the statistics for the Hamilton region. CMHC has already sounded warnings for us here, yet so many around here are totally oblivious. The Central Park development had insane interest from people who wanted to “get in”. Detached on 40′ to 50′ going for nearly $800K base, but realistically getting close to the million mark for some models. All you needed to do was to bring in your massive deposit cheques, mortgage pre-approval, the deal is finalized the following Monday. Absolutely no time to have a real estate lawyer look at the contract because it means you’re not serious and someone else will take your spot, but of course, “no pressure from us”.

Lots of folks are going to be hurt.

#35 Frank on 12.16.16 at 7:34 pm

Rent for a fraction of the cost?

A townhouse here in Van that sells for $1.4M rents for $5K. With 20% down the carrying cost is ~$5300. Let’s give a 5% opportunity cost of that $280K downpayment and 2% appreciation in the property (both long term values) so the additional cost to buy is a few hundred a month?

And you wonder why people are buying? Rents aren’t cheap.

#36 TraderX on 12.16.16 at 7:35 pm

Garth,

But how can CMHC approve these loans if the B.C. goverment is loaning them the down payment… isn’t that against CMHC new rules?

Thanks,
TraderX

#37 Wally Wingnut on 12.16.16 at 7:35 pm

They should be asking you on bended knee to head up the National Financial Literacy Strategy.
Thanks for helping this deplorable learn what an income stream is and to grow a set to actually “git r done”

#38 mouldyinYVR on 12.16.16 at 7:38 pm

Dear Garth – I hope you take a well deserved rest over the holidays so that you have the energy to face 2017… ..present trajectories suggest none of us will be much smarter and will need all the help we can get not to follow the rest of the lemmings off the cliff…….

#39 Fish on 12.16.16 at 7:38 pm

Maybe just grab a boat, and have a chicken, which lays eggs, and receive as a gift a dog, for canpanuship, while you venture, mine u lookout for prirate and sharks

#40 espressobob on 12.16.16 at 7:39 pm

When your good at something, you usually have nothing to prove.

Let the naysayers kiss your backside. Incompetence is their problem.

#41 NEVER GIVE UP on 12.16.16 at 7:40 pm

For those of you with small children:

I have some powerful but unsolicited advice about how to achieve a high level of Literacy and Math Skill.
After raising 7 of my own (never try this at home!)
I learned a thing or two about the school system and made some changes for my kids.

1. School teachers are in my view inconsistent so one year your kid has a competent teacher and another year a loser who can’t teach water how to run downhill.

2. There are only 2 root items of learning that are truly needed as a foundation for kids to know. They are: A. Math and B. English. Everything else branches out from these two disciplines.

3. How to teach the 2 core learning items?

A. Don’t leave it up to your kids teachers or you are setting them up for a major fail.
B. Read to your child several times daily and keep at least a few hundred books around the house in every room and at the dinner table.
When they are small you can even read them the telephone book with great excitement and they will love it.
When they are older buy hundreds of Archie comics to read during breakfast and lunch. ( I bought 2000 books at the flea market for about .25 cents each.)
Put them through a Hooked on Phonics course before school. Its only a few hundred bucks and well worth it.
After doing the above from birth your kids will be fluent spellers and readers well before grade one.

4. Math: I have only one solution that is totally mandatory in my view. Kumon Math. It is rote learning math a little bit every day. Like 10 minutes.
It has been the thing that kept me driving junk vehicles for most of my life. I could have had a nice SUV for the money I put into this stuff alone.
But when your kids come home with straight A’s every report card, you don’t even have to attend those boring Parent Teacher meetings. I haven’t been to one for 20 years.
If you take charge of the education of your kids your kids will be proud and confident when they finish the math quiz and the teacher asks them to help others struggling.
It’s worth it if you are going to take the deep commitment to raising kids. I know it’s a bitch, keeps you poor and it ruins your life but somehow for me it seems to be the path I have chosen. I think it will work out OK in the end.
So far we have 3 degrees from UBC hanging on the wall and My daughter will be picking up her PHD in English next year. I will say that I had my doubts for a long time but it is paying off now finally after 30 years of child rearing.

#42 Smoking Man on 12.16.16 at 7:42 pm

Its wasn’t me who put your name in. Lol

Give us all the address to apply. Be hilarious if of one us got it. Then report right on here the shenanigans of the loons.

#43 Ogopogo on 12.16.16 at 7:43 pm

Speaking of rates… Time to continue to expose the worthless troll we all love to mock, TurnerNation. Here’s what the mouth breather wrote back in May:

#112 TurnerNation on 05.30.16 at 10:19 am
This blog might as well shut down till FED increasss rates – will never happen in an election year btw.

If this pathetic excuse for a human being had any shred of decency he would apologize to the blog and never be seen again. But, alas…

#44 jess on 12.16.16 at 7:45 pm

Navalny announces run for Russia president in 2018
By Richard L. Cassin | Wednesday, December 14, 2016 at 9:18AM

Russia’s most important anti-corruption activist said he’ll run for the country’s presidency in 2018

Navalny led mass protests in December 2011 against parliamentary elections he said were rigged. He also led protests in Moscow after Putin’s re-election in March 2012.
http://www.fcpablog.com/blog/2016/12/14/navalny-announces-run-for-russia-president-in-2018.html

#45 When Will They Raise Rates? on 12.16.16 at 7:46 pm

Their new “strategy” is to teach Canadians financial literacy? Don’t make me laugh. If the banks lend it, people will snorfle it up, bottom line. They ain’t trying to hear nothing about no financial literacy. “Granite, stainless steel and hardwood, biatch. Debt, schmebt – My house is gonna double in 5 years MOFOs!”

^ That is the what the government created, and the genie is not going back in the bottle with some bogus financial literacy program.

Simply eliminate the abomination called CMHC, and the free market will take care of the rest – debt levels will plummet “magically”. What is this “free market” voodoo I speak of?

It’s not rocket science. If you cover my losses, I will lend anyone who can fog a mirror $1,000,000, because there is NO RISK! I keep any profits, and you eat any losses. What did they think would happen???

This entire mess is the result of government intervention in free markets. AKA crony capitalism. Banks win, we all suffer.

Idiots.

#46 The Greater Cauliflower on 12.16.16 at 7:46 pm

I don’t know, I’m driving through Burnaby BC, and the place is booming. Construction cranes everywhere. Not putting up just condos, but retail, & restaurants as well.
I just can’t see that it is Asian money, or fueled by debt.
It seems to me that the economy is genuinely growing.
Unless I am missing something? What are the blog-dogs thoughts?

#47 JB on 12.16.16 at 7:50 pm

Thanks for improving my financial literacy Garth! You make a difference! Though you I still need help resisting the urge to buy in 604. It’s hard to find a good place for wife+kids+dog

#48 jess on 12.16.16 at 7:51 pm

…” bribery/corporate corruption is precisely the sort of illegal conduct the FBI’s McEachern says fuels inequality, anger and extremism.

Questions are emerging about how Unaoil operated for so many years with impunity, using bank accounts in New York and London to launder funds and pay bribes between 2000 and 2012, possibly more recently.

Cache of leaked emails and documents has confirmed what many suspected about the oil industry, and has laid bare the activities of the world’s super-bagman as it has bought off officials and rigged contracts around the world.

