The stupidity

Once there was a young lawyer. He awoke from years of study, and was confused.  He wrote me.

I am gleefully close to finally paying off 96k in student loans. I am trying to determine what my investment strategy should be going forward now that I will no longer be required to fork over 4k/month in loan and interest payments.

Part of me wants to dive into real estate ASAP given that I could have blown through the above-noted debt and accrued tax-free gains had I bought a condo upon arriving in Toronto in 2014 and sold it during the boom (as one forward looking mentor advised me to do). The other part of me wants to save and build up my TFSA, RRSP, etc, given that I’m scoring a goose egg in each of those categories.

They say scared money don’t make no money, but stupid money don’t either.

Please help me sort through the stupidity and determine how I should move forward in the short term.

Let’s call him Prospero. What do we know about this guy? Well, moister lawyers usually start earning about $70,000 out of law school, and average $140,000 after six or seven years on the job. Crusty old partner lawyers can collect $500,000, which they blow on trophy houses, wives & kids. So, if you know a tort from a tart, the odds of advancement are good.

P has no debt, which is a bonus. He has no assets, which sucks. He reads this blog, which is inspiring. He’s asking questions, showing he’s yet to become omniscient (that happens about year 8).

Our guy also sounds single, unencumbered and unattached. So why would he want to buy real estate when he can rent for less? Because, as he said, a condo gives “tax-free gains” and if he’d bought five years ago he’d be rich (sort of). Five years ago the average 416 condo sold for just under $400,000. Last month the average concrete box was selling for just over $600,000. So in five years there was a 50% gain – giving an annual growth rate of about 7%.

That’s cool. Among the best five years in real estate history, and pacing what a balanced portfolio returned over the same period. However, the profit was free of any tax while financial asset gains were added to taxable income (albeit at a lower rate). To be fair, though, the average Toronto condo also came with costs – over five years about $40,000 in condo fees and property taxes. And then there’s the $30,000 to be paid in realtor commission when selling. So assuming mortgage payments roughly equalled rent ($2,000 a month for a $400,000 borrowing), the cost of ownership was $70,000. So the five-year gain was $130,000. Still good at 6% or so per year.

Prospero has a point. The trouble is, he has no money and probably didn’t five years ago, either. That would have meant 100% leverage which is, ah, impossible unless you get your loan from the green van behind the laundromat and beg for a cash-back mortgage.

But this is today. One-bedder condos are six large. Buying with 0% down would mean $3,000 a month in financing, or 50% more than rent. Add in monthly fees, taxes and selling costs and P would have to dump this unit for around $900,000 in five years to pocket that 6% annual return.  And this begs a simple question: who will be paying almost a million bucks for a 600-square-foot pad in a frosty city filled with condo construction cranes sixty months from now?

Beats me. To score a condo at $900,000 with 5% down ($45,000 plus closing costs) even if interest rates in five years where they are now would require an income of $165,000 just to meet the 35% Gross Debt Service Ratio (not even considering the stress test).

Will young lawyers (or programmers, baristas, Pilates instructors, Uber drivers or teachers) who now earn seventy or eighty grand see that double in five years? Nope. Not a chance. So if Prospero really wants to make money on real estate, he should (a) buy dirt, not a box in the sky in a city with tens of thousands of new units coming to market and (b) get out of Dodge. There are (hard to believe) some great cities in Canada where they actually have lawyers and real houses on earthy lots that cost a fraction of the amount. Montreal, Ottawa, Halifax, London for example.

On the other hand four grand a month invested in a nice TFSA, RRSP and non-reg accounts over five years earning an average of 6.5% would equal $283,000 – and no debt.

So, what would you rather have, Prospero? A shoebox condo which might rise in value costing three grand a month to carry with $600,000 in debt, or no borrowing and $283,000 in liquid assets? You have to ask? What kind of fuzzy-thinking lawyer are you?

When real estate blinds even those whose job it is to dispense advice and common sense, no wonder what’s in store.

Carol and Kelsey: 'I cried in thanks...'

Yesterday’s blog mentioned Carol who has terminal cancer, and her anxiety over what will become of her golden retriever, Kelsey. Last night a flood of emails arrived from people willing to care for Kelsey or provide other assistance for Carol, from southern Ontario to Vancouver. They were all passed on this morning. “It’s hard to believe total strangers would do this,” she said. “I am so relieved there are options ahead for Kelsey. I cried in thanks when your note arrived.”

127 comments ↓

#1 Victoria Real Estate Update on 03.12.19 at 4:46 pm

REAL ESTATE 101: FALLING SALES BRING FALLING PRICES

I love it when Victoria’s R/E board makes guarantees about strong future demand and solid prices in their monthly releases. It‘s fun posting about it after the market has proven them wrong. Tasty treats from the local board for sure. They don’t seem to learn lessons easily.

* On January 3, 2017 the local board’s release headline read: “Demand Likely to Continue in 2017”.

Starting pretty much the day the local board released that FOMO, single family home sales across Greater Victoria began to tank year-over-year. January SFH sales fell – 18% year-over-year. Indeed SFH sales fell in every month in 2017, ending the year – 23% lower than in 2016. (Source: Victoria’s R/E board)

So SFH sales cratered year-over-year in Victoria A FULL YEAR BEFORE THE STRESS TEST WAS IMPLEMETED on January 1, 2018.

The local board constantly (and incorrectly) complains that tanking sales across the region is the result of policy (example: the stress test) but refuses to acknowledge that it has anything to do with the obvious – that INTERNAL FORCES WITHIN VICTORIA’S MARKET CAUSED SFH SALES TO TANK YEAR-OVER-YEAR A FULL YEAR BEFORE SIGNIFICANT POLICY WAS IMPLEMENTED.

Apparently the local board is unaware of the fact that when a housing market is in a major bubble, EXTREME PRICES OBLITERATE DEMAND all on their own and no policy is needed to make that happen. And the facts show that extreme housing price levels destroyed SFH demand year-over-year in Victoria A FULL YEAR BEFORE THE STRESS TEST WAS IMPLEMENTED.

Continued…

#2 Victoria Real Estate Update on 03.12.19 at 4:49 pm

* On May 1, 2018 the local board’s release headline read: “Slower start to spring does not signal lower prices for Victoria real estate market”.

Then… within months of that FOMO release single family home prices were falling in both the upper end (Saanich East) and the lower end (Langford) of Greater Victoria’s SFH market.

Saanich East SFHs
Average Price Increase/Decrease
Year-over-year:

Feb. 2019: prices down – 21%
Jan. 2019: prices down – 14%

Langford SFHs
Average Price Increase/Decrease
Year-over-year:

Feb. 2019: prices down – 14%
Jan. 2019: prices down – 6%
(Source: Victoria’s R/E board)

So the local board thinks it’s different in Victoria. I’m sure no intelligent and well-informed individual thought that to be the case.

Perhaps the most basic, fundamental and elementary concept in real estate is that after an extreme multi-year (or multi-decade) housing price run-up, A SIGNIFICANT DECLINE IN SALES IS FOLLOWED BY FALLILNG PRICES. Apparently the local board doesn’t know that. And they obviously don’t know what a housing bubble is.

Saanich East and Langford had by far the most SFH sales in the region in Jan./Feb. More sales brings more accuracy to the average price data.

(Note: The stress test came into effect on January 1, 2018. Perhaps with the necessary data (that data isn’t available to the public) it would be possible to prove that a change in the sales mix did indeed affect 2018 prices compared to 2017 (non stress test) prices.

However any sales mix consideration would be of little consequence to the price change data presented above since all sales came after January 1, 2018. Indeed most sales in January 2018 would have been affected by the sales mix and an even higher percentage in February 2018.)

#3 Lee on 03.12.19 at 5:03 pm

Show me a barista who makes 70 or 80K?

#4 Dave on 03.12.19 at 5:07 pm

It might look that Prospero is blind as a bat but the folks that made millions buying boxes will disagree with Garth.

House of cards will fall but when???

Who ‘made millions’ buying a condo? – Garth

#5 Andrewski on 03.12.19 at 5:13 pm

Common sense just ain’t so common any more.

#6 Penny Henny on 03.12.19 at 5:29 pm

Prospero doing pretty good paying down his student loan at $4k per month and rent on top of that while only making $70k/yr.

Prospero buy a bung in Etobicoke and rent out the basement for $1400/mth

#7 dakkie on 03.12.19 at 5:34 pm

Banks WARN Of Recession In Canada! – Housing Bubbles Are POPPING!

https://www.investmentwatchblog.com/banks-warn-of-recession-in-canada-housing-bubbles-are-popping/

#8 Penny Henny on 03.12.19 at 5:36 pm

Who ‘made millions’ buying a condo? – Garth
/////

not condo, condos!!!!!!!!!

#9 renter in Surrey on 03.12.19 at 5:37 pm

RE: #3 Lee
Show me a barista who makes 70 or 80K?
————————————————————-
AOC

#10 yvr_lurker on 03.12.19 at 5:40 pm

I reiterate that the percentage of foreign buyers in the YVR housing is very small and has not been a factor driving up prices (sarcastic). Now even the conservative-minded
CHMC report says 11% condos

https://www.cbc.ca/news/canada/british-columbia/over-11-of-vancouver-condos-have-a-non-resident-owner-says-new-cmhc-report-1.5053083

and this is clearly still an underestimate owing to all the shell companies and hidden ways to hide true ownership.

Then, we have the new disgusting corruption scheme indulged in by some of our wealthy citizens to either fudge SAT scores or have a smart kid be the proxy to write the exam, so as to get their kids into elite schools

https://www.cbc.ca/news/canada/british-columbia/david-sidoo-charged-bribery-us-1.5053194

Jail time would be good deterrent here. Welcome to the world of privilege and entitlement, where family $$$ can get you where you need to go…. no need to study hard or smarter than the pack…. you will make it in regardless…

Completely disgusting in my view…

#11 Jimmy on 03.12.19 at 5:42 pm

“…a tort from a tart.”

Classic !

#12 Mike on 03.12.19 at 6:02 pm

“So why would he want to buy real estate when he can rent for less? Because, as he said, a condo gives “tax-free gains” and if he’d bought five years ago he’d be rich (sort of).”

This is known as recency bias. What has happened before (usually good) will happen again. Garth calls it FOMO

#13 not 1st on 03.12.19 at 6:08 pm

The rise of the Republic of the Northwest

Imagine a future where western territories have split from Canada.
The date is March 2039, 20 years from now. The Republic of the Northwest is celebrating its 17th anniversary as an independent state. Today it consists of territories that once belonged to Northern Ontario, Manitoba, Saskatchewan, Alberta, parts of British Columbia and the Canadian Arctic north of 60. The republic had its beginnings when the premier of Alberta, in March 2020, called a provincial referendum on amending section 36 (2) of the Constitution Act (1982) dealing with equalization payments, and resolving a range of other Alberta-Canada disagreements ranging from provincial policing to taxation.

https://www.msn.com/en-ca/news/politics/the-rise-of-the-republic-of-the-northwest/ar-BBUGGw4?ocid=spartanntp

#14 S.Bby on 03.12.19 at 6:11 pm

The interest rate on B.C. Government-issued student loans has been eliminated, as of February 19, 2019

Thanks BC NDP

#15 Air Wolf on 03.12.19 at 6:13 pm

The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

The move comes after revelations that billions in “dirty money” from the proceeds of crime were likely laundered through the province’s casinos for years; the province is now probing the extent of suspected money laundering in the real estate industry.

