The Man

Fifty years ago free-lovin’, bell-bottomed, stop-da-war Boomer-hippies railed at The Man. Authority was suspect. The Establishment was probably corrupt. Government was not the answer.

These days, big change. A recent survey among US Millennials found a shocking number think democratic capitalism has failed and are willing to experiment with other structures, including totalitarianism or a benevolent dictatorship. This new love for statism is in Canada, too. Moisters now see government as the good guy, a motherly presence to take the sting out of a crappy jobs market ($15 minimum wage) or unaffordable housing (spec taxes). Hence, Canadian socialism.

As a result, we have government cheques for having babies, free pharmacare and daycare plans, subsidized or waived tuition, free money for getting old and a big experiment with a guaranteed annual income. All this is being financed with debt. Of course. Mothering ain’t cheap.

Nowhere is The Man more respected or depended upon than in YVR and the province which surrounds it, fast becoming the most heavily taxed jurisdiction in Canada. Days ago this pathetic, paleo, crusty blog ragged on the BC specker tax levied against fellow Canadans – which so many posters defended in their quaint tribal fashion. Today, let’s remind citizens once again of why it is they cannot really trust what politicians are telling them.

Two years ago came the disturbing news that 25,000 housing units in Vancouver were ‘empty.’ That was based on a deeply flawed census number which also included places leased to students plus a big whack of rental suites in occupied homes. It was just as dumb, meaningless and weak as the ‘evidence’ collected by people who stood on the street at night and counted condo units where the lights were shut.

Nonetheless, that number became the rallying point for creation of a tax on the evil people who own empty houses in a city with a low vacancy rate and rising rents. The moisters, in other words, wished to live in affordable units and wanted The Man to fix it.

So was born the tax, equal to 1% of the value of a property unless it was occupied as a principal residence or rented out. That was such a penalty ($1,000 per month on a $1.2 million place) that politicians promised it would flood the market with more rentals. The city did a big study of electricity use (an invasion of privacy) and found the 25,000 number was actually 10,800. Some of those could not be rented, of course, like places in condos that disallow rentals, or which were being sold. So the number was reduced to 8,500.

All homeowners were contacted and  forced to self-declare occupancy status, on the pain of massive fines. After that exercise, city staff realized the number of under-inhabited properties was roughly 3,500.  Of those, about a thousand belong to people who could not or did not respond to the city’s canvass. So, this week, came the announcement – the tax will be levied initially on just 1,200 properties. It will raise $30 million, but cost $7.5 million to start and will take $2.5 million per year to run, plus there will be a thousand or more audits to pay for since many dispute the levy.

The number of new rental units released to the market this far, for all the millions spent: 0.

The mayor (who’s not running again) pretty much concedes that this is just a tax, to generate revenue for an ‘affordability fund’ that may be used to fund homeless shelters or pay the rent of people about to be evicted (for not paying rent). So, it’s another tax on wealth the purpose for which (more rental units) has already been abandoned and the justification (25,000 ‘empty’ houses) has been proven a myth.

Alarmingly, Toronto is considering imposition of a similar tax, more evidence of a shift in government focus from income to assets. Also running in this lane is Ottawa’s gathering of  information on the sale prices of principal residences on tax returns, plus rumblings Bill Morneau wants to up the inclusion rate for capital gains tax. Tax, tax & more tax – in a country where the top marginal rate on income already tops 50%, and cannot travel much higher.

Just as houses don’t get cheaper with greater taxes, punishing property owners doesn’t lower rents. The politicians made that up. We were right.

186 comments ↓

#1 What can I say about that? on 04.25.18 at 7:45 pm

People are self obsessed. Nothing new.

#2 ShawnG in TO on 04.25.18 at 7:49 pm

i, for one, am in favour of a Garthonian dictatorship.

#3 TRUMP on 04.25.18 at 7:50 pm

How TRUDEAU has RUINED the CANADA?

“https://www.youtube.com/watch?v=Ec2rHxxtYRA”

#4 Numeric on 04.25.18 at 7:51 pm

Screw #1.

I pick me to be caller #7.

#5 Ex-Cowtown on 04.25.18 at 7:55 pm

BC, what a nuts province. Wife and are are doing the kitchen table talk now. Ex-Cowtown may have to change moniker to Re-Cowtown. Building a new O&G services company and I’ll be damned if I’ll pay a dime of tax to a province that is openly hostile to O&G.

Jobs and income, back to Sweet Home Al-a-berta.

#6 Lost...but not leased on 04.25.18 at 7:56 pm

BC NDP…not phhyyrrzztt

#7 Linda on 04.25.18 at 7:59 pm

Now Garth – I’ve read the pro-tax comments, with such endearing epithets as ‘greedy’ ‘entitled’ ‘BC for BC residents’ etc. The fact those who demand ‘affordable’ housing are expressing more than a little ‘entitlement’ & ‘greed’ themselves is not going to be recognized by those who want the fancy housing unit for cheap, like right now & throw those non-BC residents out, they are evil & probably corrupt too. The outrage that others can afford more than one property (obviously, they must be criminal or have somehow cheated to do this) is real.

After all, it is so much easier to demand that government wield a big taxation stick & free up those choice properties for occupation by the rightful residents living in BC. The next demand will be the regulation of rents to permit those who still can’t afford to buy or rent the fancy shacks ‘equal’ access to housing. It’s only fair & too bad if the owners didn’t want to become landlords with all the hassles that entails.

#8 Timmy on 04.25.18 at 8:01 pm

The housing situation in Vancouver is a national disgrace.The way Christy Clark handled it by turning a blind eye to foreign speculation and money laundering, taking realtors on trade delegations so greedy developers could market direct to China to get the highest buck is disgusting. The Feds have done too little too late. Many young people are already leaving. Anything they can do to improve affordability is worth considering.

#9 Ardy on 04.25.18 at 8:02 pm

Mr. Flop,

I don’t think you do GTA, but if you can get details on 119 Via Toscana, Woodbridge, Ontario, I’d be rather amused.

Cheers,
-RD

#10 conan on 04.25.18 at 8:02 pm

The guaranteed annual income program being tested in Finland got yanked. They want to look at something else now.

Not a sure thing anymore.

https://www.youtube.com/watch?v=YNr3nK_bvKQ

#11 Ron on 04.25.18 at 8:03 pm

You are totally wrong about empty house tax. This is working and the figures you have given is totally wrong. People who have bought residential real estate with laundered or dirty money are not going to declare it easily. But they have to . go to craiglsit and see how many homes are coming out for rental. NDP is doing great job for LOCALS.

#12 BobC on 04.25.18 at 8:05 pm

And many Canadians laugh at us for electing Trump. Just wait.

#13 Garth's (only) fan on 04.25.18 at 8:06 pm

Where is everyone…watching the Leafs?

#14 Debtslavecreator on 04.25.18 at 8:07 pm

Socialism is collapsing and will end by 2032 – unfortunately we are likely to swing eventually even more left prior to the final stages of the inevitable sovereign debt crisis and currency crisis that we are in the first or second inning of
All these deluded left wing idiots will see their dream of socialist utopia come crashing Down
Unfortunately most citizens will get financially wiped out as an angry young left wing herd and angry older senior cohort team up to destroy and steal what remains of wealth in this country
It is the general path that ALL countries eventually take
Nothing can go up in a straight line
You ain’t see nothing yet re taxes and government action

#15 LOL on 04.25.18 at 8:08 pm

It’s called a Gong Show.

#16 Mr dress-up world on 04.25.18 at 8:11 pm

Crazy world T2 is funding summer students to protest kinder Morgan

In mr dess-up’s world..government aims to mother all….

https://twitter.com/WBrettWilson/status/989222829827608576?s=19

#17 BlorgDorg on 04.25.18 at 8:12 pm

Instead of making fun of the idiots who think government is the answer (too easy), how about a post explaining to them how government created this problem in the first place? I haven’t heard the term “Elfin Deity” in way too long…

#18 Jack on 04.25.18 at 8:13 pm

The moisters, in other words, wished to live in affordable units and wanted The Man to fix it.

Alright Garth, so who should they look to? Or do you refuse to even acknowledge that it’s a problem? Perhaps, as you so eloquently put it, they should just “shut up or get out.”

#19 Keith on 04.25.18 at 8:15 pm

For years, not a single politician in B.C. has gotten very far without mentioning the words “housing crisis,” with the notable exception of the B.C. Liberals. It’s useful to recap their response to the screaming population of precarious renters and shut out wannabe homeowners.

First response: There is no housing affordability crisis.
Second response: There is a housing affordability crisis in the Lower Mainland, but we will not interfere in the housing market and Prince George is a great place to live.
Third response: We are introducing a foreign buyers tax.

In short denial, followed by an embrace of Ayn Rand, followed by a flip flop tax.

The NDP/Green alliance has to demonstrate quick and dramatic action on housing, as any follower of B.C. politics knows all to well. They have a huge program, and the misnamed speculation tax won’t achieve what it sets out to do, and will not make it into legislation in its current form.

The B.C. Liberals and the real estate industry have managed to make the housing situation into a complete disaster. Rents are so high and so scarce landlords routinely flout the law and dare their tenants to inform the authorities. Property prices bear no relationship to local incomes.

It is such a bad situation I don’t believe that the NDP can do much to solve it. Hopefully there is new tax revenue and spending to try to mitigate the loss of CMHC funded non market housing for the last twenty odd years.

#20 What can I say about that? on 04.25.18 at 8:17 pm

Politicians always make things up. They are the MAN.

#21 slick on 04.25.18 at 8:17 pm

First?

Today is the perfect date

https://www.youtube.com/watch?v=r3w0eACxtoc

#22 Long-Time Lurker on 04.25.18 at 8:18 pm

#49 Amok on 04.24.18 at 9:01 pm
#43 Reality is stark

I went to school in Germany, and I own my own business. Profits are not evil I agree, but disregard for the common good cuts pretty close.

Go to Sweden, Denmark, Norway, Finland, China, and the Netherlands to see how well socialism works.

>I can’t believe you included Red China on that list. Hello, Tiannamen Square massacre? How old are you? Ever heard of The Union of Soviet Socialist Republics? How well did that go?

Are you East German? What was it like when East Berliners were shot trying to get over the Berlin Wall? How well did that work? That just happened in North Korea within the last year. A defecting North Korean soldier. Why leave paradise?

#23 Doug t on 04.25.18 at 8:19 pm

Politicians meh – this country is falling into a trap – get ready for a major recession within next 2 years

RATM

#24 Dead Cat Bounce on 04.25.18 at 8:22 pm

More taxes and fees from Feds, Prov’s and Cities are destroying this country. The end is near…

#25 Nonplused on 04.25.18 at 8:28 pm

Well, it won’t go on forever.

Part of the reason, IMHO, why Canadians have become one of the most indebted people in history, far ahead of the US and behind only Australia and New Zealand, is because people are simply over-taxed. They simply cannot afford the cost of living given the insane tax rates we face at every level in this country, and they must borrow to make ends meet.

And they keep adding more. Here in Alberta the carbon tax is a good example. It basically amounts to a 25% HST on everything. This after you’ve already paid your income taxes. It will eventually bankrupt everybody except the very rich.

There is virtually nothing that can be done without the consumption of carbon based energy in this country. Your kids can’t even ride the bus to school without it. Farmers cannot grow crops, processing facilities cannot turn the corn into yummy Doritos, the Doritos cannot be delivered to the store, the store can’t keep the lights and the heat on, and you can’t drive to the store to buy the Doritos. It is the most devious tax scheme ever invented. The devil himself could not have done better even if he was that devious, which he is not. And the poor cannot evade it. Even if you sleep rough, if you want to eat you have to bum enough to pay all the embedded carbon taxes on your food. It is truly diabolical. But the millennials, probably most affected by it, support it because it’s “saving the world”. Saving it from what? The bubbles in your soda? Horrors! And I don’t know if I care to save the world if it means people can’t eat. What is the difference between a world that doesn’t exist and a world where we all starve to death? I’ll take a bit of global warming and 3 square meals a day thank you, over the prospect of dying due to starvation.

And the HST is no better. The promised reduction in income taxes did not materialize and the poor cannot escape it.

And now they are going after your assets. Well, they always did with property taxes, but it’s going to get worse. What’s happening in Vancouver is just a test. Wait until Sesame Street (Ottawa) gets involved.

In an ideal world you only need one point of taxation. I think the best place to put it is probably on income. There is no need for HST, carbon taxes, royalties, any of the other taxes if the income taxes are just set at the rate required to account for all the other taxes. You don’t need to have a 11% HST, 25% carbon tax, 1% property tax, etc. if you just set the minimum income tax at 40% and the top rate at 80%. But if you did that of course the people would know what the government was doing to them. The trick is to fool the 50% of us who are below 100 IQ points. They generally can’t do math, but they can vote. And actually I think you need to be above probably 120 IQ to actually be able to figure out what the true tax rate is they have done such a good job of obscuring it.

And that, folks, is why Canadians are so far in debt and going in even deeper every single day. There is no other way to pay for all these taxes.

When Nutley imposed the carbon tax on Albertans, she effectively imposed an approximately $1,500 pole tax on your average family of 4, just counting heat, electricity, and gas for your car, never mind what it’s going to do to the cost of Doritos. That’s $1,500 a year in after income tax money. You’ve already paid tax on that money once. And if you live alone your per person amount will be higher. So if you didn’t have $1,500 a year in slush, guess where it comes from? Your HELOC.

