It’s hard to defend rich people. So let’s not try. But at the same time let’s admit they’re being hammered.
Mr. Dressup created a new, special, eat-the-rich tax bracket so those making more than about two hundred grand a year now pay at least 50% of their incomes to the government. When he gutted the TFSA contribution by half, the same guy said it was because only the wealthy could take advantage of it. So, pffft. Then his finance minister launched a war against entrepreneurs, doctors and incorporated professionals, proposing to tax their retirement nest eggs up to 72% in the name of “fairness.”
Creating division between ‘the wealthy’ and ‘the middle class’ is now at the core of Canadian politics. It’s how ya get elected. Slag people who have more than the majority (where the votes are). And while you’re at it, punish foreigners. They don’t vote at all.
The war on wealthy is orgasmic in BC. The new coalition Dipper government decided to use the cloak of ‘affordable housing’ to launch an assault on money. The best example is the ‘speculation tax’ equal to 2% annually of a property’s value. At first it was applauded as a poke in the eye of rich offshore Chinese dudes who bought YVR houses, paid no Canadian tax on their incomes, and stuck student-kids in them, irritating everyone. Then it became clear it was also a tax on Albertans, Ontarians and other beavers who owned rec properties in the province – just because they can afford a secondary residence. Now we find out it’s also a tax on BCers who live there full-time, but are rich enough to have a cabin or cottage or waterside vacation home.
In short, it’s a wealth tax. Nothing to do with speculation, increasing the rental housing stock or bringing down stupid prices.
This is starting to dawn on a number of people who cast NDP ballots without the foggiest what it might mean. They didn’t actually vote for Comrade Premier Horgan. They just voted against the last lousy leader.
So the reality is if you live in Vancouver and have a summer place in Kelowna, you’re a ‘speculator.’ If the second property is worth $800,000, that’s $16,000 a year in tax next year – only offset by a credit determined by BC income tax paid. If you make $100,000, the tax bill for the K house will be adjusted to $9,000. Pay up. You’re rich.
As some brave local media types are pointing out, this will devastate some of the Gulf Island communities, where most houses are secondary properties for Van dwellers. It’ll crunch the Victoria condo market, dropping prices and sucking off the equity of neighbours. It sure penalizes families who have owned out-of-town (and unrentable) properties for decades. It means legitimate speculators can flip a property and pay 2% once, but long-time owners who never sell will have to pay the same amount every year.
See what I mean? Nothing to do with pricey real estate. It’s a vindictive money grab in a society where people have come to equate property with affluence. Unfair does not begin to describe it. Meanwhile the societal damage being done is truly unfortunate.
Consider the example given on this blog the other day of the 72-year-old retiree from Ontario with a condo in Victoria she has lived in for the past 12 winters. Now she faces a tax bill of $9,400 a year and protests: “It’s a speculation tax, and we are not speculators.”
Did you catch this response from Maxx, a knuckeldragger in the comment section?:
“Except, they are speculators. Except, they are probably paying Ontario taxes. Why? Because they are cheaper. It’s a dirty strategy and it is helping to price out people who actually live here year round, who pay taxes here, and who are tired of having to compete for property against rich ‘investors’ playing house from other provinces. Not an ounce of sympathy for these people who ‘live here’. When economic distortions get to the point where full-time residents and professional couples cannot buy into a market, something is wrong and granny can pony up the full nut on her 500K vacation condo. Granny is a leading-edge boomer and has enjoyed the cream of peak boomer advantage. That cohort moved through life like a plague of locusts, latching onto wealth and bargain re like low-hanging fruit. She likely owns a gem in Ontario which was obtained for pennies on the dollar.”
This is what happens when policies are based on envy, jealousy and (clearly) hatred. Ethics bow to expediency. The lowest common denominator prevails. Politicians make citizens believe they can be better off simply by taking from others who have more. It leads to bizarre thoughts, false premises and bad laws.
Like the empty house tax – just a local version of the spec tax. It’s being considered by Toronto and is now in place in Vancouver. The dumb idea behind it is that tens of thousands of properties are being ‘warehoused’ by rich people just so they can enjoy equity gains, and therefore kept back from the rental market. By taxing owners 1% annually of the value, they’ll be made to rent them.
Again, a tax on wealthy, like the businessman who lives up-province but keeps a Van condo to stay in four days a week. The place is obviously unrentable for the other three days, so taxing it is illogical. Unfair. Unethical. Unless you believe (like Maxx and his premier) that the crime is having money.
Anyway, we now know it’s a joke. The results are in. It turns out the region has 6,300 empty units, most of them condos – or 73% less than the politicians claimed (over 25,000). Some of those are for rent. Some are for sale. Some are being renovated. Some belong to people away because they’re sick or traveling. The bottom line: there’s no giant glut of empty houses being hoarded by the rich. They made it up.
It’s a slippery slope. If we continue to elect leaders this myopic, who pillage support from the angry and entitled, wealth will migrate.
Then we discover, rich lives matter.
320 comments ↓
Arguing with Canadian politicians is futile.
Their job is to lie to you and steal from you.
Even the mob/mafia has more honesty and integrity.
Jimmy always first!
I think 25,000 empty homes qualifies as a small city. Don’t you?
Now imagine a 20-storey condo with 10 unit per floor is 200 unit.
25,000 empty units/200 = 125 empty towers!
Terrible waste in Vancouver. Toronto is at least as bad. Read more
https://globalnews.ca/news/4068194/vancouver-empty-homes-tax/
Except there are not 25,000 ’empty’ units. – Garth
“So tell me, Gordon: when does it all end, huh? How many yachts can you water-ski behind? How much is enough?”
Bud Fox :-)
It’s a slippery slope. If we continue to elect leaders this myopic, who pillage support from the angry and entitled, wealth will migrate.
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Wealth is long gone from this place.
Now we have the debt and the ‘lucky’ winners to pay for it.
Initially it greatly bugged me, all these injustices and theft, lies and corruption.
Now I am in a way starting to enjoy it.
Relax when screwed folks, save your anger, Much more to come.
I think the only thing saving Canada from a pretty large exodus of capital is how dysfunctional the other potential locations the rich could go to are (namely USA and EU) at the moment.
The minute the worm turns, prepare for a Finland-style generational economic malaise.
PHYYRRZZZTTT !
….and welcome to BC comrades!
#3 Ghost Town on 03.07.18 at 5:34 pm
“Except there are not 25,000 ’empty’ units. – Garth”
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Who says? You?? I think I’ll trust the report to the Vancouver city council, thank you very much.
http://council.vancouver.ca/20170628/documents/pspc6.pdf
The numbers have just been published. Try to keep up. – Garth
Far-left fascists try to break into Jordan Peterson lecture at Queens U. One of the students was carrying a garrotte.
The cultural Marxists and their hero Mr. DressUp are destroying Canada.
http://nationalpost.com/news/canada/protester-who-shattered-window-at-jordan-peterson-lecture-found-to-be-carrying-a-garrotte-police
When the majority are not wealthy and have been spoon fed through the media since birth, that it is their birth right to be wealthy, own a home, etc what do you expect?
Naturally politicians are going to appeal to the masses where the votes are.
With the world’s inequality is growing daily, sooner than later, people will become desperate.
And what happens when anyone is desperate, feeling a lack of control and power over their lives?
All this angst on all sides of the debate is just so frustrating. Raise the goddamn mutherfkn interest rates already and we wouldn’t have to discuss any of this. The POS Poloz is putting it off again.
#6 friend to cats on 03.07.18 at 5:37 pm
I think the only thing saving Canada from a pretty large exodus of capital is how dysfunctional the other potential locations the rich could go to are (namely USA and EU) at the moment.
The minute the worm turns, prepare for a Finland-style generational economic malaise.
——————————–
You are very badly mistaken.
Money is not stupid.
Shepple is.
https://www.armstrongeconomics.com/international-news/canada/foreign-investment-into-canada-has-collapsed-by-26-in-2017/
There is already 30 billions going out of this place in the last few months alone, with Shell and Conoco Phillips moving production to the states.
We will be hit with tariffs, i.e. less steel, aluminum exports. NAFTA is uncertain.
No one will invest in this place with it’s retarded policies.
When developers sell market condos in china first before locals get a chance what does that tell you .
That you didn’t read the post. Stop hating. – Garth
A few years back I managed a small business with about 60 employees. These employees were some of the best people I’ve ever met. In the few years I managed the company I never had one employee come to me and ask for a raise based on their individual merits, but I did have a constant stream of employees coming to me asking what everyone else was getting paid. I can’t help but believe for every ounce of greed there is a pound of jealousy.
“It’s a slippery slope. If we continue to elect leaders this myopic, who pillage support from the angry and entitled, wealth will migrate.”
Political, Social & Economic culture in Canada is a toxic brew spread over a Liberal wasteland. Canada is slowly grinding down into the abyss.
Wealth taxes are awesome, we should have more of those (along with financial transaction taxes) instead of income taxes and sales taxes.
Buddhism suggests the 4 space/ time dimensions we live in are an illusion. The real dimension, the 5th dimension is consciousness. Buddhism suggests that emotional attachments to physical objects/wealth/relationships in this physical world is the source of suffering, and preparations to entering the 5th dimension include detaching yourself from these attachments. (One enters this world with nothing, one leaves with nothing) This, in part, is why Buddhist Monks own nothing, not even their given names. Buddhists Monks are always emotionally ready to enter the 5th dimension and are grateful for the present. The good news is, If Justin Trudeau or Jagmeet Singh becomes the next leader with a majority, the process of detaching everyone from their wealth will kick start everyone’s preparations for entering the 5th dimension.
(BTW, there is a lot of evidence that suggests Jesus Christ was a Buddhist Monk, lived into his nineties, and died in Pakistan)
https://www.youtube.com/watch?v=xY0Ib3aPG6Y
#2 Jimmy on 03.07.18 at 5:34 pm
Jimmy always first!
Except, when he’s not. Except, when he’s second. Why? Because he’s slower than Stan Brooks. It’s a dirty strategy and it is helping to out-first people who actually comment here year round, who offer useful advice here, and who are tired of having to compete for comment placement against faster commenters playing first from other blogs. Not an ounce of sympathy for these people who ‘live here’.
Garth, when do you think prices will drop in Peel Region? I’m in my late 20’s hoping to pick something up this year. A detached 3200 sq ft property would be ideal. Smooth ceilings, 9 foot at least. Newer built. Don’t want anything old.
I’m only willing to pay 700k for it though! How long should I expect to be waiting? Haha
Ghost Town got owned.
At one time we were a Christian society. Then you could quote “Thou shall no covert thy neighbor’s goods” and it would have meant something. Today in our secular, cultural Marxist society not so much.
#14 Bezengy on 03.07.18 at 5:55 pm
A few years back I managed a small business with about 60 employees. These employees were some of the best people I’ve ever met. In the few years I managed the company I never had one employee come to me and ask for a raise based on their individual merits, but I did have a constant stream of employees coming to me asking what everyone else was getting paid. I can’t help but believe for every ounce of greed there is a pound of jealousy.
———————————————
Or…..maybe your employees simply wanted to be certain they weren’t being taken advantage of, or being taken for fools. You think employers are always lily-white when it comes to paying employees fairly based on their relative and absolute contributions? It seems any desire for fairness is termed “jealousy” by some.
In short, it’s a wealth tax.
Well duh. You’ve heard of wealth inequality right?
If you make $100,000, the tax bill for the K house will be adjusted to $9,000. Pay up. You’re rich.
If you make $100K you don’t own a place in Vancouver and an $800K one in Kelowna.
Nothing to do with pricey real estate.
Really? Will it bring real estate prices down? I thought so.
It’s a vindictive money grab in a society where people have come to equate property with affluence.
Land owners have been the wealthiest of people for centuries so don’t pretend like this is some new connection.
Unfair does not begin to describe it.
Vancouver families who can’t find a place to rent because vacancy rates are <1% and renovictions are a constant and they can't buy. You're asking them to cry for the unfairness for the people who own multiple homes? Vancouver is a full blown housing crisis. Its why the NDP got voted in.
Consider the example given on this blog the other day of the 72-year-old retiree from Ontario with a condo in Victoria she has lived in for the past 12 winters. Now she faces a tax bill of $9,400 a year and protests: “It’s a speculation tax, and we are not speculators.”
Don’t get hung up on the name. She’s not a Victorian either. Victoria has the same kind of housing troubles. People over there would tell you to suck it up. If you want to waste a unit of their valuable housing stock by leaving it empty half the year you can pay for it. Meanwhile locals are suffering for it.
This isn’t about jealousy. It’s about making Victoria livable for Victorians, not Ontarioians who want to get away from the snow once in awhile. The west coast is not Canada’s Cancun. We’re Canada’s Bahamas. A wealthy smart Gulf of Mexico nation that realized it was a popular destination so they hiked up taxes on outside buyers while at the same time building a strong banking economy. This is how they have a much higher standard of living than the nations around them who let rich North Americans come and exploit their pricing differences while adding nothing except seasonal tourist dollars. You want to come out to BC? Grab a hotel or pony up if you’re going to buy a place but this city exists for locals, not as your resort.
The results are in. It turns out the region has 6,300 empty units,
Those are the self-reported numbers so there is a non-zero number of people who lied and those who didn’t turn their assessment in. That means these numbers are an absolute low bar. Ignoring the condos, it means 7% of Vancouver SFH are empty. That’s over 15% of residential land area sitting unused while people struggle to find housing. Insanity. Include the condos and it’s 6 full sized condo towers in downtown and the west end alone.
If we continue to elect leaders this myopic, who pillage support from the angry and entitled, wealth will migrate.
Ah the old “kiss the wealthy folks ass or they’ll leave” routine. I thought your breed died out with Reagan.
Garth as always you hit the nail right on the head. What’s happening in Canada is disgusting and would make anyone with an ounce of intelligence extremely angry. The Government’s job is to ensure that the policies in place bring capital into the nation (or state) and thereby allow those who wish to work for it to obtain gainful employment.
Re-distribution of wealth based on a subjective set of specific criteria (who will vote me back in) is nothing more than window dressing as it will never yield anything other than pandering to idiots. How can folks not see this for the obvious garbage that it is.
I think that BC water is contaminated with a brain slug that eats the victims neurons and slowly turns them into an NDP Voting Zombie :-)
#19 NotLegalAdvice on 03.07.18 at 6:02 pm
You have these 700 k cash? in your late 20-es?
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and then he woke up with his fingers in the outlet and his behind applauding….
Did you catch this response from Maxx, a knuckeldragger in the comment section?:
——————————————————————–
Just wondering does Maxx have a little Moustache???
DELETED
It’s a biblical tax grab. Comrade Horgan and his droogs need that money to plug the ICBC dam and fight Comrade Notley / Kinder Morgan.
‘based on envy, jealousy and (clearly) hatred’. Yes indeed. In the eyes of the envious, anything goes to bring others down – in effect, to punish them for the crime of having stuff they themselves want. Folks like this do not take responsibility for the state they are in either – it is always the fault of someone or some thing else. As for having to actually work years to acquire for themselves, why would they when the government is so willing to buy them off by this wealth redistribution?
Canada has been a tax haven for the world’s corrupt rich for far too long; money laundering through real estate, BC Casinos and Scotiabank to name a few. These extreme measures are necessary in order for shut down decades of turning the other cheek to blatant illegal activity. People are tired of the wealthy not following the own rules that they created. Now everyone will get burned. What can you expect?
The Conservatives put Canada up for sale, now we’re all whining when we realize that it was terrible policy, except for their bank accounts and cronies.
Canadians Have the MOST DEBT In the World! Middle Class Will Face MASS BANKRUPTCY!
http://investmentwatchblog.com/canadians-have-the-most-debt-in-the-world-middle-class-will-face-mass-bankruptcy/
Poloz will never do the right thing. He sux
I’m sorry Garth. Houses are for ppl to live in not for speculation. If you have enough money to buy a second property you should also be able to pay the 2% tax.
Again, working and saving money is not getting me anywhere, this situation is stupid, anything to destroy this insane housing crisis is very welcome.
Let’s face it. British Columbia has become anti-Canada.
People hate being taxed. I get that
But everybody wants their handout from the Government too. You want to lower the tax rates?
1.) Make a line on the Tax Return indicating how much income was pulled in a tax year from TFSAs. Add this to income earned to determine if people qualify for OAS, GIS etc.
2.) Lower the cut-off points for OAS. OAS was supposed to be welfare for seniors. Starting to cut it at $70,000 means a retired couple can make $140,000 and still get full OAS. Its ridiculous
3.) Stop the Trudeau Bucks that come to parents. I get a cheque for $200 a month and my family gross income 200,000 a year (probably $160,000 after deductions). Why are you sending me money? I use it to go on Disney Cruises…
We’ll never do this though…. because it would be political suicide.
Looks like the chickens have come home to roost. Poloz realizes that housing is the only thing holding the Canadian house of cards together. We will finally get our 2008 US financial crisis in 2018. He can only watch the carnage. He knows he can’t control mortgage rates as they are set by US bond markets.
Canadians are tapped out and can no longer borrow against their houses. 30% of the economy is toast.
No more dinners out and no more baby GAP clothes and the million dollar loss on your Richmond Hill dump will get you your first divorce.
You will never recover.
Welcome to the next Venezuela.
Voters said “do something” about skyrocketing bidding wars. So the mandate is tank the market instead of increase supply… or prevent those who should know better than to buy 3 properties as investments…
Looking for a truck
16 SunShowers on 03.07.18 at 5:58 pm
Wealth taxes are awesome, we should have more of those (along with financial transaction taxes) instead of income taxes and sales taxes.
——————————————————————–Did Screwed Canadian Millenial sneek in here again?
you Guys will need a Trump of your own before long.
MCGA.
So the reality is if you live in Vancouver and have a summer place in Kelowna, you’re a ‘speculator.’ If the second property is worth $800,000, that’s $16,000 a year in tax next year – only offset by a credit determined by BC income tax paid. If you make $100,000, the tax bill for the K house will be adjusted to $9,000. Pay up. You’re rich.-GT
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BC. Bring Cash
The numbers have just been published. Try to keep up-Garth.
________
LOL, so you’re believing the answer to the “Would you like to be taxed” question over the stats?!
https://www.zerohedge.com/news/2018-03-03/millennials-and-their-scary-support-socialism-communism
Quelle surprise..
DELETED
See what I mean? Nothing to do with pricey real estate. It’s a vindictive money grab in a society where people have come to equate property with affluence.-GT
///////////
Almost like a tax based on your wealth instead of income.
Is anyone surprised?
#2 Jimmy on 03.07.18 at 5:34 pm
Jimmy always first!
//////////
Jimmy you first in my books cause Stan doesn’t count.
lets not throw the baby with the bathwater. If there are cases where the tax should be waived I am sure the government would be reasonable enough to do that. The “rich” generally has the last laugh so lets not just add to the divisive rhetoric. Condos marketed outside Canada and sold to rich foreigners like a commodity is the real issue here (atleast in BC) and not talking about it on your blog is tells us that you just don’t want to pay attention to the real causes. This market will sort itself out is the biggest scam in Canada supported by self serving politicians and the ultra rich business interest lobbies.
