Some thoughts to start your week. Pay attention. There may be a test on Thursday.
Is the exodus for real?
This pathetic blog has whined for years about the bad housing choices people make. Many of those kids in their 600-square-foot highrise urban condo boxes will regret their purchases as new supply gushes onto the market, pushing values lower. And lofts? Fugedabbouit. What a loser fad that’s been. When selling time comes the owners of these tomb-like, exposed-pipe, conduit-encrusted crypts will find few people who think they’re cool.
But maybe more people are learning that in an age when so much work is online, geography’s irrelevant. So why not live in a city you can actually afford?
That could be part of the reason for what’s happening down in the southern tip of Canada. Over the last two years the biggest price jumps in Ontario have been happening in Windsor, once a sleepy burg with a Detroit envy problem. That’s all changed, of course. D struggles while W blossoms. The average house price has jumped 25% in the last two years. Sales are robust, inventory is snapped up fast and DOM are short.
Having said that, it’s still affordable by GTA or YVR standards – the average property sells for less than $350,000. Down the 401 towards Toronto, London is also hot, with an average sale price of about $430,000. And there always seem to be jobs in the health care, university or insurance sectors. Plus trees. Tons of them. You remember trees, don’t you?
Luring them in with trinkets.
The lengths developers are going to in order to attract young buyers in Vancouver tells you all you need to know about that market. Sales have tanked in the last few months, and this will end up being the worst spring in living memory. The big declines are happening at the top end of the market (the media is now obsessed with mansions selling for half price), while detached homes have suffered double-digit erosion. You know why.
The guys who build and sell condos understand what’s coming, and are trying to move as much product as they can in the shortest period of time possible. First it was a year’s worth of free avocado toast (who the hell eats that stuff?), and now another developer is dangling a year of wine in the form of a $1,500 gift card.
Buyers are being offered low downpayments (10% instead of 20%) at one development, plus a $5,000 account at Urban Barn (to decorate your place with Mongolian Snowy Toss Ballet Pink accent pillows, $99 each). Another company is throwing in resort passes and skis for the family, free golf or free mountain bikes with each purchase. Common are decorating allowances worth a pile of dough, or a free parking space valued at up to fifty grand.
What does all this swag tell you?
Exactly. Run. Any moister walking into a steaming pile of mortgage debt with property taxes and strata fees to buy a condo in a saturated market just because the developer is offering wine or throw cushions is, yes, a fool.
It’s all about price. Not toast. Do not be diverted.
The law of Unintended Consequences.
Or maybe they were intended. The dudes running BC these days, determined to create a real estate crisis in which families lose equity but renters still can’t (or won’t) own homes are sure changing the landscape. Not for the better. Here’s Richard to explain…
Hi Garth: My wife and I have rented our whole life, but we were the people who bought the Vancouver detached in May. We’re pretty odd for Vancouver–we prioritized financial independence over bricks. For us, doing what we wanted from 9 to 5 seemed like a better deal than the indentured servitude of a Vancouver mortgage.
We achieved that first goal a few years back, then our new financial goal was to accumulate enough additional cash to get a house. The combination of the Trumped-up stock market, the shaky Canadian dollar, and the skidding housing market made that possible this spring. I still think Vancouver houses are overvalued. But we want the white-picket fence experience when our two kids are at an age that they still want to hang out with us.
So, right now I’m going through the odd transition from a being a two-bedroom renter to a five-bedroom detached owner, moving from caring about first-world renter problems to first-world owner problems. And now the problems with the NDP’s new taxes that you’ve described are staring me in the face.
We deliberately bought a lot that would allow us to build a laneway house. In a tight housing market like Vancouver, building a laneway seemed like a good thing for society. In fact, we were considering renting the laneway below market value if someone needed a bit of help. We’d get some income, the renter would get stable housing, and we’d do our tiny bit to expand the housing market. Win-win-win. The thing is, our house is already within spitting distance of being hit by the NDP’s wealth tax (oh, sorry, “school tax”). A laneway could push us over the threshold. A laneway plus some appreciation in the housing market, and that tax would really start to bite. And taxes go up–even simple inflation will effectively result in that tax increasing. (Looked at the property transfer tax lately?)
We’ve had financial success by avoiding ongoing monthly cash drains. What if I discover that I hate being a landlord? I don’t want to get into the situation where I’m required to be a landlord because the taxes will eat us alive if we decide to leave the laneway vacant. Thus, the no-brainer decision to build a laneway suddenly looks fraught with risk. So instead of building right away, we’ll think about. Maybe for a year. Or a decade.
It also makes me wonder how many others are thinking the same way.
(Of course, this is completely a first-world problem. I wouldn’t expect any sympathy from anyone, and certainly not people struggling to afford housing in Vancouver. But then again, we don’t really need the income from the laneway-that-won’t-get-built. So maybe it’s equally the problem of the renter who wants to stay in Vancouver, but can’t find an affordable place to live. Unintended consequences.)
Thought of the day. Or the decade.
Turns out the best-performing investment accounts being held at discount brokerages belong to dead people.
They don’t trade.
133 comments ↓
With runaway real estate taxes, a falling real estate market, sky high gas prices and out of control ICBC rates many now are starting to realize why the NDP were left with only two seats after the last time they were in power. They have little, if any, fiscal or economic sense. Many who voted for this government because of all the supposed free services are starting to realize they are actually the ones paying. It hurts. So much for a more affordable BC under the NDP.
No, it won’t be the people who are losing a few million on a West Vancouver mansion that will get hurt, but those who were stretched to buy a half duplex or condo. Nothing like the albatross of being underwater on your mortgage to bring some stress into your life.
The best thing that could happen to B.C. is for the Greens to walk away and bring this incompetent government down.
Dear Richard,
Congratulations on your success, buying a detached home in Vancouve. Don’t turn your new neighborhood into a ghetto by building yet another laneway house. The facilities in your neighborhood, (parks, sewers, hydro, parking and transit) were designed with single families in mind, not 3 or more families per lot.
Laneway homes are another way to transfer the equity dollars in an established neighborhood into the pockets of builders, realtor, and ultimately city hall.
They’re also not that profitable: I track rentals in my area on Craigslist, and I keep seeing the same laneway homes posted and not renting, month after month.
Better to have a proper garage and maybe an office or studio up above it, if you ask me.
“the developer is dangling a year of wine in the form of a $1,500 gift card”
Pfft that is just a good weekend drunk is all. Make it $25K and we will talk.