There should only be 1 tax. I think it should probably be on income, because the super-rich don’t spend a lot of their money even when they buy a yacht or an airplane, but the idea we need 6 or 7 levels of taxation is just silly. Raising income taxes has the same effect on consumption as carbon taxes do, having 2 or 6 separate taxes is just redundancy. I guess it creates some jobs, but who want a job collecting redundant taxes? I’d rather push pencils into my eyes than be a tax collector. At least if you are a teacher you can say “yes I work for the government but I teach kids!” Noble thing to do. If you are a tax collector you have to learn to live with the fact that Satan himself has not concocted a worse punishment in the afterlife than what you currently live 9-5.

#26 Spec Tax Shelving Kelowna Condos on 04.25.18 at 8:30 pm

Spec tax delays new hotel

Foreign money funding these projects have turned sour.

Locals are not really interested (nor do they have the money) to spend 1M+ on these ultra luxury condos.

https://www.castanet.net/news/Kelowna/224194/Spec-tax-delays-new-hotel

These are “intended” consequences. Thank you NDP.

Now lets build some affordable homes for those who live and work for an honest living and pay taxes in these BC communities.

#27 Adrian on 04.25.18 at 8:32 pm

I don’t think most Millenials care about your generation’s wealth, Garth, because most of them have no prospect of ever sharing in it.

Wages are at a 60 year low – as a percentage of GDP – while job insecurity is at a multigenerational high, and both outcomes are a direct result of policies that protect wealth ownership at the expense of wage-earners. The governments that Boomers voted into office stopped caring about equality of opportunity once the Boomers got theirs. And the price increases for education and most asset classes have easily doubled the rate of inflation for a couple decades now, which has been a tax on the same people that you now lament have no respect for your wealth. Maybe you shouldn’t have pulled up the ladder behind you?

Your complaints just sound like the shrill panic of someone realizing they already lost the argument. Deal with it, or move. (Isn’t that what you said?)

#28 Bobby on 04.25.18 at 8:33 pm

Everybody wants and expects free everything on the premise someone else will pay. Isn’t that what all politicians campaign on. Everything will be free under their watch with no explanation how it will be paid for. However here in B.C. the people that voted in this coalition of clowns are now starting to realize that they will be the ones that are paying. Gas is skyrocketing with increased taxes and fees, MSP costs will be passed on to consumers and guess what, a $15 minimum wage means higher costs to eat out and such. It wasn’t supposed to be that way and besides where is that $400 rent allowance that was promised.
It’s amazing, the lower the income scale, the higher the expectations of people it seems.
What Canada needs is a tax on idiots, the monies collected will be huge given the government’s that we seem to be getting.

#29 Arto on 04.25.18 at 8:33 pm

Garth, and you actually believe self-declared unoccupied numbers? It’s almost as ludicrous as saying foreign money has no effect on BC prices

#30 For those about to flop... on 04.25.18 at 8:35 pm

#9 Ardy on 04.25.18 at 8:02 pm
Mr. Flop,

I don’t think you do GTA, but if you can get details on 119 Via Toscana, Woodbridge, Ontario, I’d be rather amused.

Cheers,
-RD

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

Hey RD, no, Garth told me to stay the hell away from Ontario.

Here’s what I can do for you though.

Someone please help this person out on my behalf.

Peace,Flop…

M43BC

#31 Come to Clayton Heights in Langley Garth on 04.25.18 at 8:39 pm

Clayton heights in Langley is supposed to be a “nice suburb” with your typical 1M+ dollar homes.

Every single day new people coming down the lanes digging through garbage looking for cans, bottles, etc.

These are people who do not look like your typical homeless crack junky looking crowd.

An older lady with white hair yesterday dressed in normal attire with her cart. I asked her why she was going through my garbage can – no money she said.

Today, a 40 something year old woman. Same deal. This one was wearing rubber gloves. Probably not a bad idea when digging through garbage looking for recyclables.

Every single corner in Langley right now has homeless people parked. Outside the Library. Everywhere!

I have never seen so many homeless. This province is a disgrace. All greed.

#32 You know val on 04.25.18 at 8:39 pm

Blah blah blah talk about interest rates forget all the horse s**t

#33 You know val on 04.25.18 at 8:42 pm

Go leafs Go

#34 the Jaguar on 04.25.18 at 8:43 pm

“benevolent dictatorship.”

One might also call it the ‘Nanny State’. It’s existence and growth encouraged by those who can’t or won’t take responsibility for their own lives and or make their own decisions. Handing over your life to someone else comes with the added bonus of being able to play the ‘blame game’ if things go sideways. Just bring in a new Nanny, or something. Cowardly.
What our society really, truly and deeply needs is a crackdown on freeloaders and a return to principles based on common sense. We need more Scots and Scottish thinking. Why do you think the Scots are historically so heavily represented in banking? It’s in their DNA, that’s why. They herd money like a border collie herds sheep, understanding the value of achievements through hard work and effort.

Life shouldn’t be easy, it should be a struggle. That’s where the real sense of accomplishment and satisfaction is earned. But if some want it all handed to them, smothered in their sense of entitlement maybe let’s give them the keys to the Chevy. Probably can’t drive a stick shift cause mommy drove them to all their play dates and bawled out their teachers for using the words ‘failing grade’.
And they won’t care if the local utility company accessed their electricity use records because they have been texting and posting photos of their genitals to one another and uploading them to the internet for some time now. Mercy.
The Boomers were the trail blazers. It’s all around us. The music, the attraction to mid century fashion, architecture, music, etc.
Bell bottoms, VW bus culture, boy and girl groups. Maybe get Bandit outfitted with a pair of ‘go go boots’.

#35 TRON on 04.25.18 at 8:43 pm

I live in downtown Vancouver, in a nice area. Everyday I see the same able bodied young men sitting or sleeping on the sidewalks with cardboard signs filled with made up hard luck stories. ‘3000km from home, hungry and homeless. Need money to get home. Please help.’ That same guy has set himself up in the same spot in front of the IGA for the past 8 months. When I was his age, living 3000km from home, hungry and homeless I took a minimum paying job and crashed in a house with eight other people. I had a high school education and my wit. This guys has the same but with half the wit.

I understand there are mentally ill people who can’t live in shelters. I want us to help them. However, if in this city you make one comment about the young men(they get government subsidies from my 50% tax bill) on the street everyone defends them as victims.

The real victim is the store owner who pays huge taxes to the city and has to put up with young men sleeping in their doorways and in front of their stores anytime of the day.

I’ve asked police why they don’t enforce the vagrancy laws and was told the mayor has said to leave them alone.

Socialism is an experiment that has never worked. It’s been tried and has failed every time. I may be missing something here but if we continue to allow people to give up and lie down we will be making a bed nobody is going to want to lie in.

#36 All City Cores in Lower Mainland on 04.25.18 at 8:46 pm

Wear yours shoes with the steel soul plates so that all the used dirty needles laying around don’t stick you.

The downtown areas all over the lower mainland are just flooded with poor people, using drugs, sleeping on the streets.

Cop friend of mine said they are strategically breaking up the camps and moving them around, not actually dealing with it though.

Then there is the massive homeless camp in Surrey with 24-hour cop patrol and streets that have been shut down to accommodate. Tent city.

#37 Trump me on 04.25.18 at 8:46 pm

Please Trump move to Canada. We need you.

#38 Mac on 04.25.18 at 8:46 pm

…and dumb ass Canadians can’t seem to figure out why they are broke. Still blaming it on the notion that the “rich” have somehow stolen from them and must be punished. Unreal. Absolutely unreal.

How can people be so utterly daft, dim witted, and slow to not fully grasp the fact that the institution of government IS responsible for the overwhelming amount of the issues people are wailing about – not the solution.

#39 Work and Tumbel on 04.25.18 at 8:48 pm

Taxes, I’m am in sales and have had very good results in the last 10 years. I have been in this industry from the age of 16 as an apprentice and worked my way up to Account Manager (not easy to do).
I am compensated by Commission each month, and I find myself in the highest tax bracket. I have an accountant to keep the paper work clean and fair, no creative accounting.
I worked very hard over the years but seeing almost half taken away each year in Taxes has taken its toll on me and I have lost my drive to keep going at this level. Its just not worth the big hours and effort when they take so much each year. I’m not sure how to get ahead in Canada as I do follow Garth investment advice but feel taken advantage of by my government.

#40 Happy Housing Crash Everyone! on 04.25.18 at 8:50 pm

If only Mellenials understood that CMHC is an evil that has ruined their lives. CMHC is corporate welfare for the rich banks and other SHYSTER lenders who would crumble under a free and open market. these corporate thugs kick and scream about free markets but take away socialism for the rich CMHC and they would scream like wild animals foaming at the mouth at the very thought of an open and free market. I hate hypocrite SHYSTERS.

#41 X on 04.25.18 at 8:57 pm

It is funny, I am not a 1%er, but would like to be. It feels like the more I work, the harder I get hit with taxes, no baby cheque, changes in business taxes etc. The more I invest and create a future for myself and my family where we don’t have to work for our income, the more we get taxed as well.

So the more smart things I do with my money, the more I am punished to subsidize those who are fools. So who is the fool.

I don’t mind giving a hand up for those who need it, but being taken for a ride and giving a hand out seems to be too much.

Garth it has been awhile since you have written a book, anything planned in the near future?

#42 Cdn Mom on 04.25.18 at 9:14 pm

#18 Jack on 04.25.18 at 8:13 pm
The moisters, in other words, wished to live in affordable units and wanted The Man to fix it.
Alright Garth, so who should they look to? Or do you refuse to even acknowledge that it’s a problem? Perhaps, as you so eloquently put it, they should just “shut up or get out.”
………….

Dear Jack,

They should just move. My husband and I moved our family from the LM in 98 because it was clear prices were too high BACK THEN. If it’s too expensive to live somewhere you move. Has always been the way. If there are no jobs you move. Rinse, repeat.

What an entitled bunch.

#43 akashic record on 04.25.18 at 9:16 pm

“We were right.”

What does it matter, if Millennials emerged from it the way they are? They will be here for a long time, and no one will remember or even care that “we were right”.

Something had to be screwed up fundamentally for these neo-commies and statists to come to life not as lunatic fringe, but mainstream.

#44 AGuyInVancouver on 04.25.18 at 9:18 pm

“The number of new rental units released to the market this far, for all the millions spent: 0.”

Just curious where you pulled that figure from Garth? It is not from any published source that I’ve heard of.

Then I guess it’s true. – Garth

#45 gfd on 04.25.18 at 9:18 pm

TORONTO — Ontario’s governing Liberals, who are weeks away from an election, were dealt a blow Wednesday as the province’s auditor general said their financial statements “dramatically understate” their deficit by billions of dollars.

https://www.huffingtonpost.ca/2018/04/25/ontario-auditor-general-wynne-deficits_a_23420232/?utm_campaign=canada_newsletter

#46 nobodyspecial on 04.25.18 at 9:20 pm

#35 Socialism is an experiment that has never worked. It’s been tried and has failed every time

Too true, I’m expected to pay taxes for schools, roads, fire, police , politicians

I should be able to pick and choose my own police force in a free market. Although I admit it would be difficult to buy politicians cheaper than the current lot.

#47 Suede on 04.25.18 at 9:26 pm

Just got an email that daycare costs are going down 25%.

Government subsidy in BC is kicking in.

Hell yeah.

Thank you all for subsidizing my kids.

#Community

#ClimateChangeInMyWallet

#48 You know val on 04.25.18 at 9:36 pm

#47 hell ya all at our expense way to go !! Your kids and ours will pick up the bill later … Nice job community

#49 Flamen Lupanares on 04.25.18 at 9:41 pm

#14 Debtslavecreator on 04.25.18 at 8:07 pm

> Socialism is collapsing and will end by 2032

Which day in 2032? I need to sell my stock of hygienic paper the day before…

#50 aa5 on 04.25.18 at 9:44 pm

An upside in BC to the insanity.. the roads are getting noticeably less busy with each passing week.

This morning I actually thought it was a holiday as there were hardly any cars on the way in, and then my work parking lot was 3/4 empty.

Word on the street by the awakened few among the mass of ignorance, is many of those hated rich have left BC for greener pastures.

#51 For those about to flop... on 04.25.18 at 9:48 pm

#19 Fred Jones on 04.24.18 at 6:41 pm
Hello,

I am a Realtor in Calgary that uses lead generation to secure new clients. Over the last week a greater preponderance of clients coming through lead gen. are from B.C.

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

Hey Fred ,my previous post just reminded me to ask if you are interested in helping me out once a month.

Not too sure how familiar you are with myself so here’s the deal.

I am a boofhead ,originally from Tasmania that tries to show people in the Vancouver area what is going on in the real estate scene.

The main premise of what I do is find people who buy property and then put it back on the market for less than 7% more than they paid to allow for expenses and a couple of percent for opportunities lost.

I follow them and show people on the blog what they decided to do.

Since Autumn 2016 I have followed thousands of cases that have been on the market with the results running the whole gamut.

*Some people made a profit (Green Snow)

*Some people broke even after expenses (Pink Draw)

* Some people took a loss ,either outright or after expenses (Pink Snow)

* Some people took their houses of the market and and as yet have not put them back.

* Some people have been trying to sell their houses and exit the market since late 2016, without luck

Anyway,back to my original question.

Do you think you would like to help me do about ten cases a month in pretty much real time?

I get all the ingredients ready and bake the cake and then all you have to do is put the cherry on top and receive all the applause.

If no one helps me out ,I show what happened when the assessment site is updated 3/4 months later ,while I believe this type of information is best when fresh.

So whaddya say?

