The standout guy

Brian. He wrote this pathetic blog a month ago, pondering whether or not to sell his condo in Guelph, a stoney place where the swans go to croak.

“I’m in my early 30’s and own a condo in the nice-ish city of Guelph. I paid 250k for it 4 years ago (when the building was brand new) and I figure the market will allow for 330k today (according to recent sales in the building). I’m thinking of unloading the condo for a number of reasons. A year from now I don’t think I’ll get as much as I can today with the stress test touching 6%. As time goes on this building will deteriorate and I don’t want to be around for when the elevator breaks. In this city there are condos going up everywhere. I don’t know why someone would choose an older building with higher maintenance fees when they can purchase a shiny new one with low fees.

I make 70k annually and my girlfriend is fresh out of school and a minimum wager. We have no debt and the small amount in my TFSA is invested in an ETF. We want to travel and work somewhere within the next year or two. I estimate I’ll come out of the sale with 100k. I would like to get your opinion on whether or not it’s the right move to sell and rent for the next two years, and where I should park this 100k.  I could also rent my place out. I just like the romantic idea of having cash invested and not being a slave to the bank for 25 years.”

The advice: sell. Take the tax-free capital gain. Exit the condo market in this tertiary centre where too many units are being built and echo-pricing from the GTA goosed values unreasonably. Wait to buy, since higher rates and the potential of a Trumpian trade tirade against autos will hurt all of SW Ontario. Understand that having 100% of your net worth in any one asset, especially a concrete box with no dirt, is risk. And never, ever, ever rent your condo out while retaining ownership.

Well, incredible as it may seem, some people listen to me.

“I wrote you awhile back and was the subject of your ‘Trapped’ blog post on July 10th. I am writing you again to update. I have decided to pull the trigger and unload this condo I’ve called home the past 4 years.

“A recent development: My best human friend recently spent 930k on an 1850’s farm house just outside of Guelph. He’s my age (32) and earns about the same as I do ($70k annually). He owns another house (a more modest 3 bedroom family home) in Fergus that he is now renting out.

“Since he bit off more than he can chew with the farm house, my lady-friend and I will be moving into it and paying him a total of $800/month. I can’t think of a better situation to be in right now since rents in Guelph are between 1500-1800 for a basement apartment. I’m hoping with my equity invested in ETF’s for a few years I’ll come out in a favourable situation where I can buy again in a better market.”

Brian’s a genius. His friend is a moron. Accommodation costs for B & his squeeze will be less than ten grand a year, while his friend makes just 1% on his ‘investment’ in the farmhouse. After financing, property taxes, insurance and the inevitable maintenance (on a 160-year-old structure), the friend will sustain a deep annual loss and subsidize our standout guy. Meanwhile if Brian invests correctly, his hundred grand condo profit will be 50% bigger in five years – a far better time to be out hunting for property.

The lesson ahead could be a painful one for those who have rolled everything on real estate. What’s happened is unlikely to be repeated. Most people have no idea how much interest rates may creep forward in the coming years. Just look at what the Inflation President is doing. Economic growth in the US has been artificially pumped with a massive tax cut, lowered regulations and now a wave of protectionism. Growth, employment, profits, markets, inflation and rates are all going up. The federal deficit, thanks to more spending and less revenue, will pierce $1 trillion soon – and stay there for a while.

Canada might end up with a sad combo – economic hurt thanks to the Trumpian trade walls and yet higher interest rates forced upon us by Mr. bond market. Also because of you-know-who. And why would you want a condo in a small Ontario city when that happens? Or a mouldy, buggy farmhouse leased out at a loss?

Brian, 1. Friend, 0.

107 comments ↓

#1 Red_falcon on 08.14.18 at 4:51 pm

Housing part two.. Um, first!

#2 FLHTK on 08.14.18 at 4:52 pm

Good for this guy! We are thinking about taking our profits from our house as well, while it’s still tax free

#3 now i'm interested on 08.14.18 at 4:56 pm

Great article as always Garth! Do you mind elaborating on this comment you mentioned?

“And never, ever, ever rent your condo out while retaining ownership.”

Is it the condo fees, property taxes, upcoming lift maintenance, opportunity costs, rising rates, rickety condo market outlook etc…? or is it something else? Thanks!

#4 FOUR FINGERS WATSON on 08.14.18 at 5:05 pm

More than 80 per cent of Kelowna Chamber of Commerce downtown business owners say their safety and security concerns have increased in the last year.

Kim Williams, the CEO of the Wild Kingdom adult store on Lawrence Avenue, is one such owner who is getting fed up with the situation.

“It’s taken a toll on my staff,” Williams says. “We’re like pitbulls. Every single person that comes in the store, we have to watch them. I’ve added more cameras in here, so I’ve got 16 inside and two outside—one in the front and one in the back. And even when people know that they’re being watched, they still steal stuff.

“This town—and I hate to say this—is turning into a s—hole. It’s really disheartening, because I love Kelowna. I really do, and I’ve been in this location for probably 20-plus years now, and I’ve never seen it this bad. And these are kids that are stealing. These are adults that know better. That’s the part that really (makes me mad).”

#5 LL on 08.14.18 at 5:08 pm

From BC RE Newsletter – August 14/18

While July’s home sales in Metro Vancouver reached their lowest levels in 18 years, it also marked 5 straight months of a 30% average reduction in sales volume.

On Central Vancouver Island its a different story.
We are still seeing brisk home sales and some multiple offers in single detached homes priced under $500,000, making this a strong sellers market.

While homes priced over $1,000,000 are taking significantly longer to sell with record levels of inventory not selling and being hit the hardest making this luxury category a strong buyers market.

We will continue to see a shift in our market going from an all over sellers market in every category to a market that has micro markets.

Condos under $300,000 and single detached houses under $500,000 will continue to sell.
Higher priced homes over $600,000 are already seeing price adjustments in a downward direction and taking two to three times longer to sell than at the start of 2018.

The shift in Vancouver and Victoria has occurred for a number of reasons including: The recently implemented Stress Test, Higher Interest Rates, Overall High Prices, Increased Foreign Buyers Tax, Increased Property Taxes.

#6 dakkie on 08.14.18 at 5:08 pm

Report Warns Of UK Housing Bubble Bust – “Home Values Fell For The Fifth Straight Month”

http://www.investmentwatchblog.com/report-warns-of-uk-housing-bubble-bust-home-values-fell-for-the-fifth-straight-month/

#7 Andrewski on 08.14.18 at 5:09 pm

Who knew?

https://www.movesmartly.com/articles/28-of-toronto-area-houses-for-sale-are-empty?utm_content=75610095&utm_medium=social&utm_source=twitter

#8 Ron on 08.14.18 at 5:27 pm

like Brian, I also decided to put my condo up for sale. 296 sq. ft. in midtown Manhattan that I lived in for 4 years and rented out for the next 4. After water leaks, common charge hikes, and now oversupply and falling rents, I’ve had enough of being a long distance landlord. If I’m lucky enough to sell, I may consider buying a basket of REITs with the proceeds (never exit an asset class!).

#9 Wallflower on 08.14.18 at 5:57 pm

#8 Ron on 08.14.18 at 5:27 pm
like Brian, I also decided to put my condo up for sale. 296 sq. ft. in midtown Manhattan
– – – – – –
Do share the garage-size living experience… to be repeated? never again? best thing ever?