I tuned out at how a couple w/ 2 kids buys a 5 BR house / oh no we could build a laneway rental but extra taxes will eat us alive…
Richard, Richard, Richard, how did you go from renting savers to new West Coast debt cult devotees so fast? That would be an interesting story, along with why you waited to figure out the costs after you bought, not before…
Phyyrzzzt
Forget the laneway house. All that will do is reduce the amount of free capital gains on your principal residence when it comes time to sell in the future. That could be up to 30% or more of the total value of the property. A good chance that you could not make up the loss in rental income which is taxed at your highest rate. Your much better off to invest what it would have cost you to build the laneway house. Save the space for your children to romp around. Oh, and forget being the nice guy by providing cheap rent to someone else. Nice guys finish last. They probably wouldn’t appreciate it anyway.
So in an epiphany the CIBC reports that at no time in history has the Canadian economy been this dependant on the housing market.
A recession is imminent as the housing slow down takes effect.
The last 11 years was an artificial economy and we didn’t take the opportunity to slash public service wages by 15%.
Those that end up divorced due to misplaced optimism deserve the unjust Family Court System which needs to be overhauled.
This mess is about to get ugly.
I tend to look on the bright side of life, but the majority of Canadians are deluded and will now suffer the same fate as US citizens did during the financial crisis. The difference being that things will be much worse here.
QUOTE:
We deliberately bought a lot that would allow us to build a laneway house. In a tight housing market like Vancouver, building a laneway seemed like a good thing for society. In fact, we were considering renting the laneway below market value if someone needed a bit of help. We’d get some income, the renter would get stable housing, and we’d do our tiny bit to expand the housing market. Win-win-win. The thing is, our house is already within spitting distance of being hit by the NDP’s wealth tax (oh, sorry, “school tax”). A laneway could push us over the threshold. A laneway plus some appreciation in the housing market, and that tax would really start to bite. And taxes go up–even simple inflation will effectively result in that tax increasing. (Looked at the property transfer tax lately?)
============================
Interesting situation.
https://vancouversun.com/news/local-news/vancouver-man-will-build-you-a-laneway-house-for-free-but-theres-a-catch
On his website, freelanewayhomesvancouver.com, Laird outlines the steps he’d take if he found a willing property owner. First, the property would need to be evaluated to ensure it could support a second dwelling. The businessman figures more than 25,000 Vancouver properties fit the bill.
======================
http://themacnabs.com/laneway-house-a-new-way-to-increase-your-property-value/
The cost to build a laneway house is around $250,000 to $275,000 depending on the size and layout, and the built in amenities.
======================
FROM: Vancouver Real Estate Flip Flops
@VanREflipflops
13h13 hours ago
More
Interestingly enough, I found 455 condos for sale in #Vanre for $600,000 or less.
Condo prices from the last 30 days are ⬇️ 12% Y/Y
Sold Listings are ⬇️ 50%
Active Listings ⬆️ 56%
Almost 10 months of inventory
Found 3581 condos and apts for rent in Vancouver, 2 bdrms or less
===================
Garth discussed Principal Residence , suites and tax implications.
So..how do laneway homes figure into the tax hit ?
Also…if 25,000 Vancouver properties are zoned for laneway….that must be a “higher and best use” tax hit right off the bat.
Those “Mongolian snowy toss ballet pink accent pillows” must be hard to get spilt red wine out of…..who can pass up free wine for a year though Gartho, come on!
BC election is not too far away…things can be changed.
Canada’s Economy MUST CRASH! – The Inevitable END To The Debt Bubble
https://www.investmentwatchblog.com/canadas-economy-must-crash-the-inevitable-end-to-the-debt-bubble/
People in Toronto and surroundings may be looking for an escape for some additional property-related reasons, it now appears.
I just enjoyed another meet up for cocktails with some friends who deal with property taxes and revenue collections in the Toronto/905 area this weekend. (Good to hang out and enjoy the Raptors too! Go KL!)
Some news from them is a bit alarming about where things may be headed in the area this year.
Mississauga and Toronto have both recently sent out notices for unpaid property taxes to about 15% of all home owners. That’s a pretty big increase considering most people will default on anything except a home or its taxes if they can avoid it. In Toronto alone some 135,000 notices were sent in May. Last year it was only about 10% of homes. And the number of accounts going to the collections dept. or bailiffs this year has gone up by about 60% in the Gta overall.
Toronto especially is in a really odd spot right now. The bureaucrats have been told by council to deliberately delay sending out the final tax bills which are normally sent at the beginning of May and have payments starting July 1. (One friend who has worked for the city since the late 1970s says this has never happened before)
The reason is so the mayor and council can fight back against the Ford govt cuts just announced midway through the fiscal year and prepare for the worst case scenarios. That apparently means jacking up the taxes on the final bills before they are printed, so as to avoid the cost of mailing out a million extra bills afterwards. Plus there are whispers that they will cancel the popular senior tax rebate program, and blame it on Ford. Councillors are being inundated with queries from seniors (who always vote, they realize) wondering how they can apply for the tax rebate program and what the hell is causing the delay in getting their tax bills and rebate application forms. So residents have no info still about how to plan their financial lives, bill payments, vacations etc.. which are all barely a month away and they still don’t have their bills.
Tory and the councilors are now stressing out citizens while preparing to dump big extra taxes on them at the last minute, and blame it all on Doug. Quite a strategy. An internal report by the revenue division has also cast doubt on whether the majority could even afford to pay an extra bill of $200-500 this summer, as it appears things are headed, raising issues about more arrears and collections work ahead if they do try that. (Toronto’s taxes are already lower than all the surrounding areas, but the locals push back to council and say they cannot afford any increase at all.)
The city website now even asks people to sign an anti-Ford petition.
https://www.toronto.ca/city-government/budget-finances/city-budget/stop-the-cuts/
This property tax delay also is annoying realtors, who complain to councilors they can’t get the property tax annual info they need to close springtime deals and don’t want to have buyers getting nasty surprises, all of which they say is slowing down sales.
I’m not sure what to call this, but it sounds like a nasty storm is settling over the area as we speak. This will be in the news a lot in the days ahead, I am sure.
And what it could do to an already silent spring market could be serious, I think. One more reason to scare away buyers could turn this into a major domino, one that could unofficially start a bigger 416 housing drop, jmho.
Whoa Nelly!
Who’s having fun? Going to hang on a Little longer before getting off the train
Naysayers sure went quiet
In response to Richard’s self serving note ( does he understand the meaning of Solipsism?), why would the school tax be such a burden at the rate it kicks in at?