…” bribery/corporate corruption is precisely the sort of illegal conduct the FBI’s McEachern says fuels inequality, anger and extremism.The FBI’s fight against corporate crime, not terrorism. But in the FBI’s world view, the two are closely intertwined. They believe that the failure to curb corruption is one of the factors that fuels extremism,
The Bribe Factory
Investigative reporter Nick McKenzie.
Exposed World’s biggest bribe scandal
Part 1/3
The company that bribed the world
It was the company with jet-set style and dirty hands. From the tiny principality of Monaco, Unaoil reached across the globe to pay multi-million dollar bribes in oil rich states. The beneficiaries? Some of the biggest companies in England, Europe, America and Australia. Read more
http://www.theage.com.au/interactive/2016/the-bribe-factory/index.html
========
shadow world – andrew feinstein – inside the global arms trade
http://www.theshadowworldbook.com/the-film/

#49 Sold My House on 12.16.16 at 7:53 pm

I am so happy, sold my massive house over a year ago. Massive house, with a massive mortgage, we never had any money, something was always going wrong, the AC, the electrical, something always needing to be repaired. The money was just always flowing out, to keep up with this massive home and yard. And then one day, we realized, this is crazy, we are always strapped – for what? For some paper gains? Well we decided enough was enough and sold. We made out well, hundreds of thousands. Now we rent – a great place, in a great hood, and we have all this disposable money to invest, save and enjoy a meal out once in awhile. It’s all so nice. For the first time, I felt like I could breath! We have zero debt, flexibility and disposable income not be shovelled back into a house that seemed to eat every cent we made. I feel so free and alive. I don’t owe anyone, anything, we have money to invest and enjoy and we are spending way less than we ever have.

Life is so good on the the other side of owning!

#50 I Love Renting on 12.16.16 at 8:06 pm

I’m not sure why more people don’t rent. I love the flexibility, I love that it costs me less to rent than own. If something goes wrong, someone else fixes it. If it snows, someone else shovels it. I have had great landlords, no issues. I rent in Toronto, in a nice area and spend less than others who “own” or should I say the bank owns. My mind and pocket book never worry about upcoming housing costs or repairs, that’s someone else’s care. I don’t pay property taxes and most of my utilities are covered. I have no problem saving, investing and enjoying the money I bring in every month.

Renting Rocks!

#51 BS on 12.16.16 at 8:11 pm

Perhaps being a non-white, transgender personage with a serious limp would qualify me to join her steering committee on financial literacy.

Forget about Steering committee. With those qualifications you would be a shoe in for a Liberal Cabinet post.

#52 Man of the cloth on 12.16.16 at 8:23 pm

Was at a law office in the 905 region today. They mainly do real estate. The secretary(apparently, they are now called “assistants”) says many of the transactions done in the past couple months have been refinances. I asked if people were trying to take advantage of cheap rates before they up ticked higher. She laughed and said “no”. People are refinancing to get some cash to pay off the accumulated credit card debt, only to start the vicious circle again. No surprise, it was in one of the dark red areas on the map. Has anyone said ” this ain’t going to end well” yet? Bottom feeding is just around the corner, and the rich will get richer. Cottage properties crash first, and houses sink six months later. Remember the early 1990’s?

#53 Ronaldo on 12.16.16 at 8:25 pm

#28 I’m stupid on 12.16.16 at 7:18 pm

You might get deplorables, doomers and just idiots coming here but your message of balance and diversification has help many. They might not want you on the panel but you deserve an Order Of Canada. I cannot think of anyone who puts so much time and effort into helping Canadians for free.
—————————————————————–
I can’t either but here is a guy that is going to help the Americans for a salary of $1.00 per year. Can’t be that bad can he? His last three post election rallies were jam packed as usual. One tonight in Orlando, on right now. Check it out on utube.

http://heavy.com/news/2016/12/donald-trump-thank-you-victory-rally-in-orlando-florida-live-stream-livestream-watch-online-youtube/

#54 Were All Doomed on 12.16.16 at 8:31 pm

I get it. Fake financials, fake growth, fake politicians, and a very fake future. Who wouda thunk it would end any different than really really bad.

#55 MSM-Free Zone on 12.16.16 at 8:43 pm

Financial (il)literacy…[email protected]’s best friend for making her monthly quotas.

My own [email protected] (maroon branch) still begs me to reconsider mutual funds. I tell her the MER’s are too high. “but at least you’ll be making SOMETHING”, she whimpers.

I didn’t have the heart to tell her that her job classification is about to be replaced by iPads at all the new (maroon) branch openings….kind of like ordering a Happy Mutual Fund on the new vertical big screens at McDonalds.

#56 I don't know on 12.16.16 at 8:44 pm

“Boomers are retiring with obscene mortgages on ludicrous houses.” – Garth

——————————————————-

Yes. True. And, as is understood by most people, this is not an alarming fact. Money is so cheap, and will continue to be cheap, that it’s financially wise to keep debt. It costs almost nothing.

#57 Polls R Phake on 12.16.16 at 8:46 pm

Hillary still trying to blame the Russians for her deplorable loss. Too funny.

#58 bdwy sktrn on 12.16.16 at 8:48 pm

crazy 604 kids… they get 37k too!
………………………

Two Italian sports cars were involved in a crash in the Massey Tunnel Thursday evening.
…around midnight a red Lamborghini rear-ended a blue Ferrari, RCMP said. Officers described the drivers as inexperienced and both of the vehicles displayed novice driver stickers.

#59 acdel on 12.16.16 at 8:52 pm

Maybe a little off the mark but it caught my eye; what is wrong of being pale nowadays; am I suppose to be ashamed of that; no sorry, my best friends are all different ethnics and also pale and I refuse to be ” embarrassed of being so called pale” or white (oops, did I say white) dream on in certain WTF fields or whatever you wish to categorize this foolishness, pet your puppy in that sensitivity safe zone of yours and shed that tear and feel sorry for yourself and by no means speak your mind (seriously biting my tongue right now); if you do not like it then watch a good AC/DC video an enlightened me or not, I do not care, I like AC/DC (loud) and my friends and I will not apologize for it! Banging my head right now.

Take a deep breath, close your eyes and no matter what is happening in your life right now, “Just say thank you”! Believe me it works.

Sorry Garth, one of these nights where December has been a heck of a challenge, had to get this off my chest, do not post it if you like. These whiners (including me tonight; how the hell do you put up with it?)

#60 TurnerNation on 12.16.16 at 9:00 pm

Bearded old goat?

This week oil’s well that ends well.
Computers are in control.

#61 Celeste on 12.16.16 at 9:06 pm

Sad face. Have you asked yourself whether she’s just a cat person?

#62 ww1 on 12.16.16 at 9:10 pm

But I digress. It’s just that I’m morose. Today I received the following letter rejecting me for a role in the National Financial Literacy Strategy, for which I hadn’t even applied. But apparently some rascals who read this site did. Shame on you. Now I’m a discard. Crushed.

As you have no idea what was submitted with your application by whoever applied, you really have no way to know why you were rejected.

#63 The reject – MASHDEX on 12.16.16 at 9:12 pm

[…] Read more here:: http://www.greaterfool.ca/2016/12/16/the-reject/ […]

#64 mark on 12.16.16 at 9:17 pm

Governments don’t want to change anything or else they would.

#65 Leo Trollstoy on 12.16.16 at 9:18 pm

Sure it’s tough to manage a crusty old white guy who tells it like it is but that’s the cost of having a shot at being relevant.

She would be fired

#66 Vampire studies GMST 454 on 12.16.16 at 9:20 pm

50 Luv renting – why is someone else shoveling the snow?

#67 CL on 12.16.16 at 9:31 pm

All of this is so simple. What we are seeing in Canada at all levels of government is a result of hiring based on diversity rather than competency. We are about to see yet another billion dollar disaster over a simple website project that was to cost about 2 mill soon to be 1 bill. Add the Phoenix project among others and it is clear diversity for the sake of diversity is also a fail.

Lots of fails these days.

#68 Self Directed on 12.16.16 at 9:35 pm

Did you all catch that today’s title “The Reject” does not necessarily imply that Garth is the reject.

I love it… this was very clever.

