The nation

Never say this is not an amusing country. First the Cons, thrown out of office for being too rigid, too right and too Harper, elect an alt-right flatlander social conservative because Quebec dairy farmers who want a monopoly defeated their own guy. Then the Dippers and the Greens team up to take BC winging to the margins, defeating the centrist Libs who actually got the most votes.

What does this mean for the economy, and our national house porn addiction?

Probably nothing too good. The left coast going left is news the resource industry didn’t want. Now BC can be just like Alberta, watching investment dollars leave town, returning to budgets awash in red ink, and embarking on a bold new agenda of social spending. As for real estate, the NDP has been vocal about deflowering speculators, both foreign and domestic (the Chinese tax would be doubled and made province-wide), hiking property tax, taxing flippers and spending billions of tax dollars on ‘affordable’ housing in the most unaffordable place on the continent. Yes, that means tax increases, and huge market risk. Get out.

Nationally, Mr. Sheer (I know the dude) was a dedicated foot soldier for Stephen Harper, a mouse in caucus and a passable Speaker. I think there was champagne and weed in 24 Sussex on the weekend. Just the news the T2 gang were hoping for.

Meanwhile, what kind of country do our leaders have dominion over?

A less confident one, it seems. People are losing faith in the economy, with just 19% thinking it will improve in the months to come and 81% believing it will be stagnant or decline. The latest Nik Nanos polling data, via Bloomberg, also underscores an erosion of faith in the No.1 investment asset here in Beaverland. A few weeks ago a majority of people polled thought house prices would increase. Now a majority believes the opposite. And that has driven overall consumer confidence down for the first time in months.

Why? You know. Home Capital. Downgrades of our big banks. NAFTA trouble looming. Anti-bubble measures. Static income. Rising debts. It’s all being reflected in the falling house sales, bloated listings and price weakness that realtors wish they didn’t have to reveal. And now we have a political schism emerging reminiscent of the Trump-Democrat divide which polarizes the USA.

Sigh. This is why it’s time to make one of those periodic portfolio adjustments, sucking a little weighting out of American assets and adding it into the European column. Assets there are better valued as major economies move ahead and the disruptive forces of populism have their asses handed to them by the majority of voters.

But enough politics and macroeconomics. Let’s talk about Nelson’s babe. He has a problem. Needs GreaterFool 911. I’ll leave the advice tonight for the blog dogs.

Love your blog…been reading it for years. I’m 39 years old, never owned real estate, and have been renting since 2006 while slowly building equity and saving for retirement.  While there has and will always be pressure from friends and family to buy a house, I’ve crunched the numbers and know that the benefits of renting will often outweigh the benefits of owning (unless you can put a value to the self-righteousness that comes with owning).  However, I’m at a crossroads and I never thought I would be one of those guys who email you asking for your advice on how to calm a spouse who seems almost desperate to buy a house.  We’re recently married and have a 3 month old son.  We looked for a house back in the summer of 2016 but it was a futile attempt as there was so little inventory and so few quality houses.  Our search was limited to Toronto as our jobs and family are here and moving to the burbs and commuting is not really an option.  Since we had the little guy coming and wanted more space than what my 740 sq ft 1bed+1den+2wr downtown condo provided, we gave up and decided to rent a 1000 sq ft condo in a nicer/less busy area of Toronto.  The idea was to rent for a couple of years and see how things shake out while we figure out this parenting thing.  Financially we’re in a pretty good place and sitting on about $500k in a variety of conservative/low risk/diversified/liquid financial vehicles, no debt, and are cash flow positive even with my wife on maternity leave.

Once the bambino was born in February, everything changed and my wife is constantly checking realtor.ca and is sending me listings in between feedings of million dollar moldy shacks in scummy areas that she wants us to look at.  For now, I’m humoring her and telling her to wait until the end of summer to re-engage our realtor but deep down I’m not optimistic.  While there may be a recent uptick in listings, prices haven’t yet followed and it seems greedy sellers are still holding onto their lottery ticket until some external force moves the pendulum (like more gov’t intervention or rising rates).  My fear is that we’ll settle for a dumpy place with pre-war electrical or plumbing (or worse, mold or termites), overpay while the market slides, and most importantly need to delay / re-finance our retirement.  I don’t want to throw away all my years of financial diligence and foresight and worst of all, end up resenting my wife or leaving our son with nothing (other than an education) when we die.

What can I do to distract my wife until the market is more balanced and prices start to decline?  I’ve already put forth a pretty strong case for renting another year or so but she’s willfully blind to the long-term benefits of waiting a bit longer and doesn’t seem to care much about retirement or your blog (sorry, I tried).

Is Nelson pooched? Should he stand firm? Just give it up, and buy? Isn’t running the country easier?

265 comments ↓

#1 Tell It. on 05.29.17 at 6:53 pm

#149 Johnny Boy on 05.29.17 at 4:12 pm

She’s a sniveling little goof. Can’t write worth a crap. Only people that belive in Unicorns like her work.
Her fiction sucks, no pararel with what’s going on in the present world. No easter eggs or cryptic messages. Two dementional at best.
So only a few people bought mine. Dosent mean it’s crap. It’s not the amount sold that counts. It’s about the art of writing in 4 dementions

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Well dickhead, JK Rowlings didn’t have to sell her make believe boat, cottage or home to fund her Casino Jaunts and I’m pretty sure she doesn’t drive a beater Ford pickup with a broken windshield. So for a a shitty writer I think if I were you I would learn how to suck up to her and get sum educatin!
https://www.earnthenecklace.com/j-k-rowling-net-worth-the-first-billionaire-author/

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

LOL!

#2 Suede on 05.29.17 at 6:53 pm

RIP BC Economy

You’ve had a tremendous run

2001-2017

#3 Pete on 05.29.17 at 6:57 pm

Great post, Garth. Anyone knows what happens to that house with price dropped $300k? Offer day is today.

#4 crowdedelevatorfartz on 05.29.17 at 6:59 pm

What can you do to distract your wife?
Send her to Seneca for the weekend and let Smokey do the rest.
She come screaming back to the normality of the apartment pronto

#5 Damifino on 05.29.17 at 7:00 pm

Yep, Nelson is pooched… whatever he does.

Makes me appreciate my wife. A lot.

#6 N on 05.29.17 at 7:02 pm

A family or two from the GTA is all that this town needs…..
http://www.businessinsider.com/photos-johnsonville-connecticut-ghost-town-2017-5

#7 Dave on 05.29.17 at 7:03 pm

At least enough people had the sense to turf crooked Christy. Finally got rid of the snake. What are the developers going to do now? Who will take the realtors to China on trade delegations? lol

#8 Sellers face bankruptcy on 05.29.17 at 7:03 pm

Desperate sellers all over the GTA are in am all out panic. You hear the conversations on the TTC , coffee shops , bars, and office……NO OFFERS . I didn’t even get one! Many bought a house for more money md now face rhe prospect of losing hundreds of thousands of dollars with bankruptcy as the final outcome if they can not sell in a timely manner. Realtors screaming in a panic as the house of fraud starts its crumble. Get the popcorn out the fun has started.

#9 sunshine on 05.29.17 at 7:05 pm

I would say to Nelson, ask his wife to wait until home inspections return as a normal part of the home buying process. Use the safety first approach, since the house- lush instinct should be trounced by the protective-parent instinct along the lines of ” how can we risk buying fire trap, mold or rodent infested, rotting foundation house”. If you are planning to stay for 15 plus years, then over paying should likely work out…but at least wait until sense returns. my two sense

#10 Ronaldo on 05.29.17 at 7:09 pm

There could not be a worse time for Nelson to jump into real estate. Agree that he should wait til the fall to reassess the market. I believe by then we will have a good indication of what’s to come with HCG and all. Would be a shame to see him destroy what he has so diligently created in way of equity. Too many stories like this out there.

#11 Julia Chen on 05.29.17 at 7:10 pm

Hi Nelson,
I think everyone reading this blog can empathize with your situation, however I would like to share my female perspective with you.
If you give in and buy a house knowing what you know (prices will drop) and it does, your wife will no doubt blame you for not standing what you believed in, not to mention she will lose respect for you for not standing your ground and you’ll probably resent her for convincing you into a bad decision. If you don’t buy she will be very angry with you for not listening but believe me, she’ll get over it as everything unveils over time. So since you’re a long term investor, I would bank on the first option and just stand your ground and have a good fight about it and stand firm. Don’t worry she’ll get over it.

#12 nelson paradox on 05.29.17 at 7:15 pm

Yeah, I’d go through the motions with her Nelson;

1) Agree, ok but let’s look at our budget currently
2) Quickly find that buying a house means you’re cash flow negative.
3) She doesn’t care. OK let’s look at houses then, but as #9 said, we need to do an inspection on them to make sure there is no mold, asbestos, pests, or anything that might hurt the baby.
4) Find nothing in your price range. Keep searching.
5) Repeat 3 and 4 for the summer. Will make for evenings out seeing different parts of the city. You can even get the Realtor to hold the baby every once and awhile.

#13 I thinks I know something on 05.29.17 at 7:18 pm

There is nothing wrong, and everything right, with a speculator tax if it were to be implemented properly. And there are a number of ways it could be done properly. The problem is weasel politicians that speak in sound bites and the MSM that reports in sound bites and the public that listens to sound bites. That’s not a good recipe for good taxes that work for the greater good of all. Whatever speculator tax that they would implement would be full of holes and have unintended consequences. Besides, no politician really wants to derail the housing bubble. Neither do most of their constituents.

#14 rainclouds on 05.29.17 at 7:18 pm

Release the hounds eh Garth

Nelson:

-Grow a set
-Send her off to open houses sans cheque book.
-Introduce her to freedom first….
-if you are gelded and buy under duress. hire the best “deal breaking” home inspection person you can afford with a goal of uncovering any and all deficiencies.

Woof

#15 45north on 05.29.17 at 7:19 pm

Nelson: Financially we’re in a pretty good place and sitting on about $500k in a variety of conservative/low risk/diversified/liquid financial vehicles, no debt, and are cash flow positive even with my wife on maternity leave.

key phrases: low risk, diversified, liquid, no debt

let’s just think about one thing: liquid – that means you can sell it when you want to At this moment, for every 10 houses listed, one is sold. Means the sellers cannot sell it and don’t know when they can.

But I’m just bull shitting you. I don’t have 20 years in the real estate business. But Ross Kay does. He charges a fee but if he can just convince your wife that now is not the time to buy it’ll be worth it.

#16 Newcomer on 05.29.17 at 7:21 pm

Nelson,

For every million dollar moldy she sends you a link to, send her a link to a rental that you could get at an equivalent price. Even though the actual number would be higher, if you limit yourself to listings at around 4K, you’ll avoid debate. Then ask her if she really wants to settle for the million dollar moldy which will be loosing value every month.

#17 Joseph R. on 05.29.17 at 7:21 pm

Kinder Morgan Canada going IPO to the tune of $1.75 billion tomorrow @ $17/share despite the BC NDP/Greens alliance (Kinder Morgan will still retain 70 percent of Kinder Morgan Canada after the sale).

I think the goal of the IPO is to sell to the CCPIB (Canadian Pension Plan Investment Board) and other public unions pension plans (BC Unions ?) onboard with the pipeline project; creating a wedge between the BC NDP and unions.

Eventually, it will show up it in your secondary market ETFs (XIU, VIC, …)

#18 JSS on 05.29.17 at 7:24 pm

Nelson, buddy you better buy soon.
Or else your wife will leave you. You might never see your son grow up. Plus, you will lose half your investment money.

There is a reason why men are marrying other men these days.

#19 Game Changer! on 05.29.17 at 7:24 pm

Potential game changer alert with BC real estate!

NDP and Greens agree to minority government.

Both parties have a comprehensive approach to tackling the affordability crisis in BC:
* increased supply of market and non-market housing (114,000 units over 10 years);
* extending the BC foreign buyers tax to all of BC and doubling it to 30%
* implementing a 2% retroactive speculator tax until proof of income is supplied;
* create a foreign money laundering and tax fraud task force;
* implement a sliding property transfer tax to ding the high end of the market; and
* clamp down on landlord abuses that take place through renovictions and fixed term leases

The Greens have the most comprehensive set of policies and have connected the dots on the drivers of RE…

Now its a case of whether they get implemented, seeing that housing costs were the number one issue amongst 50% of the population.

#20 I thinks I know something on 05.29.17 at 7:27 pm

I hear the odds are near 100% that the Fed is going to raise the rate to 1% in June. A whole 1%!!! This is scary.

#21 looming correction on 05.29.17 at 7:29 pm

Signs in our twin city

http://www.smh.com.au/business/markets/fund-manager-hands-back-cash-to-clients-citing-looming-correction-20170529-gwfgua.html

#22 I thinks I know something on 05.29.17 at 7:29 pm

Of course, the door is open to retracting rate hikes in the future.

#23 Miller Time on 05.29.17 at 7:30 pm

Here is an approach – have her research schools, that will buy time. That will also help narrow down the search. In a perfect world you can find a rental you can later buy – if the price is right.

#24 Fran Deck Jr. on 05.29.17 at 7:32 pm

Andrew Scheer will be a FANTASTIC leader of the conservative party because he is a conservative … if you think Zoolander was celebrating on the weekend because Scheer is somehow incapable of defeating the liberals in 2019, well, I would like to remind you of your predictions concerning the US Presidential election .. not only did Donald Trump kick Hillary’s fat ass, he is doing a remarkable job … best President ever and the only people who would disagree are the ones who are still claiming that the Russians are responsible for the outcome. But I digress, anyways, Zoolander is an idiot and the Canadian economy will be a shit show after the HCG collapse, the BC collapse, the loonie collapse, the GTA housing bubble collapse, increases in the cost of living, higher unemployment, a new NAFTA agreement that screws Canada blah blah blah … Canadians will want to kick Zoolander to the curb because the whole country recognize that he’s the most incapable leader in this country’s history … Scheer will win a majority government in 2019 guaranteed and there’s nothing that Soros or the Tide Foundation can do about it.

#25 Sultan of Sudbury on 05.29.17 at 7:35 pm

Yes, apparently running the country is easier.

It’s as easy as buying a $200,000 duck bearing no relevance to the event it’s meant to celebrate.

#26 Chico on 05.29.17 at 7:38 pm

Stick to your guns man! What she wants from you, you are providing in spades. The goal for her is most likely about certainty/security. If you cave, you’re being selfish because you are not putting her and your family first, you’re putting your own feelings ahead of doing the right thing. Her hormones are raging, she’s barely getting out of the house due to taking care of a newborn, her perspective is suspect at best, downright dangerous at worst. Be the man she needs and stand up for what is best for your family, not what is best for you! With the utmost sincerity intended….grow a set.

#27 millmech on 05.29.17 at 7:38 pm

Best thing for the Liberals, now the NDP will be tainted with the housing collapse, it will go along well with the stain of the fast ferry fiasco.
As for Nelson he has to buy(man up), if he does not buy I would advise buying up all the companies that make aspirin as she will be suffering from a lot of headaches until he purchases a house which will magically alleviate all her medical conditions.
Do not fret if house prices collapse he will be on the hook for that mistake as well since he should have “manned up” or “grown a set” and said no and continued to rent thereby looking out for his families best interest financially.
She has all the bases covered.
Nelson kind of reminds me of a deer caught in the headlights

#28 Paul on 05.29.17 at 7:40 pm

3 Pete on 05.29.17 at 6:57 pm

Great post, Garth. Anyone knows what happens to that house with price dropped $300k? Offer day is today.
——————————————————————–
Only one offer,presenting now.

Maybe I shouldn’t say “only” one offer!

#29 Courage and Poo on 05.29.17 at 7:40 pm

Nelson,

Take control of this decision as the financially literate partner in the relationship.

Be brave, have courage, if you shit yourself in the midsts of the confrontation, you and I both know, it’ll be worth it.

#30 Smartalox on 05.29.17 at 7:41 pm

Nelson:

I’m in a similar boat: 43, with a 3 year old, renting a 2 bedroom townhouse in Vancouver. About the same amount invested.

In my opinion, consider doing the following:
– come up with a budget. Pay down debt if you have it, avoid new debt. This includes cars.

– Get your wife to join a mommy shop and swap group on Facebook to source the majority of the clothes, books and toys that Nelson Jr. will need for the first few years. Sure, you can splurge on a couple of treats, but why, when most of what you need is available slightly used for cheap?

– the swaps are also great for passing things like clothes, strollers and toys on to other parents, so that you don’t end up being crowded out of your home by stuff that doesn’t fit, or that your child doesn’t use any more.

– if you can continue to max out your TFSAs and RRSPs, do so. If your budgeting is disciplined enough to make predictable RRSP contributions, consider filling out Form T1213 to have the tax deducted from your paycheque reduced at source. It should help your monthly cash flow.

– The T1213 also allows the lower income earning spouse to deduct a portion of child care expenses. Also court-ordered alimony payments, should it come to that.