Gotta get started on improving those B.C / Alberta relations somehow…

M43BC

#52 What can I say about that? on 04.25.18 at 10:04 pm

#35 TRON on 04.25.18 at 8:43 pm

Socialism is an experiment that has never worked.

———————————————————-

And you think Capitalism has worked? Well, sure. For some people. However, Capitalism with all it’s greed and avarice, is also the cause of many of the things that ail society and the natural world . Wait till climate change really kicks in. If the Artic begins releasing some of it’s massive stores of methane gas, then we’re all in big trouble. Abrupt and runaway climate change. Yes, Capitalism has been proven to be the most efficient system. At destroying humanity.

#53 45north on 04.25.18 at 10:06 pm

All homeowners were contacted and  forced to self-declare occupancy status, on the pain of massive fines.

http://vancouver.ca/home-property-development/empty-homes-tax.aspx

So let’s review: this blog is about the benefits and risks of investing in housing versus other options. Backdrop is the US housing bust in 2006-2008 where housing units in many locations lost half their value. Debt to income in Canada is at unprecedented levels – higher than when the US went bust. In terms of housing prices, Vancouver is unaffordable. It’s the least affordable in Canada. Interest rates are going up. Banks are withdrawing credit – that’s what B20 is all about. On top of that the City of Vancouver imposes an onerous, unprecedented tax and sends out a letter to every homeowner informing them of the onerous, unprecedented tax.

What if there’s an outflow of capital? What if for every net dollar the City gets, there’s a thousand dollars that leaves. In ten years, there will be fewer housing units because the investment is not there to build new ones and maintain the existing ones.

There’s a hubris here that assumes normalcy – house prices go up and down, politicians are elected and replaced. But I think that we are on the cusp of a downward spiral the like of which we have never seen. I believe there is an urgent need to make good decisions right now to mitigate and soften the blow. Here’s a post where I talk about the urgency of the moment:

http://www.greaterfool.ca/2018/04/13/scary-7/comment-page-1/#comment-587817

#54 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.25.18 at 10:08 pm

Cough, Cough, Gasp, Choke, @#%$#!!!

Quick, anyone out there who can perform CPR on the Leafs !?

So much for your pathetic team, and your despicable fifth rate city, Toronto. You are such delusional fools, living in a place with ridiculous home prices that no sane person would want to touch.

Enjoy the last moments of the season, SUCKERS ;)

#55 Mark on 04.25.18 at 10:11 pm

Vancouverites are pickled in debt (no, its not foreign money, its debt). Its local industry, the precious metals miners, are trading at a mere fraction of replacement cost, and some names are trading at quarters on the dollar even at current precious metals prices.

Its a pretty sad state of affairs.

Even nationally, Canada’s stock market trades beneath 15X earnings, earnings that continue to grow handily with nearly every earnings release. Canadian houses, stagnant since the 2013 apex can’t even generate enough net rent to make the mortgage payments these days.

We’ll look back on the extreme discrepancy in valuation, maybe 5-10 years from now, and wonder “what were they smoking post-2013 peak”.

#56 Lorne on 04.25.18 at 10:14 pm

#35 TRON on 04.25.18 at 8:43 pm
I live in downtown Vancouver, in a nice area.
……
Socialism is an experiment that has never worked. It’s been tried and has failed every time. I may be missing something here but if we continue to allow people to give up and lie down we will be making a bed nobody is going to want to lie in.
……
So, how are you enjoying your socialist medicare in Canada?

#57 Mark on 04.25.18 at 10:14 pm

“What if there’s an outflow of capital? “

That seems likely to be the case, with the foreign nationals probably being net sellers of RE in the post-2013 peak. That’s at least what the statistical data would tell us, that Canada is suffering capital flight.

Which logically brings us to the conclusion that its domestic speculators, using domestic credit, that has levitated the housing market and kept it from crashing in the post-2013 peak era. Sales mix changes being a natural consequence of the first time buyer being largely absent from the housing market, and the onslaught of new supply financed by highly leveraged Canadians.

#58 IHCTD9 on 04.25.18 at 10:17 pm

#27 Adrian on 04.25.18 at 8:32 pm
I don’t think most Millenials care about your generation’s wealth, Garth, because most of them have no prospect of ever sharing in it.

Wages are at a 60 year low – as a percentage of GDP – while job insecurity is at a multigenerational high, and both outcomes are a direct result of policies that protect wealth ownership at the expense of wage-earners. The governments that Boomers voted into office stopped caring about equality of opportunity once the Boomers got theirs. And the price increases for education and most asset classes have easily doubled the rate of inflation for a couple decades now, which has been a tax on the same people that you now lament have no respect for your wealth. Maybe you shouldn’t have pulled up the ladder behind you?

Your complaints just sound like the shrill panic of someone realizing they already lost the argument. Deal with it, or move. (Isn’t that what you said?)
————

Ahhh, the tenderness of youth.

Millennials have the easiest life of any generation that has ever lived.

Cheapest cost of consumer goods by 100’s of percent thanks to globalization and technology.

Student and minimum wages highest ever compared to the cost of living, so high in fact, that in Ontario, a couple of married burger flippers can easily afford to buy a house.

Easiest credit there has ever been. Can you fog a mirror? Here’s your cash. Want a new Benz? No problem, we’ll finance it out for TEN YEARS. Need a credit card? Here’s three, and a LOC just in case.

Lowest interest rates ever since the Milky Way was formed from galactic space dust. 2.5% mortgages? 5% car loans? Ask your boomer parents what they paid.

I will agree that education is very expensive these days, housing in big urban centres is super expensive, and wages in said centres aren’t high enough for 95% of the population.

But then again, what doorknob would rack up 100 grand in student loans and then try to set up shop in the most expensive place to live where wages also happen to suck?

That would be just plain stupid no?

#59 Chaddywack on 04.25.18 at 10:18 pm

Best part is that you can also rat out your neighbours.

On the Vancouver “Vanconnect” app. (which for those of you that don’t know is usually used to report city issues like potholes or roadkill pickup) you can now send a lead to the city about a suspected empty home.

I guess good fences really do make good neighbours!

#60 A on 04.25.18 at 10:19 pm

#18 Jack
If you don’t know who they should turn to, our country is in more serious trouble than I thought.

#61 Terry on 04.25.18 at 10:23 pm

“A recent survey among US Millennial’s found a shocking number think democratic capitalism has failed and are willing to experiment with other structures, including totalitarianism or a benevolent dictatorship. This new love for statism is in Canada, too.”

and,

“Tax, tax & more tax”

It’s very alarming the way the winds are blowing in the U.S. & Canada these days Garth. I blame the University’s and Colleges for poisoning the minds of generations of young people. Identity politics, gender politics, safe spaces, social media recognition, socialism, liberal narrative nonsense, man-made climate change etc… This is the garbage they are teaching people today. I don’t know at what point our divided, broken and messed up society will finally collapse but I can see it won’t last much longer.

#62 Reynolds531 on 04.25.18 at 10:26 pm

Federal summer jobs to protest the pipeline. Icing on the cake.

#63 Ace Goodheart on 04.25.18 at 10:27 pm

Interesting stuff popped up on Realtor.ca today. Bunch of Court ordered sales in the West end. Total dumps but I’m looking at land value. The lots are wide and deep. Houses look like you could take them out with 1/2 a day and a bobcat.

$439K is a steal for a lot anywhere in the city. These are detached 26 by 110 footers with crap shacks on them.

Making my bids……

#64 Tony on 04.25.18 at 10:28 pm

I’m sure the real number of empty residences is exactly 25,000. A new study needs to be done because they missed 23,800 units that need to be slapped with a vacancy tax.

#65 IHCTD9 on 04.25.18 at 10:29 pm

#52 What can I say about that? on 04.25.18 at 10:04 pm
#35 TRON on 04.25.18 at 8:43 pm

Socialism is an experiment that has never worked.

———————————————————-

And you think Capitalism has worked? Well, sure. For some people. However, Capitalism with all it’s greed and avarice, is also the cause of many of the things that ail society and the natural world . Wait till climate change really kicks in. If the Artic begins releasing some of it’s massive stores of methane gas, then we’re all in big trouble. Abrupt and runaway climate change. Yes, Capitalism has been proven to be the most efficient system. At destroying humanity
————

Right.

So back to the horse/plow and 50 year lifespans?

#66 Piano_Man87 on 04.25.18 at 10:36 pm

I don’t post here much, but this was an excellent post Garth. One of your best. Succinct, witty, informative. I hope you keep up the good work. Canada needs more people like you.

#67 Everythingisterrible on 04.25.18 at 10:46 pm

“Nowhere is The Man more respected or depended upon than in YVR and the province which surrounds it, “
says the dude from the province that gets equalization payments haha.

#68 Gen-X on 04.25.18 at 10:49 pm

As a Gen-xer, a little old these days. I think our education system has failed us if people think government and taxes is the solution. It never is. I also blame parents and in particular the boomer generation who cuddled their off spring. Reality will set in one day. If you want to get paid more, then bring more value to the table, it’s a pretty easy formula. Instead they want to mandate higher minimum wages, I would push for $0 minimum wage, minimum wage means you are bringing close to zero value to the table. Robots will replace you in time, sorry but it’s the truth. Another good article Garth.

#69 ElcaminoKid on 04.25.18 at 10:53 pm

The young folks want it all…and they want it now. I work with a few of them…That is what they want and has been implied by their peers and by family that it is “what to do” They do not understand higher interest rates nor do they understand what they need to live. They want to live like their friends… enjoy the same things as their peers. They want to go beyond their friends….so they look better…like a UFC fight. I work with a young millenieal who just bought a house…already looking for a second job, on top of his fulltime job…Too keep up with bills….I SAY’S WHAT?

#70 Dead Cat Bounce on 04.25.18 at 10:53 pm

@ #51 Flops going M54BCNational !!!

Nice …

M54BC

#71 Victoria on 04.25.18 at 11:03 pm

They say they are getting 30 million. https://www.google.ca/amp/s/www.cbc.ca/amp/1.4631597

#72 Reformed Snorfler on 04.25.18 at 11:06 pm

“Nowhere is The Man more respected or depended upon than in YVR and the province which surrounds it.”
——————————————————————–
With respect Garth, you have been a little unfair to my home province. When I was growing up in the interior of B.C., during the Lost Decade of the last Dipper Politburo, people neither depended on The Man. In fact, we resented the havoc that he was wreaking on the economy, forcing many of us to flee as economic refugees to the prairies, where we remain to this day. Admiration of Big Brother is generally confined to the hammer and sickle wielding tree humpers in “The Land Beyond Hope” (The LM and YVR).

#73 Dolce Vita on 04.25.18 at 11:07 pm

“…in a country where the top marginal rate on income already tops 50%, and cannot travel much higher.”

“Yes It Can” and has.

1960: Canada combined Fed-Prov. MTR was 80% for the top income bracket. Federal MTR was 63% for the top income bracket.

Large Canada Federal top bracket MTR declines occurred in the early 1970s and early 1980s. Then again in the late 1980s.

The USA had a Federal top bracket MTR of 70% up until 1981. That dropped to 50% in 1982.

A quaint, but imprecise pronouncement on your part Garth.

MTR Fed. Tax history lesson for the Moisters, Gen whatever and including the Boomers.

#74 Entrepreneur on 04.25.18 at 11:15 pm

Rats have been a problem in Victoria and Vancouver for decades.

I think #40 Happy Housing Crash Everyone should run for office. His tune is the same, simple, tough talk but he is probably more knowledgeable than letting on.

Have to agree that I am hearing more and more homeless and see more and more of them. And have to agree with #27 Adrian that the “youth/millennials could care less about your generation wealth” and I think are trying to survive what was dished out to them. And most have given up.

Thumbs up to #19 Keith on how the BC Liberals ran BC housing for twenty years to the mess it is…and ignored the people, so true. But as long as their get their minute speech on the news on how great the economy is doing that is all that matters to them.

Since workers are worried about their pay from the delayed oil pipeline construction and want to start a bigger protest than the protestors why not create a fund page and help those workers that are in need. Help them pay the bills and food on the table. Just a thought.

Protestors do not want to see working people hurting like we are in BC with the mills shut down, raw logs shipped, ferries built in Germany and Poland. We know the hurt and pain.

#75 Hamsterwheelie on 04.25.18 at 11:19 pm

Is this the same thing as when reality tv started up and everyone thought they could have their own TV show? Maybe Instagram has everyone feeling they should also have a hip, cool, hygge space in the right part of town…just because, because other people post carefully constructed shots of one wall and plant. I lived in a house with 6 people and it was fun times – we all knew it wouldn’t last forever and we were all able to save money because of the shared space. Does anyone do that anymore?
As a landlord I rent to smart mills with jobs and an upward, can do directive – they will buy a place if and when they decide to have kids, because we live in an affordable city.
Don’t complain about RE prices and expect to live in CA’s two most expensive cities. I feel like I should be able to live in Barbados or Hawaii but, uh, seems like others want to live there too so that’s made it unaffordable … Bummer dude.

#76 SWL1976 on 04.25.18 at 11:20 pm

As much as I love this province, this new government and their followers make me sick to my stomach. I have never before had this feeling of wanting to drag up and bolt as I do now. This is coming from a person who owns and operates two small businesses in this province.

#77 IHCTD9 on 04.25.18 at 11:28 pm

Canada is run mostly by inexperienced SJW airhead politicians who promised little perks (and the generally impossible) to get their majority mandates.

But how could these dingbats ever get to running the show? Well, therein lies the rub – Canadians put them there. Politicians go to great lengths to find out what the people want, and their election platforms reflect that. Look at Wynne’s platform to see what Ontarians want (free stuff). Admit it, we’re just plain stupid.

