The bad ideas

Yay, I know. The Dow went up more than 650 points on Monday. It was the biggest romp in three years. And speaking of romps, over 21 million people watched Stormy Daniels talk about having sex with the Trumpster. That was the largest audience for 60 Minutes in a decade. Yuge.

Trump, Trump and more Trump. As stated here Friday, it just never ends. Last week the market croaked thinking about a trade war. This week massive relief as the White House walked it back. Now the sex stuff is trending as Americans start thinking about the coming mid-term elections. The next six months could be epic.

But this post will not be about the orange guy. Instead, let’s talk about how much it sucks being 30something. After bringing up this subject a few days ago, this pathetic blog’s been bombarded with moisters begging to be abused on GreaterFool. They shall not be refused.

“My wife and I have read your blog for a few years now,” says Carlo. “We are almost 32 years old and have a 1 year old kid (more coming) and a dog. My salary is $111,000 and my wife is $102,000.  We’ve been renting in Toronto and are getting kicked out (for the third time) as our landlord is selling the property to cash out. More than ever we are panicking and are about to talk ourselves into buying a $950,000 detached home in Markham (more than we ever planned to spend).

“We have $388,000 in cash/invested assets with no debt. For this house we would be putting a down payment of $225,000. What do you think? Once you start looking at houses it is easy to talk yourself into a bad idea – which is what we think is happening.”

There’s so much wrong with this, Carlo. You’re planning to walk into a $950,000 deal which will end up costing you more than $4,000 a month for financing and property taxes alone, plus giving up the use of a quarter million dollars – and doing it while ‘panicking.’ This is probably double the amount you’re now spending on rent, and will erase two-thirds of your savings. Plus, with more bambinos on the way, your household income is likely going south.

And Markham? Seriously? The place is a smoky hole after housing’s hard landing. Sales last month for detached homes were down 45.2% and listings bloated by (get this) 206%. The average price is plunging – down 27.6% from last year (and falling fast). In other words, if it were not panicking urban nobs like you, nothing would be changing hands.

Dude. If you want a house in the burbs, rent one. Take some time. Shop around for a few months. Wait for rates to rise and for the blood of sellers to be staining the gutters red. Then we’ll talk.

“I need your advice,” says Jeremy, in a blistering understatement.

“My fiance and I are getting married this year August. We are looking to purchase a detached home in the GTA (Peel Region), only if the prices come down significantly. If this were up to me, I would rent a condo and invest the money in a balanced portfolio. However, life is not that simple and my fiance is laser-locked on buying a home.

“She is 25 and I’m almost 28 and combined we have close to $100k saved (in TFSA) and no debt. We need to make a decision by August of this year on whether or not we are buying a house. I make $70k a year and my wife makes $55k a year. A few banks said they would approve us for $550k mortgage. After taxes, we take home just under $80k.

“I know my fiance doesn’t want to rent, but I’ve checked out some homes anyways. For the ones that I liked, they were about $3000/ month all inclusive. That’s $36k a year spent on just rent. Insane. Yeah sure we can get something cheaper, but it wouldn’t be the quality we desire. As I write this, I realize I probably sound like one of these greater fools, but it’s a tough decision to make. What advice can you provide me?”

Let’s recap, shall we? Your 25-year-old fiancé refuses to rent even for $3,000 a month (when two grand will get you a swell place in Mississauga), and wants a $550,000 mortgage instead on a $650,000 house. That would leave you with zero savings and a monthly overhead of $3,500, which is more than 50% of your net pay. If one of you loses a job, screwed. If she gets pregnant and goes on mat leave, followed by $20,000 a year in daycare costs, screwed. If you renew your mortgage at 3% higher in five years, screwed.

So why would you start off a stressful new chapter in your lives (married) with even more stress? Speaking of which, are you sure about a person who makes such a demand, plus laying down a deadline? What if you give in and act against your better judgement? What if you don’t? Is this really the pattern you wish in place for the rest of your life? Do you want to start off a relationship with conflict, debt and bullying?

Just asking. I think we may have a spare bunkie in the blog tool shed if you need it.

205 comments ↓

#1 Not bad? on 03.26.18 at 6:29 pm

The BC NDP government has announced major changes to how the new Speculation Tax (ST) on housing will be implemented.

During a teleconference with media this afternoon, BC Finance Minister Carole James said 99% of British Columbians will not pay the speculation tax on the value of their residential property.

This is because landlords and those who own vacation homes and cabins will be exempt. Secondary properties utilized as long-term rentals – homes that are rented out for at least six of the year for at least 30 days at a time – will be exempt from the ST.

She also “refined” the geographical zones the ST will go into effect, with the new tax now restricted to the following urban centres:

Metro Vancouver
The Capital Region District / Greater Victoria (excluding the Gulf Islands and Juan de Fuca)
Kelowna and West Kelowna
Nanaimo-Lantzville
Fraser Valley (Abbotsford, Chilliwack and Mission only)
Additionally, a new rate structure for the ST has been released, with foreign investors and satellite families will pay 2%, Canadian citizens and permanent residents who do not live in BC will pay 1%, and British Columbians who are Canadian citizens or permanent residents (and not members of a satellite family) will pay 0.5%.

In last month’s provincial budget, forecasts show the new ST will add $200 million to the provincial government’s revenues in the 2019-20 fiscal year, but James says the changes are not expected to significantly impact the forecast.

#2 Zapstrap on 03.26.18 at 6:34 pm

I think both Markham and Peele are east of Surrey. Way out there …

#3 Trojan House on 03.26.18 at 6:36 pm

Just wondering…since when do 31 year-olds make over $100K each? They’re barely into the workforce! I’m assuming they must work for Hydro One in Ontario. Most of the employees there make over $100 Grrr per year.

#4 paracho on 03.26.18 at 6:39 pm

Once again …. great advice ! Telling it as it is !
There is no rush to buy a play . The lower the price and the bigger the down payment the better ! The best mortgage is no mortgage .
Carlo should definitely hold off and stay away from Markham !

#5 Penny Henny on 03.26.18 at 6:40 pm

And speaking of romps, over 21 million people watched Stormy Daniels talk about having sex with the Trumpster.-GT

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

really only 21 million. Wow I would have guessed the number to be much larger

#6 Leaving BC on 03.26.18 at 6:40 pm

Re:#1

BC NDP watering it down as expected. They will just let it burn. The market will take of itself. Oh well.

Time to leave BC as a 40-something year old earning 72k per year and re-start in Calgary, AB.

My 30s will go down as a time in history of lost savings sucked up through the dream of home ownership and sky rocketing rents.

Bold decisions need to be made now to repair the personal balance sheet and targeting the biggest expense (housing costs in BC) is 60% of the puzzle.

#7 Smartalox on 03.26.18 at 6:43 pm

What’s with the letter writers’ posturing about being almost 32 or almost 28? Who, beyond their teen age years, would feel the need to qualify themselves like that, like a pre-schooler straining while counting down the days to their birthday.

Seriously, time to man up lads, and show some agency. Once you hit 19, your age is your age. Don’t ask permission, claim it. Own it.

That’s your ‘adulting’ lesson for the day.

#8 Penny Henny on 03.26.18 at 6:44 pm

Trump, Trump and more Trump. As stated here Friday, it just never ends. Last week the market croaked thinking about a trade war. This week massive relief as the White House walked it back. Now the sex stuff is trending as Americans start thinking about the coming mid-term elections.-GT

So 10 % of the voting population tuned in = nothing burger

#9 Dave Mac Donald on 03.26.18 at 6:45 pm

Why do you respond to these people?

#10 Screwed? on 03.26.18 at 6:47 pm

Garth, you forgot a few mentions.

If you live in BC and and have not owned a place prior to 2012, SCREWED.

If you want to work and live (own or rent) in BC, SCREWED.

If you think that living become more affordable in BC, SCREWED.

If you think that any government will save you, SCREWED.

#11 Gravy Train on 03.26.18 at 6:47 pm

Wait for rates to rise and for the blood of sellers to be staining the gutters red. — Garth

There you go, Floppy! Your new slogan: Red Gutters! :)

#12 Travis Bickle on 03.26.18 at 6:49 pm

“Speaking of which, are you sure about a person who makes such a demand, plus laying down a deadline? What if you give in and act against your better judgement? What if you don’t? Is this really the pattern you wish in place for the rest of your life?”

The paragraph above clearly indicates that GT could work as a marriage counselor…
I would only add this simple advice to Jeremy: run away from your fiancee ASAP!

#13 What I think I might know on 03.26.18 at 6:50 pm

Carlo, buy the house and stop worrying. Ten years from now it’ll be worth much more than you paid for it.

#14 MF on 03.26.18 at 6:52 pm

The second couple should just buy the place. Market timing never works, and GTA RE is a different animal.

Their E-salary of 110K (which is an actual real life salary of about 85k) is really good.

The second couple is getting married a little too young. Before long he will have a wondering eye, and she will feel the need to complete her “party phase”.

MF

#15 Langley, BC Condo on 03.26.18 at 6:53 pm

True story, just completed:

Langley, BC condo bought 6 months ago.

Listed last week, 3 offers in 48 hours, 1 subject free.

Sold for full price subject free, 3 week close period.

108K profit made after fees.

You heard this correct. 15 years savings from a typical job at a competitive wage made in 6 months for holding a condo.

If you can’t beat the biggest financial fraud of the past 25 years you might as well join them.

Welcome to a reduced standard of living as we move forward.

Unfortunately, the banks expect this debt to be paid back.

#16 What I think I might know on 03.26.18 at 6:54 pm

Jeremy, happy wife, happy life. Being married does mean giving in to the little beauties. Especially in this ME TO moment in history.

#17 Whatcha Minnie on 03.26.18 at 6:54 pm

Setting goals every day means that you know what you’re trying to do. If you find yourself running ragged all day long, you may not be really trying to do anything. Maybe you’re just trying to please everyone around you. Maybe you’re trying not to make a plan. I don’t know what’s true for you. But in my case, it often means that I’m operating without a plan myself and I need to stop and figure out what’s really important.

#18 MF on 03.26.18 at 6:56 pm

The dow is hilarious. Of course stocks only go up post 2008 didn’t everyone know? All you have to do is “buy the dip” and the FED will take care of you.

You can’t lose anymore.

This talk about trade wars was just a white house tactic, that was just talk.

Now the lack of veto on this 1.2 trillion dollar omnibus bill was a mistake though. This coming from a big Trump supporter as well.

MF

#19 Looney Baloney on 03.26.18 at 6:56 pm

@ Jeremy – grow a pair. Give her an ultimatum. We rent or I walk. Report back.

Mr. G – Have you considered listing the tool shed with the bunkie on AirBnB? Are pets allowed?

#20 Dolce Vita on 03.26.18 at 6:57 pm

21 million people watched Stormy Daniels talk about having sex with the Trumpster.

Second hand voyeurs.

It used to be the MSM would ignore such dalliances, e.g., John Kennedy.

They’ve become a Society of nosey people in the private lives of others with Trial by Social Media where you have about the same 3 people with the IQ < Gnat, angry at everything, everyone that disagrees with them and their lurid social cacophony is repeated by others ad infinitum with the usual 10 seconds of deep thought (as in mud puddle).

Sad but true.

I deleted my Facebook account for obvious reasons.

I am still on Twitter as it is farce writ large (well, 140 characters or less large)…just drop the "…ter" and you have it.

At least on this Blog, the gossip is kept real…well, until you get into the cat photo dilemma. #mycattoo

#21 What I think I might know on 03.26.18 at 6:59 pm

“That was the largest audience for 60 Minutes in a decade.” – Garth

———————————————————-

I think I was watching recorded footage of Mr. Socks on his memorable trip to India. YouTube.

#22 TS on 03.26.18 at 7:00 pm

JEREMY married a high maintenance piece of a☆☆

Makes 55,000 and will only live in a $3,000 rental.

Caviar taste tuna fish budget

#23 SJWed Canadian Millenial on 03.26.18 at 7:01 pm

I can bet Ryan Lewenza’s Lamborghini that the demographics of these horny house millennial’s are not from Jamaica.

#24 MF on 03.26.18 at 7:01 pm

New trend that I have noticed among a fellow 34 year olds:

Foregoing a wedding in favour of just signing a paper at city hall.

The money saved is monstrous. It then gets earmarked for the condo/house downpayment.

I think it’s a wonderful idea. Wedding parties are unnecessary, stressful, and a waste of time/money.

A co worker decided to go that route. All i can say is that I am so jealous of her fiance.

MF

#25 Damifino on 03.26.18 at 7:03 pm

#1 Not bad?

No… Bad.

A silly hodgepodge of regulations slapped together in a reactive panic.

#26 Dolce Vita on 03.26.18 at 7:04 pm

After having read the 2 Moister stories I have to say Garth, I feel sorry for you receiving mail like that – the financial version of the functionally illiterate.

Having taught how to do that Math at University, you come to realize that you can lead them to the trough, but cannot make them drink.