#69 Herb on 12.16.16 at 9:37 pm

This lady served as “Director, Financial Literacy and Consumer Education” of the “Financial Consumer Agency of Canada (FCAC)” from 2008 to 2014, when she presumably was promoted to “Financial Literacy Leader” of this “Financial Consumer Agency of Canada”. And after eight years of her leadership in the national financial literacy game a “National Steering Committee (NSC) on Financial Literacy” is struck?

I want my taxes back!

#70 Mel on 12.16.16 at 9:38 pm

And in case people think I am a simpleton, you’d be right. However, I have a boat load of money, zero debt and no need to impress anyone. I serve God and God alone. I am slave to no one except Christ.
——————————————————————-

You should turn all that money over to the money manager at your local church.

#71 Self Directed on 12.16.16 at 9:52 pm

#49 Sold My House on 12.16.16 at 7:53 pm
——————————————–
Hey #49 great for you! Yes, it is definitely liberating (I know the feeling), no more uncertainty around tax increases, repairs, yard work, trips to home depot, first rain in the fall (is it going to leak? cross your fingers!).

These poor first time home buyers have no clue what is required with “Home” ownership. I just can’t imagine how cash poor most of the buyers of 2016 will be in 2017.

I can feel at home anywhere. My rental pays me back when my landlord fixes the fence, repairs the washer, etc… and oh, covers the taxes and utilities. Yes, the landlord can kick me out if I say no to a 3% increase. But then he risks going one or more months with no income… and I can easily find another dry roof to live under. It really is the best way to live.

By the way, the key to finding a great place to live in GVRD? Lower your expectations! Look for the ugly ones that are still livable. You don’t need granite and stainless if you are renting. And if you do, you are paying a premium for something you do not own.

#72 45north on 12.16.16 at 9:58 pm

The B.C. Home Owner Mortgage and Equity Partnership program will provide a maximum of $37,500 — or up to five per cent of the purchase price — with a 25-year loan that is interest-free and payment-free for the first five years.

http://www.cbc.ca/news/canada/british-columbia/interest-free-home-loans-bc-1.3897832

isn’t this going to confuse a lot of people? I mean the government is saying here’s a loan that’s payment free for the first five years – so how can you lose your house? – it’s payment free! If you’re the bank or CMHC and you go to court to foreclose you want to say that the mortgagor knew what he was signing. Isn’t that a reason to deny the application?

TraderX: But how can CMHC approve these loans if the B.C. goverment is loaning them the down payment… isn’t that against the rules?

I think so

#73 Smoking Man on 12.16.16 at 10:00 pm

DELETED

#74 bdwy sktrn on 12.16.16 at 10:03 pm

4. Math: I have only one solution that is totally mandatory in my view. Kumon Math. It is rote learning math a little bit every day. Like 10 minutes.
It has been the thing that kept me driving junk vehicles for most of my life.
————————–
when she was still in the carseat we counted fingers up and down daily.

when addition started i made her recite the ‘magic combos’ that add to 10 – ie. 1,9 2,8 3,7 etc

when ‘times tables’ came on i DRILLED these into her head, to the point of writing the tough ones on the back of her hand. 7×8 was a bugger, she had a big sharpie 56
on her hand for a week or so!

i had her kicking ass on trig before the teacher ever mentioned it.

once they get ahead of the class work it becomes a breeze , she just brough home a report card – 99% in gr 11 math and she is only in gr 10.

/end kidbrag/

#75 April. on 12.16.16 at 10:15 pm

Good lord.

Confess – you would have been horrified if you’d been accepted.

#76 For those about to flop... on 12.16.16 at 10:23 pm

Self driving car update…

M42BC

http://www.dailystar.co.uk/news/latest-news/570893/Uber-banned-self-drive-taxi-red-light-scandal-video

#77 Smoking Man on 12.16.16 at 10:39 pm

Head of Food gig at University Fired.
Puts out a humorous job posting. It triggered the snowflakes and he lost his Job.

The lunatic left strikes again.

https://www.google.ca/amp/news.nationalpost.com/news/canada/head-of-ontario-university-cafe-fired-over-joke-help-wanted-ad-seeking-slave/amp?client=ms-android-samsung

#78 No Mercy on 12.16.16 at 10:55 pm

Who the hell is Jane Rooney?

Seems like a bureaucrat.

Did some searching on The Google thing.

From what I can see, she is someone who is working hard to build her network for a non-government job.

She is using this “tool” for her own benefit and not for the benefit of Canadians that need Financial Literacy.

She and her team is a useless expense.

#79 Smoking Man on 12.16.16 at 11:12 pm

Wow 11.09 Sober as hell. Not one sip. Feels wierd not flying in the back yard at this time. Not to mention crippling aurthritc pain in every joint in my body.

Baby sitting duties… Shit you do for family members you like.

#80 No Mercy on 12.16.16 at 11:13 pm

Hi Jane Rooney,

I would like to know what is your Performance metric are for this?

#81 Protea on 12.16.16 at 11:17 pm

I need to get a couple of issues off my chest.

# 46 The Greater Cauliflower looking for answers on Burnaby booming, most of the growth is around the Brentwood area. This type of planning doesn’t happen overnight as it is a mammoth project and probably has been in the works for several years. The Brentwood mall needed refurbishing and the hundreds of condos were snapped up very quickly. I think with the way the economy and interest rates are heading is that there will be many investors who will regret their past decisions.

Having supported Christy in the past election which she was very lucky to win her latest move too help first timers does not make sense. It’s an act of desperation with immense pressure being applied by the Developers whom have given the Liberals millions and with the next election around the corner she caved into pressure from her pal Bob Rennie and company. Also its become too interference from the government amongst all the other recent regulatory fixes done recently by both Provincial and Federal.

#82 D.D. Corkum on 12.16.16 at 11:30 pm

TurnerNation on 05.30.16
“This blog might as well shut down till FED increasss rates – will never happen in an election year btw.”

#43 Ogopogo on 12.16.16 at 7:43 pm
“[TurnerNation should] apologize to the blog and never be seen again. But, alas…”

TurnerNation was partly right: the Fed waited until after the election; a full year after the last rate raise.

#83 Cdn Mom on 12.16.16 at 11:33 pm

#41 NEVER GIVE UP on 12.16.16 at 7:40 pm
For those of you with small children:

I have some powerful but unsolicited advice about how to achieve a high level of Literacy and Math Skill.
After raising 7 of my own (never try this at home!)
I learned a thing or two about the school system and made some changes for my kids
…………. snip

I could not possibly agree with you more. Also a former Kumon Math parent. Yes, it kept us broke, but it was absolutely worth every single penny. My two kids actually ended up working in the program as markers for a few years while in high school. The self-discipline transferred to all areas of their lives. They each held multiple jobs through high school, bought and paid their own phones/bills, etc. The youngest asked to leave the bricks and mortar school in grade 11, to complete her final year online, while working full time nights at a coffee shop (where she’d worked since 14).

Both are also financially literate. #1 is buying her first house right now, and has presented to her boyfriend how they can pay it off by the end of the first 5 year term (at 2.59%, 20% down). Look at all the interest we’ll save, she said, without touching our TFSAs! I just smiled and thought my work here is down.

#84 bdwy sktrn on 12.16.16 at 11:41 pm

most of the growth is around the Brentwood area.
——————–
not just brentwood.

the next mega project http://www.thecityoflougheed.com – will show if the unquenchable thirst for new condos still lives

#85 BillyBob on 12.16.16 at 11:55 pm

#73 bdwy sktrn on 12.16.16 at 10:03 pm

once they get ahead of the class work it becomes a breeze , she just brough home a report card – 99% in gr 11 math and she is only in gr 10.

/end kidbrag/

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

I realize that this is an age in which parents post proud pictures of their precious snowflakes’ bowel movements on Facebook, but I think you have to set the bar a little higher than high school math before something can be considered a “brag”.