#16 next BoC move is to cut rates on 03.12.19 at 6:20 pm

Per CMHC Non residents own 19.2% of condos in Vancouver constructed between 2016-2017.

#17 Pat on 03.12.19 at 6:44 pm

Hey Garth,

Great post today! Just a thought though…
If Prospero rents instead of buying the condo, he doesn’t have 4K to invest every month, no? More like 2.5 or 2 K since he’s spending the money he could investing on rent instead? Still a winning strategy, and exactly what I do currently, but his (and my net assets might

#18 Is Prospero ... on 03.12.19 at 6:51 pm

Prospera’s brother? I think he has a Credit Union in BC.

#19 Suede on 03.12.19 at 6:53 pm

“Five years ago the average 416 condo sold for just under $400,000. Last month the average concrete box was selling for just over $600,000. So in five years there was a 50% gain – giving an annual growth rate of about 7%.”

He probably would’ve put $50k down.

Less selling fees, etc… worst case made $150k out of the $200k it rose. That’s a nice triple.

At least that’s what his friends are whispering in his ear…

But this won’t be repeating anytime soon.

#20 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.12.19 at 7:06 pm

And if Prospero goes to a real Canadian city like Montreal, he has an actual chance to witness a hockey time win something in his own lifetime!

Meanwhile in Trauma, Ontariowe, the Make Believes reach a new low, being booed off the ice by their own delusional fans.

https://ca.sports.yahoo.com/news/maple-leafs-booed-off-ice-allowing-brutal-shorthanded-goal-025658455.html

Too bad those fans were so dumb and lacking in self respect to have bought tickets in the first place, LOL. But hey, it’s only been 52 years of losing, so it’s gotta be different this time!

But in Toronto no one stands up for quality or excellence. Crappy teams, crappy politicians, crappy roads and transit, crappy overpriced housing in crappy neighbourhoods.

Best investment for Prospero and everyone else in the GTA?

That’s easy. Term life insurance. With the atrocious murder rate there, someone in your family is bound to be a victim before too long. Ka-ching!!

#21 Those Concrete Boxes on 03.12.19 at 7:08 pm

There will come a future time many of them are going to fall apart with expensive problems. The reserve account will be short, and owners will have to pony up thousands. Will there be a future market for resales or will this be a gamble? The next generation coming into the future real estate market might be smarter, unlike the greater fools of today.

#22 reynolds531 on 03.12.19 at 7:17 pm

Hopefully Garth’s faith in the steerage section improved a little yesterday

#23 Ilona on 03.12.19 at 7:18 pm

“But this is today. One-bedder condos are six large. Buying with 0% down would mean $3,000 a month in financing, or 50% more than rent.”

My daughter and her boyfriend have been searching for 1 bedroom Toronto apartment since November. They finally made an offer on a Junior 1 bedroom (the one without windows and frosted glass doors “for privacy”) in Parkdale. At full $2.3K per month asking price. And were outbid.. The realtor was telling them they’re “Dream tenants” (she’s a med school student, he’s a software developer – employed – both with excellent credit scores) Yet maybe some lawyer decided to pay more for a “shoebox”? :)

Before that she was paying $1,350 + ~$100 utilities for half of 2 bedroom apartment on the 3rd floor of the old building (no elevator, an eatery on the main floor) The place came with a hot roommate (who didn’t like to use the air conditioner – pun intended) and gorgeous deck. Landlord’s son lived in the 2nd floor apartment and was quick to fix the clogged toilet once.

Then she moved in with her boyfriend who lived in a much cheaper apartment nearby – and landlord from hell. They’re both nice kids, and didn’t want us to interfere when they paid for the whole month (even though they were leaving on the 9th), got kicked out a day early (on the 8th) because the owner posted the apartment for Airbnb and the first renter was coming on 11th. They repainted the walls and cleaned the oven (that was super-greasy from the previous tenants – the owner told them they should’ve taken the photos) And still didn’t get their $500 security deposit back! Any lawyers who can help with that? :)

So now they’ll be coming back home after their trip abroad. Apparently our daughter’s 10’x11’ bedroom in our house is larger than most modern master-bedrooms. We’ll see how it works out, but both my husband and I are gladly joining other parents who have their “moisters” living at home rent-free (not in the basement though :)

Her friend, on the other hand, didn’t have any help from his family (and no Toronto relatives to live with) So he did buy a condo the moment he got accepted to the medical school. Used the LOC (that the banks gladly provide to med – and I’d assume to law as well – students) for downpayment and monthly payments. Just got accepted to the residency in Toronto. The condo increased in value in 4 years. But he’s not planning to sell it..

I used to quote your blog and tell my daughter that her friend is.. unwise. And I found this blog when shopping for the investment condo 5 years ago – and decided against it. Which I think was the right decision for us – thank you. As for our daughter.. I was secretly hoping that she’d get the placement in Edmonton. She’s lucky to have met a great guy who’d follow her anywhere. But renting in Toronto is so full of horror stories, that it can’t be 50% better than owning.. IMO of course.

#24 ImGonnaBeSick on 03.12.19 at 7:22 pm

#20 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.12.19 at 7:06 pm

Awesome post!!

(Even though I’m a Leafs fan.)

#25 Dave on 03.12.19 at 7:26 pm

Real Estate Developers and Real Estate Agents made millions.

#4 Dave on 03.12.19 at 5:07 pm
It might look that Prospero is blind as a bat but the folks that made millions buying boxes will disagree with Garth.

House of cards will fall but when???

Who ‘made millions’ buying a condo? – Garth

#26 Slang Cop on 03.12.19 at 7:28 pm

From Wikipedia:

“$1000 notes are occasionally referred to as “large” (“twenty large” being $20,000, etc.). In slang, a thousand dollars may also be referred to as a “grand” or “G”, “K” (as in kilo), or a “stack” as well as a “band” . For example, “The repairs to my car cost me a couple grand” or “The repairs to my car cost me a couple [of] stacks”.

$100,000 US dollars is called a “brick”.”

https://en.wikipedia.org/wiki/Slang_terms_for_money

So condos in Toronto cost “6 bricks”, not “6 large”. I think it’s because you need a stack of “100 large” bound together to get a “brick”. Slang is funny.

I am not sure why a million is called a “rock”, but that is also from the article. Maybe because of what a stack of 1000 large would would weigh?

#27 Linda M Youell on 03.12.19 at 7:32 pm

The Virus has established itself in New York:
– from yesterday’s New York Times, “Lawmakers Support ‘Pied-a-Terre’ Tax on Multimillion-Dollar Second Homes, by Jeffery C Mays and Jesse McKinley

“A plan to tax the rich on multimillion-dollar second homes in New York City has rapidly moved closer to reality, as legislative leaders in Albany and Gov. Andrew M. Cuomo have all signed off on the idea as a funding stream for the city’s beleaguered subway system.
Mr. Cuomo said on Monday there was a consensus among the state’s leaders, all Democrats, that a so-called pied-à-terre tax was a good idea, calling it the “only agreed-to new money” for a state facing a significant drop in tax revenue.
The purchase of a $238 million apartment on Central Park South by Kenneth C. Griffin, a hedge fund billionaire with an estimated net worth of $10 billion, may have helped make the legislation more feasible, proponents said.
“I think we have a mass transit system that is in crisis, public housing that is falling down around its residents and a yawning gap between the very wealthy and ordinary New Yorkers that is driving this conversation,” said Senator Brad Hoylman, a sponsor of his chamber’s pied-à-terre bill.”

#28 Sally Smuckers on 03.12.19 at 7:44 pm

It seems Trudeau’s circle of donors in Canada , the US and interationally is layered with criminals and fraudsters.

https://vancouversun.com/news/local-news/vancouver-businessman-david-sidoo-charged-in-u-s-college-entrance-scandal

#29 Nonplused on 03.12.19 at 7:45 pm

“Yesterday’s blog mentioned Carol who has terminal cancer, and her anxiety over what will become of her golden retriever, Kelsey. Last night a flood of emails arrived from people willing to care for Kelsey or provide other assistance for Carol, from southern Ontario to Vancouver. They were all passed on this morning. “It’s hard to believe total strangers would do this,” she said. “I am so relieved there are options ahead for Kelsey. I cried in thanks when your note arrived.””

Maybe I was wrong yesterday and Garth has found a higher calling for his blog. Or maybe a new website is in order? Is dogmatch.ca taken? It doesn’t seem to be. dogmatch.org is for sale. petmatch.ca is for sale from GoDaddy. petmatch.com also appears to be available if we want to take this thing international. I’m thinking it would run sort of like a dating site, only for matching pets to owners but excluding breeders. Or maybe just charging breeders. The focus would be on dogs and owners in need like Carol or the 100 other reasons people sometimes have to find a new home for their pets. Rescue centers get to post for free. Other users pay a small fee only when a match is consummated, or maybe run it by donation via Patreon or something like that.

I can’t believe this hasn’t been done before. Maybe the rescue centers are doing such a good job already it hasn’t been necessary.

#30 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.12.19 at 7:48 pm

Thanks, ImGonnaBeSick!

#20 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.12.19 at 7:06 pm

Awesome post!!

(Even though I’m a Leafs fan.)

—-there’s a cure for being a Leafs fan, btw. Same as for being a delusional GTA real estate specker.

It’s called MATH, hee hee!
————————————————————–
And if Prospero goes to a real Canadian city like Montreal, he has an actual chance to witness a hockey team win something in his own lifetime!

Meanwhile in Trauma, Ontariowe, the Make Believes reach a new low, being booed off the ice by their own delusional fans.

https://ca.sports.yahoo.com/news/maple-leafs-booed-off-ice-allowing-brutal-shorthanded-goal-025658455.html

Too bad those fans were so dumb and lacking in self respect to have bought tickets in the first place, LOL. But hey, it’s only been 52 years of losing, so it’s gotta be different this time!

But in Toronto no one stands up for quality or excellence. Crappy teams, crappy politicians, crappy roads and transit, crappy overpriced housing in crappy neighbourhoods.

Best investment for Prospero and everyone else in the GTA?

That’s easy. Term life insurance. With the atrocious murder rate there, someone in your family is bound to be a victim before too long. Ka-ching!!

#31 Old gringo on 03.12.19 at 7:56 pm

Re#3… Lee on 03.12.19 at 5:03 pm
Show me a barista who makes 70 or 80K?

That would be a double skinny latte with a happy ending

#32 IHCTD9 on 03.12.19 at 8:06 pm

#125 Gravy Train on 03.12.19 at 6:31 pm
#46 Nonplused on 03.11.19 at 8:26 pm
“If humans do have a spirit beyond what animals do, it is more evil.”