It never ceases to amaze me. Why I think we are headed for a recession this year. It is decision makers like that which will much sooner than later, sink this country into financial oblivion.

The claim to read your Blog, yet, eat its digital book covers. I know how you feel.

#27 Dishonorable Gregor Robertson on 03.26.18 at 7:05 pm

To all of those who think that I belong in jail.

Sit on this and rotate.

We are eliminating homelessness at a time when homelessness in Vancouver is increasing exponentially.

#28 SoggyShorts on 03.26.18 at 7:06 pm

The more I read this blog the more obvious it becomes that finding a spouse who is on the same page as you are is the most important financial decision you will ever make.
Stocks, bonds, or a mix? TFSA vs RRSP? [email protected] vs robo vs. advisor?
Totally irrelevant if one of you insists on taking out a $1,000,000 loan.

#29 Alex K on 03.26.18 at 7:10 pm

To Carlos,
Just because landlord is selling it doesn’t mean you have to move out.
You have to move out if your landlord or his close relative is moving in, otherwise stay put

#30 I’m stupid on 03.26.18 at 7:11 pm

25 years old, earning 55k a year, making demands. It sounds like you found a winner Jeremy.

#31 Ryan on 03.26.18 at 7:13 pm

It never fails to amaze me how women seem to be the house horny ones and men that have their genitalia tightly clasped in the change purse of their wives go along with an absurd idea despite their better judgement. I’m sure it is a two way street in cases too just to dispell the sexist inclination this comment may be suggesting.

There is an absurd obssession with status in society that both men and women are guilty of that results in burdening oneself with vast amounts of debt to advance their status among their ‘tribe’. Moisters are a product of societal norms that reflect people rationalizing the idea of a home rather than logically asssesing one’s finances.

A damn shame.

#32 Why not do the right thing? on 03.26.18 at 7:14 pm

Why no ban foreign buyers. Period.

Garth says it is negligent. Industry says it is negligent.

No problem then. Banning foreign buyers will nothing burger, until real estate collapses if ever pulling such a move.

The issue is what people believe. That differs widely from the facts. – Garth

#33 Joe on 03.26.18 at 7:17 pm

We’ve been renting in Toronto and are getting kicked out (for the third time) as our landlord is selling the property to cash out.

Is this even legal?

#34 Dolce Vita on 03.26.18 at 7:20 pm

#9 Dave Mac Donald

That was good.

I used to get paid to do it. Garth, I just think is a glutton for punishment; although, at times he does get to dish it out as well. Today, case in point and I am all for it.

#35 AK on 03.26.18 at 7:20 pm

” I would rent a condo and invest the money in a balanced portfolio. However, life is not that simple and my fiance is laser-locked on buying a home.”
——————————————————————
Wow, you are going to end up holding the proverbial bag.

#36 Kelowna Mayor Conflict of Interest on 03.26.18 at 7:21 pm

Basran in kelowna is rallying hard against the spec tax, but he’s a former realtor and is directly tied to one of Kelowna’s largest development firms and is thus utterly biased. Much like Vancouver any subsequent slow down or drop in sales will only last a few months.

This is a Liberal invention that the NDP are now sprinkling across select areas of the province and that in my opinion is just foolish. If it isn’t applicable from Stewart to Field or Ft Nelson to Osoyoos it is nothing more than a revenue stream

#37 Ron on 03.26.18 at 7:22 pm

These are not financial problems, these are ‘men’ with self-esteem issues.

What they don’t realize is that their special princesses will not only drive them to financial ruin but will also lose
respect and attraction to them in the process.

#38 Nonplused on 03.26.18 at 7:22 pm

Jeremy, dude, don’t marry this girl. Girls who start out making demands don’t someday stop making demands. Your life is going to be hell. And the fact that her demands are entirely unreasonable given your circumstances is all the worse.

I know a girl who gets married and then starts making all kids of financial demands despite not making very much money herself. 3 times so far and counting. She wouldn’t even let her husbands drink beer because she needed the money for other things. Can you imagine a life with no beer? Not even at home? Not even the cheap Co-Op brand? Don’t do it dude. Doesn’t matter how pretty she is she’ll look like hell when she’s 45 so you gotta look inside and inside only. If she happens to be pretty that’s a bonus but don’t let it cloud your judgement.

Women aren’t like motorcycles, they are more like cars. Motorcycles never age. Cars last 15 years and then you can’t get anybody to take them off your hands for a decent buck. I guess that won’t matter to you because it sounds like if you buy the house you won’t be getting a motorcycle. Not even a Honda.

It is a sad fact that just because you want something doesn’t mean you are entitled to it. I know that is a hard thing for most people to accept, but you have to take a hard look at how much money you have coming in and are likely to have coming in in the future before you decide how much to have going out. And leave room in there for a motorcycle. Or if that’s not your thing, whatever it is that tickles your fancy. Otherwise you’ll be miserable.

So if she wants a house, she’s gonna have to pony up more than $55k a year. It is completely unrealistic for her to be making such demands when that’s all she’s bringing to the table. And if she wants to have kids, well, your life is over. $75k a year isn’t going to cut it even though that is a respectable salary. That’s only going to support about $300k of house, not $550k no matter what the banks tell you. So don’t do it man.

#39 TheSpangler on 03.26.18 at 7:23 pm

You seem to get a lot of young people earning decent money with a hell of a lot of savings. That sure seems to differ from the norm out there ……

#40 Garbage Story Line on 03.26.18 at 7:26 pm

People who are making over 100k per year each?

How about picking an example of someone who makes 50k at best and is in the real struggle for their life on whether or not they become a Gregor statistic in becoming homeless.

I think that resonates with a lot more people who bring their pain to sites like this while trying to educate themselves.

Sorry, if you have pain you must leave. Blog rules. – Garth

#41 For those about to flop... on 03.26.18 at 7:28 pm

Pink Pollen falling in Burnaby.

I saw Gravy Train call out my name and since I am heading back to Grumpyville tomorrow,I better get my head back in the game.

These guys paid 1.62 and this is at least the second time they have tried to get their money back.

Probably take a small loss at some stage if they don’t dally.

Pink gutters ,not red…

M43CA

7260 Sutliff St,Burnaby.

Paid 1.62 April 2017 asking 1.69

https://www.zolo.ca/burnaby-real-estate/7260-sutliff-street

https://www.bcassessment.ca/Property/Info/QTAwMDAzVlZRUQ==

#42 Tom from Mississauga on 03.26.18 at 7:29 pm

Did better than Lewinsky

#43 Yorkville Renter on 03.26.18 at 7:30 pm

#3 – since when do 31 year-olds make over $100K

I made $100k at 26 or 27 and that was over a decade ago.
Private sector, start-up, in technology… plenty make more.

It’s not that unusual, especially in Toronto

#44 Doctor Love on 03.26.18 at 7:31 pm

Jeremy, dude, this girl is marrying the house, not you!

Read my book!

#45 Emergency Meetings about BC Spec Tax on 03.26.18 at 7:31 pm

Where were the emergency meetings and quick action when money laundering and price appreciation was going parabolic?

Last 8 Years with not a peep until after it was too late.

#46 Laughing Stock of the World on 03.26.18 at 7:34 pm

Vancouver because of foreign buyers: $2100 rent for a single apartment, $18 a plate nachos, most expensive gas in North America, closure of every second small business, failing sports teams. What a profound legacy we have left for future generations!

Explain the connection between gas prices and foreign house buyers. Or the Canucks. You also forgot to include psoriasis. – Garth

#47 90 year old - Make 20K year on 03.26.18 at 7:36 pm

It’s full here of millenials in diapers making +110K/anum each. Every regular millenial family is making over 220K / year.

The ones that don’t are for sure making 85-90K for starting gigs..sounds like TORONTO is zeee (i.e. pun intended) place to be these days…

I wanna hear about the millenials that are 35 yrs old living in their grandparents basement, have no sex life, hit the games console every day and complain there are no jobs out there :-)

Get real guys, is this blog read only by kiddie lawyers :-)…cause these stories are bogus like Trump’s hair or his Stormy affair.

Trust me, son. I have better things to do that make up letters. – Garth

#48 rent rent rent on 03.26.18 at 7:42 pm

it’s the new Canadian way

landlord throws you out? find another place

becoming Europe. Sorry.

#49 LMAO on 03.26.18 at 7:45 pm

. For the ones that I liked, they were about $3000/ month all inclusive. That’s $36k a year spent on just rent. Insane.

……………

$3,000/month in Mississauga!?!?!
hahahahaha. What has happened to the GTA

unreal

#50 Cottingham a bargain on 03.26.18 at 7:46 pm

#3 Trojan House on 03.26.18 at 6:36 pm
Just wondering…since when do 31 year-olds make over $100K each? They’re barely into the workforce! I’m assuming they must work for Hydro One in Ontario. Most of the employees there make over $100 Grrr per year.
———

Nah , my guess is that they are school teachers .

#51 Big Kahuna on 03.26.18 at 7:46 pm

#5Penny-I am old enough to remember when Donald Trump was a Russian agent-seems so long ago now-aah the good old days.

#52 Laughing Stock of the World on 03.26.18 at 7:50 pm

Explain the connection between gas prices and foreign house buyers. Or the Canucks. You also forgot to include psoriasis. – Garth

Oh, now you are really getting me going!

200,000 households each owning a home over $1M and declaring less income than what the property tax is on that place means the government needs to squeeze who they can. Domestic people. In the form of every imaginable tax possible, including carbon taxes, trans link, etc. driving up gas prices. It is a $1.60 here for gas. My small car that has a 50 liter tank just cost me $75 to fill up.

Not only do nobody watch the Canucks anymore, different cultures don’t even know what hockey is. And that is fine. Aquilini has diversified into the fraud of real estate to offset the failing Canucks.

Why are there 56,000 households in metro-vancouver collecting welfare due to low/no income, meanwhile they have a multi-million dollar property?

Why should domestic people who can’t hide money offshore have to pay for this?

#53 Nemesis on 03.26.18 at 7:53 pm

“Explain the connection between gas prices and foreign house buyers. Or the Canucks.” – ScepticalGT

#YouAsked,Or… #NoDonCherryForYou!

https://www.reddeeradvocate.com/sports/nhl-looks-at-china-as-a-very-long-term-relationship/

https://www.nhl.com/news/los-angeles-vancouver-set-for-2017-china-games/c-291130944

#54 Victor V on 03.26.18 at 7:54 pm

“And Markham? Seriously? The place is a smoky hole after housing’s hard landing. Sales last month for detached homes were down 45.2% and listings bloated by (get this) 206%. The average price is plunging – down 27.6% from last year (and falling fast). In other words, if it were not panicking urban nobs like you, nothing would be changing hands.”

========

Markham…the meltdown is epic.

https://markham.listing.ca/detached-home-price-history.htm

#55 You pay how much in Vancouver? on 03.26.18 at 7:56 pm

B.C. Premier John Horgan paid a visit March 19 to Vancouver’s Atomic Cartoons for the opening of the company’s new headquarters.

Dan Langlois, a production coordinator for Atomic Cartoons, lives in East Vancouver and said affordability is “tough.” The 30 year old pays $1,900 a month for a one-bedroom apartment and would love to see more affordable housing in Vancouver, which he said would also be good for the local economy.

“I would love to own a house or a starter condo, something like that would be great,” Langlois said. “It’s kind of unachievable right now, unfortunately, for us in the city.”

But I heard on the radio that this is the best place on earth to live.

Dan Langlois can be added to the “screwed” category.

http://www.vancourier.com/news/atomic-cartoons-reanimates-old-kit-and-ace-space-1.23206412

#56 Reading Along on 03.26.18 at 7:58 pm

#3 Trojan House on 03.26.18 at 6:36 pm
Just wondering…since when do 31 year-olds make over $100K each? They’re barely into the workforce! I’m assuming they must work for Hydro One in Ontario. Most of the employees there make over $100 Grrr per year.
——————————————————————

They could be cops in Toronto.

https://www.thestar.com/amp/news/gta/2011/05/05/fords_costly_police_deal_a_rookie_mistake_critics_say.html

#57 chumpy le chump on 03.26.18 at 7:59 pm

Jeremy
Dude! Seriously reconsider marrying this person. 50% of marriages end in divorce and it’s usually differences over money.

#58 WIN not lose on 03.26.18 at 8:02 pm

21 million people watched Stormy Daniels talk about having sex with the Trumpster

Revenge Porn! from CNN and CBS.

He took them to the cleaners.

Can’t get the Big T with Russia et al.

CNN/CBS spend hours about a one-night-stand with a porn star?

# Revenge Porn.

#59 theoryAndPractice on 03.26.18 at 8:03 pm

“I know my fiance doesn’t want to rent, but I’ve checked out some homes anyways. For the ones that I liked, they were about $3000/ month all inclusive. That’s $36k a year spent on just rent. Insane. …”
————————————————————-
$3000K rental that you like vs. $650K range houses you have qualified to buy ?

Garth posted one house around that range here but unfortunately someone else already got it :

http://www.greaterfool.ca/2018/03/12/the-howling/

#60 Stormy Daniels on 03.26.18 at 8:04 pm

That’s it, Garth. Time’s up.