– If you can accumulate a big enough nest egg, before breaking some off for a down payment on a house, you can let the nest egg grow from re-invested interest over 20 to 25 years, so that your additional savings / investment can be minimal in the years that you’ll own a house. That way you won’t retire with nothing – and if you like, you’ll also have a house, not like some people who’ll have to sell their house in order to retire.

– Assets invested at 6% double in value every 7 to 10 years. $500k at 39, could be $2M at 59; or somewhat less, depending on how much of your investments you use for a down payment.

– Sit down with the Mrs., and figure out what you can afford. Between prices falling, and your assets growing, you’ll find a sweet spot in time to buy. The secret is to have a plan, and share it with your spouse. You’re a team, this is your future, you’re going to work together on this, right?

– Your child won’t need a backyard or a neighbourhood where they can play unsupervised until they are at least 5 or 6. Until that time, you’ll mostly be shuttling them to parks or community centres for fun, but after that time, you’ll probably want to be living in a better-than-average neighbourhood, where the kids can start to play unattended. There’s an old saying about ‘buy the least house in the best neighbourhood’. Think about it: would you rather have the most expensive house in a crappy neighbourhood?

Good luck!

#31 Mattl on 05.29.17 at 7:43 pm

Nelly is looking pretty good with 500k at 39. The wofe needs to relax.

Terrible time to buy now. He missed the run up but with all that cash will get a good buying opportunity at some point. Or the gta might do what Vancouver did and go another 5 years strong, but I doubt that.

Long term renting for a family in a city like Toronto is a wealth drain. Spending 20-40k a year on rent over 20-40 years is a huge premium to pay for mobility. As a guy with a young family I get the desire to have a home that is your own. Lots of mocking on this blog house horniness but people need to understand the value in not having to worry about being evicted from a house or neighborhood that you love. Most people buy a home and stay in it for 15-20 years so even if he bought today, near the peak, he can afford the payments, and housing isn’t his retirement plan then I can’t see him losing too bad over time.

#32 Nelson, it won't matter... on 05.29.17 at 7:43 pm

With 416 RE in the gutter and YVR RE soon to jump off a cliff, we’ll get a recession by end of summer as those 2 markets are all that has propped up GDP for the past year.

Your wife’s attention will then turn to preserving her job and you, yours.

#33 Alistair Blachford on 05.29.17 at 7:46 pm

You are a spinner yourself. “centrist Libs who actually got the most votes.” Many more voters did NOT want the BC Liberals. BCLibs: 796,672, NDP+Green: 1,127,493. Why is it silly that the representatives of 57.12% of the voters do the governing?

That’s funny. Then we should have an NDP-Con coalition federal government. — Garth

#34 Howard on 05.29.17 at 7:48 pm

NDP + Green got considerably more votes than the Libs. Their coalition is a perfectly legitimate outcome in a minority legislature.

I’m no lefty (and I think the pragmatic Andrew Scheer is far from “alt-right”) but I think it’s great that the developer/China bootlicking BC Liberals are gone.

#35 Redcurlygirl on 05.29.17 at 7:50 pm

Speaking as a mom who had a winter baby, some of it is seriously hormonal and still the nesting syndrome. Also with the terrible Toronto weather the closed in feeling and not getting outside/or a life with a new little one makes you feel squirrley.She also has to stay at home lots with all that adjustment and feedings and take it from me HGTV stays on all the time. Glad that you upgraded to a 1000 foot place but carting that bucket up and down elevators wears you down.
IF the weather gets better, get her busy outside, gardens parks (no not open houses) , give her lots of girl time by herself and the odd night out. maybe even better rent something cottage country for the summer, thats housey, has outdoor space aka deck for sunning during nap time and you come up for weekends. Even new moms need holidays! Should keep her distracted from “the house hunt”.Sometimes women are “just looking”Like when we go shopping and don’t buy anything.
Maybe we should start a girls club on here with the other happy female renters/spouses for support?
She’s given you a year..alot can happen then, she may thank you for dodging something next year. Maybe secretly follow some of her listings and see how much it drops over the next year…then show her next year how much you would have lost! Also like you said show her how much LESS your sons RESP would get and both your TFSAs for fun and trips would be if you jumped in.Good luck!

#36 Nonplused on 05.29.17 at 7:50 pm

Nelson is pooched for sure. Marrying someone who does not share your financial goals is a surefire recipe for disaster.

Actually marrying anyone who does not share almost all you major life choices is a guarantee of a life of turmoil and angst. You may as well just handcuff yourself to the devil. Things you must share in common are of course financial plans and behavior, status expressions (Toyota drivers should not marry BMW drivers), vacation ideas (campers should not marry flyaways), religion, politics and attitudes towards work. There are more, so many more in fact that I am surprised any marriages work. Even something as simple as an interest in sports can be a problem when it’s time for little Johnny to sign up for what will it be hockey or soccer or dance class? If mom wants dance and couldn’t care less about soccer and refuses to go to the games it’s all trouble ahead.

I think there are 2 pieces of marital advice I’ve heard over the years that are probably the best secrets to a successful marriage:

1. Neither party to the marriage should ever do anything unless both parties are in agreement with the action.

2. The party least interested in an action or activity should decide how often it is done.

They are both kind of similar. So for example if your wife wants to golf but you are like me and hate it you get to decide how often you golf as a couple. But that does not preclude her from golfing if you are ok with it given the time and resources it consumes. Maybe you have a different interest like building model railroads which consumes just as much time and money but she is ok with you turning the guest room into a model railroad while she golfs. But if there isn’t time and money to do both, you have to do neither.

So, Nelson is pooched whether he buys the house or not. Of course he’s pooched if he buys the house because they don’t make enough money to afford anything decent in Toronto so if he buys he’s screwed up his whole life. But he is also screwed if he doesn’t because either way he is married to an insensitive jerk who is railroading over his thoughts and feelings. So either way he will end up divorced, and now he has a kid in the mix. I see no happy ending.

#37 Truth on 05.29.17 at 7:53 pm

“Once the bambino was born in February, everything changed and my wife is constantly checking realtor.ca and is sending me listings in between feedings of million dollar moldy shacks in scummy areas that she wants us to look at.”

HAHA! You’re trapped & 18 years of child support if you don’t buy that house as wifey says! Say bye-bye to all of your assets…500k is only a piece of the pie to not only buy a house in Toronto, but to maintain it, property taxes, hydro and unexpected repairs.

Fixing a termite-infested house will set you back at least 50k, then another 25k for furniture, then another 10k for other appliances that your wife will ask you for. You’re looking at least 100k extra on top of the sale price before moving in that termite house in a miserable city like Toronto!

#38 Cris on 05.29.17 at 7:53 pm

Take your wife on vacation every 3-4 months to keep her busy and away from realtor.ca. She might develop a taste for traveling and you can delay your house hunting by January. Just letting you know that travelling with an infant is easier than you think. Good luck!

#39 Lulu on 05.29.17 at 7:53 pm

Oh My!! Nelson, she WANTS it eh!? LOL Tell her NO!! It’s not the time to buy YET. Tell her listing is more and more every day and not selling, if she risk the retirement fund, she will regret it later, BUT if she listen to her SO just to rent a year more, let the market work itself out and she got nothing to lose. She is emotional, not rational.

HAHA!! Crusty Clark finally got baked !! I think she will call for another election. she is the nasty one,remembered? LOL

#40 Pepito on 05.29.17 at 7:54 pm

As for real estate, the NDP has been vocal about deflowering speculators, both foreign and domestic…and spending billions of tax dollars on ‘affordable’ housing in the most unaffordable place on the continent. – Garth
_____________

You say that like it’s a bad thing. Isn’t ensuring that the citizens of your country have an affordable, decent place to live a reasonable mandate for policy makers, especially in a place that has become as unaffordable as Vancouver?

Without a crash, won’t happen. Careful what you wish for. — Garth

#41 Alistair Blachford on 05.29.17 at 7:55 pm

#33
That’s funny. Then we should have an NDP-Con coalition federal government. — Garth

Only funny to an “Us-versus-NotUs” conservative mind.

#42 Buy her out on 05.29.17 at 7:58 pm

Open a tfsa for her. For every month she sends you less than one listing, she gets $100 (or whatever). You get the idea.

You’ll likely still be ahead of the game.

#43 victoria on 05.29.17 at 7:58 pm

Does Nelson’s wife know what daycare costs? The $10/day program may not kick in. Use Garth’s “90” formula to justify not buying, and yes, hold your ground, play the long game!

#44 Ronaldo on 05.29.17 at 8:01 pm

#20 I thinks I know something on 05.29.17 at 7:27 pm

I hear the odds are near 100% that the Fed is going to raise the rate to 1% in June. A whole 1%!!! This is scary.
————————————————————–
My bet is they don’t raise. Raising 1% would cause a huge drop in the markets and the Fed would not want to risk that.

#45 TCContrarian on 05.29.17 at 8:03 pm

“What can I do to distract my wife until the market is more balanced and prices start to decline? I’ve already put forth a pretty strong case for renting another year or so but she’s willfully blind to the long-term benefits of waiting a bit longer and doesn’t seem to care much about retirement or your blog ”
**********************************************
I don’t know what other blog-dogs have offered for ‘advice’ but here’s mine:

1. Have another baby
2. Have an affair

Either one (or both) ought to give her other (bigger) things to worry about! :-)

TCC

#46 Howard on 05.29.17 at 8:03 pm

“That’s funny. Then we should have an NDP-Con coalition federal government. — Garth”

Well if the NDP and Conservatives, in a minority Parliament, decided to join forces in a coalition, that’s their right.

Seriously Garth, surely you understand the difference between minority and majority governments.

Voters should decide who forms governments. — Garth

#47 Howard on 05.29.17 at 8:06 pm

As for Nelson – your marriage is doomed. A union between a prudent saver and a financially illiterate spender will never work in the long run. Hope you keep separate bank accounts at least.

#48 Greater Fool on 05.29.17 at 8:07 pm

Hey Nelson, DIVORCE and find a smarter wife if you can. It will be hard, 99% of the woman only talk about a big nice fancy house no matter the price it will always go up. “It is the best investment!!!” Do you know what dividends are? “Divi…What?”

#49 yorkville renter on 05.29.17 at 8:07 pm

1) diapers down the garbage chute = no smell
2) no stairs in rental condo = safer for baby
3) no stairs in rental condo = no stroller to lug up and down
4) underground parking is so much easier to load/unload baby, especially in rainy or cold weather
5) wife on mat leave = less buying power
6) send the link to yesterday’s blog where pink heels says market is going down.
7) grow a set

#50 Love this Blog on 05.29.17 at 8:12 pm

Nelson, you were just introduced to the old marriage bait and switch.

Wait until you see what happens to your sex life as well.

Stand tall now or be prepared to buckle for the
Rest of your life.

Voice of experience

#51 Keith on 05.29.17 at 8:15 pm

Oh no!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Socialist led Alberta will lead Canada in economic growth!

http://www.cbc.ca/news/canada/calgary/alberta-conference-board-of-canada-spring-outlook-2017-1.4135837

Because no right wing provincial government can outgrow high commodity prices and a socialist government. Because in Canada, the provincial government of the day is nothing against the global economy. Zero. Nada. Zippo. Just like those commie Norwegians and their trillion dollar sovereign wealth fund. All the socialists do is distribute the money down the ladder, increasing aggregate demand and money velocity. No harm done.

#52 cecilhenry on 05.29.17 at 8:17 pm

Retire first. Then consider is you want to continue working for a house.

That way, you are in charge. YOu can own the house, the house won’t own you.

#53 bigtowne on 05.29.17 at 8:17 pm

Does anyone on this blog have the details of the “carbon tax” and how much it will cost the typical Canadian and where and in how many ways the Canadian consumer will pay for this “carbon tax”?

Andrew Scheer announced his thanks to the party for giving him the Leadership of the Conservative party with the following: The “carbon Tax” is a cash grab and GST on heating in Canada is wrong and inhuman as it is not possible to live in Canada without heating.

Andrew Scheer had me at: The “carbon tax” is a cash grab.

Mr. Scheer has five kids….the guy is not afraid of starving or loosing his job I mean who has the Balls to have five kids? This guy inspires respect and confidence in the future of Canada. I can feel good about the future and I can believe in Canada when you see this young kid having five kids with a smile and his wife gives him a real hug. This makes Canada look bankable and investable.

#54 Blacksheep on 05.29.17 at 8:18 pm

Game changer. Giving strong thought, to dumping the homestead.

BC, is F—ed….

I’ve seen what happens to business when bloody NDP gets in…Like Garth said: “Nothing good”

#55 Wrk.dover on 05.29.17 at 8:18 pm

Welfare mother genes come forth

#56 Linda on 05.29.17 at 8:18 pm

Nelson, post partum nesting instinct kicking in big time. Like others said earlier, use the safety net of home inspections, no offers on any place that might have mold/asbestos/be a fire trap etc. Meanwhile, can you upgrade the rental digs to compensate for not purchasing? Or use some of the cash flow to give her ‘me’ time on a regular basis – spa, weekend away, child care in reliable other hands. If she can’t let the child out of her sight, see if a nanny could be hired to cover child care while she relaxes in the spa/has a romantic dinner at home (I’m talking catered fancy meal here) so you both can kick back & relax w/o worrying about driving. Nice thing about that is that you get to enjoy the dinner too.

Yes, stand your ground about the house. Unless ‘the one’ magically falls into your laps, for an unbelievable excellent price that you can afford & is so perfect – no renovations needed, excellent condition, close to work, shops & services you both use regularly AND is located in an area that guarantees Junior will be able to enroll in that exclusive A list school etc. Then maybe, after doing all due diligence. Good luck!

#57 Mr Happy on 05.29.17 at 8:19 pm

Nelson,

You are so screwed…… unless…..

I sold my shack, put a million in the bank and started spoiling my lady. Took her to Paris, gave her Tiffany for our anniversary, she said she was so happy….

I told her we can do this at LEAST 3 times a year….if we rent!

We buy a house….we stay at home and do nothing.

Going back to Europe in a couple weeks. Hawaii in October and 3 months in Mexico starting in December planned for now and she is happy.

“Happy wife happy life”

Redirect her focus Buddy!

#58 Freedom First on 05.29.17 at 8:19 pm

Nelson, you may not know me, but I am my idol. And Nelson, a big thank you for the reminder.

Freedom First
Master of Freedomonics

#59 Howard on 05.29.17 at 8:21 pm

“Voters should decide who forms governments. — Garth”

In theory, voters in Canada should understand that our FPTP system can result in either majority or minority outcomes. In the latter, it is perfectly legitimate for several parties to enter into a coalition. That’s the system of government we inherited from Britain.

Interested to see what electoral reform concessions the Greens will demand from the new NDP-led coalition. BC politics will be very interesting the next few years.

#60 Screwed Canadian Millenial on 05.29.17 at 8:21 pm

Where’s Pink Pollen? Those are my fave posts. Him and I’m not Poloz.

Excuse me I’m off to buy avocado toast.

#61 paul on 05.29.17 at 8:22 pm

38 Cris on 05.29.17 at 7:53 pm
Take your wife on vacation every 3-4 months to keep her busy and away from realtor.ca. She might develop a taste for traveling and you can delay your house hunting by January. Just letting you know that travelling with an infant is easier than you think. Good
luck!
—————————————————————–
Yes but he has a BABY as well. lol

#62 Andrew t on 05.29.17 at 8:24 pm

Nelson, how about looking at listings for houses to rent?
Perhaps in a nice school district?
Could help mollify that nesting instinct a bit.

#63 Smoking Man on 05.29.17 at 8:26 pm

#1 Tell It. on 05.29.17 at 6:53 pm
#149 Johnny Boy on 05.29.17 at 4:12 pm

She’s a sniveling little goof. Can’t write worth a crap. Only people that belive in Unicorns like her work.
Her fiction sucks, no pararel with what’s going on in the present world. No easter eggs or cryptic messages. Two dementional at best.
So only a few people bought mine. Dosent mean it’s crap. It’s not the amount sold that counts. It’s about the art of writing in 4 dementions

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Well dickhead, JK Rowlings didn’t have to sell her make believe boat, cottage or home to fund her Casino Jaunts and I’m pretty sure she doesn’t drive a beater Ford pickup with a broken windshield. So for a a shitty writer I think if I were you I would learn how to suck up to her and get sum educatin!
https://www.earnthenecklace.com/j-k-rowling-net-worth-the-first-billionaire-author/

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

LOL!
…….

Do you realy expect me to respect this lefty loon because she’s a billionaire.you don’t know me very well do you.

She can’t write anything worth reading, like watching paint dry. So her spellings good big woop.

Is that how you value people, based on their billions regardless how mental they are. That’s sad Johnny Boy.

Calling me dick head, ha, I grew up in the 70s sticks and stinos bitch. I Don’t need a safe space.

You just don’t apprecate a great artist when you see one. Your a main stream suck up worshiper. Emotional, illogical and angree.