Someone sounds like they are in need of a 10 gallon hat and an H1B visa. Americans need investment help as well.
There is an alternative to all this anger and taxation. The bank of Canada has advised for decades that people should borrow no more than 3-4 times their annual income. Lets just raise incomes to match the hyper inflation we have all been subjected to by the terrorists in Ottawa over the last 15 years.
The average home price in Vancouver is just over $2Million million dollars. Using my Jedi math skills that tells me the average family income needs to be $666,666.00 per year. This is perfectly reasonable in my mind. More reasonable in fact than the thought of paying $2Million to live in this festering cesspool of a city
Until this becomes a reality, nothing posted here means anything.
Lets not confuse successful and rich with lucky. Whats happening in Canada is a crime against the young. It is temporal warfare and in all warfare the lives of the enemy mean nothing.
#18 Renter’s Revenge! on 03.07.18 at 6:00 pm
#2 Jimmy on 03.07.18 at 5:34 pm
Jimmy always first!
Except, when he’s not. Except, when he’s second. Why? Because he’s slower than Stan Brooks. It’s a dirty strategy and it is helping to out-first people who actually comment here year round, who offer useful advice here, and who are tired of having to compete for comment placement against faster commenters playing first from other blogs. Not an ounce of sympathy for these people who ‘live here’.
/////////////////
You sound so angry it makes me hot!!
#3 Ghost Town on 03.07.18 at 5:34 pm
#8 Ghost Town on 03.07.18 at 5:44 pm
“The numbers have just been published. Try to keep up. – Garth”
——-
I carefully checked your “updated” link. Are you telling me that you put more faith in data generated by a Mayor’s Office that is based on “voluntary declarations”?? Data coming from the office an elected position should be view with skepticism.
Once again, I’ll trust the census data generated by the non-elected staff of Statistics Canada any day!
Statistics Canada says: 25,000 empty units in Vancouver
Mayor’s Office says: 8,500 empty units in Vancouver
Who you gonna trust?? Place your vote!
The data I linked to is the only statistical evidence. – Garth
Hi Garth, last comment promise. What is RLM?
Boo boo- the world is unfair! Now the rich are getting taxed. The government is sooo mean. Serious?
So for 10 years don’t buy real estate- it quadrupled. Now no one can afford anything and boo hoo- speculation is being taxed. Give it up. Would love to see you as a 26 year old fresh out of university in B.C. with debt and zero chance to live in your home province- right suck it up and move to Nunavut!
Big change of heart here. Yes I understand the boomers had it hard with rising wages, jobs all over the place if you had a sick a** high school diploma- 30 years of falling interest rates, massive asset appreciation- but now- touch my city get away condo and the world is evil-
If I say what I really think I’ll be banned for life. Expect to get banned for this too. So out of touch with everything- about time young people step up and fight- like they did voting out criminal liberals in B.C. and hopefully it carries on- probably won’t though.
Boo fricken hoo. Wealthy boomers and foreign gangsters have to pay a tax on their 2nd/3rd/4th home. Cry me a river while I play the world’s tiniest violin. When the hell did boomers become such petulant whinebags? Most millennials will never even be able to own ONE home thanks to the economy that you people screwed up so badly.
Looks to me like the dippers brought in the spec tax to get elected out here in BC. Without actually spelling it out (trust us.) Now that they are in power they get to spell it out. Except now we find out they don’t know how to spell.
Wonder just what the percentage of the vote was just plain old … any one but Christy.
The BC Empty Homes Tax is a self-reported declaration. Through my dealings with many individuals I believe many would not self-declare if they had an empty home and would take the “let them find me” approach.
Although falsely declaring your property status can result in a $10,000 per day penalty, due to the prevalence of non-enforcement in BC I can see many empty home owners willing to take that risk.
Based on the available exemptions it will be very difficult for the City of Vancouver to gather evidence to the contrary.
Funny. If you don’t like the numbers, call them fake. – Garth
#17 Ray on 03.07.18 at 5:59 pm
Buddhists also seem to hate muslims
https://www.telegraph.co.uk/news/2018/03/06/sri-lanka-declares-state-emergency-buddhist-muslim-clashes/
Interesting to see people conflate income with wealth.
They are not the same. A family making 200k in Toronto and paying off a McMansion in Richmond Hill is not wealthy. They are taking a big tax hit, and allocating a lot of their post-tax income to their mortgage.
I see the same thing in Silicon Valley, where you can shell out 40k a year on a one bedroom apartment rental in San Jose. Add punishing California taxes on top of that, and you have fairly moderate savings left on a 160k salary.
Truly wealthy people keep their money in corporations and trusts. Anyone who graduated from law school or business school knows that.
As a rich dude, I have to say that Maxx has a point. The free ride up in value of homes, including second homes, has been a tremendous windfall to, mostly, the boomer generation. Created by politicians, mostly of the same generation. The excuse that they had no choice but to follow the US in lowering interest rates is pure BS, since it would have been easy to tighten mortgage rules while lowering interest rates. Now, the new BC tax is eating up a portion of this huge windfall, but only very gradually. The only losers in this are the generations after the boomers, they are more likely to have bought second homes in the past three years; as a result, the annual 2% nibbling away at their home values will be more painful as years progress. But consider the typical boomer who bought a second property in BC 10+ years ago: their property values increased by at least a factor of 4 in their sleep, thanks to their boomer compatriort politicians. At 2% annual tax, it will take decades to nibble away the free windfall. In the meantime they can sell at any time. Will this lower home prices. Yes, undoubtedly, in the coming years. Only the wealthy will not bother to sell. At least we will get some sanity back in the BC housing market. In the politicians, not so much….
You yourself keep denying the influence of money laundering and foreign speculation in real estate and now you are saying that people with more than one property have not caused this housing bubble. Which is it?
numbers some times don’t tell you the truth. I live around crystalmall, an Asian community, Burnaby. I can tell you that people are talking about how to avoid the empty tax, couple of my neighbors took off the lighting fixtures so they are claiming the condo is under renovation….. I’ve seen the ads over a popular local forum, they are paying someone for signing the fake rental contract. I’m in my 50, have my own house, I don’t know how my kids can afford a place to raise their kids. People are always blaming the government, but they still need to do something, good or bad, as long as I can see some hope for the kids.
#18
Renter’s Revenge, you sound like a typical Canadian.
Whining and complaining when someone tries their darndest to be first.
I’ve bought SM’s book to support his efforts.
Go back to your basement.
#17 Ray on 03.07.18 at 5:59 pm
Great summary of the Buddhist philosophy but isn’t there the part that says the more attached you are to material goods along with the other 7 sins, you will come back in the next life to suffer for your past life’s misdeeds? This is why a lot of poor folks who follow Buddhism accept the card they are debt instead of bitching about it.
I often wonder what Trudeau will come back as?
Trudeau senior took a different tack – he legalized panhandling.
So the reality is if you live in Vancouver and have a summer place in Kelowna, you’re a ‘speculator.’ If the second property is worth $800,000, that’s $16,000 a year in tax next year – only offset by a credit determined by BC income tax paid. If you make $100,000, the tax bill for the K house will be adjusted to $9,000. Pay up. You’re rich.
Yeah someone earns 100k a year and owns a home in Van and a 800k vacation property in Kelowna. That seems legit.
How about if that vacation property were to come to do a reasonable valuation of, say, 200k? Then your dreaded tax is…wait for it…zero. Yeah. net nothing. Instead of using government power to drive prices UP this government power is driving prices/value DOWN. Bad for wealthy cons. Better for poorer liberals. Understand better now?
Boo boo- the world is unfair! Now the rich are getting taxed. The government is sooo mean. Serious?
So for 10 years don’t buy real estate- it quadrupled. Now no one can afford anything and boo hoo- speculation is being taxed. Give it up. Would love to see you as a 26 year old fresh out of university in B.C. with debt and zero chance to live in your home province- right suck it up and move to Nunavut!
Big change of heart here. Yes I understand the boomers had it hard with rising wages, jobs all over the place if you had a sick a** high school diploma- 30 years of falling interest rates, massive asset appreciation- but now- touch my city “get away” condo and the world is evil-
Shame on everyone for rocking the boat.
If I say what I really think I’ll be banned for life. Expect to get banned for this too. So out of touch with everything- about time young people step up and fight- like they did voting out criminal liberals in B.C. and hopefully it carries on- probably won’t though.
The spec tax is stupid. The area I live in has a fair number of summer homes. These folks pay their way, their property taxes are the same as mine. This tax will be 20-40k a year for these homes, have to imagine it will force some sales. No one is going to put these in rental pool and the locals aren’t going to scoop in and buy these homes on the cheap. Local speccers are the only winners here, no more inventory opens up and local speccers will hold these homes until the tax is reversed.
I’m not overly religious but the Bible is a great source of history. I think this passage would apply to what is happening in BC:
“Woe to them that devise iniquity, and work evil upon their beds! when the morning is light, they practise it, because it is in the power of their hand. And they covet fields, and take them by violence; and houses, and take them away: so they oppress a man and his house, even a man and his heritage.” (Micah 1:1-2)
And of course, the Bible talked about the evils of socialism with this passage:
“Thou shalt not covet thy neighbour’s house, thou shalt not covet thy neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour’s.” (Exodus 20:17)
I can’t get my property in Kelowna sold fast enough – time is money, so a price drop down to get it moved might make sense here, if that even works. This is what you call past the peak, which can only be identified once you pass it. It is still high but looking like it is going to tank hard.
Chartered Accountants are advising their clients to offload secondary BC properties.
And I don’t expect anyone to feel bad for me.
Having multiple homes is fine as long as you don’t have a homeless crisis happening due to such hoarding of multiple properties. A crooked game that is out of control.
So, when people are suffering like they are now – time to fix it.
Hulk Horgan rules!!!!!!
I am never voting Liberal ever again. Never, ever, ever again.
So 4.6% of properties will pay the vacancy tax in Van according to the link provided by Garth (which goes to the cities website).
Reminds me of those that post how sick they are of hearing their friends chat about how many properties they have. Then these people complain that it’s the Chinese. The most recent meme is that it is fellow Canadians. Who will it be next? Obviously not.. you know… the people that live there. That would be absurd!
The price increase was more or less self inflicted. So will be the decline as this pillaging by way of taxation takes affect.
I love BC but damn they are going nuts over there lately.
OMG – give up on the TFSA cut by 50% hyperbole. It’s disingenuous at best.
I agree with your previous points that one consideration was to cap RRSPs and NOT TFSA (not that would ever happen). Set TFSA at 10K AND set max RRSP to 10K for everyone. That would have been more fair I think.
The problem we have is we’re trying to fix bad policy that a blind eye was turned to because 70% of Canada owns at least 1 house and man it feels good to get rich doing nothing. Now that houses cost 25 median annual wages, there is a lot of pressure to do something, anything, to bring sanety back. There will be lots of collateral damage and it will bring a lot of hurt but it should have never got this far and now we’ll all pay the price. I will say though, kind of ironic that you tell the young uns to quit complaining and move if they feel they are victims, but somehow the home owners that have won the lottery are exempt from your if you dont like it move mantra.
Whatcha gonna do when Horganmania destroys you speculator?
Right on, brother!
When it comes crashing down and it hurts inside…
“Mr. Dressup created a new, special, eat-the-rich tax bracket so those making more than about two hundred grand a year now pay at least 50% of their incomes to the government. ”
Unless their incomes over $200,000 come from capital gains or dividend/distribution income.
As I said here previously, we are governed by the children of the wealthy. These people have never had to work, and earn their incomes off of trust funds. Trust funds earn their incomes from capital gains and dividends/distributions coming from large sums of money (ie, millions of dollars being held and invested, for the benefit of the wealthy child, set up by the child’s family members).
Trust fund kids value one thing more than anything else, and that is their trust fund. It makes them who they are, separates them from the rest of us, and makes them untouchable. They can play philanthropist, pretend they care, help the “poor” (ie, everyone other than themselves) and appear to be very caring, helpful people, because “the chip stain’s grease, will come out in the bath.” (Pulp, Common People).
The trust fund is the most important thing.
Wealthy people’s children will never, ever, ever, ever knowingly tax themselves.
$250,000 per year, earned off of dividends and capital gains from your trust fund, will ALWAYS be taxed less than $250,000 per year earned from working.
So what to do?
Put a mil in the markets.
It’s actually not that hard to do. There are people who have started working at 20 and had it done by age 30. You can be a trust fund kid too…….
the rich will stay rich (like it or not)
those who aren’t rich are voting to take away the ability to become so.
If I was a middle class person, I would be furious.
I have two employees by accident. One makes $130K in Denver, the other makes $145K in Calgary. The disparity on take home income is tremendous. Which one do you think complains about their pay more?
#27 Dan
and #28 SCM
is (probably) the same weasel using 2 different names.
GARTH your system has glitches, the troll is back!
More acid and hatred than ever before from the mouth of this little Marxists today.
Please, please make his/her GONE status permamnent.
Thank you.
@#35 Screwed Canadian Millenial
“When the hell did boomers become such petulant whinebags?”
++++++
Pot meet Kettle.
I think you’re confusing Millenials with Boomers
Just following up on Dave’s comments yesterday about the shortage of rentals. I have a number of units in a central ontario town, and also just recently had turnover. The response to my kijiji ads were also insane! I’ve had executives, professionals etc show up with credit reports, bank statements, OPP criminal background checks, etc. It’s a very tight rental market right now. I believe rental prices are only going to continue to go up as the Ontario liberals continue to over regulate and fail to protect landlords from fraud and abuse from tenants. Landlords are getting out of the business now after horrible experiences with the LTB and fear of even more regulation / risks.
(I agree tenants rights need to be protected, but landlords also deserve protection too!)
Screwed Canadian Millenial:
“Most millennials will never even be able to own ONE home thanks to the economy that you people screwed up so badly.”
Not with your victim mentality.
It’s even in your forum alias. Says a lot about what you think of yourself.
Don’t vilify people because they are more ambitious and successful than you.
Hello. I wrote to Marc Miller MP complaining about additional taxes on small business and, …TSFSAs. Said this is more taxation, and TFSAs were best thing for middle class. He wrote twice, once to thank me for my concerns, later thanks again because I helped not implement the taxes. HA HA HA. Never mentioned TFSAs. OK “middle class” is coded language for free stuff, leftist socialist philosophy. Those who get it, get it. Entropy. Were being Zimbabwe’d. Best estimate it will take 40 years. Garth’s last words, wealth will migrate. I’m already doing it with my investments. Sad, very sad, love Canada, very sad.
Oh and here’s a bet for the lot of you.
I am wagering that BC’s new 2% property tax law will have an exemption for politicians with second properties used for work, and well connected people who need a condo or a vacation property for business use.
Wait and see. I can almost guarantee this will be in there somewhere.
Politicians NEVER tax themselves and their friends. Never.
The most well known.
The best looking.
The best dressed.
Gold around my neck.
Rolex watch around my wrist.
Drive a Lincoln Continental, Mercedes, Rolls, Corvette.
Live in the biggest house on the biggest side of town.
And now I am going to pay some tax.
WOOOOOOOOOOOOO!
How does that mesh with the little old lady condo owner? – Garth
Howard:
“Far-left fascists try to break into Jordan Peterson lecture at Queens U. One of the students was carrying a garrotte.”
The hypocrite Left at it again.
“Freedom of speech, diversity of opinion… unless we disagree with you!”
Liberals
Hey Garth, it’s amazing the jealous people that write commments on your great blog. Ok so houses went up and some people cashed out and made a pisspot and some have 10 houses. Who cares? They took the risk and the plunge and are be rewarded. Why hate people like that? Look at garth for example, runs a investment company he makes a mill per year atleast. So I’m suppose to be jealous of him? My hats off to him and anyone that took a risk and went into business for themselves or bought real estate. I’m 44, I get 11 rent Cheques per month and all places paid for. Oh by the way I worked every hour I could since I graduated from high school in 1991 and went in business in 2008. All it takes is a lot of hard work and drive! All u millennials suck!
8 Days to the Ides of March !!!!!!!!
The White House is disintegrating:
https://www.politico.com/story/2018/03/06/white-house-policy-chaos-gary-cohn-443858
Getting worse by the hour, Trump will soon reach for the big red button as his only diversion.
The next 48 hours alone will be mind-blowing.
If you are in America now, leave by the weekend. Get out of Korea and Japan as well.
Tick…..tock….
PREPARE
The net worth of most people with multiple properties got a massive boost from government intervention, which was undertaken with a view to making things great. Now it is being adjusted down by other intervention with similar goals. At the end of the day, these guys will still come out ahead. If they find it too expensive for their limited means at the moment, they can always move to Regina. We’ve already established that this is no big deal.
The people who are really going to suffer aren’t the businessmen who spend a few nights a week in town or the nice old ladies with properties scattered around the country or the globe. The people who will suffer are the Starbuck’s employees who took Clark up on her leg-up to debt offer, the drywallers who bought a new build in Surrey, the car dealership employees, and so on.
If it is, in fact, time to pay the piper, rest assured that the little people will be footing most of the bill.
Unfair does not begin to describe it.
Vancouver families who can’t find a place to rent because vacancy rates are <1% and renovictions are a constant and they can't buy. You're asking them to cry for the unfairness for the people who own multiple homes? Vancouver is a full blown housing crisis. Its why the NDP got voted in.
<<<what Frank said.
#21 Sam the Sham on 03.07.18 at 6:04 pm
“I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God. When the disciples heard this, they were greatly astonished and asked, “Who then can be saved?” Jesus looked at them and said, “With man this is impossible, but with God all things are possible.” Matthew 19:23-26
“Parallel versions appear in Mark 10:24-27, and Luke 18:24-27.
“The saying was a response to a young rich man who had asked Jesus what he needed to do in order to inherit eternal life. Jesus replied that he should keep the commandments, to which the man stated he had done. Jesus responded, “If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me.” The young man became sad and was unwilling to do this. Jesus then spoke this response, leaving his disciples astonished.
”
https://en.wikipedia.org/wiki/Eye_of_a_needle
If you’re going to start throwing “Christian morals” into the debate, you may want to keep in mind that Jesus was also an anti-elitist revolutionary fighting against debt slavery.
‘Jesus responded, “If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me.”‘
According to Prof. David Graeber, the commandment you mentioned was arguably actually about not foreclosing on your neighbours debts to you, which at the time could also have forced him to sell his wife, children, and even himself into slavery to pay the debts. To Jesus, rich lives mattered *just* as much as poor lives, no more, no less. Rich people sometimes forget that and think their lives matter more by seeing their wealth & privilege as a sign of God’s blessing.
