You what?

To earn 3% these days on an investment that carries zero risk, you have to take a lot of risk.

That’s the princely sum paid on a five-year Guaranteed Investment Certificate (GIC) from a well-known, top-of-mind, brand-name outfit like Oaken Financial or Maxa Financial. And this may be the first risk: who the heck are these guys?

Well, Oaken is the deposit-taking arm of Home Capital – the subprime mortgage lender that almost blew up a couple of years ago, was found to have fraudulent activities among its brokers, ran into trouble from the regulators and was rescued from oblivion by Warren Buffett, who then bailed out. Where did Home Capital get the funds to give to dodgy, high-risk real estate buyers that the banks had punted? Yup. From people who gave their savings to Oaken. As for Maxa, well, it’s a digital bank. Good luck when the lights go out.

The second risk in putting money into a five-year GIC to get a great (sort of) rate is illiquidity. It’s locked up. No redemptions unless you have to buy a kidney in Mumbai and convince [email protected] to release you on grounds of humanitarianism. Or stupidity.

Next risk? Taxes. Unless squirreled away in an RRSP or a TFSA (and what an epic waste of tax-free growth room that would be) the returns a GIC investor get are 100% taxed. That is unlike the capital gains enjoyed when an ETF, for example, increases in value, which are 50% tax-free. Ditto for dividends, which offer a healthy tax credit. But with GIC yields, every single dollar in interest is added to your existing income and taxed at the marginal rate.

Now, it gets worse.

You actually have to pay tax on money you haven’t received, and may not for half a decade. Seriously. The ‘fat rate’ of 3% or so at famous Maxa or trustworthy Oaken comes on a GIC whose interest is not compounded, and paid only at maturity. If you buy one today, then maturity happens in 2024. Meanwhile you must declare the imputed interest annually on your income tax return, and fork over Justin’s share. Thus, this is a cash-flow-negative investment. Risk.

There’s more.

The feds reported this week that inflation in March was just a hair under 2%. All eight major components the index tracks were higher and the 2% mark would have been shattered had gas not declined 4% over the last 12 months. Well, with the carbon tax, that’s now over. In fact a litre of the good stuff is damn near $2 in Vancouver this week.

In short, inflation of 2% may become something closer to 2.3% or 2.5% once the impact of higher prices for gasoline, home heating oil, natural gas and propane click in. Plus, municipalities will be increasing property taxes to cover their shiny new carbon bill.

So why would you ever accept a 3% return, fully taxable in advance on an uncashable asset with a negative cash flow from a questionable bunch of guys when you cannot make any money on it? Inflation alone will wipe out the face return. And while a GIC poses no risk of a loss in principal value, it also has no chance of an increase. There’s zero tax efficiency, plus the equity-flipping cowboys at the office will snicker and guffaw when they find out.

The advantages of a GIC? As stated, no loss in the core investment. And the government will back you (hopefully) if the dodgy folks you handed off your money to go paws-up. CDIC will cover up to $100,000 (double for a couple) and some provinces claim full coverage of CU deposits. (In another post we will discuss why some of these ‘guarantees’ are like those offered by Weight Watchers.)

By way of comparison, investment accounts handled by brokerages and containing stocks, bonds, ETFs, trusts and other assets are covered for $1 million per person for non-registered accounts, another million for RRSPs and TFSAs and a further million for RESPs. This is through the industry-funded Canadian Investor Protection Fund (CIPF).

Now, incredibly, more than 80% of the money invested by all the little beavers in the nation with TFSAs – where growth is completely free of tax – is in savings accounts or GICs. And in taxable portfolios across Canada, those hoary old investment certificates dominate. Investors keep shoveling money into the banks for a return of 2% or less, so they can then borrow mortgages at 3.5%. And we wonder why life is a struggle.

Yes, I was going to write about Jason Kenney today. But this is far more exciting.

126 comments ↓

#1 Stan Brooks on 04.17.19 at 4:05 pm

Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.

#2 Deplorable GICs on 04.17.19 at 4:26 pm

GICs are a complete and total waste of time… a guaranteed loss of money by definition.. they can never pay more than inflation

A sly shot across the bow of King Kenney

“Yes, I was going to write about Jason Kenney today. But this is far more exciting.”

The commie sovereignistas weren’t impressed either.. he called us dirty!

Gabriel Nadeau-Dubois
‏ @GNadeauDubois
7h7 hours ago

M. Kenney la prospérité du Québec ne passe pas par le pétrole. Le monde entier est en train de lui tourner le dos, on doit faire pareil. Si nos 2 provinces ont à collaborer ce sera sur les énergies renouvelables, pas sur le pétrole sale de l’Alberta

#3 Howard on 04.17.19 at 4:30 pm

#189 Alistair McLaughlin on 04.17.19 at 3:22 pm

My comment about dirt cheap housing in the 90s referred to renting as much as owning. Obviously someone unemployed wouldn’t have been able to buy anything. I generally distegard retorts about high interest rates of the era as the laughably low sticker price more than compensates for it. Sure, give me 10% mortgage rates on prices 1/5 current values. Bring it on.

For those who WERE still working, and of course that was the vast majority, very cheap housing could be found in central Toronto and Vancouver, on a transit line thereby eliminating the need for a car (let’s not forget how cheap monthly transit passes were in those days as well). No need to move to a smaller city which would limit opportunities.

So although Canadian Millennials have not experienced an unemployment rate to the magnitude of the early 90s, they’ve experienced worse wage stagnation for a longer period of time, coupled with bubble prices for home buyers AND renters making it near impossible to save anything, and vastly increased student debt (nothing like in the US, but still; average tuition in Ontario in the early 90s was something like $1500 per semester! Basically giving it away to those lucky Xers!).

#4 Victoria Real Estate Update on 04.17.19 at 4:36 pm

SAANICH EAST: SINGLE FAMILY HOME PRICES FALL YEAR-OVER-YEAR (AGAIN)

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

Mar. 2019: prices down – 10%
Feb. 2019: prices down – 21%
Jan. 2019: prices down – 14%

Source: Victoria’s R/E board

Falling prices are becoming the new normal in Saanich East and other areas of Greater Victoria.

Realtors want you to think otherwise so you’ll buy now and they can score a commission, but you deserve to know the facts. And salespeople don’t always tell you the facts.

Housing bubbles are brutal but you can make the intelligent play and win big. History shows that those who refuse to buy at extremely inflated prices and wait for prices to fall back to the long-term mean are always rewarded with the opportunity to buy at a fraction of the cost after the bubble deflates.

All bubble cities go through major prices corrections (Victoria’s bubble is huge). Non bubbles cities don’t.

US CITIES – PRICE DECLINE (%) (after 2006/08):

BUBBLE CITIES:
* San Francisco, California (-45%)… (in 3 short years)
* San Diego, California (-42%) * Phoenix, Arizona (-56%)
* Miami, Florida (-55%) * Los Angeles, California (-41%)

NON BUBBLE CITIES:
* Shreveport, Louisiana: (-1%) * Fargo, North Dakota: (-2%)
* Pittsburgh, Pennsylvania: (-2%)
* Davenport, Iowa: (- 2%) * Texarkana, Arkansas: (- 2%)
* Amarillo, Texas: (- 2%) * Cedar Rapids, Iowa: (-2%)
* Oklahoma City, Oklahoma: (- 3%)
* San Antonio, Texas: (- 4%)
* Lexington, Kentucky: (-4%) * Little Rock, Arkansas: (-4%)
* Wichita, Kansas: (-4%) * Sioux Falls, South Dakota: (-4%)
* Austin, Texas: (-4%) * Omaha, Nebraska: (- 5%)
* Tulsa, Oklahoma: (-5%) * Louisville, Kentucky: (-6%)

(Sources: Case-Shiller Index, All-Transactions House Price Index)

#5 Drill Baby Drill on 04.17.19 at 4:37 pm

#3 vous etes incorrect. Le petrol est le roi du monde et pour plusiers de dixaines d’annes suivante.

Oil is king, oil is in demand, oil drives the world economy. Oil is with us for several more decades plus.

#6 Red_falcon on 04.17.19 at 4:50 pm

3% in GIC? Pashaw!!! I got in my most recent divvy stock purchase for 7% from (PWF) in my TFSA.
Tax free, lots of divvies, and more power to ya!

#7 Mr Fundamental on 04.17.19 at 4:51 pm

How about instead of investing in GICs (please, who would even consider it), or rebalancing, you just invest 100% in equities? Choose the lowest expense ratio total market ETF from Vanguard (VTI) and you’re set. Always buy, and never sell. Easy.

#8 Tater on 04.17.19 at 4:54 pm

#1 Stan Brooks on 04.17.19 at 4:05 pm
Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.
—————————————————————
Oh look! The guy who can’t do rate of return calculations is back to assert that Canadians’ standard of living drops 40% every decade.

#9 Missed It on 04.17.19 at 5:04 pm

AANICH EAST: SINGLE FAMILY HOME PRICES FALL YEAR-OVER-YEAR (AGAIN)

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

Mar. 2019: prices down – 10%
Feb. 2019: prices down – 21%
Jan. 2019: prices down – 14%

Source: Victoria’s R/E board

Falling prices are becoming the new normal in Saanich East and other areas of Greater Victoria.

——

Seems prices are on the rise if the March 2019 prices only show a drop of 10% from peak while February showed a 21% drop.

Looks like the bottom is in and you missed it!

#10 Dave on 04.17.19 at 5:08 pm

Court approved sales are popping up everywhere in Vancouver. Builder buys a lot for $1.5M and then starts construction but now no more buyers. Hard to believe that people stop paying $2.5+ M for a single house

#11 Q on 04.17.19 at 5:20 pm

What’s the track record like for the CIPF? Does it even have one? What kind of reserves do they have?

