Up in smoke

Poor Jess.

The next time you think about buying a rental property because (a) real estate always goes up, (b) this will provide a nice, steady, no-risk, low-vol income stream for your retirement and (c) the idiot tenants will pay off the mortgage for you, think of Jessica. Here’s her note to me:

Long time reader since 2008. Widowed in April 2017 at age 40 and never looked after finances….. Currently my rental house is not livable, located in Edmonton. I sold it in Dec/2017 and 2 days before closing the house leaked and created flooding and damage. Now there is a mold issue and the insurance declined the claim due to it being vacant. No tenant. I owe 320,000 on the house and plan to sell it privately for 320,000. In essence they will take over the mortgage payments.

I paid 517,000 so already a loss but no longer want to deal with this house issue. I paid about 280,000 into the house so I’m ready to walk away from this declining liability….. There is no insurance on it so technically I can give the title back to RBC. As it stands, RBC where the mortgage is located) is unable to garnish my wages as I live in BC.

The bank is looking into skipped mortgage payments but if there is an outstanding balance they will ask me for repayment. I have asked RBC, what is the consequences of defaulting on the money owing?? I have also contact my lawyer to ask about the private sale process…. Any information or advise would be helpful.

Well, she can’t walk without consequences, of course. Other than bankruptcy. [email protected] will want her $320,000 back, plus the applicable mortgage break fee. If the bank has to chase Jess for any money, there will be legal charges added. And the missed mortgage payments will not be forgiven – banks are not charities – so they will have to be made whole. Finally, there’ll be legal fees involved in the sale of the house and probably a tad higher than normal since the premises are seriously damaged, constitute a health risk, and suitable protections must be in place for both buyer and seller. At least Alberta doesn’t have land transfer tax. Yet.

So, our blog reader (did she learn nothing in the past ten years and 3,055 posts?) will end up leaving at least $200,000 on the table, wiping out a significant part of her net worth. What a shame. And how avoidable.

It reminds me of Tim. I spoke with his parents yesterday. They’re trying to cope with a $300,000 line of credit they put on their house in Vancouver so their adult kid could buy a rental property in New Brunswick. Why, I asked respectfully, did you do such a dumbass thing? Because, dad replied, we all heard about a big shipbuilding contract going on there and houses looked cheap with rents going up. So Peter bought one and we helped.

Of course, the ship thing went pffft. Houses in Saint John resumed their century-long snooze and rents barely cover heat and hydro, let along financing. Meanwhile the LOC has increased in cost three times as rates rise, little Petey moved on to shack up with his GF in Toronto, and the NB house can’t sell. Plus, it’s 5,740 clicks away. Retirement just got pushed back a few years.

In Toronto last year over half of all condo sales went to people with no intention of living in them. These were investors, most of who believed they could rent the units out for enough to carry them and let the tenants pay the financing. Bad idea. The combination of property taxes (inflating) condo fees (seriously rising as buildings age) and mortgage financing means that four in 10 of these people have negative monthly cash flow. When the missed investment potential of the down payment is added in, that probably rises to 60% or better. Some investment, especially now that condo sales and values are cascading.

Rental real estate – unless it’s a multi-unit building in the right area with a decent cap rate – is a disaster for most people. This is exaggerated when the property is miles away, out of sight and vulnerable to damage, bad maintenance or tenants who do unspeakable things to plumbing.

Costs keep escalating while governments – especially in BC and Ontario – have decided to wage war on rentiers, tipping legislation mightily in the favour of tenants. Rent controls don’t take into consideration swelling expenses and renters can’t even be punted at the end of their legal leases, without (in some case) a tribunal hearing, legal action or cash settlement. Worse, rental proceeds are considered the same as employment income by the CRA, with every dollar potentially inflating your marginal tax rate. That compares poorly to the treatment afforded capital gains or dividends earned within a financial portfolio.

So why do people do this? Buy houses and condos to rent out, even now when capital appreciation is no longer there?

Habit. Because your parents did it. Or the stock market’s too scary. Maybe the cult leaders at REIN seduced you into it. Or Brad Lamb told you 14% annual returns were, like, guaranteed. Or it was the only real estate you could afford. Or Mom gave you the money, and was so proud when you signed up for an adulthood of debt.

Many reasons. Most of them awful. So, don’t.

147 comments ↓

#1 Karl on 06.22.18 at 4:02 pm

Garth, if one already owns a home and has very good equity available, would you recommend investing in a balanced portfolio with said equity? Obviously the numbers would have to work (borrowing rate vs. return).

Conversely, it is there anything else you recommend for those of us with a chunk of home equity just sitting there? Besides selling the house (I want to stay).

#2 Leomon on 06.22.18 at 4:06 pm

Your early today Garth! Have a good weekend

#3 Dermot on 06.22.18 at 4:06 pm

The guy in the cubicle in front of mine was on the phone getting a second opinion on a sewage leak at his his Edmonton property, I heard the number 10….. 10k for repairs, one year of profit gone.

#4 n1tro on 06.22.18 at 4:13 pm

If you want to be a landlord, just buy REITs. Less headaches. But greed for the price appreciation makes fools of most.

#5 Insurance on 06.22.18 at 4:20 pm

RBC would have been notified by the default on the home insurance policy with a grace period intact, and the bank should have paid it up to date to secure the investment in their favour.

#6 Not in my condo on 06.22.18 at 4:25 pm

My parents bought a condo five years ago with the idea of living in it until the end. Then last year promptly sold it after finding out 45% of their neighbours were renting and quite frankly don’t give a shit about the property. There was always a steady stream of people moving in and out all the time. Nice condo too! But alas the fees were creeping toward the tipping point and although they were on somewhat of a fixed income they decided against throwing it away fruitlessly in silly fees. The big item with my mum was she couldn’t stand the smells that permeate through the walls and into the halls. Needless to say a bungalow style linked town-home development in Guelph and they love it. Two seconds and they are out the door where it used to be ten minutes from door to leaving the parking garage. I guess at their ago minutes count!

#7 BlogDog123 on 06.22.18 at 4:28 pm

But it’s so eeeeaaasssyyy buying a “fixer upper”, renovating the house, standing around with your contractor, scratching your heads and coming up with a foundation/footing/load-bearing-wall solution in about 22 minutes. This house will rent, no problem!

We see it all the time on HGTV and other cable networks. If these guys can do it, so can we! Let’s go out and buy 3 fixer-uppers and make SERIOUS money.

Oh, and those TV shows always hire a stereotypical gay fashion man as their design consultant… the straight ones aren’t convincing for TV, I guess.

#8 Dirty Karl on 06.22.18 at 4:29 pm

Renters can’t be punted?.
Your constant belittling and vulgar depiction of renters is disgusting enough, especially since you always promoted renting.
I can’t wait for you to bite the dust.
Asshole!

#9 Cheesetoast on 06.22.18 at 4:38 pm

Just sell the house with disclosure – some flipper will buy it, reno it and flip. Happens all the time in my grubby, moldy city.

#10 David on 06.22.18 at 4:40 pm

Have rental props always been this bad of an investment? Heck, rates used to be much higher, so is this an unusual time for rental economics?

#11 FOUR FINGERS WATSON on 06.22.18 at 4:46 pm

You nailed it when you said the stock market is too scary. For some. Lots of folks got caught in three major meltdowns and decided that bricks and mortar was a safer investment.

#12 Duke on 06.22.18 at 4:48 pm

People only hear about success story of being a landlord and making a fortune. The truth is, that success story doesn’t apply to most of us.

#13 Lisa Auchionza on 06.22.18 at 4:53 pm

I sold some rental properties in 2017 and got out with a $800,000 profit after paying everyone, even all income taxes.

The proceeds were just sitting a savings account, RRSP’s but then about a week ago I put it all in GIC’s, 3.45% to 3.53% 5 years.

I know I will not make alot, 18.76% total in 5 years but better then real estate. Good thing I had $300,000 in RRSP room I never used until this year and $57,500 in TFSA’s maxed out that. This will shelter interest taxable income of about 45% or 8.442% so the tax hit will not be too bad.

I already have a house worth $400,000 and fully paid, no debts. The rest of my $600,000 portfolio is all in dividend, equity growth ETF’s.

I retired this year and will take 2.5% a year or about $3,000 a month as a withdrawal rate. My financial cushion is about $500 a month I can supplement my income if needed from my cashable GIC’s, laddered GIC’s1-5 years, savings account of $60,000 or 10 years worth.

#14 Martine Vocelle on 06.22.18 at 4:56 pm

Every time I read a story like this, or about the high cost of renting, I am reminded of the stories my husband told me of his youth in Scotland. Back in those days, very few people owned a house. Most people lived in council houses. Council houses were houses that belonged to the local council, which is another term for a municipality. The houses were well kept, the rents controlled. You needed to apply for a house and one was found for you. The number of rooms you could get was based on how many people lived in your family.

I always felt there was something wrong and slightly predatory about the concept of being a landlord. There are things in life that shouldn’t be at the whim of the free market. Health care and housing being two of them. I think it’s nearly impossible to find a proper balance with providing affordable housing to people and allowing people to profit from providing something as essential as a roof over one’s head. Either the rentors end up exploited, or the landlord squeezed out of any profits.