/end wryobservation/

#86 jefferson on 12.17.16 at 12:10 am

zing!! great post, you continue to be the man Garth thanks for all you’ve done….
I was hoping you may explain why you seem to frown on options such as the fruit people (unless I’m mistaken,… maybe you just mean interest only accounts are a waste?)
…would something like their investment fund options (index funds) not be considered good at all for a small to medium tfsa investment? if not, why not? thanks.

#87 ELL on 12.17.16 at 12:17 am

Dear Garth,
Seriously – a whole 120 applicants – that hurts. Reminds me of the time when my colleague told me that I wouldn’t be getting an invite to his wedding because it was an intimate affair with only 500 guests. He said this to me with a straight face and seemed genuinely apologetic.

#88 NEVER GIVE UP on 12.17.16 at 12:19 am

#73 bdwy sktrn on 12.16.16 at 10:03 pm
4. Math: I have only one solution that is totally mandatory in my view. Kumon Math. It is rote learning math a little bit every day. Like 10 minutes.
It has been the thing that kept me driving junk vehicles for most of my life.
————————–

i had her kicking ass on trig before the teacher ever mentioned it.

once they get ahead of the class work it becomes a breeze , she just brough home a report card – 99% in gr 11 math and she is only in gr 10.
============================
Thanks for validating my point:
It is really up to the parent to make sure kids get the basics. Don’t trust it to anyone else! It’s too important!

#89 A belieber on 12.17.16 at 12:21 am

Garth, does your intern Emma Zaun want to come to the Bieber concert with me? I have an extra ticket, figured she couldn’t afford one since she isn’t paid. Let me know.

#90 ELL on 12.17.16 at 12:23 am

Hey Smokey,
Welcome to the baby sitting mafia. Your chance to do right by the chillins’. My kids adore the grand parents who are seriously intense eastern European immigrants.

#91 Smoking Man on 12.17.16 at 12:26 am

Stond Cold Sobar.

Ive been trying For Weeks LOking , What Hell Is Wrong With My Key Board. Capitalising Everything.

Loking FoR A Nickname For T2.

Got It. . . . Finaly

Femenema.

#92 BC on 12.17.16 at 12:30 am

#26 Victoria Real Estate Update on 12.16.16 at 7:13 pm
The BC First-Time New Home Buyers’ Bonus was for new an extensively renovated homes, different than the interest free loan recently announced.

House prices in Victoria fell significantly from 2010-14 even as 5 year mortgage rates fell, stimulating the housing market.

This proves that a market correction can begin at any time in Victoria.

Once momentum has begun to swing the other way (down), it’s difficult to change that direction, especially when the net effect of federal and provincial changes and rising rates will be a downward force on the market.

Just admit you should have bought instead of baling your brains out with this nonsensical gibberish.

#93 Ponzius Pilatus on 12.17.16 at 12:36 am

#73

once they get ahead of the class work it becomes a breeze , she just brough home a report card – 99% in gr 11 math and she is only in gr 10.
————
Stop bragging.
May I assume that your genius daughter also excells in the other compulsary subjects?
How about sports?

#94 Smoking Man on 12.17.16 at 1:04 am

Baby sitting over. Hitting it hard. My tweet to T2
Now I’m in shit. The under handed shit you do to get your book noticed. If he hits my profile on Twitter he sees it’s a link to a writers book. He’s to stupid to follow it. But butts. A reader. Will probably get it
Then realize that if they want power, money. Don’t mess with Smoking Man. If the bastard wrote a good book review, I might even drift left… Just kidding. That will never happen.

@JustinTrudeau @mfnerc got a perfect nickname for ya. Me being a patriarchy piece of white trash drunk… #FEMENEMA is so fitting.

#95 Setting the Record Straight on 12.17.16 at 1:10 am

Pale? White? You need to be charged by an HRC for using language designed to insult or demean a racial group.

I believe the politically correct term is Euro-Canadian.

#96 Bob dog on 12.17.16 at 1:22 am

The banks understand everything you have layed out here. If the 6 bank ceo’s know they are creating an economic disaster, doesn’t that mean they are the hostile enemy? We spend billions on a military to defend Canadian citizens from a hostile enemy. What am I missing here.?

#97 westcdn on 12.17.16 at 1:28 am

Recently I used my Visa card to tap and pay. The tap transaction was declined. That sometimes happens. I put the card into the slot and enter my pin – transaction declined. That has never happened before. I used my Mastercard instead.

The people behind me must think I am down on my luck as I am wearing comfort clothing – old but clean and perfectly functional. I don’t have to dress for success or to impress anymore. I will not be a 1 percenter until my attitude changes and it won’t. I go the next store – same thing again.

I called Visa the minute I got home. I asked if there something wrong with my account. The rep says they haven’t received a payment this month. I know I made the payment in full as normal – I have forgotten a few times and have been charged outrageous interest.

The rep told me that he would reactivate my Visa account as soon I sent at least a minimum payment. What!! I explained I always pay in full each month except when I make an occasional mistake – he concurred but refused to back down over a crappy $10. He then informed of the interest penalty. As we are talking, I called up my bank account and can see the payment came out on time but I can’t tell who got the money.

Sarcasm is my first level of anger although I can easily skip the step. I lambasted him and bank practices with sarcasm only because they were operating within their right. I told the rep I would be sending the payment plus interest as soon as I found out who got the first payment. As soon as I hung up, I found Payment History as a submenu.

I paid Mastercard twice – I will probably get a Xmas card. My conclusion – there must be trouble in credit land if banks will shoot first and ask questions later.

#98 Smoking Man on 12.17.16 at 1:33 am

Experience, knowing that when you go all in, eye ball into the bottom of the bottle cause you had to hold off baby sitting duties.

Face first into a snow bank. Cigarettes and all.
Don’t try this mojo in the summer.

That’s when you give the finger to god with vodka in water bottles.

Lake cops. Stupid.

#99 Roial1 on 12.17.16 at 1:59 am

Today I witnessed one of the most moving things to happen in my life.

Along with 46 other people my wife swore allegiance to Canada. (from Austria)

Since this happened in Vancouver she (and her cohort) are the newest Canadians. and will be at least till the next birth some were in the country.

I can say that the singing of O’Canada will never be as profound again.

As a native Canadian I recommend that everyone should at least once go to one of these ceremonies and look at the faces of these people who CHOOSE to join us.

#100 NEVER GIVE UP on 12.17.16 at 2:00 am

A song for Vancouver Real estate!

https://www.youtube.com/watch?v=RTMJe6R2vVw

#101 Sometimes Lucky on 12.17.16 at 2:14 am

Garth, thanks for the best free financial advise with no strings attached. It worked very well for me and my daugther who is renting with a large self directed portfolio. All our aquaintentences think we’re just getting by because I rent and drive a old Hyundai.
Trying in my own naive way to give some financial advise by re-posting Garth’s more incisive articles on Facebook garner nary a single like. So Jane Rooney probably knows this and capitalzed her “mission” to feather her nest, real financial literacy is inconsequential.

#102 Newcomer on 12.17.16 at 2:21 am

#35 Frank on 12.16.16 at 7:34 pm
A townhouse here in Van that sells for $1.4M rents for $5K.

By and large, it rents for around 3K. You have about 5.3 on the mortgage, say .5 for strata, .4 for property taxes, 1.2 on the opportunity cost of the downpayment. So, assuming no maintenance or special assessments, you are looking at 7.4, which is more than double actual rents and 50% more than your hypothetical rent.

#103 conan on 12.17.16 at 2:23 am

Hey I did not get my rejection letter yet. I answered every question with ” Cauliflower price elasticity in modern day Canada and wtf to do about it.”

#104 NEVER GIVE UP on 12.17.16 at 2:25 am

As you listen to this Ennio Morricone tune, close your eyes and visualize Angels floating up to heaven,… with billions of dollars in Vancouver Real Estate wealth!