That is why things aren’t going to get better until some major pain comes to a great swath of the Canadian Citizenry, and our priorities change.

We’re broke. Every little carrot at election time means new debt. Every new control the government implements means new debt. Every uptick in the interest rate means new debt. Every promise, every program, every new public employee is paid for by debt. Every time the government tries to help someone, the debtload increases.

Increasing revenues is going to be job one in Ottawa, Ontario, BC, everywhere. Weed sales won’t be covering the shortfall. It won’t be taxes and royalties from big industry with their multi-billion dollar projects either, they’ve either been cancelled, obstructed, denied, or have already high-tailed outta here. They can’t even nail regular small and medium businesses either as we’re already totally out to lunch on price compared to the US thanks to Trump.

No, government will take the easy, most lucrative road. It’s going to be taxes on the middle class that funds our leadership, and their ongoing deficit budgets.

New Taxes and Fees are coming to town. Remember what the Libs had to do in NL? That’s going to be the entire country. Gas, Electricity, Property, Transportation, all the things you can’t easily avoid. Unlike the US, there is little in the way of legislated limits to new taxation our government can impose, so get ready.

Anyone with eyes to see, and ears to hear knows what’s coming down the pipe, and should be busy preparing. Offset your tax load. Reduce your conventional energy consumption, but be smart about how you go about it. Adjust your spending M.O., buy used, buy on the FNR’s or in the US if it makes sense. Look at online retailers (save on cost, and save big on gas on top) if you haven’t already. Get out of debt, it ain’t getting any easier to shoulder it going forward. Offset those new taxes, most are not doing a damn thing to improve your life anyway – quite the opposite.

#78 dzh123 on 04.25.18 at 11:49 pm

#58 IHCTD9

Your point is well taken. As a millennial, during my schooling (GFC happened during this time) I should have gone after a NINJA loan. I’d have made more money flipping houses than I’ll likely make in my entire professional career. That’s on me for dropping the ball.

I can appreciate that for you things may seem cheap for us coddled ‘moisters’, but for the middle class people a lot of things are even cheaper stateside than here – food, gas, cars, houses, health care (after tax rate differential and employer match). In-state tuition isn’t that far off in many places from Canadian prices. And if you pick a good red state you might not get saddled with an unfunded pension liability bomb in the next decade or so.

#79 Fake News Again on 04.25.18 at 11:50 pm

Fake News Again on 04.24.18 at 7:57 pm
3 Govt Workers whining about their guaranteed incomes while the taxpayer struggles. Cry me a river…..

Government workers pay the same tax rates as you. – Garth

_____

Govt workers do “not” pay tax….they are paid with taxes. And 30% of Canadians are Govt workers…….do the math how that is working out for Taxpayers making an average of 30% less with NO GOLDEN PENSION.

#80 Oft deleted much maligned stock.picker on 04.25.18 at 11:56 pm

#57 Mark…..investors have pulled up stakes in Canada under the Trudeau Liberals. No one knows where these wackos will turn next. I agree with you about the future..but it seems far far away under this current socialst malaise. Meanwhile…what do you think….are we buying the TSX on the cheap or chasing falling knives? Personally I think it’s still got a few percent on the decline over perhaps two years of this election cycle.

#81 T on 04.25.18 at 11:56 pm

#57 Mark on 04.25.18 at 10:14 pm
“What if there’s an outflow of capital? “

That seems likely to be the case, with the foreign nationals probably being net sellers of RE in the post-2013 peak. That’s at least what the statistical data would tell us, that Canada is suffering capital flight.

Which logically brings us to the conclusion that its domestic speculators, using domestic credit, that has levitated the housing market and kept it from crashing in the post-2013 peak era. Sales mix changes being a natural consequence of the first time buyer being largely absent from the housing market, and the onslaught of new supply financed by highly leveraged Canadians.

——————

Repeating the same lies day after day must eventually get tiresome. Reading it sure does.

I can find many examples of real estate purchased in Canada from 2013 and on which has again been sold for a tidy profit, including a house I purchased and sold in that time.

Where is your proof re peaked in 2013? Prove your case. I’m honestly interested to see your data.

#82 Vanreal on 04.25.18 at 11:59 pm

The BC NDP are doing what they do every single time the electorate errs and votes them in. They run the provincial economy into the ground. They then get voted out for twenty years until everyone forgets how stupid and moronic the NDP actually is.

#83 dzh123 on 04.26.18 at 12:26 am

#27 Adrian

Taxing the boomers more isn’t really revenge.

First, those taxes will only go to pay off their own unfunded pensions. Second, even if you could tax them punitively, you can’t make an appreciable dent in their wealth, which would be construed as elder abuse. Third at a certain point their health won’t be good enough to make use of the wealth we’re taxing, which will wash out in the added healthcare provision. If they don’t care, then we don’t get that sweet sweet schadenfreude. In any case, they’ll be a big voting block for some time to come.

So, the actual best revenge is living well.

If you have skills and some tincture of industry, you can have a more affordable, pleasant existence. But, you’ll have to get out of dodge.

For my part, I’m not even going to wait for ‘happy housing crash everyone’, my green card application is in process…

#84 EV expert on 04.26.18 at 12:38 am

Reply to 25 Non Plused.

It’s clear you don’t like carbon pricing, but it’s here to stay and there’s more coming in the future.

“And they keep adding more. Here in Alberta the carbon tax is a good example. It basically amounts to a 25% HST on everything. This after you’ve already paid your income taxes. It will eventually bankrupt everybody except the very rich.”
…then you say….”The trick is to fool the 50% of us who are below 100 IQ points. They generally can’t do math, but they can vote. And actually I think you need to be above probably 120 IQ to actually be able to figure out what the true tax rate is they have done such a good job of obscuring it.”

The carbon tax in Alberta is only $30 per tonne. It’s cheap and only costs the average family a few hundred dollars per year (more if you drive a gas guzzler). If you have already switched to an electric car (for example), then the costs are much lower. Plus they have rebated back to the residents much of that money. So those who don’t produce much emissions are actually ahead financially! So saying it basically amounts to 25% HST on everything is not only totally false, it looks like your math is incorrect. If you didn’t exaggerate so much you might have a more convincing rant.
You can find an online calculator to get an estimate of the carbon tax and rebates here:
https://www.alberta.ca/calculate-carbon-levy-rebate-and-costs.aspx

#85 Full Disclosure on 04.26.18 at 12:40 am

Don’t worry, a true speculator’s tax is coming – it will actually target flipping properties as opposed to being a vacancy tax.

And the empty homes tax will continue to put pressure on the empty home owners once they do audits.

The number of empty homes sits at ridiculously low numbers in neighbourhoods known as ghost towns because they were/are desirable to foreign buyers that dump their money in RE.

The numbers are like 10 in Point Grey, 15 in Shaunessy, and 10 in Dunbar. Documentaries on the number of empty homes in these areas show that you can get those numbers just by walking down ONE street.

As the boy scout Canadians, we think everyone follows the letter of the law because we are taught to do so. But in the rest of the world, people rise by gaming the system. When they come here with illgotten gains, do you think they give that approach up?

They will continue to shelter true ownership through any means possible, including beneficial ownership. There are already ads out on Craigslist advertising services to ‘house sit’ so people do not have to pay the spec tax or vacancy tax.

It will be a long uphill battle to expose the true number of empty homes, so just be patient – it will come.

#86 Full Disclosure on 04.26.18 at 12:43 am

And polls show 80 percent of British Columbians support the speculators tax, and 90 percent support/supported the foreign buyers tax when it came out – but all were still questioning whether it would enough.

Millenials don’t make up 80 or 90% of the population – so there is very broad support from those people living in the trenches of the affordability crisis.

#87 Fuzzy Camel on 04.26.18 at 1:02 am

We’ll be communist by 2025 guaranteed. I bet after the housing crash happens, the government will nationalize all housing/apartments and hand it out. The millennials will cheer, free stuff.

I’m not optimistic about the future with these half wits coming into the labour market.

#88 Myra Andrews on 04.26.18 at 1:04 am

Greater Vancouver Stats from realtor Paul Boenisch

April 25 New 239 Sold 123 TI 10,345
April 24 New 323 Sold 136 TI 10,299
April 23 New 385 Sold 145 TI 10,180

April 20 no post from Paul
April 19 New 211 Sold 133 TI 10,006
April 18 New 266 Sold 128 TI 9989
April 17 New 297 Sold 120 TI 9898
April 16 New 377 Sold 191 TI 9799

April 13 New 152 Sold 137 TI 9727
April 12 New 199 Sold 112 TI 9748
April 11 New 248 Sold 101 TI 9709
April 10 no post from Paul
April 9 New 382 Sold 117 TI 9450

April 6 no post from Paul
April 5 New 268 Sold 164 TI 9264
April 4 New 324 Sold 154 TI 9204
April 3 New 538 Sold 131 TI 9104

Mar 26-29 New 793 Sold 455 TI 9032
Mar 19-23 New 1041 Sold 617 TI 8916
Mar 12-16 New 1147 Sold 682 TI 8743
Mar 5-9 New 1101 Sold 542 TI 8510

#89 Frank on 04.26.18 at 1:06 am

>So, it’s another tax on wealth

So what? Wealth inequality is getting worse, not like this is going to cause any real harm beyond butthurt old conservatives who misunderstand what the hippie movement was about.

#90 Surrey on 04.26.18 at 1:24 am

Garth you are wrong about the empty homes tax figures today, and you wrong about the effect the ndp is having on housing in Vancouver, it would have been 10x worse if the Liberals had got in again. You clearly hold some type of bias.

#91 Guillaume on 04.26.18 at 1:26 am

In Europe, housing was not affordable for me and my family. We moved/immigrated to BC where we bought a bigger house and a commercial space for our retail business. Great deal for us but with the sacrifice of leaving our families and the land where we were born : it takes what it takes, but you can choose to whine and moan or just adapt yourself. Politic is absolutely stupid here in BC, and very divisive. The Libs seem incompetent and corrupt to the core, the NDP/green are really angry and xenophobic people, exactly the same socialists you see in the movie “doctor Jivago”an old but amazing movie. School system does not help also, incompetent and with a huge ideological bias…. I have started last year a balanced portfolio, God bless Garth for that. Cheers to all my blogdog friends, even the leftist ones (though they are wrong on almost everything) !

#92 Ardy on 04.26.18 at 1:26 am

Flop, you are a gentleman.

-RD

#93 Fortune500 on 04.26.18 at 1:30 am

Well said Adrian

#94 Balmuto on 04.26.18 at 1:44 am

Its local industry, the precious metals miners, are trading at a mere fraction of replacement cost, and some names are trading at quarters on the dollar even at current precious metals prices.

Your junior gold mining dog stocks aren’t the “local industry” in Vancouver. Sorry to burst your bubble.

#95 Andre on 04.26.18 at 2:24 am

Taxes are also behavior modifiers. An empty tax home is a valid initiative of the BC government to modify the behavior of RE investors. I think that any conclusion on its effectiveness should be based on sound data and considering a longer time frame.

I do not agree with the opinion that young people expressing their frustration about their status/condition is undemocratic or tribal behavior. Requesting the government to implement controls on capital flows for residential RE investment is a reaction to a free market idea that benefits at the end very few people (look at the amazing returns that the 6 big banks enjoyed over the past years); clearly all of them were not considering the best interest of the society when lending massive amounts of money to people that do not understand that in 5 to 10 years their monthly cost with housing may increase to 50+% of disposable income. Governments exist to define rules that would allow the people that are part of the society to co exist in harmony and to improve the general living conditions of all. The logic that free market will volunteering do that is naive (I am trying to be nice). I strongly believe that capitalism is the most effective system of production we have designed so far but has to be controlled in order to avoid the collapse of the living conditions of the less fortunate.

#96 Newcomer on 04.26.18 at 4:09 am

Number of rentals created: lots (citing same source as Garth) mostly at the higher end.

But, of course, the direct creation of rentals was only ever part of it. Another part was income. Another part is to serve as a general drag on the housing market and to deliver the message that BC is not open for that kind of business. Want to speculate, store you wealth or just show off? Go to Ontario. Grab an ice cream while you are there.

#97 Steve French on 04.26.18 at 5:22 am

“Watcha Minnie’s” posts make me want to shoot myself.

Aye Carumba. I’ll take Smoking Man’s lunatic fringe ravings over that spaced out wacko.

#98 YVR2ZRH on 04.26.18 at 5:25 am

The points on the empty home tax are mostly on point. But a couple of observations to clarify things.

1.) 3,500 is the number being assessed, not the 1,200. Tax is generating around 10,000 per unit on average – which is a good sum.
2.) Tax is not only to shake the tree and get units onto the market – but create a disincentive to purchase and reduce demand – I can confirm that I personally sold my properties and would not buy anymore because of this tax – at least not to have for my occasional use.
3.) There are cheaters for sure – – probably about as many as there are who actually declared correctly. So – now the hunt is on by the auditors – These are professional auditors – and the question eventually will be. . .

Is it ok for the government to confiscate your house if you intentionally deceived them and lied on the tax form – when it was clear that the penalty is $10,000 per day – which is a lot – adds up fast – and basically means they could just tap you on the shoulder and ask for the keys.?

We will see – – people will get caught and then what will we do with their sob stories . . . “I didn’t know if I lied it would be so bad . . . “.

This tax affects me – directly – but for now – I think it should stay as a deterrent to non-residents purchasing more.