#10 Penny Henny on 08.14.18 at 5:57 pm

Question? Why didn’t Brian buy a bung for 350-400 and build a basement apt to rent out for 1500-1800 per month as he claims. He would have 100k down from sale of condo, mortgage would be in the range of rent he is charging and then charge girlfriend 750 a month to cover carrying charges. Live in the house for FREE. IH gets this.

#11 Penny Henny on 08.14.18 at 6:00 pm

I would also like to add, what is Brian renting for $800 per month? A bedroom, maybe two or the basement? And really 1500-1800 per month to rent a basement in Guelph? Har De Har Har.
Why must people exaggerate so much?

#12 Debtslavecreator on 08.14.18 at 6:01 pm

Brian give your friend a kiss and tell him you love him
He’ll understand what you meant in 3-4 years

#13 Dolce Vita on 08.14.18 at 6:22 pm

Garth, forgot to mention yesterday that Rona Ambrose, on NAFTA and Trump’s threatened Auto Tariffs, in her interview said:

“…I believe Trump will follow thru on Auto Tariffs…a 25% tariff potentially starting in the FIRST WEEKS OF SEPTEMBER and I mean that’s what they’re aiming towards.”

If true, Guelph Brian should be sending you an early Christmas Hamper for the prescient advice (more like kiss your feet).

No one else in MSM talking about what Ambrose said. Bury their heads in the sand? I suppose nobody wants to hear bad news before it happens, let alone talk about it.

Not your favorite news source Garth, but Ambrose worth listening to on this:

https://www.bnnbloomberg.ca/video/trump-will-use-auto-tariffs-as-very-big-hammer-in-nafta-talks-ambrose~1460484

– – – – – – – – – – – –

Personally, I thought it chilling what she had to say. All because of 1 man S. of the border. Boggles the mind when you consider the economic impact (and she discusses that as well, similar to what you have said Garth).

Meanwhile here in Italia, bridges being blown up by tanker truck explosions or, as of today, entire bridge spans collapsing.

TOURIST TIP:

Better to walk than drive in Italia nowadays, especially if in Genova or Bologna.

#14 young & foolish on 08.14.18 at 6:35 pm

Hmmm … $1 trillion deficits and $1 trillion companies.

#15 Kelowna on 08.14.18 at 6:37 pm

We are in Lunenburg today and love your “eastern office” building Garth. We did laugh though when we saw that this beautiful granite building originally cost $22000.00 to build – bet you wish your Reno bill was even close to this amount!

#16 Catalyst on 08.14.18 at 6:53 pm

story reeks of BS numbers – but I dont disagree with overall theme….

#17 crowdedelevatorfartz on 08.14.18 at 6:54 pm

Over 600 forest fires in BC and counting.
The Lower Mainland blanketed in thick smoke.
The local mountains invisible in the Bejing-like smog.

Its the Best “cough cough” Place on Earth!

https://www.theglobeandmail.com/canada/article-more-than-145-new-wildfires-in-bc-as-wicked-weather-adds-to/

Maybe its a good time to buy a house?

#18 NoName on 08.14.18 at 6:54 pm

@13 Dolce Vita on 08.14.18 at 6:22 pm

What part of italy you at???

#19 Viorelli on 08.14.18 at 6:55 pm

Other reasons for a slide in prices here in Vancouver is an ever increasing, to an absurd levels almost (depending on where you are in the city), property taxes, insurance, and rising maintenance costs (numerous contractors are plain refusing to drive in due to traffic). Somebody who has an older home in Shaughnessy on a larger lot is facing almost $25.000 annually in city taxes alone. He is semi retired and defers it for now, but sooner or later it must be paid. Might as well retire in Cabo San Lucas, and invest the proceeds of the sale in a good portfolio.

#20 Catalyst on 08.14.18 at 6:56 pm

https://www.realtor.ca/Residential/Single-Family/19707617/66-40-Imperial-Road-N-Guelph-Ontario-N1H8B4

Here is $1150/mo to rent a 3 bdr townhouse in Guelph. Doubt a basement costs 1500-1800…

#21 NOSTRADAMUS on 08.14.18 at 7:00 pm

NOSE HAIR!
Moving forward, I suspect those saddled with a heavy debt load will shortly experience eye watering losses which will put T-2’s teary eyed apologies to shame. For inquiring minds, have you ever wondered how T-2 can bring the tears on so quickly? It’s easy, when you want a good waterfall, just pull a few nose hairs, works every time, try it. The problem is sooner or later you run out of nose hair. I suspect T-2 will be cutting back on the tears. You can trust me as the teller of truth in the land of gypsies, tramps and thieves.

#22 bdwy sktrn on 08.14.18 at 7:00 pm

#95 A J on 08.14.18 at 11:40 am

Also, Smoking Man….I eat steak and play hockey, and I’m a Liberal. Bet I’m better at hockey than you too, and I’m a girl.

————————–
wooooah …. easy there sweetheart

smokey was a hardrock jr B blueliner.

the womens olympic hockey teams play against midget boys teams. kids who prob have not started shaving yet.

the best womens player in the world is far, far inferior to the weakest jr b (or c) players. like 50 goals in a game kind of inferior.

#23 Kelowna - Vision Vancouver Knock Off on 08.14.18 at 7:04 pm

Colin – he’s just not ready to run Kelowna.

But loves feeding the development community doing off-shore luxury condo deals at all costs. The experience is showing as a past realtor turned mayor.

And his competition for mayor this fall? A bonafide slumlord holding multiple properties that apparently “pay for themselves” age 32.

You can expect the Kelowna drop in living standards story to continue to make places like crime riddled Abbotsford look great.

And this doesn’t even consider the potential for people to never return as the emergency health conditions created by smoke (once again) has left the area without sun and oxygen to breathe and gives people a real view of what living inland in that rugged area is like.

#24 Investigating financial crime in Canada on 08.14.18 at 7:05 pm

“If you launder money in Canada and get caught, FINTRAC suspends your golf membership. No one goes to jail in Canada for even the most significant financial crimes.”

#25 crowdedelevatorfartz on 08.14.18 at 7:06 pm

And then we have Venezuelan socialism reaching a new “record”…..
The first country to ever reach 1,000,000 % (1 million per cent) inflation……

Well done!

https://www.nytimes.com/2018/07/23/world/americas/venezuela-inflation-crisis.html

Apparently in this country of failing businesses, infrastructure, economy, and currency…….
EGGS are the new economy.
Small, easy to trade and everyone in that starving country needs to eat!

Politically correct socialists should all be sent to Venezuela to experience “equality” first hand.

#26 $250 Fine on 08.14.18 at 7:06 pm

“Things you’d do 20 years for in the U.S., you might get a fine in Canada and that’s not lost on criminals.”

#27 Wrk.dover on 08.14.18 at 7:09 pm

#3

It’s the tenant being dirty and doing damage in the low end rental too.

#28 Who is on first? on 08.14.18 at 7:09 pm

What is on second?

In many cases, foreign money ends up in the blistering hot real-estate markets of Vancouver, Victoria, Kelowna and Toronto, driving housing prices beyond the reach of many Canadians.