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

#105 Jane Who? on 12.17.16 at 3:26 am

Did not know such a group existed and that letter you got from them was pretty neutered.

What do you care Garth, 6.7 million hits vs. a few hundred for Jane who? More now that you gave her group a plug.

T2 needs to stop funding dumb groups like Jane Who? and just redirect them to your blog.

Love the heat maps.

bsant

#106 Stock Picker on 12.17.16 at 3:38 am

And here I thought by charging the first time buyers the 37500 they’d get from Christies Reelection Effort and turn them over to the market fora seriously needed ass whupping I’d get the Order Of Canada awkward. I guess we’re both losers Garth. But you more so…..at least I’m not getting old limping around in Toronto.

#107 Toronto Dweller on 12.17.16 at 5:16 am

I like how the governments first creates a problem with doling out cheap money through almost zero interest rate and then tries to solve it with these useless commissions.
I receive much better information from you Garth and fellow Blog dogs than some distant bureaucratic commission that will come out with a report too little too late.

#108 MutterMutter on 12.17.16 at 6:31 am

If Jane’s financial knowledge matches the crispness of her prose and the accuracy of her grammar, there’s little hope that the committee’s “dedication to help strengthen the financial knowledge, skills and confidence of Canadians” will raise their net worth.

#109 Tonyw on 12.17.16 at 6:45 am

I believe first time buyers in BC will put down 5% of the purchase price up to $750K and receive another 5% at 0% for 5 years with the conditions as listed. This means they are getting 95% financing, not 97.5% as suggested in today’s blog.

#110 jess on 12.17.16 at 8:22 am

literacy? does that apply to these “smart” selectors

…”According to the SEC’s order, Deutsche Bank made materially misleading statements and omissions concerning the Dark Pool Ranking Model feature of one of its order routers, known as SuperX+. The Dark Pool Ranking Model was intended to measure execution quality and liquidity of venues to which it sent orders. Deutsche Bank used the Dark Pool Ranking Model to determine which venues would receive orders and the sequence in which Deutsche Bank would send them. Deutsche Bank described this model in its disclosures to clients and potential clients as the “quantitative core” of SuperX+, stating that it “smartly routes and selects optimal pools of liquidity on an order by order basis.”

But the SEC’s order finds that due to a coding error, Deutsche Bank updated the ranking model just once during a two-year period, causing at least two dark pools to receive inflated rankings and consequently millions of orders that SuperX+ would have sent elsewhere if the system was operating the way Deutsche Bank had described. The SEC’s order also finds that Deutsche Bank manually overrode the rankings on certain occasions and manually assigned fill rates for new venues based on subjective judgment that that turned out to be inconsistent with the venues’ actual performance.

#111 Looney Baloney on 12.17.16 at 8:24 am

Who wants to bet all 120 applicants were rejected and the members of the NSC were handpicked beforehand?
They shouldn’t have thrown out the 120 #, might come back to bite them in the hiney.

People like her is why the Don was elected is spot on.

#112 maxx on 12.17.16 at 8:34 am

Of course you were rejected Garth. You’d be nudging the effort to actually DO something about this debt abyss which is destroying Canada.

This lot, from what I see on the FCAC website and also that kid-friendly site, “Count me in, Canada”, are more interested in the “strategy”, “steering committees”, “vision” and “reaching out”.

What a crock.

Membership is comprised of suits from the financial industry, msm and government. Oh, and just for prophylactic measure, someone from the AMF.

In culinary terms (I’m doing Xmas baking today), much like a large and expensive soufflé: labour intensive and full of hot air.

As an uninvited guest who’s cooked up a financial plan that actually worked, let me “apply plain language principles” with my 2 cents worth:

– Ditch the ego of entitlement and live within your means;
– Stop spending your future before it’s arrived;
– You’re definitely NOT richer than you think, and
– The government of Canada and its provincial counterparts don’t have a clue as to how to solve its own economic problems, let alone yours.

Canadians need to learn to be their own economic champions and not rely on effete and expensive junk like this.

The answer, as always, lies within. Not sexy, not flash, not quick, but believe and it’ll make you rich.

#113 A belieber on 12.17.16 at 8:44 am

haters gonna hate. That’s the way it is.

#114 Garth you sound terribly bitter ... on 12.17.16 at 8:59 am

Get over it. Your resume wasn’t good enough , not the guy for the job.

Why the rant ? A form of therapy ?

#115 maxx on 12.17.16 at 9:00 am

“Despite the millions Ottawa’s shoveling into Jane Rooney’s department, by every discernible measure it’s a fail.”

But of course. Personal financial management is not complicated. At all. Simple as pie.

Where its management gets complicated is with wise asset allocation, investing and tax efficiency. For that, you need high-quality, paid-for advice.

If this elite crew thinks that the average Canadian knows nothing about scraping the last remaining dollars through to the next paycheck, financial fraud (don’t get me started on the boundaries of that one) and saving, they’re on another planet.

The average Canadian knows buckets about these principles, they’re just not practicing them.
They’re constantly suckered into buying obscenely-priced re, with mollycoddled realtards reaping the rewards of this highly manipulated road to poverty and destruction of a Canada that was once extremely rich.

I’m far from convinced that with committees like this our economic problems will ever be “steered” back to prosperity.

Fail indeed.

#116 maxx on 12.17.16 at 9:25 am

#17 Watching the World go by on 12.16.16 at 6:57 pm

“I drove by a new town house development today. You know the kind – clad in stone, looking substantial. Before the cladding goes on, it’s a different story. Chipboard over wood framing held up with diagonal braces – looking for all the world like a house of cards,,,,,,,,”

Ah, ah, ah…..don’t forget the mold-friendly sheathing in plastic bags!

#117 Zen Headspace on 12.17.16 at 9:34 am

#30 Financial Literacy 101

“I am slave to no one except Christ.”
——————————————————————

Well….isn’t that special!

Sorry to hear it. You were sounding normal, logical, and reasonable up until THAT line. Once you rid that fairy tale from your mind, you’ll be alright.

Santa Claus, Jesus, The Tooth Fairy, The Devil, Bonhomme, Vishnu, all these characters are just man-made myths.

Read: Sapiens – A Brief History of Humankind.

Once you get the hocus-pocus crap out of your brain, you’ll be all set!

#118 NotSoNewToETFs on 12.17.16 at 9:42 am

You made your point. 6.5M Garth, 0 Jane.

Now stop moping and give us some more blogs on investing.

#119 Ontario's Left Coast on 12.17.16 at 9:46 am

It’s their loss, Garth. I’ve personally learned so much from you and, collectively, the steerage section is lucky to have you. Thanks for all that you do!

Regarding math, I got lucky… I’m a writer and honestly suck at it but I had the good fortune to marry a brilliant engineer. The kids are alright…

#120 Smoking Man on 12.17.16 at 9:59 am

#110 A belieber on 12.17.16 at 8:44 am
haters gonna hate. That’s the way it is.
……..
Drunks got to drink, your point?

Glorious hang over. Drove to 401 and hurontaio for no good reason. Made it back home safely.

RE visiting True detective this morning…

What is the point of living.
Answer, to consume and create art in any form…

I think…..

#121 dorks r us on 12.17.16 at 10:14 am

Garth,

If you want to irritate these guys, start your own club and invite Rooney to apply before rejecting her…..you could call it….wait for it……

National Steering Committee (NSC) on Financial Illiteracy

#122 Zoë on 12.17.16 at 10:28 am

Always a joy to read your work but this post is exceptional. Best line – “And nobody understands the greatest risk extant is not losing money, but running out of it.”