Hmmm
If he is looking carefully at the Van housing market, appreciation is not due to make an appearance on the horizon for some time….something fishy here.
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/school-tax
The job market in London does not support housing prices. London life just gutted 500 people. The university and hospitals are bracing for cuts. And manufacturing here died with ford, cat, and Kellogg’s.
London Life is amalgamating with Great West and Canada Life to form a solid enterprise. No layoffs among the 3,000 in London, officials say. – Garth
People that sit on quality ETFs tracking the major indices using a buy and hold strategy usually have better things to do.
I believe this the KISS system Ryan brought up yesterday.
Personally feel my time is better spent working on a baby draw at the local link. Most demanding but quite satisfying.
In Langford B.C. the real estate market is red hot.Thousands of acres of forest clear cutted for houses and condos.The Surrey of Vancouver Island.Many people upset because of increased crime,pollution,loss of wild life and longer commute times to drive to work in Victoria.Its funny I saw a billboard by Langford Lake showing kids jumping of a dock into the lake for a new housing project.Its said well worth the commute.The sad truth is the lake is polluted and you wouldn”t even let your dog swim there.
EU elections results just starting to pour in (looks like a shift to the Right):
-Le Pen beats Macron in France by a few points.
-German Hillary & her coalition partner down 20% vs. prior election (still both at about 43% of the vote BUT their worst result in a nationwide election ever). Die Grünen made big gains, up by about 15%.
-Salvini and De Maio majority win, over 50% of vote in Italia.
-Nigel Farage preliminary results trouncing everyone so far.
-Greece’s Tsipras about 10% lower vote than opposition, calling a snap election.
-The Spanish have gone Socialist, they think they’re still voting in their federal election they just had. Poor mixed up but beautiful España.
ODDLY, Facebook obsessed with how well Salvini did (in a good way). No other EU leader is being discussed as much as Matteo on Facebook at the moment.
My Takeon the Salvini Facebook Phenom:
The rest of the EU envious that he has managed to make a large majority of Italian’s happy…they must think that if he can do that in Italia, imagine what he could do in their country (SO true).
Anything more significant will drop you all a line Canada as the evening progresses with more results.
AND NO, the EU is not imploding…yet.
P.S.
Pay no attention to Google’s half circle EU election results…it’s the don’t know shit from clay American’s trying to unsuccessfully explain to similar American’s what is going on here in the EU elections. Epic Fail. We see results nationally and all you can say is a shift from the Center to the Right is ongoing.
UK Update:
Farage at 39% of the vote (pollsters said 30% at most).
Poor messed up England (well, their pollsters anyway).
Next time you think of Vancouver – think of the real estate ponzi the BC Liberals left for the Province and Canada to deal with. They will need a new name and base just like the Social Credit retreads did when their party died after BC’s population had enough of them in the early 1990’s. So long Chumps. You won’t be missed.
Garth,
Please answer me this. City of Toronto for example knows about every housing purchase correct? Why then don’t they release this data in total units and revenue for each month so that the people know the average without the Franken number fluff? Seems like it would be the right thing to do from a consumer protection and transparency point of view, no? Why isn’t it done?
Best explanation of EU parties (as depicted by American Google but explained by the verbose, yet reasonably accurate Brits):
https://www.theguardian.com/world/ng-interactive/2019/may/26/eu-election-results-2019-across-europe
Even that is debatable since German Hillary is labelled Center Right (Angela did not do well nor her Commie allies).
Best live stream coverage:
https://www.youtube.com/watch?v=JxEBO6vrAmM
And, if you enjoy watching a lot of long faced “stay” Lefties that dislike Farage (who’s now at 31%), there’s BBC:
https://www.bbc.com/news/live/uk-politics-48417378
Right and Green’s the winners, the Commie’s had losses (despite Spain’s effort).
—————————————
Buonanotte e Ciao d’Italia (the ONLY happy G7 country with its Gov).
Richard sounds like a conflicted dumbo who made a buying mistake and is trying rationalizing it
largest money laundering in the world why is it just up to one whistleblower and not the banks ?
shocking! dirty money
https://www.cbsnews.com/news/how-the-danske-bank-money-laundering-scheme-involving-230-billion-unraveled-60-minutes-2019-05-19/
#13 Bitcoin
Picking an individual stock can produce gains just like crypto. The problem with this is knowing in advance where such a position will go? Good luck. The logic is in hindsight.
Those playing this game generally don’t have enough exposure on the way up and, have way too much on the Downside.
Commodity plays show no mercy.
#38 Basil Fawlty on 05.24.19 at 7:48 pm
So, if gold nuts are truly “nuts”, as our trusty narrator indicates on a regular basis, why is Russia purchasing by the tonne? They purchased one million ounces in February alone.
Can anyone provide some insight on this perplexing reality?
—
https://dailyreckoning.com/russia-story-matters/
BY JAMES RICKARDS
OCTOBER 6, 2017
The Only Russia Story That Matters
The World Gold Council has reported that the Central Bank of Russia has more than doubled the pace of its gold purchases, bringing its reserves to the highest level since Putin took power 17 years ago.
Russia’s desire to break away from the hegemony of the U.S. dollar and the dollar payment system is well-known. Over 60% of global reserves and 80% of global payments are in dollars. The U.S. is the only country with veto power at the International Monetary Fund, the global lender of last resort.
Perhaps Russia’s most aggressive weapon in its war on dollars is gold. The first line of defense is to acquire physical gold, which cannot be frozen out of the international payments system or hacked.
With gold, you can always pay another country just by putting the gold on an airplane and shipping it to the counterparty. This is the 21st-century equivalent of how J.P. Morgan settled payments in gold by ship or railroad in the early 20th century.
Russia has now tripled its gold reserves from around 600 tonnes to 1,800 tonnes over the past 10 years and shows no signs of slowing down. Even when oil prices and Russian reserves were collapsing in 2015, Russia continued to acquire gold….
Dolce Vita,
Great news. We just voted yesterday through the embassy and the lefty pro-EU commies in my corner failed as well. My grandpa called today just to make sure we voted for the right party, LOL!
My family will be visiting Italy this fall. Maybe I will fall in love with the country as well, just as you. Who knows.
Dirty money flight out of BC is crashing the BC real estate market combined with the perfect storm situation brewing regarding debt exhaustion, tightening of lending, record high prices and property taxes, absurd supply, taxes out the wazoo on housing and non stop waves of supply hitting the market.
The panic selling starts as soon as the job market stalls in the next 6-7 months.