In virtually every instance, we found the names listed on public registries have nothing to do with the companies’ real owners. These straw men directors are completely legal and Canada has done nothing to register the real “beneficial owners” of companies, as the U.K. started doing last year.

#29 What others have to say about Canada on 08.14.18 at 7:15 pm

A similar Hong Kong firm touts Canada as a good choice for a corporation registration because of the “ease of opening a bank account in Canada” and setting up a subsidiary with a virtual office “with or without employees.”

Even corporate service firms in Switzerland, an infamous haven of untaxed offshore wealth, are selling Canada as an alternative tax haven.

One European firm touts its “Offshore Company Formation in Canada” service offering a “complete tax transparent structure” that is “not taxable in Canada at all.”

#30 Figus Makum on 08.14.18 at 7:18 pm

Having read some of the blog dogs’ entries over the past year, there is not much support for the maligned millennials.
You may wish to reconsider after watching this short film about their plight.

Sad, very sad. Help, if you can.

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

#31 Bytor the Snow Dog on 08.14.18 at 7:24 pm

Garth sez:

“Two people working full-time at minimum wage with one child will spend $1,500 a month on daycare, or 30% of their gross income. Add in food, rent, transportation, clothing and kid stuff and there is nothing left to save, invest, to put side for education or retirement. Yes, easy street, Lee. – Garth”

Ahhhh….. I see…. the ole “everyone works day shift” mentality. My wife worked days. My kids were never in day care. I’m opposed to those indoctrination factories.

I wonder who watched those kids every day for 11 years until they were in school full time?

Think harder.

#32 Guelphiterenting on 08.14.18 at 7:38 pm

We rent a pretty nice 3 story townhouse for a shade under 1300 all utilities in Guelph. Friend with a basement appt is lucky to get 800 (and lucky not to get a meth user). Seems a bit exaggerated…

#33 Karl on 08.14.18 at 7:40 pm

Garth, I understand your position on the RE market and what it means to own, but why the hate for small Ontario cities? Or is the hate just for owning RE in those small Ontario cities and not the actual livability?

Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

#34 Bezengy on 08.14.18 at 7:43 pm

#24 “If you launder money in Canada and get caught, FINTRAC suspends your golf membership. No one goes to jail in Canada for even the most significant financial crimes.”

_____________________

Livingston helped screw Ontario Hydro customers out of over 1 Billion…and not a day in the slam, although the court found him guilty of obstruction of justice. Apparently he’s a nice guy and has grandkids, and he can afford a great lawyer (you know the kind with connections).

#35 robert james on 08.14.18 at 7:43 pm

#23 Kelowna – Vision Vancouver Knock Off on 08.14.18 Kelowna has become Mini-Hasting and Main ,, with out a doubt the most over rated city in Canada.. I live 15 miles South of kelowna which is way too close.. Why people move to the smokey,,crime invested Okanagan is beyond me.. It used to be a nice place to live but not anymore.. https://www.castanet.net/edition/news-story-233855-1-.htm#233855

#36 crossbordershopper on 08.14.18 at 7:57 pm

well, i was born and raised in guelph (till i left for U). Never returned just visiting the folks.
so.. the folks live in an old bungalow, that is so close to downtown that new ones up the street are bing built and sold for $700K each and look like crap. poorly constructed. 3 townies, minus construction equals 1.4mil equity for my parents place , for are you ready, my dad got for free. yes in 1971 he build it and sold the old house,(next door). total investment of 30K.
honestly, guelph is a university town and a bedroom community to toronto, it used to be quiet because the mob boss’s used to live there, actually up the street when i was a kid.
real estate is truely crazy priced in Guelph, i have perspective and time to say that with some very specific personal experience. Yes I will get my dad place for free, and redevelop it when their time comes.
If i was say 30 instead of 50, i would rent like the guy, to be locked into a huge debt in fergus or rockwood or wherever the farm is, i find shocking.
you are done, anchored into a property, for life in Guelph Ontario. some people think its a wonderfull town, actually it hasnt changed much in 40 years from my recent stay there. In some respects the worst place in the world to live, if you dont have a leg in, a job, a contact etc, low wages and high real estate prices, Guelph is a poster child of weird southern ontario living, they think trading 700K condos is how people should spend their life. and live poorly .
You still end up in Florida, as I see it, SBA loans, you can get citizenship in 3 steps and 2 years, you can buy business, get credit, making 200K usd is not that big of a deal running business down there. low taxes and cheap food, gas and real estate and better weather.
if for whatever reason it doesnt work out, i can redevelop my old mans place as a backup plan. -since as he said he is leaving in a box.

#37 Freebird on 08.14.18 at 7:57 pm

On Canadian women’s hockey…”given the nature, history and intensity of the rivalry, it is one of the most anticipated finals of any team sport in the Games, summer or winter.”

https://www.google.ca/amp/s/nationalpost.com/sports/olympics/never-in-doubt-canada-books-another-date-with-u-s-for-womens-hockey-gold/amp

Athletes to be proud of regardless of gender.

#38 Mattl on 08.14.18 at 7:59 pm

Looks like Brian will be moving in with his bud which is slightly better then living in Moms basement. I don’t see too many winners, two couples living together in their mid 30s…tallest midget type scenario.

And I don’t get selling a relatively low value home with strong equity to invest. If he is so set on living with other people why not bring a renter in? If 800 is such a good deal for shared accomos then move someone in at 1k or rent the whole place at 2k.

Brian is sure to be late 30s and have a 200k net worth but at least he can travel and be balanced! Winning! I would bet a lot of money that his moron friend will have multiple times his net worth in 15 years.

#39 Danny on 08.14.18 at 8:01 pm

Definition:Psychiatric hospitals, also known as mental hospitals, mental health units, mental asylums or simply asylums, are hospitals or wards specializing in the treatment of serious mental disorders.

Garth can we now include ” those buying overpriced condos” to this definition?

I have been for the last 2.5 years watching prices for 30 year old built and also under construction towers in Etobicoke…..Bloor and Islington Ave. Area.
These concrete boxes have gone for 2 bedrooms and 2 bathrooms ranging from 800 square feet to 1,200 square feet…. from approximately $550,000 to now between $700,000 and $750,000. That is approximately extra $150,000 to $200,000 in 2.5 years!!!!!!……almost 17% yearly or 35 % increase in 2.5 years.

If my math is close enough…either the sellers or buyers need their heads examined.

Last 2 units on the bad luck floor “41”….have not sold for last 2 years….still have gone up from $700,000 to $800,000 and $850,000…in the one under construction.

I give up….and when King Ford starts reducing funding for Ontario Asylum……where will these Condo buying suckers go?

Maybe back to mom and dad…..if they haven’t split for the Bahamas.

When condos creep up closer to houses with dirt and are a way much more on a building square foot basis…..something does not fit well.

Maybe we just need to wait until Dracula Trump sucks harder from previously good friendly countries to America.
He just doesn’t let up on trying to slap around old friendly countries.

Guess the investigation into Trumps corrupt life must be frightening him….he used to bully City Mayors….but now he is dealing with the big boys in America…who swore allegiance to the Constitution and are not small fry politicians like city Councillors.

#40 crowdedelevatorfartz on 08.14.18 at 8:03 pm

@#22 bdwy.sktrn
“…..the best womens player in the world is far, far inferior to the weakest jr b (or c) players. like 50 goals in a game kind of inferior….”