#123 Don on 12.17.16 at 10:30 am

Considering all purchases in TO face land transfer and real estate commission it would seem that there are a lot of negative equity mortgages. Someone with the probability of short ownership is gambling they are going to get 9% appreciation to breakeven. Hmmm…

#124 SWL1976 on 12.17.16 at 11:03 am

It’s a great pathetic place to be

Good work Garth

Good luck Jane, looks like a big fat F for you, but that is the plan after all, for which you may or may not know you are included in

#125 Context on 12.17.16 at 11:07 am

#94 westcdn:- This happens to me all the time with the rejection of my credit cards. I simply don’t open my mail in a timely fashion to activate the new card as the old card has an expiry date on it. Even the retailer doesn’t notice the obvious as they attempt to make the card work while people are waiting in line.

#126 maxx on 12.17.16 at 11:16 am

#50 I Love Renting on 12.16.16 at 8:06 pm

“………….Renting Rocks!”

Don’t you find that it also gives a feeling akin to being really young again?

Only now with a huge trust fund that behaves just like a key to complete freedom with nearly limitless options?

Everything just feels less encumbered, with more optimism.

#127 TurnerNation on 12.17.16 at 11:25 am

Someone posted here, it was T1 which allowed banksters in to drown us in national debt? (Before my time).
Now T2 is encouraging personal orgy.

Good ole F stood up to the lenders. Didn’t work out so well.

M41ON

#128 maxx on 12.17.16 at 11:28 am

#55 MSM-Free Zone on 12.16.16 at 8:43 pm

“Financial (il)literacy…[email protected]’s best friend for making her monthly quotas.

My own [email protected] (maroon branch) still begs me to reconsider mutual funds. I tell her the MER’s are too high. “but at least you’ll be making SOMETHING”, she whimpers.

I didn’t have the heart to tell her that her job classification is about to be replaced by iPads at all the new (maroon) branch openings….kind of like ordering a Happy Mutual Fund on the new vertical big screens at McDonalds.”

Here’s something that will catalyze adaptive career plans:

1- Find the heart and tell her just that;
2- Tell her that you really like the big screen at McD’s and that the only reason you use it is to order free coffees during the periodic promos.

That is the way of the world now.
The meme of how valuable money really is, is beginning to take hold. The main reason it’s been slow to gather momentum for this long, is that it’s still priced so cheaply and the average idiot believes this is still a once in a lifetime opportunity to get onto the “property ladder”.

Thee wise have been out-sized by the fools. Tough noogies, but not only for the wise- it’s also to the greater detriment of the country.

#129 maxx on 12.17.16 at 11:34 am

#56 I don’t know on 12.16.16 at 8:44 pm

““Boomers are retiring with obscene mortgages on ludicrous houses.” – Garth

——————————————————-

Yes. True. And, as is understood by most people, this is not an alarming fact. Money is so cheap, and will continue to be cheap, that it’s financially wise to keep debt. It costs almost nothing.”

….until the day that borrowers wake up to the fact that big finance has found a new and improved way to deploy cash, at which time the piper will expect to be paid.

That day is clearly on the way and then debt problems become squarely your own- whether or not you believe you’re richer than you think. No amount of churning, stirring, changing the position of the squares on the cube or moving the deck chairs around the deck will make a speck of difference to your books.

#130 Whinepegger on 12.17.16 at 11:36 am

Unfortunately, I believe that the variable that is infrequently mentioned and will become a substantial factor in boomer retirements is the CHIP Reverse Mortgage ( https://www.chip.ca/ ). I find it incredible how many boomers are considering this option as a way to stay in their homes and still use the equity as retirement funding. And why not? As has been mentioned above, it’s all in the math.
Consider a boomer couple living in Vancouver that purchased a detached bungalow 30 years ago and have long ago paid off the mortgage. The value has now skyrocketed to $2M +. At age 65 they go to CHIP and withdraw a cool $1M. Even if they add to their stupidity and invest that mil into a life annuity with Sun Life it will provide them with an additional $30k for life. If they are the average couple and each qualify for $700/mth of CPP, add in the OAS and the annuity and they’re making in the neighbourhood of $60k/yr. And that excludes any money from pensions or savings accumulated over the years.
If that is the type of ‘financial literacy’ Jane will be espousing we are all in trouble. I know I have had to talk myself blue in the face a number of times to counteract the efforts of a ‘well-intentioned’ Sun Life rep that kept trying to entice my parents into the above proposition. Thankfully, math won out and they avoided a major catastrophe based on their stated goals and aspirations.
On the flip side, my wife and I sold our home 15 months ago, just prior to retiring, and now rent a condo. Never happier or feeling less burdened. And I am amazed at the number of opportunities I have had to share our strategy and it’s financial merits with friends also approaching retirement. It seems the best opportunities for spreading the gospel come when you walk the talk.

And a great deal of the credit goes to our reject blogger. Rule of 90, balance, diversification, patience, yada yada yada. Thanks Garth.

p.s. would love to see a blog on the topic of reverse mortgages. I’d print it and mount it prominently in our home for all to see.

#131 Euro observer on 12.17.16 at 11:37 am

Political correctness is ruining this country.

Under it’s pretext goes the indoctrination at the school system and the total rejection of critical thinking. Growing couch potatoes who can ‘work as a team’ but can’t find their way in life.

Financially illiterate (the likes of BOC and Ontario leaders) are discussing financial literacy.

Cabal of politicians, bankers/financial and retail sector,
and MSM (mainstream media) with cartels virtually in every sector of economy (doctors, telecoms, …)

million $ + shacks are advertised as ‘affordable’, crap is sold as food at the stores with ever increasing prices.

The only long-term-promising sector -the commodities are in cyclical decline.

I can’t imagine what the living costs in major cities will be with the idiotic ideas of BC (interest free loans for housing) and Ontario (basic income with 300 billion id debt and growing!) but hey, one reaps hat one sows.

Of course Canada will never be a center of innovations, but rather source of cheap unqualified labor. Indebted up to their eyeballs.

#132 Rainclouds on 12.17.16 at 11:47 am

Jane and her organization are yet another classic example that you could take a budgetary chainsaw at every government level and EASILY lop off a minimum OF 25% and nobody would be affected, aside from the usual suspects……..the entitled snowflakes who currently pull down tax funded salaries for producing diddly in a non competitive environment.

#133 Tony on 12.17.16 at 11:48 am

Re: #35 Frank on 12.16.16 at 7:34 pm

I hate to break this to you but when home prices fall so to do rents. Anyone buying a house in Vancouver will likely be filing for personal bankruptcy before the end of next year. All those interest free loans and the loan itself will vanish into think air like it never existed in the first place. British Columbia will lose a fortune on those loans as the principle and interest will never be paid back.

#134 crowdedelevatorfartz on 12.17.16 at 11:50 am

@#81 protea

You supported Christy Clark?

What was it? Her vacuous smile? Her vapid meaningless quotes? Her never ending babbling BS? Her “point of no return” construction of an unapproved billion dollar Dam that has no plan or budget?
The Mt Polley mining disaster ?
The construction of an LNG plant in Squamish that is neither wanted by the voters or fiscally viable.
The sale of BC Rail and her insider cabinet knowledge that she was accused of passing on to her ex husband who was working for the new purchaser?
Her personal assistant who’s husband was the investigating RCMP offcer for the BC Rail scandal?
On and on and on.
This “leader” is so deep in mud and manure she thinks the lightbulb in the outhouse is God talking to her…..

I’ll be voting “anyone but Christy” in the coming May election.
how about you?

Unbelievable

#135 maxx on 12.17.16 at 11:53 am

#62 ww1 on 12.16.16 at 9:10 pm

“But I digress. It’s just that I’m morose. Today I received the following letter rejecting me for a role in the National Financial Literacy Strategy, for which I hadn’t even applied. But apparently some rascals who read this site did. Shame on you. Now I’m a discard. Crushed.

As you have no idea what was submitted with your application by whoever applied, you really have no way to know why you were rejected.”