Rate cuts are coming by end of summer.
We finally have a government who is not welcoming dirty money and showing Canada how to do it.
All equity in the province of BC is shrinking. 90 billion lost so far on home values. If BC Assessment actually drop assessed values in line with what is being recorded people are going to crap their pants even more in January.
Looks like about a 40% haircut is not off the table.
The Okanagan prices have silently been reduced all spring and are finally starting to come off the record ponzi prices that some suckers paid. Big time buyers remorse coming.
And the building is still going ballz out. Big supply in the pipeline.
Landlords are getting slaughtered.
NDP have thousands of more rental only builds coming online.
Look at Tsawwassen and Ladner. When have you seen single detached listing lower (in the 800s now) than Langley, BC? Never. It is a tough pill for Langley residents to swallow when paying 950K for a house that will now only sell for 850 when you consider the sacrifice in commuting that was made – double whammy with the gas price hikes. RIP Fraser Valley debt slaves. 700s for Langley detached up next.
Anyways, it starts in Vancouver and ends in Vancouver. If Vancouver is going up, get ready for the rest of BC to follow. If Vancouver is crashing, like it is right now, get ready for BC to crash, much more than just the softening taking place, especially the smaller communities.
The listing agents are advising to cut prices in May because they know more pain is coming and they themselves are also starving and know that a place will sit all summer long right now if not priced competitively.
Things play out exactly how many called it two years ago. This is the biggest monetary screw up Canada has ever faced and is going to wipe out the younger debt leveraged people.
“Thought of the day. Or the decade.
Turns out the best-performing investment accounts being held at discount brokerages belong to dead people.”
So, dead = rich… got it.
#6 Ronaldo
I would appreciate it, imagine getting the same yard and area for what $1200/mth maybe, hell yes! Just think I get all the amenities that Richard probably paid seven figures for a song (Money for Nothing and the Chicks for Free by Dire Straights) comes to mind.
You have to do it Richard, think how smart you will look at work when you tell people that your million plus investment is paying you a $10k return after taxes and also reduces your tax free cap gains by 30%+, with the added bonus of raising your property taxes since it is now an investment property.
Remember that they are not making anymore land, everybody wants to live here, and best of all real estate never goes down because the Government will not let it happen.
Welcome to the big league!
#27 West Coast Conspiracy Theorist
“Anyways, it starts in Vancouver and ends in Vancouver. If Vancouver is going up, get ready for the rest of BC to follow. If Vancouver is crashing, like it is right now, get ready for BC to crash, much more than just the softening taking place, especially the smaller communities.”
Let’s just stop using the word ‘CRASH’ around the YVR market. What we are not experiencing is a CRASH – just a return to a normal real estate market. Nothing that’s been happening in the last 4 or 5 (or 10) years in the YVR real estate scene has been normal for the community. All long term residents understand this. Most of us are thrilled that the NDP have stepped up to the plate. Now our children may soon be able to stop living at home/ with roommates etc and start to form their own households. No – we are not thrilled when our offspring are forced to move to other provinces and countries in order to start families.
My children are 5 generation BCers and I along with thousands of other grandparents want my family nearby.
Gold is an element on the periodic table, nothing more. It has no mystical powers to those with rational thinking. Sure, it has been a form of exchange in the past just like grains of rice. It only has value because some believe it does. But it is shiny.
Currency is what we deal with every day like it or not. Confidence is the only thing backing this concept. That’s a fact of life.
Richard seems to be suffering from DID. One day a renter, the next longing to be a landlord.
In BC of all places, with some of the most idiotic landlord tenant policies on the face of the earth.
Tell him he’s done his part for the renter cohort; he freed up a 2-bedroom unit when he signed his mortgage.
RE: #1 Bobby on 05.26.19 at 3:51 pm
“With runaway real estate taxes, a falling real estate market, sky high gas prices and out of control ICBC rates many now are starting to realize why the NDP were left with only two seats after the last time they were in power. They have little, if any, fiscal or economic sense. Many who voted for this government because of all the supposed free services are starting to realize they are actually the ones paying. It hurts. So much for a more affordable BC under the NDP.”
They’re socialists.
If you want to see socialism in action, go visit Cuba. Or read about what happened to Eastern Germany under the GDR (I was there after the wall came down, and toured the former GDR states prior to all the rebuilding).
Socialism involves massive amounts of taxation, to the point that nothing is affordable, and then everyone has to rely on the government for rations and hand outs. The goal is “revolution” which has to happen all of the time, forever. Private wealth is destroyed. Private enterprise is taxed out of existence.
It doesn’t work. Taken to its extremes, people starve to death and die of exposure.
In other interesting news, I have once again kept my 1989 Inglis four cycle washer/dryer combo from visiting that big old washer/dryer heaven in the sky.
About two years ago, after 28 years of reliable service, the dryer went off kilter. Turned out that the rollers had simply worn out, the belt was stretched and the rear seal had partially disintegrated.
I ordered a repair kit. $129.95 online. Old Inglis’s die hard. Spent an evening tearing down the dryer and rebuilding it. The rear seal is glued on, so I had to pull the drum. My tenants stood in what can only be described as disbelief as I took the old beast apart down to its core. They expected me to just schlepp it out and trundle in a new one.
But the new ones are junk. They’re not overly expensive. But they’re garbage. I put a new set in the basement for the main floor and downstairs tenants to use. It has been there for three years, and I have had four major repairs. The board in the dryer has burned out twice. The washer’s pump has died on me, and the last thing to go was the windings in the dryer motor, which I replaced with a new motor. Appliance parts are wonderful in that they are generic, and they can be ordered online. But three years?
No way I am replacing the Inglis. It is the God of washer dryer combos.
So at any rate, the tenant called me up telling me that the old Inglis was leaking. So I went over and ran it through a few cycles to watch. I figured maybe one of the hoses was bad. Or the pump.
I noticed that the cycles were wonky. The cycle map is still attached to the back of the panel, and you can just pull it out and follow how they are supposed to run.
It had this long soak cycle after low speed wash on the regular dial, and then it started right into spin without draining. I thought, that is odd.
So it turned out the controller was bad.
$139.95 online, ordered one day, delivered the next. Took ten minutes to replace.
And the old Inglis is back working again.
The beast that will not die.
Vancouver is an international city and will always demand similar prices as other Intl cities such as Paris, London, New York, etc. Prices will rise and fall but always maintain value. Not sure about Toronto or why people would pay those RE prices.