#117 IHCTD9 on 03.12.19 at 4:00 pm
“IMHO, humans have access to both good and evil. The greatest acts of love, the most heinous acts of darkness are both carried through this world by Humans. IMHO, a war is raging for your allegiance.…”

I am reminded of the Cherokee tale, “Two Wolves.”

One evening, an elderly Cherokee brave told his grandson about a battle that goes on inside people.

He said, “My son, the battle is between two ‘wolves’ inside all of us. One is evil. It is anger, envy, jealousy, sorrow, regret, greed, arrogance, self-pity, guilt, resentment, inferiority, lies, false pride, superiority, and ego.

“The other is good. It is joy, peace, love, hope, serenity, humility, kindness, benevolence, empathy, generosity, truth, compassion, and faith.”

The grandson thought about it for a minute and then asked his grandfather, “Which wolf wins?”

The old Cherokee simply replied, “The one you feed.”
————-

Yep, bang on the money.

We all know a few folks who feed the wrong wolf.

#33 Name Withheld, if I may on 03.12.19 at 8:08 pm

North Western territories You say?

#13 not 1st on 03.12.19 at 6:08 pm
The rise of the Republic of the Northwest

Imagine a future where western territories have split from Canada.

*********************************
Actually, since the three prairie provinces were formed out of the former North West Territories and were never independent colonies, they never “joined” confederation. The other seven provinces were once independent and did join confederation.

The three prairie provinces were just sort of gifted in. (You’re Welcome!)

So now that some Albertans (actually they are Canadians who, like me, live in Alberta) now speak of leaving, perhaps the rest of Canada should decide to restore the prairies to just Territory status once again, with no control over resources, since they have proved to be rather greedy about it.

Equalization deals with federal tax money raised from all parts of the country at the same tax rates. The Alberta government does not pay into equalization.

Does anyone stop to consider that the federal taxes paid by the likes of EnCana and CNRL are paid by corporations largely not owned by Alberta residents?

#34 coinnut on 03.12.19 at 8:10 pm

@#10 yvr_lurker

I thought college admission manipulation only happens in the US

https://nationalpost.com/news/world/ap-newsalert-authorities-say-actresses-lori-loughlin-felicity-huffman-among-those-charged-in-college-admissions-scheme

https://www.bloomberg.com/news/articles/2019-03-12/college-arms-race-goes-too-far-with-wealthy-gaming-the-system

https://pagesix.com/2019/03/12/felicity-huffman-in-custody-over-college-admissions-scandal/

https://news.google.com/search?q=felicity%20huffman&hl=en-CA&gl=CA&ceid=CA%3Aen

#35 Rargary on 03.12.19 at 8:15 pm

#6 Penny Henny-Prospero doing pretty good paying down his student loan at $4k per month and rent on top of that while only making $70k/yr.
Prospero buy a bung in Etobicoke and rent out the basement for $1400/mth
_______________________________________________________
I like that idea with the renter in the basement.
But what has Prospero been living off of? Weinees and beans? Staycations cuz can’t afford a trip? 2nd gand clothes? It costs mulla to court a trophy wife. He can’t sustain the $4k/mth investment $$ on $70k/annum salary. Unless he’s an Uber driver on weekends

#36 akashic record on 03.12.19 at 8:20 pm

My Mom ambushed us with “a Kelsey”, at a time when the last thing we had on our mind was to have an old dog, who suddenly needs to find a home. Or any pet, really.

My Mom did it for “a Carol”. She knew we could not possibly say no for the kids, who turned into her allies immediately, when she and the dog on leash showed up unannounced, unceremoniously at the door.

It started as an act of love and “Kelsey” shined this love into our house for years, for the rest of her life. Her spirit found mates in our spirits.

Whenever her name gets mentioned at some family gathering, our heart gets filled with the love that my Mom had in her heart for “Kelsey”.

G_d bless all of their beautiful souls.

https://www.youtube.com/watch?v=MwJ_pkjm7rg&list=RDp3QJIVXC8Tk&index=20

#37 dosouth on 03.12.19 at 8:20 pm

Thank you …my heart was lifted tonight because of your small favour to a person so in need and her pup. Well done sir!

#38 Dog Hard At Work on 03.12.19 at 8:38 pm

This dog better be on the payroll at a fair wage.

https://www.ctvnews.ca/video?playlistId=1.4333379

#39 Nonplused on 03.12.19 at 8:59 pm

#32 IHCTD9

Neither wolf wins. We sick the appropriate dog on the problem. Humans are not either good or evil, but always both. Morality comes from society, not from inside ourselves. “The rules” are agreed upon because they have been found to contribute to peace and tranquility. “Thou shalt not steal”. “Thou shalt not commit murder”. “Thou shalt no covet…”. “Do unto others as you would have others do unto you” (the golden rule).

Why did the rules have come from outside? Because they are not to be found inside. This can be seen just by examining any “rules of play” for a sport. The first part is all about the field and the marking and such but then most of it is about all the things you are not allowed to do. Shouldn’t that be instinctive? Shouldn’t you, as a good person, know that you are not allowed or at least shouldn’t drive an opponent head first into the boards? Well you would think, but the fans actually cheer if you do it. Fighting in hockey? So primitive, but the fans love it. Most sports won’t allow it but it is the lifeblood of hockey.

Nobody finds a $20 bill in the street and looks for its rightful owner. There isn’t even any point to do so because (almost) everyone will say it was theirs. Unless you actually see the bill fall out of someone’s pocket so you know who it belongs to, trying to return it just makes for two crimes instead of one.

(What are the 2 crimes? First, you picked up something that didn’t belong to you so theft. Second, you gave it to the wrong person so they committed fraud.)

The God of our realm, if there is one, is named Chaos. Religion is an attempt to control that God, not worship him. So is government.

The rules come from “outside”, in other words thing found to be mutually beneficial. That is why antisocial personalities commit most of the crime. Antisocial personalities, among other unique traits that they have, just don’t see why they should have to follow rules. And so whenever opportunities present themselves where departing from the rules has a higher expected return than following the rules, that’s exactly what they do. I use to find this very disturbing until I realized almost everybody does this, even kids playing soccer. And then I became even more than very disturbed.

You don’t really understand human nature until you realize that your dad funded your childhood by defrauding people. And yes, that is exactly what your dad did, even if he was a teacher. Unions. Strikes. Dirty deeds, done dirt cheap! Maybe he was a car salesman. New or used, he didn’t give fair deals unless he had no choice.

People suck.

Look at all the internet scams. There is a new one every few hours, I don’t know how Norton keeps up! And also never do business with someone walking up to you house saying they are willing to cut a discount because they are in the area. Always a scam!

#40 yvr_lurker on 03.12.19 at 9:02 pm

#34
Indeed this is what wealth and privilige can buy. Who is the victim? Some kid from whatever background who has worked super-hard and studied their ass off to get top grades in school and the SAT, but is unfortunately just below the ever-rising threshold for admittance. However, if your Dad or Mum contributes big $$$ or if, worse yet, the system is gamed as the latest charges allege, you can go in through the side door. Once you are in these elite places, opportunities open up, failure rates are low, and social circles expanded to maintain the legacy. All from a fraud… where is the meritocracy in this? The perpretators at schools who accepted these bribes should all be fired summarily. Felicity Huffman should rot, etc..

On a different note, if you go to St. Georges private school here in YVR you will see many signs in english and chinese adverstising for tutors for their kids, or college AB equivalence courses… at 10K offered for a course…. at least here the students are doing the work, and the family wealth is not going to cheating, only to buy high-end extra tutoring…. not great for equality among the classes of people, but not as insidious as cheating…

#41 Trumpocalypse2019 on 03.12.19 at 9:07 pm

3 Days to the Ides of March.

Britain is headed to Hell. We will follow.

https://theweek.com/articles/828452/brexit-disaster-could-destroy-united-kingdom

PREPARE

#42 DON on 03.12.19 at 9:11 pm

Glad to hear blog dogs came out to support Carol and Kelsey.

Enjoy every moment as if it was your last (balance – but easier said then done). But a worthy daily goal.

One step at a time this blog restores some resemblance of decency in Canada. That is the power of this blog, right there! Just last night people made a profound difference for another person in need.

That’s the jazz. Well done!

#43 DON on 03.12.19 at 9:20 pm

@Terry Hell/Heaven

Out of respect I held my tongue last night. That was uncalled for.

DOG…GOD. My god loves dogs he/she made them.

#44 hello darkness my old friend on 03.12.19 at 9:24 pm

@#39 Nonplused on 03.12.19 at 8:59 pm
#32 IHCTD9

Neither wolf wins. We sick the appropriate dog on the problem. Humans are not either good or evil, but always both. Morality comes from society, not from inside ourselves. “The rules” are agreed upon because they have been found to contribute to peace and tranquility. “Thou shalt not steal”. “Thou shalt not commit murder”. “Thou shalt no covet…”. “Do unto others as you would have others do unto you” (the golden rule).

Why did the rules have come from outside? Because they are not to be found inside. This can be seen just by examining any “rules of play” for a sport. The first part is all about the field and the marking and such but then most of it is about all the things you are not allowed to do. Shouldn’t that be instinctive? Shouldn’t you, as a good person, know that you are not allowed or at least shouldn’t drive an opponent head first into the boards? Well you would think, but the fans actually cheer if you do it. Fighting in hockey? So primitive, but the fans love it. Most sports won’t allow it but it is the lifeblood of hockey.

Nobody finds a $20 bill in the street and looks for its rightful owner. There isn’t even any point to do so because (almost) everyone will say it was theirs. Unless you actually see the bill fall out of someone’s pocket so you know who it belongs to, trying to return it just makes for two crimes instead of one.

(What are the 2 crimes? First, you picked up something that didn’t belong to you so theft. Second, you gave it to the wrong person so they committed fraud.)

The God of our realm, if there is one, is named Chaos. Religion is an attempt to control that God, not worship him. So is government.

The rules come from “outside”, in other words thing found to be mutually beneficial. That is why antisocial personalities commit most of the crime. Antisocial personalities, among other unique traits that they have, just don’t see why they should have to follow rules. And so whenever opportunities present themselves where departing from the rules has a higher expected return than following the rules, that’s exactly what they do. I use to find this very disturbing until I realized almost everybody does this, even kids playing soccer. And then I became even more than very disturbed.

You don’t really understand human nature until you realize that your dad funded your childhood by defrauding people. And yes, that is exactly what your dad did, even if he was a teacher. Unions. Strikes. Dirty deeds, done dirt cheap! Maybe he was a car salesman. New or used, he didn’t give fair deals unless he had no choice.

People suck.

__________________

what happened to you man?
must be tough only seeing the darkness in life.

#45 Shawn Allen on 03.12.19 at 9:39 pm

Nonsense Posted Mortgage rates

Why is the complete nonsense of posted mortgage rates that are far higher than their actual available featured rates allowed?

Does it not violate honest advertising laws when the posted rates appear to be meaningless?