Oh and the old Ranger. AC is broken and I’m in no hurry to fix it. Saving it as my final tax return to T2 and company.

Hey watch your boy Al Gore get owned.
https://youtu.be/Z8r-hNfHXXY

#64 Pete on 05.29.17 at 8:29 pm

Home Capital deposits dropped another $21 million on May 26! Way to go, home capital!

Home Capital must go bust so that people can have a home.

#65 NorthOf49 on 05.29.17 at 8:31 pm

Here’s your distraction dude, because it’s also what I’m doing…take her to Italy for the summer. Your choice to bring Jr or not. They love the bambinos there anyway. My wife is itching to buy, but not here in Ancaster where we live the charmed life renting, but rather in Simcoe, where the houses are dirt cheap (as is the meth). She just opened a business in Simcoe but as it’s not yet profitable, I say why bother moving there until we know her gig is viable. Anyway, we’re booked for 3 weeks on the Amalfi coast in August. My hope is that by that time, she’ll forget all about buying in tobacco land and perhaps prices will have fallen enough that we can buy closer to civilization. If you can spare some dollars from your fat stacks, book your flights and maybe we can meet up and toast the debt-less life with a Prosecco or two.

#66 Pepito on 05.29.17 at 8:31 pm

Without a crash, won’t happen. Careful what you wish for. — Garth
____________

It’s going to crash, regardless. Show me a bubble of Vancouver’s size anywhere in the world that didn’t crash.

#67 @careeraftschool on 05.29.17 at 8:36 pm

Nelson both of you are right but your location is wrong. If she really wants a house with a yard and you want to keep some cash then I recommend you take some time off work and fly down to Calgary to check out houses.

I was just there and some great deals, don’t go by list price. It will take you some time to find the right place and jobs but start now. This will buy both of you some time.

#68 karl on 05.29.17 at 8:40 pm

#11 Julie Chen

If you give in and buy a house knowing what you know (prices will drop) and it does, your wife will no doubt blame you for not standing what you believed in, not to mention she will lose respect for you for not standing your ground and you’ll probably resent her for convincing you into a bad decision. If you don’t buy she will be very angry with you for not listening but believe me, she’ll get over it as everything unveils over time. So since you’re a long term investor, I would bank on the first option and just stand your ground and have a good fight about it and stand firm. Don’t worry she’ll get over it.
——————————————————-
Listen to Julie Chen. She’s a wise woman. Your wife will have a hard time trusting you if you go against your conscience and endanger your family. If you can express your firm decision in a calm and loving way, she will probably love you more.

No guarantee of positive results, but there is certainly no winning if you give in. By taking responsibility for your family and standing firm on your conscience, you have the best odds of a good result for both of you.

#69 Paully on 05.29.17 at 8:41 pm

Renting is the way to go right now Nelson. Use the money that you save to go on beautiful vacations with the whole family.

#70 Sponge on 05.29.17 at 8:41 pm

Portfolio tweak? US down to 18% and Euro/Int up to 22! Now down to the decisions of important stuff… Ketosis on 50g of Carbs a day. LCHF

#71 For those about to flop... on 05.29.17 at 8:44 pm

at 8:21 pm
Where’s Pink Pollen? Those are my fave posts. Him and I’m not Poloz.

Excuse me I’m off to buy avocado toast.

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

I put my back out.

I’ve started drinking copious amounts of JD and started to write a book.

Hope it works out better for me than the last guy that tried it…

M42BC

#72 Jonah on 05.29.17 at 8:45 pm

After having firm sold my primary residence (yet to close), I will be renting for a year or two before I decide to consider buying at decent prices, I hope by then the meltdown had already occurred.

MY colleague owns a condo in down town, he listed his condo for sale at around 850,000 and gave us an internal employee discount of 830,000. After having not received any offers, he relisted his condo for 700K hoping for bidding wars but the only offer he got was of 715K which is way too less than we he is expecting arounf 830K.

This is one story, there are many stories such as that of my neighbor who was dreaming for selling his detached house for over 1.3 million and after few viewings, has yet to receive any offers. I am telling ya, the day is not far when the panic will set in and these investors that are hoarding up condos and houses will come begging by providing deep discounts.

#73 Adam on 05.29.17 at 8:47 pm

Nelson we lived with our first son until age 4 in a 590 sq dt 2 br apartment. To keep the wife happy i took her arojnd the world each way. The planning and traveling will eat into the mat leave and provide memories forever

#74 Freedom Furst on 05.29.17 at 8:53 pm

Nelson, you need to man up like me. No woman has touched me. Ever. I have maintained my virginity into my 40s, because I put Freedom Furst.

Freedom Furst
Master of Abstainomics

#75 Fiendish Thingy on 05.29.17 at 8:55 pm

Coalition governments beat the Electoral College BS south of the border anytime!

Looking forward to BC’s new flipper/speccer taxes, etc. Hope they give 90 days notice for listings to pile up, then bring it all crashing down !!! Woo Hoo!!!

#76 Robert White on 05.29.17 at 9:00 pm

Fiscal prudence is a matter of plain simple mathematics, and it is the duty of every married man or woman to teach their business partner how to save a buck, and how to conserve a buck. Buying a house in Toronto is antithetical to the first two laws of money, and buying a house at the absolute top of house buying irrational exuberance in the GTA is pure unadulterated foolishness that should be avoided at whatever cost.
Explain the facts of life to the significant other whilst you wine & dine them for effect. The SO will not be able to object after you pay the bill, and tip the rude French waiter [see Down & Out in Paris & London], but whatever way you explain it you are advised to do so with finesse & tact.

RW

#77 pathcontrolmonk on 05.29.17 at 9:01 pm

“Centrist Libs”? Puhleez. Chrusty is about as Centrist as Harper.

Thankfully there will no longer be a $3bil Massey Bridge, LNG that has no buyers, or a Transcanada Pipeline. Crusty who always touted the “free market” only to lend new buyers a downpayment to buy overpriced RE.

Good riddance!

#78 yorkville renter on 05.29.17 at 9:01 pm

#65 – I also rent, and will also spend 3 weeks on the Mediterranean with wife and baby (and nanny!) and really its because we rent and are not slaves to debt…

#79 dr. talc on 05.29.17 at 9:02 pm

Nelson needs a time machine.
39? he is about 9 years late
and 500k short
in 416 of course

#80 Mark Baum on 05.29.17 at 9:03 pm

#3 Pete on 05.29.17 at 6:57 pm
Great post, Garth. Anyone knows what happens to that house with price dropped $300k? Offer day is today.

——

Interested to know as well. Used Car Dealers are portrayed as shady but they get fined if they sell a car above their advertised price in Ontario. What does that say about the real estate industry here?

#81 conan on 05.29.17 at 9:05 pm

Hard to give advice if the nag factor is not properly defined.

https://www.youtube.com/watch?v=Ndvqz0YLSYs

#82 Mountain Dew on 05.29.17 at 9:08 pm

Nelson, about 8 years ago, we were in a similar boat, on the fence about buying, and then the market had a temporary heart attack in 2008. I said we should take the plunge. We closed our eyes and bought in the teeth of that financial storm. After we bought, the prices declined more, but then stabilized, and starting going up again. We didn’t buy more house than we could afford. Because like you we had a very large downpayment, we were able to pay off the house 6 years after we bought it. If you can buy SMART so you are mortgage free fast, it really doesn’t matter what happens.
Once you don’t have to pay rent, you are effectively paying yourself. If you are paying say 25K in rent a year, that’s 250K after tax over 10 years. That’s not a trivial outlay. I can tell you my wife was so much happier when we bought the house, even though we bought a bit too early. She didn’t give a hoot when the prices dipped after we bought. Run the numbers. Buy conservatively so you can pay it off fast. It will all work out, if you buy right and buy a house you like. One last piece of advice given to me by a co-worker: Happy Wife, Happy Life.

#83 TrumpForTheAges on 05.29.17 at 9:13 pm

This is easy. Buy in London or Windsor. With $500 K you can get a sweet pad and with high speed rail coming you can commute and property values there will start to soar towards the levels of the GTA.

#84 Shayndoe on 05.29.17 at 9:15 pm

Nelson…just get your wife a boyfriend!

#85 Richard on 05.29.17 at 9:19 pm

Your statement that the BC libs ‘got the most votes’ is a little misleading. They actually received about 41% of the popular vote, the NDP about 40%, and the Greens about 17%. About 60% of BC voters did not vote for the Liberals.

Really? 60.5% of Canadians did not vote for Trudeau, and he has a majority. Find a new argument for the Greens stealing power. — Garth

#86 AR on 05.29.17 at 9:24 pm

Voters should decide who forms governments. — Garth

They did. Way more voters are represented by this minority coalition than the last Liberal majority in 2012. Which makes the case for electoral reform.

Liberals 2012 – 795,946
NDP & Green 2017 – 795,106 + 332,387

Silly argument. Voters did not choose a coalition. Politicians cooked that up in a manifesto they did not even make public today. — Garth

#87 Herb on 05.29.17 at 9:26 pm

Nelson,

1. There isn’t a house in the GTA that is worth its listing price.

2. You have enough downpayment to buy any house your wife would like – IF you are prepared to overspend by at least 30% and assume debt of around a million.

3. You can buy now and suffer increasing buyer’s remorse for many years made worse by financial strain and the effect this will have on your marriage and family’s future.

4. You can keep renting for two or three years and take flak from your wife. This will decrease as she sees prices moderate, then turn to bouquets when you buy something worth living in at a level of debt you can afford.

5. The sprog won’t care what he lives in for the first five years, so his well-being is no argument. You can have an unhappy wife with the prospect of salvation two or three years down the road, or you can have a happy wife for a few months followed by years of hell as reality bites.

Your responsibility to and for your family is clear. Don’t buy until you have to and it makes sense.

#88 Mr Nosey. on 05.29.17 at 9:27 pm

curious to know what your neighbour sold for? this website (mind the chinese) lists sale prices of homes in canada. no need to call your agent ever again.

http://watch.ohmyhome.ca/#/HouseSold

#89 FOUR FINGERS WATSON on 05.29.17 at 9:27 pm

Really? 60.5% of Canadians did not vote for Trudeau, and he has a majority. Find a new argument for the Greens stealing power. — Garth

Some democracy eh !?

#90 LP on 05.29.17 at 9:29 pm

#30 Smartalox on 05.29.17 at 7:41 pm
************************************
I like your advice Smartalox and would heartily echo it. Nelson made the point that his wife is on mat leave; obviously she was working and contributing to the financial health of the marriage.

The macho nonsense (“grow a set”) is inappropriate at best and misogynistic at worst in 2017. Sensible husbands no longer insist on the right to make all the big financial decisions recognizing, at they do, that marriage is a partnership of equals.

Nelson, whatever you do don’t patronize your wife when you fully explain your reasons why now might not be the best time to purchase. Both of you research school districts, neighbourhoods, commutes to your jobs, proximity to both extended families. Do the work. Get lots of professional opinions about the market (and no, not parents or other relatives).

Maybe while you’re doing all this the market will change sufficiently that purchasing a house won’t be the worst option. And don’t forget, in spite of good intentions, most Canadians do not stay in their first house long term. The average is about 5 years so take that into consideration too.

#91 I HATE STUPID CONs on 05.29.17 at 9:29 pm

bigtowne

LoL . Harper Jr is going to lose.

#92 TurnerNation on 05.29.17 at 9:31 pm

Power consolidates absolutely.

Prediction: Home Crapital indeed will go bust and take HOOP’s money with it. Why? Cause the elites wish to take away our pensions. See: USA post 2008.
This fund is a good as any: a target.

#93 GFD on 05.29.17 at 9:34 pm

Canada’s housing mania is a collective lunacy fueled by debt and irrational hope
https://www.theglobeandmail.com/report-on-business/rob-magazine/robmagface-it-canadayoure-a-real-estate-addict-and-no-one-wants-acure/article35105002/

#94 Jason on 05.29.17 at 9:37 pm

“Really? 60.5% of Canadians did not vote for Trudeau, and he has a majority. Find a new argument for the Greens stealing power. — Garth”

Well, all the more reason to give up this first past the post BS we call “democracy”. A MAJORITY of BC voters (ie. the people who actually show up at the polls) voted in favour of STV in 2005. Unfortunately, the bar was too high and we didn’t adopt it. Don’t ask about the 2nd attempt in 2009. I think the entire province was high on ganja.

Justin shamed us all when he broke his campaign promise of electoral reform.

#95 Universal Tesaliens on 05.29.17 at 9:41 pm

#63 Smoking Man on 05.29.17 at 8:26 pm

#1 Tell It. on 05.29.17 at 6:53 pm
#149 Johnny Boy on 05.29.17 at 4:12 pm

She’s a sniveling little goof. Can’t write worth a crap. Only people that belive in Unicorns like her work.
Her fiction sucks, no pararel with what’s going on in the present world. No easter eggs or cryptic messages. Two dementional at best.
So only a few people bought mine. Dosent mean it’s crap. It’s not the amount sold that counts. It’s about the art of writing in 4 dementions

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Well dickhead, JK Rowlings didn’t have to sell her make believe boat, cottage or home to fund her Casino Jaunts and I’m pretty sure she doesn’t drive a beater Ford pickup with a broken windshield. So for a a shitty writer I think if I were you I would learn how to suck up to her and get sum educatin!
https://www.earnthenecklace.com/j-k-rowling-net-worth-the-first-billionaire-author/

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

LOL!
…….

Do you realy expect me to respect this lefty loon because she’s a billionaire.you don’t know me very well do you.

She can’t write anything worth reading, like watching paint dry. So her spellings good big woop.

Is that how you value people, based on their billions regardless how mental they are. That’s sad Johnny Boy.

Calling me dick head, ha, I grew up in the 70s sticks and stinos bitch. I Don’t need a safe space.

You just don’t apprecate a great artist when you see one. Your a main stream suck up worshiper. Emotional, illogical and angree.

Oh and the old Ranger. AC is broken and I’m in no hurry to fix it. Saving it as my final tax return to T2 and company.

Hey watch your boy Al Gore get owned.
https://youtu.be/Z8r-hNfHXXY
..
I thought your book was autobiographical.. Isn’t it called “The Talking Dickhead” ?

#96 pathcontrolmonk on 05.29.17 at 9:43 pm

“Greens stealing power”? Garth, your political bias is pretty loud today, glad to see that the Greens can make people so angry.

Anyway, an FYI pertinent to this blog, I think we would all like to see less corruption and criminality, no?

The Green Party’s Housing Platform is as follows:

A BC Green government will work with the federal government to introduce measures to eliminate money laundering and international property speculation from the BC residential real estate market.
Enhance the progressive nature of the property transfer tax by introducing a sliding scale of rates from 0% on the first $200,000 for a property’s value, to 12% on property value over $3 Million.
Apply the PTT to the transfer of beneficial ownership
introduce a speculation tax to discourage flipping of property
Expand the foreign buyers tax to apply across the province to 30%
Introduce measures to tax lifetime capital gains in excess of $750,000 on principal residences on homes bought and sold within 5 years.
Work with financial institutions and the federal government to develop protections for recent homebuyers who are negatively affected by market cooling initiatives
A BC Green government will invest up to $750 million per year to support the construction of 4000 new units of affordable housing per year.
A BC green government will enhance the provisions to the residential tenancy act to control rent increases, and to protect tenants from tenure termination that will result in the loss of affordable accommodation.

The NDP’s Housing Platform is as follows:

Through partnerships, we will build 114,000 new rental, social and co-op, and owner-purchase housing units.
provide a refundable renter’s rebate of $400 dollars per rental household in BC each year
Close the BC Liberals’ “fixed term lease” loophole and ensure controls on rent increases are enforced.
Close the loopholes that let speculators dodge taxes and hide their identities and we’ll require them to pay their fair share of tax on their empty houses through a yearly two per cent absentee speculators’ tax.
We will also establish a multi-agency task force to fight tax fraud and money laundering in the BC real estate marketplace

Greens make me angry? Hardly. They’re funny. But it’s interesting the way the tail’s wagging the dog. Good luck, BC. — Garth

#97 lala on 05.29.17 at 9:44 pm

DELETED

#98 Tony on 05.29.17 at 9:48 pm

Re: #51 Keith on 05.29.17 at 8:15 pm

Alberta will lag the entire rest of Canada again this year. Projected GDP for 2017 at minus 3.5 percent. They’re still leaving Alberta in droves.

#99 Fake News on 05.29.17 at 9:48 pm

Let’s see the Greens do what the say and bring in a 30% foreign buyer tax province wide. Then we will really see where the buyers come from as they all try to get their RE gains OUT of BC.

#100 Cristian on 05.29.17 at 9:56 pm

I told my wife a while back (we live in Vancouver) that she would have to divorce me before buying a house. That seemed to have calmed her down immediately. We keep renting, we are close to everything, we have a large portfolio towards retirement and we are (both!) happy. She now looks at rental properties, just for the sake of it, because we already rent a great place. Never owned property in Canada and never intend to. If I wanted a house I could buy a real one in Europe for less money instead of the fake-wook and cardboard boxes that pass for “homes” in Canada.