#15 jess on 06.22.18 at 4:58 pm

playing fields

Supreme Court decision to allow more online sales tax worries small business groups

The Supreme Court ruled that states now have the power to force online retailers to collect sales tax in states where they do not have a physical presence, reversing a ruling from 1992 in a 5-4 decision.
The decision also takes away the opportunity for consumers to save by making purchases online instead of buying from local brick-and-mortar shops…The move also revives a 2016 South Dakota law that required large, out-of-state e-commerce companies to collect sales tax, one that big e-commerce players fought. Some online retailers, such as Amazon.com, currently collect state sales tax on products they directly sell but do not collect taxes from many of the independent sellers on the site.”

https://www.cnbc.com/2018/06/21/supreme-court-decision-to-allow-more-online-sales-tax-worries-main-street.html

==========

energy hogs data centers
https://www.theguardian.com/environment/2017/dec/11/tsunami-of-data-could-consume-fifth-global-electricity-by-2025

#16 dakkie on 06.22.18 at 5:02 pm

75% of Americans CAN’T AFFORD To Buy A Home! Prices Keep RISING But Wages Are STUCK!

http://www.investmentwatchblog.com/75-of-americans-cant-afford-to-buy-a-home-prices-keep-rising-but-wages-are-stuck/

#17 Brian on 06.22.18 at 5:03 pm

Stocks scary? Real estate (especially in Vancouver) is scary. You can’t price how much a property is really worth. Yes if you buy penny stocks they can be scary. But a low cost index fund is NOT scary. You don’t need to borrow to buy an ETF. Most will need to leverage to buy a rental property and while gains are magnified so are losses. So from a risk perspective real estate is way more risky than a low cost well diversified index fund. And index funds won’t go to zero. If it does it means our whole economy is shot and your house will be worth less than the dirt it sits on as well.

#18 conan on 06.22.18 at 5:09 pm

“2 days before closing the house leaked…..”

Probably need a W5 on this statement. it is your only chance to get out from your yoke of doom.

“Now there is a mold issue……”

The bank now considers your house worthless. They can’t sell it without disclosing that fact. Nor, can you.

Never buy a house with mold, or live in one.

Some suspicions out there that certain house molds cause a wide array of neurological disorders. This is new science.

Whether this is the mold by itself, or the mold after it has melded with certain building materials, no one knows.

https://www.youtube.com/watch?v=AK5jyVCdXwc

#19 Damifino on 06.22.18 at 5:19 pm

#12 FOUR FINGERS WATSON

Lots of folks got caught in three major meltdowns and decided that bricks and mortar was a safer investment.
——————————–

I got caught in three of them, including the really ugly one. I recovered all my losses and have grown wealth since then. I continue to live on the resultant income.

Bricks and mortar are not safer. They might be more fun if you’re young and energetic (or can afford the help of people who are) but they are just as risky as any other asset class and more so if that’s all you have.

#20 pr on 06.22.18 at 5:21 pm

Canada Lost 7,500 Jobs Last Month While Trudeau Was Busy Lecturing Trump

#21 Rick Danger on 06.22.18 at 5:28 pm

#9 Dirty Karl – That kind of disrespect deserves deletion; although…leaving it shows everyone else what a fine human being you are. Don’t like it? Go elsewhere.

#22 Wog on 06.22.18 at 5:32 pm

Many of us are listening to your sage advice Garth. Currently sitting in my cozy rental and snuggling up to a fat, liquid TFSA.

#23 Fake News Again on 06.22.18 at 5:44 pm

BANNED

#24 Leo Trollstoy on 06.22.18 at 5:52 pm

Why, I asked respectfully, did you do such a dumbass thing?

Lol

Classic

#25 FOUR FINGERS WATSON on 06.22.18 at 5:54 pm

#20 Damifino on 06.22.18 at 5:19 pm
#12 FOUR FINGERS WATSON

Lots of folks got caught in three major meltdowns and decided that bricks and mortar was a safer investment.
——————————–

I got caught in three of them, including the really ugly one. I recovered all my losses and have grown wealth since then. I continue to live on the resultant income.

Bricks and mortar are not safer. They might be more fun if you’re young and energetic (or can afford the help of people who are) but they are just as risky as any other asset class and more so if that’s all you have.
………………………

I totally agree. I bought the banks in ‘09 when others were selling and i did quite ok.

#26 A J on 06.22.18 at 5:57 pm

#9 Dirty Karl

Snowflake.

#27 Prairieboy43 on 06.22.18 at 6:05 pm

HGTV obsession. Propaganda at its finest. Greater Fools.
PB43

#28 slam on 06.22.18 at 6:31 pm

#5 n1tro on 06.22.18 at 4:13 pm
If you want to be a landlord, just buy REITs. Less headaches. But greed for the price appreciation makes fools of most.

Yes I’ve always compared just buying a REIT vs buying a rental property. I always thought it was easier with a REIT. The difference with buying a property is that you can leverage like crazy with a mortgate. But buying a REIT, normally people don’t borrow to invest so it’s not leveraged, but this is where I think I’m wrong…

So for all the folks who leveraged to buy property while property prices were going up, they were able to ride this trend nicely. Anyone here borrow to invest? Please let me know how it’s working out and the time frame you’ve done this.

#29 SoggyShorts on 06.22.18 at 6:36 pm

#24 Fake News Again on 06.22.18 at 5:44 pm

Garth, you lifted his ban for this?

Breach! We need a WALL! – Garth

#30 Smartalox on 06.22.18 at 6:36 pm

I have a Craigslist alert that emails me when new rental listings are posted online, near my current rental. We’ve been here 8 years, and are in no hurry to move, but the place is due for a significant renovation (and major rainscreen work), so I figure it’s good to keep tabs on what’s available in the neighbourhood.

BasicallyBasically, I look at the rent advertised, and the number of square feet posted, and compare that to what we’re paying now (about $1.25 a square foot).

Over the last few months, here have been my observations:
– Brand new, never lived in condos (high rise): $2.50/sqft. to more than $3.00/sqft.
– Basement suite, or ground level suite in existing house: $2.00/sqft minimum, $2.30 is typical.
– Upper, multi-bedroom Suite in house – new build: $2.30 to $2.50/sqft
– Laneway house: $2.10/sqft to $2.50/sqft.
– Furnished: $2.60 to $2.75
– Whole House (existing, empty, not newly built): $1.12 to $1.50 / sqft.

And just to give you an idea, most of these listings, I see frequently (like daily) and most listings I see repeatedly, which would indicate that there is not a great demand for rentals at these rates – instead the owners would prefer the properties to sit empty, than reduce the rent that they’re asking for.

Some listings have had reductions, but typically, it’s not the newly built stuff.

This is just for my local neighbourhood; your area may vary, but I think that it’s sufficient to say that there are a lot of amateur condo speculators and laneway home builders who are not making money in my neighbourhood.

Meanwhile, the ‘whole house’ rentals have some of the lowest rates out there, if you need that much house. Often, these older properties are mostly paid off. For example I investigated one where the house belonged to a recently deceased parent, and the plan was to rent the property until the kids could stop bickering about the Will.

Stuff like that, but that was definitely a rare opportunity, and not indicative of the majority of the rental market, which is priced much higher, and populated by speculators that seem intent to compete to see how much money they can lose.

#31 Fish on 06.22.18 at 6:37 pm

good thing Garth that you are keeping the HOG

#32 Happy Housing Crash Everyone! on 06.22.18 at 6:41 pm

Looks like the SHYSTER leader of Ontario is a friend to the most laziest and useless SHYSTERS in the world. The one thing he won’t do is get rid of green belt. The green belt is a scheme that benefits developers. Developers buy green belt land at depressed prices and then they get it changed behind closed doors. My family had a few share of a horse farm that was in the green belt. They sold it to some developer. There are homes on that land. Dont forget green belt land is private land. Here is another example of what happens. The whole industry is filled with SHYSTERS. https://globalnews.ca/news/3117212/how-developers-are-trying-to-build-on-ontarios-protected-greenbelt-land/

This is why Doug Ford changed his mind. The SHYSTERS called him and screamed at him for being a clueless dummy.

#33 Zapstrap on 06.22.18 at 6:45 pm

Here’s one for the dawgs. Was up fishing recently and yakking to a retired fellow, from Vernon BC, around the campfire. Oh yeah. He was telling me of the GREAT little development he lived in just outside of town. Early eighties houses, well made, great neighbors, reasonable taxes, etc,etc,etc. Then he says … “I’m selling the house and renting a townhouse (yet to be built) that his son will own in Langley because his wife wanted to move to the LM. My reply was “are you nuts?” Just a look of puzzlement in his eyes …

#34 Smoking Man on 06.22.18 at 6:51 pm

Any blog dogs in vegas this weekend.

When you are a rock star forex trader and you don’t know how to lose. And the market closes. Just saying.. Sorry to James I’m such a bad ass gambler. Time to give some back.
What a month.woohoo

#35 ALFRED E. NEUMAN on 06.22.18 at 6:53 pm

Garth ..!!!!!

#24 (Fake News Freak) sneaked through security ..

#36 BK on 06.22.18 at 6:59 pm

So, bc realestate is a bad buy right now…..
Balanced diversified portfolio is even at best since Feb…

What to do with our money????

#37 tccontrarian on 06.22.18 at 7:02 pm

#20 Damifino on 06.22.18 at 5:19 pm
I got caught in three of them, including the really ugly one. I recovered all my losses and have grown wealth since then. I continue to live on the resultant income.
—————————————————–

“The really ugly one” is up ahead – I hope you learned something during the 3 previous ones!

TCC

#38 Lost...but not leased on 06.22.18 at 7:03 pm

Re: Real Estate

IMHO, normal cycles have been co-opted and concentrated as well as corrections delayed.(…..not to mention demographic changes of potential buyers)

RE? = Toxic for decades

#39 Cdn Mom on 06.22.18 at 7:08 pm

The problem is not becoming a landlord, the problem is not educating yourself before becoming a landlord. THAT’S how people end up losing their shirts.