About so-called dirty money and foreign purchase of Canadian RE. Money gained through crime runs the economy just the same as any other money. It’s after-tax cash obtained by criminals then laundered for exorbitant rates and returned to circulation. Criminals are prolific spenders. The only ones losing out here are the CRA, and only for a single transaction. Nearly negligible effect on the economy.
Foreign purchase of RE brings great amounts of money in to our country. This is good. Inflated RE? Meh- unimportant.
Bitcoin keeps rising. What do u think of Max Keiser? Did u buy a bitcoin? Lol. Everyone deserves a bitcoin.
@#20 Bee-hind the times
“Why then don’t they release this data in total units and revenue for each month so that the people know the average without the Franken number fluff? Seems like it would be the right thing to do from a consumer protection and transparency point of view, no? Why isn’t it done?”
*****
Bee you’d have to ask CREA that question…not Garth.
You remember CREA.
The organization that has fought Canadians like you tooth and nail all the way to the Supreme Court of Canada to keep the real Estate numbers “proprietary” ie hidden from Canadians like you asking that self same question …for decades…..
When I look at the dog blog photo of today I think ‘puppy’. Very cute – but if today’s dog is a puppy, holy moly! Going to be one very big dog:)
The laneway/landlord question. Given the current climate I’d say don’t do it. I’m not sure if one can test drive being a landlord – maybe acting as a property manager might do it? Because it would suck to take the plunge only to discover being a landlord isn’t for you.
“building a laneway seemed like a good thing for society.”
Enough already! Does this guy think all your readers are idiots?…
Most of us are thrilled that the NDP have stepped up to the plate. Now our children may soon be able to stop living at home/ with roommates etc and start to form their own households. No – we are not thrilled when our offspring are forced to move to other provinces and countries in order to start families.
My children are 5 generation BCers and I along with thousands of other grandparents want my family nearby.
—————————-
This is very close to my sentiment with the housing issue in Vancouver and BC. We do not need dirty casino money, speculators, flippers, and foreigners purchasing properties like on a monopoly board. A Political party that is not afraid of putting in devices to curtail this behavior to making housing more affordable to locals trying to have shelter to raise a family is who I will vote for. The Gov’t needs to prioritize LOCAL citizens.
So why are the locals not buying? – Garth
#31 Expressobob
Currency is what we deal with every day like it or not.
—————————————————————–
And that is becoming a thing of the past as well. Was at Timmies today for a coffee and a donut and gave the young lady a loonie, 8 dimes 4 quarters and 6 nickles. She had to get help from a young fella to figure out how much I’d given her. Are we in trouble.
Record breaking temps in Japan.
39.5 cel in Hokkaido yesterday.
But not to be confused with Delhi which rang in at 42 cel.
Just another May day in Delhi.
One wonders if Saudi Arabia or Iran will crack 50 cel this summer.
Note to the Pentagon.
Nothing like wearing full body armour in 50 cel heat….
Interrupting my fun weekend.
Macron the mighty midget got face plant at the EU elections.
Deplorables on the rise world wide.
This tells me. T2 Is history. Even if MSM and Social media gives the punk 3rd rate actor what he wants.
It was over for the globalists when they thought it was cool to allow random men in our daughters and wives restrooms.
That was the in sighting indecent.
I have to agree with Bobby in post #1.
The current BC NDP government is doing everything it can to make the province unattractive to both newcomers and new businesses.
It is a rare “skill” for a government to both destroy home prices and the equity that retiring seniors have built up in their homes without improving housing affordability in any meaningful way!
The next election cannot come too soon!!! I can only hope that that the damage that the NDP has done to the province can be repaired in a single Liberal mandate!
#7 Reality is stark
A recession is imminent as the housing slow down takes effect.
The last 11 years was an artificial economy and we didn’t take the opportunity to slash public service wages by 15%.
——————————————————————
If you were around during the early 80’s recession in BC you will recall that the gov’t under Billy Bennett slashed the public service by 1/3rd. Remember the Solidarity Movement and how quickly it came to an end after the meeting with Billy B. and Jack Munroe? We were very lucky to have someone in gov’t with the guts to stand up to the unrealistic demands of these public service unions.
Vancouver house prices are zero bound. World class city.
It is currently a race to the bottom in West Van.
30 or so years ago a far sighted demographer named Dr. David Foote wrote a book called “Boom Bust Echo”. He imagined a near total transition by boomers from SFD into condos. David forecast many things but be was upside down on Boomer Greed. They went upscale with near zero interest rates , not down market.
It was their kids that went condo crazy and lost out. What Foote did get right was in a term he invented namely “functionaly obselete” to describe condo life topping out as Gen X began to pop out the ‘little ones’. Apparently, thinking you can raise two kids in a 450 sq ft coffin is mission impossible. The street is not an extension of your living room and the postage stamp park is for junkies and a condom dump, not where your children are going to learn good citizenship. Hello far flung suburbs.
Gen X was sold a bill of goods by greedy city planners who used ‘Foote-like’ statistics to justify reducing the FSR by 50% and more, birthing the “coffin tower”. I was witness to that ballooning of city worker wages and benefits as coffers burst to overflowing. Suddenly the mayors ‘advisors’ were publishing comparable salaries from New York and international capitals suggesting that they to should be making six and seven figure compensation. City gardeners started making six figures ! The Mill Rate went stratospheric to compensate the excesses. Gen X should have done a beat down at the ballot box to stop the rampaging greed of unionized civil servants, and it’s too late now. Our police chief makes near triple what the police chief in NYC makes, greed personified. Better luck next time suckers. Current the DPC’s on a AFD chew up the first $150,000 you’ll pay for a house. That goes straight into the bloated pay and perk package of your civil servant.
The city website now even asks people to sign an anti-Ford petition.
—
Toronto city hall, where Freemasons, freeloaders, and freebasers work side by side with their relatives. Maybe ‘work’ is an overstatement
“So why are the locals not buying? – Garth”
—-
Re BC: Why would we, when prices come early 2020 after dramatically lower tax assessments will be so much more affordable? Who would be so stupid as to buy this spring?
Sorry to hear about you single investment into a house dropping in Value BIG TIME.
Increasing house prices is a vicious circle that screws everyone. Even point grey people who can no longer afford the taxes get pushed out. Sure you can take the money and run somewhere – short term thinking though.
The BC Libs screwed up ICBC – dumpster fire, opened up dirty money flows, created / doubled down on panda bonds and sold out the future to anyone waving money.
Don’t worry about the future of BC being fixed anytime soon.