#12 The Wet One on 04.17.19 at 5:22 pm

Garth,

You could have just an economy of words and stated the following (rather than that lengthy wordy diatribe you wrote):

“Most people know nothing about money and behave accordingly. For example, they think buying GIC’s is investing.”

That’s all you needed to write.

This whole post was a waste of time. I know people know nothing about money. Tell me something I need to know or can benefit from knowing.

Thanks for your future consideration of this perspective on stating the obvious in various ways.

Cheers!

P.S. Great dog pic. Luv it!

#13 Stan Brooks on 04.17.19 at 5:27 pm

#9 Tater on 04.17.19 at 4:54 pm
#1 Stan Brooks on 04.17.19 at 4:05 pm
Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.
—————————————————————
Oh look! The guy who can’t do rate of return calculations is back to assert that Canadians’ standard of living drops 40% every decade.

In terms of housing it is like 100 % every 10 years.
Yep boy, you do the math. For Van City and Toronto 200 % every 10 years.

No? A house in Vancouver ‘want’ from 400 k to 3 millions, in Toronto from 250 k to 1.5 k in 20 years.
in sheisse loonies.

You do the math boy.

40 % is gross understatement.

#14 Akhtar on 04.17.19 at 5:30 pm

Not a fan of GIC but there are better options for those who are. Simplii (owned by CIBC) has a 2.5. CIBC has 3% cashable GIC. Some credit unions like gffg have 3% and credit unions cover everything not just 100k

#15 Smartalox on 04.17.19 at 5:32 pm

Dave @#11:

Have you got a list of court-ordered sales in Vancouver? Asking for a friend.

#16 yorkville renter on 04.17.19 at 5:37 pm

but… it’s Guaranteed and an Investment!

#17 DM in C on 04.17.19 at 5:37 pm

No GIC or savings in our registered accounts. We’ve achieved 14% growth so far this year in our TFSA. Not too shabby after a 17% drop in 2018.

#18 Shawn Allen on 04.17.19 at 5:42 pm

Many People Invest in bank accounts and GICs

Now, incredibly, more than 80% of the money invested by all the little beavers in the nation with TFSAs – where growth is completely free of tax – is in savings accounts or GICs.

****************************************
As is well know, Canadians have lots of debt owed to banks.

The banks fund that mostly with depositss. A lot of those are retail savings account and GIC deposits.

This is true even in in a fractional (or legally zero) reserve banking system.

Is this not correct?

Therefore it can be no surprise that some Canadians (often known as thirsty-underwear types) hold massive savings account and GIC assets to offset the massive debt of other Canadians (sometimes known as house-horny).

But not all Geezers need to follow this path.

#19 Victoria Real Estate Update on 04.17.19 at 5:45 pm

# 10 Missed It

“Looks like the bottom is in and you missed it!”

Only a realtor with no sales and plenty of time would be able to conclude something that ridiculous when it’s obvious that Victoria’s major price correction is only beginning. (And everybody here knows you’re (NOT!) a realtor).

With your logic it would be possible to conclude that as soon as price appreciation in a bubble begins to slow the top is in. That means the top was in some time ago in Victoria. Did you miss it?

#20 Shawn Allen on 04.17.19 at 5:48 pm

Why Hold GICs?

Well, GICs as described are guaranteed to mature as a certain amount of cash in 1 to five years. And they pay about as much as safe bonds and are far easier to buy.

If you actually need a set amount of cash in one to five years and you need the principal as well as the interest then you may not be in a position to accept any risk.

A lesson learned from rate reset pref shares and other reaches for yield is that there is simply no substitute for cash (and its equivalent, like a GIC guaranteed to turn into cash on a given date).

When it comes to stability in a portfolio, nothing other than cash truly has 100% stability, does it? And a GIC turns into stable predictable cash on a given date.

P.S. I have never owned a GIC… But I can see the attraction in some circumstances.

#21 Alistair McLaughlin on 04.17.19 at 5:51 pm

Howard, that’s funny. So if unemployment is at 10%, the other 90% are ballin’? See, that’s what I mean when I point out that millennials have not seen a real recession. Not your fault, but it leads to certain blind spots. I’ll explain: If the jobless rate is that high, it means that a very good number of the employed are what we call underemployed. And many of those who aren’t underemployed are actually very fearful of becoming that or worse. A far greater number than today, despite what you might have heard.

Which leads to another thing statistics can’t show you. 10% or 12% unemployment does not always refer to the same 10 or 12%. During periods of high joblessness, people tend to cycle through periods of employment followed by periods of unemployment. Extended downturns mean that a very high percentage of the population will go through at least one period of high employment. That happens anyway – it’s normal. But the higher the jobless rate, the more people affected. If you’re in that environment, those “cheap” houses look anything but.

It feels strange to have to explain this to anyone . I keep having to remind myself that an entire generation that followed me that has no living memory of a real economic downturn. All this is obvious to anyone who lived through it. I’ve explained it as best I can. But there’s no replacement for experience. I probably sound to you like my grandmother sounded to me when she used to tell me about the depression or the wars. With one key difference – I never had to live through a depression or world conflict and likely won’t. You, however, almost certainly will see double digit unemployment at some point. Trust me, it’s not the walk in the park you think it’s going to be, no matter how cheap houses get.

#22 Damifino on 04.17.19 at 6:02 pm

So why would you ever accept a 3% return, fully taxable in advance on an uncashable asset with a negative cash flow from a questionable bunch of guys when you cannot make any money on it?
——————————————-

Profound innumeracy?

#23 Reximus on 04.17.19 at 6:12 pm

seems to me that GIC’s are the logical holding for those who believe you should always have 5% of your assets in gold…at least someone needs your cash and will pay you something for it, unlike useless gold

#24 espressobob on 04.17.19 at 6:17 pm

Individuals who stuff their dough into GICs, savings bonds or a high interest savings account, live in a world of pain.

Why not study the subject of investing? That’s the easiest way to keep up with Garth.

Who doesn’t love a 6 to 7% annualized return over the long term?

#25 Mike on 04.17.19 at 6:21 pm

My view of the AB election :

https://www.thebeaverton.com/2019/04/alberta-elects-its-first-assistant-trailer-park-supervisor-as-premier/

#26 Barb on 04.17.19 at 6:22 pm

#13 The Wet One on 04.17.19 at 5:22 pm

——————————————–

What a disgusting and disrespectful thing to say about our host. We regular readers appreciate his literary skill, slathered here and there with requisite “zingers”.

I–and definitely others–believe you should go and dry off.

#27 Spia on 04.17.19 at 6:23 pm

Need time to digest Kenney. Remember that Alberta’s savings fund is gone, completely mismanaged by the old PCs. Norway with a similar population and oil driven has a 1 trillion with a “T” as a fund. Alaska is up there too. If the province was better managed, they would not care less about the transfers… if they would have at least invested in a locked in GIC and only could touch the interest, the fund would still be there…. that is the role of a gic, a place to temporarily park some cash before using it and not worry about loss of value… temporary being months.

#28 jess on 04.17.19 at 6:27 pm

http://wallstreetonparade.com/2019/04/after-a-354-billion-u-s-bailout-germanys-deutsche-bank-still-has-49-trillion-in-derivatives/

#29 tccontrarian on 04.17.19 at 6:33 pm

“The advantages of a GIC? As stated, no loss in the core investment. And the government will back you (hopefully) if the dodgy folks you handed off your money to go paws-up. CDIC will cover up to $100,000 (double for a couple) and some provinces claim full coverage of CU deposits. (In another post we will discuss why some of these ‘guarantees’ are like those offered by Weight Watchers.)”
///////////////////

Bail-ins?? I can only assume that you’ve been reading some of the stuff I posted previously.
I’m impressed, Garth!

TCC

I thought you knew what CDIC is. – Garth

#30 CROOKED JASON KENNEY - LOCK HIM UP!! on 04.17.19 at 6:37 pm

Don’t worry Garth, there will be lots more headlines about Kenney and scandal soon enough. Probably will be thrown out by year end.

#31 tccontrarian on 04.17.19 at 6:45 pm

#27 Barb on 04.17.19 at 6:22 pm

#13 The Wet One on 04.17.19 at 5:22 pm
——————————————–
What a disgusting and disrespectful thing to say about our host. We regular readers appreciate his literary skill, slathered here and there with requisite “zingers”.

I–and definitely others–believe you should go and dry off.
////////////

I second that Barb! Yeah, go and “Dry off” yee wet one!!
NO-ONE forces you to read any of this. Besides, if you have any literacy skills, you could read the entire post in 45 seconds! Geesh

TCC

#32 Eaglebay on 04.17.19 at 6:59 pm

#3 Deplorable GICs on 04.17.19 at 4:26 pm

Oh boy… Some people are just plugged up. You could go back and live in the bush. And, maybe, stop buying your oil from dictators that don’t care about their citizens. You’re an ignoramus. Don’t you know that you’re made of carbon? No carbon no life on this planet. Good luck.

#33 Leichendiener on 04.17.19 at 7:09 pm

“Mr. Kenney the prosperity of Quebec does not go through oil. The whole world is turning his back on him, we have to do the same. If our two provinces have to collaborate, it will be on renewable energy, not on dirty oil in Alberta.”
Nope. Dream on. Go off grid. Freeze in the dark fool.

#34 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.17.19 at 7:10 pm

The only investment crappier than a Home Capital GIC?

Make Believes tickets!

https://www.thebeaverton.com/2019/04/maybe-this-is-the-year-the-leafs-beat-boston-says-delusional-idiot-who-doesnt-know-shit/

“Psychologists recommend anyone who sincerely believes the Leafs are going to beat the Bruins immediately check themselves into a care facility for delusional thoughts, or at least take an IQ test to see if they are, in fact, the alpha idiot prophecy foretold would one day be born.”