#67 Trojan House on 03.07.18 at 6:52 pm
——————
Wasn’t the bible written by rich dudes trying to protect their wealth? ; )
So a thought crossed my mind, ethically, what is the difference between this new BC 2% tax and the new South African plan to confiscate farmland? I guess it’s the rate at which it’s being done but it looks like a property seizure to me either way. And in both cases a specific minority who is powerless to stop it is being targeted.
In South Africa the mantra is that confiscating farmland without compensation is justified as retribution for apartheid, which was terrible, but it’s also been over since 1994. Also when Zimbabwe did the same thing they completely collapsed agricultural production and it still hasn’t fully recovered, because it turns out you need farmers and like all skilled professions it helps to have some experience. Anyway if I was one of those farmers I’d pack my bags, abandon the farm, and head for Europe or the US and take my chances with immigration.
I don’t see the BC 2% tax as much different, except maybe lacking the racial overtones or perhaps the race being targeted in BC is Chinese foreigners and Albertans. In both cases the government is targeting something the minority has and the majority doesn’t: property. Or should I say “more property than the average”. In both cases I predict tragic and unexpected results. The majority might think they benefit somehow from taking property from the minority, but as we’ve seen countless times from the Soviet Union through Zimbabwe and Venezuela when property rights are annulled property becomes worthless and unproductive. Why buy it and work it or take care of it if you can’t keep it? And if they can take your neighbor’s property because they have “too much”, be sure they can take yours too, so it isn’t worth anything.
Property and income taxes that we all pay equally are disturbing enough as it is, but at least the argument can be made that they are equally applied and pay for the roads and the schools. However even here there is already an idea baked in that the rich should pay more because they are rich. Do the rich drive around more? Do they put more kids in school? How are they using more services? Yet they pay for 80% of the total society wide bill already.
I also find it stunning to learn that BC residents are also impacted. If you have a second property, you only get discount on the new 2% tax for what you’ve already paid in regular already high income taxes? If I understand this new (to me) twist, it only goes to prove politicians cannot think, only react. It means there is no 2% tax on the 1% because they are already paying so much income tax as their credit will be 100% of the new 2% tax, unless the second home is a dozy. All the doctors and lawyers who have a house in Whistler will be unaffected whereas the plumber who has a small cottage in lake country will be hit. Disgraceful. These folks cannot think things through.
Property values in BC are about to plummet. This is going to be even more entertaining than the bubble was.
The weasel is back Mr. G. ——> #53
A lot of people probably didn’t declare their empty homes tax. $10k a day is a big penalty but for some its the cost of doing business. If they are from offshore and are audited they can just sell the house fast and take off before the city is able to go to court and put a lien on it.
Plus most people probably don’t declare their rental suite income….how is this any different?
Stephen Poloz:
“It will take some time to fully assess the impact of these, as well as recently announced provincial measures, on housing demand and prices. More broadly, the Bank continues to monitor the economy’s sensitivity to higher interest rates. Notably, household credit growth has decelerated for three consecutive months”
Translation:
We can’t raise interest rates because people are so indebted that the tiny increases from last year have already hammered most Canadians who are up to their ears in debt and can’t spend a single dollar more. If we did raise rates the entire economy would implode.
#23 Frank
Sorry Garth. I think Frank, Maxx, and Temple have the right idea. I do not believe their views are discriminatory or racially-motivated in the least . . .
Money from out of province (other provinces and other countries) HAS ABSOLUTELY driven RE prices upwards. It doesn’t matter WHO holds that money (race, religion, ethnicity are absolutely irrelevant), it was earned elsewhere under different regulations/tax schema/conditions. It’s the MONEY that is at issue here, NOT the people.
If a BC-earned wage cannot afford to pay for BC housing, then there is something wrong with the system. I guess we could all raise wages to compensate, but I believe you were against that too, eh?
If you want to own property here, you should have to invest in the communities here . . . pay taxes for the infrastructure that you enjoy, whether you live here full time or not.
#10 common sense
“When the majority are not wealthy and have been spoon fed through the media since birth, that it is their birth right to be wealthy, own a home, etc what do you expect?”
Except that we live in a country where the poor drive their cars to the protest rally. Compared to the other 7.442 billion people on Earth (2016) we have no idea how good we have it. President Carrot Top has been criticized for referring to some countries as “$**tholes”, but there really are places where lots of people live and there is no plumbing, they literally defecate on the street and live in a cardboard box. We are seeing more of that in NA with homelessness on the rise, but really, we have it pretty good.
I’m sorry Garth.
You know that I love you but that rebuttal by:
#23 Frank
was hilarious.
I especially liked the “Cancun” and “$100K” vs. home ownership self evident logic comments.
Today Garth, you managed with your colorful and humorous prose to really p*** off La La Land residents that have been priced out of their RE market & Rentals by the wealthy, foreign or domestic [ET included].
There are days Garth that I think you just love being punished, today would be one of those days.
You have to admit Garth, this entire housing situation was originally created by the central banks of the world with their low interest rate policy aka money printing. You keep advocating for the free market, the central bank policies directly interferes with the free market aka capitalism
Lots of hate and coveting displayed in the blog section. Hummmm. Have real estate listing volumes started rising? Or worse spiking? At some point the backlash could mean a ELE on the NDP in BC. In the near term, folks drowning in these property related tax grabs may have to liquidate investments to pay up….. notice any up-tics, Garth?
US steel opening up a dormant plant in mid west
500 new high paying jobs for deplorables.
Suck on that Starbucks philosophers.
With rates rising, and BigD knocking the door down, who can afford the rich? Discretionary spending? Fugetaboutit. For me it’s food (supplement with fresh squirrels for protein), rent, bus pass. Yeah, there’s also popcorn, which I could do without, but personally, I cannot afford any rich at the moment. I do feel for them, we’re all human, but life is a bit tough now. Sorry.
I have to laugh at the disingenuous take on how the BC tax will make things better for the locals. Let’s see: housing prices come down & housing is freed up due to everyone deciding to sell any second property they may have to avoid being hosed on tax. So those windfall ‘gains’ – which are only realized if & when a property sells for more than what it was purchased for – disappear due to the glut on the market. Question: does the great BC tax grab get refunded if a property valued at ‘X’ for tax purposes sells for less? Is there any recourse if no one will purchase said property? If not, how does one get out of paying the tax on a property that no one wants to buy?
Next, let us presume the hungry hordes rush in to purchase all the secondary properties up for sale (or rent them). Now THEY are ‘the rich’, no? So, will they be just as happy if the tax laws are ‘adjusted’ to ensure the revenue the BC government was expecting from all those speculators & out of province is maintained by those who are now property owners? What if those evil boomer parents die & leave a secondary property to their children? Oh no! Now they are the ones on the hook for taxes. Sell! Sell! – but wait – who is going to buy & at what price?
Here is the thing those who justify taking from others forget – that what goes around comes around. Karma is a beautiful thing.
Hey Garth,
The bigger problem you have in mediating this battle is that there are two different sides on one side of this argument. Believe it or not, the “real” wealthy are probably not even the targets.
First of all, there is your group who have actually grown wealth and are reaping the benefits of that wealth including, possibly, a second condo in Toronto and maybe Vancouver.
Nobody really cares about that as we have always had wealthy people in Canada and they have not distorted any of the markets in Canada. I’m afraid your group has become collateral damage in this fight.
The other group lumped in with your side would be the “pretend” wealthy. Those are the homeowners that have decided that they are “investors”. The increase in 2nd home buying by locals in all of the main centers is breathtaking.
These are the “wealthy” that have distorted the market thanks to the “emergency” rates that have been in place way too long.
Apparently, in Toronto, locals decided that multiple homes were great “investments” as their market took off. You can bet Vancouver and Victoria followed suit and this article was from 2016. The latest poll in Victoria showed 22% of homebuyers were purchasing second homes.
https://betterdwelling.com/city/toronto/foreign-buyers-domestic-greed-121000-toronto-homeowners-multiple-homes-city/
“The province is calling out Torontonians that bought multiple homes in the GTA, and there’s a lot of them. An analysis conducted by the Ministry found that 121,100 people in the GTA owned at least one other home in 2016. This number was a 14.46% increase from the prior year, and was the highest year of growth in the 16 years of data provided. In 2000, that number was just 24,000. So we’re looking at a massive 404% growth by 2016. Since this data was taken from MPAC property assessment records, it’s likely an underestimate. Families where a partner is legally registered at another address, wouldn’t have shown up on the query. So while 404% is a big number, it’s probably much larger..”
As some brave local media types are pointing out, this will devastate some of the Gulf Island communities, where most houses are secondary properties for Van dwellers
————————————-
I had a recreational property in the Gulf Islands. I built it myself. It took six years (as a labour of love) to finish from the day I purchased the land. I enjoyed the place for 6 more years, then finally sold in 2006. I’d be really steamed if I still owned the place and had to cough up a so-called yearly 2% speculation tax.
There’s no way you could find a decent full-time tenant over there anyway. The few places that do get rented are generally trashed in short order. I’m quite happy to be out of that game. It’s no country for old men. Especially now.
I haven’t heard about bc residents having to pay the spec tax. Where did you hear/read this is the case? I thought it was pretty clearly stated the tax only applies to people who don’t pay income tax in BC?
Surprise! – Garth
Time to buy a vacation home in Washington state!
A friend is self-incorporated, took a HELOC against his Vancouver condo now 10 years ago, to buy a manufactured home, and a lot in Bellingham. $25k all in. $CDN. Housed a server in a closet, built a VPN to his place in Vancouver, did very well for himself. No speculation tax, a perfectly decent ‘vacation’ home, nearby, and close to the water. Then he writes it all off against his income.
Of course, cottages are not really a BC tradition. I grew up cottaging amongst the 1%ers in Ontario, and was disappointed to learn that nobody in BC has ‘cottages’. Some have time-share condos in ski towns, but most simply go ‘camping’, hustling every year to get a few square feet of sand and flies in a parking lot in a forest, 20 feet from a highway, like THAT’S the life.
Another option is to buy a boat, or an RV. It’s what wealthy people would do. The depreciation hit on either might negate savings on the speculation tax, but a lot of wealthy people might feel better paying for services than paying taxes. The other nice thing about the boat is that one can convert the rest of one’s wealth to gold, and with a little luck, sail away and smuggle it all to a lower-tax jurisdiction.
Of course the plebeians who vote with their ballots, instead of their dollars might not ever think of these things.
Language has no meaning when politicians refuse to define their terms, and no media will press the point. Exhibit A- Bill Morneau’s ‘reasonableness test’
That’s all you need to know: tyranny.
#84 Trumpocalypse2018 on 03.07.18 at 7:11 pm
8 Days to the Ides of March !!!!!!!!
The White House is disintegrating:
https://www.politico.com/story/2018/03/06/white-house-policy-chaos-gary-cohn-443858
Getting worse by the hour, Trump will soon reach for the big red button as his only diversion.
The next 48 hours alone will be mind-blowing.
If you are in America now, leave by the weekend. Get out of Korea and Japan as well.
Tick…..tock….
PREPARE
—
You cant prepare, no carot seads, tuna cans or glod bulion wont help you. If you ever wonder how all will palay out get a book, The Doomsday Machine: Confessions of a Nuclear War Planner, by Daniel Ellsberg. just stop it, already.
Well, one cottage, or summer home, or Sun Peaks ski chalet……
I can understand.
But ten townhomes?
The NDP’s aim is way off the mark.
https://thinkpol.ca/2018/03/07/single-investor-bought-10-91-townhouses-presales-richmond-project-using-numbered-companies-court-case-reveals/
Every democracy ends in tyranny.
Declaration statistics for 2017
183,911 property status declarations submitted
177,562 occupied residential properties (declared principal residence and declared tenanted)
8,481 unoccupied/under-utilized residential properties (declared vacant, declared exempt and undeclared/deemed vacant)
Includes 2,132 undeclared residential properties
=================================
So you can guarantee all 2132 undeclared are unoccupied except for maybe 3.
So the count is really 10613 and that is only Vancouver city. Representing only less than a quarter of the population of the Lower mainland.
Your Stats slant like a drunk in the fun house at the local exhibition after a 3 week binge!
Other way round. The 8,481 includes the 2,132 for which no declaration was made. That leaves 6,300 that are known to be ‘under-utilized’ but many of those will be exempted. – Garth
I got to admit the whole we all are doomed in eight days guy #84 might be a better outcome then the direction this country otherwise seems to be heading.
Let’s face it, if you are on the hurting side of this real estate fraud you will have feelings of hatred for those responsible and those benefiting.
Secondary properties thrown on to the market can only make rents cheaper and property prices much more affordable.
Even if it is a vacation property, it can be rented out and a return on investment can be realized and the taxes can become benign to those who do. They may even realize a good profit.
Re BC speculation tax…
The fly in the ointment for me was re: BC resident with property in say Kelowna …… the offset by a credit based on income tax paid..blah blah blah.
At first glance one may have cut the NDP slack and guessed that zero taxes would be paid on vacation etc homes if one resided and paid tax in BC.
If this is not the case…this is a looming disaster for many regions. We have a family cabin in the Cariboo area of BC…it is currently not in the NDP speculation taxation zone. Vast majority of dwellings are seasonal /vacation use.
If the NDP does not address/amend the speculation taxation planned…many areas will be economically devastated and rest assured massive protests.
#85 Newcomer on 03.07.18 at 7:13 pm
=============================
I like the way you think!
#79 Investx on 03.07.18 at 7:07 pm
Screwed Canadian Millenial:
“Most millennials will never even be able to own ONE home thanks to the economy that you people screwed up so badly.”
Not with your victim mentality.
It’s even in your forum alias. Says a lot about what you think of yourself.
Don’t vilify people because they are more ambitious and successful than you.
————————————————
The Boomer hoovering of wealth has little to do with success and ambition. Practically everyone in the cohort did well.
I’m sure Millennials would love the opportunity to earn enough money for a down payment working at a gas station over the summer like their parents did.
Nobody can choose their birth year and there’s nothing wrong with Boomers taking advantage of their situation, but it is worth questioning whether government should be obliged to kowtow to this generation any longer. They’ve gotten their way for 60+ years, a pretty good run wouldn’t you say?
#53 Screwed Canadian Millenial on 03.07.18 at 6:36 pm
Boo fricken hoo. Wealthy boomers and foreign gangsters have to pay a tax on their 2nd/3rd/4th home. Cry me a river while I play the world’s tiniest violin. When the hell did boomers become such petulant whinebags? Most millennials will never even be able to own ONE home thanks to the economy that you people screwed up so badly.
…..
Not boomers you Nini. Globalism screwed you. Yet you and your entire generation are the teacher trained globalist warriors fighting for even more self destruction.
Idiots is all I’m saying.
..and who educated, schooled and trained that lefty electorate ?
:)
The mothers, the fathers the 70s(on) school system of the ones below 40 should take a hard look in the mirror.
It’s a collective guilt (in an individual society) …and this society… is (and will) get what it deserves.
It’s just how the Darwinian competition between societies work. During the history, countries and cultures got transformed, dissolved, replaced and erased. I know that my statement would make a snowflake cry…but I would say what I was saying to my son while I was completing his canadian education in 10th grade by introducing integral calculus to him: “whether you like it or not…this is how the world works. git!”
He still talks to me :)
I wonder when they start taxing extra bedrooms in houses/condos?
If someone lives alone it’s unfair that he/she/xer has more than one bedroom while others can’t get into the market.
Next step after that is taxing extra square footage.
If you have > 500 square foot per person – pay up.
Back in USSR…
Says it before and I says it again…
Kanada is broken, quaint little idea for 150 years ( or 100 according to Turdeau).
Don’t work no more, it is finished!
There’s no such thing as Boomer hate. It’s simply a nuanced observation.
I would go one step further and set up internment camps for designated Boomers, no need to tag them, since they already wear New Balance sneakers with the Velcro strap closures.
The real problem is governments’ solution always seems to be more tax no matter what the populist want solved . If no problems the government creates one.
The notion that anyone is entitled to any amount of my money is so abhorrent to my mind I can’t even put it into words. I just shake my head at all of these jealous and petty collectivists complaining that they don’t have what others have so they willingly elect governments to punish those that are better off and “redistribute wealth” (I threw up in my mouth a little writing that phrase) thereby cementing the fate of those lesser off to NEVER getting ahead. How can you ever hope to get ahead someday in the future when you’ve allowed punitive policies to be put into place to seize your money as you begin to make more – such brilliant, leftist logic. Your wealth will be redistributed before you even get it. You collectivists will never be happy until everyone is equally broke and then you’ll all be equally miserable to boot.
#88 Bottoms_Up on 03.07.18 at 7:18 pm
Yeah, they were warning future rich dudes about people like Screwed Canadian Millennial.
…as a matter of fact… when Marxism arrived, that exactly type of youth went flocking to it (and for the same generational reasons- in the countries where those doctrines were invented)
…compared to the degeneracy that is coming… Marxism will look good LOL
Maxx is a prototype. Dad didn’t kick his ass when he deserved to (child abuse)…if he had a dad present (blended family or single momma).
…very very political incorrect statement. The core values are always taught in the family… out of which the ethics of hard work and the drive to success are amongst.
Son got a few participation prizes…that were very soundly demolished when he came proudly home…
…so ..when we talk “generations”…the first looks should be in the mirror. Always a potentially bitter pill
Frank: If you want to waste a unit of their valuable housing stock by leaving it empty half the year you can pay for it. Meanwhile locals are suffering for it.
“a unit of valuable housing stock”
the valuable housing stock came into being and is maintained through the commitment of many. Up to now the Province of British Colombia has recognized and protected their right to property but now, for some, the Province has revoked its recognition and protection. The message is clear – the Province doesn’t want and doesn’t need them. It has betrayed them.
Frank you may be anonymous but the NDP and the Green Party are not. They will answer for their betrayal.
#70 None
Sounds fair to me! But one condition, we all pay the same % of income tax! So if I make 500k I pay 250k and if you make 50k you pay 25k
Everyone is equal and should be treated the same
Why the h#ll dont planners in BC and GTA get more housing projects off the ground???? Clearly there is demand
#17 Ray
Really, you are entertaining in your bizarre way – but DO consider easing up or seriously diluting whatever it is you are taking in; it can’t end well
#104 Smartalox
…bingo baby ! a 55 footer with all the trading gadgets on it.
..got gold too LOL
#19 NotLegalAdvice on 03.07.18 at 6:02 pm
Garth, when do you think prices will drop in Peel Region? I’m in my late 20’s hoping to pick something up this year. A detached 3200 sq ft property would be ideal. Smooth ceilings, 9 foot at least. Newer built. Don’t want anything old.
I’m only willing to pay 700k for it though! How long should I expect to be waiting? Haha
===================
Both Brampton and Mississauga are *already* seeing declines in prices for SFH’s year over year.
http://torontorealestatecharts.com/2018/03/06/february-2018-detached-brampton/
http://torontorealestatecharts.com/2018/03/06/february-2018-detached-mississauga/
Cry me a river!