#99 Prairieboy43 on 04.26.18 at 5:36 am

Down here in New Zealand. Housing prices out of control. 1200-1500 square foot homes, no basements. Small yards, little insulation running 1-1.2 mill. NZL Lacks transportion we are accustomed to in North America. Single lane highways, with no shoulders, or ditch. Long slow, winding roads. High fuel prices($2.15/L or $1.50/L diesel). The weather is great just saying.
PB43

#100 Slo on 04.26.18 at 5:45 am

I mean, I really think you should take a second and ponder how accurate those self reported numbers are.

If 1/2 of people who owned an empty home actually called up the government to get taxed more often, instead of just planning to lie to them, I’d be shocked. (I live downtown, the growing number of empty storefronts on arteries is a scarier indicator then anything else I could think of)

The penalties for a false statement are draconian. Few would risk it. – Garth

#101 unbalanced on 04.26.18 at 6:08 am

Free money for getting old. Why not? I paid into these so called taxes when I was working. I was paying more in taxes than the average income. And guess what. I’m still paying taxes. Thats why I retired at 53. Thankyou very much!!!!!

#102 Gravy Train on 04.26.18 at 6:18 am

#25 Nonplused on 04.25.18 at 8:28 pm
“The devil himself could not have done better even if he w[ere] that devious, which he is not [italics added].” I wasn’t aware that the devil is an acquaintance of yours! :)

“It is truly diabolical.” How can it be diabolical if earlier you said it was too devious even for the devil?

“I’ll take a bit of global warming … over the prospect of [starving to death].” Exaggerate much?

“In an ideal world you only need one [type] of taxation. I think the best [tax] is … on income.” Income isn’t even defined in the Canadian Income Tax Act! What’s your definition of income? A head tax is the most efficient form of tax (if economic efficiency is your objective). What about negative externalities? Ignore?

“Doritos.” Not the best bang for your buck (in terms of nutrition)—you obviously have no age- or health-related problems. Lucky you! :)

Also, see #84 EV expert on 04.26.18 at 12:38 am (in case you missed it).

#103 SimplyPut7 on 04.26.18 at 6:38 am

I’m glad the tax proved to be a failure. Now we can get back to the discussion of why Canada needs to encourage builders to develop purpose-built rentals again.

The condo market is not a reliable source for providing rentals to people living in cities, owners leave units vacant to flip and landlords sell once they realize how large maintenance fees can get. There are some condo buildings in Toronto not even 5 years old yet and maintenance fees are already north of $700 a month, the units were sold to middle-class buyers too.

And then there are the rate hikes coming, TD has raised its posted 5 year fixed by 0.45% to 5.59%.

Focusing on speculators (domestic or foreign) is shortsighted, they will be gone like the bitcoin fanatics once they see prices start to fall when local buyers/flippers trying to keep of with the Joneses, renew their mortgages and have to start cutting expenses to deal with increasing housing costs.

#104 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.26.18 at 6:50 am

Boston Strong.

Toronto Pathetic.

The worst franchise in sports history is a perfect match for the most inferior, self-absorbed and delusional city in North America.

Hey Torontonians – I hear Leaf home tickets for the next round are on sale now in the secondary market, only $2000 a pop!! (kinda like your secondary mortgage market fuelling your crapshack bubble, giggles !!)

Better buy now or be left behind forever!!!

Bwaahaaahaaahaaahaaahaaaahaahaahahahaha!!!!!

51 YEARS AND COUNTING :)

#105 Victor V on 04.26.18 at 7:13 am

You may have to work until 70 to afford a house: Mortgage rates are heading higher

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-you-may-have-to-work-until-70-to-afford-a-house/

#106 maxx on 04.26.18 at 7:34 am

#17 BlorgDorg on 04.25.18 at 8:12 pm

“Instead of making fun of the idiots who think government is the answer (too easy), how about a post explaining to them how government created this problem in the first place? I haven’t heard the term “Elfin Deity” in way too long…”

Precisely – government created the problem and can also create its solution.

Stupid low rates have always been the problem and they need to go up.

#107 Gravy Train on 04.26.18 at 7:45 am

Hey, Smokey. Michael Cohen pled the Fifth! Doesn’t that mean Trump’s goose is cooked? No? :)

#108 jess on 04.26.18 at 7:57 am

ireland housing “recovery”

https://www.independent.ie/business/personal-finance/property-mortgages/secret-cameras-hidden-bunkbeds-windowless-rooms-exposing-dublin-landlord-christian-carter-36793171.html

========

Richard Curran: Housing boom is different this time – high costs and rip-off rents mean it’s far crueller

https://www.independent.ie/business/personal-finance/property-mortgages/richard-curran-housing-boom-is-different-this-time-high-costs-and-ripoff-rents-mean-its-far-crueller-36820530.html

#109 Adc on 04.26.18 at 8:13 am

Tax and spend government? Where have I heard that line before? Oh, right. Liberals…and apparently, the NDP.

The beatings will continue until morale improves.

#110 Rational Observer on 04.26.18 at 8:21 am

#100 Slo on 04.26.18 at 5:45 am

The penalties for a false statement are draconian. Few would risk it. – Garth

________________________________________

City officer: Your home has been unoccupied.

Homemoaner: We rented it to a student, and the student dropped out of school. See, here are the receipts.

City Officer: So can we call the student to confirm?

Homemoaner: Ah, so sorry, he moved out of the country, we don’t have a forwarding address.

———————————–

City officer: Your home has been unoccupied.

Homemoaner: We are renovating it. The construction crew only shows up when they are not busy….

———————————–

City officer: Your home has been unoccupied.

Homemoaner: Its under condo / HOA bylaws preventing rental. Nothing we can do….

——————————————————-

To get the keys, the city will have to sue, which they won’t , since the home will be sold by the time a case is brought to court. The Royal Canadian Tare Farce is quite the gong show, so typical.

#111 jess on 04.26.18 at 8:26 am

behaviour modifiers

https://www.canada.ca/en/revenue-agency/campaigns/about-canada-revenue-agency-cra/cracking-down-on-offshore-tax-evasion-aggressive-tax-avoidance.html

=================
not long ago i remember reading the praise regarding the first female billlionaire from africa

Mauritian authorities have frozen 91 bank accounts linked to investor Jean-Claude Bastos, a key figure from the Paradise Papers with close connections to Angola’s former leaders.

https://www.icij.org/investigations/paradise-papers/angolan-tycoons-frozen-funds-highlight-kpmgs-role-in-offshore-secrecy/

#112 Martinhiz on 04.26.18 at 8:37 am

Hi All im rookie here. Good article! Thx! Thx!

#113 Victor V on 04.26.18 at 8:46 am

GTA millennials look farther afield after new mortgage rules

https://www.thestar.com/business/real_estate/2018/04/26/gta-millennials-look-farther-afield-after-new-mortgage-rules.html

Toronto’s millennials are buying more space than they were a year ago but they are moving farther from the downtown to get it, according to a new report by Royal LePage.

That’s in part due to Canada’s new mortgage stress test, which is adding significantly to the challenge of home ownership among the influential consumer group known as peak millennials, reducing their average purchasing power by 16.5 per cent or about $40,000.

The expensive Toronto and Vancouver housing markets are particularly tough on first-time millennial buyers, says the report published Thursday.

“A peak millennial can purchase a home in Moncton, N.B., for the cost of the 20 per cent downpayment on a home in the market segment accessible to them in the Greater Toronto Area,” says the report.

#114 NoName on 04.26.18 at 8:47 am

@James why you poke SM and FF?

Anyways as a aquafur in California is dropping 10ft a day, their emancipation and affluence is flilyin private jets around burning 250-400 gallons per hour of jet fuel and trashing our oil sands, and by the looks of it our government overlords are happy about it. Aquafur went from 200ft bown to 2000ft below, if I got it Wright, and thet they stop what are doing now and cut water consumption at least 25% it will take optimistically estimating 20 yrs to bring water level to sustainability, but not to 1940-1950 levels of 200ft bellow ground. Maybe they should re watchit MADMAX so they know what is coming.

But hedge funds and bankers are bringing not so proverbial justice back to them and investing in farmland and planting nuts. According to what I was reading profits on a nut farm per akre up to 10x bigger over fruit and vegetables farm. Plant them nuts bankers and hedgehogs.

Hollywood watch it NETFLIX is coming !!!

Globalization 2.0, kommunist post from very beginning. Recently komunist drone/ globalization 2.0 schill was recently areste by fbi in nyc and charged with many kounts of money landring and bribery using ny banks. It’s also interesting to look in to some energy company that came out of nowhere with some sub 40yrs of age instant billionaire conected to army and higher echalons of poulit buiro that also have red phone in his office. His main job is to bail out government own corporations and acquire assets buy companies and gov. officals world wide. It’s that sinister red phone that we should watch for, used for nucilar destruction by economic means. Just research uganda, same dicktator since mid 80, but what’s funny he always gets elected.

Kimmies make all wonderful, as per propaganda video.

https://www.theguardian.com/world/video/2017/may/12/bedtime-story-propaganda-films-push-chinas-infrastructure-dream-video

#115 HappyMil on 04.26.18 at 8:51 am

This is becoming a country of whiners, entitled lazy asses screaming when their avocado toast is not brown enough… I am a millennial myself, came here with my parents from an economic hellhole called Ukraine. One thing I learned fast in my post-soviet childhood is that NO ONE OWES YOU ANYTHING. Period. No matter what anyone says this is a country of opportunity. I started frying chicken at KFC to get pocket money and not bother my parents who were trying to make ends meet in the new country. No English, but a lot of enthusiasm landed me that first gig. I worked 3 jobs to get me through university (eh….like that was possible at that time, had to take a lot of OSAP on top). Graduated to find out job market sucks in the fall 2008. That nice degree from one of the top Canadian universities ended up landing me a glorious position at the call centre at whooping 25K/year. So I just worked my ass off, grabbing any opportunity I could. I invested in more education, I networked as much as I could, and I saved every penny to kill that OSAP debt. It took a while, but now having a decent 6 fig salary, portfolio split between maxed TFSA and RRSP, and (oh gods!!!) owning my own place I can confidently say to all these idiots screaming for government to help them: SHUT UP AND WORK YOUR ASS OFF, NO ONE OWES YOU A DAMN THING!

#116 Dups on 04.26.18 at 8:58 am

What if there was a “Class Action Suit” about the “Invasion of Privacy” that the government used in their tactics to impose unfair taxes on the citizens. Is the government going to raise any extra money from this type of tax after this was settled? I don’t think so. The Vancouver Mayor should be fired.

#117 NoName on 04.26.18 at 9:00 am

1.4% total of us exports is blood. Imagine that.

#118 dharma bum on 04.26.18 at 9:04 am

“We were right.” – Garth
——————————————————————–
Ha ha….YES!

The Greater Fool Blog and its Dogs are always right!

Can’t beat the collective wisdom of US.

#119 Fish on 04.26.18 at 9:07 am

Talk about wacko there a guy that lives upstairs, he drives a Chev green older truck and uses the club to lock his steering and has garbage in the back of his truck plates say AlbertaF

#120 SunShowers on 04.26.18 at 9:10 am

“These days, big change. A recent survey among US Millennials found a shocking number think democratic capitalism has failed.”

That’s because it has. There is literally no such thing as democratic capitalism, every single capitalist system in existence has been a plutocracy. There are no exceptions. Where capitalism allows private entities to accumulate obscene amounts of wealth, those entities invariably use that wealth to buy favorable government policies, allowing them to accumulate even more wealth at the expense of the workers who actually generate that wealth in the first place.

#121 Penny Henny on 04.26.18 at 9:13 am

#9 Ardy on 04.25.18 at 8:02 pm
Mr. Flop,

I don’t think you do GTA, but if you can get details on 119 Via Toscana, Woodbridge, Ontario, I’d be rather amused.

Cheers,
-RD

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

no sale showing for the last 180 days

#122 NoName on 04.26.18 at 9:13 am

And in that belt and road initiative, belt is used to beat you to submitting, and I am not wrong on this one.

#123 Another Deckchair on 04.26.18 at 9:15 am

Dear all-those who say things like:

“I don’t think most Millenials care about your generation’s wealth, Garth, because most of them have no prospect of ever sharing in it.”

Please google for “the millionaire next door” and read chapter 1.

There’s a couple of PDFs on line. Just google it –

The sentiment shown in the quote above is generation-less; I said the same thing about the old boomers, and now it’s being directed at the young boomers and GenX’ers.

I read the book, and comprehended the words. It’s dry reading, but factual.

It’s easy to complain and whine – I’ve done my fair share of it, but then I decided that rather than whining, I’d do something about it, while enjoying every day.

Best decision of my life, for many reasons.

So, please Millenials, and Gen-Xers, and… rather than complain, please use the grey matter in your head and do something about it.

#124 IHCTD9 on 04.26.18 at 9:15 am

#72 Reformed Snorfler on 04.25.18 at 11:06 pm

With respect Garth, you have been a little unfair to my home province. When I was growing up in the interior of B.C., during the Lost Decade of the last Dipper Politburo, people neither depended on The Man. In fact, we resented the havoc that he was wreaking on the economy, forcing many of us to flee as economic refugees to the prairies, where we remain to this day. Admiration of Big Brother is generally confined to the hammer and sickle wielding tree humpers in “The Land Beyond Hope” (The LM and YVR).
_____

What you describe is true in every Province. I love Ontario and Canada, but you won’t catch me saying too many good things about “the Man” – that goes for many around me as well.

We are doomed for some serious trouble here, but I won’t be leaving. I’ll be playing the deck as it’s dealt to me. Our government will just have to find others who like paying tons of taxes and fees to cover my share.