Most BC Liberals will probably be in jail after the inquiry and the party itself will never be voted back into power in BC again. Forget that idea. BC Libs need to change their party name and start under the guise of something else if they want to sneak back in.
I used to vote Provincial Liberal until they went off the rails and did some really bad things that became pretty obvious to anyone paying attention. BC functions better under some rule of law not Wild West
#35 Sail Away on 05.26.19 at 8:40 pm
Vancouver is an international city and will always demand similar prices as other Intl cities such as Paris, London, New York, etc…. Not sure about Toronto or why people would pay those RE prices.
======================
I am completely, utterly dumbfounded. What does one say to this??
#1 Bobby on 05.26.19 at 3:51 pm
With runaway real estate taxes, a falling real estate market, sky high gas prices and out of control ICBC rates many now are starting to realize why the NDP were left with only two seats after the last time they were in power. They have little, if any, fiscal or economic sense. Many who voted for this government because of all the supposed free services are starting to realize they are actually the ones paying. It hurts. So much for a more affordable BC under the NDP.
No, it won’t be the people who are losing a few million on a West Vancouver mansion that will get hurt, but those who were stretched to buy a half duplex or condo. Nothing like the albatross of being underwater on your mortgage to bring some stress into your life.
The best thing that could happen to B.C. is for the Greens to walk away and bring this incompetent government down.
***************************
Hey Bobby, err I mean Christy…
We get got rid of the most CORRUPT government in the history of BC, most likely the western world.
They were incompetent until it came to corruption and they nurtured this whole bubble fiasco as the revenues were too hard to turn down.
Trade…umm I mean real estate trips to China and abroad etc etc.
You should hold your head in shame that you misused the conservative banner and pissed all over the place.
#40 yvr_lurker on 05.26.19 at 9:15 pm
Most of us are thrilled that the NDP have stepped up to the plate. Now our children may soon be able to stop living at home/ with roommates etc and start to form their own households. No – we are not thrilled when our offspring are forced to move to other provinces and countries in order to start families.
My children are 5 generation BCers and I along with thousands of other grandparents want my family nearby.
—————————-
This is very close to my sentiment with the housing issue in Vancouver and BC. We do not need dirty casino money, speculators, flippers, and foreigners purchasing properties like on a monopoly board. A Political party that is not afraid of putting in devices to curtail this behavior to making housing more affordable to locals trying to have shelter to raise a family is who I will vote for. The Gov’t needs to prioritize LOCAL citizens.
So why are the locals not buying? – Garth
**********************
Prices are still way too high for local incomes.
Plus we are starting to run out of greater fools.
What’s going on this Thursday? What’s Garth referring to?
Raptors in game 5, you heard it here folks !
#47 Gordonski
Yes it was the youngsters who elected and re-elected Gregor and his team of cool kids. Now the downtown peninsula is a gridlocked cement beehive crawling with fentanyl addicts. Yeah, city “planners”. It’s an in-joke.
#33 Ace Goodheart on 05.26.19 at 8:39 pm
Ace, you are indeed a rare one. Not many people have the ability to do these things. You must have saved a bundle of money over the years not having to call repairmen for this and that. I know I have. Good for you.
Reality is stark: the CIBC reports that at no time in history has the Canadian economy been this dependant on the housing market.
A recession is imminent as the housing slow down takes effect.
This mess is about to get ugly.
I tend to look on the bright side of life, but the majority of Canadians are deluded and will now suffer the same fate as US citizens did during the financial crisis. The difference being that things will be much worse here.
I read a report that CIBC has increased reserves to cover loan losses.
Dominoes: I just enjoyed another meet up for cocktails with some friends who deal with property taxes and revenue collections in the Toronto/905 area this weekend.
And what it could do to an already silent spring market could be serious, I think. One more reason to scare away buyers could turn this into a major domino, one that could unofficially start a bigger 416 housing drop, jmho.
I look forward to your reports on property tax collection in Toronto. It’s a rare look into Toronto’s financial state. I mean the financial state of the property owners as well as the financial state of the City itself. It looks like Toronto City Council is going to go to war with the Province. This has never happened before at least not to this extent.
West Coast Conspiracy: All equity in the province of BC is shrinking. 90 billion lost so far on home values. If BC Assessment actually drop assessed values in line with what is being recorded people are going to crap their pants even more in January.
let’s start with BC Assessment. It has to put a value on property as of July 1 and it will. Sales are down 50% from the 10 year average, so it’s not going to be easy but it will.
Look at Tsawwassen and Ladner. When have you seen single detached listing lower (in the 800s now) than Langley, BC? Never. It is a tough pill for Langley residents to swallow when paying 950K for a house that will now only sell for 850 when you consider the sacrifice in commuting that was made – double whammy with the gas price hikes. RIP Fraser Valley debt slaves. 700s for Langley detached up next.
$950K down to $850K, so a 10% drop. So people are going to get an assessment saying the value of their property dropped 10%. The assessment will confirm what they already know – they’re poorer.
This is the biggest monetary screw up Canada has ever faced and is going to wipe out the younger debt leveraged people.
It is the biggest monetary screw up Canada has ever faced. Ross Kay talks about the drop in Toronto house prices in the 1990’s. The good people of Toronto, paid off their mortgages. 10 years later, the debt paid down, prices rose again. Big difference between Toronto in the 1990’s and BC right now, is that price to income is off the charts.
Mongolian Snowy Toss Ballet Pink accent pillows
I’m a little surprised that a) these are a real thing and b) they’re sold out online!
Ace Goodheart: I ordered a repair kit. $129.95 online. Old Inglis’s die hard. Spent an evening tearing down the dryer and rebuilding it. The rear seal is glued on, so I had to pull the drum. My tenants stood in what can only be described as disbelief as I took the old beast apart down to its core. They expected me to just schlepp it out and trundle in a new one.
talk about stubborn
#1 Bobby on 05.26.19 at 3:51 pm
With runaway real estate taxes, a falling real estate market, sky high gas prices and out of control ICBC rates many now are starting to realize why the NDP were left with only two seats after the last time they were in power. They have little, if any, fiscal or economic sense. Many who voted for this government because of all the supposed free services are starting to realize they are actually the ones paying. It hurts. So much for a more affordable BC under the NDP.
No, it won’t be the people who are losing a few million on a West Vancouver mansion that will get hurt, but those who were stretched to buy a half duplex or condo. Nothing like the albatross of being underwater on your mortgage to bring some stress into your life.
The best thing that could happen to B.C. is for the Greens to walk away and bring this incompetent government down.
——–
Horgan is doing a fine job.