Retailers sometimes get in trouble for “pretend” “on sale” prices compared to higher but basically fake “regular” prices. Why not banks?

#46 megsy on 03.12.19 at 10:02 pm

@#23 – Ilona

Not sure if you’ll see this, but join Ontario Tenant’s Rights group on Facebook. Security deposits are illegal in Ontario. They can file at the LTB to get it back. They can also get a prorated day of rent since they were kicked out early.

The FB group will tell you what to file. You don’t need a lawyer.

#47 Ken on 03.12.19 at 10:10 pm

It doesn’t matter how many zeros we add to our net worth. When our time is up, you’ll miss the dog. Not the money.
That’s the theme here, spend what counts.
Lots of people post their anger, really it’s their insecurity.
Those negative posts may make them feel better, they don’t matter.
The reason for this blog is to help others – when you complain, know that you missed the point of this, and most of what happens in life.
I get why these people are sad. They are blind.

#48 crowdedelevatorfartz on 03.12.19 at 10:20 pm

@#15 Jan Michael Vincent
“The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth

#49 crowdedelevatorfartz on 03.12.19 at 10:34 pm

@#41 Trumpocalypse2019
“Britain is headed to Hell. We will follow’
*******

As I was surfing through the comment-sphere tonight ….my boredom was overturned by your uplifting , inspiring predictions for our future…..
I have one question to ask.

When you argue with the tv news….does it answer?

#50 crowdedelevatorfartz on 03.12.19 at 10:37 pm

How is this not an invasion of privacy? – Garth

++++++

If I’m not breaking the Law and I have nothing to hide….

I dont care.

#51 Spectacle on 03.12.19 at 10:39 pm

They were all passed on this morning. “It’s hard to believe total strangers would do this,” she said. “I am so relieved there are options ahead for…

——————////———-

Just wonder if anyone can help. Looking for am award of Valor, or Human Excellence to nominate The Honourable Garth Turner. A gentleman who deserves the award for his contribution to Canadian culture and humanity.

Ps : just had a major collision ( ongoing) with cancer in the family here. Mr Turners blog was a quick break, & reality.

Nite

#52 AACI Homedog on 03.12.19 at 10:50 pm

I know a few omniescent persons, and try to avoid them.

#53 acdel on 03.12.19 at 10:51 pm

#33 Name Withheld, if I may

Since you claim that you live in Alberta, then I suspect that you would know that oil and gas companies lease the land that is explored/developed, intern we receive a certain amount from lease payments,barrels per barrel/natural gas etc.

Corps pay the fees, taxes, all the people employed by them pay taxes which goes into the R.O.C.. Since Albertan’s have or had the highest wages we pay more into Canada per capita. Meaning, we give more then all per capita, and you call us greedy??? WE DO NOT WANT GOVERNMENT HAND OUTS, JUST GET OUT OF OUR WAY AND LET US MAKE A LIVING! Just leave us alone! Piss off!!!!!!!!!!!!!!!

#54 CJohnC on 03.12.19 at 10:52 pm

About God and Dogs

A man and his dog were walking along a road.
The man was enjoying the scenery, when it suddenly occurred to him that he was dead.
He remembered dying and that the dog walking beside him had been dead for years.
He wondered where the road was leading them.

After a while, they came to a high, white stone wall along one side of the road.
It looked like fine marble.
At the top of a long hill, it was broken by a tall arch that glowed in the sunlight.
When he was standing before it, he saw a magnificent gate in the arch that looked like mother-of-pearl and
the street that led to the gate looked like pure gold.
He and the dog walked toward the gate, and as he got closer, he saw a man at a desk to one side.

When he was close enough, he called out, “Excuse me, where are we?”
“This is Heaven, sir,” the man answered.
”Wow! Would you happen to have some water?” The man asked.
”Of course, sir. Come right in, and I’ll have some ice water brought right up.”
The man gestured, and the gate began to open.
“Can my friend,” gesturing toward his dog, “come in, too?” the traveler asked.
”I’m sorry, sir, but we don’t accept pets.”
The man thought a moment and then turned back toward the road and continued
on the way he had been going with his dog.

After another long walk, and at the top of another long hill, he came to a dirt road leading through a
farm gate that looked as if it had never been closed.
There was no fence.
As he approached the gate, he saw a man inside, leaning against a tree and reading a book.

”Excuse me!” he called to the man. “Do you have any water?”
”Yeah, sure, there’s a pump over there, come on in.”
”How about my friend here?” the traveler gestured to the dog.
”There should be a bowl by the pump,” said the man.
They went through the gate, and sure enough, there was an old-fashioned hand pump with a bowl beside it.
The traveler filled the water bowl and took a long drink himself, then he gave some to the dog.
When they were full, he and the dog walked back toward the man who was standing by the tree.
”What do you call this place?” the traveler asked.
“This is Heaven,” he answered.
”Well, that’s confusing,” the traveler said.
”The man down the road said that was Heaven, too.’”
”Oh, you mean the place with the gold street and pearly gates? Nope. That’s Hell.”
”Doesn’t it make you mad for them to use your name like that?”
”No, we’re just happy that they screen out the folks who would leave their best friends behind.”

#55 Spectacle on 03.12.19 at 10:57 pm

Trumpocalypse2019 on 03.12.19 at 9:07 pm
3 Days to the Ides of March.

Britain is headed to Hell. We will follow.

https://theweek.com/articles/828452/brexit-disaster-could-destroy-united-kingdom

PREPARE

—-//———–

Well Hello trumpocalyps childhood damage come large.

Please stop. The idiocy you spell out daily is just snot. Humans are insignificant, and so is Brexit . Brexit was a computer program pilot test, and the software worked. Oops. Brexit wasn’t meant to be. The British world will be far better off without that stuff.

Your doomer , gloomier boomer hair bun, gosh I know it all, Vape, gosh pot seems like a good thing to you, Everyone else is stupid but you….. is stupid.

There is a reason that a profitable “doomer blog\web presence ” was completely & instantly removed from the Internet .

Stop. Go away. Woof Grrrr

Thank You.

#56 Ponzius Pilatus on 03.12.19 at 11:20 pm

#48 crowdedelevatorfartz on 03.12.19 at 10:20 pm
@#15 Jan Michael Vincent
“The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth
——-
Whose privacy?
Take Al Capone, for instance.
Most people would agree that it would have been helpful to the authorities to know where his ill gotten money was invested in.
Garth,
Not sure why you’re so soft on money laundering criminals.c

#57 Barb on 03.12.19 at 11:25 pm

““The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a “…public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth

————————————————–
Wouldn’t that foretell the end of numbered companies owning businesses/properties?

Seems Alberta beat BC to the punch…yesterday one of the owners of a small 5-unit Edmonton mall (purchased by a numbered company) was listed as the infamous O.Khadr.

#58 Ilona on 03.13.19 at 12:05 am

@#46 – megsy

Thank you so much, we didn’t know that! And it’s something that kids can do themselves (I’m one of 100 people on earth who don’t have a Facebook account.. lol) Just felt sad for them being taken advantage of by a shrewd landlord with 7 or so properties in Toronto..

(As for the main story of the blog, we’re (gasp!) “cat people”, but our first pet in Toronto was adopted from the woman whose brother passed away and left a cat who didn’t get along with hers.. so kudos to all who want to offer Kelsey a good loving home – and peace of mind to Carol! =)

#59 A Yank in BC on 03.13.19 at 12:06 am

#14 S.Bby on 03.12.19 at 6:11 pm

“The interest rate on B.C. Government-issued student loans has been eliminated, as of February 19, 2019
Thanks BC NDP”

Thanks for what? The interest cost to government in providing and carrying those loans doesn’t go away. The NDP is merely shifting the burden of paying that interest to others, i.e., the taxpayer, for their own shameless political gain. Oh.. what’s that you say? They didn’t mention that on the 6 o’clock news? No.. they wouldn’t would they.

#60 ulsterman on 03.13.19 at 12:14 am

So assuming mortgage payments roughly equalled rent ($2,000 a month for a $400,000 borrowing), the cost of ownership was $70,000. So the five-year gain was $130,000. Still good at 6% or so per year.

6%/year is OK/ho hum and diminishes the return on the real estate purchase. But that investment could have been initiated with 5% down. Not so for stocks. He’d have started five years ago with almost nothing and there’s no way he’d have profited $130,000 in five years starting with, say, a $20,000 (5%) downpayment. He also would have had some security of tenancy, and also been able to impress the ladies on dates as an “owner”:)

#61 Roial1 on 03.13.19 at 1:12 am

How is this not an invasion of privacy? – Garth

When the present laws only protect the criminals and money launders.

As a law abiding citizen, I fear not the exposure of my land holdings. Hell I am proud of them.

#62 Karma on 03.13.19 at 1:15 am

Good ol’ income inequality being justified…

https://quillette.com/2018/10/04/why-assumptions-about-rising-inequality-are-wrong/

#63 Smoking Man on 03.13.19 at 1:32 am

On the air tonight project blue book. Last episode of season 1.

Orange plasma fliers in Washington.

Q security clarence if you know the truth.

Garth was paid a visit at the general store two years ago in febuary I’m forbidden on here to share a link to the truth.

Garth knows.. disclosure is in his cowboy boots.

He better hurry, the word cowboy will be erased from the English language soon.

#aliens.

#64 Dolce Vita on 03.13.19 at 1:46 am

#48 crowdedelevatorfartz

I’ll believe when it’s Law (response to Comment #15 Air Wolf)

How is this not an invasion of privacy? – Garth

——————————————-

When it comes to Gov ultimately getting its Shylock “Pound of Flesh” from tax cheats, Privacy trumped and victim.

As a former National Revenue Minister I’m certain you are well acquainted with that disposition My Liege.

Where’s Portia when you need her?

In Venezia where she belongs with Bassanio (the latter’s bromance with Antonio alive and well).

——————————————-

When it comes to money nowadays Garth many including Gov, have no scruples it seems.

-Buona Mattina d’Italia (17°C in the NE & busy seeding, gardening, transplanting my bougainvillea – yes Cdn gardeners, EAT YOUR HEARTS OUT…I may even take the basil outside for some fresh air).

#65 TRT on 03.13.19 at 1:53 am

Haven’t visited this site in years. Remember me Garth?

How do you like my call on interests rates peaking in 2019? A call made years ago.

And how do you like my call on Vancouver real estate in 2015 when i said buy what you can.

Both would of made anyone gazillions!!

When is the job offer coming?

#66 Dolce Vita on 03.13.19 at 2:22 am

Well, maybe the US is not the Last Man Standing when it comes to GDP growth.

It was only a matter of time in my mind the US would show signs of faltering economically what with Europe, Japan, China (slow for them, boom for the rest of us) & Canada – either in recession or slow growth:

GDPNow – Federal Reserve Bank of Atlanta.

-0.2% growth rate estimate for 1st Qtr 2019.