#125 PastThePeak on 04.26.18 at 9:20 am

Canadians are now, as a whole, quite left-wing socialist from political and economical viewpoints. Of those that vote in this country, the left-wing parties (Liberal + NDP, other in most regions) gather around 65-70% of the votes, while the right-wing party (yes, there is only one in any one spot) gets 30-35%.

The Liberal party (federally, and in many provinces) used to be considered by some to be a “centrist” party, with some elements of conservative policy, but that has not been the case now for close to 20 years, and it does not look like it will change in the near future. The policies of most Liberal parties is to try and outflank the NDP on the left.

So expect more interventionist policies, increased debt, and increased taxes. It’s what the people want…

#126 crowdedelevatorfartz on 04.26.18 at 9:37 am

@#47 Suede

“Just got an email that daycare costs are going down 25%.
Government subsidy in BC is kicking in.
Hell yeah.
Thank you all for subsidizing my kids. ”

+++++

And taxes will continue to go up to pay for it all…….

#127 crowdedelevatorfartz on 04.26.18 at 9:42 am

@#115 happyMil
“SHUT UP AND WORK YOUR ASS OFF, NO ONE OWES YOU A DAMN THING!”
++++

Well said and well done.

#128 When Will They Raise Rates? on 04.26.18 at 9:49 am

#38 Mac on 04.25.18 at 8:46 pm
…and dumb ass Canadians can’t seem to figure out why they are broke. Still blaming it on the notion that the “rich” have somehow stolen from them and must be punished. Unreal. Absolutely unreal.

How can people be so utterly daft, dim witted, and slow to not fully grasp the fact that the institution of government IS responsible for the overwhelming amount of the issues people are wailing about – not the solution.

———————

Exactly. And the central banks.

#129 Another Deckchair on 04.26.18 at 10:00 am

@115 HappyMil

Way to go. Well written. You figured it out, you have my respect.

Thank you for posting. Hope others of your age group read and take the time to comprehend and put THEIR future into THEIR own hands.

(that “Millionaire next door” book will help them figure it out, too, see my post #123, above, for those interested)

#130 The real Kip on 04.26.18 at 10:00 am

It’s actually perfect just the way it is, don’t change a thing. Between all the various levels of government seeking to intervene and save the housing market it keeps getting less affordable. Great job everyone!

#131 Mattl on 04.26.18 at 10:02 am

#26 is the exhibit A, proving how stupid BC voters are. Thanking the BC NDP for a tax that killed a project that would have employed hundreds of tradesmen and brough a bunch of money into the city? And added inventory to the cities rental supply? So less inventory and lost wage earning opportunities for the middle class is somehow a good thing for locals?

You guys are full on nuts, your envy has gotten the best of you and you and you are now rooting against your best interests. I get the frustration around home prices but cheering for killed dev projects because you can’t afford one of the units makes you the king of the pinheads. Seriously, what is the endgame here? Ghetto projects and five hundred dollar rents?

#132 Ronaldo on 04.26.18 at 10:04 am

#83 dzh123

For my part, I’m not even going to wait for ‘happy housing crash everyone’, my green card application is in process…
—————————————————————

Could you have them put a ‘rush on’ it?

#133 PastThePeak on 04.26.18 at 10:05 am

#124 IHCTD9 on 04.26.18 at 9:15 am

What you describe is true in every Province. I love Ontario and Canada, but you won’t catch me saying too many good things about “the Man” – that goes for many around me as well.

We are doomed for some serious trouble here, but I won’t be leaving. I’ll be playing the deck as it’s dealt to me. Our government will just have to find others who like paying tons of taxes and fees to cover my share.
+++++++++++++++++++++++++++++++++++

I here ya. I have been a proud Canadian my whole life – our family heritage here goes back 175 years, with a constant member at the same homestead (in Ont). It doesn’t stop me from pointing out the problems though, and becoming less proud…

I won’t be moving anywhere, though it might not be the case with my children. In just about any professional field, the prospects are significantly better south of the border (higher wages, lower taxes, cheaper housing overall, lower costs, more valuable currency, warmer…). The gun culture and violence is a significant con, but statistically chances of that happening are in the lightning striking twice range.

Canadians, and Canada, are up to their eyeballs in debt. The USA had their correction back in the 08/09 recession where the consumers were forced to deleverage. While the US federal gov’t has packed on the debt (total public debt-to-GDP a good bit higher than Canada), Canada’s total debt to GDP when considering private + public is much higher.

Canada’s economy is not nearly as diverse or productive as the US, and it is already taxed at a much higher rate. Canadian left-wing socialist thinking is increasing the demands of the state for gov’t run pharmacare, daycare, dental care, housing, … – while simultaneously wanting to stop development of any large scale project that could grow the economy.

Canadians have this belief, reflected in our media and governments, that a combination of more government spending, higher taxes on “the rich”, elimination of our resources industry, and renewable energy will allow Canada to reach a utopia.

Maybe it is just my out-of-date education, but the numbers just don’t seem to add up. How can this not end in tears?

Anyways, like IHCTD9 said, if you plan on staying, you need to manage your tax exposure carefully. Reducing what you spend reduces the HST paid. Pay some capital, using gov’t programs, to upgrade home to reduce heating/cooling. If you can, get a wood stove to offset carbon taxes. Figure out a side business which you can use to get a bit of extra income while deducting expenses from total taxes owing. Consider a move to a location outside the major cities for a lower cost of living, and you get to cash out that house.

I don’t agree with the political and economic direction of this country, and I intend to give them as little tax dollars as possible (which is still a lot at the moment, but getting smaller by the year). I will let those who want more gov’t control pay for it.

#134 Ronaldo on 04.26.18 at 10:10 am

#97 Steve French on 04.26.18 at 5:22 am

“Watcha Minnie’s” posts make me want to shoot myself.

Aye Carumba. I’ll take Smoking Man’s lunatic fringe ravings over that spaced out wacko.
—————————————————————–
I wouldn’t pull the trigger just yet Steve. It’s been revealed for the phony that it is. It will likely come back under a different name.

#135 Pritzl on 04.26.18 at 10:21 am

This blog post sounds quite petty Garth. I get you’re a curmudgeon but this griping about the welfare state seems a little short-sighted and self-serving. (a) A conscientious that takes care of its poorest != socialism. (b) I guarantee you that if the shoe is on the other foot, and you needed the support, you would not be complaining. Empathy is the core of civility. (c) Finally, you cannot call millenials self-serving cry-babies while doing the exact same thing.

Please return to regularly scheduled programming. This does not fit you.

#136 Igor on 04.26.18 at 10:33 am

This tendency is scary. People who envy socialism are the ones who have never seen it. Maybe they are just to lazy to do anything to achieve something meaningful in capitalism world?
More and more I feel that we are drifting in a way shown in movie “Idiocracy” :(

#137 Secret Little Lies on 04.26.18 at 10:35 am

Hey Garth, when are you going to tell everyone that you secretly banned a bunch of posters who disagreed with your right wing dog whistling? Were they bugging you, or were you worried that an opposing view would aggravate the usual pack of tin foil hatters, anti-semites, and windbags that you tolerate without problem here?

#138 Stan Brooks on 04.26.18 at 10:37 am


US Millennials found a shocking number think democratic capitalism has failed and are willing to experiment with other structures, including totalitarianism or a benevolent dictatorship. This new love for statism is in Canada, too. Moisters now see government as the good guy, a motherly presence to take the sting out of a crappy jobs market ($15 minimum wage) or unaffordable housing (spec taxes). Hence, Canadian socialism.

So young and so naive.

Government’s role is to lie:

http://www.cbc.ca/news/canada/toronto/ontario-pre-election-auditor-general-report-finances-1.4634542

https://ca.finance.yahoo.com/news/bank-canada-governor-says-economy-204909038.html?guccounter=1

and to keep you slaving on/believe in ‘democracy’ as practiced by the likes of BoC’s boss, Ontario government, federal financial minister, T2.

https://ca.yahoo.com/news/toronto-joined-long-list-cities-100000147.html


“The most important thing is not to lose confidence in the liberal ideas of our societies,”

#139 Linda on 04.26.18 at 10:38 am

#58 IHCTD9 – right on! You have expressed a good deal of what I thought about ‘A”s post. From my perspective, what ‘A”s generation wants is the lifestyle of the Boomers, but not have to work for it over 25, 30, 40 or more years. No deferral of vacations, upscale living or treats – instant gratification if you please & make sure the special sprinkles are on top. That generation sees Boomer ‘wealth’ as unfair, but does not see (because they haven’t lived long enough) the years of work that went into creating that wealth & luxe lifestyle.

As for sharing in that wealth, if ‘A’ has Boomer parents there is at least a chance some of that wealth will trickle down, unless said Boomers have spent it all as is their right as the ones who created it in the first place. ‘A’ can create wealth too, just have to work at it, invest & save over decades to live La Dolce Vida.

#140 Buy? Curious? on 04.26.18 at 10:42 am

Hey Garth, you know why they’re called “Boomers”? It’s because everything that cohort touches goes BOOM!

#141 Ponnaps on 04.26.18 at 10:49 am

The times seem ripe for yet another Indian guru led new age spiritual movement..
ISKCON in the 60s , Rajneesh OSHO in the 80s (watching wild wild country on Netflix blew my mind), the sentiments right now are ready for harvest…

#142 For those about to flop... on 04.26.18 at 11:23 am

#92 Ardy on 04.26.18 at 1:26 am
Flop, you are a gentleman.

-RD

#121 Penny Henny on 04.26.18 at 9:13 am
#9 Ardy on 04.25.18 at 8:02 pm
Mr. Flop,

I don’t think you do GTA, but if you can get details on 119 Via Toscana, Woodbridge, Ontario, I’d be rather amused.

Cheers,
-RD

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

no sale showing for the last 180 days- Penny Henny.

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

Hey RD ,don’t thank me yet.

Is this this information you wanted?

If not maybe you can be a bit more specific.

Also thanks Penn for stepping up and maybe you can follow up on my behalf,thanks in advance.

We’ve got a nationwide network here ,and some people think that the country is crumbling, let’s help each other out when we can and whatever the future may hold hopefully we can stay one step ahead and limit any damage to our lives.

The boss of this blog makes a sacrifice for this blog and I for one am grateful…

M43BC

#143 crowdedelevatorfartz on 04.26.18 at 11:25 am

@#137 Secret little whine

” an opposing view would aggravate the usual pack of tin foil hatters, anti-semites, and windbags that you tolerate without problem here?”
+++++

My goodness, so much generalization and hatred in one misguided wailing screech….
YOUR dog whistle needs adjustment.
We can still hear it

#144 Caleb Landry on 04.26.18 at 11:31 am

When the stock market got clobbered in 2008, in lieu of having the central banks aka GOVERNMENT step in an bail everyone out, would you have advocated for the system to just work itself out? If not, why not? People in the capital markets have enjoyed a decade of interest rates getting pinned to the floor to flood the world in liquidity – all to the benefit of the wealthy class who hold assets. So, when the government steps in on the other side of that coin to help balance the totally distorted market as a result of central banks gross manipulations (liquidity is a global thing by the way) people have a freik out? Seriously – millenials and gen-xr’s have been so fucked over by central bank policy the last 10 years that it’s going to take decades to unwind the damage. I have little sympathy whatsoever for boomers who have enjoyed the strongest economy the world has ever known during their working lives and when the boat starts to leak instead of pulling it ashore and fixing the actual boat, the system just throws a bunch of bailing cans at it. We are inheriting the most indebted system the world has ever known – especially in Canada. And, it was all done to protect the savings of the boomers – at the expense of every generation that follows. The NDP is doing moral and ethical work, that may be painful for some in the short term – but will actually strengthen the province in the long term. When you have assholes in the development industry who’ve gotten rich for 20 years come out publicly and state that supply will dry up if we clamp down on tax evasion in the pre-sale market – you have to give your head a shake. That’s like saying ‘pedophilia might dry up if we start prosecuting pedophilia’. The supply that has been built in BC is designed for offshore buyers. Period. It has nothing to do with Canadians who live and work in this province. Get on a plane and come out for a visit Garth. My sense is that you haven’t been here in at least a decade. I’ll give you a ride around town and you can see for yourself how toxic this place has become.

#145 Fresh off the boat on 04.26.18 at 11:32 am

I thought I escaped socialism / communism by coming to Canada, looks like I’m going right back to it. Only this time no boat is needed

#146 crowdedelevatorfartz on 04.26.18 at 11:33 am

@#140 Bye curious
” Boomers……everything they touch goes BOOM”
+++++++

Do you know why they’re called Millenials?
Because they have over inflated egos, self entitled importance beliefs the same inflated size as their mellon shaped heads?

#147 Conn Smythe on 04.26.18 at 11:39 am

#104 Whacko Boy.

“The worst franchise in sports history is a perfect match for the most inferior, self-absorbed and delusional city in North America.”

Check the Forbes list of the most valuable hockey franchises and you will note that the “worst franchise”in sports history is behind only the Rangers in value. As for the secondary mortgage model and crap shacks that you claim are in our fair city, I think you must have us confused for the majority of American cities…

http://www.sportingnews.com/ca/nhl/news/forbes-most-valuable-nhl-franchises-2017-new-york-rangers-toronto-maple-leafs-montreal-canadiens-lists-rankings-sports-business/1u5nxykgin0d41cpf2m1837xh3

#148 Stan Brooks on 04.26.18 at 11:45 am

And the Toronto condo market dies:

https://ca.finance.yahoo.com/news/toronto-condo-sales-drop-66-015400473.html

This is why developers cancel new condo developments.