#35 Chaddywack on 04.17.19 at 7:21 pm

I hated cutting Justin a cheque this year to spend on weed.

I hope this is the last year ever. ABL 2019.

#36 Troy McClure on 04.17.19 at 7:26 pm

And the government will back you (hopefully) if the dodgy folks you handed off your money to go paws-up. – GT

Now I get the relevance of the pooch picture! Clever!!!

#37 Linda on 04.17.19 at 7:44 pm

RRSP’s are regularly flogged by banks, so not a surprise that many folks end up with bank funds at abysmal ROi or (at best) GIC’s in their RRSP’s. As for TFSA’s, the word ‘savings’ tends to be all that penetrates when people open one of these. The presumption is that this is a bank account, except any interest is tax free. Despite Garth’s stellar efforts to educate the masses, many have not yet heard the message that the TFSA can in fact hold stocks, bonds, ETF’s & the like & not ‘just’ cash/GIC’s. Add to that the reluctance to dip a toe in the perceived shark infested waters of the market & yes, most use their TFSA as a glorified ‘savings’ account.

#38 Doghouse Dweller on 04.17.19 at 7:49 pm

Home Trust has the only Canadian no fee credit card with no FX fees.
This is extremely valuable for us cross border deplorables who plan on
spending our CPP dole in the bargain land of MAGA. Thank you Warren Buffett ! Anyone who needs USD knows our parasitic banker cabal just love to gorge on FX fees.

If inflation is 1.9%, Pigs can fly!

Cash was the best-performing asset of 2018.
https://markets.businessinsider.com/news/stocks/going-to-cash-pull-money-from-stocks-2019-1-1027854592

Go to cash before the crash !

#39 IM in C on 04.17.19 at 8:07 pm

15 years ago I predicted that come 2020 Canada would be – some how, some way , partitioned east west. I am sticking with that prediction

#40 The most interesting West Coast Conspiracy Theorist in the world on 04.17.19 at 8:10 pm

I am waiting for you Kenny. Come turn off BC’s oil taps. And I am also looking forward to the carbon tax fight.

Glad to see Notley gone – true liberal at heart that somehow spawned under the NDP brand.

Best part of all is emissions from Canada continue to rise. Stellar crooked leadership.

Next up, Justin Trudeau’s farewell party. Cash donations will probably be accepted by the Trudeau foundation in regards.

The Left Coast is finally turning a corner for improving the real fundamentals of growth and rule of law.

Just say no to Liberals.

#41 young & foolish on 04.17.19 at 8:18 pm

Good post …. it makes sense. Meanwhile “Bridgewater warns of peak U.S. profit margins, lower stock prices” …. so, if you are concerned about protecting the principal, then the reasons why so many millenials stay out become clearer.

Only the financial illiterate ones. – Garth

#42 Solidaire on 04.17.19 at 8:22 pm

https://twitter.com/quebecsolidaire?lang=en

Le Quebec n’est pas une autoroute pour le pétrole at le gaz de l’Alberta!

#43 Unhinged Trader on 04.17.19 at 8:23 pm

Sure glad I bought Suncor and a bunch of energy and pipeline companies generating terrific cash flows at sub-$60 oil back in December…

Who else long oil?

#44 theoryAndPractice on 04.17.19 at 8:29 pm

#8 Tater on 04.17.19 at 4:54 pm

#1 Stan Brooks on 04.17.19 at 4:05 pm
Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.
—————————————————————
Oh look! The guy who can’t do rate of return calculations is back to assert that Canadians’ standard of living drops 40% every decade.
————————————————————–

Conservatively in 10 years with 3% inflation
1.03^10 = ~1.34
Stan is not very off in his estimation if you consider ‘inflation basket’ is like CREA stats ! (ie. inflation based on diamond prices).
https://www.pricescope.com/diamond-prices/diamond-prices-chart/#

Have you experienced the otherwise ? Lastly , What is your calculation for last 10 years ?

#45 tccontrarian on 04.17.19 at 8:31 pm

I thought you knew what CDIC is. – Garth
////////////

Canadian Disease and Impotence Commission??
No wonder I don’t know of them! :)

TCC

#46 Capt. Serious on 04.17.19 at 8:32 pm

GICs are a reasonable replacement for short – intermediate term bonds, assuming you don’t need the money in the near term. Bond ETFs are liquid, but at present interest rates there isn’t much in capital gains upside, and YTM rates are about what you can get in a GIC. In a taxable account GICs are useless, fully agree. In any case, I accept that the short to intermediate term safe stuff in the portfolio is going to return real 0% until / if interest rates ever get much higher. This is the environment we’re in right now. We only hold this stuff as ballast for the portfolio.

#47 Capt. Serious on 04.17.19 at 8:36 pm

#7 Mr Fundamental on 04.17.19 at 4:51 pm
How about instead of investing in GICs (please, who would even consider it), or rebalancing, you just invest 100% in equities?

What if I told you that is not an efficient portfolio? Would that mean anything to you? Would you care?

#48 Calgarian on 04.17.19 at 8:40 pm

Thanks for this good blog Garth. Was hoping for comments on Alberta election, but wisdom knows when to wait.

#49 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.17.19 at 8:53 pm

Choke! Gasp! Cough!

Make Believes down 4-2 after two periods. At home :(

The atmosphere in the arena is like a funeral.

Toronturds and GTAholes are so boring, pathetic and uninspiring. Losers, all.

You are the GICs of Canada.

#50 EnnDeePea on 04.17.19 at 9:11 pm

#94 pfft on 04.16.19 at 9:09 pm
@#63 EnnDeePea on 04.16.19 at 7:29 pm
Tell us about when you were a dipper Garth.

‘If a man is not a socialist by the time he is 20, he has no heart. If he is still a socialist at 40, he has no brain.’ – Garth
_____________________________

think goes from ‘WE’ to ‘ME’ as you age.
_____________________________

Garth also says take cpp at 60. sweet gubmint money.

#51 DON on 04.17.19 at 9:29 pm

@MF
@Howard

#21 Alistair McLaughlin on 04.17.19 at 5:51 pm

Howard, that’s funny. So if unemployment is at 10%, the other 90% are ballin’? See, that’s what I mean when I point out that millennials have not seen a real recession. Not your fault, but it leads to certain blind spots. I’ll explain: If the jobless rate is that high, it means that a very good number of the employed are what we call underemployed. And many of those who aren’t underemployed are actually very fearful of becoming that or worse. A far greater number than today, despite what you might have heard.

Which leads to another thing statistics can’t show you. 10% or 12% unemployment does not always refer to the same 10 or 12%. During periods of high joblessness, people tend to cycle through periods of employment followed by periods of unemployment. Extended downturns mean that a very high percentage of the population will go through at least one period of high employment. That happens anyway – it’s normal. But the higher the jobless rate, the more people affected. If you’re in that environment, those “cheap” houses look anything but.

It feels strange to have to explain this to anyone . I keep having to remind myself that an entire generation that followed me that has no living memory of a real economic downturn. All this is obvious to anyone who lived through it. I’ve explained it as best I can. But there’s no replacement for experience. I probably sound to you like my grandmother sounded to me when she used to tell me about the depression or the wars. With one key difference – I never had to live through a depression or world conflict and likely won’t. You, however, almost certainly will see double digit unemployment at some point. Trust me, it’s not the walk in the park you think it’s going to be, no matter how cheap houses get.

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

As a Gen Xer I experienced the same conditions as Alistair. Hi in correct – looking at the 90’s in hind sight does not allow for context.

In my case high paying mill jobs started to disappear in the mid to late 80’s in BC. Good luck finding a summer job. The Boomers were still entrenched in the remaining high paying jobs in all industries. No retirement boom, average boomer was 35 – 50. Jobs were hard to come by even if you were in a trade, uni etc. Had a plumber friend that struggled to get full time work – it took years to break into the industry. My sister came out of UBC with a BSc in nursing and spent a good 5 years on call taking whatever shift she could. Now you can basically graduate from nursing and get a job instantaneously.

97 – 98 – 99 things were picking up but not great only the tech boom was in full flight in 99 – 2000 – 2001 and we know how that ended. My friends and I went condo window shopping in Kits (Vancouver) as only one was in a position to buy and he was hesitant (crazy hey – could have been a millionaire by now). The old Vancouver Sun Newspaper building was ripped down and turned into spacious trendy concrete condos. You could get a nice sapcious 2 bedroom condo for $169K. Only problem was the banks were not lending and credit was provided only if you had a good paying job for at least 5 years (or family help). Not many young people had the luxury of 5 years of steady high wage employment. Yes housing was cheaper but no bank would lend to you. It is all relative. There was no retirement boom in sight.

Now there is a lot more retirement most organizations are hiring. Yes credit is flowing freely and as a result house prices are high. I fully agree with Alistair when he speaks of the next recession and on the ground experience. The context maybe different but the pain felt by all will be the same (everyone’s mileage will vary). I am not wishing for it too happen, but it is coming!

Why do you think Garth preaches balance and diversification and to live within your means. Those who have the most debt in the coming year(s) will feel the most pain.

Trust me…I was a pitbull in my 20s/30s and would argue the same points you have. Time and experience showed that I was off base on some things. I would generalize and assume driven by a vendetta that the boomers had all the high paying jobs before me.

Now those millens, genx and boomers who through caution to the wind will pay the piper. Yah some did well at the top of the pyramid but most will feel the pain.