-Due to 1st Qtr 2019 real personal consumption expenditures growth decline from 1.5 percent to 1.0 percent (yet again, Mr. Consumer decides & seemingly, not a Happy Camper).

https://www.frbatlanta.org/cqer/research/gdpnow.aspx?panel=1

#67 Ace Goodheart on 03.13.19 at 7:06 am

Interesting development in Venezuela:

The Chinese have just offered to come and fix Venezuela’s broken power generation system.

The Chinese could easily fix it. They have both the skilled people and the equipment. They can get things running in no time.

Which makes the situation look like this:

South and Central Americans hate the USA right now. Venezuela’s government is split in half. Half is loyal to the USA, the other half to China and Russia.

So China comes in, fixes the broken Guri dam power generation plant, and the rest of the stuff that the military broke when they were trying to fix things, power is restored, and guess what……

China owns Venezuela. They have some of the largest oil reserves on the planet, controlled by a corrupt military government that could not tie its own shoes without a lot of help.

Yeah this is looking better all the time……

#68 Y. Knott on 03.13.19 at 7:14 am

#50 crowdedelevatorfartz on 03.12.19 at 10:37 pm
How is this not an invasion of privacy? – Garth

++++++

If I’m not breaking the Law and I have nothing to hide….

I dont care.

You are reminded that “the Law” is a fluid concept, and that governments desperate for revenue, ANY revenue, and eager to please their “friends” have a well-documented history of changing laws to suit themselves and buy votes – ask any gun owner.

Sure, you’re not “breaking the law” TODAY……

#69 Toronto Guy on 03.13.19 at 7:50 am

Canada is a great country, and most cities are awesome…but let’s be honest. No where holds a flame to Toronto. For young and old, the city has something for everyone.

It’s no surprise Timmy’s recently moved their head office from Oakville to DT Toronto. All corporations and their employees want to be in Toronto – hence the severe shortage of commercial and living space!

For a young lawyer with some spending money, I’m pretty sure that there is no better city in Canada to live. This goes for most young professionals I would imagine. Unless you’re a homebody, Toronto can’t be beat.

Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.

The only thing this city is missing is a Leafs cup – but that will come within the next few years! I beLEAF.

#70 crowdedelevatorfartz on 03.13.19 at 7:53 am

@#66 TNT Shopping
“When is the job offer coming?”
+++++

When you quit your job as a Soothsayer/Realtor?

#71 Gravy Train on 03.13.19 at 7:58 am

#54 CJohnC on 03.12.19 at 10:52 pm
”… No, we’re just happy that they screen out the folks who would leave their best friends behind.” This story was also the basis for The Twilight Zone episode “The Hunt” (season 3, episode 19). Dogs aren’t allowed to enter into hell because they can smell the brimstone and tip off their masters. The angel says, “You see, Mr. Simpson, a man, well, he’ll walk right into hell with both eyes open. But even the devil can’t fool a dog!” :)

#72 crowdedelevatorfartz on 03.13.19 at 8:04 am

@#68 Ace
“China owns Venezuela….”
*****

I’m thinking that 31 million angry, starving people with no food, power or water , and are ready to explode might have a few things to say about that.

The Guri dam may be “off line” for months as Venezuela heads into the hottest months of the year.

https://www.wired.com/story/venezuela-power-outage-black-start/

Did the Guri Dam fall victim to a cyber attack?
Its all moot now.
Just light a match , toss it at the old, leaky gas tank, and step back and watch what happens…..

#73 Hamsterwheelie on 03.13.19 at 8:19 am

#23 Ilona – landlord from hell acted illegally and should be taken with all evidence to the ‘Landlord Tenant Board’ immediately.
First off, its illegal to charge a ‘security deposit’ in Ontario – I should know, I’m a landlord and they should especially know as they’re renters. All the information is spelled out on the LTB website and in the standardized, 14 page tenant agreement.
The landlord cannot ‘kick them out’ early – the rent is paid and they can stay until midnight of the last day of their tenancy agreement.
Tenants have waaaaay more rights than landlords and a right to free counsel through the LTB.
No excuse in this day and age not to know their tenant rights – if nothing else they may want to consider getting Legal Shield.
Don’t be a victim, know your rights, document everything (no verbal agreements with a landlord, keep all emails and text messages)

#74 jess on 03.13.19 at 8:25 am

A Closer Look
How the Rich Really Play, “Who Wants To Be An Ivy Leaguer?”

A ProPublica editor who investigated how the rich buy their children’s way into elite colleges reflects on the latest scandal—and remembers when affluent readers mistook his expose for a “how-to” guide.

by Daniel Golden

March 12, 6:45 p.m. EDT
https://www.propublica.org/

========================
Sidoo is one of the founding members of the 13th Man Foundation, which has poured millions into UBC’s football team since 2014. The Dave Sidoo field at Thunderbird Stadium is named in his honour.

Sidoo also previously served on UBC’s Board of Governors during the crisis that followed President Arvind Gupta’s controversial departure from UBC. He was not re-appointed by the provincial government in 2017.

Sidoo also received the Order of BC in 2016 — the province’s highest honour.
https://www.nytimes.com/2019/03/12/opinion/college-bribery-admissions.html

“David Sidoo has been repeatedly recognized for his philanthropic endeavors, which is the true testament to his character,” said Richard Schonfeld, Sidoo’s counsel, in a press statement.

David Sidoo, 59, of Vancouver, Canada, was charged in an indictment with conspiracy to commit mail and wire fraud. Sidoo was arrested on Friday,

https://www.justice.gov/usao-ma/pr/arrests-made-nationwide-college-admissions-scam-alleged-exam-cheating-athletic March 8th in San Jose, Calif., and appeared in U.S. District Court for the Northern District of California yesterday. A date for his initial appearance in federal court in Boston has not yet been scheduled.
================================
‘Willing to spend whatever it took’: 50 charged with U.S. college admissions scam

$25-million scheme the biggest ever prosecuted, authorities say
The Associated Press · Posted: Mar 12, 2019 11:54 AM ET | Last Updated: 3 hours ago

#75 Tater on 03.13.19 at 8:31 am

#23 Ilona on 03.12.19 at 7:18 pm
And still didn’t get their $500 security deposit back! Any lawyers who can help with that? :)

——————————————————————–
Security deposits are not legal in Ontario. Tell the landlord you’re going to submit a complaint to LTB and see if that gets the cash refunded. http://www.sjto.gov.on.ca/ltb/

And if they paid the full month rent, they are entitled to stay the full month.

#76 jess on 03.13.19 at 8:42 am

The new documents reveal that Mossack Fonseca, in fact, often had no idea who was benefiting from its services. The firm couldn’t identify tens of thousands of owners of companies it had registered in opaque, low-tax jurisdictions, the documents show.

Two months after the firm became aware of the records breach, it still couldn’t identify owners of more than 70 percent of 28,500 active companies in the British Virgin Islands, the firm’s busiest offshore hub. It didn’t know who owned 75 percent of 10,500 active shell companies in Panama, the records show.”

THE CLIENT DISAPPEARED! I CAN NOT FIND HIM ANYMORE!!!!!!!,” Nicole Didi, a Swiss wealth management adviser, wrote in March 2017. A long-time intermediary of Mossack Fonseca, she acted for 80 companies set up by the firm.

WE CAN’T GO BACK a day after asking for papers to ask for something else,” he wrote. “WE LOOK LIKE FUCKING AMATEURS. A Mickey Mouse operation.”

https://www.documentcloud.org/documents/4524741-Beneficial-Owner-Analysis.html

ICIJ published a new series of articles based on Mossack Fonseca documents obtained after the publication of the 2016 investigation.

The new leak of information revealed tax and criminal inquiries to the law firm from authorities around the world, including India, France, Australia, Panama, the United Kingdom.

The new documents also showed the reactions to the leak of bankers, accountants and lawyers who, along with Mossack Fonseca, helped the rich and famous avoid or reduce taxes through offshore companies.

One unhappy lawyer who had used Mossack Fonseca’s services for years complained that the Panama Papers investigation resulted in exactly what secretive offshore companies were designed to avoid.

“Thanks to Mossack,” he wrote in January 2017, “customers have to pay income taxes.”

https://www.icij.org/investigations/panama-papers/new-panama-papers-leak-reveals-mossack-fonsecas-chaotic-scramble/?utm_content=bufferdcb43&utm_medium=social&utm_source=twitter.com&utm_campaign=Buffer+-+Twitter

#77 Tater on 03.13.19 at 8:44 am

#48 crowdedelevatorfartz on 03.12.19 at 10:20 pm
@#15 Jan Michael Vincent
“The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth
—————————————————————
Not a fan of it being public, necessarily, but the UBO for any property transaction should be known.

#78 armpit on 03.13.19 at 8:51 am

I can never understand why one would purchase a condo instead of renting one. To me, condos disguise themselves as “investing” in real estate, no different that mutual funds as investing in stocks.

There are too many people/organizations/layers who all have their finger in it and get paid first. Too many rules, fees, etc.

As Garth mentioned, buy dirt instead. It’s easier to place or remove a brick from it anytime you want.

#79 Remembrancer on 03.13.19 at 8:59 am

#68 Ace Goodheart on 03.13.19 at 7:06 am
Interesting development in Venezuela:
————————————————-
Good thing that the US isn’t in one of its periodic bouts of isolationism and can act as a counter balance.

#80 n1tro on 03.13.19 at 9:01 am

#57 Ponzius Pilatus on 03.12.19 at 11:20 pm
——-
Whose privacy?
Take Al Capone, for instance.
Most people would agree that it would have been helpful to the authorities to know where his ill gotten money was invested in.
Garth,
Not sure why you’re so soft on money laundering criminals.c
—————————
Privacy of people yet to be proven to be criminals. That’s who. Your example of Al Capone is looking in the rearview with 20/20 hindsight.

As for money laundering being a soft crime, yeah it is. How do you think rich people keep their money? The punishment for it can’t be too severe or good folks like the ones listed in the Panama papers would be deterred from finding creative ways to high their money.

#81 Milan on 03.13.19 at 9:04 am

#19 Suede

He probably would’ve put $50k down.

Less selling fees, etc… worst case made $150k out of the $200k it rose. That’s a nice triple.

At least that’s what his friends are whispering in his ear…

But this won’t be repeating anytime soon.

**********

You’re right. That gravy train has reached and left its last stop.

Remember, leverage works both ways!
It can absolutely devastate someone if it swings in the negative direction.

Anyone who bought RE prior to, or around 2012 and sold 2015-2017 looks like a savant and financial genius to their friends and family.
In hindsight, monetary policy and gov stimulus (via incentives and other means) was the main driver of this huge, unsustainable run-up in prices.

I’d like to see Canada curb RE speculation but we all know that won’t happen. RE transactions & RE industry keeps the gov coffers full.

For the record,
I sold my SFD in April 2017
Currently happily renting, saving & investing.

This blog really helped me open up my eyes to what is important in life. So thank you Garth for your work and insight.