+++++

Careful.
While you speak the truth the term “inferior” may be considered hate speech and any number of groups could report you for hate crimes

#41 Andrewt on 08.14.18 at 8:04 pm

#25 crowdedelevatorfartz on 08.14.18 at 7:06 pm
And then we have Venezuelan socialism reaching a new “record”…..
The first country to ever reach 1,000,000 % (1 million per cent) inflation……

Well done!

https://www.nytimes.com/2018/07/23/world/americas/venezuela-inflation-crisis.html

Apparently in this country of failing businesses, infrastructure, economy, and currency…….
EGGS are the new economy.
Small, easy to trade and everyone in that starving country needs to eat!

Politically correct socialists should all be sent to Venezuela to experience “equality” first hand.
—-
The heartache in Venezuela has less to do with socialism as an ideology as it has to do with dictatorship as a reality.

#42 Freebird on 08.14.18 at 8:13 pm

Florida voting hacked by a kid. Well then…

https://www.google.ca/amp/s/www.pbs.org/newshour/amp/nation/an-11-year-old-changed-election-results-on-a-replica-florida-state-website-in-under-10-minutes

#43 Newcomer on 08.14.18 at 8:13 pm

I once lived in Guelph, so I was surprised to hear that rents were that high. Looking through the ads on Craigslist and Kajiki, I could find nothing to support the letter writer’s claim.

What is it with people writing to Garth with obviously untrue tales? How can they expect to get good advice if they don’t tell the truth? Plus, is it not just a really weird thing to do?

#44 TheDood on 08.14.18 at 8:27 pm

#10 Penny Henny on 08.14.18 at 5:57 pm

Question? Why didn’t Brian buy a bung for 350-400 and build a basement apt to rent out for 1500-1800 per month as he claims. He would have 100k down from sale of condo….

____________________________

Taking a free capital gain and firing right back into RE is an idiot move. Smarter to invest it and stay liquid. This gives him options if he wants to move in future.

Much better to have a 6 figure growing portfolio than a house and little or no money invested.

#45 april on 08.14.18 at 8:37 pm

#5- and outrageously priced homes

#46 Tony on 08.14.18 at 8:38 pm

He could get “lucky” in his ETF only if Trump does two terms. “They” could allow for a shallow bear market early in 2021 and then everything implodes mid-way through 2024. Five years from now would just get him out in time. If Trump does one term Brian won’t be buying any condo or house or anything else.

#47 Long-Time Lurker on 08.14.18 at 8:38 pm

#56 The Cynic on 08.13.18 at 11:29 pm
Hey Garth,

Could you comment on the Lira’s “death spiral” and contagion risks? I think it was Lewenza that’s been boosting that EM’s are super cheap but they sure took a hit this week.

https://www.cnbc.com/2018/08/13/turkeys-crashing-currency-likely-to-unleash-wave-of-bad-loans-in-regi.html

>It says Turkish banks should be already hedged against the Lira but the currency collapse could lead to bad loan defaults unless they start shooting their interest rate up.

The bigger risk is Erdogan –who concentrated power in his hands– and his poor track record.

Contagion risk: Jess’ post yesterday.

#48 april on 08.14.18 at 8:41 pm

#19- Apparently “contractors refusing to drive in to Van due to traffic” is a myth…. realtor spin.

#49 Ron on 08.14.18 at 8:47 pm

#8 Ron on 08.14.18 at 5:27 pm
like Brian, I also decided to put my condo up for sale. 296 sq. ft. in midtown Manhattan
– – – – – –
Do share the garage-size living experience… to be repeated? never again? best thing ever?

———————————————————–

It’s all relative.

It was certainly an upgrade from the previous place: a row house basement under the elevated subway tracks in Queens. There, the choice of opening the window in the summer was always a compromise between the roar of the train overhead and the suffocating heat.

Laundry in the basement was also a nice change from schlepping down the street to the laundromat.

Friends who lived in 6 floor walk ups were also envious of the elevator in my building.

The only problem with upgrading is that your expectations keep ratcheting up. So now I’m used to my 650 sq feet, balcony, laundry in the unit, drop my garbage down a chute, gangsta Canadian lifestyle, it would be hard to go back.

If you really want to see something nuts, check out the way these folks live in Hong Kong:

https://www.businessinsider.com/crazy-pictures-of-micro-apartments-around-hong-kong-2018-1#simon-wong-a-62-year-old-resident-has-just-enough-room-to-hang-a-few-shirts-and-pairs-of-pants-his-rent-of-226-would-be-enough-to-share-a-small-one-bedroom-apartment-in-some-american-towns-5

#50 MF on 08.14.18 at 8:51 pm

#38 Mattl on 08.14.18 at 7:59 pm

200k net worth for late 30’s is actually a lot more than most have (no E-stats).

#44 TheDood on 08.14.18 at 8:27 pm

Almost everyone who has made any money on RE invests the profit right back into more RE. They cannot help themselves. It’s like a drug. They also have an aversion to renting.

MF

#51 Dolce Vita on 08.14.18 at 9:03 pm

#18 NoName

Floored when I saw the Morandi Bridge in Genova collapse today. Driven over it coming back from Nice. Unbelievable.

Expat Cdn. My money and pension come from Canada. Why I care about what happens. Besides his advice, I like Garth’s style.

I live in NE Italia, Region of Friuli-Venezia Giulia, Province and City of Pordenone.

Quiet, super clean and affluent, for Italia (other Italians call us the “Swiss” of Italia). 1 hr by train to Venezia (I often day trip it there, 85 km by car). Alps 10 km away. Some of the best Mediterranean beaches 60 km away (Blue Flag, they stretch for about 40 km). Pordenone 50 K inhabitants. Surrounded by vineyards, etc. (Region is 1 of the prime Prosecco growing areas and now, officially the birthplace of Tiramisu, we also gave you radicchio, rucola and polenta).

Where my parents are from. Treviso 40 min away where I can hop a plane to anywhere in the EU easily and quickly (and cheap with RyanAir). Most of the EU within 2 hr flying time. I can do the same from Venezia’s Marco Polo, just takes a bit longer to get there.

It’s off the beaten tourist path for Italia and I love that. If I want mayhem and the crush of tourists, I go to Roma, Verona, Venezia or Firenze 1 hr away either by train or plane. S. Italy & the Islands are my favorites, fewer tourists and visually stunning.

Also, 10 km away from where I live is an Uncle Sam Airbase in Aviano. I figure if we ever get attacked in Italia, at least my area will give some payback. 1 train stop East of Pordenone is an Uncle Sam attack helicopter base, more payback.

Ya, I know, long winded answer to a simple question. Some written visuals not a bad thing. After all, I do speak a Romance language and, we talk a lot as a people (and write a lot in my case).

#52 Contrary Canadian on 08.14.18 at 9:12 pm

Hey Flop, where you hiding? Did I miss the vacation notice maybe? Haven’t seen you post in a while, hope everything is okay.