Your useless wingmen Doug and Ryan completely blew their chance to protect you. All it would have taken is a lousy $130,000. I gave them a whole week to cough up the cash.

So now I am sharing the truth with this blog.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Here it is:

On a weekend last fall, I was visiting Toronto. I had met a strange but intriguing fellow on Tinder, whose nickname was “Freedom First”. We were planning to meet in a dog park just off Yonge Street, then go for coffee at his place. He said he needed to know how well I could do the dishes before a second date.

Total loner-loser and coward that he was, he never showed up. I started crying my eyes out at yet another rejection, this time by an undateable deplorable, no less.

Along came Bandit and Garth out for a stroll. Garth offered me a kleenex, apparently unaware that he had already used it to pick up Bandit’s poop. I said “that’s disgusting!” and turned away, appalled at having encountered so many trashy Canadians.

At that moment, the tears in my eyes made both my contact lenses fall out onto the grass. I bent over to look for them, running my hands across the turf.

Suddenly someone or something was sniffing my butt, and then, humping my leg! OMG!!

Was it Garth? Or was it Bandit?

$130,000 by midnight tonight. or everyone will find out.

To be continued…………….

#61 Karma on 03.26.18 at 8:06 pm

Is anyone surprised by this?

https://www.theglobeandmail.com/opinion/article-justin-trudeau-is-losing-the-male-voter-can-the-pm-win-him-back/

#62 Reality is stark on 03.26.18 at 8:10 pm

Advice for Jeremy.
Renting can save your life.
You don’t need to die young.
The house is not the only thing you should be renting…

#63 Leichendiener on 03.26.18 at 8:11 pm

Jeremy, you’re using your balls for brains. You’re going to end up in a basement apartment, divorced, struggling to make child support payments.

#64 Satellite Family on 03.26.18 at 8:12 pm

Satellite Family?

Spec Tax updated rules.

– 2% for foreign investors and satellite families (even though Garth says this is virtually nil).

– A drop from 2% to 1% for Candian citizens and permanent citizens who do not live in BC (this includes you Alberta speckers)

– 0.5% for BCers who are Candian citizens or permanent residents (and not members of a satellite family).

– a drop from having to rent it out for a full year to only having to rent out 6 months (this one is for Kelowna and the lovely vacation rentals where locals have to move out in the summer to accommodate for summer price gouging profit).

– vacation properties, cabin, etc exempt.

Capital region, lower mainland, Kelowna, West Kelowna still all included. Just being given lighter touch policy.

If anything, this shows how bad BC is dependent on RE. DON’T TOUCH THE REAL ESTATE…NOOOOO.

Let’s now see some math now on these updated rules.

#65 Blacksheep on 03.26.18 at 8:15 pm

Langley BC Condo # 15,

“If you can’t beat the biggest financial fraud of the past 25 years you might as well join them.”
——————————————-
Xaaactly.

Finally….someone gets it.

#66 the Jaguar on 03.26.18 at 8:16 pm

Love those cat selfie photos. The cats are always the ring leaders with the dogs looking on.
Thanks to #1 for the update on the BC speculation tax. Interesting that the dippers did not back off totally from the tax on out of province owners. I’m guessing most of the properties owned aren’t small shacks. In fact I know they are not as this is one of the core reasons for resentment from the locals. So even 1% on top of regular taxes ( with no homeowner grant) will annoy those who might be able to afford it but will make the choice to vote with their feet. Fairness matters. A lot. It’s also about respect. And when you show ‘out of province owners’ none be prepared for the consequences. I feel a little wave of schadenfreude coming my way. Or is it venganza. Hard to tell the difference sometimes.

#67 I live here on 03.26.18 at 8:17 pm

“New trend that I have noticed among a fellow 34 year olds:

Foregoing a wedding in favour of just signing a paper at city hall.

The money saved is monstrous. It then gets earmarked for the condo/house downpayment…”

So one of the most important cultural moments in a person’s life is dispensed with in order to save money for a real estate down payment?

And that is considered progress?

I was broke when we got married and we still put on a damn good reception meal for 80 guests. We spent 5K all told for the wedding: priest, hall rental, flowers, luncheon meal, entertainer and misc.

To forego a wedding party shows a major lack of sense of culture and life purpose.

My 2 cents.

#68 BC Spec Tax Change and the Numbers on 03.26.18 at 8:19 pm

Still looks like a pinch. And now the truth comes out that all BCers will be on the hook for at least 0.5%.

Let’s use Kelowna as an example.

– 4k per year in taxes on the average home value in Kelowna for BCers.

– 8k per year in taxes on the average home value for people outside of BC (this is you Alberta). 50% reduction, down from 16k per year.

– 16k per year in taxes on the average home value for foreign buyers and those connected to satellite families (the people who are not producing an income tax slip in BC or any of their family members).

This is a big watering down and admission by the NDP about how dangerous of an area they are wading into here in BC. Housing slowdown will sink this province. It is akin to allowing a big bank to fail. Ain’t gonna happen.

#69 T on 03.26.18 at 8:34 pm

#24 MF on 03.26.18 at 7:01 pm
New trend that I have noticed among a fellow 34 year olds:

Foregoing a wedding in favour of just signing a paper at city hall.

The money saved is monstrous. It then gets earmarked for the condo/house downpayment.

I think it’s a wonderful idea. Wedding parties are unnecessary, stressful, and a waste of time/money.

A co worker decided to go that route. All i can say is that I am so jealous of her fiance.

MF

——————

Agreed. I know quite a few who did this. All over 30 as well.

I also know one recently engaged couple whom are so focused on getting into the property market ASAP they are buying a condo before getting married. Even though they will be doing the ceremony at city hall, they just couldn’t wait to start shopping for what their combined incomes could leverage into.

It’s all any single young(ish) Torontonian I know thinks about, how they can shack up with someone to split a property with asap.

#70 Long Branch Apprentice on 03.26.18 at 8:36 pm

#67 I live here

If you’re still paying for your wedding 3-5 years after getting married, is that progress?

Wife and I were married in our apartment, just went to a local bar after with some friends. Saved the money for a 3 week honeymoon in Ecuador.

We know couples that had student loans, car loans, and a mortgage, and still borrowed for the wedding of their dreams.

In what world is that sane?

#71 Blacksheep on 03.26.18 at 8:38 pm

BC Spec # 68,

“This is a big watering down and admission by the NDP about how dangerous of an area they are wading into here in BC. Housing slowdown will sink this province. It is akin to allowing a big bank to fail. Ain’t gonna happen.”
————————————-
Hmm, why does this sound so familiar?

Yet another Dog, see’s the big picture.

#72 Buddy on 03.26.18 at 8:39 pm

Yeah, rent a tiny first floor for 2000 a month in sauga, maybe. I dont know where you get your rental numbers Gartho but they sure aint too accurate. Sure, pull one up and link it. Near a GO? Nope. In the middle of nowhere in some ish burb on the outskirts of brampton? Maybe. You cant find a decent townhouse for that. Rents are trash. These kids have a decent downpayment and if thats what they want go for it. Optically 3500 vs 2500 for a semi decent place doesnt seem that bad. How can anyone who wants to buy compete with that mentality. Especially with supply so limited and the development approvals process taking years for any have decent builds. Its all overpriced, rent, buy whatever. At least theyll have their place and fight life or death for it when SHTF.

#73 Blacksheep on 03.26.18 at 8:43 pm

“21 million people watched Stormy Daniels talk about having sex with the Trumpster.”-Garth.
——————————
I just porn searched Stormy D. the first time I heard her name. What’s wrong with these people…

#74 Steve on 03.26.18 at 8:44 pm

Wow, yet another. Whats with all these princesses out there?

Please guys don’t give in to these entitled women. This day and age it is not necessary to marry. You will be happier and under much less stress if you just follow some MGTOW principles.

#75 Reynolds531 on 03.26.18 at 8:49 pm

This middle gen xer respectfully offers some advice. Consider me to be the ghost of Christmas future.

You’re twenty years, a divorce, and one career setback away from living in a box in the woods.

Stay single and invest your money!!

#76 tccontrarian on 03.26.18 at 8:50 pm

” If this were up to me, I would rent a condo and invest the money in a balanced portfolio. However, life is not that simple and my fiance is laser-locked on buying a home.”-Jeremy
————————————————————-

Jeremy, it IS up to you! You own 50% of the decision, at least.
I see this as a good ‘test’ for the relationship going forward. If you succumb, against your better judgement, you have no-one else to blame when things go, south – both, financially and otherwise.

TCC

#77 akashic record on 03.26.18 at 8:50 pm

And speaking of romps, over 21 million people watched Stormy Daniels talk about having sex with the Trumpster. That was the largest audience for 60 Minutes in a decade. Yuge. Now the sex stuff is trending as Americans start thinking about the coming mid-term elections. – Garth

Have you watched it? You sound unusually upbeat tonight. :/

Did this really happen 12 years ago? In 2006?

At the time when Saddam Hussein was found guilty of crimes against humanity and sentenced to death by hanging, Italy won the world cup, several European newspapers reprinted controversial cartoons depicting the Prophet Muhammad, sparking rioting in the following weeks and Google bought YouTube.

What’s so yuge about it then?

#78 Elevator question on 03.26.18 at 9:01 pm

Not sure where to find the answer to this question. Thought I’d post it here in case anyone knows the answer.

I rent in a high-rise building in downtown TO. The elevators in this building always have problems. This morning I got stuck in it with a full load of people (still within weight limit). The scary part was that the elevator didn’t stand still when we were stuck. It was moving about an inch at a time every few seconds while the floor number display was going wild from 45 to P3 to GR.

Is this possible to report this to the city and have someone to come and inspect it? (I don’t trust the building management, and would like some official inspection.) If so, where can I report it to?

#79 Ray Skunk on 03.26.18 at 9:03 pm

Where are you, Freedom First?

Jeremy requires your 2c, stat.

#80 Brian Bourbon on 03.26.18 at 9:09 pm

#47: I wanna hear about the millenials that are 35 yrs old living in their grandparents basement, have no sex life, hit the games console every day and complain there are no jobs out there :-)

———–
This sounds like Housing Crash guy. Pathetic, praying for sky to fall. You’d be way further ahead in life taking opportunity, getting ahead. Thinking positive for a change.

#81 M on 03.26.18 at 9:12 pm

Advice??? HA!
Sell the babes. Or better…give them away :)

#82 M on 03.26.18 at 9:15 pm

..no no no….you guys go get the dumpster. Take a loan with Home Capital :)

#83 mark on 03.26.18 at 9:19 pm

Everyone should have the problem of earning over 200k and can’t afford stuff………..

What a joke.! So hard done by………..

#84 Andrew Woburn on 03.26.18 at 9:25 pm

“This is where moaning about millennials typically starts: Ugh, they’re so entitled! But when executives at PwC stepped back, they realized that the concerns of the company’s youngest employees were not all that different from those of older colleagues. A new generation of workers was simply pointing out a truth that management had been willing to ignore, as long as everyone was still staying late and the work was still getting done: Virtually everything about the economy that PwC serves has changed in the last 20 years. Why couldn’t its culture?

Like a lot of workplace conventions, the grind awaiting young consultants was a holdover from an era when the rank and file was dominated by men from single-earner households. But as the workforce evolved, so did its priorities.”

What this article fails to stress is the change in the gender composition of the work force at PwC. When I started in the 70’s as a student in professional accounting, there almost no women. Now at least fifty percent if not more are female. If they want kids, they simply cannot work the hours we used to. Why should they?

– PWC’s millennial employees led a rebellion—and their demands are being met

https://work.qz.com/1217854/pwcs-millennial-employees-led-a-rebellion-and-their-demands-are-being-met/

#85 The real Kip on 03.26.18 at 9:27 pm

I was bored at work today so I watched a couple of Stormy’s compilation videos on my phone. I must admit that I can now see that she’s very good at what she does!

#86 Hiding On the Backstreets on 03.26.18 at 9:28 pm

Can you get them Screwed Canadian Millenial’s contact info to impart her advice?

#87 I'm just sayin' on 03.26.18 at 9:30 pm

DELETED

#88 oncebittwiceshy on 03.26.18 at 9:34 pm

BC Spec # 68,

“This is a big watering down and admission by the NDP about how dangerous of an area they are wading into here in BC. Housing slowdown will sink this province. It is akin to allowing a big bank to fail. Ain’t gonna happen.”

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Are you really that naive. Most Albertans that purchased homes in Kelowna are going to have a pretty difficult time coming up with an additional $8000. per year for taxes. They will simply bail and add to increasing inventory.

"Nearly half of Albertans say they're $200 away from not being able to pay their bills, survey suggests"

http://www.cbc.ca/news/canada/calgary/alberta-debt-survey-mnp-interest-rate-insolvency-worries-1.4488126

B20 legislation, rising rates, credit contraction and now confirmed speculation tax means Kelowna will be headed the same way as every other "major" city in Canada…. only a lot quicker.