Yes, it is unfair that wealthy can use a house as a place to park money. Houses should not be investments, they are homes to people that need them. When average people that work hard for a living can not afford a home, there is something wrong.
When individuals can form a corporation, own a condo or two and then be able to write off every expense possible, there is a problem. Buy a new TV in your own home or a new couch, but submit the receipt in the corporation and bring down capital that otherwise should have been taxed, yes there is a problem.
At least the BC government has the balls to do something to help out the average person!
#23 Frank – wow.. you’re a pleasant one. I’m surprised you had enough time to write all that. Don’t you have some birds to strangle or cats to skin?
Is it just me or does all this feel like a slow motion acceleration towards hyperinflation?
Interesting article on hyperinflation of Weimar Germany here (including the little known stable money that helped end it):
http://www.usagold.com/germannightmare.html
Just going to add fuel to the fire because it’s fun. What prevents someone with an under utilized home to rent it to a family member for $1 a year? So the businessman with two properties registers his address in the condo and his wife registers it at the principle recidence or rents it to a basement dweller relative for $1 a year.
#84 Trumpocalypse2018 on 03.07.18 at 7:11 pm
8 Days to the Ides of March !!!!!!!!
The White House is disintegrating:
https://www.politico.com/story/2018/03/06/white-house-policy-chaos-gary-cohn-443858
Getting worse by the hour, Trump will soon reach for the big red button as his only diversion.
The next 48 hours alone will be mind-blowing.
If you are in America now, leave by the weekend. Get out of Korea and Japan as well.
Tick…..tock….
PREPARE
====================================
The people of America failed big time by putting a reality tv star who is an Egomaniac with an Inferiority Complex as their president.
Sadly we may all have to pay the price if this loser does something dangerous and puts us all in harms way.
I think we should all look to a safer world leader country that will not vote for TV stars like the Philippine peasants do.
Prediction: in 6 months Poloz will be arrested for being a Russian spy
Come on Garth, do you seriously believe 100% of those who self reported their property to be occupied were telling the truth?
That 8,000 figure is the minimum number of unoccupied properties…
Best post ever Garth. I hate the NDP communists.
Your Stats slant like a drunk in the fun house at the local exhibition after a 3 week binge!
Other way round. The 8,481 includes the 2,132 for which no declaration was made. That leaves 6,300 that are known to be ‘under-utilized’ but many of those will be exempted. – Garth
================================
Looks like I am the drunk today! I have been day drinking and I am almost finished a whole bottle of beautiful red wine!
Can you forgive me for being so sloppy?
Heading to zancudo Costa rica Monday – check out retirement there
Re. First
It’s a simple fix. Publish in reverse date sort with newest comments at the top. That way first goes to the bottom and Garth in mod decides which comment stays on top for a while. I don’t know why the post order hasn’t been reversed after all these years to be honest.
#119 Bitcoinnaire on 03.07.18 at 8:04 pm
…no need to tag them, since they already wear New Balance sneakers…
///////////////////////////////////////////////////////////////////////
Hey what’s wrong with new balance? They’re great ‘walking’ shoes and I’m most definitely not 50+.
I sense an acceleration of discontent in conjunction with the declining home values…as well as the implosion of any sense of ‘generational’ community as Canadians.
All the name calling and creative use of buzzwords is just a bonus! (incidentally, can anyone explain to me the difference between a ‘left wing fascist’ and a ‘right wing fascist’?) I haven’t heard about any right-wing communists yet, but there must be a few out there…
Anyway, I guess nothing-down mortgages and 40 year ammortizations weren’t such a bright idea, huh? Seeing as how that’s what started this madness. In reality, tho; what the hell else was to be done? The market for raw materials/resources was in the tank (kinda still is) and we don’t make or build anything in this country anymore and haven’t for a long time. Something had to keep the economy humming along!
Or, perhaps more accurately stated; something had to keep the economy “appear” to be humming along. Same thing happened here that occurred in the USA…houses turned into creditcards, funding all kinds of purchases…deficit spending. Instant economy…
Lately I’m feeling somewhat doomerish…whats next? There’s nothing left to finance so people can go buy more stuff! There ain’t gonna be any “job creation” unless the government (of whatever levels) go on a hiring binge…more economic hangover to be paid for by later generations.
Entreprenuers? Most of ’em don’t have a prayer in this country…they won’t be creating any jobs cause they can’t get any money, unless it can be proven to a bank that they don’t need it.
(Sometimes I think we’ve devolved into such a conformist society that anyone with an idea or a fresh approach toward anything is viewed as some kind of weirdo; a non-conformist who won’t get a real job and make their payments)
Besides, innovation or ingenuity of any kind usually results in some level of dislocation within already established areas of the economy, and some of the companies in those areas might have some major financial commitments and obligations. Profits, dividends, debt obligations could be affected…ouch.
Besides, a truly vibrant and innovative society wouldn’t be a very safe place to ‘invest’ in. Reliability and stability are valued above all else to validate the large amounts of capital, labour, and skill deployed. Future returns can then be forecast. Not much point in all that if someone living in mom’s basement can create a product, service, or a market efficiency that puts ’em outta business in a fortnight, is there?
Regardless. we can now look forward to a few years of finger pointing, name calling, widespread economic deprivation, and gawd-knows what else. Mr. Newman correctly foresaw the desintegration of the Canadian ‘compact’ two decades ago, and the housing debt debacle thats about to flatten whatevers left of the Canadian “economy” will just exacerbate it.
Regional tensions, political differences,and the continual Canadian struggle to build the most outwardly polite and inclusive society on earth will provide interesting sideshows. First-world problems, all.
I’m just hoping our national navel-gazing doesn’t get upstaged by larger chaos, like one of these foreign ‘interventions’ turning into something much larger…like WW III.
Should be ‘fun’ to watch, if ya got a safe seat…
What does one expect from the NDP, common sense and fiscal sense? Really? The NDP catered to the “I’m entitled to crowd” and are quickly finding it’s more difficult than they thought. Someone actually pays. No the NDP aren’t going to buy you a house. Governments pile on fees and levies to homeowners then renters wonder why their rents are rising.
Mr Horgan is reminding us why the NDP were unceremoniously turfed out the last time they were in power.
Sorry GARTH…
Your Canadian middle-class heritage is about drinking beer and watching hockey…..
Change the culture and you change the votes.
Until then it’s about coors-lite and hockey mom disputes.
CHEERS!!!!!
I don’t like the NDP, have never voted NDP and generally hate any new taxes regardless if they apply to me or not. But the new speculator tax in BC is spot on. People speculating on real estate have been getting a free ride for too long. Hence the bubble.
Pretty easy solution for those who are impacted. Sell, take your massive profit, and quit whining. You will thank the NDP for it later.
Like those who are whining now have been saying to others for the past decade, if you can’t afford it move.
@121 Mac: (and, others)
“…petty collectivists complaining that they don’t have what others have so they willingly elect governments to punish those that are better off and “redistribute wealth”…
Please get with the program:
– reduce expenses to the bare minimum;
– barter with cash;
– just plain work less; see if you can work from home, write off expenses, AND reduce taxes paid on gasoline, etc;
– if you do start a company, employ 1 person – yourself.
You see, by reducing expenses, the tax load is reduced for a fixed standard of living. You need to earn less, to keep the standards up.
Rather than getting a condo somewhere in Canada, fly to Portugal whenever you want; Portugal is just one country that wants foreign income, and is relatively inexpensive. There are many other countries that are equal; the Portugese people are really nice though, just a note in case you are interested.
What? Flights from Canada to are really expensive? Drive across the border; flights from US airports are a lot less, AND the parking is less, too! Yes, you might have bridge tolls, but add up the time taken to get to/from an airport in the USA, and multiply the hours by 10, and add that to your vacation.
Why work yourself to death? That’ll come sometime, so enjoy every minute, and don’t worry about Canada – she’ll either sink or swim, and you (and I) can do absolutely nothing about it.
Take a cruise, grab Another Deckchair, grab some popcorn, and watch the world unfold.
#17 Ray on 03.07.18 at 5:59 pm
Buddhism suggests the 4 space/ time dimensions we live in are an illusion. The real dimension, the 5th dimension is consciousness. Buddhism suggests that emotional attachments to physical objects/wealth/relationships in this physical world is the source of suffering, and preparations to entering the 5th dimension include detaching yourself from these attachments.”
Didn’t the 5th Dimension have a number of hits like Aquarias, etc.
This one just got taken off the market,possibly sold.
Need someone to help me out and see what it went for ,to add to the current crop of sales going for just over 1 million to establish a timetable of when houses/blocks of land are going for less than 1 million in East Vancouver on a regular basis.
I don’t think we are there yet ,but it seems like it could be later this year…
M43BC
4041 St. Catherines Street, Vancouver paid 1.1 June 2017 ass 1.34
Aug 29:$1,250,000
Sep 14: $1,225,000
Change 25,000 -2%
https://www.zolo.ca/vancouver-real-estate/4041-st-catherines-street
https://www.bcassessment.ca/Property/Info/QTAwMDAwMjJKNw==
#94 Nonplused on 03.07.18 at 7:31 pm
“Except that we live in a country where the poor drive their cars to the protest rally. Compared to the other 7.442 billion people on Earth (2016) we have no idea how good we have it. President Carrot Top has been criticized for referring to some countries as “$**tholes”
-You are correct, and so was Trump. Most of humanity is a complete joke, where daily lives are governed by tribalism, corruption, greed, and violence. Canada has a very small amount of those, comparatively, and that is our appeal.
Only a few places of relative peace/calm exist on earth, and each has the same problems currently (high debt, infringing socialism, increases in taxes). Go on any internet forum with lots of Americans and you will hear the same complaints as we have on here.
I always chuckle when people complain on this pathetic blog about how “bad” Canada is. Why don’t they just leave? And if they already have because they couldn’t cut it in Canada, then their opinion is completely bias and worthless IMO.
MF
#23 Frank on 03.07.18 at 6:08 pm
This isn’t about jealousy. It’s about making Victoria livable for Victorians, not Ontarioians …..”
Love the “spelling” . Remember that old song, “A place to stand, a place to grow, Ontari, ari, ari, O.” There is no “ian” on the end.
https://www.youtube.com/watch?v=JstZIsrGlP8
Garth,
Don’t be so negative. This NDP tax on wealthy will just help wealthy folks unload their properties at the market peak. They may not be pleased now but few years from now they will be thankful to NDP brainiacs . Seems good deal to me.
#132 NEVER GIVE UP on 03.07.18 at 8:54 pm
#84 Trumpocalypse2018 on 03.07.18 at 7:11 pm
8 Days to the Ides of March !!!!!!!!
The White House is disintegrating:
https://www.politico.com/story/2018/03/06/white-house-policy-chaos-gary-cohn-443858
Getting worse by the hour, Trump will soon reach for the big red button as his only diversion.
The next 48 hours alone will be mind-blowing.
If you are in America now, leave by the weekend. Get out of Korea and Japan as well.
Tick…..tock….
PREPARE
====================================
The people of America failed big time by putting a reality tv star who is an Egomaniac with an Inferiority Complex as their president.
Sadly we may all have to pay the price if this loser does something dangerous and puts us all in harms way.
I think we should all look to a safer world leader country that will not vote for TV stars like the Philippine peasants do.
—-
You are moron non binary citizen of Kanada, not because comment but because of that peasant part. Tell me plz in waht category of pesantry population of canada fits in.
https://www.youtube.com/watch?v=t2c-X8HiBng
BUNDLE UP, CALLING FOR SNOW.
You can trust me as your truth teller in the land of gypsies, tramps and thieves.
Those in deep debt will shortly find that the seasons are reversing, for we are now entering the beginning of a long, cold, cold winter. Many debtors will be found piled up frozen solid on the steps at the entrance to their bankers locked front doors. Others will look and act like zombies, stumbling along picking the pockets of their fallen comrades. On the plus side, it is a good thing the Liberal party has promised to invest in infrastructure, like bridges. A lot of zombies are going to need a place to sleep this winter.
I wish I had the time and patience to collect the data. I don’t. But right about now we should start seeing a pickup in “the market is wrong” posts. It’s classic. Clear indication bottom is far out, you can’t even see it from here. Am I wrong? Some patient altruistic endeavouring soul, pray tell.
Looks like the government is feeling the pressure on the speculation tax:
James hints BC speculation tax being redrawn for vacation homes implications
http://www.news1130.com/2018/03/07/james-hints-b-c-speculation-tax-being-redrawn-for-vacation-homes-implications/
Hope speculation tax will work as you described. And Maxx is 100% right. Long term speculators are speculators anyway. If you desperately want own vacation property – PAY. Or buy vacation property in Alberta and enjoy.
Garth – that 8000 (or 6000) number from your Mayor of Vancouver link is as yet unaudited. I’d love to see the number of lease agreements that suddenly got made up between the announcement and the March 5th deadline… I’m also interested to know what precisely the ‘risk based’ and random auditing process is going to be.
#112 Lost…but not leased on 03.07.18 at 7:59 pm
Re BC speculation tax…
The fly in the ointment for me was re: BC resident with property in say Kelowna …… the offset by a credit based on income tax paid..blah blah blah.
At first glance one may have cut the NDP slack and guessed that zero taxes would be paid on vacation etc homes if one resided and paid tax in BC.
If this is not the case…this is a looming disaster for many regions. We have a family cabin in the Cariboo area of BC…it is currently not in the NDP speculation taxation zone. Vast majority of dwellings are seasonal /vacation use.
If the NDP does not address/amend the speculation taxation planned…many areas will be economically devastated and rest assured massive protests.
****************************
So now we are blaming the inevitable over leveraged housing bust on political policies in the midst of what was already a decline. What about the rising interest rates, over indebted home owner, stress test, high dependency on HELOCs for living expenses, priced out first time buyers and now the restriction of credit.
This thing was going down regardless, yeah not good to throw gas on the fire. But this is a move to get votes or at least look to fulfill a promise or be doing the right thing for British Columbians.
What will the 3-4 US FED rates do to our housing situation? That will be on the doorstep within the year.
Meanwhile the Bank of Canada used the potential steel tariff to pass on an increase (I know…not expected today). Now Canada and Mexico might be exempt from any steel tarrifs. Things that make you go hmmmm!
I am reminded of the ridiculous 75% wealth tax in France, where the Government wanted to pitchfork the well off.
Net result?
1. Well off people left taking the money they used to spend in France with them. (https://finance.yahoo.com/blogs/daily-ticker/gerard-depardieu-quits-france-because-high-taxes-173222852.html)
2. Government got next to nothing, except egg of their face and did was forced to rescind the tax law. (https://www.theguardian.com/world/2014/dec/31/france-drops-75percent-supertax)
Now, I am not wealthy, about as opposite from it as you can get. You would laugh if I told you what I made last year.
But I recognize the stupidity of driving dollars out of a provincial economy. If BC was smart, they would encourage other Canadians to spend their money in BC. Maybe some people in BC are smart, but Horgan sure isn’t.
First create a problem, then impose the solution for your agenda, for the very problem you have just created.
OK, OK, many have contacted me and asked me to share my solution to this mess. It is really quite simple.
1. Get rid of fee simple concept and allow Canadians to truly own their land. (not rent it with propert taxes from British crown)
2. Get rid of all national parks and crown land and turn them into private land, subject to auction for Canadian citizens only.
3. Charge all non-passport holders a $10,000 fee/year if they own Canadian land.
There’s more, but the government will have to buy my report and CD series for $9.99/month. Watch for the infomercials, coming soon!
As I was watching Hawaii 50 reruns on the free tv I suck in from a digital antennae…….
I realized.
Based on my family’s historical longevity……..millenials will be changing my Depends well into 2045……..
Book’em Danno!
Murder 1
#99 ANON on 03.07.18 at 7:41 pm
For me it’s food (supplement with fresh squirrels for protein), rent, bus pass. Yeah, there’s also popcorn, which I could do without, but personally, I cannot afford any rich at the moment.
Don’t know about where you live but FREE popcorn at RONA by my place. Hope it helps.
Who cares, Canada is turning into a country run by communist comrades. Let’s see how far this country will go full retard.
Yep, leaving a country is easy. Sending your money offshore is even easier. There is no chance any widespread wealth confiscation can work. Initially there will be a few wealthy folks trapped and shook down, but not too long after that they (or their money) will be happily located elsewhere.
I haven’t moved my wealth or my family out of Canada, but I still pay less and less taxes every year. It’s not even all that difficult to achieve – in fact, it’s an enjoyable hobby side stepping them, one after the other.
#130 Under the Hat on 03.07.18 at 8:45 pm
Thanks for that article. It’s not just you. Lots of people are cognizant of the debt problems in the US, and worried about the repercussions.
Even thought I am a Trump supporter, I was against the tax reform since it will add to the already out of control deficit.
However, and the article touches on this, in times of crisis people will still run to the US treasuries for safety because there are no viable alternatives (every other country is way too corrupt or in even more debt than the US).
MF
#131 I’m Stupid – You cannot do such, and will get into trouble by intentionally pulling a fast one, well below the perceived market rate.
@ Frank on 03.07.18 at 6:08 pm
…just pissing and moaning like an old woman, eh?
@ Amok on 03.07.18 at 6:16 pm
now we’re all whining when we realize that it was terrible policy
————————————————————————
ahhh, the cry of the left “tax everyone to the same level of poverty”
Owning property is not a right. If you don’t want to pay the costs associated with owning a home you are welcome to sell it. While this tax is squarely aimed at the wealthy they don’t need to pay it if they don’t want. My guess is that most people will pay the tax on their vacation homes and then grumble about it at dinner parties.
I don’t believe that taxes geared towards manipulating a specific market are valuable (ie. steel tariffs), but pretending the market doesn’t need regulating/fixing is wilful ignorance at best. Are there better and more efficient ways of deflating the housing industry? Of course. Unfortunately, they require far more political capital than any politician has, and probably, a real systemic change. This is not an NDP/Green problem and it’s not a Liberal problem, everyone is complicit in this. From the people who took out mortgages they couldn’t afford to the politicians who courted their votes to the people who abstain from the system altogether.
Wealth distribution matters.
Excerpt of comment a few weeks ago deserves a replay:
#30 Lesser Ape on 02.23.18 at 5:56 pm
What matters is how much someone has compared to others.
So in Vancouver, you have a set of people who have become wealthy not by their own hard work, but rather by winning a housing lottery. And you have another set of people who have no hope of getting ahead because the housing lottery has increased their living expenses astronomically.
Then the winners tell the losers to either move away from their family, friends, and jobs, or to suck it up. That’s why people are angry, and also why people vote for the NDP, The Donald, the Nazis, and Hugo Chavez.
This is why it’s a really bad idea to have gross wealth inequalities in society, even if society overall is getting wealthier. Wealth distribution matters.
#49 Penny Henny on 03.07.18 at 6:32 pm
#18 Renter’s Revenge! on 03.07.18 at 6:00 pm
#2 Jimmy on 03.07.18 at 5:34 pm
Jimmy always first!