#53 crowdedelevatorfartz on 08.14.18 at 9:42 pm

@#41 Andrewt
“The heartache in Venezuela has less to do with socialism as an ideology as it has to do with dictatorship as a reality….”
++++++

It starts as “socialism” and ends up as a “dictatorship”.

http://www.dailymail.co.uk/news/article-3192933/Hugo-Chavez-s-ambassador-daughter-Venezuela-s-richest-woman-according-new-report.html

https://www.dothaneagle.com/venezuela-s-maduro-under-investigation-in-us-money-laundering-case/article_4a42f77d-bdef-5089-a295-7f30358152fb.html

Socialist scum enriching themselves on the backs of the proletariate “sheeple”.

When the country falls in the next 12 months(or less) one can only hope the mob gets their hands on the “leaders” and deals with them in the same manner that the “leadership” has dealt with anyone who opposed them.
Assassinations, disappearances, jail, torture, but a few of the options used by the “utopian state leadership” over the last 15 years.

#54 arfmoocat on 08.14.18 at 9:45 pm

#8 Ron on 08.14.18 at 5:27 pm

like Brian, I also decided to put my condo up for sale. 296 sq. ft. in midtown Manhattan

……………………………………………………………………….

That’s the size of a dog house?

#55 Editrix on 08.14.18 at 9:55 pm

Bryan’s friend should have goosed the price a bit, because he can only increase the rent about 1.6% a year. Better to start high, unless Ford is planning on changing the cap on rent increases.

#56 Smoking Man on 08.14.18 at 10:28 pm

Y’all remember my post where the Saudi vs T2 spat was a show. Trying to make T2 manly again. I said Saudi Arabia donates huge to liberals to insure their oil markets stay intact.

Here is the proof, not only are we still buying oil from Saudi Arabia, T2 is not even going to charge the carbon tax on their oil.. But every oil producing province is going to have to pay..

And you dumb ass salad eaters still love the traitor.

http://capforcanada.com/trudeau-government-exempts-saudi-arabian-oil-from-carbon-tax/

#57 bubu on 08.14.18 at 11:03 pm

fake news… who can qualify for 930k on a $70k income?

#58 FOUR FINGERS WATSON on 08.14.18 at 11:04 pm

Are you bothered by the seemingly endless congestion on Kelowna roadways?

Get used to it.

A city paper on transportation challenges and opportunities suggests the only way to alleviate congestion is by using alternative modes of transportation, such as transit, biking and walking.

Currently, people in Kelowna own more vehicles per capita than any other city in Canada, collectively drive to the moon and back twice every weekday, and parking spots are used about 340,000 each day.

https://www.castanet.net/edition/news-story-233822-1-.htm#233822

#59 Ronaldo on 08.14.18 at 11:13 pm

#30 Figus Makum on 08.14.18 at 7:18 pm
Having read some of the blog dogs’ entries over the past year, there is not much support for the maligned millennials.
You may wish to reconsider after watching this short film about their plight.

Sad, very sad. Help, if you can.

https://www.youtube.com/watch?v=RGvrmltfMrA
——————————————————————
Way too funny.

#60 yorkville renter on 08.14.18 at 11:35 pm

$1800 for a basement in Guelph?

WTF IS WRONG WITH PEOPLE!??!!

#61 Zapstrap on 08.14.18 at 11:37 pm

I know … I know … I’m from out here in LaLa Land but where the heck is Fergus? Anywhere by Shining Tree?

#62 Helpful Suggestions Please on 08.14.18 at 11:49 pm

What would u do with $17K sitting in a HISA marooned. I see two options: some ETFs and some stocks. Would be grateful for ETF and stock suggestions.

#63 The Real Mark on 08.15.18 at 1:43 am

How did Garth get a picture me in my mom’s basement?

#64 NotSoNewToETFs on 08.15.18 at 2:56 am

Would love to hear more about your take on Trump’s impact on the world. WW3? Stock market implosion?

#65 Smoking Man on 08.15.18 at 2:59 am

Metoo

https://youtu.be/G2qIXXafxCQ

#66 Oft deleted much maligned stock.picker on 08.15.18 at 5:07 am

DELETED

#67 Karl on 08.15.18 at 6:26 am

Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

That’s what I figured and I agree. I’ve heard/know people who are stretched thin living in Toronto because they think anywhere else doesn’t count or matter.

#68 the Jaguar on 08.15.18 at 6:29 am

#4,23 & 35 posts today…..all pretty negative on the Okanagan. Kelowna specific, but everyone knows that Vernon and Penticton are experiencing similar issues. Drugs, crime, forest fires and poor air quality summer and winter annually. (controlled burns in the winter months). Could add in the oppressive heat, rattlesnakes, poor quality drinking water and the meddling, obtuse BC government. Imagine the listings will pop early this fall for those out of province owners who want to pull the plug and invest elsewhere. There are other places for sure. With more nature and less people.
Speaking of the idiotic BC government, good article in the National Post this morning about oil being delivered through the Juan de Fuca Straights to Washington State to be refined for use in the pacific northwest. Courtesy of Vladimir Putin. Did someone say the word ‘Sanctions’? Oh me, the fun never ends.

#69 neo on 08.15.18 at 7:12 am

Yup. Just as I thought. The 10 year bond touched 3.00% on the nose and then proceeded to be scared back below it again like a groundhog afraid of it’s shadow.

I’ll believe all this inflation talk and booming US economy when that 10 year can stay above 3% and higher.

#70 Bytor the Snow Dog on 08.15.18 at 7:33 am

#30 Figus Makum on 08.14.18 at 7:18 pm
Having read some of the blog dogs’ entries over the past year, there is not much support for the maligned millennials.
You may wish to reconsider after watching this short film about their plight.
Sad, very sad. Help, if you can.
https://www.youtube.com/watch?v=RGvrmltfMrA
————————————————————-

Hilarious! Get ready for some knotted knickers.

#71 Bytor the Snow Dog on 08.15.18 at 7:34 am

Oh, re: the title pic.

Real men can’t cross their legs like that! Ouch!

#72 dharma bum on 08.15.18 at 8:00 am

DELETED

#73 Remembrancer on 08.15.18 at 8:07 am

#3 now i’m interested on 08.14.18 at 4:56 pm
#38 Mattl on 08.14.18 at 7:59 pm

Condos get older and costlier + try to sit in on a Condo Board meeting sometime – they’ll be making the common financial decisions for you and yours…

#74 Yes, it's Brian on 08.15.18 at 9:15 am

Dogs, dogs, so much barking.

I’ve never rented. I lived at home, saved and bought a place. I’m ignorant to the rental market in this city. My ‘1500-1800’ is based on some searches I made while deciding to sell my condo or not.

Just now on another search the first page of results showed me apartments in Guelph renting for $1,600, $1,950 and the lowest was $1,250. Hounds, search for yourself if interested, but i’m not interested in posting links since people have the incredible ability to stay married to their opinion to a point where they will question the credibility of links…rather than having an open mind and accepting it’s possible that someone else is correct.

A question I saw above is what are we getting for $800/month? Valid ask. Sorry to give such a vague answer but we are tenants in my friend’s house and we ‘get’ all of it. This person is my best friend and because of that we are handling things differently. We are not signing a lease, it’s month to month. We will have a room, yes, because we need a place to sleep. Our $800/month pays for us to live in his house, utilities, use anything we want, plant a garden somewhere on his 4 acres ect. I have known this person most of my life and he travels a lot for work. The situation of us living in his house was his idea.