Garth has been trying to prepare people and yes stimulus goosed the housing market longer than expected but you can only out run the debt for so long, and you or the experts won’t see it coming. It will seem like it happened all of a sudden overnight as people do not pay attention to thoughts of doom when they are engulfed in recency bias. Sometimes instead of arguing it is good to learn from others’ experiences.

#52 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 04.17.19 at 9:59 pm

What a deplorable, soulless performance tonight by the GIC-loving Make Believes.

Toronto, you embarrass all of Canada with your mediocrity. Your fake hockey team is the slanty semi of sports franchises.

Next time, don’t pull your goalie in the third period. Pull your fans. Better to play in front of an empty arena than in front of so many bored, distracted, silently texting bozos who are too busy speculating on crappy condos to understand the game of hockey.

Welcome to The Scotiabank Morgue. where another season of delusional dreams is about to die.

Bwahaahaahaahaaaaaaaaa!!!

#53 Rargary on 04.17.19 at 10:09 pm

#30 CROOKED JASON KENNEY – LOCK HIM UP!! on 04.17.19 at 6:37 pm

Don’t worry Garth, there will be lots more headlines about Kenney and scandal soon enough. Probably will be thrown out by year end.
***************************************************
Doubt it. They are here to stay the entire 4 years. So many feel he is our last hope and will stick it out. Let’s see what Kenney can do, where he’s not all talk

#54 The Real Mark on 04.17.19 at 10:20 pm

This reminds me of a short poem I wrote a few days ago. I will share it.

Again,
Here I sit,
In the basement,
Thinking About,
Ross Kay,
Deflation

#55 Bobby Bittman on 04.17.19 at 10:21 pm

Inflation is the one area of finance that the average consumer has expertise in and they know they are being lied to. They may not know what an ETF is but they know the price of almost everything.

Costco has buying power like no others and their products have been shrinking in gram weight several years running. Even six year olds know the packaging weighs more than the contents of their Halloween candy. Dollar stores hit bottom a few years ago on pricing. Importing deflationary pricing is over.

Gas prices, taxes, home prices, all way up over the last two decades.

Only two things down….interest rates and the purchasing power of the Canadian dollar.

2%…. that’s a good one!

#56 jimbo on 04.17.19 at 10:38 pm

been buying my gic lately at 3.55 percent annually for 30 month terms…Ya I know all you Warren Buffetts are making out like bandits but when my rrif payment comes out my account I won t be down 5 percent.

#57 D C on 04.17.19 at 11:26 pm

I have GICs… in my taxable account .

Now, in defence, they are the FI portion of my entire B&D portfolio. And since they’ve generated the smallest return (compared to my ETFs), my argument is that they actually make the most sense outside of my registered account. ?

It would be great to see a blog post about tax implications of ETFs, etc. in non-reg accounts. As an investing and tax returning DIYer (which Garth probably thinks is foolish) I admit I also hold GICs in my tax account because I understand how to claim them with CRA. The concept of ACB gives me palpitations… :(

#58 Ponzius Pilatus on 04.17.19 at 11:30 pm

#152 Shawn Allen on 04.17.19 at 10:17 am
Immigrants and temporary foreign workers are abused by high bank fees to send money to family back home

Canadians squawk about 1.5% fees or whatever to manage investments for an entire year.

Meanwhile nothing is said about fees like 6% and more to electronically send money abroad.

Collusion? Sleeping regulators? There are cheaper ways to do it but maybe not accessible to these vulnerable people.

From Statistics Canada today:

In their last remittance of 2017, Canadian residents born in ODA-eligible countries paid an average transaction fee representing 6% of the total amount transferred
On average, the transaction fees paid by remitters represented 6% of the amount they sent the last time in 2017.

However, the sending costs varied by method of transfer and the amount sent, as transaction fees decline substantially when more money is sent.

For instance, the transaction fees for in-person banking represented 11% of the amount sent if that amount was equal to or less than $200. The fee for remitters who sent from $201 to $999 was 6%. This falls to 2% if the amount sent was $1,000 or more.

The channels used to send money abroad was also associated with sending costs. For example, among remitters who sent from $201 to $999, those who used in-person banking paid 6%, compared with 3% for those who sent a similar amount but used an online money transfer store.
————-
Just the cost of working in a First World Country.
Keep in mind a $ earned in Canada is worth $10 in their homeland.
A good deal, if you ask me.

#59 the ryguy - In cabo on 04.17.19 at 11:32 pm

#30 CROOKED JASON KENNEY – LOCK HIM UP!!
—————————————————–

Do you Liberals ever get tired of being wrong? Do you enjoy being fed lies and being used as political pawns? Have you ever tried critical thinking?

I’d be so embarrassed. There’s been a shocking amount of lies that have been spewed by the MSM, and you lefties just keep slurping it up.

Break the chains brother, start thinking for yourself, life gets a lot better. Or enjoy the misery and keep chanting orangeman bad.

#60 Sail Away on 04.17.19 at 11:32 pm

#185 Ray on 04.17.19 at 2:23 pm

My wife and I went to the bottom level of the Osiris Shaft this morning. It and the Serapeam are conclusive evidence an ancient civilization ,with much superior technology to ours now,once lived on earth. The evidence suggests this was perhaps 12-15,000 years ago. It makes one humble ,and makes most of our current problems small in this perspective.

—————————————————————

Really? Do you actually believe that?

I’d be inclined to believe that humans have been technologically savvy for longer than previously believed, but definitely not more advanced than now. To be clear, these are holes in the ground. Large holes, yes, but holes all the same.

We have the tech to do holes.

Those people were probably also similarly gifted, petty, tribalistic, altruistic, xenophobic and individualistic – as we still are.

#61 Ponzius Pilatus on 04.17.19 at 11:41 pm

#5 Drill Baby Drill on 04.17.19 at 4:37 pm
#3 vous etes incorrect. Le petrol est le roi du monde et pour plusiers de dixaines d’annes suivante.

Oil is king, oil is in demand, oil drives the world economy. Oil is with us for several more decades plus.
———-
You obviously have no children.
Most responsible parents plan for a future without oil.
Also, China is already cutting their oil imports from Canada.

#62 Andrea on 04.17.19 at 11:46 pm

Well, I guess a lot of you will make fun of me, but I invested some money in Oaken GICs to help tuck away money while waiting for a home whose closing date has been extended with a delay of several years now. At the time I really didn’t know what else to do! Garth had written that Oaken was bailed out.

#63 Ponzius Pilatus on 04.17.19 at 11:51 pm

#20 Shawn Allen on 04.17.19 at 5:48 pm
Why Hold GICs?

Well, GICs as described are guaranteed to mature as a certain amount of cash in 1 to five years. And they pay about as much as safe bonds and are far easier to buy.

If you actually need a set amount of cash in one to five years and you need the principal as well as the interest then you may not be in a position to accept any risk.

A lesson learned from rate reset pref shares and other reaches for yield is that there is simply no substitute for cash (and its equivalent, like a GIC guaranteed to turn into cash on a given date).

When it comes to stability in a portfolio, nothing other than cash truly has 100% stability, does it? And a GIC turns into stable predictable cash on maturity.
———
Amen.
As Mark Twain said:
I don’t care about return on investment, but return of investment.

#64 DON on 04.17.19 at 11:56 pm

#5 Drill Baby Drill on 04.17.19 at 4:37 pm

#3 vous etes incorrect. Le petrol est le roi du monde et pour plusiers de dixaines d’annes suivante.

Oil is king, oil is in demand, oil drives the world economy. Oil is with us for several more decades plus.
********************
Yup oil is still King

But not all Kings perpetually create jobs.

Houston, Texas – lost approx 90,000 jobs in the 2015-2016 downturn and has only bought back a third of those due to automation in the industry. Automation in all industries. And Houston is dealing with WTI prices.

Another reason for Provinces and Canada to diversify…not turn our backs on…but to diversify. So when one sector goes dips people can get jobs in others. At the end of the day a job is a job and diversification can’t hurt.

Stop listening to Hockey Politics (no disrespect to hockey) and demand change that benefits our families. Not the same old political mishaps. The turbulence they are creating in not healthy for a growing, well balance economies at the local, provincial and federal elections. Vote for the independent guy/gal running for change as they are fed up also. We look insane voting for the same character types over and over and over again.

#65 Vampire Studies (post grad) on 04.18.19 at 12:06 am

19 VREU – do you check for realtors under the bed too?

But “missed it” does have a point. When are you buying in? What size of correction do you need to see? Are
your income stream and savings secure enough that you can “afford” to wait for a 40-50% correction?

32 Eaglebay – welcome back. Long time no blog

#66 The Great Gordonski on 04.18.19 at 12:09 am

The war against Canada by a cabal of Green Carpet Baggers is actually led by a Canadian. If you thought the most monstrous Canada Hater was Maurice Strong then you’d better sit down. The a-hole who’s leading the Canadian Economy Kill, is Marc Carney, an avid globalist pontificating from a fart cloud so high that a million jobs lost here and there is meaningless in his grand sick scheme.

https://business.financialpost.com/opinion/peter-foster-mark-carney-and-michael-bloombergs-sustainable-scheme-to-dismantle-canadas-economy

If you’ve bothered to educate yourself about climate politics you’d know that it was all giant farce dedicated solely to dismantle western civilization and make G7 taxpayers pay reparations to the undeveloped world for reasons as flaky as “white privelage” and “colonialism. The great minds like Carney who sit flustered in sedan chairs shuttling back and forth from their tents and hovels are still debating and demanding at settling from the effects of the Roman Empire !!

We are politically correct complacent suckers in all this . Economics works in the simplest way and every country , tribe and religion has had equal opportunity to take a seat on the train over thousands of years, yet most have chosen not to. G7 countries are developed because we embraced reform and cooperation thousands of years ago. Current UN policy is based on the politics of envy. We see no honest coordinated effort to develop in some 200 countries , why?