#101 Herb on 05.29.17 at 9:58 pm

So 41 NDP and 3 Green MPs consider that they have been elected by their constituents on the basis of platforms and policies they ran on, which probably did not include supporting the policies of the existing government.

Between them they have the seats to form a majority government and govern in accordance with the mandates given to them. So rather than let the Libs run on until a matter of confidence arises and then replace them, they decide to form a government right away.

Object all you want to Garth, but it still is representative and democratic government.

I do not object nor support. Merely speculating on the likely consequences of your leftist coup. — Garth

#102 Emily on 05.29.17 at 10:00 pm

Nelson, just calmly tell your wife she is being ridiculous and the discussion is over. Women love that.

Maybe point out how much less time you guys will have as a family, especially when she’s working again. Upkeep for the house (especially a dump) is going to take up a lot of time compared to your building worrying about everything. Your kid would MUCH rather spend time with you both, then have a house.

Stand firm. And if you don’t stand firm, you are never allowed to say “I knew we shouldn’t have” when it proves to be a bad idea.

I’m a wife/ young mother of 3 who dearly wants a country house (I grew up on a dairy farm- having neighbors is torture) but I make myself content where we are because it means early retirement for my husband and waaaay more time together down the road.

You failed to mention WHY she wants a house so badly. Sit down and figure out her ‘why’ and your battle will be half won. She doesn’t just “want a house”. There is something about that lifestyle that’s calling to her. Figure out what and find a way to provide it with a rental.

Do NOT just randomly start spoiling her with random spa days and whatever else people are suggesting. You need to satisfy the ‘why’ or you are wasting your time.

#103 Something has got to give on 05.29.17 at 10:02 pm

#24 Fran Deck Jr. on 05.29.17 at 7:32 pm

I couldn’t agree with your more, our pixie dust sprinkling, sock model, light footed Peter Pan PM is clueless and detested by most people I know- young, old, all backgrounds etc – and xception being the public sector tax soakers of course.
I take exception to Garth throwing around the alt-right BS hours after Sheer won the PC leadership. We get enough of this crap from CNN, CBC and other MSM outlets, so cut it out.
Garth who’s side are you on dude?

I know him. Do you? — Garth

#104 Smoking Man on 05.29.17 at 10:09 pm

Every one knows communism is a total failure. Tough sale. So let’s rebrand.

But there are thives amongst us.

Hey let’s rebrand the word. Take it global. Make commies from kindergarten and up. Sell them global warming and Social Justice.

Call them global citizens. Diversity and Inclusion.

There is a reason the White Straight Males is in the cross hairs of the machine, the teachers and the globalists, msm who are really commie swine.

The straight white male is the real risitance to global communism. Lucky for the world there is a shit load down in the states with apple pie and AR47s

Taxation is theft.

#105 Fear and Loathing in Victoria on 05.29.17 at 10:10 pm

I spent several hours last week with some very experienced local business people. The round table discussion centered around “Nation Breaking” rather than “Nation Building” in Canada. The chattering politicos learned over the years that it is far easier to win election by dividing and breaking the country rather than by building and uniting it, so that is the game that is played.

In BC, the NDP and Greens are about to raise “Nation Breaking” to high art. They will grind whatever bones remain of the inland resource industry to dust to appease their xenophobic, self-centered and insular coastal fringe voters.

Nowhere in either the Green or NDP platforms is the acknowledgement that coastal BC is part of Canada. Neither do they say that some BC residents may have to forego their own small, narrow and selfish wants and irrational fears for the greater good of all Canadians.

To paraphrase Frank Burns from the TV show “MASH”: “Never before have so many given so much so that so few can be so self-indulged”.

But that’s what Nation Breaking is all about in BC. Very ironic for two parties who claim to speak for the working poor. Workers? Stay poor; the coastal elites know what’s best for them and that means throwing all of you under the bus. Get used to the view from under there.

#106 lala on 05.29.17 at 10:10 pm

Let me rephrase sire. In order to deal with house horny wifes you need to be kinky. Don’t let her think too much, at the moment the think they became dangerous.

#107 Andrew Woburn on 05.29.17 at 10:13 pm

The real housing boom: The suburbs are where we want to be

https://www.theglobeandmail.com/opinion/the-real-housing-boom-the-suburbs-are-where-we-want-to-be/article35139769/

#108 Underwriting on 05.29.17 at 10:23 pm

Up here in Barrie, end of the lineurb, every house seems to be camped up with no buyers in sight. Listing are priced at March madness prices, no one willing to buy.
Interesting that CREA, who usually posts stats of every month the week or two of a new month on the previous month, is still only posting March as of now. Sounds like a hand of cards they don’t want anyone to see.
Realtor friend says prices are down At minimum 6%. Huge number.

#109 akashic record on 05.29.17 at 10:27 pm

it’s time to make one of those periodic portfolio adjustments, sucking a little weighting out of American assets and adding it into the European column. Assets there are better valued as major economies move ahead and the disruptive forces of populism have their asses handed to them by the majority of voters.

===

Financial advisor and political pundit is a scary mixture.

You should see me text and ride. — Garth

#110 WUL on 05.29.17 at 10:27 pm

Next we take Sask. Preem Wall, you listening?

#111 D on 05.29.17 at 10:27 pm

Men seriously underestimate the value of flowers. Buy her flowers. Occasional cottage get away. Also a nice vacation at least once a year. After every getaway, set a date for a next one. No more than 3 months later. It gives her and you something to look forward to.

#112 Capt. Serious on 05.29.17 at 10:30 pm

Buy time. $15k in jewelry ought to do it.

#113 AACI Homedog on 05.29.17 at 10:33 pm

Rent ! Nelson…rent.
Rent a house til after tshtf.

M61BC

#114 AR on 05.29.17 at 10:42 pm

Silly argument. Voters did not choose a coalition. Politicians cooked that up in a manifesto they did not even make public today. — Garth

Not so. Firstly – not a manifesto, secondly – it will be public tomorrow, thirdly – this government represents what people voted for. Over a million voters are somewhat happy and about 735,000 are not. That seems democratic.

Also, the NDP have been good stewards of the economy if you look at the actual performance. The right likes to think they have the corner on fiscal management but it’s all smoke and mirrors. The Liberals have tripled the provincial debt in BC during their tenure.

#115 acdel on 05.29.17 at 10:45 pm

#36 Nonplused

After reading all the responses to this blog regarding the couples situation I think “Nonplused” hit the nail on the head.

The absolute hardships that my late mother had to go through, and made it without barely a complaint, makes me so angry (maybe angry is too harsh) what today’s young couples demand of each other. She would be rolling in her grave reading about the demands of Nelson’s wife.. Probably would slap her as well… :)

Where is the admiration, support, the belief in each other. Sadly today; it seems to be all about a “ATM” machine and one bending over as far as one can. Good-luck buddy, you are doomed either way!!

#116 Smoking Man on 05.29.17 at 10:45 pm

Ok the sceen.

Under the gazibo. Just me and my dog Wyatt.
He’s not frightened about the skunk in the back yard spraying our yard with a matcho alpha stripe.

A drunken moth smashes into the fence. Wyatt goes to investage. He freeks comes running back and jumps on my lap going. “Em em em”

Not a month ago Willy a big 150 dog said hi to Wyatt tali waging. Wyeet freaks and lays a 5 lbs dog bite on willy’s nose. Willy does a summersalt.

So my dog not afraid of the big dog. Scared shit less of a drunken moth. And wants to mount a skunk.

This family had issues.

#117 millmech on 05.29.17 at 10:46 pm

JSS
You owe me a new laptop screen, wiping the beer off it still.
Funny thing, lots of posts of happy wife happy life, nothing about the mans happiness, like I said he will most likely be miserable working long hours at a job he cannot afford to leave because as long as she is happy that is all that usually matters.
I work with a lot of Nelson like guys who are into big mortgages, car payments, two/three kids who will keep them at work until they are at least 70 all to keep a happy wife(they are not happy but at least the wife is).

#118 leebow on 05.29.17 at 10:54 pm

A few distasteful comments today. Internets.

Nelson, you are talking about early retirement, diligence and endowment. Seems like you have your priorities figured out and wife doesn’t completely share the vision with you. Do you know why she wants to own? Security of ownership, extra space, status? Chances are, if you understand what drives her, you’ll see the solution yourself.

#119 pathcontrolmonk on 05.29.17 at 10:56 pm

Greens make me angry? Hardly. They’re funny. But it’s interesting the way the tail’s wagging the dog. Good luck, BC. — Garth

**Garth, I don’t know if I would call Christy a dog, more like a wolf in sheep’s clothing. Good luck, Canada.

#120 Balmuto on 05.29.17 at 11:00 pm

#104 Smoking Man on 05.29.17 at 10:09 pm
“The straight white male is the real risitance to global communism. Lucky for the world there is a shit load down in the states with apple pie and AR47s”

There’s a reason it’s called “Fly Over America”.

#121 Something has got to give on 05.29.17 at 11:01 pm

#24 Fran Deck Jr. on 05.29.17 at 7:32 pm

I couldn’t agree with your more, our pixie dust sprinkling, sock model, light footed Peter Pan PM is clueless and detested by most people I know- young, old, all backgrounds etc – and xception being the public sector tax soakers of course.
I take exception to Garth throwing around the alt-right BS hours after Sheer won the PC leadership. We get enough of this crap from CNN, CBC and other MSM outlets, so cut it out.
Garth who’s side are you on dude?

I know him. Do you? — Garth

No I don’t, but when was the last time you called him or will, in the future, call him an alt-right leader to his face?
Given the negative connotations the MSM south of the border has built up for this label, it’s absolutely inappropriate for you to be throwing it around so loosely & this early.
Give the man a chance to introduce himself to the general Canadian public.

#122 conan on 05.29.17 at 11:03 pm

#24 Fran Deck Jr. on 05.29.17 at 7:32 pm and #103 Something has got to give on 05.29.17 at 10:02 pm

The Cons might have a chance once people forget about Harper. Which by my estimate will be 50 years.

#123 klnr on 05.29.17 at 11:06 pm

Nelson, buy what you can afford. Don’t try to time the market. You’d probably have been better off if you bought a few years back.

#124 Chico on 05.29.17 at 11:09 pm

#58 Freedom First on 05.29.17 at 8:19 pm

Nelson, you may not know me, but I am my idol. And Nelson, a big thank you for the reminder.

Freedom First
Master of Freedomonics

Dating your cousin is not freedom.

#125 Keith in Calgary on 05.29.17 at 11:10 pm

Nelson needs to split has liquid assets 50% in his name znd 50% in hers because now he has technically lost half for good anyways.

If he tells her they will lose 100% of it it they buy now and she doesn’t get it……..consider divorce if you cannot convince her otherwise. I would.

I am dead serious Nelson. You’ve already made one enormously stupid mistake in your life…….don’t make two.

#126 The Wet Coast on 05.29.17 at 11:10 pm

The New Green party could very well preside over the greatest real estate meltdown in BC history, and the financial chaos that will ensue. The cool part is it would’ve likely happened anyway, and they’ll get blamed. Then the right gets it together and fields a good candidate, and in 4 years or less we go back to business as usual.

#127 Keith in Calgary on 05.29.17 at 11:17 pm

Forgot to add……my wife of 17 years and I have a will to protect either of us if one passes and the legality of our marriage in a foreign country precludes any other court ordered settlement because there cannot be one. Also have a pre-nup as well. Save for the household expense account we have our own individual banking arrangements with our assets divided.

It works better that way knowing if one was to leave the other you could not financially hurt each other.

Some marriage. — Garth

#128 Cici on 05.29.17 at 11:17 pm

Nelson, don’t panic…she’s UNDER THE INFLUENCE of some very dangerous substances, namely post-partum hormones, which are reducing her to a primal house-humping state. Try to grin and bear it, while politefully ignoring her.

The good news if you can wait it out: she’ll get more bearable with each passing month, and may start finally coming to her senses around the six-month mark. But don’t expect miracles or a complete return to normal (that can take a while). My post-partum obsession was online shopping. I still haven’t completely shaken that monkey off my back, but at least I’m now buying awesome, fancy toys, as opposed to the tons of gimmicky garbage (much of which never actually got used) that I picked up in the throes of post-labour hormonal bombardment.

#129 fishman on 05.29.17 at 11:22 pm

The Greenie Dipper’s won’t have much affect on the big 3 natural resource industries because
1/ Lumber: the coast has been scalped, the big Sikorsky’s have been hauling the virgin timber to the freighters for 15 years; The interior has been way overcut because of beetle kill, not much left here.
2/ Fishing; 25 years ago there was 15,000 fishermen & 15,000 shore workers. DFO crats got their undergraduate degree on fish management in Newfoundland & their doctorate here in B.C. There’s a few fishboats & grizzled fishermen in their grey stanfields positioned around the coast as props for the tourists & photo filler for National Geographic. I wouldn’t be too far off saying that DFO has more crats in Ottawa than fishermen in B.C. & spends more money than landed value. gazillions of seals & sea lions & sea otters however, (thanks to the greenies)
3/Mining; used to be #2 behind forestry. Trouble is the treasure’s been shipped out & I don’t think they have a made a new discovery since the 1930’s. We extended the gold rush for quite awhile, but that ended when the VSE & the Howe St. cowboys went down.

These new guys might just herald in the (new economy)though. Make the province into a park & promote tourism & then sell the vacation homes to rich foreign tourists come migrants. Make movies. Double the foreign students to 250,00, why stop there? Immigrants, 10 year visas, more students,TFW’s , Free heroin, cheap pot, hundreds of micro breweries,electric cars & bikes. To each according to his need; to each contribute according to his ability. Come one come all. If you can’t afford shelter? there’s social housing, food? food banks. energy?sun & wind. Don’t hesitate because the rest of the world won;t. Its Greenie heaven, the left coast, the California of Canada.

#130 Remember Harambe on 05.29.17 at 11:23 pm

I can relate to Nelson’s situation as it is similar to my own. Ultimately my wife trusts my financial judgement, but the kicker is that renting is allowing her to only go back to work part-time after her mat leave is up. Our homeowner peers do not have that option. Something to consider.

#131 Dan.t on 05.29.17 at 11:31 pm

It’s Canadian Real Estate! Just buy!!! You can’t lose!

Do what 95% of buyers the last 5 years have done. Don’t crunch the numbers, but if you do, add in a 20% per year appreciation until you decide to sell and your brain dead investment will look brilliant.

Also, don’t worry about buying at the tip of market top, well you maybe a bit late but remember Canadian real estate never ever goes down…duh!

Oh, after you buy a POS run down joke of a house for 800k or more, take out a line of credit and buy an investment Condo…preferably 2 or 3.

Remember, don’t do math, leverage yourself to the balls and put everything you have into the market at its peak. Actually, there is no peak because fundamentals don’t apply with real estate in Canada and it only ever goes to the moon and makes “Investors ” rich.

Unless of course the herd has been doing what it always does… buying the last years near the top and end of the greatest bull/bubble Canadians will ever see in their lifetimes, but that can’t be the case. Just look at all that equity.

If you hurry, you can turn that 500k into equity too! Just do it.

#132 Farm wife on 05.29.17 at 11:32 pm

Nelson..having been married 52 years to a man very much like yourself re: all things financial, I can only count my blessings.

Perhaps your wife will be able too say the same in a few years.

My advice… keep an open mind and a closed wallet till things cool down.

#133 Keith on 05.29.17 at 11:33 pm

#98 Tony

I googled your ridiculous statement about Alberta’s declining GDP for 2017. Nothing came up. Extraordinary claims require extraordinary evidence. Post a link from a credible source for your claim, or keep quiet.

#134 Rexx Rock on 05.29.17 at 11:39 pm

Who wants to be a millionare?Homeowners in GTA,YVR and the great city of Victoria!Alot of new rich people are planning to retire.There dreams will be a reality because of real estate!Have a great retirement and enjoy your wealth.

#135 Ana Chan on 05.29.17 at 11:42 pm

I think Mountain Dew, post #82, is Mrs Nelson… ;-)

#136 Keith in Calgary on 05.29.17 at 11:47 pm

Some marriage ?

Yes it is actually. We are both individually financially secure……..me low 7 and her mid 5 figures. We’re not together for what one of us can provide for the other, but because we want to be with each other without using money as leverage. Working great.

I’ve drank more beer than Andrew the Giant tonight celebrating my permanent residence status in Brasil………

#137 For those about to flop... on 05.29.17 at 11:56 pm

I wonder what the B.C Liberals will decide to do with Cabbage Patch Clark if things proceed as planned.

She would be perfect for Kimchi as I always saw her as a fermented vegetable…

M42BC

#138 Ponzius Pilatus on 05.29.17 at 11:57 pm

#46 Howard on 05.29.17 at 8:03 pm
“That’s funny. Then we should have an NDP-Con coalition federal government. — Garth”

Well if the NDP and Conservatives, in a minority Parliament, decided to join forces in a coalition, that’s their right.