Except, when he’s not. Except, when he’s second. Why? Because he’s slower than Stan Brooks. It’s a dirty strategy and it is helping to out-first people who actually comment here year round, who offer useful advice here, and who are tired of having to compete for comment placement against faster commenters playing first from other blogs. Not an ounce of sympathy for these people who ‘live here’.
/////////////////
You sound so angry it makes me hot!!
%***”*%**
Very good R.R., but for satire to really outperform it needs to be plausible at some level.
Nobody’s slower than Stan Brooks.
#6……USA dysfunctional? You’re drinking the CBC bathwater and injecting the leftist MSNBC koolaid friend. Come up for air….As a qualified person the immigration guys almost grabbed me by the tie and threw me on the flight to Dallas saying “enjoy your new life”…My company gave me a two bedroom suite at a Hyatt Regency until I got settled…..comped all expenses for months.. I doubled my salary going to Texas….my taxes were a third what I paid in Canada…..houses, cars and food were so cheap I couldn’t spend my disposable income and ended up with a huge savings acct for investment in dividend paying stocks. Head office towers sprout like mushrooms in Los Colinas and Irvine…..see any new buildings in Canada? Canada is on track to continue to be the highest tax lowest paid jurisdiction in the G7. Stop listening to CBC Radio and get out…..you’re wasting your life and career prospects in Canada.
In 2018 can a reasonable person expect that his fellow Canadians will respect his rights to property and speech?
It seems to me that that is not ‘who we are’ anymore.
That notion alone could nuke housing in this country.
The 8000 empty homes at an average of 1 millon each is $80 million in new tax for the city. This tax will be in every city in Canafa soon.
No interest rate hike. What now Liberals? Spend, spend and spend again Canadians. Bubble to get larger in 2018 before bursting with nuclear force in 2019!
Nice thing for rich property owners in BC, is most bought a long time ago and are up huge. So say they bought 25 years ago for $200,000, and now their Kelowna summer house is worth $800,000.
Even if they sell it and get $300,000 that is still a winning game. As they actually made money, on something, a summer house which is supposed to be an expense.
On the other hand for the ignorant and angry masses with their $700,000 mortgage on their $800,000 median detached Kelowna house.. a fall of $500,000 would likely ruin them financially.
At a minimum a fall in prices would mean no more housing ATM.
#67 Trojan House on 03.07.18 at 6:52 pm
I’m not overly religious but the Bible is a great source of history.
‡‡‡‡‡‡
TL;TR
prefer only songs
“Cause it’s not what you got
That will get you to God”
(Wild Reeds)
https://youtu.be/vap3KqBVRLM
#162 Randy Randerson on 03.07.18 at 10:01 pm
Who cares, Canada is turning into a country run by communist comrades. Let’s see how far this country will go full retard.
————–
Exactly. I personally welcome it. Let it all crash and burn as fast as possible instead of the long grinding downward spiral we’really currently in…
I’m almost tempted to vote for Jagmeet now that I’ve seen the carnage his party is orchestrating in BC. Lol
Hard to understand how the author is so focused on championing the few exceptions. I know of MANY people that “own” multiple properties. Not for the common good, but for personal enrichment.
Yes, grandma out of province might get pinched because of extraordinary circumstances, or a high flier living out of province coming to conduct his saintly business, but seriously, really sorry for their misfortune. Wonder how many tears they shed for the desperate majority trying to find a f*ing place?
Every family that overbought due to FOMO fueled by frivolous conspicuous consumption is going to be just as hurt.
I understand this is a financial blog, but without peace of mind you have nothing, and no amount of easy gain, real estate or otherwise will achieve serenity.
Unlike Mark and SCM, the Suppliers know how to backtrack….
http://www.660news.com/2018/03/07/james-hints-b-c-speculation-tax-being-redrawn-for-vacation-homes-implications/
Dippers not suppliers… Although I guess both apply… :-)
Re SCM and his/her ilk… it’s hilarious to see the hypocrisy of your statements , boomers as whining gas bags? In the history of this blog I haven’t seen anyone whine more than you . You are the Emperor of whine , the Queen of wahhhhhh , the King of Painful comments ….. now shove off .
#52 Dan on 03.07.18 at 6:35 pm
&
#53 Screwed Canadian Millenial on 03.07.18 at 6:36 pm
To summarize “waaaah I think someone else has more than me and THAT’S NOT FAIR! WAAAAH” Kinda like a toddler who was content playing with his favourite toy until he saw the kid next to him had a new toy eh? Just these days it’s who drives the newest Lexus and has the biggest house and best vacations (spoiler: car is financed, house is underwater, and vacay is on multiple credit cards and a HELOC) so calm the f down. If you don’t have those things it’s not because someone else has them and thus prevents you from attaining them. It’s not like there’s a limited number of sports cars, houses, or income to be had. What you have or don’t have is up to you, stop worrying about the neighbours and get your own priorities straight.
…and if radical wealth redistribution is your goal gimme a heads up so I can head out of the country to watch the dumpster fire from afar.
– another Canadian Millennial
#144 Another Deckchair on 03.07.18 at 9:23 pm
Please get with the program:
– reduce expenses to the bare minimum;
– barter with cash;
– just plain work less; see if you can work from home, write off expenses, AND reduce taxes paid on gasoline, etc;
– if you do start a company, employ 1 person – yourself.
You see, by reducing expenses, the tax load is reduced for a fixed standard of living. You need to earn less, to keep the standards up
—————
I hope more and more Canadians with perpetually sore backsides will eventually decide to strike out on their own along these lines. Be a stick in the mud. Offer a thick skull.
Fill your RRSP and TFSA
Get off conventional heating fuels (wood stove or a gasifier using scrap wood, straw, hay etc.) A Crown land firewood permit is 75.00 and gets you 7 bush cords per year, but in reality; no one checks how much you take because it’s just a slash pile left by loggers – so it’s effectively all you can haul home for 75.00.
Minimize your transportation fuel use (eg. buy a smart car and fill up at the local FNR, or hook up with used equipment exporters for diesel at .25/litre no tax). You can even run your vehicle on wood/charcoal (see above comment).
Buy big ticket items used, Kijiji, EBay, and CL has everything you need.
Buy a used car for 10,000.00 pay the 50.00 for an appraisal. Tell the appraiser the trans is blown and you are fixing it yourself to resell. Then go to the license office with your 3500.00 appraisal and pay your taxes with a smile.
Fix your own car, no taxes paid on services not rendered.
Fix your own house, no taxes paid on services not rendered. Buy your materials and tools off the local FNR and Kijiji and pay zero tax. The company I buy lumber from delivers to you even if you’re off the Rez.
Quit smoking and gambling, make your own booze at the local craft brewer. Way cheaper than the BS or LC, better product most times, and less than 1/4 the taxes.
Side work. Many do this for a little (or a lot) cash on the side. Yes it’s illegal, but it appears there is next to no enforcement going on. I know tradespeoplekind who have been moonlighting for over two decades. If you know what to look for you can see Kijiji is rife with the black market. The best our government agencies can do apparently is shaming robo-calls from Omvic. There is way too much upside in the black market economy right now, more than there has ever been. Government talks about fixing it, but never does.
Got some land? Get a garden going and raise a small flock of chickens or some rabbits. Out in the Hinterland, just about every guy rural from Gen X on up is doing this and always has, avoiding current day food costs and taxes is just another reason to keep doing it. No downside here at all. Boomers and Silent gens are standouts here, they produce so much they have to give it away. Bags of tomatoes and cucumbers last year sitting on the lunchroom table at work most of the summer.
Sell your junk on the net, tax free income while it lasts.
Don’t bother trying to get a site at the Sandbanks, they’re already booked solid. Head south of the border for vacation and save a pile of money and headache.
There is so much more if you exercise your brain a little. A great hobby if you’d like to defund Mr. Dressup and put some solid financial stress into his next gender balanced budget. Why blow your hard earned income on a bunch of SJW garbage? Keep it in your pocket where it belongs until someone in Ottawa actually starts representing your demographic (ie. the middle class).
IN FREE FALL
India recently pulled the plug. Credit cards as well.
I guess fiat currency is still king….:)
I’m confused right now by people like ‘SCM’ that say we as boomers did something to screw him in the housing market. Do you ever really ‘read’ Garth’s posts or are you so interested in getting your opinion out there, that you don’t take a few minutes to take it all in. I won’t try to explain it to you as Garth has so many times. It’s going to be a shit show and finally all in your favour. So stop complaining as your day is coming. So is my son and daughter’s too in which they have been coached. So sad for the OAPs that bought out of Province in BC. That’s just stupid of the NDP. The repercussions will be wild, but did the oldies vote for them? Let us wait and see. Cause they ain’t happy now. I want a crash but it’s not a good situation when the market is flooded with Canadians that can’t afford to pay the tax in the Province they spend 1/2 of their lives. Prepare, and buy Shelter Size!!!
Wow, the wealthy are so hard done by they have to whine…again.
Guess I have to post these words that must be heeded:
There’s no bread let them eat cake
There’s no end to what they’ll take
Flaunt the fruits of noble birth
Wash the salt into the earth
But they’re marching to Bastille Day
La guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel, and let his kingdom rise
Bloodstained velvet, dirty lace
Naked fear on every face
See them bow their heads to die
As we would bow as they rode by
And we’re marching to Bastille Day
La guillotine will claim her bloody prize
Sing, o choirs of cacophony
The king has kneeled, to let his kingdom rise.
Lessons taught, but never learned
All around us anger burns
Guide the future by the past
Long ago the mould was cast
For they marched up to Bastille Day
La guillotine – claimed her bloody prize
Hear the echoes of the centuries
Power isn’t all that money buys
The NDP’s budget ink is barely dry, yet the backpedaling, has already begun.
“VICTORIA — Finance Minister Carole James appears to be rethinking parts of her new speculation tax and now says she’s working to address specific problems before the full rules are made public in the spring.”
People please, you’re going to get screwed, again.
Anyone that believes a VAN RE ‘CRASH,’ is in the NDP parties and Mister Horgans’ best interest, is not thinking through the real world consequences of said out come.
Don’t listen to what they say, watch what they do. Align you investments with outcomes that is in the politico’s best interest for their professional survival.
http://vancouversun.com/news/politics/b-c-s-finance-minister-appears-ready-to-tweak-speculation-tax
8000 empty homes in the city of Vancouvet alone. Enough to house the city of Red Deer. In the GVRD there must be upwards of 40,000 empty homes. Criminal.
#181 Yvrmc on 03.07.18 at 10:53 pm
Re SCM and his/her ilk… it’s hilarious to see the hypocrisy of your statements , boomers as whining gas bags? In the history of this blog I haven’t seen anyone whine more than you . You are the Emperor of whine , the Queen of wahhhhhh , the King of Painful comments ….. now shove off .
……
Easy on the kid. I’m going to reform it over time. Needs a lot of work. Life is caos. These kids have been disarmed no clue how to deal with the randomness of events that exist out side the class room.
Typing meaningless aggressive words trying to project alpha ain’t going to cut it.
It won’t get respect she desparatly craves.
She’s been mindfkd by the globalist education curiculm. Thinks shes fighting the good fight. One day she will realize how badly she’s been dupt. Then she’s really going to get pissed off and turn her vengeance to the real problem.
That’s were the real danger lies for her well being.
Hopefully I can save her when the Bolsheviks start knocking on doors.
I’m safe. Just an old drunken harmless clown.
#6 friend to cats on 03.07.18 at 5:37 pm
I think the only thing saving Canada from a pretty large exodus of capital is how dysfunctional the other potential locations the rich could go to are (namely USA and EU) at the moment.
The minute the worm turns, prepare for a Finland-style generational economic malaise.
————-
Thats something I never spent a lot of time thinking
about. I think a lot of us vs. them is oh I moved all these
jobs over seas and now with the bonus for such a good idea I can buy anything I want.
Yeah so you think the rich are heartless.
#175 aa5
You forget inflation. You aren’t up anything if it costs you the same to replace what you are selling with something else you have to buy. A house is a house. The $ amount is just math.
And anyway I am trying to think if buying and owning a house was ever easy. My dad lost everything, including his house, in the crash of ’82. He had to start over again with some tools, an old van, and a loan from his mom, who couldn’t really afford it but he did pay her back eventually.
And note the lesson in there. My dad probably wouldn’t have lost everything if house prices hadn’t have crashed.
I know from first hand experience what happens when house prices decline by 30% and it is not a “soft landing”. It’s “blood in the streets”. Much of that real estate is leveraged, and a large correction like they are looking for in BC (and will eventually get if they keep it up) will wipe many people out. Even the locals, who were as much responsible for the bubble as anyone.
BC is going to be an economic and history lesson. For 75 years now BC residents have enjoyed economic benefits from taking a few acres of forest and selling it to Albertans who wanted a vacation home and then getting paid to build those vacation homes for the Albertans. Now they are going to see what it’s like when all the Albertans go home and don’t come back.
“Why the h#ll dont planners in BC and GTA get more housing projects off the ground???? Clearly there is demand”
Rents are stable and are a more reasonable predictor of actual supply and demand. Not housing prices which are a function of discount rates, which in turn are fed by interest rates.
So no need for any more of a supply side response. The prices in the pre-2013 era produced more than enough supply, and now even rents are under substantial pressure downwards.
Greater Vancouver Housing Stat posted originally by realtor PaulB
March 7
New 204
Price Change 73
Sold 99
TI:8442
March 6
New 246
Price Change 48
Sold 130
Inventory 8372
March 5
New 316
Price Change. 60
Sold 104
Inventory 8344
http://www.clivestevepaul.com
Trump is all talk and bluster.
It’s a negotiating tactic that works. Kim Jon has also played his hand well enough to get Donny’s attention and respect. Now everyone’s suddenly talking nice.
Iran’s biggest problem is they dropped the ball with their nuke program (unlike Kim) and have become prime targets for “democratic liberation”
But nobody is nuking any body, including Putin, cause he too, see’s through Trump’s performance. The western media is trying hard to villainize him (P) and paint Russia as the renued evil empire due to the fact
the US deep state wants heavy conflict with little P,
(gotta feed the machine) but Trump wont allow it.
Thank F-ing Dog that witch Hillary got her ass handed to her on a silver platter.
The Impending metal tariffs are all about Nafta leverage. They will be reduced (get outta jail free card for canada?) or negotiated away altogether, all while the world loses its shit, Trumps lays in bed scarfing cheese burgers and laughing.
And don’t kid yourself, I believe Mister Horgan has been paying attention to brother Trumps game plan.
Watch what they do, not what they say.
Hey, I resemble that remark! No, really. Half of that slap of truth from Maxx is actually mine. Maxx just opts for the straightforward quotation marks instead of my usual fancy HTML.
See?
http://www.greaterfool.ca/2018/03/06/the-inevitable-3/#comment-579282
That’s me, settling the knuckle-dragging tone, followed up by the coup de grace from Maxx:
http://www.greaterfool.ca/2018/03/06/the-inevitable-3/#comment-579455
Find the error in my thinking:
Flat prices + Massive drop in sales volume = Reduced land transfer tax revenues
In Toronto that means budget deficit.
That elicits some combination of:
1) increased annual property taxes
2) cuts to city services
3) demand for Fed/Provincial transfers
4) new Toronto Municipal Bond Sale!
5) Amazon HQ2 saves us!
if 1) the overleveraged take another body blow further inciting sales, price drops and yet lower tax revenues
if 2) BC Budget 2018 becomes the blueprint (pinko-print?) for Ontario Budget 2019. Prices drop, banks want to bring loan:value back in line. See 1) for remainder of this cycle.
if 3) Is this really possible? If so, yeah. Let’s do this! Everybody wins except for those who live outside Toronto.
if 4) we’d have to change some city laws on the books. The debts aren’t a problem on Tory’s watch, so it’s a winner! Until the rising rates and rising debts eat into future city services then see 2)
if 5) Bezos ignores corporate tax difference, cost of living adjustments, potential for trumpian backlash and we get Amazon. They work out a sweetheart deal and pay very little tax, but the new employees buy houses / condos and with their amazing pay and sweet benefits packages they pay a lot of taxes. Normals get priced out a la San Francisco as more companies wants to get into the new tech-hub of Toronto ( http://sanfrancisco.cbslocal.com/2018/02/08/san-francisco-bay-area-mass-exodus-residents/ ).
I predict Canadians vote for 1 because:
2 – the only thing we like more than taking advantage of government programs is sticking it to the rich (https://www.thestar.com/opinion/editorials/2018/02/16/time-for-toronto-to-slip-out-of-its-tax-straitjacket.html)
3 – would be considered gauche / also it isn’t one of the federal transfer programs
4 – we’re only 500 miles from Chicago (https://www.wsj.com/articles/how-cash-strapped-chicago-snagged-a-triple-a-rating-for-its-new-bonds-1512320401)
5 – this is not happening
They didn’t give me anything for my dead car battery at dealership, and I even bought a new replacement battery
I have acquired four bicycles in the last 10 years. There prices new were approximately $2500, $3500, $4500 and $6000. I still have all of them. I cannot ride all of them at the same time. Maybe two. And that is very tricky. I may go months without riding a particular one. I am obviously wealthy, because who else could/would buy such bicycles and can afford to keep them in working order? Also, bikes are often stolen, so there is a great demand for them by others who cannot afford them.
So how much tax should I pay for owning them?
@Calamity Jane
… golf clap…
Back to regular programming:
Who cares about the secondary properties of “Van dwellers” except van dwellers? You know what devastated Gulf Island communities? Rich people from Vancouver (and Alberta) buying vacation homes there and pushing out people who, you know, actually used to live on the Gulf Islands. Getting the speculators off those islands is metaphorically turning the golf green back into rainforest.
I know you have trouble with the idea of the NDP stopping rich people from taking all the shrimp at the buffet, Garth, but let me clarify what is happening in BC outside of the general milieu of the nationwide housing bubble. We are in full-on housing crisis here in BC. Did you catch that? FULL ON HOUSING CRISIS. That means that rich people, Albertans, foreign buyers, etc., who are greedily hoarding a desperately needed resource for the sake of speculation need to be regulated into not being so greedy. They did it to themselves with their “me first” mentality and the rest of us are tired of it.
The way things are going in B.C., the middle class will be no more, just either the poor or rich will be residing here. Since the last NDP February 2018 Financial Budget, there hasn’t been this much excitement for some time. Funny, though there has been a lot of feedback in regards to the speculation levy/tax. I have noticed what seems to be developing in the B.C. Real Estate is the nice and expensive homes are taken off the MLS, and left are the affordable dumpy shacks. The new listings are few at far between all over B.C. Buyer’s are nervous, and seller’s don’t have the guts or money to buy. Still, unaffordable, and priced in the millions ….. what now! More snow probably, ho hum!
@#171 Often Deleted but much aligned……
“Stop listening to CBC Radio and get out…..”