#82 JB on 03.13.19 at 9:06 am

So if Prospero really wants to make money on real estate, he should (a) buy dirt, not a box in the sky in a city with tens of thousands of new units coming to market and (b) get out of Dodge. There are (hard to believe) some great cities in Canada where they actually have lawyers and real houses on earthy lots that cost a fraction of the amount.
………………………………………………………………………
Dirt is real, tangible and it is yours to do with as you please. A box in the sky gives you only the right to occupy the space between the concrete and in some cases only thin walls.
So what do you get in a condo? Ever increasing fees and nothing back for it.

#83 n1tro on 03.13.19 at 9:11 am

#58 Barb on 03.12.19 at 11:25 pm

Seems Alberta beat BC to the punch…yesterday one of the owners of a small 5-unit Edmonton mall (purchased by a numbered company) was listed as the infamous O.Khadr.
—————————-
I’m glad Omar is doing well. Don’t think he deserves the $10M lotto win but I guess with that kind of money, it changes one’s perspective. From jihadi to businessman, infidels turn into customers. What’s concerning is that with this info exposed, I can see some patri(di)ots vandalizing the property in a misguided attempt to deliver justice which they think Omar should have got originally.

#84 Ace Goodheart on 03.13.19 at 9:28 am

#73 crowdedelevatorfartz:

Guri’s not connected to the internet. Most reports seem to suggest that a lot of the equipment that keeps it running is ancient analog stuff.

You can’t cyber attack an old analog system.

It will be interesting to see what the Chinese do with it. I’m thinking major rebuild.

#85 Yuus bin Haad on 03.13.19 at 9:38 am

Back in the day, we were able to finish school with a surplus (measured in dollars and sense)

#86 Freedom Renter on 03.13.19 at 9:45 am

Penny Henny, I noticed the same thing immediately re Prospero’s ability to pay loans @ $4K per month, while renting a modest place to live and also feeding himself, on a gross salary of $70K. That math just doesn’t add up. This guy either hasn’t paid any income taxes for a few years, lives in a parent’s home, or has been sponging off an employed friend for food and shelter. Maybe a parent or gf/bf has been assisting in those monthly repayments? Maybe a combination of all of the aforementioned? There is no way P can have been supporting his student debt alone in this fashion. Impossible.

Lee might ask some successful baristas and servers in profitable restaurants what they actually are taking home – not what they report to CRA. $70K gross may easily be surpassed by wait staff at lots of eateries worth visiting, so long as they have clients who leave gratuities.

Great post, Garth. The clarity is blinding.

#87 Ilona on 03.13.19 at 10:07 am

#74 Hamsterwheelie and #76 Tater

Thank you, sent the kids the LTB link (the boyfriend was new to Toronto, and it was his first lease.. but none of us knew that security deposits were no longer legal, I remember hearing stories from co-workers how it was often a fight with landlords to get them back! We haven’t rented since 1998 when we bought our house, and our first and only Toronto rental was in a “normal” apartment building, with management company and supervisor, before this condo boom.. :)

#88 Rasputin Butts on 03.13.19 at 10:36 am

Trudeau may have screwed Canada out of a trillion dollars in tax revenue . Every billion dollars spent in new discoveries to take Canada’s place is filling up someone else’s coffers. Don’t worry, Mommy and Daddy are stoned and they won’t care if you’re thinking about prostitution to tourists as a viable career. Meanwhile , oil and gas exploration is going full tilt around the world and China is still building the equivalent of one coal fired plant a week and expanding demand for oil imports exponentially, just not from Trudeaus Canada. Australia just restarted its coal industry and coal fueled power plants. American states are burning garbage again. But Canada is going to save the world? Justin Trudeau is crowding out the fairies on fairy dust island, alone.

https://www.cnbc.com/2019/03/13/gas-finds-in-the-mediterranean-spark-partnership-between-rival-nations.html?forYou=true

#89 James on 03.13.19 at 11:00 am

#64 Smoking Man on 03.13.19 at 1:32 am
On the air tonight project blue book. Last episode of season 1.
Orange plasma fliers in Washington.
Q security clarence if you know the truth.
Garth was paid a visit at the general store two years ago in febuary I’m forbidden on here to share a link to the truth.
Garth knows.. disclosure is in his cowboy boots.
He better hurry, the word cowboy will be erased from the English language soon.
#aliens.
____________________________________________
Plasma technology is decades if not more away Old Man. Variable Specific Impulse Magnetoplasma Rockets need as much electricity as several nuclear reactors in order to make them feasible. So Old Man it would be like you carrying around five extra beer belly’s in order to go to the bar every day. It takes a lot of energy. They also are parasitic in that they self-destroy their own superstructure due to the plasma. Another factor is the low thrust generated from a Variable Specific Impulse Magnetoplasma Rocket (Plasma Rocket) that means they are not practical enough to get off the planet on their own. Perhaps solid fuel boosters can get you into space and then they could be used for a short time. How do I know these things Old Man? When I first graduated from university I worked for a company in Cornwall that was acquired by another in Nova Scotia called Nautel. They built 200Kw RF gen-sets that were needed to ionize the propellant for Plasma Rockets. So I am familiar with Plasma Technologies as a propulsion device. But then again why am I explaining this to you? You’re a fictional character in a fictional world who doesn’t exist, similar to FAKE NEWS.

#90 dharma bum on 03.13.19 at 11:01 am

#70 Toronto Guy

Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.
——————————————————————-

I guess Toronto is fine for those who like:

Poor infrastructure
Perennially congested traffic
Substandard transit system for a city of its size
Potholes
Illegal drug trafficking
Violent crime
Homelessness
Lingering debilitating road construction on every street
Broken water mains
Rudeness
Smugness
High anxiety
Overpriced real estate
Overpriced restaurants
Pretentiousness
Lack of good coffee houses for the scale of the city
Too many garbage Tim Hortons locations
Fake excitement
An unjustified sense of self-importance
Bleakness
Falling glass panes from cheaply built condos
The prospect of future slums in cheap high density areas
Jane and Finch
Regent Park
St. Jamestown
Parkdale
Scarberia
Yuppies
Hipsters
Cold weather
Stifling humidity
High parking fees
Fake culture
Overpriced hockey tickets
Shallowness
Did I mention terrible traffic?
Too many bad pizza joints
Not enough Chipotles
No Trader Joe’s
Yorkdale
Worst waterfront EVER
The Don Valley Parkway
Overly indebted Zombie Apocalypse
Lack of parking spaces
Highway 401
The Gardiner Expressway
Narcissism
Dunning-Kruger effect
NYC wannabes
Cluelessness
Bay Street
TREB
Lack of vision
John Tory
Toronto City Council
The endlessly repetitive shallow blather on 680 Radio
The Leafs
The Raptors
The Jays
The TFC
All of the above (ugh)
Boredom
Filth
Toronto Hydro
Corruption
Meter Maids
Sinkholes
Insurance fraudsters
Fake Ultra Low Property Tax to keep the mayor in office
High Land Transfer Fees
High rent

I have to admit though, the Chinese food is really good.

#91 IHCTD9 on 03.13.19 at 11:28 am

#70 Toronto Guy on 03.13.19 at 7:50 am

Canada is a great country, and most cities are awesome…but let’s be honest. No where holds a flame to Toronto. For young and old, the city has something for everyone…

..Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.
____

Actually, there are millions of folks in Canada who could not be paid enough to live in a city like Toronto.

Take myself for example. I like to fish, camp, and ride atv’s. I like space around me, and my 12 minute commute to work. I own 31,500 lbs worth of antique heavy equipment just for fun. My truck and tandem axle utility trailer are near equal in size to a 1 bed gta condo. I like the clean air, smelling the Earth in the spring, the quiet evenings, and the night sounds. I like the ability to choose what regulation, and bylaw I am willing to comply with, and which I will ignore. I like options and as much freedom I can get.

Living in a place like Toronto would be like being condemned to Hell for me. Stink. Noise. Nothing to do. Congested. Traffic nightmare. Horrific living conditions. Highest concentration of ideological extremist goofballs anywhere in Canada. No freedom, no choice in lifestyle, no chance to think outside the box – a population ruled via by-law, regulation and circumstance.

Going to restaurants, hockey games, plays, ballets, symphonies, movies, attractions would only interest me on occasion. Frankly, I’d rather be heading out onto the bay at the crack of dawn for a day of ice fishing than sitting in a theatre any day.

#92 Tater on 03.13.19 at 11:32 am

#87 Freedom Renter on 03.13.19 at 9:45 am
Penny Henny, I noticed the same thing immediately re Prospero’s ability to pay loans @ $4K per month, while renting a modest place to live and also feeding himself, on a gross salary of $70K. That math just doesn’t add up. This guy either hasn’t paid any income taxes for a few years, lives in a parent’s home, or has been sponging off an employed friend for food and shelter. Maybe a parent or gf/bf has been assisting in those monthly repayments? Maybe a combination of all of the aforementioned? There is no way P can have been supporting his student debt alone in this fashion. Impossible.

Lee might ask some successful baristas and servers in profitable restaurants what they actually are taking home – not what they report to CRA. $70K gross may easily be surpassed by wait staff at lots of eateries worth visiting, so long as they have clients who leave gratuities.

Great post, Garth. The clarity is blinding.
————————————————————–
If this guy has been a lawyer since 2014 at one of the Bay street firms, his salary is more like 160k (and a 20-25k bonus annually) at this point.

As for waiters, if you work at a restaurant where the average check is $250, you should be pulling in $300-$500 or so a night in tips Thursday through Saturday.

#93 NoName on 03.13.19 at 11:42 am

#85 Ace Goodheart on 03.13.19 at 9:28 am
#73 crowdedelevatorfartz:

Guri’s not connected to the internet. Most reports seem to suggest that a lot of the equipment that keeps it running is ancient analog stuff.

You can’t cyber attack an old analog system.

It will be interesting to see what the Chinese do with it. I’m thinking major rebuild.

YES you can, dont for a moment forget we are analog creatures and everything we do and experience is analog. Hacking “analog” stuff is quite easy, could be simple as paying off some disgruntle employee to press wrong button at right tome, or us of digital technology to decript (in real time) and mimic analog communication and do some nefarious work on analog process.

Remember stuxnet no cyber there just memory stick/sticks (yes it started with 10k of infected memory sticks being shipped in), digital technology used to wreck havoc on analog proces… Or when fired onion carbon disgruntle employee introduced water in critical time processes and created Bhopal disaster, on a way out after being fired earlier that morning.

https://www.presstv.com/Detail/2019/03/09/590571/Venezuela-power-cut-US-crisis-Juan-Guaido

Venezuela’s Information Minister Jorge Rodríguez said “a cyber attack targeted the automatic control system at the hydroelectric power station.”

#94 Penny Henny on 03.13.19 at 11:45 am

#93 Tater on 03.13.19 at 11:32 am

As for waiters, if you work at a restaurant where the average check is $250, you should be pulling in $300-$500 or so a night in tips Thursday through Saturday.

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

$300- $500 a night?
No dealing with multiple offers?
No open houses on Sundays?
Bye-bye Royal LePage

#95 Libtard on 03.13.19 at 12:14 pm

I hope someone making policy decisions at the feds has done your thought experiment about what it would take to justify buying a house or condo today.