Sure he does. Profiles that will fold, real nice and smooth-like into the batter.

#136 maxx on 12.17.16 at 11:58 am

#67 CL on 12.16.16 at 9:31 pm

“All of this is so simple. What we are seeing in Canada at all levels of government is a result of hiring based on diversity rather than competency. We are about to see yet another billion dollar disaster over a simple website project that was to cost about 2 mill soon to be 1 bill. Add the Phoenix project among others and it is clear diversity for the sake of diversity is also a fail.

Lots of fails these days.”

What I want to know is, are all of the victims of the Phoenix system going to be compensated for losses arising out of having to cash out savings, TFSAs, RSPs and other investment vehicles just to stay afloat?

#137 Vampire studies GMST 454 on 12.17.16 at 12:06 pm

126 Maxx – ETFs have put pressure on the MF industry to lower fees. Some of the banks have low fee options, usually index funds, well under 1% MER. CIBC has a balanced Index fund with 0.49% MER. I had some MFs there from decades ago, and I just rolled the bunch into it, with a couple of other funds to balance it out more to my liking.

Supposedly some new rules coming in January. Garth has stated many time the MF model is broke. Definitely needs some revamping.

#138 DON on 12.17.16 at 12:09 pm

I take it Jane feels a little out dated, where’s her internet presence. Never new that department existed. Great Job Jane…not achieving your objectives will make you eligible for the fast-track promotion. I bet she goes to lots of meetings though.

#139 Tony on 12.17.16 at 12:11 pm

Re: #107 Tonyw on 12.17.16 at 6:45 am

Correct and probably 90 percent of the present day buyers will file for personal bankruptcy within the next year. They can thank Christy, makes me think back to the days of Adam and Eve in The Garden Of Eden and the days of P.T. Barnum all rolled up into one.

#140 DON on 12.17.16 at 12:17 pm

#95 westcdn on 12.17.16 at 1:28 am

I paid Mastercard twice – I will probably get a Xmas card. My conclusion – there must be trouble in credit land if banks will shoot first and ask questions later

*********
Thanks for sharing – the banks must be retracting. The herd may have been spooked.

#141 DON on 12.17.16 at 12:23 pm

#112 Garth you sound terribly bitter … on 12.17.16 at 8:59 am

Get over it. Your resume wasn’t good enough , not the guy for the job.

Why the rant ? A form of therapy ?
******************
Like he cares. Garth already has presence.

#142 Context on 12.17.16 at 12:25 pm

I just know there will be trouble next week as my bill was over $1,000 for 6 months of TV and internet and sent them $684.63 instead with my computer. The girl I was speaking with could not comprehend a new mini package for the TV so needed to explain it, so said cheap one, as she was learning English. I had to ask her three times about $169.42 as said no mistake and it must include the taxes. She replied looks good to go and all done now with no problem. I said are you sure all is right and hear the word maybe methinks.

#143 hope & ruin on 12.17.16 at 12:28 pm

My experience has been that people like Jane won’t voluntarily surround themselves with dissenting opinions. It is much easier to get rid of somebody under the cop-out reasoning of “not being a team player” or “didn’t share the corporate vision”. Even if the whole team is heading for a cliff, people would rather go over the cliff in a group than listen to the man pointing out the cliff. A strange quirk of the human mind.

It takes a certain type of mind to consider every idea on its own merit and challenge the assumptions rather than who is saying it or what everyone else is doing. Most people just aren’t cut out for it but that’s why I come to greaterfool.

It’s why Jane was never going to pick Garth. I doubt she will post a rebuttle or offer reasoning behind her decision. The same as the student association that fired the chef (smoking man #77). Intellectually bankrupt.

#144 DON on 12.17.16 at 12:29 pm

#119 dorks r us on 12.17.16 at 10:14 am

Garth,

If you want to irritate these guys, start your own club and invite Rooney to apply before rejecting her…..you could call it….wait for it……

National Steering Committee (NSC) on Financial Illiteracy
**************

A Great Idea: Just have to include the “National Steering Committee (NSC) on Financial Illiteracy” on the every day blog page and voila, committee established, thinks of the combined credentials we could list. Pull the rug right out from under their feet.

#145 jay on 12.17.16 at 12:32 pm

These homeowner’s are smart out here in the lower mainland, hotel’s motel’s on every corner. http://www.theglobeandmail.com/real-estate/vancouver/no-deterrent-for-prolific-illegal-hotels-inrichmond/article33356860/?click=sf_globefb

#146 InvestorsFriend on 12.17.16 at 12:32 pm

Celebrating Math Success

A couple of people here talked about how they helped their kids excel at Math whether through Kumon Math or other efforts at home and the kids then excelled.

A couple of others then spoke out against this bragging.

Ignore them. Congratulations to the kids who excelled and the parents who helped.

Shame on those who are bothered by such bragging. Successful people try to steer clear of people who would be bothered by other’s success or bragging. They will drag you down. Hopefully this was a momentary lapse by those posting anonymously today and not something you do in real life.

Banish such jealous thoughts from your mind or at the very least keep them entirely to yourself.

#147 Ponzius Pilatus on 12.17.16 at 12:33 pm

#97 Roial1 on 12.17.16 at 1:59 am
Today I witnessed one of the most moving things to happen in my life.

Along with 46 other people my wife swore allegiance to Canada. (from Austria)

Since this happened in Vancouver she (and her cohort) are the newest Canadians. and will be at least till the next birth some were in the country.
I can say that the singing of O’Canada will never be as profound again.
As a native Canadian I recommend that everyone should at least once go to one of these ceremonies and look at the faces of these people who CHOOSE to join us.
——————-
So your wife is giving up her Austrian (and thus her EU) passport to be able to vote in elections where most votes don’t count.
Well, to each it’s own.

#148 LL on 12.17.16 at 12:58 pm

# 95 – I paid Mastercard twice – I will probably get a Xmas card. My conclusion – there must be trouble in credit land if banks will shoot first and ask questions later.

That’s credit…you’re not in control.
Cash is king!

#149 Ronaldo on 12.17.16 at 1:05 pm

#126 Maxx

”My own [email protected] (maroon branch) still begs me to reconsider mutual funds. I tell her the MER’s are too high. “but at least you’ll be making SOMETHING”, she whimpers.”
——————————————————————
Yep, those MER’s. If they take 2.5% and return you an average of 5%, they are taking 50% of your gains and then you pay tax on the remainder. Who makes all the money?

#150 A belieber on 12.17.16 at 1:35 pm

#118 Smoking Man on 12.17.16 at 9:59 am
#110 A belieber on 12.17.16 at 8:44 am
haters gonna hate. That’s the way it is.
……..
Drunks got to drink, your point?
________________

My point is that Jane is a hater. So she just keeps on hating.

And the correct grammer isn’t “drunks got to drink” its “drunks gon’ drink”. In this situation you lose the gonna for gon’. Need to keep your writing skills sharp for millennials.

#151 Ace Goodheart on 12.17.16 at 1:35 pm

The figures cited here are right, but very misleading. Read this blog carefully. He is talking about insured mortgages in Toronto issued in the past quarter. This is not every mortgage or every house in Toronto. This is 1/2 of the high risk mortgages issued from October to now.

The graphs are also misleading, painting entire neighbourhoods red as if the whole place is at risk. Again he is telling you what this means, but unless you read closely you may miss it. Insured mortgages only, and only for the last three months. These mortgages are all high risk. Likely the borrowers are idiots who are buying houses they can’t afford. We already know that.

#152 Christmas time on 12.17.16 at 1:48 pm

Here’s an idea to go with the season.

Trudeau should immediately import 100,000 Aleppo refugees into Canada. Why not be a leader and show other countries how it’s done?