Only artificially inflated top condos sell, so the distortion in prices.

Game over.

#149 Zapstrap on 04.26.18 at 11:45 am

#141 Ponnaps on 04.26.18 at 10:49 am
ISKCON in the 60s , Rajneesh OSHO in the 80s (watching wild wild country on Netflix blew my mind), the sentiments right now are ready for harvest…

Ever read Monkey on a stick? Good read …

#150 IHCTD9 on 04.26.18 at 11:50 am

Ah, a good week to pay less in tax, here’s a few things on the go where I save cost and taxes/fees:

Bought some parts for the almighty Grizzly 700 SE online. Paid 1/2 price, and zero gasoline exited the tank of my vehicle for the effort. Less/no dollars spent means less/no taxes paid.

Putting in a good used oil/wood furnace. I heat with wood pellets, but need something to heat with while we are away. The swap to the wood/oil will be pretty simple due to already being set up for oil. I have tons of scrap wood all the time – every ton of this that I burn for heat is one less ton of pellets I have to buy and pay taxes on.

Repairing an old trailer instead of buying a new one. Surplus steel free from work. Good used tax free E rated tires off Kijiji. No taxes paid on new trailer not purchased. **Bonus** I built this trailer myself 14 years ago and saved huge then too. I’m going to use it for another 14 years and do rebuild #3 then if needed. This thing will be in a museum some day.

Learned I “need” to comply with some regulation or face fines. Asked around and looks like enforcement is essentially non-existent. I decided to ignore this law in order to avoid the thousands of dollars compliance would cost, as well as ongoing regulatory fees. Big savings with a small calculated risk.

Just received the largest tax return ever. If you add up our combined income taxes returned to us over the last 3 years, you’re looking at almost 40K. Unfortunately, this will be the last of our giant (to us anyway) tax returns due to changes coming up, and decisions being made. Fun while it lasted – on to other strategies.

Work is being done on the IHCTD9 compound. As usual I supply the cost/tax free labour myself, and materials are used, repurposed, FNR supplied by other cheap/free no tax sources. Work is being done to buildings and land, trees and vehicles. The savings are HUGE – MASSIVE.

I have land I want to use for something. I am considering a grow op. There is another one not too far down the road. It looks a bit expensive to get up and running, but I can get there easier than him because I have all the resources required. An intriguing option I have still yet to explore. Government paying me instead of the other way around sounds very good.

#151 Nut on 04.26.18 at 11:55 am

Shall the powers that be,
A) punish with tax those who own an empty abode?
or
B) Provide incentives/rewards to increase housing supply?

Since it is a proven fact that offering incentives and rewards is far more effective at achieving a goal compared to punishing for not achieving it, the answer is obvious.

So why does the NDP choose the least effective method?
Could be its because providing incentives and rewards is capitalist, and the least effective method is socialist – an idiologically driven method aimed at getting more tax revenue, and votes from the blind.

On the other hand, Denmark is one socialist country that claims to be among the happiest in the world. Then again, there are countless oil tankers visiting their ports daily so apparently they are not stupid enough to undermine their economic foundation.

#152 SimplyPut7 on 04.26.18 at 12:05 pm

#113 Victor V on 04.26.18 at 8:46 am

IHCTD9 said this day would come.

The millennials are tired of the crap. Vancouver and Toronto are nice cities to visit but if you can’t make it a home, then what’s the point staying? Only greedy speculators think the kids want to live in a concrete coffin 40 storeys in the sky with elevators that don’t work and maintenance fees going north of $500 a month that don’t even cover utilities.

Canada has a lot of space, very few people want to live like that. I would take a small town any day over a concrete box in the city.

#153 Big Kahuna on 04.26.18 at 12:22 pm

#52-try to educate yourself about reality-Socialism is promoted by BILLIONAIRES for the ultimate benefit of BILLIONAIRES. The free market is for the benefit of millionaires.

#154 IHCTD9 on 04.26.18 at 12:32 pm

#137 Secret Little Lies on 04.26.18 at 10:35 am
Hey Garth, when are you going to tell everyone that you secretly banned a bunch of posters who disagreed with your right wing dog whistling? Were they bugging you, or were you worried that an opposing view would aggravate the usual pack of tin foil hatters, anti-semites, and windbags that you tolerate without problem here?
__________________________

Except… the most frequently “DELETED” of all posters are hard right wingers. Easy fact if you’ve been here a while.

The stuff Garth lets by is testament to actual effort in tolerance expensed (and I’m happy for it).

Look at the recent SCM events, she HATED boomers and right wingers big time. Her posts were pure invective.

I think Garth let her back in at least TWICE, maybe more before my time here…

#155 Brett in Calgary on 04.26.18 at 12:39 pm

#25 Nonplused & #84 EV expert

In the spirit of a friendly discussion on carbon tax, EV’s save the average family about $200/year in tax (link provided by EV expert).

In financial terms this is largely meaningless when a new Nissan Leaf runs at $40K on Autotrader while a new Nissan Sentra costs $18.5K.

Of course I am stating the obvious when I say it would take many years for that differential to even out.

#156 cl on 04.26.18 at 12:48 pm

“Bill Morneau wants to up the inclusion rate for capital gains tax”

political suicide if they try this before the next election at very least.

I also don’t buy the “studies” on Millennials wanting this. Sure there are always going to be the exceptions and their voices will be amplified depending on whose agenda they are serving. But I think results of these studies are pre-determined prior to initiation and should be taken with a grain of salt.

Polls have been showing if an election were held today T2 would not win so I think there’s been a turn in the public’s preferences.

#157 Renter's Revenge! on 04.26.18 at 12:55 pm

#141 Ponnaps on 04.26.18 at 10:49 am
The times seem ripe for yet another Indian guru led new age spiritual movement..
ISKCON in the 60s , Rajneesh OSHO in the 80s (watching wild wild country on Netflix blew my mind), the sentiments right now are ready for harvest…

Sadhguru?

#158 TurnerNation on 04.26.18 at 1:09 pm

Breaking….Magna autoparts opening joint venture factory in China.
A week ago they opened factory in Mexico.
Getting out of Kanada.

#159 jess on 04.26.18 at 1:26 pm

#120 SunShowers on 04.26.18 at 9:10 am

“Inverted totalitarianism is a term coined by political philosopher Sheldon Wolin in 2003 to describe the emerging form of government of the United States. Wolin analysed the US as increasingly turning into a managed democracy (similar to an illiberal democracy).”

#160 James on 04.26.18 at 1:36 pm

#114 NoName on 04.26.18 at 8:47 am

@James why you poke SM and FF?

Anyways as a aquafur in California is dropping 10ft a day, their emancipation and affluence is flilyin private jets around burning 250-400 gallons per hour of jet fuel and trashing our oil sands, and by the looks of it our government overlords are happy about it. Aquafur went from 200ft bown to 2000ft below, if I got it Wright, and thet they stop what are doing now and cut water consumption at least 25% it will take optimistically estimating 20 yrs to bring water level to sustainability, but not to 1940-1950 levels of 200ft bellow ground. Maybe they should re watchit MADMAX so they know what is coming.

But hedge funds and bankers are bringing not so proverbial justice back to them and investing in farmland and planting nuts. According to what I was reading profits on a nut farm per akre up to 10x bigger over fruit and vegetables farm. Plant them nuts bankers and hedgehogs.

Hollywood watch it NETFLIX is coming !!!

Globalization 2.0, kommunist post from very beginning. Recently komunist drone/ globalization 2.0 schill was recently areste by fbi in nyc and charged with many kounts of money landring and bribery using ny banks. It’s also interesting to look in to some energy company that came out of nowhere with some sub 40yrs of age instant billionaire conected to army and higher echalons of poulit buiro that also have red phone in his office. His main job is to bail out government own corporations and acquire assets buy companies and gov. officals world wide. It’s that sinister red phone that we should watch for, used for nucilar destruction by economic means. Just research uganda, same dicktator since mid 80, but what’s funny he always gets elected.

Kimmies make all wonderful, as per propaganda video.

https://www.theguardian.com/world/video/2017/may/12/bedtime-story-propaganda-films-push-chinas-infrastructure-dream-video
………………………………………………………………..
Because they make it easy!
BTW Did you and Smoking Man attend the same clinic for spelling and grammar? Only counted 20 spelling mistakes in above.

#161 IHCTD9 on 04.26.18 at 1:41 pm

#139 Linda on 04.26.18 at 10:38 am
#58 IHCTD9 – right on! You have expressed a good deal of what I thought about ‘A”s post. From my perspective, what ‘A”s generation wants is the lifestyle of the Boomers, but not have to work for it over 25, 30, 40 or more years. No deferral of vacations, upscale living or treats – instant gratification if you please & make sure the special sprinkles are on top. That generation sees Boomer ‘wealth’ as unfair, but does not see (because they haven’t lived long enough) the years of work that went into creating that wealth & luxe lifestyle.

As for sharing in that wealth, if ‘A’ has Boomer parents there is at least a chance some of that wealth will trickle down, unless said Boomers have spent it all as is their right as the ones who created it in the first place. ‘A’ can create wealth too, just have to work at it, invest & save over decades to live La Dolce Vida.
_______________________

You are right, no millennial would pine for my lifestyle. Living in an old house, driving old vehicles, slaving to maintain everything by my own hand, living in a small village “where there’s nothing to do”.

If I told them I have a giant pile of money invested, no debts, paid off house etc.. no doubt I must have had a silver spoon in my mouth. Look at how easy I’ve got it! (after sacrificing for 20+ years).

Not all Mils are like this though, imho – it is the big city Urbanite mils that carry on like this. But they’ve screwed themselves on their own. Someday they’ll know it.

#162 Erin on 04.26.18 at 2:01 pm

Kind of off topic but a fine rebuttal to your latest gold smear (Sold it all now we’re #100)…

http://www.goldtelegraph.com/canada-has-no-gold-but-a-mountain-of-debt

#163 LivinLarge on 04.26.18 at 2:11 pm

“a $15 minimum wage means higher costs to eat out and such.”…so do like the folks in long pants do, tip less. That was one of the intended consequences of raising the minimum wage in the first place.

#164 sean on 04.26.18 at 2:17 pm

re: #139 Linda “…unless said Boomers have spent it all as is their right as the ones who created it in the first place”.

I’m an older gen-Xer and thought I should point out that the combined Federal+Provincial+Municipal debts, plus unfunded government liabilities (CPP, EI, OAS, gov’t pensions, etc.) amounts to something like a quarter of a million dollars per person in Canada (you can argue the exact number, but it’s very big). I’d like to say that my generation has been better behaved in this regard than the Boomers, but sadly this is not the case.

Until/unless this amount is paid back in full by the Boomers and Xers, I think we should probably avoid lecturing Millenials about how “we created” the wealth we’ve amassed.

M50ON

#165 Foreign Capital? on 04.26.18 at 2:34 pm

Since we heard on here so often that foreign capital had no effect on prices, this is for those of you interested in whether foreign capital played a role in the TO market:

“Home purchases by foreign buyers tumble in Toronto after provincial tax”

The number of homes sold to foreign buyers in Toronto has dropped steadily over the year since the province introduced a 15-per-cent tax on such purchases, falling from 7.2 per cent of sales in May, 2017, to 2.5 per cent over a three-month period ending in February.

New data from the province’s Finance Ministry shows the continuing fall in foreign purchases as house prices in Toronto’s once red-hot housing market have stabilized after a sharp decline that began last April when Premier Kathleen Wynne’s Liberal government introduced a foreign-buyers tax as part of a package of housing measures called the Fair Housing Plan.

The average price of a home in the Greater Toronto Area was just more than $920,000 last April, but by March of this year had fallen to around $785,000, a decline of more than 14 per cent driven by plummeting sales.

The drop in sales to foreign buyers in Toronto is mirrored by a similar slump in a vast area around Toronto known as the Greater Golden Horseshoe, where the number of international buyers has fallen to only 1.6 per cent of properties sold between Nov. 18 and Feb. 16. Foreign transactions made up 4.7 per cent of sales in the month after the tax’s introduction. The Bank of Canada also hiked its benchmark interest rate twice last summer and again in January, which has led to a rise in mortgage costs.

Ms. Wynne’s government has said the falling sales to non-residents are a sign of the tax’s success.

The area with the largest percentage of properties sold to foreigners was in York Region, which includes the communities of Richmond Hill and Markham, where 3.2 per cent of homes, 163 in total, were sold in international transactions.

At the tax’s introduction, 9.1 per cent of homes in that region were sold to foreigners.

Sales to foreigners outside the Greater Golden Horseshoe, in areas where the tax doesn’t apply, have also fallen from 2.6 per cent of all transactions last spring to 1.7 per cent in the latest data.

Globe and Mail, April 26th – 2018

There must be an election coming. – Garth

#166 IHCTD9 on 04.26.18 at 3:11 pm

#123 Another Deckchair on 04.26.18 at 9:15 am

It’s easy to complain and whine – I’ve done my fair share of it, but then I decided that rather than whining, I’d do something about it, while enjoying every day.

——

Wise men store up learning, but the foolish will be destroyed with their mouths.
-King Solomon

“It’s not what happens to you, but how you react to it that matters.”
– Epictetus

Folks are usually about as happy as they make their minds up to be.
-Abraham Lincoln

I decided that rather than whining, I’d do something about it, while enjoying every day.
-Another Deckchair

That is some grade A philosophy right there – good job.

Many won’t make it.