People will moan about the decisions others make. Needs and lifestyles are different for different people (imagine that eh?) My friend is a country guy and has no desire to travel to a hot place, or see Europe, he doesn’t care. He’s the type that wants to marry, raise kids, and own his farmhouse forever.

I’m the opposite. My squeeze and I may have kids in the distant future, maybe. We both love traveling and the idea of not being a slave to the bank while they own our home for 25 years. I sold her on the idea that I can invest money for us and we can travel and do the exciting things we want to do in the next few years. After that we can buy a place, or not.

You dogs really do see in black and white

#75 Asterix1 on 08.15.18 at 9:39 am

I thought TREB had shut down this site (and others).

https://www.mongohouse.com/soldrecords/5b61382e2fab1e94e624293e

This hideous looking house was recently sold for 1,040,000$ in Richmond Hill.

– It was originally listed in May 2017 for 1,490,000$.
– Relisted 5 times until it was finally sold end of July 2018 for 1,040,000$ (listed at 1M$)

That is -30% lower than the seller initially wanted! Ouch! Good old realtor still gets to say it sold 4% over asking.

Buying right now in the GTA makes absolutely no sense. This is just the start!

#76 robert james on 08.15.18 at 9:42 am

the Jaguar on 08.15.18 at 6:29 am ………………..There is more. lol https://www.castanet.net/edition/news-story-233928-1-.htm#233928

#77 Oft deleted much maligned stock.picker on 08.15.18 at 9:55 am

Oh will the deniers feel the walls closing as New Zealand bans foreign buyers

https://www.facebook.com/114019975312443/posts/1961782857202803/

Or is admitting the truth still too “racist ” to speak out loud?

NZ has 4.5 million people, is smaller than the GTA and, yes, has a hate-on for China. There are no lessons. – Garth

#78 IHCTD9 on 08.15.18 at 10:09 am

#67 Karl on 08.15.18 at 6:26 am
Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

That’s what I figured and I agree. I’ve heard/know people who are stretched thin living in Toronto because they think anywhere else doesn’t count or matter.
___________________

Some folks just love the urban environment, but I think that is as close to an explanation as to what the draw is as I’ll ever get. It ain’t the smell, the scenery, the traffic, the wages, or the RE prices – that’s for sure.

Big broke urban cities that are pushing their population (and maybe their demographic) limits don’t have a good future to look forward to IMHO.

The good quality of life experience in the GTA was like anything else – a limited time offer. “Economic households” are already becoming widespread through necessity, an excessive influx of job seekers has kept wages down for 15-20 years now. The city is as broke now as its ever been (worse actually).

Further to that, I’m starting to get a feeling there is something new brewing. Lots of murders this year. One particular mass shooting looks like it is being fed to the public in a modified, selective facts type manner. The GTA is a patchwork of segregated nationalities and ethnicities with a majority population of foreign born folks. We should only expect that we may see some very un-Canadian behaviours start to emerge from these areas if times get tough. Simple logic leads.

Maybe it’s just starting up now…

#79 PastThePeak on 08.15.18 at 10:24 am

#67 Karl on 08.15.18 at 6:26 am
Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

That’s what I figured and I agree. I’ve heard/know people who are stretched thin living in Toronto because they think anywhere else doesn’t count or matter.
+++++++++++++++++++++++++++++++++++

Certainly there are many on this blog who believe there is no where else to live in Canada. Which is fine, it is their choice, but hopefully they understand the tradeoffs.

#80 Karl on 08.15.18 at 10:36 am

#78 IHCTD9 on 08.15.18 at 10:09 am
#79 PastThePeak on 08.15.18 at 10:24 am
#67 Karl on 08.15.18 at 6:26 am
Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

That’s what I figured and I agree. I’ve heard/know people who are stretched thin living in Toronto because they think anywhere else doesn’t count or matter.
+++++++++++++++++++++++++++++++++++

Certainly there are many on this blog who believe there is no where else to live in Canada. Which is fine, it is their choice, but hopefully they understand the tradeoffs.

————————————————————

To each his own.

Personally I think GTA is a great place to live. I don’t think we appreciate it as much as we should. Granted it does have it’s downsides, but everywhere does.

I don’t mind when someone professes their love for Toronto, I mind when they demean any other place other than Toronto, like all the small towns/cities in GTA or outside.

#81 IHCTD9 on 08.15.18 at 10:40 am

#74 Yes, it’s Brian on 08.15.18 at 9:15 am

My friend is a country guy and has no desire to travel to a hot place, or see Europe, he doesn’t care. He’s the type that wants to marry, raise kids, and own his farmhouse forever.
_________

I can relate. I could give a rip about travelling – if I go anywhere it’ll be across Canada and maybe Alaska.

I’ve already done the marry up, on the home stretch with raising kids, and I own an 1870 ex-farm.

You can give him a heads up though – once he’s staring at 50, the old farm house (and the maintenance thereof) won’t be as charming as it is now.

#82 Yuus bin Haad on 08.15.18 at 10:45 am

Economic hurt in Canada? Let’s not overlook domestic issues.

#83 Braj on 08.15.18 at 10:46 am

#78 IHCTD9 on 08.15.18 at 10:09 am
#67 Karl on 08.15.18 at 6:26 am
Small cities are great, but never put 100% of your net worth into a house in one. Or a big city, for that matter. – Garth

That’s what I figured and I agree. I’ve heard/know people who are stretched thin living in Toronto because they think anywhere else doesn’t count or matter.
___________________

Some folks just love the urban environment, but I think that is as close to an explanation as to what the draw is as I’ll ever get. It ain’t the smell, the scenery, the traffic, the wages, or the RE prices – that’s for sure.

Big broke urban cities that are pushing their population (and maybe their demographic) limits don’t have a good future to look forward to IMHO.

The good quality of life experience in the GTA was like anything else – a limited time offer. “Economic households” are already becoming widespread through necessity, an excessive influx of job seekers has kept wages down for 15-20 years now. The city is as broke now as its ever been (worse actually).

Further to that, I’m starting to get a feeling there is something new brewing. Lots of murders this year. One particular mass shooting looks like it is being fed to the public in a modified, selective facts type manner. The GTA is a patchwork of segregated nationalities and ethnicities with a majority population of foreign born folks. We should only expect that we may see some very un-Canadian behaviours start to emerge from these areas if times get tough. Simple logic leads.

Maybe it’s just starting up now…

***

Balkanization of Canada.

#84 HD on 08.15.18 at 10:47 am

Hello fella blogdawgs!

It has been a while? What did I miss? Happy to report that I cleared the CFA Level 2 exam on my first attempt (what a vicious test…holy molly ;s).

This blog has been very inspiring and is the reason why I decided to give the CFA program a shot.

Thank you guys and gals.

Best,

HD

#85 Lead Paint on 08.15.18 at 10:53 am

#63 The Real Mark on 08.15.18 at 1:43

Pure gold!

#86 Damifino on 08.15.18 at 11:02 am

Brian, 1. Friend, 0.

Ooh, that’s harsh… but true, nonetheless.

#87 robert james on 08.15.18 at 11:04 am

#68 the Jaguar on 08.15.18 at 6:29 am……………….. And more yet.. https://www.castanet.net/edition/news-story-233890-1-.htm#233890

#88 arfmoocat on 08.15.18 at 11:24 am

WHAT A GLOBAL SELL OFF IN THE MARKETS TODAY.