Marc Carney must be a fool at heart. Supply and demand will bring Africa and the Middle East out of poverty when those people cooperate and decide to build their own legacy. Dear Mr Carney, you’re deluded with stupidity thinking that climate taxation will create kingdoms or social nirvana out of greed, tribalism and envy. G7 countries didn’t take any shortcuts to prosperity . Strong people built strong social foundations. Mr Carney your climate tax scheme is full of holes. Your lazy politics are reprehensible, like Trudeaus free drugs or giveaways to dictators.

#67 Climate Barbie on 04.18.19 at 12:36 am

We must put a huge price on pollution right now. Action right now.

The fire at Notredamne in France is clear evdandence that climate change is real.

#68 Small_Town_Steve on 04.18.19 at 12:49 am

#33…
“Mr. Kenney the prosperity of Quebec does not go through oil. The whole world is turning his back on him, we have to do the same. If our two provinces have to collaborate, it will be on renewable energy, not on dirty oil in Alberta.”
Nope. Dream on. Go off grid. Freeze in the dark fool.

Quebec doesn’t want Alberta oil because guess who has lucrative contracts in Saudi Arabia….SNC Lavalin..

#69 Vampire Studies (post grad) on 04.18.19 at 12:50 am

OK, I’ll admit to knowing some realtors. Had one stop
by the coffee shop when I was partaking with buddies.
Now in the up-island market, very generally $500k gets you liveable digs, $750k lands you nicely in the executive ‘hood, and for $1M+ you can enjoy a palatial estate.

He noted that many of the recent purchasers were from out-of-town, including some returning islanders, who recently sold in the bigger centres for major bucks. But they weren’t buying the expensive properties – more
likely the executive-styled ones so they could pocket the cash, travel, and not worry so much about the
upkeep. He knows this price range is beyond the new buyers, and those who recently bought are behind the mortgage 8 ball and wont be able to move for years, if ever.

So I asked him about the number of listings. They are only about half the average! I found this puzzling and asked for his take on this. He said that basically nobody within the market is moving. They see little value in doing so.

#70 will on 04.18.19 at 12:50 am

DELETED

#71 Smoking Man on 04.18.19 at 12:53 am

If you really want to learn, find an old drunken philosopher.
I’m trying be that, there is a lot more work ahead for me.

Parascope this week end dogs and half breads.

I’ll be broadcasting live from the losers lounge in Laughlin this week end.

Get the family around, cook some popcorn it’s going to be epic. I’m drinking with Terry, the guy hates bouncers.

#72 Nonplused on 04.18.19 at 3:35 am

Don’t hate on Kenney, Garth. People make mistakes, they fall out, and then they regroup. Do you want to live in a world where no mistake that you had ever made cannot be forgiven once you repent? Well, perhaps Harper shouldn’t have to either. I don’t think the Seventh Day, from what I know of them, teaches a philosophy whereby repentance and a second chance is not allowed. We all make mistakes. Forgiveness is a sin when not accompanied by repentance, the church has long understood that. But repentance not accompanied by forgiveness is also a sin on the part of those who will not forgive. Give Kenney a chance. It’s the only chance you’ve got to repent of your own sins. Remember, you helped elect Trudeau because you pulled a Danielle Smith. We have the records, and you have admitted to them, and your sins were small. But you too can repent and be forgiven, because God knows we need a repentant Garth and anybody but Trudeau.

#73 Nonplused on 04.18.19 at 3:49 am

PS the problem wit Trudeau is that he doesn’t understand the concept of sin. Sin is a difficult concept to understand, most people don’t. So the Roman Catholics tried to codify it but that only works so good in the modern age. The modern definition should be more along the lines that if what you are doing hurts somebody else, and they have made no egress against you, you are sinning.

#74 Gravy Train on 04.18.19 at 6:11 am

#70 Smoking Man on 04.18.19 at 12:53 am
“If you really want to learn, find an old drunken philosopher. I’m trying [to] be that; there is a lot more work ahead for me.” How do you figure? A philosopher is a lover of knowledge and a pursuer of wisdom. You despise knowledge, and run away and hide from wisdom! You’re the opposite of a philosopher: a fool. :)

#75 The Great Gordonski on 04.18.19 at 6:16 am

DELETED

#76 Howard on 04.18.19 at 6:24 am

#21 Alistair McLaughlin on 04.17.19 at 5:51 pm

You seem to be reading things into my statement that were never there.

I did not say the 90% employed during the 90s recession were making a lot of money. What I said is that the very low cost of living at the time made it much easier for people to cope, whatever their income level. Yes if someone bought at the 1989 housing peak and then lost his/her job in 1991, that would have been a horrible situation. But regardless of how many people had to face such circumstances, most didn’t, and those that did not own could hunker down and just pay the super-super-low rent of the day.

The problem I see is that when the next major downturn occurs, rents and prices are unlikely to fall to anywhere near what they were in the early-90s on an inflation-adjusted basis. The system is far too rigged these days against that happening. Millennials will be forced to cope with the same conditions as the early-90s Xers, except far worse for two reasons : (1) they’ll be doing it later in life (the eldest Xers weren’t even 30 yet when the 90s recession ended; the eldest Mills are now pushing 40) and (2) they will incur a much MUCH higher cost of living that will make it far more difficult to contain costs than it would have been 30 years ago.

Now do you see?

#77 Trumpocalypse2019 on 04.18.19 at 7:09 am

An Easter weekend of horrors lies ahead. Are you ready?

Mueller report (partial) within hours, with massive internal US crisis coming right away. Expect leaks and revolt within Congress.

North Korea actively testing nukes again right now.

Trump is desperate to distract.

Probability of major conflict over the next 72 hours is over 58%.

PREPARE.

#78 Evangeline on 04.18.19 at 7:25 am

#60 “Also, China is already cutting their oil imports from Canada.”

Probably because they are now interested in Venezuela.

#79 Tater on 04.18.19 at 7:35 am

#13 Stan Brooks on 04.17.19 at 5:27 pm
#9 Tater on 04.17.19 at 4:54 pm
#1 Stan Brooks on 04.17.19 at 4:05 pm
Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.
—————————————————————
Oh look! The guy who can’t do rate of return calculations is back to assert that Canadians’ standard of living drops 40% every decade.

In terms of housing it is like 100 % every 10 years.
Yep boy, you do the math. For Van City and Toronto 200 % every 10 years.

No? A house in Vancouver ‘want’ from 400 k to 3 millions, in Toronto from 250 k to 1.5 k in 20 years.
in sheisse loonies.

You do the math boy.

40 % is gross understatement.
—————————————————————

Of course, standard of living can’t decline by 100%. But please, continue beclowning yourself.

#80 Y. Knott on 04.18.19 at 7:40 am

#67 Small_Town_Steve on 04.18.19 at 12:49 am
#33…

Quebec doesn’t want Alberta oil because guess who has lucrative contracts in Saudi Arabia….SNC Lavalin..

“The GOVERNMENT of Quebec doesn’t want Alberta oil because … ”

– Fixed it for ya! I’d bet les peuples Quebecoises would be just as happy with lower gas prices as the rest of us would… :(

#81 Tater on 04.18.19 at 7:44 am

#43 theoryAndPractice on 04.17.19 at 8:29 pm
#8 Tater on 04.17.19 at 4:54 pm

#1 Stan Brooks on 04.17.19 at 4:05 pm
Inflation sub 2 %?

Only in the delusional mind of BoC and stats Canada.
Note: it always will be a hair under 2 %. Like forever.
—————————————————————
Oh look! The guy who can’t do rate of return calculations is back to assert that Canadians’ standard of living drops 40% every decade.
————————————————————–

Conservatively in 10 years with 3% inflation
1.03^10 = ~1.34
Stan is not very off in his estimation if you consider ‘inflation basket’ is like CREA stats ! (ie. inflation based on diamond prices).
https://www.pricescope.com/diamond-prices/diamond-prices-chart/#

Have you experienced the otherwise ? Lastly , What is your calculation for last 10 years ?
—————————————————————-
How much have wages risen over that same time period? 2% per year on average hourly wages which work as a rough proxy.

Now, here’s a toy model of what’s happened:
The $100 basket of goods you could have bought for $100 in 2009, now costs you $134, but your wages have grown to $121. Your purchasing power has slipped by about 10%. Now, that’s not great, but it’s nowhere near the 40% drop we would see inflation was actually at 8% as loons like Stan claim and that basket of goods now costs $215.

Think about your own experience and those you know. How many people do you know who are dramatically worse off than they were in 2009? Because a 40% drop in standard of living is massive.

#82 Howard on 04.18.19 at 8:00 am

http://www.theglobeandmail.com/real-estate/vancouver/article-how-private-lending-is-distorting-the-vancouver-housing-market/

Satnam Sidhu has been a realtor for almost 40 years and he’s been buying and selling foreclosed houses for the past couple of decades. ‘I have never seen more foreclosures on the market than I have in the last six or eight months, especially in areas like West Vancouver and the west side,’ Mr. Sidhu says.

#83 dharma bum on 04.18.19 at 8:16 am

#20 Shawn Allen

When it comes to stability in a portfolio, nothing other than cash truly has 100% stability, does it? And a GIC turns into stable predictable cash on a given date.
——————————————————————–

GICs?

Might as well just stack the cash under a mattress or in a home safe. Avoid the administrative hassle. And it’s tax free.

Now THAT’S liquidity.