Maybe that will make them think twice about helping realtors pawn off inflated assets on millenials…. nahhhhh

#96 Tater on 03.13.19 at 12:20 pm

#95 Penny Henny on 03.13.19 at 11:45 am
#93 Tater on 03.13.19 at 11:32 am

As for waiters, if you work at a restaurant where the average check is $250, you should be pulling in $300-$500 or so a night in tips Thursday through Saturday.

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

$300- $500 a night?
No dealing with multiple offers?
No open houses on Sundays?
Bye-bye Royal LePage

—————————————————————

12 tables in a shift is not a stretch, $250 check for each with a 15% tip gets you to $450. You might have to give up a share of that as a tip out, but still pretty good.

#97 Toronto Guy on 03.13.19 at 12:21 pm

#92 IHCTD9 on 03.13.19 at 11:28 am

That’s all well and good if you don’t need to work. But for those of us who work for the largest corporations in Canada, Toronto is the place to be.

How many 7 sister law firms have offices in your neck of the woods? Or big 4 accounting firms? Or corporate headquarters? I would guess the answer for all is a resounding zero.

So in that case, for the hundreds of thousands of Canadians who work for large corporations, Toronto, as stated, is the place to be.

Plus, Muskoka is a 2 hour drive North, Kawarthas a 2 hour drive east, and many other points of interest in between.

Living in a rural backwater village with 400 other cousins is about as appealing to me as drowning in lava.

#98 Cto on 03.13.19 at 12:34 pm

#92 IHCTD9

I second your opinion sir. See, Toronto Guy, no guy we are not an anomaly, there are millions of us out there North of Highway 7 and east of Pickering, etc.
Actually I live in Metro T.O, with a family but consistently get absolutely sick of the congestion and chaos of that City. No ,…Toronto is not the be-all end-all , grew too fast too many condos not enough infrastructure. The people that live in the city think this is “the norm”, but every year it gets worse and worse.
Condos bells and whistles and bling aren’t everything.!

#99 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 03.13.19 at 12:35 pm

Salutations to #91 dharma bum and #92 IHCTD9!

Yep. Yep. Yep.

“Poor infrastructure
Perennially congested traffic
Substandard transit system for a city of its size
Potholes
Illegal drug trafficking
Violent crime
Homelessness
Lingering debilitating road construction on every street
Broken water mains
Rudeness
Smugness
High anxiety
Overpriced real estate” (about to crash!)

etc….

And the worst, most incompetent sports franchise in human history, the Make Believes!

Sucking in gullible sports losers for generations (not to mention having been run by shady characters like criminal Harold Ballard and his enablers of child abusers!)

It is Hell there in the GTA, as you both said, for people who know what Real Canada is like.

#100 AGuyInVancouver on 03.13.19 at 12:59 pm

#27 Linda M Youell on 03.12.19 at 7:32 pm
The Virus has established itself in New York:
– from yesterday’s New York Times, “Lawmakers Support ‘Pied-a-Terre’ Tax on Multimillion-Dollar Second Homes, by Jeffery C Mays and Jesse McKinley..
_ _ _

Virus? More like the cure:

..”The Statistics Canada report examines non-resident ownership based on whether the single owner or one of the owners of the property does not live in Canada. Newly-constructed condos in Vancouver especially attracted the foreign market: 19 per cent of condos built between 2016 and 2017 were owned or partially owned by non-residents. In Toronto, Canada’s other hot housing market, that number was 7.6 per cent…

..Real estate economist Tom Davidoff, of the University of British Columbia’s Sauder School of Business, said the numbers show that Vancouver remains popular for residents even after the foreign-buyers tax was implemented in 2016.

“Vancouver was a very attractive place for people who don’t necessarily make their living in Vancouver to buy real estate, and what that says to me is the empty homes tax and speculation tax are, in that way, a quite helpful policy,” he said in an interview…”

https://www.theglobeandmail.com/canada/british-columbia/article-non-resident-owned-property-in-bc-worth-more-than-resident-owned/

#101 miketheengineer on 03.13.19 at 1:05 pm

Message for Carol:

My friend is going to this clinic in England this week to see if she can try this concoction of stuff. Right now she is NED, since they cut out the cancer. But it could come back and spread…. here is where she is going for treatment with the article….Good luck and my God bless you.

https://www.dailymail.co.uk/health/article-3115964/Could-simple-antibiotic-help-fight-cancer-Experts-London-clinic-believe-cheap-everyday-drugs-starve-deadly-tumours.html

#102 IHCTD9 on 03.13.19 at 1:25 pm

#39 Nonplused on 03.12.19 at 8:59 pm
#32 IHCTD9

Neither wolf wins. We sick the appropriate dog on the problem. Humans are not either good or evil, but always both. Morality comes from society, not from inside ourselves. “The rules” are agreed upon because they have been found to contribute to peace and tranquility. “Thou shalt not steal”. “Thou shalt not commit murder”. “Thou shalt no covet…”. “Do unto others as you would have others do unto you” (the golden rule).
_____

IMHO, morality was learned; and then taught.

It sounds like you don’t know too many good folks. I know many who have hearts of pure gold and will give you the shirts right off their ******* backs to help someone out who needs it. I’m talking about the kind of stuff that makes you fight off tears just being told about it.

Look how many offered their help to Carol the other day. I’ll bet Garth was not even all that surprised with all the offers to help. Good people are everywhere.

#103 KLNR on 03.13.19 at 1:45 pm

@#70 Toronto Guy on 03.13.19 at 7:50 am
Canada is a great country, and most cities are awesome…but let’s be honest. No where holds a flame to Toronto. For young and old, the city has something for everyone.

It’s no surprise Timmy’s recently moved their head office from Oakville to DT Toronto. All corporations and their employees want to be in Toronto – hence the severe shortage of commercial and living space!

For a young lawyer with some spending money, I’m pretty sure that there is no better city in Canada to live. This goes for most young professionals I would imagine. Unless you’re a homebody, Toronto can’t be beat.

Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.

The only thing this city is missing is a Leafs cup – but that will come within the next few years! I beLEAF.
_________________________

^TRUTH^

go leafs go.

#104 HAHA on 03.13.19 at 1:51 pm

@#91 dharma bum on 03.13.19 at 11:01 am
#70 Toronto Guy

Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.
——————————————————————-

I guess Toronto is fine for those who like:

Poor infrastructure
Perennially congested traffic
Substandard transit system for a city of its size
Potholes
Illegal drug trafficking
Violent crime
Homelessness
Lingering debilitating road construction on every street
Broken water mains
Rudeness
Smugness
High anxiety
Overpriced real estate
Overpriced restaurants
Pretentiousness
Lack of good coffee houses for the scale of the city
Too many garbage Tim Hortons locations
Fake excitement
An unjustified sense of self-importance
Bleakness
Falling glass panes from cheaply built condos
The prospect of future slums in cheap high density areas
Jane and Finch
Regent Park
St. Jamestown
Parkdale
Scarberia
Yuppies
Hipsters
Cold weather
Stifling humidity
High parking fees
Fake culture
Overpriced hockey tickets
Shallowness
Did I mention terrible traffic?
Too many bad pizza joints
Not enough Chipotles
No Trader Joe’s
Yorkdale
Worst waterfront EVER
The Don Valley Parkway
Overly indebted Zombie Apocalypse
Lack of parking spaces
Highway 401
The Gardiner Expressway
Narcissism
Dunning-Kruger effect
NYC wannabes
Cluelessness
Bay Street
TREB
Lack of vision
John Tory
Toronto City Council
The endlessly repetitive shallow blather on 680 Radio
The Leafs
The Raptors
The Jays
The TFC
All of the above (ugh)
Boredom
Filth
Toronto Hydro
Corruption
Meter Maids
Sinkholes
Insurance fraudsters
Fake Ultra Low Property Tax to keep the mayor in office
High Land Transfer Fees
High rent

I have to admit though, the Chinese food is really good.
___________________________________

someones triggered.
breath dude.

#105 NotLegalAdvice on 03.13.19 at 1:58 pm

@#70 Toronto Guy on 03.13.19 at 7:50 am
Canada is a great country, and most cities are awesome…but let’s be honest. No where holds a flame to Toronto. For young and old, the city has something for everyone.

It’s no surprise Timmy’s recently moved their head office from Oakville to DT Toronto. All corporations and their employees want to be in Toronto – hence the severe shortage of commercial and living space!

For a young lawyer with some spending money, I’m pretty sure that there is no better city in Canada to live. This goes for most young professionals I would imagine. Unless you’re a homebody, Toronto can’t be beat.

Having lived in Vancouver, Calgary, Saskatoon, Ottawa, KW, and now Toronto, I realize what a great city this is. All those places were awesome, but Toronto is on a whole other level.

The only thing this city is missing is a Leafs cup – but that will come within the next few years! I beLEAF.
_________________________

^TRUTH^

go leafs go.

_________________________________

#LeafsNation

#106 Constitutional Crisis on 03.13.19 at 2:05 pm

I watched it all and it was historic.
https://www.cbc.ca/news/politics/justice-committee-wilson-raybould-trudeau-1.5052976
Why the cover-up, and what is there to hide?

#107 Mattl on 03.13.19 at 2:13 pm

#48 crowdedelevatorfartz on 03.12.19 at 10:20 pm
@#15 Jan Michael Vincent
“The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth

————————————————————-

I agree Garth,

Gov’t should know who the Beneficial Owner is, and I think they should aggregate and share this data with the public. But I agree, why should an individuals property holding be made public? The public has an interest in summary data, 100%, but come on why do I need to know who actually owns my neighbors home. That clearly is none of my business and will only be useful to fraudsters.

#108 Mattl on 03.13.19 at 2:16 pm

#50 crowdedelevatorfartz on 03.12.19 at 10:37 pm
How is this not an invasion of privacy? – Garth

++++++

If I’m not breaking the Law and I have nothing to hide….

I dont care.

—————————————————————

Perfect, you first then. Please share your full legal name, current address, income, net worth, marital status, SIN, DL#, etc. I mean you have nothing to hide so who cares about privacy right?

#109 Mattl on 03.13.19 at 2:26 pm

#56 Figure it Out on 03.12.19 at 11:16 pm
“How is [a public registry showing the individuals who fundamentally own and control the land] not an invasion of privacy?”

As far as I know, nobody ever proclaimed a law allowing for the anonymous ownership of land. Nor has anyone held that truth to be self evident.

Anonymous ownership of land has come to be through the pernicious misuse of nominee trusts, and of corporations in jurisdictions where basic corporate information need not be disclosed. I don’t think it should be a civil right.

————————————————————-

Last post, I promise.

What you guys are failing to understand is the principle of Need to Know when it comes to privacy. Regulating bodies, banks etc should absolutely know who owns property, and is the beneficial owner. The gov’t today, doesn’t, and that’s an issue. It is the reason that RE is such a great asset to integrate laundered money. The gov’t has a need to know who owns RE.