+++++
Excellent statement.
I know a doctor that spent almost 15 YEARS being trained in canada at the taxpayers expense(scholarships, busaries, on and on and on).
When he would graduate as a GP….”we dont have a billing area for you to work”…..
back to school….to specialize….another Province picked up the tab…..3 years later…..”we dont have a billing area for you to work”……..
back to school…to specialize in research because ANOTHER province picked up the tab…….several years later……’Sorry, we dont have the budget for your expertise”.
Texas scooped him up.
HUGE salary, MASSIVE grants, on and on and on.
kinda like the Winter Olympic hockey teams this year……
When it comes to intelligent medicare in the long term……….
Canada sux.
Housing Statistics for Greater Vancouver area from PaulB realtor
March 7
New 204
Price Change 73
Sold 99
TI:8442
March 6
New 246
Price Change 48
Sold 130
Inventory 8372
March 5
New 316
Price Change. 60
Sold 104
Inventory 8344
In Germany they had the National-Socialists, in BC we have now the Provincial-Socialists….Maybe some concentration camps for the wealthy soon ? By the way did you know that Hitler was a vegetarian ?
Data is apolitical
I own many stocks. I don’t live in any of them. I am not involved directly in their day-to-day business operations. I bought them solely on the hope that they would go up in value over the long term. Therefore I am a speculator. I can sell them at anytime with a few mouse clicks, as others wish to own them.
How much tax should I pay for owning them?
“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” – John Adams
Garth, your criticism has been heard:
https://globalnews.ca/news/4068309/bc-speculation-tax-changes/amp/#click=https://t.co/z84M89RJuO
I have a good job. I make $120k per year. I live below my means. I max my RRSP, TFSA and still have $10k for non-registered portfolio.
My friend makes the same money. She does not save, but takes expensive vacations, eats at expensive restaurants regularly and goes to the casino at least
twice a week.
So I have considerable measurable wealth. She has
none.
My friend says I should pay a wealth tax because she pays more income tax and consumption tax.
I say i will pay that income tax when I draw down my RRSP and the consumption tax when i spend my savings.
Lol there are probably 25,000 empty condos in coal harbour! Garth love you bud but you don’t live in Vancouver. I lived in Coal Harbour, shaunessy, and Dunbar—black holes of neighbor hoods. Never met the neighbors and the few I did were OLD, mind you they were really cool. Garth make friends with Andy Yan, and our attorney General. They will set you straight on the reality as far as BC and housing goes.
In have lived in newer burnaby condo for four years, I should have bought when I moved but thought market was done. First lesson don’t underestimate the power of a bubble they take time and I would have been way better off going with the flow. I continued to invest and hankfully portfolio did about 20 percent last three years however buying would have been better. Nobody’s really knew Vancouver would spike like it did and with the leverage would have done better. Now as of January the two bedroom I live in is listed at 780k I pay 1800. I have spoken to owner he’s selling because of new taxes and concerns in market he’s an investor. He wanted to sell to me told me great investment, but he’s selling. I got mortgages approved etc even bc home buyer plan. With ten percent down its 3800 a month plus fees 300 and taxes. I waffles for weeks even looked at properties due to pressure from family etc. He said he’d take 730k but now two months later it’s 768k. After looking at what I could buy and capital outlay I decided yet again to rent. I make 160k have enough to retire I’m 49 and I just signed a new lease. I saw many go over asking at prices under 600k but stuff above 750k isn’t moving fast. Even loft I looked at a month ago is till there at 780k. They have done at least 30 showings since January and not a single offer its listed below assessment. So although lowere condos hot in Vancouver the other higher priced stuff isn’t moving. Sam unit three floors down 20k less is t moving either. I don’t have a huge confidence right now in Vancouver two bedroom condo market. I get the elevator conversations each day talking about how much prices rose but none of those owners say they can buy now and glad they did so I think things are changing spring should be interesting. I was really just pressured to buy by many the new lease gives me a year of clarity
The NDP will start to turn on itself as the Greens ramp up in the popular vote alongside the BC Liberals. Andrew Weaver holds the most power amongst all the MLA’s.
It’s actually quite alarming how many young people here are in support of these communist governments. My father came to this country to run away from his communist government back in the 60’s…..trust me kids, there will come a time the communists will turn on you too
If you want a vision of the future, imagine a boot stamping on a human face – forever. – George Orwell, 1984
“Now we find out it’s also a tax on BCers who live there full-time, but are rich enough to have a cabin or cottage or waterside vacation home”
How many times does Carol James have to tell you that the speculation tax is a work in progress and will be tweaked over the coming months so it does not include local residents. You have to stop getting your information from right wing newspapers. Over 95% of the land in BC is exempt from the speculation tax so if you do own a cottage in BC as long as it is away from the few urban centers that are included in the speculation zone you are exempt from the tax.
International sentiment is negative and compounding almost daily.
https://www.poundsterlinglive.com/cad/8647-pound-to-canadian-dollar-rate-the-better-trade-as-brexit-threat-recedes-and-trade-risks-stack-up-for-the-loonie
Yesterday we took a note from energy leaders in Houston that foreign direct investment in Canada has collapsed 26% this year alone following a hundred billion last year and the year before out of the energy complex….all directly attributed to the Trudeau Liberals making obvious that LNG and all energy projects will be killed.
Your unit value of every cent you have and will earn is falling and will continue to fall until Canada is nothing more than a third world sh#thole with Princess Trudeau and a few oddly dressed miscreants dancing on your grave.
Would like to see the calculation where you get over 100k tax on 200k income (over 50%). I’m assuming it includes all the consumption taxes that vary from person to person?
#76 Trocxi on 03.07.18 at 7:06 pm
#27 Dan
and #28 SCM
is (probably) the same weasel using 2 different names.
GARTH your system has glitches, the troll is back!
My thought too! No RESPECT whatsoever for this blog or its extremely fair host. Get lost kiddo. You aren’t welcome here.
About Montreal, it’s not that cheap, not for single family homes and especially not on the island. Recently I saw a listing for Prefab two-story blocks being built by the oil refineries and listing in the $400k. Sure, that is affordable if you think that a cookie cutter box in the middle of nowhere by a waste treatment plant and oil refineries is a nice place to live.
Meanwhile nice homes in the West Island, Laval and elsewhere go for $600k to over a million. These homes were priced at 1/2 to 1/3rd the price 10-15 years ago, but incomes have not doubled or tripled. I agree with Mike from mtl about stubborn sellers as there are a lot of those here, and a lot of stubborn and arrogant realtors too. As long as the market keeps rising (and right now it still is), they can afford to do so unfortunately.
After seeing all the pleas from the comment section, my wife, bless her golden heart, said maybe if we take a loan or another credit card, be build enough wealth to afford a single rich. I tried reasoning with her, showed her the math, explained money is just trust in the narrative, a mere promise of more in the future, but she insists. Tells me I’m strong enough to give up popcorn and still read the comments, this way we can save some extra wealth.
…So it’s decided… We’re having a hard time picking one with good prospects though, need some help from the blog dogs.
Here goes the 1-st question for the rich (we’re doing this HR style): Where do you see yourself in the next 5 years?
So Ontario will be running an estimated 8 billion dollar deficit in 2018 to 2019.
And we have the BC government introducing a wealth tax using the “straw man” argument of taxing real estate speculators.
Ontario has already followed BC’s lead with its “foreign buyer tax” (another “straw man” tax”).
Now we are going to become the most indebted sub state entity outside of California, with a total debt load which is more than the GDP of many countries.
I wonder what is going to stop successive Ontario governments from taxing back all of this massive debt, out of Ontario citizens’ property and investment holdings, when the debt becomes impossible to manage? We have already given them a “straw man” to use (ie, real estate speculation).
#215 Oft deleted much maligned stock.picker on 03.08.18 at 4:28 am
“Your unit value of every cent you have and will earn is falling and will continue to fall until Canada is nothing more than a third world sh#thole with Princess Trudeau and a few oddly dressed miscreants dancing on your grave.”
-Trudeau will be gone in 2019. Remind me, where was the USD in 2008/2009?
MF
#213 Burlingtonshyster on 03.08.18 at 2:23 am
“It’s actually quite alarming how many young people here are in support of these communist governments. My father came to this country to run away from his communist government back in the 60’s…..trust me kids, there will come a time the communists will turn on you too”
-No. You just don’t hear from the rest of us who are busy working 6-7 days a week trying to navigate the current and future economic reality.
SCM is a 100% troll. Simply mind blowing how many of you older people cannot see that?
MF
Oooee-oooee-owwwwch Garth!!
Let’s get a few things straight:
I don’t hate;
I’m a boomer;
I’m very fortunate;
I don’t like increasing poverty, social instability and watching people suffer.
Capitalist with a deep concern for the direction society is headed in.
Wrap your head around it – others have.
“#178 crdt on 03.07.18 at 10:40 pm
Hard to understand how the author is so focused on championing the few exceptions. I know of MANY people that “own” multiple properties. Not for the common good, but for personal enrichment.
Yes, grandma out of province might get pinched because of extraordinary circumstances, or a high flier living out of province coming to conduct his saintly business, but seriously, really sorry for their misfortune. Wonder how many tears they shed for the desperate majority trying to find a f*ing place?
Every family that overbought due to FOMO fueled by frivolous conspicuous consumption is going to be just as hurt.
I understand this is a financial blog, but without peace of mind you have nothing, and no amount of easy gain, real estate or otherwise will achieve serenity.”
Get it?
Sincerely, knuckle dragger.
#23 Frank
That was a grand slam home run!
(Good on you Garth, for allowing tough contrasting content like that)
Garth, Canadian voters remind me of children who view the Canadian governments as parents. A lot of parallels can be drawn between the average Canadian voter and the behaviours of children engaged in sibling rivalry; whiny, vindictive, petulant children. And then, of course, there’s this:
“if I can’t have it, neither can you”.
https://en.wikipedia.org/wiki/Crab_mentality
We love to lambaste the Americans for their politics and its failures. Mostly, I imagine, to escape our own political failures, which must be better because they’re “uniquely” Canadian, after all.
G’day Garth,
I enjoyed reading your blog with my morning Fosters, but you use a lot of strange words.
“RLM” is obviously a Pav bludger, but when you write about cutting a divide ” Creating division between ‘the wealthy’ and ‘the middle class’ is now at the core of Canadian politics… with a speculation tax.” – That’s not a knife.
“Reffo ate me Dingo , and the Gov. won’t let me get it back” – That’s a knife!
What about this here “Vancouver”? Is that a strange place name ? Down here that’s a Hummer in a lorry. I don’t want to be a stickybeak, but maybe there’s too many surfies in that town trying to bring down the tall poppies. I think they’ve been eating too many trough lollies.
I’ve been wondering about the Book of Mark – is just he trying to whiteant everybody, or is he wacka wacka? I got a full esky and I’m going on a walkabout in the Lucky Country before I go Troppo.
Xlater:
http://www.koalanet.com.au/australian-slang.html
All left-leaners should be encouraged to read Road to Wigan Pier by George Orwell.
Cliff notes: Socialists dont love the poor, they hate the rich.
My contention is, what happens when the rich flee? Who pays for the social services? Maybe, the next generations through debt and unfunded liabilities?
Happy International Womens Day everyone.
http://www.google.ca/url?url=http://www.bbc.com/news/world-europe-43324406&rct=j&frm=1&q=&esrc=s&sa=U&ved=0ahUKEwiD2r2459zZAhWGr1QKHe0TAdcQqQIIGzAC&usg=AOvVaw22pswHFN2GlzWF3_vWXjUA
Happy International Women’s Day.
To all you collectivists on here: did your mothers not teach you that taking things that don’t belong to you is wrong – even if you get the government to do the theiving for you? The sheer contempt from your camp for people’s success and productivity is mind blowing. No one took your riches from you. No one is preventing you from increasing your wealth…oh, except the governments you keep electing to punish success and magically “redistribute” other people’s wealth to you and your own shitty life choices. Face palm.
I’m confused why some people are against other people from other provinces to own a property in BC. They say they don’t pay taxes but isn’t that what property taxes are for? Are people who own secondary properties in BC not paying property taxes to the BC government?
#163 IHCTD9 on 03.07.18 at 10:02 pm
“I haven’t moved my wealth or my family out of Canada, ….”
Perhaps, you are aware of “Departure Tax”.
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html#mgrnt
http://www.taxplanningguide.ca/tax-planning-guide/section-2-individuals/giving-canadian-residence/
http://taxca.com/blog-2015-7/
https://globalnews.ca/news/3280220/moving-abroad-mistakes-on-your-tax-return-could-wipe-out-your-savings/
#209 I make good money on 03.08.18 at 1:34 am
I have a good job. I make $120k per year. I live below my means. I max my RRSP, TFSA and still have $10k for non-registered portfolio. My friend makes the same money. She does not save, but takes expensive vacations, eats at expensive restaurants regularly and goes to the casino at least twice a week. So I have considerable measurable wealth. She has none. My friend says I should pay a wealth tax because she pays more income tax and consumption tax.
I say i will pay that income tax when I draw down my RRSP and the consumption tax when i spend my savings.
*********
Suggest you include the conditional “if”, as in …. if I draw down my RRSP and the consumption tax if i spend my savings.
Punch your numbers in the link below and when the shock subsides go to the Faq’s. If you are a male just read the Faq’s.
http://www.xrayrisk.com/calculator/calculator-normal-studies.php
taxing a cabin in the woods is going to help those who want to buy housing? are they going to live in the bush and commute to Van for work?
you people have lost your mind…
What’s the home ownership rate in BC? If it’s about the same as the rest of Canada, then ask yourself why you think people are hoarding housing.
ECB just dumped cold water on any Euro bearishness.
No QE for you!!
USD back in the dumps.
https://www.theice.com/products/194/US-Dollar-Index-Futures/data
The problem with all these policies is that they are coming from a place of scarcity.
Policies need to be made to encourage more development and more higher density. If anything, government should be providing more incentives to builders, and less hand in the market.
My friend says I should pay a wealth tax because she pays more income tax and consumption tax.
I say i will pay that income tax when I draw down my RRSP and the consumption tax when i spend my savings.
—
Your friend isn’t the brightest and God help us if that ever becomes a reality with the jamokes in power.
QUICK!
If you rich folk want to hide from the BC commie government, RUN to your nearest plastic surgeon!!!
https://www.cnbc.com/2018/03/02/study-most-people-can-tell-if-youre-rich-from-your-face.html
Here’s the one I recommend:
https://www.youtube.com/watch?v=YlmECL2ED2I
#49 Penny Henny on 03.07.18 at 6:32 pm
You sound so angry it makes me hot!!
==
What city do you live in? We should go out for coffee and I can tell you about all the things that piss me off.
#170 Ed. on 03.07.18 at 10:21 pm
Very good R.R., but for satire to really outperform it needs to be plausible at some level.
Nobody’s slower than Stan Brooks.
==
LOL. Thanks for the advice.
#183 IHCTD9 on 03.07.18 at 11:05 pm
==
You have enough material here for your own blog. You could be the Canadian Mr. Money Moustache. “Avoiding taxes through kickassery!”
A final thought:
Taxes won’t slow the rich down. The more the government supports the middle class, the more money they have to spend, which find it’s way back into rich people’s bank accounts through their businesses.
Despite the brain’s high glucose demands, eating more sugar doesn’t make you smarter. The Egyptians recognized this phenomenon as they built larger and larger pyramids to house the elites. It was excessive wood demand for sarcophagi that led to desertification. Stretchable Egyptian cotton was invented to fool the masses, and now Levi’s is a major importer.
Even the ancient Greeks knew that sugar was bad and exercise was good for your health. An epigram etched into a wall in the Olympiad was recently translated:
Lawyers like money
Like bees like honey
Damn you Garrulous Bettman
Anon. 234 BC
Amazing stuff that BC wealth tax!
Be prepared for a capital exodus from BC, sure houses will get cheaper, but only at the cost of fewer jobs and a lower standard of living.
No problem for civil servants lifers, after all that is the crowd the NDP is serving….
Good luck to all others.
Boy Garth you really do want us to shed tears for those poor people..mostly boomers who own second homes. I mean heaven forbid someone with a second home has to fork over a bit more money..its funny that these people can afford a second home which in itself is a huge luxury but now suddenly they cant afford to pay 10k per year.
Yes this will finally crash the real estate market in many areas and many jobs will be lost and the economy will go into recession..so be it. Recessions are normal and use to happen pretty regularly before central banks around the world led by Greenspan decided recessions were bad and drove interest rates to record low levels which ironically allowed a lot of these people to afford to buy second homes and so on.
The whole real estate market and much of our economy is based on a fantasy that interest rates should remain below 3 percent forever..its not sustainable. This should have been dealt with earlier but people like Mark Carney refused to take the punch bowl away..and Greenspan and Bernanke and now Poloz. So anyway you spin it real estate will crash because its based on cheap and easy money. Cheap and easy money cannot last forever.
If government policies finally pop it then so be it..let it be. If these areas in BC see 40-50 percent price drops then so be it..people will actually be able to afford to live there and more local people will be able to afford to lvie there instead of these poor souls from the rest of canada who pop in a few times per year.
Why the big whine from you the past month or so about these poor second home owners. I mean seriously Garth its not them who will suffer the most..its the average Joe who will be caught int he recession and end up unemployed. But its the reckless policies of the past 20 years of central bankers and government which allowed all this speculation to develop in the first place. It has to be ended and one way or another it will collapse. I say bring it on..collapse it as quickly as possible.
Incredible naivete. – Garth
#215 Oft deleted much maligned stock.picker on 03.08.18 at 4:28 am
International sentiment is negative and compounding almost daily.
https://www.poundsterlinglive.com/cad/8647-pound-to-canadian-dollar-rate-the-better-trade-as-brexit-threat-recedes-and-trade-risks-stack-up-for-the-loonie
Yesterday we took a note from energy leaders in Houston that foreign direct investment in Canada has collapsed 26% this year alone following a hundred billion last year and the year before out of the energy complex….all directly attributed to the Trudeau Liberals making obvious that LNG and all energy projects will be killed.
Your unit value of every cent you have and will earn is falling and will continue to fall until Canada is nothing more than a third world sh#thole with Princess Trudeau and a few oddly dressed miscreants dancing on your grave.
————————————
Exactly my point.
Trying to salvage anything out of the sh#thole it seems will be in vain. Just write it down, forget about it and move on. Run away while you can.
You don’t need to me Nomura to see where this is going.
What kills me is the really obvious idiocy of the leadership and policies, just look at the BoC, the liberal leaders, come on how stupid must the sheeple be for it not to comprehening that?
The silence of the lamb.
G7 country. Pathetic.
The greater the conformance and stupidity, the greater the fall.
And of course whole bunch of ‘experts’ trying to prop it up. Are they buying loonies?
I highly doubt it.
Come on, Garth. I appreciate your blog and enjoy your ultimately good-hearted cantankerousness.