I’ve had floods at each of my two rentals. One sump pump failure due to electricity outage during storm. We ripped out the flooring and lower foot of drywall, replaced, muddled, painted, new laminate, and a backup battery sump pump added. Good to go, took just a few days, start to finish. Repairs were all tax deductible, and less than insurance deductible.

If you don’t know how to fix things in a house, do minimal renos, balance a cheque book, create a budget, research the rental laws and tax implications, or read/manage people DON’T BECOME A LANDLORD. Buy an ETF and save everyone grief.

#40 Newcomer on 06.22.18 at 7:12 pm

Or Mom gave you the money, and was so proud when you signed up for an adulthood of debt.
——–

Beautifully put. And so accurate. And so weird.

Humans are odd. Apparently, the Aztecs proudly offered up their own children to have their beating hearts ripped from their bodies in a sacrifice referred to as nextlahualli, or debt repayment. In that case, it was the gods who were being repaid, rather than [email protected], but the psychology is probably basically the same.

#41 jess on 06.22.18 at 7:16 pm

yep heard this rhyme
…”As Chicago’s real estate market continues to slump to 20-month lows, Chicago Home Inspectors have revealed that unethical “quick flippers” are building on the city’s housing issues with a far more dangerous problem: dangerous, so-called renovations.

https://www.globalbankingandfinance.com/a-real-life-money-pit-home-inspector-reveals-the-shocking-reality-behind-quick-flipping-a-dangerous-house-of-horrors/

…the nightmare one cannot awake from

or the Two decades ago, then-billionaire Ajit Gulabchand dream of this city :

Lavasa Hill City: Maharashtra’s luxury housing project slips into disrepair
It would be India’s first privately built and managed city, one of five planned for 30,000 to 50,000 people each. Today Lavasa is an incomplete shell housing some 10,000 people, a symbol of the excesses gripping the world’s second-most-populous nation

Aamby Valley, another affluent township outside Mumbai turned ghost town built by a separate developer. That $5.5 billion township is facing liquidation after its backer defaulted. After repeated failed attempts to auction Aamby Valley, the court ordered piecemeal sale of the project’s land. But a slump in India’s property market is making matters worse.

https://indianexpress.com/article/india/lavasa-ajit-gulabchand-maharashtras-hilltop-housing-project-slips-into-disrepair-5223358/

‘We Resign’: That’s what Mossack Fonseca told these Indian clients after Panama Papers leak
Email exchanges reveal that Mossack Fonseca did not have several crucial documents needed to complete due diligence requirements to set up offshore firms for these clients ”

https://indianexpress.com/article/india/panama-papers-mossack-fonseca-resignation-indian-clients-5229053/

#42 crowdedelevatorfartz on 06.22.18 at 7:17 pm

@#9 D K
“Your constant belittling and vulgar depiction of renters is disgusting enough…”
+++++

And your wish that he hurry up and die isnt?
Take a pill Karl, its called humour.

#43 Gravy Train on 06.22.18 at 7:18 pm

#20 Damifino on 06.22.18 at 5:19 pm
“I got caught in three [major meltdowns], including the really ugly one. I recovered all my losses and have grown wealth since then. I continue to live on the resultant income.”

Your story reminds me of Smokey’s motto and mantra:
That which does not kill us makes us stronger. — Friedrich Nietzsche

#44 Linda on 06.22.18 at 7:18 pm

The story Jess tells makes me wonder. First, if she was a blog reader since 2008, how could she not have absorbed some financial savvy? Second, how can a woman in this day & age ‘never looked after finances’? That was something that might have happened in my mother’s or grandmothers generation. Perhaps Jess belongs to or married into an ethnic heritage where the man was expected to manage the household finances, but even those women usually have a pretty shrewd grasp as to how to manage money. Sounds like Jess may be one of those people who can’t manage money. Hope she can change that state before she bankrupts herself.

#45 Wrk.dover on 06.22.18 at 7:21 pm

So, Jess can’t put on the nail apron and mitigate a problem post haste! Whew! I still think she is the smartest retriever blog dog here, always dropping the very best of tidbits at the door to read.

#46 Jacqueline Moses on 06.22.18 at 7:24 pm

i SAY PUNT “DIRTY KARL”…

#47 Blacksheep on 06.22.18 at 7:28 pm

Fake #24,

“LAUNDERING all their criminal money in BC.”
——————————
Ahh….yer just plain’in cause you aren’t on the receiving end of this lucrative arrangement.

Perspective is everything, is all Im saying.

#48 Don Potts on 06.22.18 at 7:31 pm

To Lisa there, it looks like you got out just in time. You don’t say your age or range of age but looking at your investments, portfolio total, about $1,400,000, 43% is in equities and 57% are in GIC’s or fixed income.

It looks pretty conservative but not so bad in retirement, I personally have around 40% in fixed income, 60% in equities and some REIT’s.

The cash component of $60,000 in your cash looks like a good idea in your case as it is only around 4% if you add up all your financial assets.

I have a RRIF of $3,000 a month so I don’t keep much cash only around $15,000 in my case.

#49 crowdedelevatorfartz on 06.22.18 at 7:32 pm

@#24 Flake Again
“….hates white people and likes the idea of chinamen and sikhs LAUNDERING all their criminal money in BC. He somehow gets off on it……guess cuz he is a RACIST”
++++

chinamen and sikhs……

Wow……and you call HIM racist?
Hitting the bottle a little early tonight Flake?
Or is there a Full Moon I dont know about?

#50 Vernon ranks #6 on top 20 crime cities on 06.22.18 at 7:39 pm

Zapstrap: dude moving from Vernon to LM. What a moronic move.

Vernon ranks #9 in Canada for crime.

Langley #6.

All around bad move. I am sure he will find a nice townhouse for 800k.

https://www.msn.com/en-ca/news/crimeincanada/the-20-places-in-canada-with-the-worst-crime/ss-BBFSQr5#image=16

#51 Cashing Out on 06.22.18 at 7:42 pm

Lisa Auchionza: like a boss. If any of that is true.

#52 crowdedelevatorfartz on 06.22.18 at 7:53 pm

@#34 Zapstrap
‘a retired fellow, from Vernon BC…..”
+++++
My God, the guy is moving FROM Vernon TO the Lower Bainland?
He should have rented a place for a few months first.
If the traffic insanity doesnt drive him out the higher ICBC rates in the LM will.

#53 MF on 06.22.18 at 7:54 pm

The easy as to why people rent out condos and homes is super easy. The idea that “some other schnook will pay off my mortgage” is too enticing because it taps into some innate feelings and desires all human beings have:

1) The need for shelter (and someone else pays for it)
2) The desire to “be someone’s boss”.
3) Our desire to acquire “things”. RE is tangible.
4) The so called prestige of being a property owner and the ability to mention it at cocktail parties.

The rental income tax point is a non starter. Most people are actually happy to report at cocktail parties that there income is now x amount for ooo’s and ahhh’s. The numbers can be large ($1650 x 12 = another $20,000.00/year) that you can add to your crappy day job salary to feel good about yourself. Most of the rental income is not even reported anyways.

Add a RE industry that feeds on these emotions, and piss poor government policy like emergency interest rates kept too low for wahayyy too long and you have a whole society obsessed with rental properties.

MF

#54 Randy Fitzsimmons on 06.22.18 at 7:57 pm

I am going to lose my job at Manulife in the next 6 months. It is right around my 60th birthday.

It is a good thing that we put the maximum in RRSP’s, TFSA’s and piled in my non-registered investments.

It is good to know that we have $3.5 million and an income, growth range of $150,000 to $200,000 a year.

Being debt free for the last 30 years is what really helped us get so far.

Quit now. Deny them the pleasure. – Garth

#55 MF on 06.22.18 at 8:00 pm

#148 Ubul on 06.22.18 at 1:43 pm

“Just my point. So proponents should cease saying legalization was the will of the people. It was not. – Garth

At the same time opponents of decriminalization should also acknowledge that making it illegal was not the will of the people, either.”

-Wow.

Are you suggesting that society as a whole was MORE tolerant of drug abuse 95 years ago compared to today? Especially this haughty and stern British dominion?

What are you smoking?

Oh wait. Nevermind.

MF

#56 Tony on 06.22.18 at 8:01 pm

The only worse investment the past eleven years than Edmonton real estate was cocoa. A trivia question and answer. Edmonton is one of the very few places where cutting your asking prices does absolutely nothing. Homes still sit on mls for years sometimes for decades.

#57 Angry, Ousted Vancouverites on the Move on 06.22.18 at 8:01 pm

Ever experience the pleasure of someone from Vancouver? Middle finger, strange stare when saying hi and cutting you off in traffic to enjoy watching you go into the ditch. Anything that involves seeing a person fail is humorous to a Vancouverite and the grandest fail of all is the insolvency created by affordable housing. It eases the pain of those still hanging on, but know they are doomed. Even the 3M+ home owners are doomed with the new school taxes that they can no longer afford. It is the Vancouver model. And this movie is the movie that keeps on giving. Reality series.

So, now a quarter the failing angry Vancouverites (claiming it is so much better outside of Vancouver) have moved into Victoria, Vancouver Island and Kelowna. They have driven up prices and have brought their anger and aggression with them as the debt serfdom index climbs in these area at a torrent pace due to moronic leveraging to get anything that resembles a house!

The younger crowd / locals have checked out in these smaller communities now. I saw this happen in Vancouver by 2015.

Talk about a messed up province.

I should have taken Crusty Clarks advice in the beginning and packed it up to Fort St. John.

All you hear now is whining (like how it started back in 2008 in Vancouver) about how one wishes they would have bought 5 years ago, I am so broke right now, etc.

Yep, this is a province wide mess now. I bet the Liberals didn’t even think they would have cooked it this bad.

Like, look at this monster we created – well done Christy and company. It is a doozy. I am sure a soft landing is in store after this credit run up.