Seriously Garth, surely you understand the difference between minority and majority governments.

Voters should decide who forms governments. — Garth
—-_________
Garth, are you saying that 38% of the voters should decide who forms the government?
Hitler only needed 33%

#139 Ponzius Pilatus on 05.29.17 at 11:58 pm

This Nelson guy reminds me of Smoking Man.
Fake, Fake , Fake.

#140 JSS on 05.30.17 at 12:02 am

Comments are fabulous tonight.
All she did was ask for a house.

#141 Joseph R. on 05.30.17 at 12:13 am

#101 Herb on 05.29.17 at 9:58 pm
So 41 NDP and 3 Green MPs consider that they have been elected by their constituents on the basis of platforms and policies they ran on, which probably did not include supporting the policies of the existing government.

Between them they have the seats to form a majority government and govern in accordance with the mandates given to them. So rather than let the Libs run on until a matter of confidence arises and then replace them, they decide to form a government right away.

Object all you want to Garth, but it still is representative and democratic government.

Silly argument. Voters did not choose a coalition. Politicians cooked that up in a manifesto they did not even make public today. — Garth

—————————————————

Also, remember one MLA of the Greens/NPD coalition will have to become Speaker; as such, it will be 43 Liberals and 43 NDP/Greens.

As far as I know, The Speaker could break a tie but would that give out a proof of the failure of minority governments?

Garth’s idea of this “coalition” being a leftist coup holds water …

#142 guru on 05.30.17 at 12:14 am

By this time next year, a semi will be $400k in Brampton, detached will be $600k…… From what i can tell, prices have already dropped 15% in the past few weeks.

#143 Lorne on 05.30.17 at 12:16 am

#98 Tony

Alberta will lag the entire rest of Canada again this year. Projected GDP for 2017 at minus 3.5 percent. They’re still leaving Alberta in droves.
…….
But yet, in today’s Edmonton Journal we get the following report on Alberta:

http://edmontonjournal.com/business/local-business/albertas-country-leading-growth-will-be-stronger-than-expected-conference-board-predicts

#144 Ponzius Pilatus on 05.30.17 at 12:16 am

From now on I will only read Smoking Man’s posts.
The guy’s a genius. He’s too right wing for me, but there’s a lot of bright minds there.
Most of the posters are just sucking up, waiting for a few bones from Garth and his boys.

#145 Foggy on 05.30.17 at 12:24 am

Nelson,

1. Show her the budget. Buying a house now means she needs to work, delaying the second child. Positive cash flow is so underrated!

2. Move out of TO. I mean way out. Find work in South western Ontario. You can buy a beautiful home in Windsor for $300+K and work in MI. Seriously, TO people are so obsessed with their universe that they have no clue what’s happening in smaller markets.

3. Rent to buy. Added portion to your monthly rent cost goes towards your house purchase. If house prices collapse, walk away from the rent to buy and pick up something cheaper and better. You lose the monthly premium you were paying, but wifey is happy. Consider it a delaying/hedge tactic.

Just my 2 cents worth.

Good luck buddy!!!!

#146 Welcome to Slurrey on 05.30.17 at 12:24 am

Bank of mom and dad are willing to front me 300 k for a home purchase ………am i dumb to say no? Or should i wait 2 years in hopes of a correction and then say yes ?

#147 Pete from St. Cesaire on 05.30.17 at 12:30 am

Voters should decide who forms governments. — Garth
—————————————————
Agreed. And they should be able to decide to turf the whole damn system and start over.
Long live ‘The Republic of Kanata’.

#148 Lexie on 05.30.17 at 12:50 am

Distraction? How about another baby?
Not having to go back to work till both are in school unless she loves her job in which case daycare costs will make buying a home less appealing.
Does she really want to buy an old shack with lead and asbestos in it? What about your son’s health?

#149 Lillooet, BC on 05.30.17 at 12:51 am

so much for Broadway and a couple of others’ prediction — they predicted a BC Liberal majority!

#150 Miller Time on 05.30.17 at 12:56 am

There has been some horrible marriage advice in these comments today.

Nelson – watch Friday Night Lights – Season 3 Episode 8 – New York, New York. Start @14:50 then jump ahead to @34:30.

http://www.dailymotion.com/video/x4wv0iq

#151 tkid on 05.30.17 at 12:58 am

Nelson, do you want a pack of strangers raising your child? Does she want a pack of strangers raising your child. If you buy now in downtown Toronto, she will need to go back to work in order for you to afford the mortgage payments.

You have two solutions: find a house for $500,000 and live mortage free in the burbs (if such a house exists), or rent.

What would I do? I’d insist on no one else but her raising the kiddo, and then I’d insist she find a nice house priced at $500,000. Tell her you’ll buy if the house price equals your savings, but you won’t if there is a mortgage involved because it means she has to go back to work.

This way my refusal to buy isn’t about cold hard unfeeling cash, it’s about what is best for the baby.

#152 FOUR FINGERS WATSON on 05.30.17 at 1:04 am

Currently across the 27 countries of the European Union, 20 (or nearly two thirds) are currently coalition governments. Looking in more detail, ten EU countries (including France, Germany and the UK) have governing coalitions are composed of a mainstream centre-right party in coalition with a Liberal party.Sep 14, 2010

#153 DON on 05.30.17 at 1:13 am

#33 Alistair Blachford on 05.29.17 at 7:46 pm

You are a spinner yourself. “centrist Libs who actually got the most votes.” Many more voters did NOT want the BC Liberals. BCLibs: 796,672, NDP+Green: 1,127,493. Why is it silly that the representatives of 57.12% of the voters do the governing?

That’s funny. Then we should have an NDP-Con coalition federal government. — Garth
***************

This election was about severe levels of corruption, mismanagement (fiscal, moral) and lies etc. Some Green members were former NDP members or shared common interests. The BC Liberals, aka Social Credit-Conservatives-corporate only party took things to the extremes. Plus their traditional support base 55 and over are moving on in life. What BC needs is a new voting system, one reflective of the BC population. Gotta love minority governments – the best example of an operating democracy. Politicians having to work together…to some degree. And now they need to show up for work as the stakes are high and one vote matters. Wait for all the dirt to come to light – this could be the nail in the coffin for many political careers and alliances. Extreme arrogance was introduced to reality in BC, next is the housing market.

Man the shredders…seriously! Triple delete the emails…again seriously! Or my favorite reply from a government regarding an Freedom of Information request, ‘there are no records for your FOI request…aside from the documents you were leaked before we completed our shredders/triple delete process’. Compliments of your BC Liberal Party. No offense to either the Liberal or Conservative Parties of Canada.

Nope this election was about bad mismanagement in general. Change is inevitable, much like human sentiment in the housing market.

#154 Entrepreneur on 05.30.17 at 1:13 am

Usually when asked a dumb question that everyone should know the answer to is “get a brain.” And then if don’t get it I make them walk in the shoes of that other person. Like make the money, sign the papers to be responsible, to give them a sense of what and how money, debt, and paying back all means. Usually the ones that yell to buy are the ones who hide or back down when in the know. They have to have an education, a gut feeling.

The B.C. election was a good one and looking forward to the Greens and the NDP working together, for the people. As for the housing crash being blamed on them as mentioned by bloggers, get a brain, lol.

I like the Greens and like what they believe in but we had to knock out the liberals like in any game. And always when playing a game do not ignore the small guy.

#155 Looney Baloney on 05.30.17 at 1:27 am

@Nelson

See what’s driving your wife’s frenzy and cut it off at the source.
TV? Cut your cable for a few months. Blame it on the cable company.
Her friends? Break her away from them then help her find some same ones.
Her mom? Buy her an all expenses paid trip to Portugal and make her believe she was the lucky winner among 1000s somehow.
Be a man.

#156 Dave on 05.30.17 at 1:30 am

I live in Whistler where real estate is going absolutely nuts. With American buyers due to the low Canadian dollar. What are the chances of the foreign buyers taxes of 30% BC wide actually happening? Because I feel that would likely destroy the Whistler Market.

#157 DON on 05.30.17 at 1:31 am

#9 sunshine on 05.29.17 at 7:05 pm

I would say to Nelson, ask his wife to wait until home inspections return as a normal part of the home buying process. Use the safety first approach, since the house- lush instinct should be trounced by the protective-parent instinct along the lines of ” how can we risk buying fire trap, mold or rodent infested, rotting foundation house”. If you are planning to stay for 15 plus years, then over paying should likely work out…but at least wait until sense returns. my two sense
****************

Nelson, Sunshine provided a strategic option above. Let your due diligence as a concerned parent essentially be your argument. (the trick is not to sabotage, but to let due diligence and parental concern). You may only have to hold on a little longer till sentiment changes and your wife will think you are brilliant (mobile and liquid). Babies don’t run and play in the yard, kids do. You have some time before you need a yard. Plus get her to read this blog at times. For the next 2 years you are essentially home bound and another child will leave you with no time to consider doing reno’s…possible with effort, but not plausible with the unexpected that comes with have a child or several children. Things are definitely different now. I was 39 when we had our first.

Good luck…hold out a bit longer.

#158 Potato on 05.30.17 at 1:38 am

Nelson, I suggest you read up on the Stockdale paradox.

Renting is the better move, but you can’t frame it as a temporary sacrifice to endure — if you say it’ll just be a few years, but the market keeps irrationally going up, you’ll lose it (or she will). Find a way to be happy and content as renters for the long term, until something changes the math and it no longer makes sense to rent (which may take a long time).

If you want a house and stability, then try to fulfill that as best you can as renters. If you can afford to rent a detached house or townhouse, some place you actually want to be vs a condo holding pattern, then go get that. And get a multi-year lease to provide some stability.

#159 ILoveCharts on 05.30.17 at 1:44 am

Nelson has one option: Trash your own credit rating ASAP so you can’t qualify for a mortgage. It may be extreme but it will work.

#160 NVLandlord on 05.30.17 at 1:51 am

#105 fear and loathing in Victoria.
I agree completely. I am furious that 17,000 people can hold the province hostage. They hardly EVER spoke about changing the electoral system. People voted for them because they like soft fuzzies, tourists and whales not because of anything else. Weaver is holding the province/ country hostage, and I am furious.

#161 SWL1976 on 05.30.17 at 2:02 am

@Smoking Man

You should really shut it about JK Rowling. She started writing while on a form of welfare and became a billionaire.

Now that deserves some respect

What’s your credentials???

Half drunken rants on Garth’s blog and a book read by a few hundred people at best???

I have not read either of your works, nor do I care to, but I can see the real success story and the smell of bullshit from a mile away in this case

#162 Karma on 05.30.17 at 2:03 am

Interview with Eby…

http://vancitycondoguide.com/ndp-green-party-team-potential-landslide-move-housing/

#163 waiting on the westcoast on 05.30.17 at 2:16 am

Christy better resign as she blew the opportunity to get the Greens on board prior to the recount. She should have given them a few solid perks and ensured she had a locked up government. Little birdies told me that the Liberals were too stubborn/arrogant (probably too​ much posturing).

Sure she would have had to make some concessions that were actually probably good things for the province in general (status for the Greens, removing corporate/Union donations, maybe a few token environmental shifts, etc). But she could have kept a pro business environment.

As someone who stands a lot to benefit from NDP/Green policies (they will crash the housing market and help initiate a recession so I can buy property and businesses at reasonable multiples), I weep for the average person here.

For me, the US economy continues to steadily improve and the dollar delta will continue to grow unless the BoC gets some balls…

#164 waiting on the westcoast on 05.30.17 at 2:18 am

Flop… If you are following in SMs footsteps, don’t forget to hit RiverRock for a game or two…

#165 Myra Andrews on 05.30.17 at 2:28 am

Nelson, perhaps if you tell your wife that the only way they can afford a house right now is if she ends her maternity leave early and goes back to work. That might put her off wanting to buy.

#166 Saraya grewal on 05.30.17 at 2:35 am

Garth, love your blog, but you are wrong a lot, just like all other “experts” on the economy.

#167 nubbers on 05.30.17 at 3:01 am

I know from bitter experience what Nelson is facing and I am in a good position to do the analysis. Let’s look at this (pseudo) mathematically. Assume Nelson will be pooched re. his wife either way.

1. If he does not buy, they are in a good place financially, but she leaves him.

2. If he buys, then they (he) will be destroyed financially, for which she will blame him, and so she leaves him anyway.

‘She leaves him’ is constant to both options, so we can simplify the comparison by subtracting her from both.

1. If he does not buy now, he will be in a good place financially.

2. If he buys now, he will be destroyed financially.

#168 fishman on 05.30.17 at 3:32 am

Alt right- social conservative in one sentence? Thats quite a leap.

Actually, alt right originated out of Gamergate. Gamergate started in San Francisco when a game designer there complained in his blog about his girlfriend sleeping around with the Game reviewers whose critiques of a new game could make or break it. `Games industry gross more than motion picture industry so there’s a lot of money at stake for a successful game. Needless to say his girlfriend was working for a different games co. that was getting good reviews.

Up to this time the gamers weren’t political & the left, SJW’s, PC types considered these mostly young male in alliance. Well the Feminists got it going on the blog by saying it was alright for a women to establish a presence in a male dominated theatre. And then the rest of the SJW’s played pile on too

They woke up the beast. These guys were in basements playing war games on the internet for fun. There is gazillions of them.They weren’t getting laid, no cash & eating mom’s cooking. The SJW’s were used to slamming the opposition into the mat with the usual epitaphs ,you know, & their opponents would shut up,too scared. The gamers didn’t care. They knew they were losers. They hit back & changed everything on the internet. Brutal, Vicious, Nothing Sacred, Fake News, Dirty .nothing held back. The SJW’s were on their heels. Nobody had shot back at them like this before.When the right wingers saw a successful strategy against what had before been unassailable they coalesced into the Alt Right.It was that Alt Right that broke the shackles that let Trump break free. And to think it was all because of a two timing woman.

i wonder if our dear Mr. Scheer knows his genealogy?

#169 More than just a bit worried... on 05.30.17 at 3:58 am

Global instability. Greece about to default. Italy in trouble.

Who knows what will happen with NAFTA.

416 RE faltering, YVR RE will do the same with the NDP & Green’s.

Oil price depressed.

Historic debt in Canada.

In general, this Blog pessimistic nowadays including Comments.

Is there any good news out there?

Worried this will all translate into an economic calamity that may hit us later this year.

#170 Pulp Faction on 05.30.17 at 5:06 am

Right on….now I hear idiots talk about how if you own a house, you should qualify for a line of credit on it for several thousands of dollars.

Yeah, you buy a $500,00 house and get a big mortgage on it…..that qualifies you to borrow even more money against it. Because banks stayed in business by being insane.

Financial incompetence at it’s best.

#171 Jason on 05.30.17 at 5:52 am

Nelson, do not, under any circumstances, cave to pressure from your wife to sewer your hard-earned finances and promising retirement to indulge her impulsive, emotional desire to own a house. Yes, you’ll appease her in the short term, but the damage you will have done to your portfolio/retirement and the risk you will have taken on will be nothing compared to the disgust you’ll feel every time you look in the mirror. And yes, you will start to resent your wife if you cave. Tell her to read the last five years of posts here at greaterfool.ca before you’ll even discuss another real estate viewing. Remember, you have just as much clout in the relationship as she does – do not be afraid to assert that. Good luck.

#172 DoomandGloomer on 05.30.17 at 6:39 am

NELSON!
Now, listen to me carefully.
Quietly liquidate your investments over the next few months.
Neatly stack and pack your cash, and shrink wrap it (i.e. tightly and compactly vacuum pack it into tidy bundles).
Get a comfortable backpack that can fit all of this cash, and have a bit of room leftover for some clothing.
Buy a round trip ticket to Mexico (not a one-way; you don’t want to draw any attention to yourself).
Instead of going to work one morning, get on the flight to Mexico.
Disappear.
Leave no forwarding address.
Be a ghost.
It’s your only hope.
The alternative? A life of debt, slavery, and nagging.

#173 DoomandGloomer on 05.30.17 at 6:45 am

NELSON:

Watch this!

https://www.youtube.com/watch?v=2LM0CZZ9Uw8

#174 Dawn on 05.30.17 at 6:48 am

I’m similar to the wife in Nelson’s scenario. What does my hubby do to distract me? We take a trip to Florida – which we can freely do because we aren’t paying for a big mortgage. Send her to browse http://5kids1condo.com which shows her that it’s OK to bring up kids in a condo/apartment. Nelson is wonderful in that he is planning for the future which is great – but she wants some gratification NOW too. Just my thoughts.