#84 Remembrancer on 04.18.19 at 8:19 am

#59 Sail Away on 04.17.19 at 11:32 pm

You left out that they had an endless supply of slaves… Those shafts and pyramids weren’t built by union shops…

#85 maxx on 04.18.19 at 8:22 am

The issue is one of trust. A huge lack of it.

People have seen the obscene advantages which the finance industry has enjoyed over the past 2 decades (and prior to that) whilst plebs can simply suck it up.

Forgivable and interest-free loans, government and cb support to big business, near zirp and CMHC back-up for banks and mortgage firms but again, plebs can simply suck it up……

…….and fork over half of the TFSA savings room they had before the T2 fiasco.

Massive numbers of people who’ve managed to accumulate wealth, particularly those with more than enough and in retirement are highly unlikely to risk that precious and oh-so-hard-to-save cash. And the harder it is to save, like today, the less likely they are to risk it.

There is no inflation at our house: increase it here, and we drop it like a stone over there. Apart from travel and entertainment, every other commodity must fit. That’s where you discover all of the crap you’ve been paying for that you don’t need. That’s how you learn to negotiate with and squeeze suppliers. And it will only get better because so many people can no longer afford the good stuff. I see it every day.

Trust is so thin on the ground, even Mils hoard GICs.

FIRE got greedy and f’cked things up royally, so they can lie in it.

No, I think I’ll stay just where I am until performance guarantees make their appearance.

#86 IHCTD9 on 04.18.19 at 8:28 am

#188 Sold Out on 04.17.19 at 3:00 pm

PS: IHCTD9 – politically, we’d get along like 2 cats in a sack, but I admire your DIY cred

F53BC
____

Well, if we ever met – I’d much rather hear stories about felling timber and milling logs on the “scary portable saw mill” than talking about bloody politics. :)

#87 dharma bum on 04.18.19 at 8:31 am

#34 50 YEARS OF MAPLE LEAF INCOMPETENCE

Welcome to The Scotiabank Morgue. where another season of delusional dreams is about to die.
——————————————————————–

Even the soulless arena they play in is named after one vacuous evil and horrible company after another.

1st, the Air Canada rip off flying monopoly – king of the worst customer service ever and garbage ancient aircraft.

2nd, the Scotiabank “richer than you think” con artist usurers.

How stupid the Leaf Nation subjects are.

#88 crowdedelevatorfartz on 04.18.19 at 8:34 am

@#60 Ponzie Plot
“Most responsible parents plan for a future without oil.’
*****

Really?
By letting kids suck their thumbs rather than plastic soothers?
Buckling kids into the car seat with leather belts?
Driving on wooden wheels?
In an electric car? Made of metal and ceramic?
We childless, population decreasing, oil polluting, planet killers are curious.

#89 crowdedelevatorfartz on 04.18.19 at 8:40 am

@#66 climate barbie
“The fire at Notredamne in France is clear evdandence that climate change is real.”

+++++

We kneed proof of the evdandence pleez.

#90 IHCTD9 on 04.18.19 at 8:59 am

#68 Vampire Studies (post grad) on 04.18.19 at 12:50

So I asked him about the number of listings. They are only about half the average! I found this puzzling and asked for his take on this. He said that basically nobody within the market is moving. They see little value in doing so.
_______

I’ve been watching the local MLS for a couple years now. Today – there are still sellers sticking their toes in the market that were doing the same thing 12+ months ago with higher end homes. As a multi-year MLS lurker, I’ve seen them testing the market year after year and watched the price sink (slowly). At this point, the nice houses are still priced high (650-750K) and still aren’t moving too easy.

The garden variety new home on an acre is ~500-550K, but looking at these – the difference in what you get in these 500K’ers compared to the 650-750K’ers is huge a lot of times.

If I were buying, I’d be camping out waiting for the 650+ homes to slip into the zone where bang for the buck starts screaming at me. Most locals shopping for 650+ homes are move up buyers who already own a home with big equity (or paid for) – which makes it super easy to camp for long periods of time.

Eventually those that don’t need to sell will quit trying once they understand the big dollars they hoped for aren’t coming. Those that need to sell, will start hacking the price until they do. From that point on, the whole market starts to get dragged down with every sale made where the price was slashed.

Calm before the storm?

#91 Ponzius Pilatus on 04.18.19 at 9:19 am

#77 Evangeline on 04.18.19 at 7:25 am
#60 “Also, China is already cutting their oil imports from Canada.”

Probably because they are now interested in Venezuela.
—————–
True.
But, they are also heavily investing in mass transport of people to wean people off their cars.
While North Americans continue to drive to work in F-150s.

#92 Smoking Man on 04.18.19 at 9:24 am

Gravy Train on 04.18.19 at 6:11 am
#70 Smoking Man on 04.18.19 at 12:53 am
“If you really want to learn, find an old drunken philosopher. I’m trying [to] be that; there is a lot more work ahead for me.” How do you figure? A philosopher is a lover of knowledge and a pursuer of wisdom. You despise knowledge, and run away and hide from wisdom! You’re the opposite of a philosopher: a fool.
…..
I dont fear competition.
The Greatest fool. Get with blog title.

#93 expat on 04.18.19 at 9:29 am

Until a person has called their bank because they can’t cash their money market and are told that ” we are withholding redemptions at this time” they all believe GIC’s are foolish…..

Marmots and Buffalos jump off cliffs because they see no other way…..

I suggest there is.

GIC’s are fine as holding vehicles base don a person’s risk tolerance….

I prefer return of my capital versus return on my capital for a portion of my holdings……

When the markets correct here into their intermediate decline you will say to yourself why did I go all in….

The bull market has years to run…. But corrections heal stupidity of the herds believing there is no other way but up…

Complacency is what it is called

#94 HH on 04.18.19 at 9:38 am

@ 21, 50

Oh please. Cry me a river about those poor Gen X grads of the 90s, who faced the downturn and took years to break into the job market…

What would a millenial know about it? Well, I beg to differ.

I saw my parents land into that bad 90s market, not as fresh-faced local grads, but as tired immigrants in their late 30-s with worthless foreign credentials, a 100 words of English between them and the Canadian job search culture of resumes and interviews as alien to them as anything from Mars. Much tougher starting position IMO.

Took them some years of working min wage and re-training into accounting and IT to get into decent full time jobs. (And they still were content, as by comparison old country’s job market was a glowing lifeless nuclear wasteland at the time. Always reminisced about 90s Canada as a long lost golden time of boundless opportunity compared to today.)

As a kid, I’ve seen first hand what it’s like for a grown man to send literally stacks of resumes and go to hundreds of failed interviews for months and years on end to break into the job market.

So, for the love of all that’s holy, please don’t lecture me about how tough it was in the 90s.
I saw it and lived it all with them. I know EXACTLY how it was.

At the end of it all, they broke in, got stable jobs. Bought a house and had near two decades good life in it. After dad passed, mom sold it and now needn’t work in her retirement. So with a starting position equivalent or worse than most Gen X-ers they did okay.

The point Howard and others like him are making is: can the millenial generation ever aim for the same?

Yes, those poor benighted folks in the 90s had to spend 5 years or so breaking into the job market. Boo-effing-hoo…

AFTER, they broke in, got into their careers and started drawing stable salaries, the money they made still had buying power to easily get them all accoutrements of middle class, including good houses.

That is completely not the case for our generation. Everyone I know in my cohort went into stable well-paid professions like IT, accounting, nursing, banking, etc. Yes, fine, we all got jobs right upon graduation and never known a day’s unemployment in our lives. You got us there.

But after humping career ladder hard for a decade and working ourselves into seemingly good six-digit-paying positions, we find our money buys us NOTHING. Housing and lifestyles that previous generations afforded well, albeit after some struggle to get there, are either out of reach or take a lifetime of debt slavery.

And there endeth the rant.

What would you rather choose? 5 years of struggle early in one’s life and career that eventually lead to some comfort and security? Or instant/relatively easy employment that leads to NOTHING? What seems like a tougher environment now that you think it over?
I think I know what I’d prefer…

#95 Smoking Man on 04.18.19 at 9:57 am

No colution , no obstruction.

Once T2, Macron, Markel are shown the curb and Soros sun takes his enharatence to Vegas.

White pucket fences for all become posable again.
#AWWG1WGA

#96 Another Deckchair on 04.18.19 at 10:03 am

@41 Solidare;

The flow of oil/gas is really interesting.

Quebec gets something like 45% of its’ oil from Canadian sources, lots of it from Alberta. Lots of the rest gets delivered by tanker to Portland Maine (from the Gulf of Mexico), then piped north to refineries, which it then distributes.

Quebec, and of course all provinces, use lots of oil, despite what we all want to believe.

The global flow of oil is fascinating, and matches poorly with the perceptions we get from MSN.

#97 Alistair McLaughlin on 04.18.19 at 10:10 am

@#75 Howard, I cannot predict with any precision how the next recession will go down. But I fear it will be disastrous, with today’s debt levels, which are a direct result of 20 years of monetary insanity. What I do know is that rents have fallen precipitously in both Calgary and Edmonton, along with the economy. So do I expect rents to fall across the country in a severe recession? Yes, I do. Will they ever reach the lows of the 1990s relative to incomes? Possibly. But I also believe that central banks will move heaven and earth to prevent that from happening. So I won’t hold my breath on that.

I also agree with you that housing (rents and purchase prices, but especially purchase prices) are ridiculously inflated today when compared to incomes in a way they were not in the 1990s. From 1987 to 94, we had this central banker named John Crow who would accept nothing less than the death of inflation. And I’ll admit, in that one sense, I do miss the good old days. Because while there was hell to pay, he did kill inflation. And had central bankers kept their wits, they never would have let it out of the bag again. We have plenty of inflation these days, but since asset prices like housing aren’t included in the CPI, they can pretend inflation is low.