#167 jess on 04.26.18 at 3:16 pm

Paradise Papers: Ukraine crime gang hid proceeds in luxury London flats

The latest #ParadisePapers from @BBCNews – A Ukraine crime gang hid its wealth in London flats
==================================

Belgium illegally shipped 96 tonnes of sarin precursor to Syria
Wed Apr 18 2018
Jeff Deutch, additional reporting by Kristof Clerix from Knack
https://syrianarchive.org/en/investigations/belgium-isopropanol/

The making of a news story that goes global… We used open sources, Freedom of Information Act requests and interviews to get track of the illegal shipments of a sarin precursor to Syria.

Belgium illegally shipped 96 tonnes of sarin precursor to Syria
Wed Apr 18 2018
Jeff Deutch, additional reporting by Kristof Clerix from Knack

#168 jess on 04.26.18 at 3:17 pm

American TV Icon Bill Cosby found guilty in sexual assault trial

#169 Victor V on 04.26.18 at 3:25 pm

Canada’s housing industry is still highly vulnerable to market instability: CMHC

https://www.bnn.ca/canada-s-housing-industry-is-still-highly-vulnerable-to-market-instability-cmhc-1.1067613

TORONTO — Canada’s housing sector is facing a high degree of vulnerability to market instability for the seventh straight quarter, with Toronto, Hamilton, Vancouver and Victoria shouldering the brunt of the risks.

That’s according to the Canada Mortgage and Housing Corporation, which analyzed overheating, acceleration of home prices, overvaluations and overbuilding in markets across the country in its quarterly assessment, released on Thursday.

“There is a lot of demand for existing homes relative to supply and that is why the overheating indicator is high in Vancouver, Victoria, Toronto and Hamilton,” said CMHC chief economist Bob Dugan.

“We have this constraint on the supply side, but at the same time, the local economies (in Toronto and Vancouver) have been very strong, generating a lot of jobs, attracting people to live in those markets, so there has been a lot of increase in demand in these markets, but without the supply, that demand goes into house price increases.”

Even though stricter regulations around uninsured mortgages from the Office of the Superintendent of Financial Institutions were in effect throughout the quarter, the CMHC report said Toronto’s balance between supply and demand was not affected and the sales-to-new listings ration remained “virtually unchanged.”

#170 Stan Brooks on 04.26.18 at 3:39 pm

#77 IHCTD9 on 04.25.18 at 11:28 pm

Bang on.

I admire you bravery for staying and playing your cards, I hope your descendants are able to forgive you.

You are losing your time, intelligence and integrity here and I guarantee you that it won’t be appreciated.

This is Canada, the land of the lies and hypocrisy.

#171 jess on 04.26.18 at 3:45 pm

eligible introducers appleby

Mr Trukhanov is currently under criminal investigation in Ukraine.

Last October his home and offices in Odessa were raided. In February he was arrested and accused of embezzlement in Odessa but was allowed to carry on as mayor.

They made Mr Popivker an “eligible introducer”, which meant he could bring new businesses into the Appleby fold and vouch for their owners.
Image copyright LinkedIn
Image caption Mr Popivker is based in north London

It is legal. But for the system to work the introducer has to be thorough and independent.

the man (don of odessa)
http://www.bbc.com/news/uk-43823962

#172 Lorne on 04.26.18 at 3:53 pm

#131 Mattl
#26 is the exhibit A, proving how stupid BC voters are. Thanking the BC NDP for a tax that killed a project that would have employed hundreds of tradesmen and brough a bunch of money into the city? And added inventory to the cities rental supply? So less inventory and lost wage earning opportunities for the middle class is somehow a good thing for locals?

You guys are full on nuts, your envy has gotten the best of you and you and you are now rooting against your best interests. I get the frustration around home prices but cheering for killed dev projects because you can’t afford one of the units makes you the king of the pinheads. Seriously, what is the endgame here? Ghetto projects and five hundred dollar rents?
……..
Fortunately, some of us are concerned about things other than the size of our wallets. You can thank us later.

#173 Blacksheep on 04.26.18 at 4:04 pm

Stan # 148,

Buddy, this one’s for you.

https://www.youtube.com/watch?v=dsx2vdn7gpY

#174 jess on 04.26.18 at 4:08 pm

166 IHCTD9 on 04.26.18 at 3:11 pm

i think that quote:Wise men store up learning, but the foolish will be destroyed with their mouths.

could apply here: trump went on fox and friends

Trump Went on Fox & Friends This Morning and Likely Sent His Lawyers Into a Meltdown
One of his surprising admissions is already backfiring in court.

Inae OhApr. 26, 2018 10:25 AM

Dr. Donny a real admiral ? Mr. President so were these
Nov 6, 2017 – A massive investigation of U.S. Navy corruption in Asia that featured wild parties, bribes and prostitutes has expanded to include more than than 60 admirals and hundreds of other Navy officers,
===========================

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Michael Cohen
Fox & Friends Hurriedly Shuts Down Interview as Trump Rants About Mueller
Anchors grew visibly uncomfortable as they listened to the president undermine his own legal defense.
by

Tina Nguyen

April 26, 2018 11:39 am

https://www.vanityfair.com/news/2018/04/donald-trump-fox-and-friends-interview
https://www.washingtonpost.com/blogs/plum-line/wp/2018/04/26/trumps-admission-about-cohen-complicates-his-problems/?noredirect=on&utm_term=.fe9ef66faa4b

#175 IHCTD9 on 04.26.18 at 4:21 pm

#147 Conn Smythe on 04.26.18 at 11:39 am
___

Whacko was talking about their ability to play hockey and win. I’ve got a big swath of grey down my beard, and I’ve not been alive to seen them win the cup.

Obviously the Leafs make piles of money, their fan base doesn’t care about performance on the ice, or cost of the tickets. Plus they’d all pay 250.00 for a dog sh!t scooper if the TML logo was stamped on it.

#176 Vancouver island observer on 04.26.18 at 5:02 pm

Mid-Vancouver Island market is still doing well. There was a new house for sale in Mill Bay (gorgeous ocean view) last month for $829k, it sold and is now relisted at 929k. If this house sells it will help give an indication of where the market is here.

#177 burnaby guy on 04.26.18 at 5:12 pm

#81 T on 04.25.18 at 11:56 pm

“Repeating the same lies day after day must eventually get tiresome. Reading it sure does.” – Hey T I totally agree with you.
“Where is your proof re peaked in 2013? Prove your case. I’m honestly interested to see your data.” – Oh no, 2013 peak/apex RE Mark is going to post a big long reply on his sales mix theory. I am sure he is going to link to Ross Who as his only proof. I better get my finger and mouse ready to scroll pass it.

#178 Headhunter on 04.26.18 at 5:24 pm

#127 crowdedelevatorfartz on 04.26.18 at 9:42 am
@#115 happyMil
“SHUT UP AND WORK YOUR ASS OFF, NO ONE OWES YOU A DAMN THING!”
++++

Well said and well done.

___________________________

why in this day and age would one “work their ass off” thats what slaves had to do…”oh wait a minute”

#179 Island Observer on 04.26.18 at 6:01 pm

#176 Vancouver island observer on 04.26.18 at 5:02 pm
Mid-Vancouver Island market is still doing well. There was a new house for sale in Mill Bay (gorgeous ocean view) last month for $829k, it sold and is now relisted at 929k. If this house sells it will help give an indication of where the market is here.

———

You must be mistaken. The 800k house sold but was not relisted – that 900k one is the final house of the developer up for sale, much bigger than all the others. But who cares – those houses are literally 5 feet from the highway and everyone driving by can see what you are eating for dinner.

I hope that recent purchaser understands that you will never sleep the – highway noise of lumber and dump trucks barelling by at all hours, all the while sucking up fumes. Ah peace. Thats the mid-island life…lol

As they say, the last to rise in the price are the first to fall in price. Every correction starts in the outlying communities and works its way in – just see what is happening in TO and which communities are being wacked. All those communities to the north of Victoria will crash hard as people realize that commuting over the highway or the colwood crawl for hours will not be worth the ‘highway’ views.

#180 Linda on 04.26.18 at 7:32 pm

#164 Sean: CPP & EI are payroll taxes, so they are not an obligation that taxpayers have to shoulder, except as in paying into those programs while working. CPP is on a solid actuarial footing; as a result it will be there for future generations (the Boomers won’t ‘get it all’). OAS is a purely tax funded government program, paid for by taxpayers. It gets clawed back if retirement income is too great, albeit at a rather high income level IMO. Government pensions are indeed a taxpayer expense, but the workers also pay into the pension. The popular meme in some circles is that as the workers are government workers, the fund is therefore fully shouldered by the taxpayer since the salaries are paid for by taxpayers. So if all the government work was outsourced to private companies (who exist to make a profit) & those companies provided DB pension plans to their employees, would that make you any happier as a taxpayer? The argument would be that ‘the taxpayer’ would not have to shore up the private firms DB pension plan should it prove insufficient later on. Fair enough, but have you ever wondered just what does occur to people whose pensions are either underfunded or disappear due to bankruptcy? Guess what social programs – paid for by the taxpayer – get to help out those whose pension plans should have been there for them?

#181 Disgruntled on 04.26.18 at 9:37 pm

“The Bank of Canada took a pass this month, so now markets are giving 76% odds that the cost of money (including mortgages) will go up on July 11th.”

Poloz raise? Dream on. Two of the last three were just undoing the lunatic rate cuts of 2015. So in actuality he has raised exactly once. This leaves us at a whopping 1.25% key interest rate. Oooooooo such a hawk.

#182 CalgaryCarGuy on 04.26.18 at 9:57 pm

Re #115 by HappyMil

Awesome post! Thank you. I’ve been reading Garth’s blog since 2009 ( I seldom miss a day) and finding posts like yours is one of the main reasons I am a regular reader.

#183 EV expert on 04.26.18 at 11:33 pm

Reply to 155 Brent in Calgary.

“In the spirit of a friendly discussion on carbon tax, EV’s save the average family about $200/year in tax (link provided by EV expert).

In financial terms this is largely meaningless when a new Nissan Leaf runs at $40K on Autotrader while a new Nissan Sentra costs $18.5K.

Of course I am stating the obvious when I say it would take many years for that differential to even out.”
—————-
It’s true, carbon tax savings won’t make a huge difference. But with the LEAF, you’ll also save $1500-$2000 per year on gas. Plus you’ll never need an oil change, or a muffler, or a transmission, etc. In nearly seven years, only one brake job so far, so huge savings there. I’m still on my original 12 V battery. With a gas car that would have been replaced once or twice by now. The main reason I bought the car was to save money. I drive to work every weekday (9km commute), and it costs me just $10 per MONTH in hydro (charging using cheap off peak electricity), where a bus pass here is about $120!

Also, my total cost was only $39500 including HST. The other gas cars I looked at were $30000 (plus tax), so it took 4 years, but now I’m ahead financially, so the investment in green tech paid off! It’s really convenient to charge at home, and never need to fetch gas at a station.

#184 EV expert on 04.26.18 at 11:36 pm

Note that $10 per month was just for commuting to work. With all my other driving, I’m spending $20 or $30 per month (in total) for energy for the car… less than my monthly cell phone bill.

#185 Dave Ash on 04.27.18 at 3:53 am

Great Article about a serious problem. Once Citizens, surrender and allow Goverments to run thier lives, and accept Taxation, and Impulsive governance, they are in trouble.
For the record, I had a good Education, ex Ontario, in 1978, with a Professional Designation soon to be.. have a 3 year training ethics period…. I was offered a job in Vancouver.. had a Gal Pal.. I liked in English Bay… and really liked Stanely Park… but in 1980, the rent was just too high to justify accepting the job… and renting a one bedroom … Other major cities were literally half or less the price… So really nothing has changed, … I could have moved to Vancouver, and been rent poor, let alone a limited Financial Future… San Fran, Van, NY, LA, Sacramento, etc. etc.. are all world class cities, with similar barriers to entry in terms of Living and working in these locations. They are just too expensive, in terms of supply and demand…
But what is really puzzling to me… is the acceptance of Younger Folks, to think that Taxation is a good idea… it is not… Even Property Taxes, are monies gone.. just out the door, each 12 month period… never any residual value, other than the fact you still can own the home, and if.. it appreciates… then at some point there is a return…
I purchased my first home at 23 years…but I purchased an Vacant/ Foreclosure home.. and with Sweat Equity could afford it on one salary… mine… it was a good average salary… However and this is the point… I want to make… I might have never purchased that first home with the 5% GST to do so… I can’t imagine having to save for a Tax to just get started… it was so hard in 1979/1980…. I was lucky to have a Mortgage at 15%… but what the New Younger Tax payers are missing…. is that their problems, are really too much Taxation… I’ll repeat it too much Taxation… Why are young folks, accepting this… Goverment produces Nothing,… Nothing,… IF you believe paying all those Taxes, on Taxes, are not the problem, as it often appears, to be the case… You are taking aim at the wrong Demographic…In the 70’s Governent wasn’t the answer… it was the villian… a necessary impediment.. how has Gov.. taking up to 53% with HST and GST, considered progressive… I have made out OK.. but I am sorry for the Young people… thier Leaders, are very Disingenous… Take control, get organized, to stop Taxation of your futures… Think about only paying one half of the Monthly Tax deductions, on your biweekly pay… That is the one way to make a positive change and relatively quickly.. We need effective and efficient Government… who keep the rules, fair and the playing field level… Unionized Public Sector is one area that needs to be revisited.. Good luck to all….

#186 young & foolish on 04.27.18 at 4:01 pm

So, is the global economy growing, or slowing?

Is this why we are seeing lower and lower highs lately?