#175 Elcheapo on 05.30.17 at 6:54 am

Oh come on people, we live in a representative parliamentary democracy. There wasn’t one big election in BC, there were 87 small ones; each constituency elected their representatives. Those representatives then get together and try and figure who can convince the Crown that they enjoy the confidence of the house. There was no “leftist coup”. This is exactly how our system is designed to operate. Overall popular vote is completely and utterly meaningless. I’m not sure which is worse in Canada- financial illiteracy or democratic illiteracy. Special call out to you Garth: as a former parliamentarian you of all people should know better! Advocate for change to the system by all means but do NOT misrepresent our current system.

Having a rump Green party dictate the parliamentary agenda is not what BC voted for. — Garth

#176 Wrk.dover on 05.30.17 at 7:00 am

In this day and age of global crowding and resource depletion, I find it a bit odd that young Sheer has five spawn ( and yet more to come ? ). Is he perhaps the poster boy for the denial voter block? A Darwin hating creationist? Hmm.

#177 Life style on 05.30.17 at 7:00 am

WE have $500K – could well be her money boys, not Nelsons. Why not rent in the city and buy a cottage in the country for weekends and holidays? Then you’ve got a place where you can putter, at a reasonable price. I’ve heard Belfountain has a good icecream store for when baby gets a little older . . .

#178 A Reply to #167 nubbers on 05.30.17 at 7:14 am

I think yours is the best analysis thus far.

#179 Exilled on 05.30.17 at 7:14 am

Sir Garth:

Nelson, your wife wants more children! Thats why she’s all in with the house thing. She doesn’t want to raise a family in a rental! So start looking for a good area, with the schools and transit, and wait. For the PERFECT house. To come up in your price and location. It will come, tell her to be patient, these things take time. Hope this was helpful>

#180 Victor V on 05.30.17 at 7:21 am

Andrew Scheer’s leadership of the Conservative Party of Canada wasn’t an hour old before Prime Minister Justin Trudeau’s Liberals released their attack dogs on him.

http://m.torontosun.com/2017/05/29/trudeau-is-the-scary-one-not-scheer

#181 Grey Dog on 05.30.17 at 7:24 am

Like the picture today Garth of the potato chip bags. Another trumped up case of alternative facts.

#182 maxx on 05.30.17 at 7:27 am

Nelson, stay away from mold. The health consequences are awful and plentiful. Look ’em up.
Your little one would be an innocent bystander.
Wait and buy something decent, not an overpriced piece of crap. 2 types of home that cause health problems: moldy junkers and most modern builds after a few years.
Mold just loves plastic-wrapped, chipboard traps with inadequate ventilation.
Health is the best investment you and your wife will ever make.

#183 Grey Dog on 05.30.17 at 7:29 am

171 Jason,
You are exactly right, you took the words right out of my mouth, also has the RESP been set up for baby?

#184 maxx on 05.30.17 at 7:42 am

#12 nelson paradox on 05.29.17 at 7:15 pm

“You can even get the Realtor to hold the baby every once and awhile.”

Great post, however, I’d never, ever give a realtor this level of responsibility.

#185 Smoking Man on 05.30.17 at 7:43 am

#161 SWL1976 on 05.30.17 at 2:02 am
@Smoking Man

You should really shut it about JK Rowling. She started writing while on a form of welfare and became a billionaire.

Now that deserves some respect

What’s your credentials???

Half drunken rants on Garth’s blog and a book read by a few hundred people at best???

I have not read either of your works, nor do I care to, but I can see the real success story and the smell of bullshit from a mile away in this case
……

Have you read her tweets. She’s insane. Unhinged lefty loon.

But she’s a billionaire so let’s all suck up. Not me, sorry.

She’s on my shit list same as Richard Branson.

Now Trumps a billionaire, but that’s not why I like the guy. He’s a global commie slayer. I like that.

#186 Jimbob on 05.30.17 at 7:56 am

Nelson
Start buying lottery tickets – don’t miss a draw. You can’t win if you dont play.

#187 Zeeman1 on 05.30.17 at 7:59 am

Why does jk ROwling get so much credit. She’s a boring writer who stole everything from TH White and Tolkein, who said it with much more flair and gravity than she ever has.

#188 TurnerNation on 05.30.17 at 8:04 am

OntariOwe set to raise minimum wage. This will push price of burger + fries up to $20 + taxes and tip.

Global elites pushing Zukerberg also talking up a minimum income in USA. They pretend to pay us, we pretend to work.
All poor under communism.

To pray or prey? What’s it like being a human and knowing 5% of your fellows wish to break you down and step on you? It’s the easy road.

#189 maxx on 05.30.17 at 8:13 am

#20 I thinks I know something on 05.29.17 at 7:27 pm

“I hear the odds are near 100% that the Fed is going to raise the rate to 1% in June. A whole 1%!!! This is scary.”

If true, it’s about time.
I’m 100% for restoring value to money and I hope that ANY increase comes to pass.
As I’ve mentioned many times before, if BOC morons had not squashed rates in a panic during the GFC, there would be much more respect for cash and much less debt.
With interest rates today on say, 5 year GICs at approx. 5% (which is not stupid), debt to income would not be where it is. People with money would be spending in the REAL economy. Little wonder coffee shops are doing so well relative to restaurants and second-hand stores doing a roaring trade.
RE would be more reasonably priced with household formation and general attitude, read optimism, at much healthier levels. RE psychosis would be at much more manageable levels. Inter-generational resentment would hardly register.
Alas, our effete, dozy leaders pander to banks and business concerns first and foremost. Business continuously benefits from taxpayer largesse whilst being the most robust and adaptable fiscal organisms out there. Those that don’t cut it deserve to be buried.

The BOC missed the boat and will end up looking stupider – if that’s possible.

Raise the damned rates by .1% per quarter and watch the fiscal magic happen.

#190 Youdont needtoknow on 05.30.17 at 8:14 am

Buy flowers. And chocolate. And wine.

Maybe even pay for some postpartum liposuction if she’s worried about baby weight.

All cheaper than Toronto real estate.

#191 BubbleBoy on 05.30.17 at 8:22 am

Garth: would be nice if we could like/dislike comments on here

Just a thought

Democracy? You jest. — Garth

#192 crowdedelevatorfartz on 05.30.17 at 8:33 am

@#140 JSS
“All she did was ask for a house.”
********

Really? Thats all?
Not a mortgage of probably 25 years for an over priced piece of crap in a market teetering on implosion?
Have you learned nothing reading this blog?

#193 TurnerNation on 05.30.17 at 8:47 am

Oh how our elites roar with laughter. All these men stuck in mind-prisons. Front page Financial Toast paper today T2 begging from one of the richest men/entities in the world, the Poop and Vatican.
Maybe they can bail us out.

#194 BC 30% Ontario 15% on 05.30.17 at 9:08 am

I’m expecting another spike up in home sales and average prices in Ontario once the 30% foreign-buyer tax and other policies get introduced in BC just as what occurred on Aug2016. I wouldn’t expect an increase in RE sales into Alberta or Quebec as well.

#195 SWL1976 on 05.30.17 at 9:16 am

#185 Smoking Man

#161 SWL1976

@Smoking Man

You should really shut it about JK Rowling. She started writing while on a form of welfare and became a billionaire.

Now that deserves some respect

What’s your credentials???

Half drunken rants on Garth’s blog and a book read by a few hundred people at best???

I have not read either of your works, nor do I care to, but I can see the real success story and the smell of bullshit from a mile away in this case
……

Have you read her tweets. She’s insane. Unhinged lefty loon.

But she’s a billionaire so let’s all suck up. Not me, sorry.

She’s on my shit list same as Richard Branson.

Now Trumps a billionaire, but that’s not why I like the guy. He’s a global commie slayer. I like that.

———————–

I don’t have twitter, read or care about too many tweets. Maybe she is a lefty loon, but you can’t say she doesn’t know how to write or sell books.

Donald is not all that you think he is either. He is much, much closer to the biggest fraud ever, just most, including Trader Jim and yourself have not figured that one out yet

#196 Dups on 05.30.17 at 9:18 am

Get out of the GTA. There are still affordable cities out there. London ON is one of them. So what that your family is in GTA, once you have kids you will not have time for family anyhow. You probably will need more distance from them., they can also visit. You can not have all you want where you want when you want if we are talking about GTA.

#197 Happy Housing Crash Everyone! on 05.30.17 at 9:19 am

#194 BC 30% Ontario 15% on 05.30.17 at 9:08 am
I’m expecting another spike up in home sales and average prices in Ontario once the 30% foreign-buyer tax and other policies get introduced in BC just as what occurred on Aug2016. I wouldn’t expect an increase in RE sales into Alberta or Quebec as well.

No you will get the opposite. If they see 30% hit BC they will assume it will eventually hit Ontario just like the 15% did. SORRY realtor. Happy Housing Crash Everyone! :-)

#198 Al on 05.30.17 at 9:31 am

Your pooched buddy.

Wives r crazy. More so after kids. It only gets worse on that note.

Like wtf buy a million dollar house and sink all that money into an over priced house when you can just keep renting and save more money.

Wives don’t think like that.

It’s primal for them man.

Gl. Ur dead.

#199 Tater on 05.30.17 at 9:32 am

#30 Smartalox on 05.29.17 at 7:41 pm

– Assets invested at 6% double in value every 7 to 10 years. $500k at 39, could be $2M at 59; or somewhat less, depending on how much of your investments you use for a down payment.
——————————————————————–

No. At 6% it takes a touch under 12 years to double your money. Why should anyone listen to your advice when you can’t get something this simple right?

#200 A Reply to #199 Tater on 05.30.17 at 9:49 am

“No. At 6% it takes a touch under 12 years to double your money. Why should anyone listen to your advice when you can’t get something this simple right?”

At least be kind enough to provide the explanation: Rule of 72.

https://en.wikipedia.org/wiki/Rule_of_72

#201 Red Right Hand on 05.30.17 at 9:49 am

Garth – so in your opinion, it would have been a mistake to purchase residential real estate in 2016?

If you couldn’t afford it, of course. — Garth

#202 Figure it out on 05.30.17 at 10:01 am

Tyranny of the plurality, is it now?

Well, it would really surprise me at the moment if the Liberals didn’t get the most seats. I mean, judging from all the, not just the polling data, but the fact they have such a wide coalition. The way the Liberals, I think, are eventually going to lose office, whether it’s in this election or the next one, is they’re going to fail to win a majority. They’ve basically lost Quebec and without Quebec the Liberal party has never been a majority party in this country. And that’s where I think you’re going to face, someday, a minority parliament, with the Liberals maybe having the largest number of seats, and what will be the test is whether there’s then any party in opposition that’s able to form a coalition or working alliance with the others. And I think we have a political system that’s going to continue to have three or four different parties, or five different parties, and so I think parties that want to form government are going to eventually have to learn to work together.
— Stephen Harper, 1997

[…] I was invited [in 2004] by Mr. Harper when he was the leader of the opposition and Mr. Martin had been recently elected. The House hadn’t even begun to sit and he said, “Come and have a meeting with me and Mr. Duceppe and let’s make sure the Governor General understands that Mr. Martin doesn’t necessarily get to be the Prime Minister just because he has the most seats. And I’d like you to join with me in making sure that the Governor General understands that there are other alternatives here.”
— Jack Layton

Didn’t you run under Harper’s banner in 2006? Come to think of it, I don’t remember getting a vote when Kim Campbell was elected Prime Minister either, not being a CCCP delegate (oops, PCPC?) at that time. I guess where you stand depends on where you sit.

There was no election in 2006. Kim Campbell was PM 24 years ago. — Garth

#203 Keith in Calgary on 05.30.17 at 10:05 am

Hong Kong’s property market has gone crazy again in the last 16 months since the Chinese central bank capital injection, and perhaps, the more stringent capital controls that were imposed.

Musical chairs……..meh……….musical bubbles is more like it.

#204 TheroyAndPractice on 05.30.17 at 10:10 am

Michael Hudson on the Vancouver Real Estate Crisis: See some neurons at work.

https://www.youtube.com/watch?v=t6bC5JSBuGg

#205 Ole Doberman P. on 05.30.17 at 10:15 am

More bad news for Calgary and oil in general:

“Supply really has little to do with the price. The real issue is demand. Electric cars are coming rapidly. I have a BMW hybrid I8 sports car and it is fantastic. It is the fastest sports car I have ever owned off the line. It has two engines a gas and electric and this technology is being expanded to all models. My neighbor has a Tesla and that is fine for local use. Tesla vehicles are currently the only battery electric cars you can buy in the that have an official range of more than 200 miles per charge. When I went to Amsterdam, the taxis are Teslas. Europe is moving toward electric cars faster than the States.”

https://www.armstrongeconomics.com/markets-by-sector/energy/oil-pegs/

#206 Fran Deck Jr. on 05.30.17 at 10:22 am

@ something has got to give (121)
@ conan (122)

Conan wrote that it will take Canadians 50 years to forget about Harper and until that time, the conservatives have no chance of winning an election in Canada … seriously? Any opposition to Harper comes from Canada’s corrupt MSM whose journalists registered as third party canadidates in the last federal election so that they could campaign against Harper while reporting on the election … Bill C-377 was also passed by the Senate just prior to the election campaign in late 2015 which would have required transparency for all financial dealings involving public sector unions … I would guess that Conan is a union member who took offence to Harper’s support of this legislation … T2 repealed Bill C377 once elected …

“something has got to give” agreed with my earlier comments in support of Scheer noting that our media is hostile towards conservatives and that T2 (Zoolander) is a disaster … the legacy of our current government will be sort of like Obama’s but on a more seismic scale … anyways, Garth wrote (and please understand that I enjoy this blog) that he knows Scheer and thinks he’s going to be a disaster as leader of the conservative party (I am para-phrasing) … “Something has to give” asked if Garth has been in recent contact with Scheer … now here’s the thing, as stated, I enjoy reading Greater Fool and have absolute respect for Garth’s observations and opinions on RE and finance … however, with respect to politics, Garth appears to be extremely progressive and leaning a bit heavy to the left … most people I know have lost all respect for the liberals and believe that the Harper years were glorious times … Scheer will be riding that wave of conservative optimism and just as President Trump is restoring America’s greatness, Scheer will do what’s best for Canada because government is meant to serve the electorate and not the other way around.

As glorious as you think the Harper years were and as much as you like the current Harper-light, Cons have to get elected in order to govern. The odds at this moment are low. — Garth

#207 Ace Goodheart on 05.30.17 at 10:28 am

500K at 6% is 30K per year. Have fun retiring on that. You might be able to rent a condo in a crap neighbourhood, but you’ll still need money for food…..

500K into a million dollar house is even worse. That leaves you with a 500K mortgage, so you are basically reversing things, instead of you getting money from other people working and paying interest on their debt, people are getting money from you.

Houses need constant maintenance and Toronto houses are particularly bad for this. The older ones tend to have leaky basements, bad foundations, all sorts of bug problems, structural rot, archaic electrical and plumbing systems and “not to code” do it yourself renovations. They were not built properly to start with and time has not been kind to them.

There is a particular animal on the scene called a “double brick foundation” which is basically two layers of older style, soft kiln fired brick made of locally mined clay, built up beside a mud wall and held together with lime based mortar. These things are a special treat if you get stuck with one. They will be over 100 years old, and crumbling and leaking. Often they are not structurally sound. The fix is to basically raise the house up, remove the old foundation and substitute a new one. Cost is in the hundreds of thousands of dollars. It doesn’t always work…..

So what to do? The key to your financial success I believe lies in the way you have described your investments: “conservative/low risk/diversified/liquid financial vehicles”. This sounds like a lot of crap. These things are usually just someone else making more money than you are, by taking the risk and using your money. You may have to beef up your investing style for a period of time, to get up to the million dollar mark, and then retire into low risk stuff. Doing low risk at the start means you never get anywhere.

What to do about the wife? Easy. Get a home inspection. Then tell her, that is fine, we can buy the house, but you are responsible for all the repairs needed and you can’t use contractors. Get her a shovel and a hammer and send her off to work.

That will either cause a divorce, or cause her to think about what she is doing to you (ie, you would be given the shovel and the hammer and she is going to complain that the renovations and repairs aren’t getting done). Turn it around on her.

#208 Simplyput7 on 05.30.17 at 10:47 am

Ontario plans to be the first province to have more robots than people working in the province.

Current minimum wage $11.40 going up to:
* $14 January 1, 2018
* $15 January 1, 2019
* 3 weeks vacation for anyone working for a company for more than 5 years
* Must give 48 hours notice for shift cancellation or employer must give worker 3 hours pay for last minute notice
* minimum 10 emergency leave days each year for employee of which 2 days must be paid by employer

Even if Wynne does not win the election next year, rolling back the first minimum wage increase will be difficult.

#209 Chumpy le chump on 05.30.17 at 10:51 am

I’ve been there and I can empathize with your situation.

My suggestion is to educate yourself on hypergamy, game and inter-gender relations. Your wife wants to commit financial suicide and have you pay for it. Do not give in! If you do, it will set the precedent- now it’s a house, next it will be a house in a hood with better schools, then a better one, until she had everything you think she wants and then one day she’ll file for separation.