Doug Ford is jealous. But he will get Toronto where we are pretty soon.

Should be fine.

#58 Damifino on 06.22.18 at 8:02 pm

#39 tccontrarian

“The really ugly one” is up ahead – I hope you learned something during the 3 previous ones!
—————————

I did. I learned to relax.

#59 Cottingham a bargain on 06.22.18 at 8:05 pm

9 Dirty Karl on 06.22.18 at 4:29 pm
Renters can’t be punted?.
Your constant belittling and vulgar depiction of renters is disgusting enough, especially since you always promoted renting.
I can’t wait for you to bite the dust.
Asshole!
———

I think you took to much liberty with the word “ punted “ when you concluded that he meant it in a durogatory way.

If anything, the criticism and degradation Garth heaps on landlords especially newbie ones is legendary

#60 Alberta to BC on 06.22.18 at 8:06 pm

So, far 100K loss on the house that is listed in AB. Not selling.

Made nothing over last 10 years, but it sure sucked up a lot of my income, when I had an income there.

Want to wash hands of it and start over in BC.

Same story of many others headed West from Alberta.

Coming for the climate but the sticker shock hits you harder than arriving in Edmonton from Hawaii in the middle of winter when you take that first step off of the plane.

100K loss, 400K more for the same place in BC. 500K gap.

Now going to church to pray.

#61 Domestic People in this 4th World Country on 06.22.18 at 8:12 pm

Move in any direction away from BC or ON.

You are better off collecting welfare and working for under the table cash in a small town versus trying to make it in the Metro.

Doug Ford and Christy Clark put the nail in your metro coffin. It is over.

Pack up the UHaul.

If you can get out of Canada altogether. Do it!

#62 Tony on 06.22.18 at 8:12 pm

Re: #14 Lisa Auchionza on 06.22.18 at 4:53 pm

I hope you’re CDIC insured, I believe bank bail-ins are a sure thing in Canada but it should first start with the credit unions in British Columbia. I don’t even know if a million in each brokerage account is safe. I think the Manitoba credit unions will cover one million though they say the coverage is unlimited. Israel bonds look too good to be true and it’s always the safest ones that come back to haunt you. Looks like good American corporate bonds were what to buy.

#63 Timmy on 06.22.18 at 8:12 pm

Yah, try renting a decently priced two bedroom in Vancouver for less than 2.5 K a month. It makes one think of other options. That’s 30 grand a year going to rent.

Not so bad compared to the cost of ownership. – Garth

#64 LP on 06.22.18 at 8:20 pm

Hi Garth

re the Open House on the 27th, any chance your company can spare some moola for popsicles for those wonderful young kids who, hand over hand, ferried between 500-1000 books uphill to the new library?

I saw that news coverage today at noon on the New Brunswick CBC newsfeed. It was a bright sunny day and all those smiling kids were so enthusiastic in doing their good deed for Lunenburg. What great citizens they are/going to be!

Nothing like a small town. It was awesome. – Garth

#65 crowdedelevatorfartz on 06.22.18 at 8:29 pm

@#62 Alberta 2 BC
“100K loss, 400K more for the same place in BC. 500K gap.
Now going to church to pray….”
+++++
Church wont help you in BC.
We’re all satan worshipers at heart.
The proof?
Become a Realtor and prey………

#66 hawk on 06.22.18 at 8:32 pm

The money was never in renting (i.e. income stream). In Canada for the last two decades money was made only in price appreciation. Now that that’s ending, renting will become a very bad investment. Most people do not adapt to changing circumstances, quickly enough. By the time landlords wake up to the fact that the years go galloping price inflation are gone, many will take large losses.

But all of this will also eventually breed a big backlash against governments and in the long run landlords will stop renting as well.

#67 Scott Thompson on 06.22.18 at 8:33 pm

To Tony

I don’t see your logic here, gold, silver, oil, commodities has crashed, bitcoin and many alt coins have crashed, real estate is faltering, so what is left.

I see David Rosenberg and others seeing a U.S. recession in 12 months, 2019 and trade wars are in and coming. Stocks, equities are at highs and dropping plus government bonds are paying less then GIC’s and corporate bonds are going to get hit when economies suffer.

Bail-ins are for idiots that go over CDIC, DICO and other deposit insurance and if that goes away then good bye banking system etc. and U.S. is only good until their money gets worthless if they print their way out of paying bonds, debts. Europe is a basket case. China, emerging markets are in trouble too with debt and economic pressures.

It looks like economic depression, war is coming if this keeps on going to the extent you are stating.

Do we have our panties in a twist? Just maintain balance, diversity and liquidity. You’ll be fine. – Garth

#68 Spectacle on 06.22.18 at 8:41 pm

#22 Rick Danger on 06.22.18 at 5:28 pm
#9 Dirty Karl – That kind of disrespect deserves deletion; although…leaving it shows everyone else what a fine human being you are. Don’t like it? Go elsewhere.

::::::::::::::::::::::::::::::::::——-::::::::::::::::::::::::::

Um, just gosh. Turner, you deserve better, push the button.

In other news,
I saw the Crane in Vancouver by Cambie bridge, stacking what looked like Sea Cannisters 2 high for the new Temporary Housing!
Internment camps, ugly cages!

#69 seeingitfrombothsides on 06.22.18 at 8:42 pm

And we think Vancouver real estate is expensive!

http://www.scmp.com/property/hong-kong-china/article/2152013/forget-hong-kongs-micro-flats-itsy-bitsy-72-sq-ft-beijing#comments

#70 young & foolish on 06.22.18 at 8:43 pm

“Currently sitting in my cozy rental and snuggling up to a fat, liquid TFSA.”

Sounds like a win-win deal to me …. you get the security of your “liquid” investments, and your landlord gets help with the mortgage.

#71 georgist on 06.22.18 at 8:44 pm

> It reminds me of Tim. I spoke with his parents yesterday. They’re trying to cope with a $300,000 line of credit they put on their house in Vancouver so their adult kid could buy a rental property in New Brunswick. Why, I asked respectfully, did you do such a dumbass thing? Because, dad replied, we all heard about a big shipbuilding contract going on there and houses looked cheap with rents going up. So Peter bought one and we helped.

Really glad both the lazy sods lost their shirt. Great.

Next time think about something other than living off other people.

#72 georgist on 06.22.18 at 8:45 pm

> So why do people do this? Buy houses and condos to rent out, even now when capital appreciation is no longer there?

> Habit. Because your parents did it. Or the stock market’s too scary.

Disagree. Most people can only get a line of *credit* on a land. They don’t borrow 400k from a bank to put in the TSX.

Credit sets prices.

#73 georgist on 06.22.18 at 8:48 pm

#15

> I always felt there was something wrong and slightly predatory about the concept of being a landlord.

Correct.

#74 crdt on 06.22.18 at 8:48 pm

Thank you for going lighter on the Trump references, I really do enjoy the posts much more.

At one point I signed up with an option news letter, and realized that they simply ignored all their losing suggestions in their marketing, period. I think it is human nature to brag, and you can’t brag about getting your a$$ handed to you financially. As such, you should assume a number of associated financial fatalities with each of the super successes.

#75 islander on 06.22.18 at 8:49 pm

https://www.40listings.com/REBGV/R2281731/202-2091-vine-street-vancouver-west-kitsilano-v6k4p7

Read and weep.
Back in the day, ‘Vine Gardens’ was just one of Kitsilano’s many infamous leaky condos …repaired not just once, but over and over. Low rise condo building failures in YVR during the 80’s and 90’s were attributed to ‘poor design and shoddy construction during a building boom’.
Sound familiar!
Now, as of June 2018!!! available
# 202 – 2091 VINE STREET Vancouver West (Kitsilano) V6K 4P7
for $898,000.00 Apartment/Condo with 2 bedrooms :

“living at it’s very best here in the Vine Gardens, a boutique development perfectly placed in one of the cities most enviable locations.”

https://www.40listings.com/REBGV/R2281731/202-2091-vine-street-vancouver-west-kitsilano-v6k4p7

Built in 1991, at the height of Vancouver’s leaky condo debacle, this building epitomizes everything that was/is wrong with Vancouver’s housing policy.

https://www.cbc.ca/news/canada/british-columbia/bc-leaky-condo-crisis-1.4609418
20 years after B.C. inquiry into the leaky condo crisis, it’s still buyer beware.

Updated: October 2, 2016

“By 2003, the B.C. Homeowner Protection Office had identified about 65,000 leaky condos across the province.
The Canada Mortgage and Housing Corporation defines leaky condos as a “catastrophic failure” of building envelopes, which lets water into the building frame, leading to rot, rust, decay and mould.
Judge orders Vancouver strata to impose $16 million levy to repair leaky condo problems.

http://vancouversun.com/news/local-news/judge-orders-vancouver-strata-to-impose-16-million-levy-to-repair-leaky-condo-problems

This is what happens when condo owners don’t have enough cash on hand to fix ongoing problems!
‘A judge has ordered a Vancouver strata to impose on the owners a $16.8 million special levy to repair long-standing leaky condo problems.
Owners first noticed water issues at Gardenia Villa, a 250-unit complex located at Broadway and Nanaimo, shortly after it was built in 1994.
Drywall and carpets were soaked, walls and ceilings stained and condensation collected on window interiors. In some cases there was mould growth and failed window and door seals.’

On and on and on it goes………..all long time Vancouver residents (renters and owners) have enough condo stories to last a lifetime!

#76 SimplyPut7 on 06.22.18 at 8:50 pm

Can’t wait for the condo buildings full of Airbnb listings, to tell people their unit is only for non-smokers but because condos owners are usually nowhere to be found, tourists from all over the world will come to Canada to test out the new plant law. We finally get to learn how impermeable those concrete boxes really are.