I’m pretty sure John Crow would look at the housing bubble as just another destructive aspect of inflation, and moved to kill it, even at the expense of a severe, lengthy recession. He proved his willingness to do just that in the early 1990s. But back then, people were screaming about high interest rates and unemployment a lot louder than they scream today about high rents and housing costs. Central bankers are people too. Few have the resolve of a Crow or Volcker.

That leads me to another point: I still believe the main reason we eventually recovered from the miserable 90s is because the people who were actually doing well – few in number though they were – had this thing called savings. Safe, liquid, savings. They might not have been a huge percentage of the population, but they existed. The savings rate was very high among the upper middle class back then. More importantly, they got an actual return on their savings via interest that was much higher than inflation. That store of capital started to flow from savings to consumption, the stock markets, the housing markets, and other investments, and ultimately helped to fuel the expansion that followed.

The problem? The revival of Keynesianism in the late 90s and early 2000s. Keynsians hate savings. Savings are referred to as a “leakage” in the Keynesian world view. Dead money. Sadly, at some point in the early 2000s, central banks reached the same conclusion, and have been using brute force monetary policy to try to coerce money out of savings and into assets and consumption. They succeeded. And now we’re all screwed.

So you and I actually agree on a lot more than we disagree. I still think the deliberate monetary inflation of the past 20 years will end in disaster. It’s already caused untold damage. Where I disagree vigourously – and what started this whole exchange – is MF’s “born on third base” nonsense, and your description of the 90s as a “golden era”. That bears no resemblance at all to reality on the ground that most GenXers experienced.

#98 TurnerNation on 04.18.19 at 10:31 am

#51 50 YEARS OF MAPLE LEAF INCOMPETENCE spot on as usual this city is mainly fakery and an online echo chamber repeating T2 talking points as daily life becomes worse. I’m talking the drug gang take over in-force, the aggressive zombies everywhere, full up transit system. Toronto lives for the next of-the-moment imported food trend, as it has no culture.
King Ford will not touch the police union budget; nor will the drug trade abate. A perfect make work project.
As M. Jagger sang in Sympathy for the devil…

#99 Mattl on 04.18.19 at 10:35 am

#64 Vampire Studies (post grad) on 04.18.19 at 12:06 am
19 VREU – do you check for realtors under the bed too?

But “missed it” does have a point. When are you buying in? What size of correction do you need to see? Are
your income stream and savings secure enough that you can “afford” to wait for a 40-50% correction?

—————————————————————-

The answer of course is never. For these people it’s not about buying in, it’s about envy. They are hoping their neighbors and friends that have made out well on RE get crushed so as to justify their decision to sit out.

I mean you could buy a home or condo in Victoria for a reasonable prices as recent as 2015. Prices actually went DOWN 2010-2015 and a SFH was around 650K heading into 2016, with variables at 2.5%.

VREU felt that these prices were insane THEN. They sat on the sidelines waiting for a 20-40 correction. Had to happen right? Instead the market went up 40% and now they are stuck. So while I agree the market is goosed, a 30% decline takes us back to….2015. Except credit has now dried up and mortgages are more expensive.

The doomers will never know when the bottom, or anything close to it has been met. Which is why these posts are so pathetic. What these pin heads fail to understand is the large majority of Canadian have been in RE for years, average hold on a home is something like 15 years and 40% of Canadians don’t hold a mortgage. So ya, the less then 5% that bought at the top will take a big hit, and the 1-2% that can’t afford their mortgages will go bankrupt. These discount properties will be scooped up by investors that can finally get a decent ROI again. And VREU will be posting the same cut and past about bubbles praying some day she is right.

#100 n1tro on 04.18.19 at 10:36 am

#87 crowdedelevatorfartz on 04.18.19 at 8:34 am
@#60 Ponzie Plot
“Most responsible parents plan for a future without oil.’
*****

Really?
By letting kids suck their thumbs rather than plastic soothers?
Buckling kids into the car seat with leather belts?
Driving on wooden wheels?
In an electric car? Made of metal and ceramic?
We childless, population decreasing, oil polluting, planet killers are curious.
——————–
Get out the petroleum jelly, someone just got burnt.

#101 Mattl on 04.18.19 at 10:53 am

HH – if you walked into a reasonably well paying job fresh out of UNI and have nothing to show for it, that’s on you. 5 years @ 70K living frugally would have left you 100K+ to put down on a house or condo. That gets you into a home in 95% of markets in Canada, leveraging basically free money. I’m sorry you can’t afford a house in Kits or the Beaches, welcome to the real world pal, 99% of us can’t.

You are definitely not your parents. I can’t imagine the whining that would come out of you if you exited university and had to apply to 500 places before getting a min wage job. You guys would be burning cars in the streets.

Alistair is right, you guys completely lack perspective. You want high paying easy employment, cheap credit, travel, nights out AND cheap housing.

Good news is you will probably get to see what your parents lived through, I’m sure you will be thrilled when homes decline 40% and you are out banging doors with resumes. Something to look forward to.

#102 Shen on 04.18.19 at 11:07 am

I have GICs laddered over the next 5 years in my RIF accounts. It gives me guaranteed income that covers my annual expenses. My margin and TFSA accounts are all growth stuff plus preferreds (ETF & individual stocks). I am retired. GICS give me peace. Nobody knows when the big market drop may hit. I don’t need a home run.

#103 Alistair McLaughlin on 04.18.19 at 11:28 am

@93HH, That is completely not the case for our generation. Everyone I know in my cohort went into stable well-paid professions like IT, accounting, nursing, banking, etc. Yes, fine, we all got jobs right upon graduation and never known a day’s unemployment in our lives. You got us there.

But after humping career ladder hard for a decade and working ourselves into seemingly good six-digit-paying positions, we find our money buys us NOTHING. Housing and lifestyles that previous generations afforded well, albeit after some struggle to get there, are either out of reach or take a lifetime of debt slavery.

Sorry kid, you don’t get to say “cry me a river”, then proceed to do exactly that.

And you don’t get to talk about how good you’ve had it (“Yes, fine, we all got jobs right upon graduation and never known a day’s unemployment in our lives.”), then cry victim. That doesn’t work either.

As a kid, I’ve seen first hand what it’s like for a grown man to send literally stacks of resumes and go to hundreds of failed interviews for months and years on end to break into the job market.

You saw that first hand, yet cry over the cost of housing? What a spoiled, entitled, shameless little ingrate you are. If you were trying to make your case for how hard you have it, you succeeded in doing exactly the opposite.

#104 Sail away on 04.18.19 at 11:29 am

#60 Ponzius Pilatus on 04.17.19 at 11:41 pm
“Most responsible parents plan for a future without oil.”

——————————————————

No- not true, not even slightly. Some people have a romantic vision of a future where internal combustion engines are no longer used, but nobody actually plans for a future without oil.

Think of your own planning- are you actually doing this or just paying lip service?

Instead, invest in oil and reap the benefits. This could even be considered a green investment because oil does, after all, come from the earth.

#105 Eks dee Siple on 04.18.19 at 11:40 am

#59 Sail Away
Star Forts all over the planet – over 40 alone just in the Paris area
https://www.youtube.com/channel/UC7qoRA-YKpInkz3zdTco-gA

Why the Pentagon is a pentagon https://www.youtube.com/watch?time_continue=731&v=-5nDUxc53SI

Before the arrival of the Spanish/French/English, there were huge established cities in the Americas with neoclassical architecture. Norumbega=WashingtonDC. Chillaga=Chicago. 15 million populaton of Tenochtitlan (Mexico City) complete with mosques, aqueducts, etc.

https://commons.wikimedia.org/wiki/File:Voyage_of_Francisco_de_Orellana_Map_by_Ant%C3%B3nio_Pereira_1546.jpg

https://www.gettyimages.ca/detail/news-photo/the-chapultepec-aqueduct-built-by-the-aztecs-during-the-news-photo/590680901

https://www.wdl.org/en/item/19994/

Here is the book: https://books.google.ca/books?id=1TcTAAAAYAAJ&pg=PA247&lpg=PA247&dq=temix+titan&source=bl&ots=7yQnjv7dV_&sig=A4rOI7VE6nqajeW8keoogilUFHo&hl=en&sa=X&redir_esc=y#v=onepage&q=temix%20titan&f=false

Here is English translation of the first-hand account of Cortes where he specifically mentions mosques:
https://www.stolenhistory.org/attachments/temix-titan_a_2-jpg.11811/

#106 The Great Gordonski on 04.18.19 at 12:20 pm

#101 Shen. The investment industry has engendered a culture of fear among retail investors. They tell you to be afraid. It isn’t that complicated. Buy good stocks that pay dividends and reinvest those dividends until you start taking them as retirement income as reduced taxable cash flow.

You’ll sometimes be surprised when one of your ordinary holdings becomes a superstocks and crashes through the stratosphere, as often happens over time.

This morning Rogers went on sale dropping almost $4 for no valid reason. That’s when you step in and buy some more. The sale was past within hours but you’ll learn to pay attention as you go along.

92.6% of my TSX stocks are in the black. It’s not rocket science to buy your banks, utilities, tech and industrials and hold them over time. Every stock I’ve held more than five years has doubled and more. Unless you think Trudeau will confiscate your assets if reelected.

That’s when you realize how smart you were putting 50% of your portfolio in dividend paying US stocks.

#107 whiplash on 04.18.19 at 12:36 pm

#60 Ponzius Pilatus

Most responsible parents plan for a future without oil.

vitamin capsules, asprin, deodorant, crayons ,shaving cream, refrigerators, dentures, heart valves, antihistamines, paint, cortisone, water pipes, toilet seats, glue, panty hose, toothbrushes, and the other 5,952 products that are produced using oil and natural gas. You must like the Flintsones!!