It sounds like you and your wife do not share the same financial goals, and if you and her have problems with money you will have problems everywhere else in your marriage.

Stick to your position. If she doesn’t respect your decision then you have discovered early on that she’s not the right fit for you. Better to get divorced early than delay the inevitable.

Not what you wanted to hear, but what you need to hear.

You’re the man- act like it.

#210 Blacksheep on 05.30.17 at 10:55 am

AR # 114,

“Also, the NDP have been good stewards of the economy if you look at the actual performance.”
——————————————–
Dude, You kill me!

Made me spit coffee on my keyboard…

Oh shit…..you’re serious?

We are in more trouble than I thought.

#211 rainclouds on 05.30.17 at 11:14 am

This from the BC Green Housing manifesto:

“Work with financial institutions and the federal government to develop protections for recent homebuyers who are negatively affected by market cooling initiatives”

While I am not concerned with the nuclear options the Greens and NDP are proposing for RE here in Vantastic and BC in general. I am curious how they will “develop protections” for financial idiots caught in the sideswipe.

#212 Simplyput7 on 05.30.17 at 11:17 am

#208 Simplyput7 on 05.30.17 at 10:47 am

If I have a small business with 10 employees making the current minimum wage, the first minimum wage increase will cost me $50,000 by the end of 2018, not including overtime and CPP contributions I make on their behalf, the additional week off in vacation pay and 2 days of paid leave for emergency each year.

https://news.ontario.ca/mol/en/2017/05/proposed-changes-to-ontarios-employment-and-labour-laws.html

#213 IHCTD9 on 05.30.17 at 11:40 am

Nelson,

Show your wife close up high resolution pictures of various bugs associated with rot and damp/mold. Things like earwigs, centipedes, pill bugs, and silverfish. The uglier the better. Tell her that these things like to crawl into bed with humans at night for warmth during the winter, tell her that the females lay 500,000 eggs each every 3 months and live to be 20 years old.

Enjoy your long term renting :)

#214 Wrk.dover on 05.30.17 at 11:45 am

#188 TurnerNation on 05.30.17 at 8:04 am
OntariOwe set to raise minimum wage. This will push price of burger + fries up to $20 + taxes and tip.

————————————

What percent of that burger and fries do you really think is labour, I am guessing about as much as property tax and utilities. Don’t really know but wish I did.

Oooh look at me I’m Turner Nation and I want to pay my employees 23 thousand a year in a city where houses cost over a million and decent rental quarters are 23 thousand a year. What a prick.

I currently spend all of my GIC interest at restaurants. When Doofus Poloz raises interest I will be able to spend that much more. He doesn’t get it.

#215 Iconoclast on 05.30.17 at 11:49 am

#168 fishman

Fishman, don’t forget there are two “alt-rights”.

The term, AFAIK, was used first by the actual white-supremacist Stormfront neo-nazis. It has since been taken over by the much friendlier folks of GamerGate, /r/The_Donald and 4chan/pol. But you still see the Stormfronters complaining about it and you still see the MSM smearing alt-right with that association.

But you’re absolutely right; GamerGate was the event that opened millions of eyes to the hypocracy of SJWs and the MSM. They got angry, and they got active, and along came Trump. After the election, the MSM doubled down, so the red-pilling continues every day.

Given the vote margins in the end, it’s not much of a stretch to say GamerGate put Donald Trump in the White House.

#216 rainclouds on 05.30.17 at 11:55 am

No wonder the “duchess of Dunbar” is studying her options, Aside from shredding everything in the Office and quadruple deleting emails she needs time to adjust.

Gonna lose the rent free digs, car, Premier pay/pension, live like a serf………the horror!

http://thebreaker.news/news/premier-of-dunbar/

#217 Long-Time Lurker on 05.30.17 at 12:13 pm

Lots of news in the news today –too much to write here.

Nelson, tell your wife that you love her and that you’d buy her a house now but you believe that doing so would cause your family a great financial loss in the future.

I’m starting to feel like Dr. Phil.

#218 cramar on 05.30.17 at 12:37 pm

83 TrumpForTheAges on 05.29.17 at 9:13 pm

This is easy. Buy in London or Windsor. With $500 K you can get a sweet pad and with high speed rail coming you can commute and property values there will start to soar towards the levels of the GTA.

————–

Not debating the wisdom of moving to London or Windsor—since I have advocated similar myself! But Nelson did say that he needs to stay in Toronto.

The hi-speed rail completion is not planned for London until 2025 and Windsor until 2031, so unless this is included in long-term retirement planning, it’s really a non-factor for consideration in 2017.

#219 Xbox Economist on 05.30.17 at 12:43 pm

39 years old and only $500k between the two of them? We’re missing something here. Either one of them can’t save or together they don’t make enough to buy a house in TO. End of story.

#220 Newtothis on 05.30.17 at 12:43 pm

Nelson, it’s hard to not want to recycle our upbringing and carry the torch of needing to have a “home” when you are a new mom. I know. We have a few kids and rent. Turns out we have kids who are super flexible. I’ve been able to stay home rather then work and they don’t have parents who spend their weekends at Home Depot and need counselling because of their differing viewpoints on home renovations. While others are fixing roofs, we are hanging out with our kids. It’s not so bad, the flexibility and more time we all have together is amazing. Things are set up for that in this world so we need to fight through the expectations to achieve it.

#221 ConservativeJihad on 05.30.17 at 12:57 pm

How’s Saskatchewan doing? Good, honest-to-God conservative premier and government and… oh… my… ewww…

hmm…

Maybe the price of oil and the cost of extraction in the oilsands has more to do with the situation in AB than whoever’s nominally in charge?

#222 Johnny Boy on 05.30.17 at 1:06 pm

#95 Universal Tesaliens on 05.29.17 at 9:41 pm

#63 Smoking Man on 05.29.17 at 8:26 pm

#1 Tell It. on 05.29.17 at 6:53 pm
#149 Johnny Boy on 05.29.17 at 4:12 pm

She’s a sniveling little goof. Can’t write worth a crap. Only people that belive in Unicorns like her work.
Her fiction sucks, no pararel with what’s going on in the present world. No easter eggs or cryptic messages. Two dementional at best.
So only a few people bought mine. Dosent mean it’s crap. It’s not the amount sold that counts. It’s about the art of writing in 4 dementions

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Well dickhead, JK Rowlings didn’t have to sell her make believe boat, cottage or home to fund her Casino Jaunts and I’m pretty sure she doesn’t drive a beater Ford pickup with a broken windshield. So for a a shitty writer I think if I were you I would learn how to suck up to her and get sum educatin!
https://www.earnthenecklace.com/j-k-rowling-net-worth-the-first-billionaire-author/

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

LOL!
…….
Do you realy expect me to respect this lefty loon because she’s a billionaire.you don’t know me very well do you.
She can’t write anything worth reading, like watching paint dry. So her spellings good big woop.
Is that how you value people, based on their billions regardless how mental they are. That’s sad Johnny Boy.
Calling me dick head, ha, I grew up in the 70s sticks and stinos bitch. I Don’t need a safe space.
You just don’t apprecate a great artist when you see one. Your a main stream suck up worshiper. Emotional, illogical and angree.
Oh and the old Ranger. AC is broken and I’m in no hurry to fix it. Saving it as my final tax return to T2 and company.

Hey watch your boy Al Gore get owned.
https://youtu.be/Z8r-hNfHXXY
..
I thought your book was autobiographical.. Isn’t it called “The Talking Dickhead” ?
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Well that was my thought “Dickhead” but owwwwwee have we touched a sore spot Smoking Man? Now go back to grade one and learn how to spell.
BTW when your attributes are up to her level come back and tell us how great you are. Snivell, snivell, snivell.
In honor of the milestone, a look at her career by the numbers:
Over 25 books written so far.
1997: Harry Potter and the Philosopher’s Stone, first in the series, is published in the United Kingdom
1998: The book is published in the U.S. as Harry Potter and the Sorcerer’s Stone
2007: Harry Potter and the Deathly Hallows, the final book in the series, is published
450 million: Number of Potter books sold worldwide
73: Languages in which books are available
71: Number of times Rowling has held the No. 1 spot on USA TODAY’s Best-Selling Books list
8: Movies based on the seven-book series
$7.7 billion: Worldwide box office of the Potter films
2 million: Number of hardcover copies in first printing of her new novel, The Casual Vacancy

#223 Renter's Revenge! on 05.30.17 at 1:07 pm

The whole marriage/babies/house thing scares the crap out of me. I don’t know how other people do it. They must be brave.

I think the best advice today comes from the women – stand your ground and earn your wife’s respect.

Whoever says that marriage should be considered a partnership of equals is wrong. Someone needs to be making the final decisions (man or woman, doesn’t matter). Two people who think their opinions are equally valid will never come to an agreement, and waste each other’s time arguing.

Also, I think if you’re not making at least $500k/year in a city like Toronto, you’re wasting your time. Move to Winnipeg or Halifax or something.

#224 april on 05.30.17 at 1:10 pm

Regarding Vancouver and Lowermainland real estate, Ross Kay, “announced condo boom may be propaganda”. People are being “lulled” into buying overpriced condos in a dying market.

#225 Johnny Boy on 05.30.17 at 1:17 pm

I’m in for Andrew Scheer, at least he smiles unlike Stephan Harper. Lets hope to bring the West back into the conservative fold. He has his work cut out for him in the other country east of us though as the Bernier lovers feel jilted. Lets hope he can carry the Conservatives back into power in 2019 and he can start by repealing Justin Trudeau’s carbon tax, weed law and his selfie portraits. His biggest challenge will be winning over voters who don’t necessarily see themselves as Conservatives. I often wonder is Stephan Harper had of gotten a tattoo, smoked weed and taken lots of pics with young girls would he have ben re-elected? Nah probably not millennials……………

#226 TurnerNation on 05.30.17 at 1:20 pm

214 Ben.Dover my first job after 4 years in Uni which only came after 1 year of part time work was 33k with no benefits. Doubt it would pay much more today.
So yeah more unskilled labor would earn 24k.

I didn’t cry. Add a 1 to that figure for me now. I wrked my way UP.

#227 Smartalox on 05.30.17 at 1:26 pm

@199 Tater:

Sorry, my estimate was based on my own plan to continue working and maxing out my RRSP and TFSA savings during the growth period. I did not mention this. The extra contributions shorten the compounding time considerably.

A coda to my advice for Nelson yesterday:

One reason that your wife may be surfing Realtor.ca is boredom. Getting her involved with the kidstuff shop and swap will eat up that surfing time, and keep her off Realtor.ca. She’ll get the satisfaction of buying things that are ‘fresh and new’ at a much lower cost, and likely with a greater frequency than she would by buying one large purchase, like a home.

And then when junior grows out of the stuff she’s bought, she can sell or swap it, and get NEW stuff. The cycle repeats.

#228 Victor V on 05.30.17 at 1:39 pm

https://beta.theglobeandmail.com/real-estate/the-market/efforts-to-cool-housing-market-sparked-drop-in-cmhc-insurance/article35152648

New mortgage insurance rules introduced by the federal government last fall to cool the housing market have led to a sharp drop in insurance volumes for Canada Mortgage and Housing Corp. as fewer home buyers qualify for mortgage insurance.

CMHC said total insured volumes fell 41 per cent in the first quarter of 2017, including a 23-per-cent drop in homeowner insurance volumes and an 87-per-cent decline in the volume of portfolio insurance, which is bulk insurance purchased by financial institutions for their portfolios of uninsured mortgages.

#229 Smartalox on 05.30.17 at 1:44 pm

Re: the BC election results

The first thing to look for is campaign finance reform. Both the NDP and the Greens are bankrupt after the last election, and won’t be in a position to return to the polls without a per-vote subsidy, or some other form of taxpayer bail-out for their campaign debt.

The BC Liberals have lots of money in the bank, and plenty of unused ammunition to mount another campaign, but don’t want to be the ones to trigger it. A lot will rest on what Clark chooses to do. She’s taken the brunt of a lot of personal attacks in the past few years, and she may choose to walk away. If not, we’re back to the polls and a BC Liberal majority within 18 months. Especially if BC real estate crashes within that time.

In the mean time, Weaver and the Greens are going to be made to eat all kinds of unpalatable doo-doo, in the name of their political compromise.

#230 For those about to flop... on 05.30.17 at 1:45 pm

Pink Pollen falling in Burnaby.

These guys forked out 1.41 in June of last year and now face a battle to get their money back.

The assessment,generous as it is only comes in at 1.36

4368 Cambridge Street, Burnaby

Apr 20:$1,595,000
May 28: $1,498,800
Change: – 96200.00 -6%

https://www.zolo.ca/index.php?sarea=4368%20Cambridge%20Street,%20Burnaby&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAzVkxKWA==

#231 n1tro on 05.30.17 at 1:48 pm

Johnny Boy,

You are measuring writing success in dollars which is flawed. A ton of great writers out there who haven’t come close to J.K’s numbers doesn’t make them any worst. J.K’s writing is easy to read and panders to children for the most part. The irony of J.K and her SJW rants is that she talks a good game about “inclusiveness” yet the world of Harry Potter is all about “exclusion” and discrimination of people who are different eg. magical barrier that blocks unwanted out of Hogwarts (bet Trump would love one of these for the US), divisive labels for groups eg. muggles, mud-blood, etc.

J.K is a loud mouth spewing out liberal talking points. She thinks because of her Harry Potter success entitles her opinions to carry more weight and will resort to profanity on Twitter to get them across.

I’ve said this before…opinions are like a$$holes…it’s not that everyone has one, it’s just some are bigger than others.

#232 S.Bby on 05.30.17 at 1:49 pm

# 156 Dave
What are the chances of the foreign buyers taxes of 30% BC wide actually happening?

It will happen. Count on it. Any smart American should be listing their Whistler ppty right now.

#233 For those about to flop... on 05.30.17 at 2:13 pm

Possible Pinkies.

These two are not Pink Pollen yet ,but I will share them will you before I file them away in my Possible Pinkies folder and you can make your own conclusions.

The first guys are still shooting for the stars as they paid 3.78 in April 2016 for this house on Vancouver’s Westside.

The assessment currently is 3.87 but the market in the price range has collapsed and so maybe they will eventually take it off or drastically reduce it.

4689 Mackenzie Street, Vancouver

Oct 17:$4,828,000
May 23: $4,800,000
Change: – 28000.00 -1%

https://www.zolo.ca/index.php?sarea=4689%20Mackenzie%20Street,%20Vancouver&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAwMEwzUg==

$$$$$$$$$$$$$$$$$&$$$$$$$$$$$$$$$$$$$$$

This one I thought was worth sharing because despite the big run-up in prices in early 2016 this May 2015 purchase is being made to wait to cash out.

They splashed out 2.285 in 2015 and are still going for a double digit gain but as you can see by the date they have been at it for well over 7 months despite having an assessment to support their stance.

Different year,different market…

M42BC

7547 Burris Street, Burnaby

Oct 11:$2,980,000
May 28: $2,598,000
Change: – 382000.00 -13%

https://www.zolo.ca/index.php?sarea=7547%20Burris%20Street,%20Burnaby&filter=1

https://evaluebc.bcassessment.ca/Property.aspx?_oa=QTAwMDAzVzg3Ng==

#234 Reasonfirst on 05.30.17 at 2:23 pm

“Voters should decide who forms governments. — Garth”

“Should” maybe but don’t in our system. Voters decide who their MLA is and the MLAs decide who they have confidence in.

#235 Game Changer on 05.30.17 at 2:24 pm

#156 Dave on 05.30.17 at 1:30 am
I live in Whistler where real estate is going absolutely nuts. With American buyers due to the low Canadian dollar. What are the chances of the foreign buyers taxes of 30% BC wide actually happening? Because I feel that would likely destroy the Whistler Market.

———-

Both the Greens and NDP heard extensively from constituents that they were concerned with foreign ownership as a driver of the affordability crisis in BC.

The NDP criticized the current tax as having too many loopholes while at the same time excluding those that wanted to work and make a difference in BC.

They will be implementing the tax – probably both the doubled foreign buyers tax and the retroactive speculators tax.

But of course, as many here point out, if foreign buyer’s don’t influence the market, why should anyone be concerned with the imposition of such taxes?

#236 Reasonfirst on 05.30.17 at 2:27 pm

“What can I do to distract my wife….”

Flowers??

#237 Asterix1 on 05.30.17 at 2:36 pm

If BC hikes their foreign buyers tax %, Ontario will need to follow through with the same % rise. No choice.

I dream of the day that the Canadian gov’t, CRA and RCMP would do something and stop foreign money laundering in our country!

#238 Doug in London on 05.30.17 at 2:37 pm

The latest news is Andrew Scheer, the new leader of the Conservative party. Do the Cons have the right stuff to win an election? I don’t know, but recently read a good article in the G&M, May 25, by Konrad Yababuski titled: To burst Trudeau’s bubble, Tories need a sharper edge. I won’t type the whole article, but here’s a clip worth some thought: “There are certain evolutions in society – same sex marriage, transgender rights and carbon pricing – to which resistance is not only wrong, but futile. Conservatives need to get on with it or they’ll increasingly look like reactionary rump”. Sums it up quite well I think.