#89 Trevor on 03.26.18 at 9:37 pm

No such thing as delayed gratification in this age, everyone wants what they want and they want it now. I do not think this is unique to millennials, although it appears more prevalent because the assumption is made that older people have their finances in order simply because of their age. Another reason why it is important to have government lending restrictions on financial institutions.

#90 Big Kahuna on 03.26.18 at 9:37 pm

#73Blacksheep-Biggest News Story of All Time-15 years ago Donald Trump had sex with a whore.

I believe the point is evidence of pattern behaviour. – Garth

#91 Hiding On the Backstreets on 03.26.18 at 9:38 pm

@ #38 Nonplused on 03.26.18 at 7:22 pm

Doesn’t matter how pretty she is she’ll look like hell when she’s 45 so you gotta look inside and inside only. If she happens to be pretty that’s a bonus but don’t let it cloud your judgement.
Women aren’t like motorcycles, they are more like cars. Motorcycles never age. Cars last 15 years and then you can’t get anybody to take them off your hands for a decent buck. I guess that won’t matter to you because it sounds like if you buy the house you won’t be getting a motorcycle. Not even a Honda.

—————–

I can’t believe what you typed in this day and age. That’s sexist. That’s misogynist. That’s intolerant. That’s stereotypical. That’s so unfair.

Keep up the good work.

#92 Duke on 03.26.18 at 9:40 pm

#29 Alex K on 03.26.18 at 7:10 pm
To Carlos,
Just because landlord is selling it doesn’t mean you have to move out.
You have to move out if your landlord or his close relative is moving in, otherwise stay put

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

The most useful advice so far.

#93 Duke on 03.26.18 at 9:49 pm

Combined income of $125k and net is only $80k? Paying 36% tax? Really? This guy doesn’t do his math right, and that makes me wonder everything he said. One thing so certain is that he is stupid.

#94 Trojan House on 03.26.18 at 9:52 pm

#43 Yorkville Renter on 03.26.18 at 7:30 pm

So a start up tech company that has no revenue but merely exists based on venture capital and hype. I see, sort of like Netflix or Tesla.

#95 Ustabe on 03.26.18 at 9:54 pm

I just porn searched Stormy D. the first time I heard her name. What’s wrong with these people…

These people look after the sexual needs of all sorts of folks. The videos and stripper bar appearances are less about income and more about visibility, name recognition.

The real money is made by being in demand from those who otherwise couldn’t obtain such a woman. That would range from a quadriplegic to the type of man the current President of the US is.

Google up Epstein/Clinton/Trump…hope not too many of you see yourselves in that behaviour and bless the women who are able to tolerate it.

#96 bb on 03.26.18 at 9:55 pm

#74 Steve on 03.26.18 at 8:44 pm

You know what? Its in this blog comments that I read about that word. I can’t recall whose comment/s though. After some research, I wish I knew and embraced those principles 20 years ago.

#97 TalkingPie on 03.26.18 at 9:56 pm

Millennial update from Montreal:

Girlfriend and I looked at four houses today. We can do that on a Monday because girlfriend works from home and I work 10-15 days per month on average. We gross about $110k combined.

The interesting houses we looked at today were a 2+2 bedroom bungalow with modern finishings, single-car garage and outground pool for $349k. Second one was a nice two-level from the late 80s, very well maintained – but not updated – by the couple who’ve been there probably 30 years. Nice quiet wooded lot, double garage, asking $375k. Both properties were between 16-17k square feet, 45 minute drive from downtown (which, given our schedules and the fact that I don’t even work in the city, is perfectly fine) and within a 15 minute drive of all the shops and services we need, including a new Costco and a train to downtown. We got pre-appoved for a house at this price point off of my mediocre salary alone.

It’s funny how some of these smug Torontonians – who talk about Toronto being the happiest place in the world or whatever – complain about barely being able to get by on $200k+ incomes and two hour daily commutes, while life is pretty low-stress for us over here.

#98 ben on 03.26.18 at 9:58 pm

> So why would you start off a stressful new chapter in your lives (married) with even more stress?

I agree they should rent.

But shouldn’t we ask ourselves why we have forced a generation to roll the dice on housing? Why are we putting them in a situation where if they make the wrong call there are *severe* financial consequences? Shouldn’t their job prospects be what decides if they have a good life or not?

This madness has to stop. And to do that you have to reign in your billion dollar profit banks. 10 billion in Q1 whilst kids fret over how to get a roof over their heads.

Any government that doesn’t want to tackle this is failing to wrestle with *the* moral issue of the day.

#99 Chaddywack on 03.26.18 at 9:59 pm

I wonder how the BC govt is going to define a satellite family!

These people are legal residents with legal status in Canada. If they have a spouse overseas that’s their business.

#100 8102 on 03.26.18 at 10:00 pm

“I think we may have a spare bunkie in the blog tool shed if you need it.”

Does that include WiFi?

#101 Protea on 03.26.18 at 10:11 pm

#46 Laughing Stock of the World

Garth let me spell it out for you. Vancouver is f……ed /screwed long term outlook not very rosy !!!!!

#102 Ron on 03.26.18 at 10:11 pm

#90 Big Kahuna on 03.26.18 at 9:37 pm
#73Blacksheep-Biggest News Story of All Time-15 years ago Donald Trump had sex with a whore.

—————————————-

I thought Barron was 12…

#103 mathman on 03.26.18 at 10:14 pm

#43 Yorkville Renter – not unusual to make over 100k in your late 20’s your right, but that is really likely the top quintile. Out of this group, many would have racked up impressive student debt, so making 100k with a net worth of < 0, makes sense to me (That was me, paying off student debt till 28).

Agreed many tech wonder kids in this city, people in sales etc that make major bank in their late 20's but these folks mentioned have all kinds of cash to boot.

These two are likely not teachers – could be cops, city employees and or public sector. The only people i know who describe their salary of $111k with no bonus work for the Gov't.

The scary thing to me is how desensitized folks become to massive amounts of debt. A million dollar house has become the norm, where 10 short years ago it was the domain of the very wealthy. income's have been stagnant, the only thing driving this is the cost of money. Once that changes, look out!

Math

#104 Blutterfy on 03.26.18 at 10:15 pm

Hahaha. Millennials starting a life with no debt or conflict. What’s another 100,000 g’s when you’re both already into your eyeballs in student loans. It’s a miracle when any millennial relationship survives more than a year. Stress and conflict are perennial problems, let’s hope we all get better at managing the stress and conflict.

#105 Lawnboy on 03.26.18 at 10:25 pm

@78 elevator guy

1. Cancel the gym membership!
2. Start using the stairs …right now. Honest.

#106 Protea on 03.26.18 at 10:29 pm

#97 TalkingPie

Montreal is a great place to right at this time. Compared to Vancouver affordable housing lots of homes below $500k condos in Kirkland brandnew 2 bedroom/2 bathrooms around $300k. Car insurance at least 60% less than BC (ICBC no choice) If I was a lot younger I would move there . All Vancouver has got going for itself is it is geographically beautiful (lots of rain as well mind you)

#46 Laughing Stock of the World seriously take a look at that city.

#107 feldspar on 03.26.18 at 10:30 pm

smartalox#7

Spot on comment. Could this age group possibly have an inordinate number of still breast feeding, self absorbed
“adults” NAH !!

#108 Pulp Faction on 03.26.18 at 10:32 pm

Jeremy…..emasculated.

#109 Smoking Man on 03.26.18 at 10:47 pm

Kids do not buy property don’t be stupid.

Majority of Boomers need to cash out. Pensions suck. There going to do it at the same time. Next downward push panic will set in. They all want to buy that micro hotel in the tropics to retire. Don’t do it.

In a stalled or falling market renting rocks.

#110 I live here on 03.26.18 at 10:53 pm

#70 Long Branch Apprentice

The point is that a wedding and a party can still be had, but at a reduced outlay. I got married in 2011 at the age of (geez how old am I again?) 37 and spent 5 grand on a traditional church wedding. This is not a lot of money but we made every penny count.

My anger is directed at people who just give up and abandon cultural experience for a financial savings. Why can’t they still have a wedding but just spend a reasonable amount? They are missing out on one of the joys of life.

It is like people either spend lavishly beyond their means or not at all for a marriage. Why not just have a simple wedding?

Anyway, this is coming from a guy who goes to church every Sunday and values his Christianity. He wishes others would listen to the voice of reason and have an affordable wedding like he did in the time honored church hall.

#111 akashic record on 03.26.18 at 10:55 pm

PetroYuan launched and investors in North America should worry about “the point is evidence of pattern behaviour”.

Geezzzz…

https://www.zerohedge.com/news/2018-03-26/petroyuan-futures-volume-dominates-brent-big-traders-step

#112 Entrepreneur on 03.26.18 at 11:01 pm

Get your partner to sign on the dotted line and this will change their attitude, make them the responsible one.

Why, oh why, are the youth being led into “severe financial consequences” #98 ben and why isn’t the news media picking up on this, neither the banks or government, not much. Pushed aside and ignored as if this is how business is run.

We hear highlights of hardships from other countries over and over but next to nothing of our hardships, the taxpayers.

#113 Smoking Man on 03.26.18 at 11:04 pm

90 Big Kahuna on 03.26.18 at 9:37 pm
#73Blacksheep-Biggest News Story of All Time-15 years ago Donald Trump had sex with a whore.

I believe the point is evidence of pattern behaviour. – Garth.
……

Not everyone is a rock star hubby like you Garth. I credit Dorathy.

Power corrupts every time. I’m willing to bet my entire fortune that every damn billionaire out there has had a fling or two. Its not about the sex at that point in thier lives. It’s about displaying and showcasing their power.

This group of people are huge risk takers who have done it all many time over. Life gets boaring.

I must be getting old. Wiffee-poo in vegas chilling with here sisters and I’m home alone from a few days. Not even remotely interested in seing what lolly pops are avalable on backpage.

Perhaps my love affair with Jack Daniels and no one throttiling my quest for truth is more important.

It’s a good thing my phone is almost dead and I don’t have a charger. This night will be epic in the quest for the truth.

Dr. Smoking Man
PhD Herdonomics

#114 Rational Observer on 03.26.18 at 11:22 pm

@#99 Chaddywack on 03.26.18 at 9:59 pm
I wonder how the BC govt is going to define a satellite family! These people are legal residents with legal status in Canada. If they have a spouse overseas that’s their business.

The excerpt below is from the Canada Revenue website. It explains residency status to determine Canadian income tax liability. If “satellite residents” comply with the law – ie. pay tax on worldwide income, well, good for them. There have been numerous articles in Canadian papers speculating that most don’t.

Under Canada’s tax system, your income tax obligations to Canada are based on your residency status. You need to know your residency status before you can know what your tax responsibilities and filing requirements to Canada are.

An individual’s residency status is determined on a case by case basis and the individual’s whole situation and all the relevant facts must be considered.

The following steps can help you determine your residency status for income tax purposes and your tax obligations to Canada.

Step 1: Determine if you have residential ties with Canada
The most important thing to consider when determining your residency status in Canada for income tax purposes is whether or not you maintain, or you establish, residential ties with Canada.

Significant residential ties to Canada include:

a home in Canada;
a spouse or common-law partner in Canada; and
dependants in Canada;

#115 People watching people on 03.26.18 at 11:38 pm

I call BS on moving out in TO when your landlord wants to sell. Been in 2 rentals in the last 15 years. In both cases the landlord has ultimately decided to cash out. In the first case, the landlord sold and issued a notice to terminate my tenancy on behalf of the BUYER, who wanted it for their own use. I’m still waiting on my current landlord to play out. Coming up to 1 year on the market. In downtown TO. In a Condo. Still renting it. No eviction notice, ’cause they know they can’t serve one due to a sale. I’m secretly hoping a buyer materializes and asks for vacant possession within 30 days. That’s when I put the screws to the landlord for “moving costs”, to leave before my statutory 60 day notice. One can dream… :-)

Mills and nouveau Wrinklies have been the ones poking around here. Over 60 viewings in the last year, no repeats, just finger-banging the merch. No skin off my nose, we are never around anyways, housing is just a bed and a closet for us. And we do have a dog and kids, who live life outdoors.

#116 Interstellar Old Yeller on 03.26.18 at 11:42 pm

Jeremy – put the wedding on hold until you and your fiancée complete pre-marital counselling and come to a mutually-satisfactory agreement on the home-buying. Perhaps you’ve inadvertently mischaracterized your relationship but her lack of regard for what you want to do and for financial logic are red flags (both for your partnership and for what you seem to think is acceptable behaviour from a life partner).

If the warning signs don’t go away, don’t be afraid to call off the wedding. It will cost far less (emotionally, financially, time and effort) than a divorce.

#117 NoName on 03.26.18 at 11:58 pm

Those that are dragging Stormy Daniels trough mud and calling her names, but not other guy, here is some that will help you to stop behaving like tekst buk case liberal.

https://www.artofmanliness.com/2013/01/18/how-to-increase-testosterone-naturally/

#118 slick on 03.27.18 at 12:01 am

Jeremy is gonna end up making payments on a house he can’t live in, but she can.
Look 5 years into the future my friend, you are being set up.