What happens when good tenants start to leave landlords for condo buildings that prohibit Airbnb listings and they are stuck with tenants and Airbnb guests that just want to get high all day, drastically decreasing the value of their condo unit because no investors or homeowners want to buy units in the dope building?

#77 akashic record on 06.22.18 at 8:50 pm

Quit now. Deny them the pleasure. – Garth

Instant classic.

#78 Gregor Samsa on 06.22.18 at 9:03 pm

>#62 Alberta to BC
>So, far 100K loss on the house that is listed in AB. Not selling.

There are two types of home for sale right now in Alberta: (1) selling at a loss (2) not selling.

I know of a Calgary townhouse that was sitting on the market at $400K a couple years ago. It didn’t sell (was rented at a loss instead) and now similar units in the same complex are listing at under $300K. These are wood units built in 1950 with $400 per month condo fees by the way. Still a rip off at $300K.

Eventually a tipping point will be reached when all the people taking a monthly loss on their property change their minds about “real estate only goes up” and try to get out. That’s when it could get really ugly. Only a fool would buy now.

#79 San Juan Cosala on 06.22.18 at 9:05 pm

Newcomer #42 – The Aztecs are alive and well in Mexico located in small villages. This is done by controlling the bloodline over many generations. The meeting each Sunday evening occurs in the village square where the Aztec prayer circle is located just before the sun goes down. The young boys and girls formulate a circle. The boys form the outer circle holding a rose, and the girls an inner circle. The boys circle anti- clockwise, and one will stop when he sees a girl he likes holding out the rose for her. If she accepts it they walk away to sit down for discussion under the watchful eyes of both family members. In this way a romance and marriage might develop in the future.

#80 Shawn Allen on 06.22.18 at 9:12 pm

He Bought the Banks in 2009?

Four Fingers Watson said:

I bought the banks in ‘09 when others were selling and i did quite ok.

*************************************
Wait, I thought “everyone” was selling shares in 2009. But wait that is impossible. Every single share sold near the bottom of the market was purchased by someone.

So a LOT of people bought banks in 2009. Good move as it turned out.

#81 Precon-fused on 06.22.18 at 9:20 pm

Hey Garth,

Looking at precons now as I’ve been saving but not quite fast enough to buy now. Why are precons still pricing in so much growth? With rising rates, who knows what I can qualify for in a couple years, let alone what the bank will appraise it at? BTW got a balanced portfolio in tax-advantaged accounts already, so no worries about diversification here.

#82 akashic record on 06.22.18 at 9:21 pm

If this week was just too much, then this is for you.

Hope Sandoval & The Warm Inventions – Blue Bird

https://www.youtube.com/watch?v=W6euSsP_PCA&list=RDAlXR_ufdpl8

#83 Fish on 06.22.18 at 9:27 pm

Pic,
where is the dog?

#84 pay your taxes on 06.22.18 at 9:30 pm

#9 dirty karl

Renters can’t be punted?.
Your constant belittling and vulgar depiction of renters is disgusting enough, especially since you always promoted renting.
I can’t wait for you to bite the dust.
Asshole!

Maybe lay off the estrogen and soy beverages there fella.
A few renters are filthy, no good snake in the grass types who make the landlord’s life hell. The kind of people you really do want to “punt” but must instead settle for a lengthy (and costly) eviction process.

#85 Stone on 06.22.18 at 9:34 pm

#56 Randy Fitzsimmons on 06.22.18 at 7:57 pm
I am going to lose my job at Manulife in the next 6 months. It is right around my 60th birthday.

It is a good thing that we put the maximum in RRSP’s, TFSA’s and piled in my non-registered investments.

It is good to know that we have $3.5 million and an income, growth range of $150,000 to $200,000 a year.

Being debt free for the last 30 years is what really helped us get so far.

Quit now. Deny them the pleasure. – Garth

————

Wait and take the severance. Get a good employment lawyer and squeeze every red cent out of them in the process. Considering your age and time to retirement, they may need to bridge you all the way to 65 or as close to it. That would be such a pity, wouldn’t it? In the meantime, enjoy every day at work like it’s a vacation. I think it would be worthwhile. Seeing you walk in to work every day with a big smug smile knowing that whatever they try to do to you has no effect on you and would be better than you kicking them in the groin although there is satisfaction in that too.

Congrats on the forward thinking financial plan. Invincible! Well done.

Bad idea. Suing is stressful, costly and demeaning. Better to enjoy the summer. Nobody knows how many may remain. – Garth

#86 Yorkville Renter on 06.22.18 at 9:38 pm

We rent where we live, but own commercial/residential mixed use for the past 5+ years. Gross income is $42k, on a property that cost $610k.

Not too shabby!!

But that’s all the RE investing we’ll do… The numbers don’t make sense anymore, so the bulk of our stash is in a diversified portfolio.

What is the net? And your equity? – Garth

#87 TurnerNation on 06.22.18 at 9:43 pm

A klaxon warning to anyone living in rural Ontariowe.
All resources being focused on urban ‘densification’ and Open Borders (we stand on guard for….whom? Nobody)
means…worst case, Ontariowe declares BK and rural area decimate into a few stoner and hippie holdouts.

Best case, elite public unionistas establish further strongholds. Yes you have rural and small town mayors earning total compensation above T2’s even. Blank check prop. taxes.

Entire rural areas populate and exist with those on the public union train:
– Teachers
– Municipal workers
– Medical workers
– First Responders.

A closed system.

So, sell your rural property on a lease back from vendor. Muster it. No competition: Millennials never will go rural. That’s the point. Boomers and Public Unionistas trading among themselves.

This cheery missive brought to you by : Your local public union’s Cola COLA.

#88 Sam the Sham on 06.22.18 at 9:43 pm

“Do we have our panties in a twist? Just maintain balance, diversity and liquidity. You’ll be fine.” – Garth

As Mike Tyson once said “Everybody has a plan until they get punched in the face”

Soon enough, many investors are going to be “punched in the face”!

Only the unbalanced, illiquid or badly diversified ones. – Garth

#89 young & foolish on 06.22.18 at 9:43 pm

“I always felt there was something wrong and slightly predatory about the concept of being a landlord. ”

So, prey tell us then, who is to provide you with a roof over your head when you move to a new city? Renting living accommodations is a business, like renting cars, RVs, or storage space. Predatory is also expecting “society” (the taxpayers) to provide for you.

#90 For those about to flop... on 06.22.18 at 9:59 pm

Pink Lemonade Stand in West Vancouver.

These guys have just been chucking as many darts as possible trying to hit the bullseye.

From over-asking at 3.88 to getting sober and asking a more realistic 1.70,they are now at 1.98 as of this very minute ,but that will change when the wind blows in another direction.

The other day when I first looking into these guys’ situation they were asking 2.05,but two days later the donkey’s tail is now pinned at 1.98

The real story with this one is the street ,not the actual house itself.

For those new to my reports,Mathers Ave is one of the most heavily speculated streets I have found since my study began roughly a year and a half ago.

I have recorded some losses on this street and have maybe 4 or 5 ongoing cases ,and on the same day this address was chopped another one down the street followed suit.

I think someone ,or a group of investors ,decided to load up late 2015,through 2016 ,looking for developers to flatten the street and fatten their wallets…

M44BC

1046 Mathers Ave,West Vancouver.Paid 2.2 June 2016 ass 1.99

Now asking 1.98

1046 Mathers Ave,West Vancouver.

Jan 24:$3,888,000
Jun 20: $2,050,000
Change: – 1838000.00 -47%

2017-01-09 : $2,588,000
2017-03-09 : $2,380,000
2017-05-11 : $2,680,000
2018-06-20 : $2,050,000
2018-01-24 : $3,888,000
2018-05-31 : $1,700,000
2018-06-22 : $1,988,000

https://www.zolo.ca/west-vancouver-real-estate/1046-mathers-avenue

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

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#91 jess on 06.22.18 at 10:03 pm

The key vulnerability is that speculative money is far more prone to rapid flight in the event of a downturn than domestic money, bonded to a megacity by the promise of profit not a job, friends, or family roots. This is one reason synchronicity has increased — foreign and institutional capital has herderd to the same megacity profit opportunities. And it is also a reason the IMF fears the global contagion potential of a regional recession. As its report speculates:

“A shock in one country may lead global financial institutions to pull back on mortgage lending in many countries, perhaps to maintain capital requirements. Alternatively, investors experiencing distress in one market may liquidate leveraged housing investments in other countries, possibly to meet margin calls or in anticipation of future redemptions, or may rebalance their portfolios to follow predetermined investment mandates. Or shocks in one country can result in changes to investors’ risk appetite and lead them to increase or withdraw their housing investments from many countries at once.”

A popular backlash against unaffordability is already intensifying the risk of megacity downturns. As cities become more expensive, young people are being driven away. According to a report this week by The Financial Times, between 2011 and 2016, the average age of a city resident rose two years in Hong Kong, a full year in London, and eight months in New York. The purge is likely to accelerate. For one, a recent five-county survey by The Mercury News found that 46% of Bay Area residents said they were “likely to move out of the region in the next few years,” up from 40% last year and 34% in 2016.