As for Nelson I personally think he should stay with renting. The problem is he has to convince his house crazy wife. What to do? Some evening when the baby is asleep sit down with a sheet of paper and write down the costs of renting versus owning. Be honest and take EVERYTHING into account. A lot of people forget taxes and maintenance, and having to buy extra stuff like a lawnmower, snowblower or other homeowner stuff. A person’s home really is their hassle. There’s also the lost opportunity when that down payment money is spent and no longer earning dividends, capital gains, or interest anymore. Also the assumption should be made that the house will not appreciate in value in the near term. I suspect the figures will speak for themselves and renting will win out.

#239 conan on 05.30.17 at 2:50 pm

RE: #206 Fran Deck Jr. on 05.30.17 at 10:22 am

“I would guess that Conan is a union member who took offence to Harper’s support of this legislation”

No, I did something(s) that put me on his radar scope. Call the Universe small, but I met many of the people, who he had thrown under the bus. I formed my own opinions about the man, and that is that.

50 years bro.

#240 Johnny Boy on 05.30.17 at 3:12 pm

#231 n1tro on 05.30.17 at 1:48 pm

Johnny Boy,

You are measuring writing success in dollars which is flawed. A ton of great writers out there who haven’t come close to J.K’s numbers doesn’t make them any worst. J.K’s writing is easy to read and panders to children for the most part. The irony of J.K and her SJW rants is that she talks a good game about “inclusiveness” yet the world of Harry Potter is all about “exclusion” and discrimination of people who are different eg. magical barrier that blocks unwanted out of Hogwarts (bet Trump would love one of these for the US), divisive labels for groups eg. muggles, mud-blood, etc.

J.K is a loud mouth spewing out liberal talking points. She thinks because of her Harry Potter success entitles her opinions to carry more weight and will resort to profanity on Twitter to get them across.

I’ve said this before…opinions are like a$$holes…it’s not that everyone has one, it’s just some are bigger than others.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Oh I agree, but the point is she made a ton of money by being smart and finding a niche. She is extremely good at what she does and that is she gets her books published and bought. End of story, the books are not for my reading delight but millions and millions or others enjoy her books. While she may be a SJW that is irrelevant to her capability to make money. Just like Donald Trump is a complete indignant buffoon of an asshole as president but he is good at making money in the real estate business via his shrewd bullying tactics. It has done him well in the past!
BTW I am more prone to reading Kurt Vonnegut and Ken Kesey. They were not as popular as JK but they made some great $$ too.

#241 Johnny Boy on 05.30.17 at 3:14 pm

#231 n1tro on 05.30.17 at 1:48 pm
Just for fun. Opinions………….
https://www.youtube.com/watch?v=D2_AiQLCb3U

#242 IHCTD9 on 05.30.17 at 3:14 pm

Even after all the damage Trudeau and Morneau have done, and will do, Canadians will re elect them. Such nice guys!

Even after all the damage Wynne and the Ontario Liberals have done and continue to do, Ontarians will re elect them. She’s a woman, she’s gay, and she’s a career trough feeder – perfect leader!

Oh Canada!

Everything anyone with a brain has ever said about these two airheads is coming to pass. In a word: TAX. Spending huge on crap, while killing businesses and the economy and then burying us all in long term mountains of debt. That’s the future for our Millennials, and probably most of Gen Z’s working life as well. Big Tax, and Big Debt.

Time to start thinking about your future in this country if you haven’t already. Got young kids? Might want to make light of, and support the idea that moving abroad for a career and life is a-ok. Canada has no good news in sight on the economic front. Take home pay is getting beat to a pulp on all fronts. Educational costs are stupid when compared to wages received after the fact. Manufacturing and big industry is dying, resource extraction getting killed off via activist interference and government red tape (eg. ring of fire). Good jobs are getting deep 6’ed, and our new policies right across the board make things even worse. Morneau’s and Wynne’s recent announcements regarding new minimum wages and new taxation strategies don’t help anything other than tax revenues for the most part. But many Canadians will cheer – and then scold any businesses or residents that eventually bail for more friendly waters.

I won’t be leaving, but I’m not laying still. Anyone who reads my drivel knows what I’m up to. I can already see options I’ve wanted to leave out on the back porch are probably going to get dragged up on the table for consideration. If T2 raises the capital gains tax inclusion %, then I’ll have to consider my future long range losses in my plans for today and the near term.

Canadians can be as brain-dead as they like, I won’t be a walking ATM for cement headed politicians.

How about you?

#243 AGuyInVancouver on 05.30.17 at 3:24 pm

#103 Something has got to give I couldn’t agree with your more, our pixie dust sprinkling, sock model, light footed Peter Pan PM is clueless and detested by most people I know- young, old, all backgrounds etc – and xception being the public sector tax soakers of course.
I take exception to Garth throwing around the alt-right BS hours after Sheer won the PC leadership. We get enough of this crap from CNN, CBC and other MSM outlets, so cut it out.
Garth who’s side are you on dude?
_______________________________

Maybe you just know the wrong people.

#244 Damifino on 05.30.17 at 3:35 pm

#235 Game Changer

…if foreign buyer’s don’t influence the market, why should anyone be concerned with the imposition of such taxes?
——————————————-

Because it’s irritating to watch one’s government waste time and effort on ineffective legislation.

#245 Ole Doberman P. on 05.30.17 at 3:38 pm

#127 Keith in Calgary on 05.29.17 at 11:17 pm

Forgot to add……my wife of 17 years and I have a will to protect either of us if one passes and the legality of our marriage in a foreign country precludes any other court ordered settlement because there cannot be one. Also have a pre-nup as well. Save for the household expense account we have our own individual banking arrangements with our assets divided.

It works better that way knowing if one was to leave the other you could not financially hurt each other.

Some marriage. — Garth
——————————————————
Gartho can you elaborate on this? I know there is that fine line between protecting yourself in a marriage situation, but then their is that awkwardness….you know “I love and trust you honey but can you sign this pre-nup?”

Aren’t they passing a law soon that makes pre-nups mandatory? Would save a lot of trouble seeing how the divorce rate is running 50%

Then I would say another 25% are miserable marriages that are just hanging on for various reasons.

Smoking man what are your thoughts on this?

#246 n1tro on 05.30.17 at 3:40 pm

Johnny,

Not to come to the defense of Smokey but I believe his premise was that J.K is a left wing dingbat that shouldnt be given a podium which then morphed into a who made more $ is the better person. Both J.K and Trump are rich and nuts but if I have to pick, I prefer Trump since his hot air has been better for my portfolio.

#247 Stan Broock on 05.30.17 at 4:03 pm

#242 IHCTD9 on 05.30.17 at 3:14 pm

I won’t be leaving, but I’m not laying still.

How about you?

———————————-

I already left.

No energy left to fight insanity, it is absolutely useless and draining with no benefits whatsoever in sight.

Life is short and worth enjoying some place elsewhere.

In life knowing when to cut the cord is tremendously important, I waited 5-6 years longer than needed.

No hard feelings, just Business. Orevuar.

#248 Fran Deck Jr. on 05.30.17 at 4:03 pm

@ conan (239)

“50 years bro”

You do recognize that T2 (Zoolander) will run this country into the ground within his first term … my argument is that the electorate will be desperate for change in 2019 because most voters will believe that Canada was a better country during the Harper years.

If you are correct about T2 (Zoolander) winning another term … because the NDP will NEVER form the federal government … then Canada is lost – this country’s future will then be a dystopian existence like something out of Blade Runner.

You wrote that you did something which put yourself on Harper’s radar and now you loathe the conservative party so sufficiently that all hope is lost for Canada … apparently it doesn’t matter who the leader of the conservative party is because Canadians will remember Harper for the next 50 years … I’m not certain that is a credible argument because there are millions of Canadians who think that Harper did an outstanding job as PM and I’m certain that Canada’s relations with President Trump would be significantly better if he was still our PM … but please indulge us Conan and tell us what you did to piss-off Prime Minister Harper … he seems to be a reasonable and professional man – what could he have possibly done to you that would create such dissention cause you to suffer from PTSD?

#249 Pete on 05.30.17 at 4:03 pm

Assessing blames-what caused Canada’s unprecedented housing bubble

50% low interest rates
20% encouragement and stimulation by all levels of governments from all parties
20% lack of regulation, liar mortgage, fraud, CMHC
10% foreign buyers, mostly from China

#250 simplyput7 on 05.30.17 at 4:16 pm

#225 Johnny Boy on 05.30.17 at 1:17 pm

You lost me at he “smiles unlike Stephan Harper”…

I voted, but not for Stephen Harper Jr.

We might as well have just called the federal election that night and give T2 another majority government. Let him practice his poses for all the new selfies he’s going to be taking with the newly unemployed workers from Ontario, thanks to Wynne’s labour reforms.

#251 Livin Large on 05.30.17 at 4:32 pm

Johnny Boy “panders to children more or less”???? I had to stop myself from doing a spit take on that one.

IT’s CHILDRENS FANTASY FICTION” full stop, end of sentence. Unlike Tolkien who wasn’t even remotely writing for children, the Harry Potter related novels ARE written specifically for children. If you’re an adult and enjoy them as well, more power to you but this is children’s fiction.

#252 IHCTD9 on 05.30.17 at 4:32 pm

#223 Renter’s Revenge! on 05.30.17 at 1:07 pm
The whole marriage/babies/house thing scares the crap out of me. I don’t know how other people do it. They must be brave.

I think the best advice today comes from the women – stand your ground and earn your wife’s respect.

Whoever says that marriage should be considered a partnership of equals is wrong. Someone needs to be making the final decisions (man or woman, doesn’t matter). Two people who think their opinions are equally valid will never come to an agreement, and waste each other’s time arguing.
________________________________________

You are right about respect – a husband needs it from his wife or it will be divorce sooner or later, and she is more or less at his whim to be able to supply it. A nice balance. Here are a few good ways to get it.

1. Get out and work

2. Be nice to the kids

3. Pet the damn cat

4. Make sure the answer isn’t always yes

5. Make her [and her friends] laugh

6. “Throw her around in the bedroom”

7. Make sure that you look good enough for wifey’s female friends to notice.

8. Accept the odd female flirt with a smile – a little wifely jealousy re-sharpens a dulling knife like nothing else you could ever do – in 1/10 the time!

#253 BC Army of Forensic Accountants on 05.30.17 at 5:03 pm

To make those BC NDP & Green affordability measures work in practice, they will need an army of forensic accountants, unlikely.

Even with databases, you need someone that knows what to look for to create the query and find the guilty.

Looks good on paper though and hope, does spring eternal.

#254 conan on 05.30.17 at 5:09 pm

#248 Fran Deck Jr. on 05.30.17 at 4:03 pm

I live in Ottawa, and saw first hand, the carnage that was Harper. Do you live in some kind of fish bowl?

50 years hoser

https://www.youtube.com/watch?v=ot70G4wSQi0

#255 Tony on 05.30.17 at 5:17 pm

Re: #249 Pete on 05.30.17 at 4:03 pm

Housing is an alternate quote investment to stocks, bonds, collectibles, gold and silver. People believe bonds are in a bubble. The greater fool theory has replaced technicals in the stock market. Gold and silver continuously is shorted by the central bankers. These are the reasons for people buying residential real estate.

#256 pete on 05.30.17 at 5:35 pm

To Tony #255

If I want to invest in gold or stocks, can I put 5% down and get a loan from bank for the rest 95% at 2.5% interest rates?

Let’s face it. Governments want the bubble. They did everything they can to make it happen. When the bubble burst, they will do everything they can to make sure they are NOT held responsible for it.

#257 Daughter of Ponzy on 05.30.17 at 5:41 pm

Whoever (and it’s not you – peasants) put NDP and Greens in power in BC is obviously hell bent on popping this bubble. Crusty was good pumping, these guys are going to be smashing dumping. All the suckers are roped and it’s perfect time to move the next stage. Same as it ever was…

#258 pete on 05.30.17 at 5:47 pm

Home Capital reported another $53 million drop in deposits on May 29th. Wonder how long they can last.

#259 InvestorsFriend on 05.30.17 at 6:29 pm

Home Capital

#258 pete on 05.30.17 at 5:47 pm said:

Home Capital reported another $53 million drop in deposits on May 29th. Wonder how long they can last.

*********************************
Indeed, ugly drop in GICs yesterday… As you have alluded they are basically in a forced wind down or run off of their mortgage business. No end in sight so far.

#260 Fran Deck Jr. on 05.30.17 at 7:27 pm

@ conan (254)

“I live in Ottawa and saw first hand the carnage that was Harper” … and then he called me a hoser.

Now we understand why Conan hates Harper and the conservatives … he lives in Ottawa, and we know that everyone in Ottawa is a civil servant … which means that Conan is the member of a union (as I originally suggested) and if he’s not, then he would be a middle manager – and we know they also vote liberal, and are selected to be middle managers based on a psychological profile performed by HR because middle managers are required to use Stasi-like tactics to keep their unionized subordinates under control. Ottawa is Canada’s Havana. It’s also a bit like East Berlin during the cold war …

One of the things most Canadians appreciated about Stephen Harper was his belief in smaller government. The civil service shouldn’t be a make-work project for people who lack ambition and imagination. To improve the lives of all Canadians taxes should be reduced significantly and that means cutting government jobs that serve no purpose … and in Ottawa there are still too many. Harper cut 10’s of thousands of jobs in Ottawa because he was elected to do so and I’m guessing that Conan was one of them … maybe he got burned on his pension? If so, the severance money would have been pretty good.

Let’s all pray that Scheer is just as prudent with respect to Canada’s budget when he becomes PM in 2019.

http://ottawacitizen.com/news/national/federal-government-on-track-to-cut-35000-public-service-jobs

#261 conan on 05.30.17 at 8:52 pm

RE #260 Fran Deck Jr. on 05.30.17 at 7:27 pm

As I suspected, you do live in a fish bowl. We are on the next posting now.

#262 YULYYZ on 05.30.17 at 10:17 pm

Debated continuing to rent a few years back but wanted the yard and extra rooms so we found a part of Toronto close to the Lake, walking distance to the GO, TTC close by, groceries on foot, 25 min to downtown and work. There are parts of the city that are undervalued compared to the rest, family communities, parks, schools, 3-4 bedroom homes renovated, 50×100 lots mosty built in the very early 60s.
We bought a nice place, fully renovated and haven’t had to spend on any fixes. We could have bought in a fancier area, but we didn’t want to pay crazy money and have a mortgage forever. This way we have paid the place off and have been able to get back to investing again.
Prices did come up over a million a couple of months ago but are back down to about $850 now.
So have her hang on a little longer and have her look along the lake, especially along the Bluffs communities Highland Creek and out to the Rouge to get a sense of the areas that did not shoot quite as insanely high as so much of Toronto. Good luck! Things will work out fine.

#263 Fran Deck Jr. on 05.31.17 at 12:37 am

@ conan (261)

Hang in there Conan … I know you’re still hurting from Harper’s massive civil service layoffs a few years ago … you’d be impressed with the view from my fishbowl of the 15’th green in Scottsdale … I understand that the weather in Ottawa is quite miserable this spring but the good news is that Wynne is increasing the minimum wage to $15 an hour … I hope that provides you with some benefit.

#264 Nelson on 05.31.17 at 1:12 pm

Thanks for the (mostly) helpful comments! I’m going to stand firm but will go through the motions so that I can prove to her that life is all not that bad in a 1000 sq ft condo in a nice area of Toronto. I also realize there is a lot of hormonal activity that is influencing all of this. Showering her with gifts, vacations, and diamonds will not work as she’s not a materialistic or shallow person and actually very practical which is one of the reasons I love her so much. The main problem is her family believes renting is a sign of lower status and the best way to build wealth is through real estate. I know this is not uncommon with a lot of families but it’s a tough sell even if you show them hard data. There’s a lot of people out there who just don’t understand the math, don’t learn from history, and just don’t get it. Just to give you an idea of what I’m up against, her father believes interest rates will never go up again and his whole family reveres him as some guru as he’s generally a pretty smart guy and has done reasonably well with his one real estate purchase in the 90s.

I’ve worked too hard to be debt free and financially secure so making big decisions based on emotion just isn’t in my DNA. Moreover, I won’t sacrifice my retirement dreams or giving my son more than I had.

#265 FLHTK on 06.02.17 at 6:42 pm

Nelson, happy wife happy life. Hold out as long as you can. Makes me appreciate how financially literate my wife is she is the better one with money, hence my nickname FLHTK, look it up it’s the top of the line model…..anyways. Try to hold out for as long as you can. You have a nice nest egg and commuting really isn’t that bad….could buy a real nice place north of the city.
Everything in moderation.
Best of luck to you.