#108 Gotta Get Out of Calgary on 04.18.19 at 12:47 pm

#50 DON on 04.17.19 at 9:29 pm

………….. Which leads to another thing statistics can’t show you. 10% or 12% unemployment does not always refer to the same 10 or 12%. During periods of high joblessness, people tend to cycle through periods of employment followed by periods of unemployment.

____________________________________

The stats also don’t show the unemployed who are not eligible for EI insurance either due to insufficient number of work weeks or because their EI insurance has run out.

#109 Deplorable DNA on 04.18.19 at 12:51 pm

#94 Smoking Man on 04.18.19 at 9:57 am

No colution , no obstruction.

Once T2, Macron, Markel are shown the curb and Soros sun takes his enharatence to Vegas.

White pucket fences for all become posable again.
#AWWG1WGA

Pucket fences and the stepford wives living on revolutionary road – you have a craving for a special pace in hell.

#110 millmech on 04.18.19 at 1:01 pm

#93 HH
Really its hard for millennials to make it ?
The millennials I work with are getting signing bonuses of up to $25k just for showing up for six months. The starting wage for trades is anywhere from $34-$50/hr in the Lower Mainland with no experience.
As for housing millennials have it made, the ones I work with can make easily $120k/yr with OT and you can buy a starter home in Chilliwack for $400k that is just over 3X earnings. Now you have a millennial couple pulling in about $200k that makes a starter home 2X earnings. My first house was 4X earnings, no help with a down payment like most in my generation(X)
Lets not forget that the millennials are getting all that help from the bank of Mom that was never available to us for down payments. Sad that we had to actually save and struggle, not like now when your recruited right out of school for six figure guaranteed careers.
End of Rant!

#111 westcdn on 04.18.19 at 1:03 pm

I have to say I was impressed by Kenney’s concilary tone. If he walks the talk, I will fall into line. Alberta has a war to win and lost battles are only a step in the right direction – unless you die but I will bury you with honour.

I have two daughters and four grandkids – two boys and two girls. I didn’t expect any and don’t anticipant more but they decide. I didn’t think I was the best father but my girls thought differently. They are both redheads and I put up with a lot of ribbing. The male grandkids are blond and the father is a dark Jewish Russian – go figure. Successful doctor though. My daughter calls them Germans – talk about the circle of life because my uncles killed them.

My girls set up a What’s up site where they share stories and pictures with me. The gals are tightly bound and funny despite my evil heart. Did you know evil spelled backward is live?

#112 Mr Fundamental on 04.18.19 at 1:15 pm

#46 Capt. Serious on 04.17.19 at 8:36 pm
What if I told you that is not an efficient portfolio? Would that mean anything to you? Would you care?
———————————————–

Of course I would care! Don’t be so serious, Captain!
How can you say it is not an efficient portfolio, if you don’t know what I’m optimizing for? If I’m optimizing for highest long-term rate of return, is it not efficient?
Last time I checked, 100% equities is 100% efficient if optimizing for rate of return. Note, I’m not worried about volatility. Also note, I’m not planning for the stock market to go to ZERO anytime soon.

Cheers Captain!

#113 bdwy sktrn on 04.18.19 at 1:40 pm

The answer of course is never. For these people it’s not about buying in, it’s about envy. They are hoping their neighbors and friends that have made out well on RE get crushed so as to justify their decision to sit out.
+1

…. VREU will be posting the same cut and paste about bubbles praying some day she is right.
+100

#114 Smoking Man on 04.18.19 at 1:48 pm

Dear God

T2 giving away another 2.5 billion to other countries to fight climate change. Absolute theft..

Wondering how much if that will be returned in stealth for the libs election war chest.

Just a spit in the face of Canadian Tax payers

#115 jess on 04.18.19 at 2:04 pm

….Before 1925 tax returns were public. Newspapers ran accounts each April detailing to the penny how much money was made and paid, by the likes of Julius N. Rosenwald of Sears Roebuck and the oil monopolist John D. Rockefeller, citing by name federal tax officials as the sources.

But thanks to a feud between two of the richest men in America and the Teapot Dome scandal tax information became secret. And no one gains more from tax secrecy than those among the super rich who steal from the rest of us by not paying what they owe.”

https://www.dcreport.org/2019/04/15/trumps-man-on-the-inside-at-the-irs/

#116 Sail away on 04.18.19 at 2:16 pm

#104 Eks dee Siple on 04.18.19 at 11:40 am

——————————————

Disregarding the Looney Tunes/tinfoil hats/bugout crazy links, there is some interesting reading there.

Are you suggesting past structures represent a more technologically advanced society than we have today?

If that is your point, then identify something that couldn’t be recreated today – even a single item will do. But it has to be something tangible, not speculative nuttiness.

While I agree there have been significant past construction feats, there is nothing to indicate there was greater technological prowess in the past than exists today.

#117 Ace Goodheart on 04.18.19 at 2:25 pm

Having read all I can regarding the carbon tax debate I have come to the following conclusion as to the causes and probable outcome.

1. Doug Ford to T2: we are cancelling cap and trade (my $%#& is bigger than yours).

2. T2 to Doug Ford: ok then, we are taxing the crap out of your province (my $%#& is bigger than yours).

3. T2 and Doug Ford to themselves: we can’t go back on this now, otherwise we’re admitting that his $%#& is bigger than ours

4. Both go running to the Court to tell on each other.

Interesting thing is that unless the POGG powers are significantly expanded, Ontario is right. This carbon tax is not constitutional.

Also, Ontario has already reduced its carbon footprint by 22% from 2005 levels and is well on its way to meeting the 30% target by 2030. The Fed’s acknowledged as much during argument but countered that Ontario has to be made an example of regardless of our success in carbon reduction so that the rest of Canada’s provinces can see it as a lesson in not flipping off the Federal government (my $%#& is WAY bigger than yours).

And Ontario was doing fine with the cap and trade system except that this system was Liberal imposed and the Federal government supported it, which , meant Doug Ford did not put it in place or agree to it beforehand (no, my $%#& is the biggest).

The result: no one will remember that Doug cancelled cap and trade and everyone will remember that Mr. Dress up and crew imposed a harsh and over killing penalty tax on a Province that was meeting its targets anyway, and Andrew gets one step closer to winning in October.

One thing about T2 and his motley crew that is certainly true is they are one trick ponies. Back them into a corner and they will make the wrong decision over and over again.

#118 Hawk on 04.18.19 at 2:55 pm

#113 Smoking Man on 04.18.19 at 1:48 pm
Dear God

T2 giving away another 2.5 billion to other countries to fight climate change. Absolute theft..

Wondering how much if that will be returned in stealth for the libs election war chest.

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

There was a reason why the early Americans / Founding Fathers etc believed in “minimal government”, creating the most successful society mankind had ever known………till the “redistributionists” ultimately took over.

#119 Ronaldo on 04.18.19 at 3:03 pm

#113 Smoking Man on 04.18.19 at 1:48 pm
Dear God

T2 giving away another 2.5 billion to other countries to fight climate change. Absolute theft..
————————————————————–
That would be roughly what Trudy gained when he increased the taxes for those above $200,000. Agree, absolute theft. Playing Robin Hood.

https://nationalpost.com/pmn/news-pmn/canada-news-pmn/top-1-paid-slightly-more-in-taxes-after-liberal-changes-figures-show

#120 Ronaldo on 04.18.19 at 3:08 pm

#109 millmech on 04.18.19 at 1:01 pm

Right on.

#121 leanne on 04.18.19 at 4:22 pm

And what about a GIC paying 3.3% p.a for 15 months? Sounds better to me than bonds…

#122 reynolds531 on 04.18.19 at 4:35 pm

116 ace

Not that I disagree with anything you said but cap and trade had us shipping money to California. It was terrible policy.

#123 Gravy Train on 04.18.19 at 5:46 pm

#94 Smoking Man on 04.18.19 at 9:57 am
“No [collusion], no obstruction.” Such an obedient minion! Have you read the report, genius? Section IV. deals with Russian government links to and contacts with the Trump campaign (pp. 66-174), and Section V. deals with prosecution and declination decisions (pp. 174-198). Good bedtime reading!
https://www.justice.gov/storage/report.pdf

Here’s a complete summary of all the indictments by the Special Counsel’s office so far.
https://www.justice.gov/sco

#124 My Millennial Friends in Victoria on 04.18.19 at 10:05 pm

My millennial friends in Victoria are choosing not to buy single family dwellings. They don’t want to get chained to a $1.3 million fixer upper. They see no value or upside to it and realize the consequences. A few of them may reconsider only after a significant price adjustment at 80% discount. Is that even possible? I’m starting to think it might whereas I figured status quo would prevail at least a few more years. Alas your article confirms it…the boomers are no longer in control…the millennials are on the throne and they are game changers.

#125 DON on 04.19.19 at 12:25 pm

#112 bdwy sktrn on 04.18.19 at 1:40 pm
The answer of course is never. For these people it’s not about buying in, it’s about envy. They are hoping their neighbors and friends that have made out well on RE get crushed so as to justify their decision to sit out.
+1
…. VREU will be posting the same cut and paste about bubbles praying some day she is right.
+100
*****************

From the guy who said housing would never falter in Vancouver…How’s that working out for yah?

Let’s search the blog for all your hostile posts in the past.

#126 Cu on 04.21.19 at 1:59 am

Garth you mischaracterised Maxa. It’s owned by Westoba. If something went wrong Westoba, with headquarters in sunny Brandon, would cover it. Brandon isn’t a fast money town like Toronto, you really shouldn’t portray it as such.