Since most are large families, the national child benefit could provide up to $3000+ tax free even without the parents income for a family of 7. Since its tough to find rentals, Christy Clarks 5% down payment gift could help these refugees buy homes. All they have to is make payments after and 50% of the payment goes towards paying principal.

Win win win for Trudeau, Refugees, BC Developers.

#153 Context on 12.17.16 at 2:14 pm

The banks have downsized the staffs lately who answer the phones for trades too. A couple of days ago for the first time in many years got a recorded message for a 30 minute wait. I just hit the speaker phone to listen to music and message propaganda.

#154 Frank on 12.17.16 at 2:16 pm

“I hate to break this to you but when home prices fall so to do rents”

The US crash disagrees

#155 Polls R Phake on 12.17.16 at 2:20 pm

Now the socialists (Hillary et al) are trying to blame Huma Abedin for her loss because everyone knows the Wikileaks were…….leaks not Russian hackers…..

Then there is this:

https://www.youtube.com/watch?v=C5wUAaIdF6c

This educator needs to be fired.

#156 Grey Dog on 12.17.16 at 2:26 pm

Whinepegger 128; I think the only reason to get a CHIP reverse mortgage is if you really HATE your kids!

The compounding effect going the other way can blow through your home pretty quick. Horrific if one NEEDS special care in a senior facility while the money has been used up already.

Every time I see Gordon Pape’s articles I cannot take him seriously cause he was selling them on every other commercial 10-15 years ago. Now the Fonz is selling them, I guess Henry Winkler didn’t make enough in royalties of Happy Days!

#157 Fleabitten Monkey on 12.17.16 at 2:30 pm

Anybody know for certain how the BC loan is going to work? I have seen it a couple of ways. Based on the press releases and popular commentary it would seem to be that BC gov will loan you 5% so long as you put up the other 5% – so the total down you is effectively 10% This of course is subject to a maximum house buy price of $750,000. The other interpretation I have seen is they will loan you effectively 2.5% of the purchase price and again you are to match the other 2.5%. All together this latter interpretation yields the minimum 5% down required to get an insured mortgage.

Can anyone share a link or opinion on how this in fact is to work? In short, after the loan, is it designed for the buyer to finance 5% or 10% of the purchase price?

Thanks all.

#158 InvestorsFriend on 12.17.16 at 3:08 pm

The Math of The Matter

#147 Ronaldo on 12.17.16 at 1:05 pm said:
——————————————————————
Yep, those MER’s. If they take 2.5% and return you an average of 5%, they are taking 50% of your gains and then you pay tax on the remainder. Who makes all the money?

*************************************
Well if you get 5% and the bank gets 2.5%, the return must have been 7.5% before fees and so the bank took 33.3% of “your gains”.

hmmm Kumon math, anyone?

AND, if they took nothing then you would have paid tax on the full 7.5%, so the MER is automatically tax deductible.

And the bank is willing to do this for people putting in like $200 a month. Say the client has 10k in mutual funds. The return is $500 for the client and $250 for the bank in this example.

Mutual funds have their place and without the banks offering them a couple million more Canadians would likely not invest at all.

#159 InvestorsFriend on 12.17.16 at 3:31 pm

Canadians’ Aversion to Reverse Mortgages

154 Grey Dog on 12.17.16 at 2:26 pm said:

Whinepegger 128; I think the only reason to get a CHIP reverse mortgage is if you really HATE your kids!

***********************************
Most Canadians seem to have an instinctive hated for reverse mortgages.

Reverse mortgages allow some people to stay in their house as long as they are physically able AND to have sufficient spending money.

A CHIP reverse mortgage is a transaction between consenting adults is it not?

Why should people who are short cash to live in their old age be worried about leaving an inheritance to their kid? Kids who would likely be (with any luck) seniors themselves by the time both parents have passed away.

Would you have the parents instead a) Sell the house and move out when they don’t want to? or b) live without sufficient cash in their old age?

If people were not so negative on reverse mortgages then there would likely be more competition in the market and lower interest rates.

Talk about a lack of financial literacy, this vilification of reverse mortgages is an example. Financial literacy goes beyond thinking simply (very simply) that all debt is bad.

And Whinepegger 128, the CHIP reverse mortgage has the option of paying out gradually month by month so your example about buying an annuity with the funds seems wrong. I would be very cautious however if a financial advisor suggested taking out a lump-sum reverse mortgage for investment purposes. THAT would be a very bad idea.

Surely, there are at least SOME situations where a reverse mortgage makes sense?

#160 LORNE on 12.17.16 at 4:20 pm

#155 Flea-bitten Buyer
Anybody know for certain how the BC loan is going to work? I have seen it a couple of ways. Based on the press releases and popular commentary it would seem to be that BC gov will loan you 5% so long as you put up the other 5% – so the total down you is effectively 10% This of course is subject to a maximum house buy price of $750,000. The other interpretation I have seen is they will loan you effectively 2.5% of the purchase price and again you are to match the other 2.5%. All together this latter interpretation yields the minimum 5% down required to get an insured mortgage.

Can anyone share a link or opinion on how this in fact is to work? In short, after the loan, is it designed for the buyer to finance 5% or 10% of the purchase price?

Thanks all.
…………….
It is up to the buyer….they need to put at least 5% down, so 2.5.% of their own money and 2.5% of the price of the home from Christy’s bribe, works. They can, of course, put more so 750000 home….can put 37500 of their own and 37500 from Christy for 75 000 down (10%). Or they could choose to put say 25 000 of their own and 25 000 from Christy for a total of 50 000 on the same 750 000 home ( 6.7% down payment)

#161 Stephen Shaw on 12.17.16 at 6:25 pm

Don’t think Jane would have voted for Trump either.

#162 Ronaldo on 12.17.16 at 7:30 pm

#156 Investor Friend

”And the bank is willing to do this for people putting in like $200 a month. Say the client has 10k in mutual funds. The return is $500 for the client and $250 for the bank in this example.”

And people think Money Mart is a rip off. I guess another good reason we invest in the banks right?

#163 Protea on 12.17.16 at 8:55 pm

#132 crowdedelevatorfartz

The answer is very simple I know Christy came with a lot of warts. But look at the alternative, Leadership was the key

The leadership of Christy Clark compared to the NDP’s Adrian Dix was to me and most compelling reason and to the majority of voters the major key.

The Kinder Morgan [pipeline] issue showed him to be a flip-flopper.” and it looks like the current Leader John Horgan is making thee same error. Many things I dislike about Christy but the alternative just gives me nightmares. I was reminding my wife today driving in the crazy Vancouver traffic that the NDP were strongly opposed to rapid transit (skytrain) when they were in opposition.

#164 Shawn on 12.18.16 at 7:26 am

At the Christmas parties this year I’m noticing many people have simply capitulated and accepted the fact that real estate prices won’t fall any time soon. We’re getting closer…

#165 Joe flyer on 12.18.16 at 11:51 am

Sh*t. I got one of those same stupid letters after applying fof a different position wanting to serve the country with my experience. But I’m a straight white middle aged male. Didn’t stand a chance

#166 45north on 12.18.16 at 2:54 pm

Fleabitten Monkey: Anybody know for certain how the BC loan is going to work?

well I don’t know for certain and I don’t think anybody else does. Anyway here’s Ross Kay at the 38 minute mark:

http://www.howestreet.com/2016/12/17/this-week-in-money-83/

He says the following four things:

you cannot lend and register a second mortgage on a property with a 5% down payment

there would have to be changes in the National Housing Act to allow that to take place

banks would have to revise their mortgage documents to allow a second mortgage to be registered on a property

it’s irrelevant

the proposed BC loan is poorly explained and poorly thought out.

Ross Kay thinks that the BC Government has acted against its own interest with the tax on foreign buyers and then done itself a further disservice with the BC loan proposal. He says the catastrophic state of BC real estate is not really going to be evident until February 2017 which is not that far off.