#119 Smoking Man on 03.27.18 at 12:02 am

I’m figuring God stuff.

My phone is down to 2% I hope this one makes. Jordan Paterson a logical bastetd like Myself. Normally we would never belive in God. It’s dumb.

But mabey it’s not. Life is unpredictable. If you land on your face for no reason or doing on your own.

Perhaps it’s time to blame no one. Perhaps you can imagen a higher force than you, that wants you to do better. And loves you no matter how fkd up you are.

I’m perfect so it will be hard sell. But looking down into the abyss of an empty 40 oz bottle of truth.

God my not be real. But if you go. Ok

Life will feel better. What is wrong with that.

#120 paulo on 03.27.18 at 12:09 am

interesting examples.
so for carlo: keep your powder dry,sort out your rental situation.take a peek in 2 years or so when prices have corrected.

as for Jeremy: ditch the squeeze

#121 Dan on 03.27.18 at 12:11 am

Good to see BC will do nothing on affordable housing. Way to go from tough to kitty cat NDP.

So nothing will change. Called that long ago. It’s the only economy and massive tax free gains . Screwed said it perfectly. How long now is real estate in trouble? Since that time what have prices done- oh right doubled, tripled, 10x and condos same and worse, all leveraged and tax free. Dead wrong for over 10 years in B.C. at least and still looking like nothing will change.

#122 paulo on 03.27.18 at 12:20 am

#78

call a complaint into the TSSA, technical safety standards association. , they are responsible for inspecting and certifying elevators in Ontario,as being safe and properly operating. better still send them a formal complaint via email they have a site.

#123 Mountain_camper_in_tent on 03.27.18 at 12:31 am

I feel so bad for young people in GTA.I was lucky to get laid off in 2006 as my employer of 3 years closed factory and moved to Mexico.It was a company called BBA Fiberweb,51 Curity Avenue in East end Toronto.
I moved to Alberta with wife and 2 little kids.Oil boom combined with my Engineering degree,I landed at a great Canadian company.Waited for few years and bought house in 2011…no regrets.I don’t care if it’s value doesn’t go up.Its a place to live and enjoy life.

Young folks in Ontario…if you can find work,move to Alberta.Houses are very affordable and jobs are slowly coming back.

#124 Nonplused on 03.27.18 at 12:41 am

#91 Hiding On the Backstreets

What? Did I trigger you? I will admit that I should come with a trigger warning. I see that you can get t-shirts now that say “trigger warning” on them, I should get one.

I don’t see how saying that you should judge a woman by what’s inside is all those fancy words you used I can’t spell. Maybe it’s because I forgot to add women should judge men by what’s inside too because they also fall apart with age. I did leave that out but it is also true.

Or maybe it is now sexism to admit that a 45 year old woman is not as attractive on any level as a 25 year old? Quick! Somebody call Hollywood and demand the leading ladies be representative of the age of the population! Also Pron is pretty big industry now so they should have to put those older ladies in their films now too! Yikes I am not watching that. Watching pron is like slowing down to gawk at a car wreck as it is.

Anyway, the fact of the matter is for both men and women by the time you are 45 your looks are behind you and things are only going to get worse, so you better like and get along with your partner. Men should not marry a (babe in total control herself) just because she is pretty. My advice should make most women who score less than 9 quite happy men are starting to think that way. There are plenty of nice girls out there but most of them aren’t 9’s. Don’t be taken in.

It reminds me of a quote I heard once: “It doesn’t matter how pretty she is, somewhere in this city there is someone who is sick of putting up with her $hit.”

Anyway, if your name isn’t Jeremy my reply wasn’t for you and I wasn’t talking to you.

Boys, remember: beauty is only skin deep, but nasty goes right to the bone.

#125 Bottoms_Up on 03.27.18 at 1:11 am

The couple making $213k per year with 225k to put down on a house should not pay more than 700k for a house. if the can’t get the house they want for 700k, they should wait.

kids cost a ton of money (especially for parents making 213k).

#126 Dumb NDP on 03.27.18 at 1:21 am

The NDP in BC has completely flip flopped on housing.

The Speculation tax has basically been killed.

The Dippers don’t even have a clue their days are numbered. They even deserted their own base.

#127 Dumb NDP on 03.27.18 at 1:23 am

#99 Chaddywack on 03.26.18 at 9:59 pm
I wonder how the BC govt is going to define a satellite family!

These people are legal residents with legal status in Canada. If they have a spouse overseas that’s their business.

///////////

The tax will have zero revenue and it will cost to administer. NDP are done for in BC. Their base won’t even vote for them anymore.

#128 Ca$h money on 03.27.18 at 1:32 am

I think smoking man has it figured out at #109. Lots of pensions sitting homes and everyone will need cash. LOCs will only go so far.

#129 mark on 03.27.18 at 1:39 am

Jeremy: if you get married in August you are finished.

#130 Myra Andrews on 03.27.18 at 2:46 am

@ #38 Nonplused on 03.26.18 at 7:22 pm

Doesn’t matter how pretty she is she’ll look like hell when she’s 45 so you gotta look inside and inside only. If she happens to be pretty that’s a bonus but don’t let it cloud your judgement. Women aren’t like motorcycles, they are more like cars. Motorcycles never age. Cars last 15 years and then you can’t get anybody to take them off your hands for a decent buck.

—————–

As a women reading those comments I was shocked. Such offensive comments.

But I couldn’t stop laughing. So hilarious. Keep posting. Made my day.

#131 KD#48 on 03.27.18 at 3:05 am

Maple Ridge BC. 3br townie 1300sq. listed last Thursday for $469.000 sells in 3 days for $536,500.
We are doomed out here

#132 Oft deleted much maligned stock.picker on 03.27.18 at 3:32 am

DELETED

#133 Oft deleted much maligned stock.picker on 03.27.18 at 5:07 am

#43….private sector paying over $100K…..I call BS. Canada is famous for having the lowest private sector pay and salary in the G7. Only a union civil servant gets over $100;+….. Our politicians are on record saying they work hard at keeping wages and salaries low.

#134 Gravy Train on 03.27.18 at 6:05 am

#113 Smoking Man on 03.26.18 at 11:04 pm
“I’m willing to bet my entire fortune that every … billionaire out there has had a fling or two. It[’]s not about the sex at that point in th[ei]r lives. It’s about displaying and showcasing their power.”

Uh, no. Wrong again. For the umpteenth time! Study the billionaires—and philanthropists—Warren Buffett and Ray Dalio. Both are paragons of goodness and virtue—attributes with which you are unacquainted!

Here are a couple of book recommendations: 1) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder (Bantam Books, 2008), and 2) Principles by Ray Dalio (Simon & Schuster, 2017).

Now why do I keep recommending books to you?—as if you’ve ever read a book in your life! You ignorant boob! You dunderhead, lunkhead, dolt!

Oh, and don’t worry: I won’t ask you to settle the bet. You can keep your nickel!

#135 under the radar on 03.27.18 at 6:12 am

In a consumer driven class conscious society the pressure to “own” vs rent is one of the most powerful drivers of human behaviour. The staggering amount of debt required by those who lust for “ownership” is not motivated by rational thought, it is instead rationalized as being financially manageable.

#136 Mike in Toronto on 03.27.18 at 6:40 am

#72 Buddy

I don’t know where people find these houses in Toronto either. We’re renting a 2br apartment in a big faceless building in the core. Walking distance to everything.

I refuse to rent a condo or a house from any amateur landlords. I don’t understand why they can charge double what we’re paying for what they have to offer.

Our mantra about home ownership: “Why would we want to buy in a place we would NEVER consider renting?”

Markham? I don’t even want to visit. It’s not even a place. 404, Pacific mall, that’s our map of Markham. It’s not even accessible after 11am on Saturday and Sunday, just a thick clog of traffic.

#137 Hamsterwheelie on 03.27.18 at 6:59 am

I can’t, just absolutely cannot see the ‘value’ in a $950 000 home in Markham. Does it come with staff? Are there cabinas bringing in rental income round the pool in summer? Is it a wedding venue with acreage and a stocked pond for fishing? If you live in Toronto now then it means commuting – don’t do it! Love your kids? Live downtown, rent or ..gasp! raise them in a condo and spend time with friends and family doing things like not mowing grass, raise the kids with some culture and spend your savings on family camping trips, lakeside Air bnbs, travelling exotic locales or just hitting Kensington market with the kiddoes for lunch, AGO or Ontario place, daysailing off the islands etc. Speaking as a kid who was raised downtown (my parents didn’t own anything) with endless options – I always felt sorry for kids who were raised in the burbs, had nothing to talk about, zero independance and were looking for a reason or way to break free (usually by underage binge drinking downtown or getting face tattoos & panhandling etc) Spending time with family doing cool stuff (because they aren’t commuting to work to support a mortgage for a fenced isolation tank miles from fun) is the best gift you can give – consider that mortgage as locking into a lifestyle of less fun, more debt.

#138 Victor V on 03.27.18 at 7:13 am

#128 Ca$h money on 03.27.18 at 1:32 am

I think smoking man has it figured out at #109. Lots of pensions sitting homes and everyone will need cash. LOCs will only go so far.

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

Reverse mortgages will be the go-to solution for many.

#139 Alex Johnson on 03.27.18 at 7:59 am

I got to say, these mils that write to Garth, sure make good money :) Way above any statistical averages. This is the nth time now I see them mention ~200K family incomes.

Now I have to wonder, considering that is very good pay in general, and excellent pay I would say for someone in their early thirties, these have to be fairly high skilled professionals with a decent education…

Why are these folks so dumb?

Everyone I know with that income is fairly well versed in finance.

#140 Melania on 03.27.18 at 8:01 am

Jeremy, dump her. Life is about more than money.

I’m available.

Know where Mar-a-Lago is?

#141 Ian on 03.27.18 at 8:15 am

When will Canada wake up and become hawkish on Russia?? Follow the US and UK lead and kick the diplomats out!!!

Oh, I forgot. In The Snowboarder’s mind, everyone is lovely and wonderful.

M48ON – UltraBlues!

#142 NotLegalAdvice on 03.27.18 at 8:17 am

#90 “Get real guys, is this blog read only by kiddie lawyers :-)….”

……..we’ll yeah, being a “kiddie lawyer” is why I come here!

#143 Stuart on 03.27.18 at 8:19 am

#78.

Call the TSSA. They regulate elevating devices. You can even get the inspectors name off the license (which should be posted in the elevating device).

It sounds like an electrical controls issue given what you wrote.

#144 Hiding on the Backstreets on 03.27.18 at 8:29 am

@ #124 Nonplused.

“What? Did I trigger you? I will admit that I should come with a trigger warning. I see that you can get t-shirts now that say “trigger warning” on them, I should get one.”
——–
When I said keep up the good work I was serious. I liked your post. I guess sarcasm doesn’t transfer well over a typed words.

I can only be triggered by nonsensical lib-left termites.

#145 Arctic Gringo: Qalunaaq on 03.27.18 at 8:36 am

It’s a blizzard day here, north of 68. Can’t see 20 feet across the road, and wind gusts are peaking around 60 km/h.
It’s raining in the golden horseshoe.
Nova Scotia’s snow belt still under 3 feet of snow.
Other family members have jet-set to Dominican Republic for march break.
Rebalance day, too. But snow blind.

It may have been mentioned here before, but memory is going. What has been noted as a “better” measure of inflation over the BoC’s core CPI?

#146 Howard on 03.27.18 at 8:46 am

I hope Jeremy is getting a prenup.

Can you imagine marrying a woman who, at 25, has as her dream to own a house in grotesquely ugly Mississauga?

Doesn’t she want to travel a bit? Indulge in some hobbies? Or maybe she expects her husband to pay the bills while she spends her money on herself? Wouldn’t be the first time.

Spent the weekend in the south of France. Those people know how to live. And for a fraction the price people pay to live in horrid Canadian cities.

#147 James on 03.27.18 at 9:07 am

#134 Gravy Train on 03.27.18 at 6:05 am

#113 Smoking Man on 03.26.18 at 11:04 pm
“I’m willing to bet my entire fortune that every … billionaire out there has had a fling or two. It[’]s not about the sex at that point in th[ei]r lives. It’s about displaying and showcasing their power.”

Uh, no. Wrong again. For the umpteenth time! Study the billionaires—and philanthropists—Warren Buffett and Ray Dalio. Both are paragons of goodness and virtue—attributes with which you are unacquainted!

Here are a couple of book recommendations: 1) The Snowball: Warren Buffett and the Business of Life by Alice Schroeder (Bantam Books, 2008), and 2) Principles by Ray Dalio (Simon & Schuster, 2017).

Now why do I keep recommending books to you?—as if you’ve ever read a book in your life! You ignorant boob! You dunderhead, lunkhead, dolt!