You, on the other hand, have no claim to data on individual property owners, unless you are entering into a transaction with that owner. You also have no right to know the balance your neighbor keeps in his bank or investment account or who owns the car across the street, or who rents at #33 45th Avenue West.

You can, however, make a good argument that aggregate data is in the public’s best interest.

This is one of those careful what you wish for moments. Do we really want the government sharing what is clearly private info – ownership of privately held assets – with the public?

#110 MF on 03.13.19 at 2:32 pm

91 dharma bum on 03.13.19 at 11:01 am

…yeah I wish I bought a condo in Toronto and am jealous of those who did as well.

And lol at “boredom” being on that list. That’s how you know the whole thing is grade A bull excrement.

MF

#111 Tater on 03.13.19 at 2:38 pm

#108 Mattl on 03.13.19 at 2:13 pm
#48 crowdedelevatorfartz on 03.12.19 at 10:20 pm
@#15 Jan Michael Vincent
“The provincial government has proposed legislation that would make B.C. the first jurisdiction in Canada to lift the veil on secretive property ownership and create a public registry showing “the individuals who fundamentally own and control the land.”

*****

I’ll believe when it’s Law

How is this not an invasion of privacy? – Garth

————————————————————-

I agree Garth,

Gov’t should know who the Beneficial Owner is, and I think they should aggregate and share this data with the public. But I agree, why should an individuals property holding be made public? The public has an interest in summary data, 100%, but come on why do I need to know who actually owns my neighbors home. That clearly is none of my business and will only be useful to fraudsters.
————————————————————–
You can already find all of this out though. Title searches are cheap, and they’ll tell you who the owner of a property is, and you can get mortgage details as well. Costs about $50 and most services will get the info back to you in a couple of hours.

#112 45north on 03.13.19 at 2:43 pm

Payday Loans

Danielle Park: Predatory loan franchises have also been doing a booming business in Canada over the last decade.  And as shown on the left, the government of Canada’s website warns that payday loans equate to an annual interest rate of 546%.
The obvious question is how such franchises are allowed to operate in a country where usury laws define (compound) annual interest rates above 60% as criminal?
The answer is that in 2007 the Federal Government amended the Canadian Criminal Code (s. 347.1) to exempt payday loans from criminal interest rate limits where provinces enact legislation to govern them. For their part, the provinces have universally failed their duty of consumer protection in favour of profits for predatory lenders.

Quebec has not failed its duty:

Quebec has chosen to limit the effective annual interest on all loans to 35%, effectively banning the industry from the province.[27]

https://en.wikipedia.org/wiki/Payday_loans_in_Canada

In Ontario, we need to toughen up the rules. Payday loans add little value. I suppose, the payday loan businesses have signed leases for their store fronts. They should have a chance to wind them down.

https://www.howestreet.com/2019/03/12/the-indefensible-predatory-business-of-payday-loans/

#113 bdwy sktrn on 03.13.19 at 2:49 pm

737 usa grounded

#114 LP on 03.13.19 at 3:21 pm

On the first day of every month I get an e-mailed newsletter from a well-known writer of mystery novels. It’s one of those “blast” mailings; I’m not so special that she includes me in a personal list.

For several years she has written about the doings of her dog Bishop, an aged golden retriever. Bishop came to her and her late husband when the dog was already 9 years old, which in the scheme of things, is getting on a bit for a large breed dog.

The author’s husband was in the throes of Alzheimer disease but still enjoying happy joy-filled days. On the day he arrived, Bishop crossed the threshold of the house and looked at the old man. The dog had “his” teddy bear in his mouth; he walked across the room, deposited the teddy on the lap of the man, sat down and stayed close by until the old gent passed on a few years later.

Last month Bishop, too, passed on having spent 5 wonderful years in that loving home. I’m confident that many more readers than I shed copious tears for that loyal animal.

#115 stupidity on 03.13.19 at 3:30 pm

@#111 MF on 03.13.19 at 2:32 pm
91 dharma bum on 03.13.19 at 11:01 am

…yeah I wish I bought a condo in Toronto and am jealous of those who did as well.

And lol at “boredom” being on that list. That’s how you know the whole thing is grade A bull excrement.

MF
________________________________

his list reeks of someone who hates life in general.

#116 IHCTD9 on 03.13.19 at 3:43 pm

#98 Toronto Guy on 03.13.19 at 12:21 pm

That’s all well and good if you don’t need to work. But for those of us who work for the largest corporations in Canada, Toronto is the place to be…

…Living in a rural backwater village with 400 other cousins is about as appealing to me as drowning in lava.
____

The median household income in my rural backwater circa 2016 was 67K (latest data).

The median household income in Toronto in 2015 (closest I could quickly find) was 66K

In fact, households living in the tech and cultural hotbeds of Thunder Bay, Hamilton, Sudbury, and Saskatoon all out earn Toronto households.

So life is undoubtedly sweet for the .00000001% of Torontonians working the top end jobs with the top end companies. Everyone else is evidently doing worse than most of the rest of the country.

Statistics Canada’s latest report on intraprovincial migration last year, said the exodus of young born in Toronto millennials that are bailing out of Toronto is up over 300%. Other studies indicate some major numbers of new Canadians are also packing it in and going back home/elsewhere.

Would you like to talk about Toronto housing costs and household debt as well?

I’m not saying you can’t love Toronto – but your rational should be able to withstand some return fire.

BTW, my neighbours include folks born in Calgary, Vancouver, Toronto, Ireland, The Netherlands, Korea, along with First Nations, CAF folks, Tradesmen, business owners, and many more – many of them in their 20-30’s. I’m not related to any of them :).

#117 Been There Too on 03.13.19 at 3:53 pm

#116 Stupidity – You are not alone. I looked at a pre-construction condo on Eglington between Yonge and Mt. Pleasant. It was a 1 + 1 for $140,000 facing north during the late 1990’s. I wanted a south view, but there were none, but the location was great; the unit was fine; and was at the top. I passed it by for the wrong reason, and its beautiful now at a much higher cost.

#118 Jb on 03.13.19 at 3:54 pm

#99 Cto on 03.13.19 at 12:34 pm

#92 IHCTD9

I second your opinion sir. See, Toronto Guy, no guy we are not an anomaly, there are millions of us out there North of Highway 7 and east of Pickering, etc.
Actually I live in Metro T.O, with a family but consistently get absolutely sick of the congestion and chaos of that City. No ,…Toronto is not the be-all end-all , grew too fast too many condos not enough infrastructure. The people that live in the city think this is “the norm”, but every year it gets worse and worse.
Condos bells and whistles and bling aren’t everything.!
…………………………………………………………………..
Amen, just more of them and their uncontrolled fees. Glass and concrete my friend. Mostly rentals now as well.

#119 jess on 03.13.19 at 3:55 pm

what is next for manafort….Manafort, however, cannot be pardoned by the president because they were filed in state court.

https://www.manhattanda.org/district-attorney-vance-announces-indictment-of-paul-manafort/

..”Moments after Manafort was sentenced Wednesday to more than seven years in prison on conspiracy and obstruction charges in federal court in Washington, DC, the Manhattan District Attorney’s office announced criminal charges against Manafort in New York State Supreme Court. The charges stem from a “yearlong residential mortgage fraud scheme through which Manafort and others falsified business records to illegally obtain millions of dollars.”

=======

#120 jess on 03.13.19 at 4:04 pm

https://www.manhattanda.org/wp-content/uploads/2019/03/Manafort-Indictment.pdf

Defendant Information:

PAUL MANAFORT, D.O.B. 4/1/1949

Palm Beach Gardens, Florida

Charged:

Residential Mortgage Fraud in the First Degree, a class B felony, 3 counts
Attempted Residential Mortgage Fraud in the First Degree, a class C felony, 1 count
Conspiracy in the Fourth Degree, a class E felony, 3 counts
Falsifying Business Records in the First Degree, a class E felony, 8 counts
Scheme to Defraud in the First Degree, a class E felony, 1 count….

#121 mike from mtl on 03.13.19 at 4:17 pm

#117 IHCTD9 on 03.13.19 at 3:43 pm

…..In fact, households living in the tech and cultural hotbeds of Thunder Bay, Hamilton, Sudbury, and Saskatoon…….
//////////////////////////////////////////////////////////////////

Okay now you’re just being sarcastic.

#122 Midnights on 03.13.19 at 5:28 pm

About God and Dogs

A man and his dog were walking along a road.
The man was enjoying the scenery, when it suddenly occurred to him that he was dead.
He remembered dying and that the dog walking beside him had been dead for years.
He wondered where the road was leading them.

After a while, they came to a high, white stone wall along one side of the road.
It looked like fine marble.
At the top of a long hill, it was broken by a tall arch that glowed in the sunlight.
When he was standing before it, he saw a magnificent gate in the arch that looked like mother-of-pearl
///////////////////////////////////////////////

Twilight Zone

https://youtu.be/kLBTTIf7EzA

#123 LL on 03.13.19 at 5:48 pm

“alpha-male move this is”

If I was a feminist I would say that some are “beta male”!
Ok guy it’s just a joke!

#124 Dharma Bum on 03.13.19 at 6:08 pm

#116 Stupidity

His list reeks of someone who hates life in general
———————————/———————————-///———-

No. Just the time in Toronto.
The rest of it (3/4 of the time) spent in Colorado, Arizona, Florida, California, Muskoka, Orillia, Alberta, Utah, Ottawa, New Mexico, and Oregon is sublime.
Toronto is a cesspool.
But I cannot complain about the real estate inflation since I bought it in 1985.
Ka CHING!

#125 IHCTD9 on 03.13.19 at 6:12 pm

#122 mike from mtl on 03.13.19 at 4:17 pm
#117 IHCTD9 on 03.13.19 at 3:43 pm

…..In fact, households living in the tech and cultural hotbeds of Thunder Bay, Hamilton, Sudbury, and Saskatoon…….
//////////////////////////////////////////////////////////////////

Okay now you’re just being sarcastic
——-

No way Man, dead serious :)

#126 stupidity on 03.13.19 at 6:52 pm

@#125 Dharma Bum on 03.13.19 at 6:08 pm
#116 Stupidity

His list reeks of someone who hates life in general
———————————/———————————-///———-

No. Just the time in Toronto.
The rest of it (3/4 of the time) spent in Colorado, Arizona, Florida, California, Muskoka, Orillia, Alberta, Utah, Ottawa, New Mexico, and Oregon is sublime.
Toronto is a cesspool.
But I cannot complain about the real estate inflation since I bought it in 1985.
Ka CHING!
________________________

sure buddy.
Quit being a bitter old man – not healthy

#127 Dharma Bum on 03.13.19 at 8:20 pm

#127 stupidity

Sure buddy.
—————————————————————-

Well, at least your handle fits the bill.

And I’m not your buddy.

Toronto is for suckers.

Unless you got in cheap, years ago.

Anyone wanna buy some overpriced real estate?

Anyone?

Hello?

No?

Oh well. I’ll wait another ten years as the Yonge subway line gets extended past my hood. That should be good fir another half mil on my already overpriced paid for abode.

Gotta love being a boomer.