As discontent grows, political pressure is pushing governments to take action to curb foreign buying. From Ireland to London and Hong Kong, rules have been introduced that make it harder to extend mortgages…”

n its annual housing report released last September, UBS concluded: “The risk of a real estate bubble in top global cities has increased significantly in the past five years.” The role foreign and institutional money has played in escalating home prices beyond the spending power of the local population was at the heart of the Swiss bank’s concern…

In Hong Kong, it now requires 19.4 times the average salary of a resident to buy a home, up from 4.6 times in 2002. In London, the equivalent price-to-income multiple today is at 16 times. Paris, Singapore, New York, and Tokyo all have multiples greater than 10. The IMF has charted the escalating divergence of real estate and income appreciation globally since 2010:
see chart

https://latest.13d.com/boom-global-megacities-bust-contagion-economy-real-estate-30d0951e21bc

#92 Bruce on 06.22.18 at 10:07 pm

It’s hard to find good tenants. Mr. Socks has just made it a whole lot harder. Soon your idiot tenant will legally grow weed in your house, get stoned, forget to turn the hydroponics and sprinklers off, and either burn your rental unit down or soak it with mold and mildew. Good luck chasing the deadbeats. They won’t care. Neither will the police. Your insurer will not cover it. And the bank will make you eat it.

#93 akashic record on 06.22.18 at 10:23 pm

Bad idea. Suing is stressful, costly and demeaning. Better to enjoy the summer. Nobody knows how many may remain. – Garth

Instant classic #2 tonight.

You are on the roll Garth.

I knew only one person, a lawyer, who could do it with joy and passion, still being able to distance himself. He gained fame winning class-action suits against “untouchable” government agencies.

For anyone else, take Garth’s advice. Winning is great, but nothing beats enjoying life, if that’s an available choice.

#94 Silent the People on 06.22.18 at 10:30 pm

Garth,
I was sad to see “Dirty Karl” comments towards you! I feel you try to stay even keel on most situations and don’t pick sides! Keep up your very valuable work! Don’t let fools dissuade you….

#95 For those about to flop... on 06.22.18 at 10:53 pm

Pink Lemonade Stand in Coquitlam.

Only featured these guys a few weeks ago when the lowered their asking to 1.29

18 days later they took the axe to it again ,chopping 50k off and 90k this month,and ask is currently 1.24.

They are chasing the market down and at least trying to be proactive.

They paid 1.19 and assessment is only 996.

There’s your problem…

M44BC

2180 Dawes Hill Road, Coquitlam paid 1.19 November 2016 ass 996k

Now asking 1.24

May 16:$1,339,000
Jun 1: $1,299,000
Change: – 40000.00 -3%

https://www.zolo.ca/coquitlam-real-estate/2180-dawes-hill-road

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

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#96 Rockylal on 06.22.18 at 11:38 pm

Quit now, deny them the pleasure?

Absolutely not! Wait for your package! Don’t deny the cash you are about to receive for being downsized!

#97 DON on 06.22.18 at 11:52 pm

Friends bought a house outside Victoria at peak. No kids. House is a1970s original needs lots of help. Now divorce looms and house to go on market in the fall…must sell. Things are great until they aren’t.

Consumer spending down…trade wars….US recession 12 months? CDN dollar down. Wars

#98 Newcomer on 06.23.18 at 12:03 am

An interesting read at:

https://latest.13d.com/boom-global-megacities-bust-contagion-economy-real-estate-30d0951e21bc

“Is it time to worry that the boom in global megacity housing prices could turn into a bust with a potential contagion across the global economy?”

#99 Rargary on 06.23.18 at 12:04 am

Dirty Karl… find another place to land your hater self… YOU’RE A TROLL

#100 adios-jessie on 06.23.18 at 12:10 am

Jessica and millions of others like her are most likely to flee the country and become economic fugitives in places like Mexico.

#101 Smoking Man on 06.23.18 at 12:32 am

DELETED

#102 Yorkville Renter on 06.23.18 at 12:37 am

#89 – What is the net? And your equity? – Garth

net: a hair over 5%

equity? depends how aggressive you want to be on growth…if values increased 6% a year then we doubled our initial outlay. I believe that 6% is rather conservative.

#103 millmech on 06.23.18 at 12:57 am

MF
To get legal pot they have given up a lot of their rights. As of now under the new laws of C46 the police can now pull you over for no cause and demand breathe/saliva samples for testing, for no reason what so ever. It is amazing to give up all the freedoms they had just to smoke a little weed. Once your in a traffic accident now and your tested and found to be under the influence, not impaired, no insurance, your on the hook for all damages from civil suits for injuries from injured parties.
The borders should be fun too, not admitting to pot usage but posting on Facebook/Twitter your approval for legal pot will get people turned back from the USA in short order. Pot advocates should talk to a good lawyer and see what they have now lost.

I kind of like the new legalization laws as they seem more draconian than when it was illegal.

#104 Deano on 06.23.18 at 1:00 am

~#14 u make me sick.
Blah blah. Good for u.
Go by a lottery ticket, I’m sure your going to win on that too. Get me the brown bag.

#105 Leo Trollstoy on 06.23.18 at 1:16 am

Employment lawyer will get you 1 month of severance per year of tenure

Simple process. Done it repeatedly

Lawyer boilerplate. Hard economy. Specialized work. Hard to find new similar paying job. Older. Blah blah

Once you sic the lawyer to extract severance you go and relax

Don’t have cash to sue? Contingency. They take a quarter to a third. And then you go off to relax. Get the check in the mail later. It’ll be a nice surprise because you forget you did it. That’s how it was for me

This all assumes that the employer doesn’t cough up something close to 1 month of salary per year of tenure

Too easy

#106 Leo Trollstoy on 06.23.18 at 1:18 am

Hand held a few seniors with 25+ yrs tenure into nice quarter mil and half mil severance

What’s demeaning is if the company keeps what’s yours

Tenure has value

Canadian laws favor employees. Easy

#107 For those about to flop... on 06.23.18 at 1:23 am

Pink Lemonade Stand in Coquitlam.

Zolo has the actual reduction date as June 5th, which is worse for these guys as it implies it didn’t work.

Picked up for 2.2 in March 2017,the latest ask is 1.99 and anyone looking to drop two million out that way is spoiled for choice.

I guess it’s possible these guys were hoping Austin Powers them over the retirement finish line.

But now….,are they in trouble?

Yeah,baby…

M44BC

850 Austin Avenue, Coquitlam paid 2.2 March 2017 ass 1.91

May 9:$2,388,000
Jun 21: $1,998,000
Change: – 390000.00 -16%

https://www.zolo.ca/coquitlam-real-estate/850-austin-avenue

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#108 Myra Andrews on 06.23.18 at 2:16 am

Greater Vancouver Stats from realtor Paul Boenisch

June 22 New 160 Sold 93 TI: 12,755
June 21 New 202 Sold 119 TI: 12,758
June 20 New 224 Sold 119 TI: 12,744
June 19 New 268 Sold 152 TI: 12,715
June 18 New 285 Sold 149 TI: 12,699
June 15 New 179 Sold 140 TI: 12,637
June 14 New 306 Sold 104 TI: 12,679
June 13 New 278 Sold 134 TI: 12,533
June 12 New 318 Sold 106 TI: 12,477
June 11 New 372 Sold 131 TI: 12,368
June 8 New 202 Sold 108 TI: 12,271
June 7 New 232 Sold 117 TI: 12,226
June 6 New 295 Sold 156 TI: 12,154
June 5 New 359 Sold 101 TI: 12,105
June 4 New 376 Sold 117 TI: 11,942
June 1 New 224 Sold 105 TI: 11,817

Inventory at the end of:
May- 11,975
April- 10,459
March- 9,032
Feb- 8,211

#109 ANON on 06.23.18 at 2:28 am

Another lack of the “a_single_dude/dudess/ideology_is_going_to_bring_down_civilization” posts? Instead, better take a good look in the mirror?

Another cheer from the peanut gallery! :)

#110 Midnights on 06.23.18 at 3:29 am

10 Warren Buffett Quotes Translated for Real Estate Investors and How You Can Usehttps://medium.com/@grantcardone/10-warren-buffett-quotes-translated-for-real-estate-investors-and-how-you-can-use-them-491b934ce6be

#111 Howard on 06.23.18 at 3:43 am

Mold infestation in a dry city like Edmonton? That house should be razed.

#112 unbalanced on 06.23.18 at 6:42 am

Nice jacket Mrs. Trump was wearing. About as much class as the clown she married

#113 Jeff Kowalsky on 06.23.18 at 7:49 am

#84 akashic record on 06.22.18 at 9:21 pm
If this week was just too much, then this is for you.

Hope Sandoval & The Warm Inventions – Blue Bird

——————————————————

Ahhh, my Mazzy Star dream girl. I could listen to Hope sing me the phone book

#114 After Communism on 06.23.18 at 8:03 am

#15 Martine Vocelle says landlords are predators.

Those council houses are built by a landlord, who forces your neighbours to pay for them to be built.

A free-market landlord is a guy building the same thing voluntarily, without forcing your neighbours to participate.

You Martine, are the predator, because you elect others to force your neighbours to build a house for you.

#115 Me on 06.23.18 at 8:06 am

24 Fake News Again on 06.22.18 at 5:44 pm

Garth, you lifted his ban for this?

Breach! We need a WALL! – Garth

#31 Smartalox

I never comment but this was so funny lol.

#116 After Communism on 06.23.18 at 8:07 am

#15 Martine Vocelle says landlords are predators.

Those council houses are built by a landlord, who forces your neighbours to pay for them to be built.

A free-market landlord is a guy building the same thing voluntarily, without forcing your neighbours to participate.

You Martine, are the predator, because you force your neighbours to build a house for you by voting for it.

#117 crowdedelevatorfartz on 06.23.18 at 8:11 am

#110 Myra Andrews
“June 22 New 160 Sold 93 TI: 12,755”
++++

Strange. Listings seem to have fallen off a cliff. ( as well as Sales).
People pulling their houses off the market and waiting?