But when you say things like “…those making more than about two hundred grand a year now pay at least 50% of their incomes to the government” this is deeply misleading. It implies that the tax hike resulted in a high-earner paying 50%+ of his whole income in tax (rather than 50% of the part in excess of $200k)
It suggests, misleadingly, that someone who makes $200,001 will only get to keep $100k of that.
Conflating marginal with average tax rates is what dishonest, right-wing trolls do. You’re better than this.
Hey happy international women’s day.
Dr Smoking Man
PhD in toxic masculinity
A prominent Leaside realtor who show shall go unnamed (channels Sly Stallone) has just posted this epic rant on his facebook page. Surmise what you will.
================
“Ok folks,i have a beef..last few days im getting tired of the media saying the sky is falling in real estate..im also getting tired of seeing sponsored FB ads frm local realtors claiming double diget increases in sales/prices month over month!!.. ALL FALSE..Amazing how stats can be twisted..i will give you the coles notes as i see it..Reality is we were up 30 percent in the first quarter last year and promptly lost 20 percent..you cant compare 2018 to the craziness of 2017 in the gta..2017 is gone…forget about it…Reality is we have a healthy market..ive done 5 deals this week..A few multiples under asking and 1 multiple over asking..depending on price point and area is the key factor..also condos continue to fly..so if your selling its a great time just be realistic and if your buying its a great time as well.Talk to me or a reputable seasoned realtor who is actually active in the market to get a real overview..stop listening to the media sensationalism and realtors who will say anything to get your business or your friends/neighbors who think they know real estate.Its not 2017 but we are good!!.rant over..have a great day everyone!…”
There is considerable evidence (Thomas Piketty’s work is well researched) to suggest that those of us fortunate enough to be born post war, did in fact, benefit from a bit of an economic tailwind. ;) https://ideas.ted.com/thomas-pikettys-capital-in-the-twenty-first-century-explained/
“the crime is having money”
On the contrary the crime is jacking up of the price of hearth and home thus making life impossible for those of more modest means. It is called genocide under article 2 section c and d of the UN convention on the punishment and prevention of Genocide. Market forces, personal choice, political correctness and social constructs are not a valid defence. Real estate is just a place to live. It isn’t an investment. Democratic and Marxist politicians don’t get my vote.
Genocide. You’ve lost it. What a sad generation. – Garth
30 year fixed mortgage rates in the US have risen for nine straight weeks despite treasury yields bouncing around a bit.
Seems like our good friends down south may be about to undergo Housing Problem part 2.
https://www.marketwatch.com/story/mortgage-rates-clock-a-ninth-straight-weekly-gain-2018-03-08
Also, pending home sales are at a three year low.
They must have connected with Hudak on LinkedIn, as they are following his script of saying “not enough housing inventory!”
https://www.marketwatch.com/story/pending-home-sales-tumble-to-a-3-year-low-as-housing-crisis-worsens-2018-02-28
#240 PBrasseur on 03.08.18 at 9:41 am
Amazing stuff that BC wealth tax!
Be prepared for a capital exodus from BC, sure houses will get cheaper, but only at the cost of fewer jobs and a lower standard of living.
No problem for civil servants lifers, after all that is the crowd the NDP is serving….
Good luck to all others.
__________________________________________
It’ll be an interesting. Capital flight, revenue drops, wealth destruction, more and more population exodus – and by those on the higher end of the iQ range in BC to boot.
Governments like to think they can flip a policy switch and produce the results. Unfortunately, said results are just as often the complete opposite of what was desired.
Enjoy the fun BC. A year from now we’ll invite you here to Ontario where we’ll combine our collective misery over a few joints while we wallow in sack cloth and ashes.
#192 Mark on 03.07.18 at 11:50 pm
“Why the h#ll dont planners in BC and GTA get more housing projects off the ground???? Clearly there is demand”
Rents are stable and are a more reasonable predictor of actual supply and demand. Not housing prices which are a function of discount rates, which in turn are fed by interest rates.
So no need for any more of a supply side response. The prices in the pre-2013 era produced more than enough supply, and now even rents are under substantial pressure downwards.
//////////////
Rents under downward pressure?
I had to laugh at that one Mark because even you can’t be so out of touch. So that must mean you are just trolling. What’s wrong Mark are you that lonely that you troll just so people will respond to you?
#121. Spot on
It boggles my mind that these communists in Canada don’t realize they won’t be better off. Everyone will be poor and the government rich with no chance of bettering yourself. Hit the eject button.
#115 Smoking Man on 03.07.18 at 8:01 pm
“Idiots is all I’m saying.”
You and Fake News Again are vying for the title of Greatest Fool on this blog!
@198 I own four bikes:
The appropriate taxes are:
– PST and GST paid when the bikes were originally purchased, 10% to 14% of value when purchased.
– Taxes on the cost to store them, when not in use
– Taxes on policies to insure them against theft.
These values might seem low, in comparison to taxes proposed for housing, but bicycles use a small fraction of civic resources compared to their owners, or the facilities in which they’re housed. Also, it’s worth noting that bicycles are relatively easy to transport from a high-tax jurisdiction to one with lower costs, and so applicable taxes are kept low, to reduce leakage.
Housing is less mobile, and therefore available for higher rates of taxation.
#183 IHCTD9 on 03.07.18 at 11:05 pm
—–
How do you reconcile conservative values with a life of crime? With all that effort there are plenty of ways to keep your tax bill low and your pocketbook full without breaking the law. And that would earn you a seat at the table from which you can legitimately ask for change.
#238 Renter’s Revenge! on 03.08.18 at 9:04 am
#183 IHCTD9 on 03.07.18 at 11:05 pm
==
You have enough material here for your own blog. You could be the Canadian Mr. Money Moustache. “Avoiding taxes through kickassery!”
_____________________
Hmm… Do blog advertisers pay cash? :)
Update to the GTA RealEstate Bidding Wars:
http://www.greaterfool.ca/2018/03/04/sunk/#comment-578860
For listing:
https://www.realtor.ca/Residential/Single-Family/19126086/219-ST-MARKS-RD-Toronto-Ontario-M6S2J1-Lambton-Baby-Point
Listed for $799K, received 12 offers, accepted $1,010,000.00. 25% increase.
The previous owner bought in 2010 for $492K. a 105% gain in 8 years….not bad at all.
My offer was slightly lower with no conditions and large deposit. I should have done a Bully Offer at 950K last week, just prior to 59 Warren Cres, Toronto selling for $950k.
The search continues, but as Old Ron the Realtor said, DOOM OFF.
http://www.greaterfool.ca/2018/03/04/sunk/#comment-579182
This is what happens when a property lists for below market value. People like you fall for it. – Garth
You have to be a real pinhead to think that a housing crash will benefit young people and hurt the rich. The folks that are going to get crushed are the lower middle class and young people. They are most at risk from an economic downturn. There will be a few savers that are able to swoop in but the main beneficiaries of cheaper homes will be those that have significant assets and can add to them. Buy low always benefits those with deep pockets.
So all you commies hoping for a big correction so that you can swoop in and buy a nice detached in Van to raise your family are going to be very surprised when your new landlord is richer then your last landlord.
Don’t believe me, did the average American get richer from the 2008 crash? Of course not, cash buyers came in and scooped up whole Phoenix neighbourhoods now being rented to lower middle class families that lost their homes.
Careful what you wish for, there is no scenario where house prices crumble and millenials and low income families don’t get crushed.
DELETED
#251 Penny Henny: – effective January 1st, 2018 due to the new Real Estate tax assessment rents were rolled back on existing apartment buildings in Ontario.
147 MF on 03.07.18 at 9:33 pm
…..I always chuckle when people complain on this pathetic blog about how “bad” Canada is. Why don’t they just leave? And if they already have because they couldn’t cut it in Canada, then their opinion is completely bias and worthless IMO.
______________________
I think most Canadians have always believed the country could be so much better than it is with a few “tweaks” here and there, and the right leadership. It just never happened and appears as if it never will. Too many factors working against a utopian Canada.
“Because they couldn’t cut it in Canada”?? LOL! If the borders separating Canada/US/Mexico were wide open, and you could come and go and live and work anywhere in North America, how many people do you think would remain living in Canada?
I see you managed to squeeze in another bit of tripe from that differently-abled Aussie. I don’t get it – we are just like contented Canucks compared to the yabbo Yanks. Our Royal Police Force is Munted too, and we always say eh, eh?
I just read you’ve got some problems with your fisheries. The Maori’s have a useful saying “tu meke elsipogtog” which means ” don’t count the surf clams until they’re in your basket”. And we’ve got our own housing problems – everybody wants a bach here. But nobody knows about it as we are a bit reserved, but we do prefer that.
Two Kiwis, two Aussies, two Welshmen and two Irishmen were marooned on a desert island. The two Aussies got together and started a bank; the two Welshmen got together and started a choir; the two Irishmen got together and started a fight; The two Kiwis never spoke to each other – they hadn’t been introduced!
Can’t say I blame yah bro, but gizza chance will ya? You’re all good.
Xlation courtesy of Gov. of N.Z.
tu meke – too much
Munted – broken/damaged
Bach – holiday home
#125 Reximus on 03.07.18 at 8:29 pm
Why the h#ll dont planners in BC and GTA get more housing projects off the ground???? Clearly there is demand
———-
There are more units under construction in BC than ever before in the history of the province. In fact, construction has outstripped population growth for more than a decade. There basically has never been a time when the ratio of new housing construction per new resident has been so high. There is also more new housing stock per resident than in any other major Canadian city.
US household debt figures just out. Grew at fastest pace in 11 years.
Auto loans are out of control. It’s the new subprime. Up from $12b to $72b from Q3 to Q4!!! No one has any savings and it just borrowing.
As someone said on this blog recently, “this will not end well.”
https://www.marketwatch.com/story/household-debt-grows-at-fastest-rate-in-11-years-2018-03-08
#139 mike from mtl on 03.07.18 at 9:08 pm
#119 Bitcoinnaire on 03.07.18 at 8:04 pm
…no need to tag them, since they already wear New Balance sneakers…
///////////////////////////////////////////////////////////////////////
Hey what’s wrong with new balance? They’re great ‘walking’ shoes and I’m most definitely not 50+.
————————————————————
They’ve actually been co-opted a bit by white nationalists in the US. So if you’ve had a bunch of bald guys compliment your shoes, now you know why.
What the NDP is doing is getting all the headlines.
The real story should be the city shutting down short term rentals…
M43BC
#206 I own many stocks on 03.08.18 at 1:13 am
I own many stocks. I don’t live in any of them. I am not involved directly in their day-to-day business operations. I bought them solely on the hope that they would go up in value over the long term. Therefore I am a speculator. I can sell them at anytime with a few mouse clicks, as others wish to own them.
How much tax should I pay for owning them?
____________________________________________
I don’t think you get it. That is what stocks are for, not houses or I think the other example was bicycles.
The gripe is houses should be used for shelter, not speculation. This idea is fine.
The problem is they are not allowing people to have multiple shelters because “fairness”. Canada is a federation. Tax the Chinese, check passports and residency statuses for purchases… go nuts. Taxing fellow Canadians, many of whom already fork over 40%+ of their income, and may have owned properties in BC long before a housing boom, is my gripe.
Quick question for you Garth.
When laws get passed that harm the less fortunate of society, does that constitute hatred of the less fortunate in your view?
Just curious.
Because it seems that some parties are more willing to pass laws which hurt the less fortunate. I’m trying to figure out if those parties “hate” the less fortunate.
You’re a former politico, so I think your answer will be clarifying in this matter.
Thanks and cheers!
#253 Gravy Train on 03.08.18 at 11:13 am
#115 Smoking Man on 03.07.18 at 8:01 pm
“Idiots is all I’m saying.”
You and Fake News Again are vying for the title of Greatest Fool on this blog!
…..
Every village needs an idiot. I’m cool with it.
I’m just glad I’m not in charge. I wouldn’t know what to do. I’m a free market, equal opportunity guy on one hand. At the same time I do sympathise with the plight of younger people. When you pervert money for a few decades and steal from the next generation there will be ugly consequences eventually.. to which there are no solutions. Welcome to the consequences phase. If you have anything to lose all you can do now is take cover. It’s truly tragic.
#114 Howard
I’m sure Millennials would love the opportunity to earn enough money for a down payment working at a gas station over the summer like their parents did.
————————————–
Myself, I collected pop bottles for the month of July. I put the entire 60 bucks down on a 4-bedder in Dunbar. The Bank of No Questions Asked tripped over themselves to loan me the remaining $340 and I’ve never looked back. All it took was a bit of good old fashioned gumption, a word you don’t hear much any more.
#247 Steven Rowlandson
Here you go:
(c) Deliberately inflicting on the group conditions of life calculated to bring about its
physical destruction in whole or in part; Please define what is being done to physically destroy a group you’ve yet to define. But honestly, no; you should write for the X-files.
(d) Imposing measures intended to prevent births within the group; So, you mean like chem-trails? Or stuff in the water? Forced sterilization maybe? You know, if you want to make babies you can make babies with someone that shares your feelings. Go forth and multiply!
Still, either you fail to understand the gravitas surrounding that word or you’re a comment troll. Or an angsty (sic), young, multi-generational Canadian. It’s not a word you should use loosely because at best it’ll only give people the impression that you’re ignorant of world events, and history. At worst it’s a serious disrespect to those of us who did not survive such events, and those that did, now living with the memories of them for the rest of their lives. My grandfather fought in the Second World War. He saw genocide, and it is not a demographic of young Canadians that cannot afford to live in Canada’s major urban centers, and can’t stop shouting and bleating about it.
(this was a bit sloppy concerning grammar, but sometimes haste is necessary)
#198 I own four bicycles on 03.08.18 at 12:25 am
…
So how much tax should I pay for owning them?
—
Bicycles and land are not the same thing. With a little thought, you will see the idea that a person can truly own land does make sense. Land is controlled by the state. If that were not the case, your land would be a separate country. The state can give you an interest in an estate, but it is always subject to taxation and other limitations. When you buy land, that is the deal you are agreeing to. Bicycles, on the other hand, you can own completely. This is the difference between “real” and “personal” property.
#213 Burlingtonshyster on 03.08.18 at 2:23 am
It’s actually quite alarming how many young people here are in support of these communist governments. My father came to this country to run away from his communist government back in the 60’s…..trust me kids, there will come a time the communists will turn on you too
——————–
It happens when people become children to the government that parents them. Overarching theme among many, many people seems to be shirking personal responsibility and accountability. What I find most amusing is so many people my age (38) and younger want more government in their lives, but still expect that they’ll keep their individual rights and privileges into the future, somehow.
The government heavily regulate the stock market and companies because there is a lot of money involved, and when there is a lot of money involved people often act badly. Garth you would have the government stay out of RE because people in RE somehow behave better?
Politicians are far more heavily involved in housing policy than in financial market regulation – where quasi-judicial bodies ensure fair treatment of all participants. You have no argument. – Garth
in 50 years you wont know, it will be the confiscation of assets, straight.
taxes have gone from zero to 50% of income since 1945. (i have the tax forms). with goverment debt and millions of little people who havent even been born yet demanding benefits, its a straight transfer of wealth from the haves to the have nots. they dont do it all at once, its once step at a time,
i remember as a kid no sales tax, in ontario, then 2%, i thought wow, 2% thats a lot, its now 13% and no once gives it a second thought.
income is the same, throw in a nickel for the roads, now its like half for all all the things the liberal governement has not even thought of yet, (national pharam etc)
so in Canada, its great, stay poor, and you will never have to worry, Justin has your back.
for all the others who work hard, risk capital and life and limb running a business etc, great keep it up. millions are counting on you to continue to do that.
#257 RE_Investor on 03.08.18 at 11:55 am
why are you bragging about buying at PEAK HOUSE, overbidding and voluntarily wanting to line this guys pockets by 108%?
For clarity, buying a million dollar house does not make you a millionaire. Quite the opposite. Even at 20% down, you’re in the red by 800k. By the time your pay off your mortgage that asset will have cost you closer to $2mil. That is not an investment… Mr RE_investor. Does that make sense?
You’re better off taking that deposit to the casino and putting it all on red. Good luck.
“The Canada Mortgage and Housing Corporation announced that housing starts totalled 229,737 units (seasonally adjusted annual rate) in February. This is up from the 215,260-unit level in January (originally reported as 216,200) and is the ninth consecutive reading over 200,000”
Realtor-“Immigration is huge, everyone wants to move here, it’s driving our market!
So if Canada consistently builds 200K homes, and we consistently have 300K new immigrants (they are not all buying, I would assume there are some couples and children) Roughly equal?
If Deaths = Births. Then were is all this incremental demand that’s contributing to the “housing shortage”.
Surely, someone (with credibility) has done the math on this?
BC NDP now looking at tweaking the vacation property tax…..good to hear that they’re not so out of touch as some would like to believe.
”B.C.’s finance minister appears ready to tweak speculation tax”
http://vancouversun.com/news/local-news/b-c-s-finance-minister-appears-ready-to-tweak-speculation-tax
No Canadian should have to pay an extra tax to own a property in Canada they already bought with after-tax income and in which they pay tax routinely. BC is making a significant error. – Garth
#264 Ian on 03.08.18 at 12:26 pm
US household debt figures just out. Grew at fastest pace in 11 years.
Auto loans are out of control. It’s the new subprime. Up from $12b to $72b from Q3 to Q4!!! No one has any savings and it just borrowing.
As someone said on this blog recently, “this will not end well.”
_ _ _
People are always saying :this will not end well” on this blog. But then it usually does.
Is it over? – Garth
#234 Yorkville – you pointed out the big fly in the ointment & are completely correct – no one is going to live in a cabin in the woods. Now, there is this ‘tax zone’ clause which presumably is meant to limit any taxation of secondary properties to urban areas where the demand for housing is greatest.
Wealth redistribution sounds just wonderful, doesn’t it? Fly in ointment time: those funds go to the government, not to you. Canada has had ‘equalization’ payments moving $ from ‘wealthy’ provinces to ‘poor’ provinces for decades. Yet those poor provinces are still poor. How’d that happen? After decades of wealth redistribution, why are the poor provinces still poor? Could it be because the occupants had no incentive to do better, because then they’d lose out? So why do you think ‘wealth redistribution’ will magically make anyone’s life better? The poor will still be poor & will have no incentive to better themselves lest they have to pay for others if they do.
BTW, if you think life tough now due to globalization – yep, you get to compete with billions of others – just imagine what it will be like when robotization takes hold. What happens when the people who currently do the jobs are replaced by robots but still need to earn a living? What happens to the tax base? Going to be interesting times…..
BC NDP Chief of Staff Geoff Meggs is an ex COV Councillor , Communist party member for 12 years.
He once lobbied to eliminate round door knobs, ….