He’s got a great team of Ministers, Eby best of all.
He does no need the whining Weaver anymore.
He’ll win the next election in a landslide.
Islander: Most of us are thrilled that the NDP have stepped up to the plate. Now our children may soon be able to stop living at home/ with roommates etc and start to form their own households. No – we are not thrilled when our offspring are forced to move to other provinces and countries in order to start families.
My children are 5 generation BCers and I along with thousands of other grandparents want my family nearby.
before the cock crows three times, you will deny John Horgan three times
DELETED
Just when I thought I had heard it all I was talking to my nephew today and he tells me that a fellow he works with was so concerned about the price of gas that he went out and bought a $70000 electric car. His wife figured she should get one too so she went out and bought a $60000 electric car. These people he tells me don’t even own a home and have next to no savings, both in mid 40’s. Now they have loans totaling $130 grand and who knows what else and they figure they are going to be saving money. It’s no wonder our country has such a debt problem. We are populated by a bunch of financially illiterate numbskulls.
#15 reynolds531 on 05.26.19 at 5:12 pm
The job market in London does not support housing prices. London life just gutted 500 people. The university and hospitals are bracing for cuts. And manufacturing here died with ford, cat, and Kellogg’s.
London Life is amalgamating with Great West and Canada Life to form a solid enterprise. No layoffs among the 3,000 in London, officials say. – Garth
———–
During my professional life, I was part of 3 mergers.
Every time, they said no jobs will be lost.
Within 6 month, most of the smaller partners were laid off.
Don’t be naive.
So why are the locals not buying? – Garth
—–
Not many buy when the rate of decrease month by month is still rather large. Perfectly natural that nobody wants to catch a falling knife. It took 15 years of price run ups, and it will take more than 2 years of declines to reach a new baseline. When this new baseline comes in the next generation (the ones finishing university or who have been in the workforce for less than 10 years) will be able to have an improved landscape
DELETED
#18 Dolce Vita on 05.26.19 at 5:52 pm
EU elections results just starting to pour in (looks like a shift to the Right):
-Le Pen beats Macron in France by a few points.
-German Hillary & her coalition partner down 20% vs. prior election (still both at about 43% of the vote BUT their worst result in a nationwide election ever). Die Grünen made big gains, up by about 15%.
-Salvini and De Maio majority win, over 50% of vote in Italia.
-Nigel Farage preliminary results trouncing everyone so far.
-Greece’s Tsipras about 10% lower vote than opposition, calling a snap election.
-The Spanish have gone Socialist, they think they’re still voting in their federal election they just had.
——-
I’m following Der Spiegel election results.
Greens coming in second.
Right wing losing big time.
And stop comparing Merkel to Hillary.
Merkel has been the most powerful woman during the last 14 years.
And Hillary was just the wife of a US president.
DELETED
#37 crowdedelevatorfartz
I hear you. But that CREA excuse doesn’t make sense. They (municipal governments) can release population data, car registration data, they can release property ownership transfers and value on which taxes are paid each month. You can be sure they have it already, each and every month. Base it on actual transfer data – easy!
There is no personal data in this overall units & revenue number – so no personal info/privacy argument. This would give us true actual closed transactions average, not the scrubbed massaged number that Garth dubbed Franken.
Honestly, the level of manipulation and deception around RE is unbelievable considering it is the biggest purchase most make. Meaning, the politicians like the status quo and hide behind CREA as excuse? The whole thing has a very commie like aura to it.
Don’t even get me started on the fact that people believe there is a shortage of land in the 2nd biggest country on the planet with lowest population density and that people don’t actually own the land in Canada like hime owners do in U.S. for example.
#40 yvr_lurker on 05.26.19 at 9:15 pm
Most of us are thrilled that the NDP have stepped up to the plate. Now our children may soon be able to stop living at home/ with roommates etc and start to form their own households. No – we are not thrilled when our offspring are forced to move to other provinces and countries in order to start families.
My children are 5 generation BCers and I along with thousands of other grandparents want my family nearby.
—————————-
This is very close to my sentiment with the housing issue in Vancouver and BC. We do not need dirty casino money, speculators, flippers, and foreigners purchasing properties like on a monopoly board. A Political party that is not afraid of putting in devices to curtail this behavior to making housing more affordable to locals trying to have shelter to raise a family is who I will vote for. The Gov’t needs to prioritize LOCAL citizens.
So why are the locals not buying? – Garth
……..
You know the answer to this question…you have mentioned it many times. Why buy something this week when it is going to be cheaper next week. As you say, this is human nature and it makes sense!
#44 Kelowna on 05.26.19 at 9:28 pm
I have to agree with Bobby in post #1.
The current BC NDP government is doing everything it can to make the province unattractive to both newcomers and new businesses.
It is a rare “skill” for a government to both destroy home prices and the equity that retiring seniors have built up in their homes without improving housing affordability in any meaningful way!
The next election cannot come too soon!!! I can only hope that that the damage that the NDP has done to the province can be repaired in a single Liberal mandate!
……..
News Flash….the province already is unattractive for newcomers who cannot afford housing in the Lower Mainland and Victoria.
No one feels sorry about some losing the exhorbitant equity some thought they had built up in their homes. A reasonable appreciation over the years should be an expectation….something like we just witnessed over the past 6-9 years, was unreasonable.
Yeh, that’s right….we need those crooked Liberals back in power to open up the gates to more laundered money and real estate appreciation….not!
#41 True story. Was paying the bill at my local car dealer with cash. The young lady had to use a calculator to figure out the change was $0.15.
DELETED
Oh no, that ‘scrimping and saving’ renter that recently purchased his five bedroom home has a home that must be close to the $3 million dollars if a laneway house will push him over the ‘threshold.’
Because that wicked NDP school tax only applies to homes more than $3 million, and constitutes a 0.2% tax on the value OVER $3million.
What a red herring. When he references first world owner problems, he means ‘1%’ problems.
And that is why there is broad and overwhelming public support in BC for government induced demand side measures like the school tax.
#43 Smoking Man on 05.26.19 at 9:25 pm
Interrupting my fun weekend.
Macron the mighty midget got face plant at the EU elections.
————–
Don’t worry Smoker.
Germany got about 100 out of 320 vote.
They will keep the EU strong, as they have for the last 20 years.
Unlike the BREXIT losers.
Thought of the day. Or the decade.
Turns out the best-performing investment accounts being held at discount brokerages belong to dead people.
They don’t trade.
I guess that’s called the “Die and hold” strategy.