Everything… oil, gold

Except cannabis because of Constellation and Canopy news

The Dow is down 0.91%. Yeah, big sell-off. – Garth

#89 young & foolish on 08.15.18 at 11:31 am

The small cities vs. big cities debate …. why is it even necessary? Each place has it’s pros and cons, and we as free citizens can make our choice depending on the trajectory of our lives.

#90 Headhunter on 08.15.18 at 11:32 am

On Canadian women’s hockey…”given the nature, history and intensity of the rivalry, it is one of the most anticipated finals of any team sport in the Games, summer or winter.”

https://www.google.ca/amp/s/nationalpost.com/sports/olympics/never-in-doubt-canada-books-another-date-with-u-s-for-womens-hockey-gold/amp

Athletes to be proud of regardless of gender.

————————————————————–
you are kidding right? Womens hockey at the Olympic level is broken, maybe beyond repair. Only TWO teams can compete. Should not even be on the ticket as there is no competition. What 6 teams in total? For that they give out medals?

I don’t exactly feel as proud as you when we are pasting Korea lets say 11-0. Like beating up on your little brother/sister.

European mens teams are great, but no womens clubs.. why? (you can figure it out this is a finance blog after all)

Maybe better to just have USA/Canada “friendlies” or something like that end rant

#91 Ubul on 08.15.18 at 12:00 pm

#29 What others have to say about Canada

A similar Hong Kong firm touts Canada as a good choice for a corporation registration because of the “ease of opening a bank account in Canada” and setting up a subsidiary with a virtual office “with or without employees.”

Even corporate service firms in Switzerland, an infamous haven of untaxed offshore wealth, are selling Canada as an alternative tax haven.

One European firm touts its “Offshore Company Formation in Canada” service offering a “complete tax transparent structure” that is “not taxable in Canada at all.”

—–

How can one take advantage of this, or are these available only for non-Canadian residents?

Let’s hope that’s a joke question. – Garth

#92 Stan Brooks on 08.15.18 at 12:16 pm

From David Rosenberg:

1. The Canadian jobs report was the proverbial pig wearing lipstick. All the gains in government and part-timers. Wage growth throttled back too.

Calling the Canadian jobs data a pig was a compliment. The export-oriented areas got hit hard – manufacturing -18.4k and transport & warehousing -7.3k. Negative for the Canadian dollar.

2. https://twitter.com/EconguyRosie

Fast food sales/prices up 10 % vs 12 months ago.

Time to remove the rosy glasses and face the reality/the music.

Or not? (forgot that we live in a mental institution with the personnel on a permanent vacation)

Canadian home sales tick higher in July led by Greater Toronto Area market

https://ca.finance.yahoo.com/news/canadian-home-sales-tick-higher-132835758.html

#93 Karl on 08.15.18 at 12:42 pm

#88 young & foolish on 08.15.18 at 11:31 am
The small cities vs. big cities debate …. why is it even necessary? Each place has it’s pros and cons, and we as free citizens can make our choice depending on the trajectory of our lives.

I totally agree. I try and spread that message as well, but some people can be so ignorant. Many from Toronto associate small towns with failure and being poor, ironically.

#94 KLNR on 08.15.18 at 12:58 pm

@#93 Karl on 08.15.18 at 12:42 pm
#88 young & foolish on 08.15.18 at 11:31 am
The small cities vs. big cities debate …. why is it even necessary? Each place has it’s pros and cons, and we as free citizens can make our choice depending on the trajectory of our lives.

I totally agree. I try and spread that message as well, but some people can be so ignorant. Many from Toronto associate small towns with failure and being poor, ironically.
______________
folks from Toronto are now buying all the property in small town Ontario as well lol. Try finding a decent place at a decent price anywhere within 2.5hrs of TO

#95 Stan Brooks on 08.15.18 at 1:02 pm

#77 Oft deleted much maligned stock.picker on 08.15.18 at 9:55 am
Oh will the deniers feel the walls closing as New Zealand bans foreign buyers

https://www.facebook.com/114019975312443/posts/1961782857202803/

Or is admitting the truth still too “racist ” to speak out loud?

NZ has 4.5 million people, is smaller than the GTA and, yes, has a hate-on for China. There are no lessons. – Garth

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

The NZ decision sound pretty logical, compared to GTA there is really influx of rich people from Asia attracted to NZ natural beauties that are much more pristine and untouched when compared to Ontario for example and much closer in proximity.

How is protecting local homeowners from definitely richer foreigners bad?

Not everything is for sale in this world as the Canadian health care for example, we apparently have thousands of Saudis treated in Canada at the moment by our health care system. I am sure they have no waiting times for specialists to the tune of 9 months to a year as Canadians have.

Being a third class citizen (after the rich and the foreigners) in our own country/frozen tundra is not a nice experience, specially if you are sick and need treatment.

I am sure Canada will never ban foreigners from purchasing real estate here, instead it will look to tax them.

Tax slave farm.

The ‘Saudis being treated in Canada’ are actually medical students working in our system treating Canadians. Apologize, Stan. Fight through your xenophobia. – Garth

#96 Ubul on 08.15.18 at 1:20 pm

#91 Ubul on 08.15.18 at 12:00 pm

#29 What others have to say about Canada

One European firm touts its “Offshore Company Formation in Canada” service offering a “complete tax transparent structure” that is “not taxable in Canada at all.”

—–

How can one take advantage of this, or are these available only for non-Canadian residents?

Let’s hope that’s a joke question. – Garth

A joke question, although it sounds like a serious fun if it could be done :\

#97 Stan Brooks on 08.15.18 at 1:21 pm


The ‘Saudis being treated in Canada’ are actually medical students working in our system treating Canadians. Apologize, Stan. Fight through your xenophobia. – Garth

Not really, let’s stop with the half truths, shell we?


Saudi Arabia pulls its medical patients from Canadian hospitals

https://www.cbc.ca/news/politics/saudi-patients-wednesday-reuters-1.4777276

Saudi Arabia said on Wednesday it had stopped all medical treatment programs in Canada and was working on the transfer of all Saudi patients from hospitals there, in an escalating row after Ottawa urged it to free rights activists.

I consider calling myself xenophobic a real insult as I have never ever expressed any racial or religion based hate with any of my posts.

The link I provided shows the contribution of Saudi medical students, which will now sadly be lost. As for Saudis being treated here who are non-citizens, they do not receive free treatment. You had no point and were, yes, xenophobic. – Garth

#98 IHCTD9 on 08.15.18 at 1:28 pm

#89 young & foolish on 08.15.18 at 11:31 am
The small cities vs. big cities debate …. why is it even necessary? Each place has it’s pros and cons, and we as free citizens can make our choice depending on the trajectory of our lives.
_______________________________________

I’m happy with choice, but I don’t want to keep hearing about how all the youth is screwed and life is so tough. That might be true of many GTA and GRVD kids, but not so outside these bubbly HELOC gargling financial killing zones.

If you move to the GTA, ferme la pie hole about how you’re screwed financially – you stuck it to yourself.