I’ve been reading and listening about tariffs on aluminum and steel and too simple summarize there is deficit in both, but boils down to aluminum, they are in lot better shape with steel. What I think that problem is there are only 5 al smelters left and just one of those is specialized in hi grade and hi quality al used in for defence projects. Plus that national security thing is written way back in 30 so it’s very vague, if Tarif war starts with china American agriculture wil be decimated. That is probably why he is going after Canada hard. But again what’s the point. Olso there are questionable tariffs on Eu vs us cars. European charge 10% tariffs on us cars while us charge 2.5% only.
Out of 60% of aluminum trade deficit, majority of that aluminium comes in us comes from China, ok there is a problem, but logic to make Canada whipping person (formerly boy) country for China is just don’t make any sense…
Noone, maybe some, worry about tariffs being slapped on frying pans, trinkets and f150s, but sumer time comes and bud light and soda in aluminum cans doubles in price noone will not be happy.
#59 Dave on 03.07.18 at 6:45 pm
You yourself keep denying the influence of money laundering and foreign speculation in real estate and now you are saying that people with more than one property have not caused this housing bubble. Which is it?
None of the above.
Too many financially uninformed people with big dreams and small bankrolls, helped by the banks and low interest rates. That’s it in a nutshell.
The government has locked down land, Places to Grow Act 2005. Essentially locking down all the land around major cities.
You cannot bring in 300,000+ immigrants per year, with a severely restricted supply of houses. The result will be sky high housing prices. The bill was written by Greenies hoping to stop urban sprawl.
They can tax the rich into oblivion and it won’t dent housing prices. This is a supply/demand problem. Until they let the free market do it’s thing, you know, balance supply/demand, prices will stay high.
Garth is right, taxation won’t fix this. What will fix this is either halting mass immigration, or, scrap the greenbelt.
No Canadian should have to pay an extra tax to own a property in Canada they already bought with after-tax income and in which they pay tax routinely. BC is making a significant error. – Garth
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Hard to disagree with this, however the NDP said that were going to try and do something and mistakes will be made.
Everyone seems to want this solved on a provincial level.
As I alluded to in my earlier post the municipalities that make up Greater Vancouver have been wildly negligent since I arrived here,especially the past 6 or 7 years…
M43BC
High dollar investors have the capital, to just let a home sit empty, for years on end.
We have all seen the pics of the unkempt yards with newish, multi million $ houses and the multitude of ‘no light units’, in high rises downtown.
The day after the NDP “got elected” I’m sure some multilingual entrepreneurs, offered their Rentals man services to said High buck, multi unit, home owning, investors in the GVRD. They will offer to handle all facets of renting out a owners investment RE to avoid the new tax and generate even MORE wealth for property holders.
Remember, this is exactly what the NDP wanted, to force more RE into the now, very lean rental pool.
But will it make homes worth less, now that investors will be forced to overcome their fears of renting out their RE and will now instead, watch their banks accounts swell from the previously untapped resource, that monthly rental income provides?
Do people really think investors with that much $ are going panic and flog their RE, at a discount, because a temporary government imposes ridiculous taxes?
Is it just me or did the Millennials on here forget they have parents? Or were you guys born from rocks? Wealthy boomer parents = wealthy inheritance no?
#281 Linda on 03.08.18 at 1:25 pm
It is not wealth redistribution as sold by corrupted politicians.
The rich are getting richer.
They are stealing from the middle class to give to the rich and from the poor to give to the rich in one form or another – taxes, inflation, fees, failing on obligations.
There is some redistribution from the middle class to the poor that they claim is ‘tax the rich’.
Look at the french villa guy. Do you believe that he is taxing the rich?
Is a schmuck with vacation property in BC rich?
#98 Smoking Man on 03.07.18 at 7:38 pm
US steel opening up a dormant plant in mid west
500 new high paying jobs for deplorables.
Suck on that Starbucks philosophers.
____________________________________
Still getting your news from Breitbart eh?
Stop trying to twist real news with fake news, These are not NEW JOBS moron! Pittsburgh-based U.S. Steel Corporation on Wednesday announced plans to rehire 500 previously laid-off employees at Granite City Works.
http://www.bnd.com/news/local/article203926574.html#storylink=cpy
No the NDP isn’t, Garth. Your “after tax income” argument is either irrelevant to the problem or deliberately misleading (depending on what tax you are talking about, i.e., property or provincial).
Here’s the opposite side of your position: no British Columbian should have to compete with out-of-province money subsidized by Federally mandated low interest rates and taxpayer backstopping. And that is not even getting into the favouritism shown to Alberta by Harper and YOUR right wing friends, further tilting the playing field against British Columbians. When people are getting priced out of the place they live by out-of-province money, what should the government of those people do? You seem to think it should tell them to suck it up because everyone has a right to buy property. If the game was fair, you *might* have a leg to stand on. But it’s not, so you don’t.
I watched Jordon Peterson on Fox news last night and I am about 50% through his book, 12 rules for life. Forget the crazy stiff the left says about him, like mocking his voice. This guy could be the most influential Canadian ever. He is going to drive the left crazy. I hope he has body guards.
#53 Screwed Canadian Millenial on 03.07.18 at 6:36 pm
Boo fricken hoo. Wealthy boomers and foreign gangsters have to pay a tax on their 2nd/3rd/4th home. Cry me a river while I play the world’s tiniest violin. When the hell did boomers become such petulant whinebags? Most millennials will never even be able to own ONE home thanks to the economy that you people screwed up so badly.
=====================================
I’m a tail end boomer born in 55. I couldn’t agree with you more!
Sadly, people are blind to the fact that demographics was the heaviest weight in giving early boomers the free ride through life.
Read David Foot.
http://www.footwork.com/book.asp
Sometimes the truth is what hurts people the most!
SCM remember that Boomers fell into the life they got.
The sheer numbers of voters in this cohort ensured that they could get anything they wanted all the way through life from Acid to marijuana to welfare and tax breaks.
Garth, I have been following your posts for many years and all these years I have been thinking how we can possibly minimize the effects of speculation on our housing. Recently I came up with a simple idea! why dont banks and government come up with a method for the CRA to confirm actual income of mortgage applicants! The problem is large number of people managed to misrepresent their incomes to the banks and obtain large amounts of mortgages. By verifying the income at the source( CRA sending a copy of the applicant’s NOA to the financial institution) there will be zero chance for misrepresentation of income and everyone learns to purchase within their means not by speculation.
I really like to have your input on this.
“Rents under downward pressure?”
Yup. Same thing is happening to rents as is happening with the overall sales mix in the big cities. The delivery of massive amounts of new supply, particularly luxury supply, is skewing rents. But existing units are renting for pretty much the same as they were, year over year.
The people complaining about rents rising quickly don’t really seem to understand this, just looking at the raw numbers. And rent is extremely affordable — just look at the implied return to owners, ie: owners are literally subsidizing renters to a substantial degree and are earning zero or even negative returns on their equity.
Not everyone will be able to afford to ever live in prime RE in downtown GTA or GVR. But for those who do, the onslaught of new units has kept rents stable.
#287 Blacksheep on 03.08.18 at 2:37 pm
High dollar investors have the capital, to just let a home sit empty, for years on end.
We have all seen the pics of the unkempt yards with newish, multi million $ houses and the multitude of ‘no light units’, in high rises downtown.
The day after the NDP “got elected” I’m sure some multilingual entrepreneurs, offered their Rentals man services to said High buck, multi unit, home owning, investors in the GVRD. They will offer to handle all facets of renting out a owners investment RE to avoid the new tax and generate even MORE wealth for property holders.
Remember, this is exactly what the NDP wanted, to force more RE into the now, very lean rental pool.
But will it make homes worth less, now that investors will be forced to overcome their fears of renting out their RE and will now instead, watch their banks accounts swell from the previously untapped resource, that monthly rental income provides?
Do people really think investors with that much $ are going panic and flog their RE, at a discount, because a temporary government imposes ridiculous taxes?
**********************
Blacksheep…have you lost your wool again or just no takers.
If you had watched or read the throne speech it was stated that more details were to follow. It was not set in stone. But you continue to harp on one point. Your beloved BC liberal corrupt party is golden in your eyes.
I can’t stand political parties as they tend not to represent their constituents. But misinformation or lazy opinions seem to be the norm.
Weren’t you the same guy that has been arguing that BC wasn’t in a real estate bubble?
FFS! Now I know why some Millennial are misinformed, you have been trying to pull the wool over their eyes for quite some time.
#255 Newcomer on 03.08.18 at 11:41 am
#183 IHCTD9 on 03.07.18 at 11:05 pm
—–
How do you reconcile conservative values with a life of crime? With all that effort there are plenty of ways to keep your tax bill low and your pocketbook full without breaking the law. And that would earn you a seat at the table from which you can legitimately ask for change.
______
A life of crime? That’s going a little overboard no?
You are saying if I don’t pay my taxes as per the letter of the law I am a Criminal?
I broke the speed limit on the way in to work this am – would you like to report me?
Last summer I held a yard sale, but I did not get the required permit – call the cops?
I burned some scrap wood in a barrel this past winter without obtaining the required permit – dial 911?
Come on buddy, look at what’s going on around you.
#257 RE_Investor on 03.08.18 at 11:55 am
Update to the GTA RealEstate Bidding Wars:
http://www.greaterfool.ca/2018/03/04/sunk/#comment-578860
For listing:
https://www.realtor.ca/Residential/Single-Family/19126086/219-ST-MARKS-RD-Toronto-Ontario-M6S2J1-Lambton-Baby-Point
Listed for $799K, received 12 offers, accepted $1,010,000.00. 25% increase.
The previous owner bought in 2010 for $492K. a 105% gain in 8 years….not bad at all.
My offer was slightly lower with no conditions and large deposit. I should have done a Bully Offer at 950K last week, just prior to 59 Warren Cres, Toronto selling for $950k.
The search continues, but as Old Ron the Realtor said, DOOM OFF.
http://www.greaterfool.ca/2018/03/04/sunk/#comment-579182
This is what happens when a property lists for below market value. People like you fall for it. – Garth
/////////////////////////
Go West young man. Etobicoke still has not recovered.
how about this?
https://www.realtor.ca/Residential/Single-Family/19137303/6-SWAN-AVE-Toronto-Ontario-M9B1V2-Islington-City-Centre-West
#287 Blacksheep on 03.08.18 at 2:37 pm
High dollar investors have the capital, to just let a home sit empty, for years on end……….Do people really think investors with that much $ are going panic and flog their RE, at a discount, because a temporary government imposes ridiculous taxes?
____________________________
Maybe not. But if the current government has taken the steps they have and cannot crash the market enough to bring RE prices back in line with where it should be, maybe the next step will be even more radical. Maybe the next step will be to confiscate properties that sit empty for more than a few months and auction them to the locals. Like it or not, NDP will be in power for the next 2-3, maybe 4 elections, no matter what – unless everyone is quick to forget the Liberals last 15 years in power, which I doubt will happen.
You must do your research with a good builder with a vast portfolio. How is a two bedroom just a 25 minute ride on the Go Train west of the core overlooking the lake surrounded by parks. Its a high rise with all you need inside and the rent includes everything with underground parking for $1,800. There is a waiting list now because you didn’t sell and rent sooner; too late now.
#260 My Rent Went Down on 03.08.18 at 12:02 pm
#251 Penny Henny: – effective January 1st, 2018 due to the new Real Estate tax assessment rents were rolled back on existing apartment buildings in Ontario.
////
How much did it go down?
Have you been there long?
What would be the rent for new tenants in comparison to what you are paying?
#297 IHCTD9 on 03.08.18 at 4:03 pm
….
You are saying if I don’t pay my taxes as per the letter of the law I am a Criminal?
—-
Tax avoidance is good. Lying and producing false documents, which is what you described with the car can’t be a relaxing way to live. That’s not on the same level as burning garbage without a permit. That’s fraud. You yourself said about working under the table, “Yes it’s illegal.”
I’m not saying be a goody-two-shoes, I’m saying be smart enough to live within the confines of criminal law. It’s not that hard and feels better. What’s the point of having your finances in order if you have to worry about being arrested?
#297 IHCTD9 on 03.08.18 at 4:03 pm
#255 Newcomer on 03.08.18 at 11:41 am
#183 IHCTD9 on 03.07.18 at 11:05 pm
—–
How do you reconcile conservative values with a life of crime? With all that effort there are plenty of ways to keep your tax bill low and your pocketbook full without breaking the law. And that would earn you a seat at the table from which you can legitimately ask for change.
______
A life of crime? That’s going a little overboard no?
You are saying if I don’t pay my taxes as per the letter of the law I am a Criminal?
I broke the speed limit on the way in to work this am – would you like to report me?
Last summer I held a yard sale, but I did not get the required permit – call the cops?
I burned some scrap wood in a barrel this past winter without obtaining the required permit – dial 911?
Come on buddy, look at what’s going on around you.
——————————–
Newcomer,
Any comments on T2 still not paying taxes on his gift/private island vacation with his family, courtesy of government policy beneficiary?
What is the penalty that he is going to get by CRA?
No?
I thought so.
Quoting SGR
Trump is going to tariff our steel to death if we don’t cut the SJW BS in our NAFTA negotiations.
Aaaaaaaaaaand here’s McKenna wasting our opportunity at the G7 to repair our relationship by lecturing the world about sorting garbage.
It never ends.
https://t.co/7YNZreQiFk
#293 NEVER GIVE UP on 03.08.18 at 3:23 pm
“Sadly, people are blind to the fact that demographics was the heaviest weight in giving early boomers the free ride through life.”
————————————————————-
http://www.acting-man.com/?p=52289
“The first ones into a Ponzi scheme always make out like bandits. For example, Ida May Fuller cashed the first Social Security check, Check No. 00-000-001, dated January 31, 1940, in the amount of $22.54. With just one check, she nearly recouped the full value of the $24.75 that she paid in.”
“However, Fuller continued to cash these checks until she died on January 27, 1975. In total, the $24.75 she paid in, ended up paying $22,888.92 back out to her. Is it any surprise this system is now on the fritz?”
https://ca.finance.yahoo.com/quote/MSI.TO?p=MSI.TO
Morneau Shepell Inc. up 5.3 % today.
What did I say a week ago? Buy it.
——————————-
“It’ll crunch the Victoria condo market, dropping prices and sucking off the equity of neighbours….”
“See what I mean? Nothing to do with pricey real estate. ”
I see that you are contradicting yourself. This IS down to bring prices down and make RE affordable again. My wife and I are working 3 jobs between the two of us an still can’t afford a place of our own, while schmucks like yourself own multiple properties. Not gonna happen. We all deserve a piece of Canadian dream, not just the few privileged ones. Don’t like it, go south, to Trumpistan.
oh cry me a river
#302 Newcomer on 03.08.18 at 4:22 pm
#297 IHCTD9 on 03.08.18 at 4:03 pm
….
You are saying if I don’t pay my taxes as per the letter of the law I am a Criminal?
—-
Tax avoidance is good. Lying and producing false documents, which is what you described with the car can’t be a relaxing way to live. That’s not on the same level as burning garbage without a permit. That’s fraud. You yourself said about working under the table, “Yes it’s illegal.”
I’m not saying be a goody-two-shoes, I’m saying be smart enough to live within the confines of criminal law. It’s not that hard and feels better. What’s the point of having your finances in order if you have to worry about being arrested
—————
I’m not worried about being arrested one bit. The CRA can’t even manage to bring folks who hide MILLIONS off shore to justice. No one from service Ontario is going to drive out to my place to verify what is wrong with my transmission. I once owned a car for which I was the 9th owner, and taxes had been paid 8 times on the thing before I went in and paid them again for the 9th time. I take a few hotdogs out with me when I burn scrap wood as that magically makes it all legal. I live within the confines of ENFORCEABLE law. Some laws are stupid, unenforced; and are effectively voluntary in terms of compliance.
I look at actions much more than words when it comes to determining what is legal and what isn’t. If there is no enforcement, then the peoplekind will decide their actions accordingly. That’s the way it’s always been, there is more to law and order than a legislature, pen and paper. The fact is, just about everyone is breaking some law or another every day.
Is the traffic on the 401 usually moving at 100 kph when you hop on for a trip? Laws are guidelines, some are important, some are meaningless, and even more just allow for increased revenues.
And regarding the Conservative values comment, I’m voting for Wynne and Trudeau. The moonlighter I mentioned who has worked decades on the side for cash votes NDP.
As a boomer we were taught from our parents to pay things off. When we bought our first house the big message was to pay it off… it wasn’t about getting rich because you had a house.
#303 Stan Brooks on 03.08.18 at 4:28 pm
Any comments on T2 still not paying taxes on his gift/private island vacation with his family, courtesy of government policy beneficiary?
———
Skipping over the grammar here, I get the sense that you imagine that, just because I advise people to steer clear of crime, I voted Liberal. That’s a little weird.
I’m guessing you consider yourself a conservative. If that’s the case, you should go back to Conservatism School. There is more to it than being pessimistic and mean-spirited, you know.
#309 IHCTD9 on 03.08.18 at 5:39 pm
……
And regarding the Conservative values comment, I’m voting for Wynne and Trudeau.
——-
OK, makes sense now :-)
#312 Newcomer on 03.08.18 at 6:07 pm
#309 IHCTD9 on 03.08.18 at 5:39 pm
……
And regarding the Conservative values comment, I’m voting for Wynne and Trudeau.
——-
OK, makes sense now :-)
——-
I say that with the understanding that you’ve read most of my tripe here on the GF and know exactly why I’m voting for those two balloon heads.
I’ve never made enough money. Saved and suffered.
Finally was able to buy a Toronto beater. Barely got by.
Grabbed firends and Built my own deck. Paid them in beer.
Dug up the drive and put down interlock – buy gloves at Home Depot, worth every dollar – destroyed my hands for a month because I was cheap.
Then a pipe burst, maxed the wife’s credit card.
Things got easier, I got a raise, got an loc.
Fixed the roof. Dug out the basement, gave us 235 more square feet.
It just got better, we put in a new kitchen, granite, nice appliances – we would light the old ones with a match.
Fancy.
This took us a lot years. We worked every day, it was tough.
Why are so many people complaining? This is no gem I got for pennies on the dollar?
My wife is now that grandma, and this was never a gem.
How dare this person claim we are undeserving?
I really worked hard to get here, I’m sorry people feel that it’s tough, it is,
It was really hard and we just made it.
But taking from me, from my life, isn’t fair.
We worked our whole life, and now we can’t really work anymore.
Our house is worth more than I ever imagined, I’m not sorry. I don’t really know how it happened.
Why do people want to take it away from us?
#314 – envy & greed, my friend, envy & greed. Plus they don’t see why they have to wait to have what you have & think the easiest way to get is to take. So much easier to blame you for their own lack of success; so much easier to presume you were handed yours on a silver platter & must have had it ‘easy’ to justify taking.
It may not be much consolation, but keep in mind these people will one day be older, may have stuff & will reap the harvest they themselves have sown. Best wishes, don’t let the haters get you down.