Oh, and don’t worry: I won’t ask you to settle the bet. You can keep your nickel!
________________________________________
The Snowball is an excellent book. It would be a waste of time for Smoking Man to read.

“Everybody wants attention and admiration. Nobody wants to be criticized. The sweetest sound in the English language is the sound of a person’s own name. The only way to get the best of an argument is to avoid it. If you are wrong, admit it quickly and emphatically. Ask questions instead of giving direct orders. Give the other person a fine reputation to live up to. Call attention to people’s mistakes indirectly. Let the other person save face.”

More suited to Smoking Man are.
“A Child’s First Book of Trump” by Michael Ian Black and Marc Rosenthal and “The Trump Coloring Book” by M.G. Anthony

#148 Classical Liberal Millennial on 03.27.18 at 9:13 am

All these people living in the GTA dead set on buying an overpriced house.. bringing their otherwise healthy expendable income down to nil.
No wonder it’s always the city people who want free daycare and free university tuition and free….

#149 dharma bum on 03.27.18 at 9:19 am

Jeremy and Carlo:

“If you do not change direction, you may end up where you are heading.”

– Lao Tzu

#150 Smoking Man on 03.27.18 at 9:32 am

It’s over for T2 MSM is abandoning ship.

The message seems to be finally getting through: Justin Trudeau has become so identified with kumbaya peoplekind priorities that he’s lost the appearance of leading a serious government.

https://www.ctvnews.ca/mobile/politics/don-martin-blog/don-martin-trudeau-s-rush-to-unilaterally-impose-political-correctness-will-generate-backlash-1.3854595#_gus&_gucid=&_gup=twitter&_gsc=27uP8Lb

#151 Blacksheep on 03.27.18 at 10:04 am

Dumb # 126,

“The NDP in BC has completely flip flopped on housing”.

“The Speculation tax has basically been killed.”
——————————–
I am utterly shocked, by this totally unforeseeable development : )

#152 Victor V on 03.27.18 at 10:12 am

B.C. changes speculation tax amid homeowner backlash

https://www.bnn.ca/b-c-changes-speculation-tax-amid-homeowner-backlash-1.1038797

VICTORIA – British Columbia is trying to target urban areas with changes to its proposed tax on property speculation after some municipalities demanded exemptions and the Opposition accused the New Democrats of grabbing family assets.

Finance Minister Carol James is also adjusting the tax rate since she first announced details in the budget last month.

The changes would create a number of exemptions and shift which areas of the province would be covered by the tax.

That means it would apply to properties in Metro Vancouver, Kelowna, West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack, Mission and the Capital Regional District around Victoria on southern Vancouver Island, excluding the Gulf Islands and Juan de Fuca.

James says the tax, which is expected to be introduced in legislation this fall, would not hit people with cabins or vacation homes in rural areas, islands or smaller centres outside of the designated urban zones.

James says the proposed tax rates for Canadian citizens or permanent residents not living in B.C. would be cut from two per cent of a property’s assessed value to one per cent.

#153 PastThePeak on 03.27.18 at 10:39 am

Carlo and Jeremy, as you can tell by the collective wisdom in the comments section here, GTA RE will only go in one direction – up! Sure, perhaps a little blip for a few months now, but then onward and upward forever, with only little dips every 10 years.

So get in now while you still can! Max mortgage from the bank, with the remainder taken through an alternative lender.

Also, you guys are obviously well behind the house curve. Jeremy – 28 and no house! I won’t even comment on Carlo (31 and no RE…social status of 0…). In our day we bought detached houses right out of uni…

#154 Ace Goodheart on 03.27.18 at 10:42 am

Just reading the above postings and also the blog, wondering if anyone stopped to think that living in the GTA, whether you rent or buy or what you do, is very expensive. Rent is of course tied to the landlord’s mortgage payments.

Yes there are rent controls, but if you are negotiating a lease right now, rent controls do not apply to you, and the landlord can charge you whatever she feels she can get from you. Once you sign the lease, then the rent controls apply.

Rents are likely to go down, not up, in the GTA.

Southern Ontario is like a vacuum for money. It is a massively overpriced, frozen wasteland that reduces people to poverty regularly and predictably. Too much tax, too much speculation, too many people competing for too few resources. There are much better places to live.

We stay here because we own our house. So our yearly housing expenses are around $5000.00 including utilities and property taxes (it’s a small house, costs nothing to heat and air condition, and we don’t use a lot of electricity). Our walk score is like 10 out of 10 and we don’t need cars at all. We can get anywhere in the GTA very quickly by transit (including to the airport on the UPX).

But we are the exception, not the rule. There are not many 45 year olds living in Toronto, who own their million dollar houses outright and can live in them almost for free. We ended up in that situation due to purchasing a house for cash in a crap neighbourhood, which “gentrified”.

For everyone else, it is very expensive to live here. If I were not in my situation, I would leave. There are much cheaper places to live.

#155 IHCTD9 on 03.27.18 at 10:43 am

Last spring when the RE dopamine was pumping hard, a nearby house was snapped up in a bidding war for 700K on a 650K ask out here in the barren Ontario hinterlands.

I had mentioned on the blog that this house prompted two other folks I know to embark on a “fishing trip” with a quick reno and listing for their own homes.

Both those two eventually had to eat the reno costs and sold in the fall 2017 only after dropping the price near 100K from asking.

I know the owners of the 700K house personally, they just moved out in November. The new owners never moved in, and now I see it is back on the market for 789K.

Bought for 700K, relisted at 789K 10 months later. This does not look like a flip to me. That 89K would just cover all the costs associated with buying, and then selling, 1 years worth of taxes/heat/hydro insurance etc. Definitely no profit to be made here

Looks like someone has got themselves into some trouble…

#156 Jason on 03.27.18 at 10:46 am

Jeremy,

Don’t walk away from this woman – run. This type of woman will ruin your life if you allow her to. It is NEVER too late to break off a relationship, especially before you’ve had any kids. If you allow it, you will exhaust all your energy and money, and to add insult to injury, this woman will lose respect for you for allowing her to control you. Proceed at your own peril.

#157 Doug in London on 03.27.18 at 11:17 am

And speaking of romps, over 21 million people watched Stormy Daniels talk about having sex with the Trumpster. That was the largest audience for 60 Minutes in a decade.
—————————————————————–
Wow, I was totally oblivious until reading about it in the papers. Why? I like to think I have something that has a vague resemblance to a life so on Sunday afternoon I was watching the puddle jump at Boler Mountain. Looks like fun, I may try it next year. As for now, I’m still not following this Donald trump business. Instead I’m looking at what to buy which may be on sale now. Say, is EMA a good buy at $40.35/share?

#158 Mike in Toronto on 03.27.18 at 11:23 am

#151 Be Realistic

Resentment of home owners? No. The point I’m making is that I’m not going to buy anywhere I would never visit.

I live in Toronto and work in Toronto. I spend my commute on foot and a lot of time with my daughters.

Culture for me is in the core of the city or in the hinterlands.

You can name St Mike’s, but I can’t name anything notable in Markham. Before you say I’m ignorant and elitist. I worked and commuted there for a decade.

The last time I went to Markham, aside from Pacific mall, was my last day on the job there, 7 years ago.

So we’re renting. It’s good value.

#159 IHCTD9 on 03.27.18 at 11:30 am

#147 Howard on 03.27.18 at 8:46 am

Doesn’t she want to travel a bit? Indulge in some hobbies? Or maybe she expects her husband to pay the bills while she spends her money on herself? Wouldn’t be the first time.
___

That’s where the HELOC comes in…

#160 Zapstrap on 03.27.18 at 11:32 am

#144 Stuart on 03.27.18 at 8:19 am

It sounds like an electrical controls issue given what you wrote.

Sounds like gravity to me.

#161 Another Deckchair on 03.27.18 at 11:33 am

@156 Ace:

“We stay here because we own our house. So our yearly housing expenses are around $5000.00 including utilities and property taxes ”

Word to the wise: Stick to Toronto. Our little 1950s Bungalow in Ottawa (in what is now a desirable section of Ottawa) has property taxes up over $6,000, add utilities to that…

Toronto – homes double the price, but half the taxes. Sigh.

#162 People watching people on 03.27.18 at 11:33 am

Here is something to chew on. TO is the center of the universe why? Fin towers in the core? Head offices in the core? People want to live near where they work? 404, DVP, Gardiner, Lakeshore all auto wastelands during the work week, TTC a crap fest to the core.

What if I said, in 5 years the way we work will transform in such a radical way that it won’t matter where you live? I’m investigating leveraging cloud platforms and remote work methods for my employer (over 100k employees). I’ve concluded that we can leverage cloud computing and a smart phone to do all the office work that is required. From anywhere. We’ve already ditched 99% of the land lines in my office and 100% of the desktop computers. Some people who are piloting this with me have already sold their TO homes and one has moved out to the Peterborough region, taking the VIA train to TO 2 times a month for meetings. The only requirement is a decent internet signal, which will be expanded by the carriers when demand in the xburbs and farm country starts to grow. So no need for more land, just more faster internet.

There will always be a central office, just scaled back to some hoteling stations and meeting rooms. The custodial staff can live near by in the condo ghettos.

#163 Fake News Again on 03.27.18 at 11:42 am

Trump has 22 million people tuning into Stormy….

What you Lefties really need to wrap your head around is that……22 million tuned in to listen to Stormy. As opposed to record LOW viewership to all the Radical Left Hollyweird, Celebrity, Music/Award/Indoctrination shows that NO ONE watches…..

Now with FB getting crushed along with anyone that does what they do (SPY, Collecting Data)……the left is going to be in a death spiral soon……

That made absolutely no sense. But I’m sure you feel better. – Garth

#164 Lee on 03.27.18 at 11:48 am

#166,

Have you followed the last 10 special congressional and governor elections in the USA?

#165 Fake News Again on 03.27.18 at 11:54 am

Alex Johnson on 03.27.18 at 7:59 am
I got to say, these mils that write to Garth, sure make good money :) Way above any statistical averages. This is the nth time now I see them mention ~200K family incomes.

Now I have to wonder, considering that is very good pay in general, and excellent pay I would say for someone in their early thirties, these have to be fairly high skilled professionals with a decent education…

Why are these folks so dumb?

Everyone I know with that income is fairly well versed in finance.
_________

Most people that “brag” on this blog about their income are Govt Workers…….that is why you always see 100K plus incomes……

#166 Fake News Again on 03.27.18 at 11:58 am

Fake News Again on 03.27.18 at 11:42 am
Trump has 22 million people tuning into Stormy….

What you Lefties really need to wrap your head around is that……22 million tuned in to listen to Stormy. As opposed to record LOW viewership to all the Radical Left Hollyweird, Celebrity, Music/Award/Indoctrination shows that NO ONE watches…..

Now with FB getting crushed along with anyone that does what they do (SPY, Collecting Data)……the left is going to be in a death spiral soon……

That made absolutely no sense. But I’m sure you feel better. – Garth

_______

EVERYTHING the left is doing to Trump (Fake Russian Meddling, Stormy, Racism, Crazy) blah blah blah is FAILING…….including the attempt at radical left indoctrination.

And knowing that the left is FAILING at its Marxist attempt to brainwash the world…..absolutely does make me feel better.

Its going to be interesting to see what happens as the pension plans around the world begin to fail. Must be Trumps fault…..

#167 IHCTD9 on 03.27.18 at 11:59 am

#159 Be Realistic on 03.27.18 at 10:57 am
#156 – Ace

GTA is most certainly very expensive, I think we can all agree on that. The problem is that most people living in the GTA have jobs, family and friends there. Moving the jobs thing aside, life isn’t always about financials either. The quality of life is very good in GTA and if you have many friends and family there, well then moving for a cheaper price isn’t actually a true gain.

The argument that you can work anywhere is a bit naive. I mean if you want to quit your well paying job at Magna and go try opening a cafe in PEI, more power to you. The fact is that the GTA is the hub of the Canadian economy and it’s not even close.
________________

If you want to live in a big Canadian city in a nice house in a good area with two nice cars in the driveway, plus own a few toys, travel, raise a couple kids, save sufficiently for retirement, and do all of this with ease – what kind of income / career would pay enough to do this?

If a guy wants a decent nothing really special middle class life as described above in Toronto? You need to be a multi-millionaire to do it. It’s not about hard work or how much you sacrifice. It’s simply out of reach for the 99% – simple as that. Not even an option.

You don’t make millions in the Magna engineering dept.

Most new GTA’ers trying to make it happen and are swimming in debt, stress; and buying Xanax in bulk – are not experiencing any kind of good quality of life.

Sweating bullets to pay the bills sucks. Having family nearby is great… but not that great. At the point you’re sucking back anti-depressants like honey nut Cheerios it’s bail time.

#168 James on 03.27.18 at 12:05 pm

#152 Smoking Man on 03.27.18 at 9:32 am

It’s over for T2 MSM is abandoning ship.