#99 IHCTD9 on 08.15.18 at 1:36 pm

#94 KLNR on 08.15.18 at 12:58 pm

folks from Toronto are now buying all the property in small town Ontario as well lol. Try finding a decent place at a decent price anywhere within 2.5hrs of TO
__________________________

The commuters max out at about 2 hrs along the 401 and drop off huge outside that. I’m 2 hours outside of Toronto and ~400K gets you a brand new very nice house in a subdivision, 300K gets you a very nice resale home and an acre, 150K gets you a fixer upper.

600K-700K gets you something incredible with lots of extras and acres of land to boot.

#100 Renter's Revenge! on 08.15.18 at 2:27 pm

#89 young & foolish on 08.15.18 at 11:31 am
#94 KLNR on 08.15.18 at 12:58 pm
#99 IHCTD9 on 08.15.18 at 1:36 pm

A 2 hour commute time is still insane. That’s 4 hours out of every work day sitting in your car. That doesn’t leave you any time to enjoy any of the supposed benefits of the city that you live in. You don’t even really live in the city because you’re not living at all. You might as well move to a smaller town, even if it means accepting a job with a lower wage. At least you’ll have a life.

If really you want to live in a big city, but you can’t afford it, the best you can do is to live somewhere smaller where you can build your savings until you get to the point where you can afford to live in the city. Besides, delayed gratification gives you something to look forward to.

#101 James on 08.15.18 at 2:50 pm

#22 bdwy sktrn on 08.14.18 at 7:00 pm

#95 A J on 08.14.18 at 11:40 am
Also, Smoking Man….I eat steak and play hockey, and I’m a Liberal. Bet I’m better at hockey than you too, and I’m a girl.

————————–
wooooah …. easy there sweetheart
smokey was a hardrock jr B blueliner.
the womens olympic hockey teams play against midget boys teams. kids who prob have not started shaving yet.
the best womens player in the world is far, far inferior to the weakest jr b (or c) players. like 50 goals in a game kind of inferior.
_________________________________________
I’m not so sure about his lying about being a hardrock jr B blue-liner. Have you ever seen this old guy on youtube? What a hopeless wreck he is. You can talk the talk but I don’t think he can even walk the walk. Even in his younger days back in the 1950’s. I would have put my 9 year old daughter up against him in hockey hands down. She could skate circles around an ass like him.

#102 Dups on 08.15.18 at 2:57 pm

This would make a great posting picture for the blog. Uritrottoirs: Sidewalk Mailbox Urinals in Paris.

https://www.cbc.ca/radio/asithappens/as-it-happens-tuesday-edition-1.4784769/open-air-urinals-spark-outrage-in-scenic-paris-neighbourhood-1.4784771

#103 James on 08.15.18 at 3:02 pm

#77 Oft deleted much maligned stock.picker on 08.15.18 at 9:55 am

Oh will the deniers feel the walls closing as New Zealand bans foreign buyers

https://www.facebook.com/114019975312443/posts/1961782857202803/

Or is admitting the truth still too “racist ” to speak out loud?

NZ has 4.5 million people, is smaller than the GTA and, yes, has a hate-on for China. There are no lessons. – Garth
__________________________________________
They are running scared against foreign ownership and it is a knee jerk reaction. The country is small, friendly and extremely beautiful. The scenery there is stunning. Did the honeymoon in North and South Islands. The city’s are nice and clean, but it is the countryside that blows your mind. Abel Tasman National Park wow, Pina Beach the best, can’t name enough of the spots so know wonder foreigners want to buy there. I would!

#104 IHCTD9 on 08.15.18 at 3:03 pm

#100 Renter’s Revenge! on 08.15.18 at 2:27 pm
#89 young & foolish on 08.15.18 at 11:31 am
#94 KLNR on 08.15.18 at 12:58 pm
#99 IHCTD9 on 08.15.18 at 1:36 pm

A 2 hour commute time is still insane. That’s 4 hours out of every work day sitting in your car. That doesn’t leave you any time to enjoy any of the supposed benefits of the city that you live in. You don’t even really live in the city because you’re not living at all. You might as well move to a smaller town, even if it means accepting a job with a lower wage. At least you’ll have a life.

If really you want to live in a big city, but you can’t afford it, the best you can do is to live somewhere smaller where you can build your savings until you get to the point where you can afford to live in the city. Besides, delayed gratification gives you something to look forward to.
__________________________

At my youngest son’s graduation, Ms. IH and I sat at a table with a couple who turned out lived in a small nearby town. They both worked in Toronto. NUTZ! East end – but still, that’s 3 hrs every single day for each of them. They had to be putting near 3000km on their vehicles EVERY WEEK combined. These were rather ordinary jobs too. At least one provided a pension.

It’s worth pulling out a calculator. When I was getting started, the GTA provided really good wages compared to out here in the boreal forests of Southern Ontario, but it’s no longer the case – maybe less even.

Someday the ever increasing minimum wage in a cheap small town will make more financial sense for a couple than a heavily indebted professional couple in a place like the GTA if an SFD is in the plans.

#105 pay your taxes on 08.15.18 at 3:13 pm

The link I provided shows the contribution of Saudi medical students, which will now sadly be lost. As for Saudis being treated here who are non-citizens, they do not receive free treatment. You had no point and were, yes, xenophobic. – Garth

And had nothing to do with his post. Those foreigners being treated in Canada, free or paid, will displace Canadian patients requiring treatments. Nothing hateful or xenophobic, just stating the facts.

The medical students receive a benefit -Western training- that will also be bestowed on the citizens of SA when the students return home as properly trained doctors. A win for both sides, but certainly not charity on the part of the students.

#106 SoggyShorts on 08.15.18 at 4:01 pm

#104 IHCTD9 on 08.15.18 at 3:03 pm
#100 Renter’s Revenge! on 08.15.18 at 2:27 pm
#89 young & foolish on 08.15.18 at 11:31 am
#94 KLNR on 08.15.18 at 12:58 pm
#99 IHCTD9 on 08.15.18 at 1:36 pm

I have always added commute into wage calculations.
$24/h for 8h work is $192
with 4h driving it’s $16/h

Unless you consider driving/traffic fun (I don’t, to me it’s work) you might be better off working overtime locally.
$16/h for 11h is $200 (OT at 1.5x)

Another point in favor of renting. I switched areas of work in the same citya couple of years ago, and was able to pack up and move across town no problem. Back down to less than 10 minute commute.
That hour saved each day is huge.

Assume 8h sleep and 8h work is “normal”
That leaves 8h play, and travel eats into that pretty quick. I found 60 minutes (12.5% of play) to be unacceptable. I can’t believe people feel 4h (50% of play!!) is ok.

#107 Oft deleted much maligned stock.picker on 08.16.18 at 7:22 am

I think Vanc and TO are among several perfect comparables to show the negative actions of Chinese money into New Zealands real estate market. That’s how we analysts look for market value….by finding comparables with real time similarity. I was trained and chartered to use detailed analysis and applied that to adjust your property taxes as a fresh graduate articling. Nope, NZ put a cork in it because foreign money was recognized as a destructive force on New Zealand society…..by trained professionals…outside the bloviating noise of politically invested agitators I know the globalists are all hair on fire about a borderless world theory….but…..the real world doesn’t work that way.

If you hired an appraiser you’d get stuck with a bill for analytics that I already gave you for free. Canada is not overwhelmed by xenophobics….it is being flooded by an unevenly applied global political relationship that is not designed to the benefit of it’s citizens.