#118 Dale Patterson on 06.23.18 at 8:12 am

Did anyone see the head union guy on Global TV at 5:30 local Toronto news that older Canadians should retire to give jobs to younger Canadians.

It is easy to say that but many people can’t afford to retire today or soon and those that mostly forced by illness, disability or downsizing etc. are not going to have enough for the rising cost of living, taxes etc. They will have many financial struggles.

I have a few months left working and regret not saving enough with about $200,000 in RRSP’s and $185,000 in laddered term deposits, bonds, TFSA’s and my C.P.P, OAS being around $1,500 a month.

Good thing I sold my house in Oakville and am moving to the east coast to stay close to family. I will buy a smaller house in Eastern Canada but will pocket about $150,000 to $200,000. It is good to be finally debt free.

#119 crowdedelevatorfartz on 06.23.18 at 8:21 am

@#114 unbalanced
“Nice jacket Mrs. Trump was wearing. About as much class as the clown she married”
++++
Newsflash:
She married him for the money. She’ll divorce him for more money.
As for the jacket. Where were her staff to tell her not to wear it?
Oh, right.
Most of Trumps inner circle have quit, been fired, or berated into silence.

Karma will be fun to watch after the mid term elections reap a whirlwind of demcratic senate investigations…..and no amount of bluster, bullying , insults and trade wars …will save “The Dotard”

#120 dharma bum on 06.23.18 at 8:50 am

#56 Randy Fitzsimmons

Being debt free for the last 30 years is what really helped us get so far.

Quit now. Deny them the pleasure. – Garth
——————————————————————-

Congratulations.

Welcome to the Dharma Bum club!

Send your employer this link, along with your resignation:

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

#121 Ponzius Pilatus on 06.23.18 at 9:07 am

#119 crowdedelevatorfartz on 06.23.18 at 8:11 am
#110 Myra Andrews
“June 22 New 160 Sold 93 TI: 12,755”
++++

Strange. Listings seem to have fallen off a cliff. ( as well as Sales).
People pulling their houses off the market and waiting?
—————-
Lower Mainland market is going into summer hibernation.
Autumn should be interesting.

#122 Investinyourself on 06.23.18 at 9:53 am

Garth,

Long-time reader of your blog and big fan, but I’d have to disagree with you this time. If you got in the condo market these past few years, yes, bad investments. But of course, I know of many (including myself) who bought-in 6+ years ago and are cash flow positive (even after your aforementioned fees/costs). As for taxes, there are ways to reduce your tax bill with tax-avoidance strategies – something you continue to preach. Condo is almost paid-off (thanks to my tenants) and will be cashing out soon. Best investment so far – beating anything I have in my portfolio. Real estate, like any investments, is risky, learn to get in and get out at the right times and you’ll be rewarded.

#123 Brian1 on 06.23.18 at 10:01 am

It seems that we need immigration (no matter what their relgion) and a growing economy to keep the Ponzi scheme of social security alive. I don’t really know for sure but if I’m right who will support the new workers when they retire and should I care? Please help.

#124 Another Deckchair on 06.23.18 at 10:03 am

Hey Dharma Buddy:

“Send your employer this link, along with your resignation:
https://www.youtube.com/watch?v=xdfeXqHFmPI

That’s a fantastic link!

Two years ago I left my employer, and actually now contract myself out, more money, work my own hours, being my own boss, doing what I want, zero stress.

While we are probably at or past the Financial Independence level, 100% of my pay gets saved, and we don’t miss it. It’s our FU money. I do the work because I enjoy the work; much more than sitting around by myself watching TV all day.

Soon, the spouse will retire, then the saved pay gets spent at about 4% per year. Travel, gardening, whatever we want to do. :-)

#125 Reality is stark on 06.23.18 at 10:04 am

Bailouts and compensation.
With over 1 million Canadian homeowners now effectively underwater and those numbers rising every month expect some fallout.
If Doug Ford rolls back the double land transfer tax recent homeowners will expect to be compensated for the extra tax they had to pay.
People will also demand that the government force the banks to extend the amortization period if they can prove they are underwater.
As more and more families go underwater there will be a backlash. These people do not expect to suffer as that is not just. Someone else will be expected to pay for their poor decisions.
This is the new Canada.
Doug will try to resurrect the Ontario housing market to avoid dealing with this problem before it becomes an epidemic but he will fail.
People will likely stop paying their property taxes in protest for the hardship they brought on themselves as they blame the government for creating this mess in the first place.
Watch how quickly they all get on the social justice warrior bandwagon when their lifestyles are impacted.
One other thing. If you were foolish enough to give your child a loan for a down payment on their house you will never get your money back.

#126 Tbone on 06.23.18 at 10:04 am

Why such a hate on for landlords.
Don’t they provide a place for all the renters to live ?
Where would you all live with your balanced and diversified portfolios.
You need them as much as they need you.
You should be thanking the ones that are underwater and subsidizing
Your rent . Where would you find more generous people than that.

#127 For those about to flop... on 06.23.18 at 10:47 am

CONFIRMED PINK SNOW

Let’s take a look at what happened with this townhouse flip in Richmond.

The details…

27 8051 Ash Street, Richmond

Paid 993k March 2016

Sold 964k March 2018

So 3% less,chuck in 5 for the realtor,that’s 8,and if you wanted to ding them a little bit for opportunities lost then a couple percent each year lands us a 12% loss.

The loss zone on this flip is between 80 to 120k.

When this townhome first sold I posed the question…

Can you still overpay for a townhouse in Vancouver and get away with it?

No,no you can’t…

M44BC

Sold on March 4th 2018

27 8051 Ash Street, Richmond paid 993k March 2016 asking 969k

Feb 19:$999,000
Mar 1: $969,900
Change: – 29100.00 -3%

https://www.zolo.ca/richmond-real-estate/8051-ash-street/27

https://www.bcassessment.ca/Property/Info/QTAwMDA1V1RWNQ==

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#128 IHCTD9 on 06.23.18 at 10:58 am

#56 Randy Fitzsimmons on 06.22.18 at 7:57 pm
I am going to lose my job at Manulife in the next 6 months. It is right around my 60th birthday.

It is a good thing that we put the maximum in RRSP’s, TFSA’s and piled in my non-registered investments.

It is good to know that we have $3.5 million and an income, growth range of $150,000 to $200,000 a year.

Being debt free for the last 30 years is what really helped us get so far.

Quit now. Deny them the pleasure. – Garth

———-

Good job, We are doing the same as you, won’t get to 3.5 at 60, but will be in very good shape nonetheless. I am also fresh into assaulting my costs of living on multiple fronts. I too, will be lucky to still be employed in my industry by 60.

I never could have guessed how things would have turned out as I started in this industry 23 years ago, but I’m glad the wife and I started investing right away. I can see how after life gains some momentum, that getting some solid regular investing going gets tougher.

Big debt is indeed the killer, pay yourself first, let everyone else scream!

Congratz, and I second Garth’s motion.

#129 For those about to flop... on 06.23.18 at 11:03 am

CONFIRMED PINK SNOW

Let’s take a look at what happened with this townhouse flip in Richmond.

The details…

27 8051 Ash Street, Richmond

Paid 993k March 2016

Sold 964k March 2018

So 3% less,chuck in 5 for the realtor,that’s 8,and if you wanted to ding them a little bit for opportunities lost then a couple percent each year lands us a 12% loss.

The loss zone on this flip is between 80 to 120k.

When this townhome first sold I posed the question…

Can you still overpay for a townhouse in Vancouver and get away with it?

No,no you can’t…

M44BC

Sold on March 4th 2018

27 8051 Ash Street, Richmond paid 993k March 2016 asking 969k

Feb 19:$999,000
Mar 1: $969,900
Change: – 29100.00 -3%

https://www.zolo.ca/richmond-real-estate/8051-ash-street/27

https://www.bcassessment.ca/Property/Info/QTAwMDA1V1RWNQ==

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#130 IHCTD9 on 06.23.18 at 11:08 am

#122 dharma bum on 06.23.18 at 8:50 am
#56 Randy Fitzsimmons

Send your employer this link, along with your resignation:

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

————-

Canadians who watch this should adjust the 500k to 1 M for equivalent ****-*** abilities.

#131 Marriage on 06.23.18 at 11:18 am

There is something wrong to marry for the money, and do not recommend it. Never do anything for the wrong reasons no matter what, because there might be future consequences ending badly.

#132 russell on 06.23.18 at 11:24 am

Don’t know how you can listen to those sad tales from people it would cause me to be sick in my heart. After a 7 year long absence my sister and my brother in law showed up at my elderly parents house. Sis moved in said I will take care of dad in wheel chair. Just found out they connived pops to basically sign over assets to them effectively shorting out all siblings on any inheritance after I warned them why she was there… when it comes to money we do stupid things and people get hurt… greed and money they go together like termites and old wood.

#133 For those about to flop... on 06.23.18 at 11:37 am

Pink Lemonade Stand in Surrey.

Lost,but not leased asked me the other day to try and spend more time on attached listings.

I was planning on digging up more on condos and Townhomes in the winter time as they can be a lot more complicated if you want to go through the whole complex.

Those the followed my study from the start will remember the Ora debacle ,in which I found unit after unit losing money after overpaying at pre-sale.

My folder is loaded with detached,but I will try and accommodate such requests in the meantime.

Those that lobby to get me off the the blog so the Trump and Trudeau orgy can continue can suck a big Pink Lollipop.

Anyway,let’s see what these guys are up to.

Paid 854 July 2017 ,the latest ask is 849 and the assessment is a distant 781.

Unlike the one one Ash st, I just confirmed,these guys have a newer product to hawk.