The message seems to be finally getting through: Justin Trudeau has become so identified with kumbaya peoplekind priorities that he’s lost the appearance of leading a serious government.

https://www.ctvnews.ca/mobile/politics/don-martin-blog/don-martin-trudeau-s-rush-to-unilaterally-impose-political-correctness-will-generate-backlash-1.3854595#_gus&_gucid=&_gup=twitter&_gsc=27uP8Lb
_________________________________________
Oh my god, here it is! I agree with Smoking Man.
There it is, I said it.
But of course this is something we all knew when Justin Trudeau was elected by the millennials.
His selfie life is nearly over.
BTW Smoking Man why do you care? Your in Merika now baby! Go buy your gun, and watch out for Stormy days ahead.

#169 Prairie Oyster on 03.27.18 at 12:17 pm

Hey Ya’ll:
Although it makes financial sense, the upheaval of renting and having to move over and over with little kids, at the whim of landlords, makes renting nomadic and horrifying. Suddenly your kids have to switch schools for the umteenth time or you have to be wait-listed at a new daycare for 1.5 years because you couldn’t rent in the same district etc. etc. For some reason Garth fails to comprehend all of that.

Having lived the nightmare, my solution is to move out of the GVA and the GTA: Join the steady migration of young families realizing that in the Prairies you get twice as much for half as much.

PS: My commute now is 15 mins, instead of 1.5 hours. Toronto and Vancouver are nice to visit but I abhor the thought of having to eek out a living there…

#170 James on 03.27.18 at 12:26 pm

Uncle Sam needs to borrow a ton of money this week in the middle of a fight with its biggest creditor China.
The United States plans to sell about $294 billion of debt, according to the Treasury Department. That’s the highest for a week since the record set during the 2008 financial crisis. Federal revenue is declining because of President Trump’s tax cuts, so the government needs to borrow more to make ends meet. At the same time, Washington’s borrowing costs have climbed rapidly in recent months. The amount of debt coming on the market this week is extremely large. The government is auctioning all this short- and longer-term debt at an awkward time. Last week, Trump vowed to impose wide-ranging tariffs on China, which owns of more Treasury bonds than any foreign country. China responded by saying it would fight any trade war “to the end.” China holds $1.17 trillion of US debt. It trimmed those holdings by 1.4% between December and January, the latest data show.
“Too many monks and too little congee” — Not enough to share.

#171 jess on 03.27.18 at 12:32 pm

one could also get one of these

Austin company is building 3D printed houses for less than $4,000

By Daniela Sternitzky-Di Napoli Updated 7:14 am, Friday, March 16, 2018

https://www.chron.com/business/article/3D-printed-house-Austin-Texas-12749008.php

#172 Leo Trollstoy on 03.27.18 at 12:34 pm

Trump has always been a ratings MAGNET!

The media loves Trump! Ad revenue galore!

#MAGA!!

#173 Ian on 03.27.18 at 12:35 pm

Hey anyone noticed Home Capital stock price???

Getting smoked like Garth doing an August BBQ behind the store.

#174 Reximus on 03.27.18 at 1:02 pm

#161 ” What I’m saying is the lust for wanting the market to crash is, I believe, bred from resentment and actually wanting to own real estate. ”

That, and the frustrationn of being dead wrong for a decade

#175 Ace Goodheart on 03.27.18 at 1:07 pm

RE: #164 Another Deckchair on 03.27.18 at 11:33 am

“Word to the wise: Stick to Toronto. Our little 1950s Bungalow in Ottawa (in what is now a desirable section of Ottawa) has property taxes up over $6,000, add utilities to that…

Toronto – homes double the price, but half the taxes. Sigh.”

Very true. Property taxes here on a house that would fetch over a million dollars, are $2100.00 per year. Electricity is about $80.00 per month. Gas is $60.00 including water heater rental. Internet is $80.00. We don’t have cable or land lines. The parking pad eats up another $290.00 per year. Water, sewage and garbage pick up come in at $300.00 per year.

Total cost to live in a paid for million dollar house in the big smoke?

$5330.00 Canadian dollars.

#176 For those about to flop... on 03.27.18 at 1:24 pm

Apparently rich people can’t afford soap…

M43CA

“This Graph Shows Where the Filthy Rich Live in the World.

It is hard to visualize how much $500M is in real life. Imagine giving away $100,000 to charity every week for the next 50 years and there would still be hundreds of millions left over. People with this kind of money are the captains of global capitalism. They can afford to live wherever they want and most undoubtedly own several different properties around the world. We created a new graph to better understand which countries are the most likely to be called home by holders of such unimaginable personal wealth.

The data comes from Knight Frank, a real estate and property consulting company. They publish an annual Wealth Report analyzing the property, location, and attitudes of the extremely wealthy. Knight Frank counted the number of individuals with over $500M in personal wealth who live in each country. Each piece of our modified pie chart corresponds to the number of ultra-wealthy people with their primary residence in each county. We color-coded each country by continent, creating an easy to understand snapshot of the distribution of the ultra-wealthy around the world.

The U.S. immediately stands out as the most popular with 1,830 individuals worth over $500M. That’s more than four times as many half-billionaires as the second-place country, China (490). A quick note on methodology: we separated Hong Kong (320 people) from China for counting purposes. Though Hong Kong has officially been part of China since 1997, the situation remains complicated. Even if we combine mainland China with Hong Kong (810 people combined), it still wouldn’t be even half of the U.S. number. Germany takes third place in the rankings with 490 people, followed by Japan in fourth at 390. Special mention should be made of Switzerland: this small, landlocked country in the middle of Europe is home to 250 half-billionaires. We suspect the country’s notoriously private banking laws are the main reason so many of the 0.001% call it home.

Our chart clearly demonstrates that the ultra-wealthy are concentrated on three continents: North America, Asia, and Europe. What is it about these places that make them so hospitable to multi-millionaires? There are a few possible explanations. Every country with 100 or more of these super-rich individuals is a democracy with the rule of law. The two exceptions are China (which just passed a law allowing its president to remain in power for life) and Russia (which just held an election widely seen as a sham by outside observers). Natural resources also allow countries like Saudi Arabia and the UAE to make the list, but the wealth just isn’t shared among nearly as many people.

Let’s take a step back. Here’s a list of the top 10 countries ranked in order of the number of people with more than $500M in personal wealth.

1. U.S. (North America): 1,830 people

2. China (mainland) (Asia): 490 people

3. Germany (Europe): 430 people

4. Japan (Asia): 390 people

5. Hong Kong (China) (Asia): 320 people

6. Canada (North America): 270 people

7. Switzerland (Europe): 250 people

8. France (Europe): 230 people

9. Russia (Russia): 220 people

10. U.K. (Europe): 220 people

Studying the high end of the wealth spectrum reveals a lot about the global economy. People with that kind of money have the resources and financial freedom to live anywhere in the world, but they have often chosen to make their homes in a few select countries. By this measure, the United States seems to remain far and away the best place to live for the ultra-wealthy.”

https://howmuch.net/articles/the-ultra-wealthy-by-country

#177 The 7 on 03.27.18 at 1:31 pm

Moved to Vancouver about 10 years ago. It is amazing how mostly foreigners and newcomers manipulate the tax system here. My wife works at a childcare where half of the parents drive super expensive cars and live in mega-mansions and get child subsidies as they declare low-income. These are called satellite families where wife and kids live here and their husbands stay back home and generate high income but pay no tax here. Makes my heart bleed to see how the government is closing an eye on this

#178 TheDood on 03.27.18 at 1:36 pm

#155 PastThePeak on 03.27.18 at 10:39 am

Carlo and Jeremy, as you can tell by the collective wisdom in the comments section here, GTA RE will only go in one direction – up! Sure, perhaps a little blip for a few months now, but then onward and upward forever, with only little dips every 10 years.

So get in now while you still can! Max mortgage from the bank, with the remainder taken through an alternative lender……
______________________________

I can’t decipher whether PastThePeak’s post is sarcasm or just about the stupidest financial advice one person could give another.

Anyone on the fence about buying RE in the current market needs help. They are obviously financial morons about to make catastrophic errors with potential to destroy the rest of their lives. How are Canadians this dumb??!!!!

#179 RL on 03.27.18 at 1:51 pm

My wife and I (both in our 30s) found ourselves in exactly this situation two years ago in YVR. We were happily renting, saving money, then got kicked out. Landlord wanted to sell the place. We bought, probably close to the peak. Is there stress in carrying a mortgage? Sure. But it’s a mortgage we can afford and we have removed the stress of not knowing how long we will be able to stay in a place, something that, Garth, you maybe play down a bit. Perhaps less of a challenge for you now, but with a young family, it was a trade off we happily (well, almost) made. Sometimes the practicalities have to outweigh the most advantageous financial decision.

#180 Shortymac on 03.27.18 at 1:59 pm

Rent at 3,000/mon for a young couple in the peel region? The guy must be looking at whole houses, rent a decent 1 or 2 bed condo or apartment and tell the squeeze it’s temporary to “save more money for a house”. That should work.

Guys, as a resident female millennial who didn’t jump into real estate, teach your daughters business and finance. Seriously.

#181 IHCTD9 on 03.27.18 at 2:38 pm

#164 Another Deckchair on 03.27.18 at 11:33 am
@156 Ace:

“We stay here because we own our house. So our yearly housing expenses are around $5000.00 including utilities and property taxes ”

Word to the wise: Stick to Toronto. Our little 1950s Bungalow in Ottawa (in what is now a desirable section of Ottawa) has property taxes up over $6,000, add utilities to that…

Toronto – homes double the price, but half the taxes. Sigh.
___________________________________

Lots of research needs to be done before making any plans to plant yourself anywhere in a permanent sort of fashion these days. Every other city and municipality out there is half broke or worse.

The GTA has not got too much longer at those cheap rates. There’s only so long you can hold out when more and more multi family households form out of sheer financial necessity. Immigration is only going to increase, while the price of a roof of any kind over your head will remain unaffordable to 95% of newcomers.

Who am I kidding – property taxes are going up everywhere. Every level of government never has enough money, no matter what they get in revenues. They blow it all, then take more next year.

#182 Brett in Calgary on 03.27.18 at 2:38 pm

I think #88 is right… even if its only 1% this really franks Albertan’s and will therefore frank BC real estate.
———————————————————-

#88 oncebittwiceshy on 03.26.18 at 9:34 pm

BC Spec # 68,

“This is a big watering down and admission by the NDP about how dangerous of an area they are wading into here in BC. Housing slowdown will sink this province. It is akin to allowing a big bank to fail. Ain’t gonna happen.”

<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

Are you really that naive. Most Albertans that purchased homes in Kelowna are going to have a pretty difficult time coming up with an additional $8000. per year for taxes. They will simply bail and add to increasing inventory.

"Nearly half of Albertans say they're $200 away from not being able to pay their bills, survey suggests"

http://www.cbc.ca/news/canada/calgary/alberta-debt-survey-mnp-interest-rate-insolvency-worries-1.4488126

B20 legislation, rising rates, credit contraction and now confirmed speculation tax means Kelowna will be headed the same way as every other "major" city in Canada…. only a lot quicker.

#183 RyYYZ on 03.27.18 at 2:47 pm

I just can’t imagine buying a place, even with a $200+K family income, for a million dollars, unless there’s a great likelihood of it appreciating in value greatly going forward. Of course, that, as much as anything, has been behind the bubbly markets in Canada. I mean, I certainly wouldn’t consider spending that kind of money just to acquire shelter, unless I was a lot richer (a lot!) than I am.

#184 Don't buy in Spain on 03.27.18 at 3:00 pm

Remember folks whatever you do, don’t buy in Spain

https://murciatoday.com/anger-over-unjust-demolition-order-served-on-british-pensioners-in-almer%C3%ADa_396301-a.html

#185 Newcomer on 03.27.18 at 3:06 pm

#165 People watching people on 03.27.18 at 11:33 am

What if I said, in 5 years the way we work will transform in such a radical way that it won’t matter where you live?
—-

I’d say you were a visitor from 1995.

I hired my first remote employee in 2000. My company was in NYC, she was in rural South Carolina. I currently don’t have a single employee, other than a receptionist at the office in Seattle, who doesn’t work from home. I telecommute across the border every day. But I still pay a premium to live in Vancouver and, before this, I paid a premium to live in New York. It’s not the jobs that make cities attractive to me. And I might not be alone. You may find that, if everyone were free to live where they want, regardless of where they work, there would be even more demand for places in the cities.

#186 Travis on 03.27.18 at 3:07 pm

Alex Johnson on 03.27.18 at 7:59 am
I got to say, these mils that write to Garth, sure make good money :) Way above any statistical averages. This is the nth time now I see them mention ~200K family incomes.

Now I have to wonder, considering that is very good pay in general, and excellent pay I would say for someone in their early thirties, these have to be fairly high skilled professionals with a decent education…

Why are these folks so dumb?

Everyone I know with that income is fairly well versed in finance.
_________

Welcome to the personal finance blog-o-sphere humblebrag. “Oh I only make six figures, whatever shall I do with all my money.”

I find it tough to find good personal finance/investing sites to read.

They’re either written by young morons who make obscene amounts of cash and figure they’re doing awesome by digging themselves out of a self-inflicted financial disaster (like this couple: http://www.cbc.ca/news/business/the-national-lust-for-home-equity-lines-of-credit-should-we-worry-1.3106533 )

Or they’re written by people who make no money who brag about how they fell ass-backwards into it though sheer luck (via inheritance, bitcoin, parental support, etc).

Neither group can offer me worthwhile advice. Very few actually offer sound advice for normal people.

If anyone has any suggestions, I’m always game to give a new blog a chance.

#187 bdwy sktrn on 03.27.18 at 3:09 pm

speaking of “Getting smoked like Garth doing an August BBQ behind the store.”

take a look a tsla.
279 – 24

#188 VanMan on 03.27.18 at 3:15 pm

#131 KD#48 on 03.27.18 at 3:05 am
Maple Ridge BC. 3br townie 1300sq. listed last Thursday for $469.000 sells in 3 days for $536,500.
We are doomed out here

_________________

This is exactly the point I have been expressing on here…people will pay and do anything to “get in the market” out here. It does not matter about any tax, interest rate, news report, etc. There are ways to find the cash and folks here will sacrifice the rest of their entire lives for property ownership (or rather enslavement). Unless you live here and see it for your own eyes, you wouldn’t believe it. It’s an absolute obsession.

#189 AGuyInVancouver on 03.27.18 at 3:16 pm

#121 Dan on 03.27.18 at 12:11 am
Good to see BC will do nothing on affordable housing. Way to go from tough to kitty cat NDP.

So nothing will change. Called that long ago. It’s the only economy and massive tax free gains . Screwed said it perfectly. How long now is real estate in trouble? Since that time what have prices done- oh right doubled, tripled, 10x and condos same and worse, all leveraged and tax free. Dead wrong for over 10 years in B.C. at least and still looking like nothing will change.
_ _ _
Do nothing, they’ve expanded the reach of the Foreign Buyers Tax, added the Speculators tax for out of province buyers, increased the amount of proerty tax for homes valued over $3 million and have promised to ban shell companies buying residential real estate. Hardly “nothing”!

If you want to blame anyone for doning “nothing” blame Steven Poloz and the Bank of Canada.

#190 Piet on 03.27.18 at 3:19 pm

#24 MF

New trend that I have noticed among a fellow 34 year olds:

Foregoing a wedding in favour of just signing a paper at city hall.

Nothing new about this. My wife and I got married at city hall over 30 years ago. The woman who married us had some good advice. Before proceeding with the ceremony she asked us if we really wanted to go through with the marriage. She told us that if we chose to back out at that point the only loss would be the $25 marriage licence fee. She then wisely pointed out that it would cost us a lot more than that to get out of the deal at some future date. We opted to go through with the marriage ceremony and then went out for lunch with the couple we invited to attend as witnesses. Wedding and lunch all in came to under $50.

#191 Markham on 03.27.18 at 3:24 pm

Houses are selling in Markham and some are selling quickly. Million dollar house down the street took over four months to sell and probably sold under asking. House across the street listed for $839,000 a week ago. Assume it sold for close to asking. Realtor held open house on Saturday and Sunday, inspection done Monday and sold sign up by Tuesday. It would have sold for more last April or May but still well above what they paid for it. This doesn’t mean I think it is a good time to buy – I don’t – but buyers are still around.

#192 PastThePeak on 03.27.18 at 3:31 pm

#170 IHCTD9 on 03.27.18 at 11:59 am
#159 Be Realistic on 03.27.18 at 10:57 am
#156 – Ace
GTA is most certainly very expensive, …

The argument that you can work anywhere is a bit naive. I mean if you want to quit your well paying job at Magna and go try opening a cafe in PEI, more power to you. The fact is that the GTA is the hub of the Canadian economy and it’s not even close.
________________

Sweating bullets to pay the bills sucks. Having family nearby is great… but not that great. At the point you’re sucking back anti-depressants like honey nut Cheerios it’s bail time.
+++++++++++++++++++++++++++++++++

Couldn’t have said it better. I am not in GTA, so there is no envy in my comments. I truly do not understand how a couple/family can do it. People throwing around $800K or $1M mortgage debt like it is nothing.

I get it – there are lots of good paying jobs in TO (finance, legal, sales, engineering, mgmt). While the median income is much lower, I have no doubt there are 100’s of thousands who have family incomes which are $200K range (don’t see it too much in early 30’s, but certainly possible by the time the couple is 40).

Assuming most are salaried, that is a highly taxed income, and there are many costs to life besides mortgage debt. Even a family with that $200k/year income would struggle to buy a detached home in a nice neighbourhood in the burbs.

Imagine what US would be like if everyone believed that the only place they could live was NYC. That is what you hear on the blog – only place that has good jobs in Canada is the GTA. That is not true at all, although there are more varied jobs, and it is of course the largest job market.

#193 RyYYZ on 03.27.18 at 3:33 pm

#172 Prairie Oyster on 03.27.18 at 12:17 pm
Hey Ya’ll:
Although it makes financial sense, the upheaval of renting and having to move over and over with little kids, at the whim of landlords, makes renting nomadic and horrifying.
====================================

Rent in rental apartment buildings. Oh, that’s right, there’s almost no selection of those, and almost no new ones have been built since, what, the 60s? Why? Might have something to do with rent controls and generally overly tenant-friendly legislation? Or maybe it’s because there’s a lot more money to be made building condos than building apartments for the long term. Our gutless city councils have failed to encourage the building of rental units, too, in favour of condo buildings.

#194 RyYYZ on 03.27.18 at 3:39 pm

#179 Ace Goodheart on 03.27.18 at 1:07 pm

RE: #164 Another Deckchair on 03.27.18 at 11:33 am
Very true. Property taxes here on a house that would fetch over a million dollars, are $2100.00 per year.
====================================

Somebody want to tell me again how Toronto property taxes being relatively low are a myth, and we should care about Toronto begging for provincial and federal money to pay for things that Torontonians should pay for themselves, or at least a bigger part of? I pay more than that in property taxes for a 3 bedroom townhouse on the far outskirts of Hamilton (Stoney Creek), where I don’t receive anywhere near the level of services that a Torontonian does (although I must say that even after big storms our residential streets are plowed within, usually at most, 12 hours).

#195 Duke on 03.27.18 at 3:40 pm

#189 Don’t buy in Spain on 03.27.18 at 3:00 pm
Remember folks whatever you do, don’t buy in Spain

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

Don’t buy any RE in Canada either. Within a year or two, all equity will vanish, and your bank will force you to make up the shortage.

#196 RyYYZ on 03.27.18 at 3:43 pm

#184 Shortymac on 03.27.18 at 1:59 pm
Rent at 3,000/mon for a young couple in the peel region?
=====================================

It’s probably gone up since then, but my girlfriend at the time, and I, were renting a large 2-bdrm apartment in old Oakville for $1,500/mnth. It was an older building, although very solid because of that. The kitchen was in need of an update. Are Mississauga rents higher than downtown Oakville?

#197 Fake News Again on 03.27.18 at 5:08 pm

AGuyInVancouver on 03.27.18 at 3:16 pm
#121 Dan on 03.27.18 at 12:11 am
Good to see BC will do nothing on affordable housing. Way to go from tough to kitty cat NDP.

So nothing will change. Called that long ago. It’s the only economy and massive tax free gains . Screwed said it perfectly. How long now is real estate in trouble? Since that time what have prices done- oh right doubled, tripled, 10x and condos same and worse, all leveraged and tax free. Dead wrong for over 10 years in B.C. at least and still looking like nothing will change.
_ _ _
Do nothing, they’ve expanded the reach of the Foreign Buyers Tax, added the Speculators tax for out of province buyers, increased the amount of proerty tax for homes valued over $3 million and have promised to ban shell companies buying residential real estate. Hardly “nothing”!

If you want to blame anyone for doning “nothing” blame Steven Poloz and the Bank of Canada.

_____

Look up ALL the news orgs in Canada and look for a story on “arrested RE money launderers”. You will be wasting your time. A tax here and there does not bother off shore money launderers………Only jail does. Something that the “govt” does not do here in Canada.

#198 FutureExpatriate on 03.27.18 at 5:24 pm

Hey, how about that Trümp dead cat bounce yesterday?

#199 LP on 03.27.18 at 5:28 pm

#158 Jason on 03.27.18 at 10:46 am
Jeremy,

Don’t walk away from this woman – run. This type of woman will ruin your life if you allow her to. It is NEVER too late to break off a relationship, especially before you’ve had any kids…

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

I know already this is going to sound so hopelessly old-fashioned so don’t even begin to chirp me – please.
But when hubby and I got married 46+ years ago it was the custom to take a few sessions of marriage counselling, most especially if you intended to be married in a church/synagogue.

One didn’t cut and run just because your financial opinions differed. Your counsellor, usually a religious, patiently would explain how compromise was the operative word whether the subject was money, sex or in-laws. It was during courses like that when glaring differences would emerge and opportunity arose to talk things through with a neutral 3rd party on hand to keep things civil.

Yes, not all marriages were completed. But most were and with both parties fully aware of what their intended (another old fashioned word) thought. Not much came as a surprise, especially about money.

That old country song about getting married “in a fever” seems particularly apt today but an icy bucket of cold water might be what’s needed to go with.

#200 IHCTD9 on 03.27.18 at 5:32 pm

Look up ALL the news orgs in Canada and look for a story on “arrested RE money launderers”. You will be wasting your time. A tax here and there does not bother off shore money launderers………Only jail does. Something that the “govt” does not do here in Canada.
————

Thank a broke government for that, jail ain’t cheap. Neither is prosecuting the criminals. Here in Ontario, the union that reps the prison guards has been at the Provincial government for years already saying that these prison workers should make the same as the OPP.

That would be near 90K per head, for every guard in the Province.

Plus it takes half a decade to get anything through the court system anymore.

Crime pays in some Provinces, almost as much as being a public employee for the system that deals with said crime.

#201 IHCTD9 on 03.27.18 at 5:54 pm

#185 Be Realistic on 03.27.18 at 2:01 pm
#170 – IHCTD9

If you want to live in a big Canadian city in a nice house in a good area with two nice cars in the driveway, plus own a few toys, travel, raise a couple kids, save sufficiently for retirement, and do all of this with ease – what kind of income / career would pay enough to do this?

——————————————————————

I have all of the above. I live in the GTA, I am not on Xanax, nor do am I “sweating”. My wife is a vice-principal and I work for Honda – nothing high level. Am I a millionaire? Nope, but I am happy and I do plan on achieving a million by the time I retire. I have no debt (other than my house) and I put away into TFSA and RRSP. The key was buying something outside Toronto proper and not having a McMansion.

So yeah, I’m sure there are people sweating out there who bought way more than they needed, but there are a lot of us who are just right … and happy.

I think bear blogs like this one (no offence Garth, you do make good data backed points which is why I read) and the MSM want to scare the crap out of you thinking that everyone out there is buying Ferrarri’s and McMansions on 55K salary. “Crash!” … “Everyone is ready to shoot themselves!” … “It’s all a facade!”

Be realistic my friends
———-

Speaking of keeping it real…

When did you buy the house, and what was the sale price?

#202 Tony on 03.27.18 at 6:01 pm

Re: #196 Markham on 03.27.18 at 3:24 pm

Of course it sold because all the sellers and real estate agents know the pre-approvals run out at the end of this March. The buyers are also in the same boat the deadline is the end of March.

#203 IHCTD9 on 03.27.18 at 6:03 pm

Water, sewage and garbage pick up come in at $300.00 per year.

————

Good grief. I’ve got a couple buds who live in a small town (pop. ~15K). Water sewer and garbage pickup is $112.00 per MONTH.

Out in the country, I’ve spent 200.0 on a new pump for the well, and two septic pump outs for 300.00 a pop since 2001.

#204 Ace Goodheart on 03.27.18 at 8:00 pm

RE: “#208 IHCTD9 on 03.27.18 at 6:03 pm
Water, sewage and garbage pick up come in at $300.00 per year.

————

Good grief. I’ve got a couple buds who live in a small town (pop. ~15K). Water sewer and garbage pickup is $112.00 per MONTH.

Out in the country, I’ve spent 200.0 on a new pump for the well, and two septic pump outs for 300.00 a pop since 2001.”

Toronto utilities and property taxes are cheap. I have a three unit rental building that I pay $900.00 per year for water, sewage and garbage pick up. Property tax? $1900.00 per year.

Small town property tax and utilities are nutso. The idea is the big cities pool the resources and everything is cheaper in quantity. Just look at how much people in Muskoka are paying for electricity compared to people in Toronto.

#205 Jorge on 03.28.18 at 2:34 pm

#97 TalkingPie

Where were you looking if you don’t mind me asking? Listings on the island (i.e. west island or closer in, listings are sparse, prices are well over 500k, and the wife doesn’t want to be too far from the city or at least somewhere with restaurants cafes etc… not only big box stores.

Off island is a tougher sell but it may have to become an option.