They also have yet to take their medicine…

M44BC

16 16261 23a Avenue, Surrey paid 854 July 2017

Now asking 849k

TOWN HOUSE was asking 899 now 888

Jul 8:$948,000
Oct 8: $918,000
Change: – 30000.00 -3%

2016 tax assessment 662

2017 tax assessment 781

2017-07-08 : $948,000
2017-10-08 : $918,000
2018-01-11 : $888,000
2018-04-20 : $875,000

https://www.zolo.ca/surrey-real-estate/16261-23a-avenue/16

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

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#134 Gravy Train on 06.23.18 at 11:40 am

#133 Marriage on 06.23.18 at 11:18 am
“There is something wrong to marry for the money, and do not recommend it. Never do anything for the wrong reasons no matter what, because there might be future consequences ending badly.”

Yes, you just may end up as FLOTUS. :)

#135 crossbordershopper on 06.23.18 at 11:48 am

Canada has a serious lack of tax payers, thats why they have to go for assets next, there is no other way, you cant run 30 billion annual deficits forever and not have consequences. what is this america.
People in Canada have a serious lack of investment opportunities, business dont make money, they spin their wheels just to keep the lights on, or just to keep the guys busy. I hear that often. Ya, we dont make money on roofing anymore, we used to, but with competition now, we barely make anything, im doing a favour to keep the boys working. The reality is that all small business in Canada are worthless, with no real profit to the enterprise above the normalized payment to its owner/operator, you enter a world of exchanging dollars.
Canada large business are regulated to death, so its either rental or stupid mutual funds.
not much of a choice, with rates rising back to normal, which is just getting ready for the next downturn when they can slash them back to close to zero again, and all these political moves to have foreign money still come in, and the crazy overleveraged canadians buying you have jacked up real estate prices.
either way, lousy place to do business, investments in the market have performed so poorly, yes record tsx but its misleading a few big firms have finally perked up a little, but the long term average is way below the s and p over 1 -3-5-7-10 years. the whole curve is lower in canada.
Taxes, omg, with trump and the 21% and its max, most people through s corp self employment and mortgage deduction pay like a few grand in tax. i see thousands of tax returns in florida, and i can say, with no state income tax, and most of the large deductions including kids still there, big difference then in Ontario.
then the dollar, going to 70 cents, its at 75 everyone knows trudeau is going to sacrafice the dollar to keep rates low as the us raises rates. plus trade tension etc.
so where do we end up, staying in canada with a depreciated currency, poor business prospects, since no one here has any money to buy anything, or they hum and haw and i will shop around and think about it, what is the best you can do crowd. super high taxes. wait for the self employeed cpp rates rising starting next year and no one is talking about it talk about a hidden tax. cpp rates people are rising from 4.95% to 5.95% to 2023, it has implications serious ones, people will be paying big money in cpp rates for their little goverment cheque. and its manditory. us ss pays more and most people its tax exempt.
In conclusion, between better pricing on stuff, real estate etc, perosnal items(yes milk is cheaper for a reason its called competition) instead of protected farmers in Canada. gas etc. you get paid in us dollars, you pay less taxes you end up with more money that money is invested in world leading companies, us domiciled. and in the end you retire well off.
in Canada I honestly cant make that comment, i see it, people spinning their wheels for nothing up here.
you have to think about yourself and your family, like that mutual fund commerical, where the lady saids about high fees and she is mad its about her family, the canadian system is not about helping you and yours. In the end you have to go to the most open business society in the world and try your luck, if you fail, you can get a canadian blanket on reentry into Kanadastan.
waiting for your government allotment of trudeau weed.
i dont know about you, but weed will be given away for $50 an ounce soon, everyone and their brother will have 4 plants in their house year round. why wouldnt you. its soon to be legal and easy to grow, its 4 plants. use the money to pack your bags and go south.

#136 Tbone on 06.23.18 at 11:57 am

Ah yes , the F you scene.
Love it .
I have been in that position for quite a while and since my employer
treats me with little respect after 30 years of service, I have decided to really screw the pooch moving forward.
Going to see how long it takes for them to invite me to leave.
Fun times ahead .

#137 For those about to flop... on 06.23.18 at 12:10 pm

CONFIRMED PINK SNOW

Confirmation has come through with this house in New Westminster that Waiverless and Gary Smith were kind enough to help me out with.

The details…

215 Princess St,New Westminster

Paid 1.17 June 2016

Sold 1.15 March 2018

O.k. So not the biggest loss,but all this just proves the lower end and attached is not foolproof.

7% loss after expenses and over 10 after opportunity cost.

The loss zone is in-between 80-120k

The Princess took a loss ,but hopefully they are not royally screwed…

M44BC

Sold for 1.15 Waiverless on 20th March 2018

Gary Smith

215 Princess St,New Westminster paid1.17 June 2016 ask 1.25

Sold in Feb 2015 at 765,000
Sold in Jun 2016 at 1,172,000

https://www.zolo.ca/new-westminster-real-estate/215-princess-street

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

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#138 Crossfade on 06.23.18 at 12:12 pm

Drivers take note because the others might be high. The mixing of alcohol and marijuana, which is going to happen, increases the levels of the THC in your plasma to skyrocket. The effects are numerous such as paranoia, panic, terror, and greening out or getting dizzy with spins, and the desire to sleep. Thanks to our government none of this was ever addressed because the roads will never be safe to drive anymore. The coming deaths and destruction might just increase your vehicle insurance, and just think Hwy 400 coming and going for example.

#139 n1tro on 06.23.18 at 12:27 pm

#29 slam on 06.22.18 at 6:31 pm

I don’t think any sane banker would let you borrow to invest in the markets but I’m sure there are ways. I’ve used leverage in margin accounts to invest but it is quite nerve racking because I don’t have a blind belief like home owners that prices always goes up.

—————
Say it ain’t so!!!! Trudeau groping?! Hahahahaha.

http://nationalpost.com/news/politics/why-an-18-year-old-groping-allegation-against-justin-trudeau-is-not-a-metoo-moment/amp

#140 TurnerNation on 06.23.18 at 12:41 pm

And anyone buying their ‘forever home’ in Toronto is in for a shock. A massive handgun cache seized but a fraction of what’s out there I bet. And with our Open Borders UN mandate the merchandise flows across there.

http://www.cbc.ca/news/canada/toronto/project-patton-raids-update-1.4717706

How many charges will stick, how many will be portrayed as “good boys who were working to turn their lives around but the system was against them” sob story?

#141 Damifino on 06.23.18 at 1:09 pm

#128 Tbone

Why such a hate on for landlords. Don’t they provide a place for all the renters to live ?
——————————–

I certainly don’t hate them. I just prefer my “landlord” to be a faceless corporation interested primarily in the business of renting accommodation rather than seeking temporary cash flow while speculating on land.

Ideally, they play by the book and perform all required maintenance and security protocols to keep both their investments and their tenants safe and happy.

In return, they will appreciate, encourage and promote tenants who respect their property, pay their rent on time and don’t create a host of disturbances.

In the process, they should make a decent return on their investments leaving their tenants free do likewise with their own portfolios.

#142 AGuyInVancouver on 06.23.18 at 1:51 pm

Bad idea. Suing is stressful, costly and demeaning. Better to enjoy the summer. Nobody knows how many may remain. – Garth
_ _ _
Yeah forget the lawsuit, but isn’t it still better to wait for the severance, which is basically free money?

#143 MF on 06.23.18 at 1:59 pm

#132 IHCTD9 on 06.23.18 at 11:08 am

“Canadians who watch this should adjust the 500k to 1 M for equivalent ****-*** abilities.”

-Or move to Gananoque for ****-*** abilities restored!

MF

#144 For those about to flop... on 06.23.18 at 2:13 pm

Race to a million.

This relatively cheap house in Vancouver sold 15 days ago.

Not getting much help nowadays as the correction takes the next step down ,but hopefully I can get an answer on this one to see how much resiliency there is at the bottom of the detached market.

They were asking 1.19 and the assessment weighed in at 1.27.

Don’t think it was on the market for that long which could be a good sign or maybe they just decided not to be greedy and take the windfall and run.

Not that far from Flopville,maybe that was the reason to get out…

M43BC

5058 Ross Street,Vancouver.

https://www.zolo.ca/vancouver-real-estate/5058-ross-street

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

Feel free to make a donation.

Flop For Fox Fund…

http://www.terryfox.org/get-involved/ways-to-give/

#145 LP on 06.23.18 at 3:18 pm

#133 Marriage on 06.23.18 at 11:18 am
There is something wrong to marry for the money, and do not recommend it. Never do anything for the wrong reasons no matter what, because there might be future consequences ending badly.
#136 Gravy Train on 06.23.18 at 11:40 am
#133 Marriage on 06.23.18 at 11:18 am
“There is something wrong to marry for the money, and do not recommend it. Never do anything for the wrong reasons no matter what, because there might be future consequences ending badly.”

Yes, you just may end up as FLOTUS. :)
****************************************

There’s an old saying: Marry in haste, repent at leisure.

#146 Steven Rowlandson on 06.23.18 at 9:33 pm

Before their fall from grace and or assassination Churchill and General Patton spoke the truth and declared that we had killed the wrong pig referring to Nazi Germany. Hind sight is often 20/20. So who was the real enemy? Those who trigger wars, do terrorist attacks, practice genocide and blame others, finance wars and are the leaders and financiers of revolutions. Who do you suppose this could be? Think hard. I’ll give you a hint. It isn’t me.

#147 Randy on 06.23.18 at 10:19 pm

http://calgaryherald.com/news/politics/braid-trudeau-liberals-quietly-rig-equalization-for-five-more-years I know why Quebec and the Maritimes voted for another Prime Minister from Quebec…..but what was Ontario thinking ….more transfer payments due to have-not status maybe.