THE REAL HISTORY OF MONEY!. IT’S ALL A PONZI SCHEME GAME, AND ALL YOU PEASANTS ARE THE LOOSERS, THEY ARE LOUGHING AT YOU NOT WITH YOU ALL THE WAY TO THE CENTRAL BANKING.
https://youtu.be/t6m49vNjEGs
Filled up for 1.57 today.
Last week it was 1.71.
Horgan said a week ago that he would look into high gas prices.
Did not think that he would act that fast.
Vote for him for sure.
Are you that partisan and naive? – Garth
Interesting insight into the London and Windsor markets, Garth! I know 3 couples, all early to late 30s with young families, that have moved to these two cities in the last 6 months from the GTA! And only one of the couples is actually from one of these cities. Two of them will be continuing to work for their Toronto based employers remotely, coming into the office only for critical meetings. While housing may be elevated by local standards, it looks cheap for anyone coming from the GTA!
I wonder, with 100% remote work or WFH 2-3x per week, what proportion of people will be moving far from where their employers are based? Has this been built into mid- and long-term housing market forecasts?
#80 Ponzius Pilatus on 05.27.19 at 5:17 am
Filled up for 1.57 today.
Last week it was 1.71.
Horgan said a week ago that he would look into high gas prices.
Did not think that he would act that fast.
Vote for him for sure.
Are you that partisan and naive? – Garth
———–
Just confused.
2 months ago, pundits here blamed the NDP policies for the higher gas prices.
Now, following their logic, lower gas prices should be credited to NDP policies.
Can’t have it both ways.
Or maybe, it’s actually the gas companies who are setting the prices?
The BC carbon tax, of course, hiked the cost of gas. It has not changed. Crude oil prices have, along with refining capacity. Stop posting drivel here. – Garth
You have to love the plucky English after last nights EU election (well, 1 Englishman in particular):
https://twitter.com/Suffragentleman/status/1132951416480382976
Oh Nigel, “sei un cattivo ragazzo” but I admire your panache.
You’d be “brio” too if your 5 month old Political Party just won a national election trouncing the Government and Official Opposition parties.
And they say Italia is a crazy country, we are, but that laurel wreath goes on the head of Britannia this year.
Long may she Rule.
#69 Ponzius Pilatus
“And stop comparing Merkel to Hillary.”
https://www.politico.eu/article/germanys-hillary-clinton-angela-merkel/
OR, if you track meme’s there’s also this ditty of an image which includes our Dilettante PM:
https://knowyourmeme.com/photos/1382718-donald-trump
#13 Bitcoin on 05.26.19 at 5:06 pm
Whoa Nelly!
Who’s having fun? Going to hang on a Little longer before getting off the train
Naysayers sure went quiet
—————————————————————
Down 60% from all time highs. The naysayers are right and this is just a dead cat bounce.
But keep telling yourself a payment method that is too slow to be of any use, is the way of the future. And keep the faith that governments won’t decide to squish it completely to keep control of the monetary system.
Richard:
BUILD that laneway house.
It will come in handy when your wife eventually throws you out.
#35 Sail Away on 05.26.19 at 8:40 pm
Vancouver is an international city and will always demand similar prices as other Intl cities such as Paris, London, New York, etc. Prices will rise and fall but always maintain value. Not sure about Toronto or why people would pay those RE prices.
About so-called dirty money and foreign purchase of Canadian RE. Money gained through crime runs the economy just the same as any other money. It’s after-tax cash obtained by criminals then laundered for exorbitant rates and returned to circulation. Criminals are prolific spenders. The only ones losing out here are the CRA, and only for a single transaction. Nearly negligible effect on the economy.
Foreign purchase of RE brings great amounts of money in to our country. This is good. Inflated RE? Meh- unimportant.
—————————————————————
Vancouver is not a world class city and neither is Toronto.
London and New York are the financial capitals of the world. Paris, is arguably, the cultural capital. All three have far higher GDP, see here: https://en.wikipedia.org/wiki/List_of_cities_by_GDP
There are no international industries where you are at the top if you are working in Toronto or Vancouver. The best in finance are in NY, Boston, Connecticut or Chicago in North America. Internationally they are in London, Hong Kong or Singapore. Media? London, LA, NYC.
Fortune 500 companies are heavily concentrated in NYC, Chicago, Dallas, Houston, San Fran. Minneapolis has 18 Fortune 500s.
Fortune’s Global 500 has zero Canadian companies.
Canada is a tiny country in a big world. The sooner we get over our delusions of grandeur, the better.
@#71 Bee vs CREA
“Honestly, the level of manipulation and deception around RE is unbelievable considering it is the biggest purchase most make. Meaning, the politicians like the status quo and hide behind CREA as excuse?”
++++++++
It’s called political manipulation via campaign donations.
An age old process where the rich(real estate folk) buy the silence of the morally corrupt ( politicians and media)
*************************************
“Don’t even get me started on the fact that people believe there is a shortage of land in the 2nd biggest country on the planet with lowest population density…”
+++++++
The most useless statistic imaginable .
The majority of Canada’s landmass is bog, granite or windswept tundra where even bugs, birds and bears avoid.
Its no surprise the majority of Canucks live withing 100 miles of the US border.
Hi Garth
You really should come out swinging in support of Evan Siddall.
#65 Ronaldo you lobbed me a softball I had this post written – when it made me laugh. (A micro blogger.):
Blog Dogs I’ll pass on a tip for reinforcing your virtue.
Visit an electric car web site.
At your next dinner party or gathering casually drop that you are shopping for an electric vehicle.
Witness the approving murmur as heads nod:
An electric car!
Such progressivess.
Friend of the environment
Gunning for an enviro-sainthood.
Invariably one couple will exclaim, ‘Honey maybe we should get an electric car. I really like Effete Motor’s Urbanlisper model. I mean do you really need the Zord MaxDutyCycle quad-axle dual-bed 4×4 Golderado pickup?*’
*Urgent warning: field testing has shown this strategy to produce excess emasculation in some area codes. 416, 604 are exempted.
There are no listings in Churchill Manitoba as far as I can tell.
https://www.realestate.com.au/international/ca/churchill-manitoba/
@#69, 77, 80 and 82 Pomposity Personified
Four postings in one evening…
What happened ?
Fall and hit your head resulting in short term memory loss?
Was Japanese female mud wresting pre empted for Trump at a Sumo match?
Either way I’m SHOCKED!
Shocked I tell you!
You admitting you were filling up your car with GAS at $1.51?
After all your “electric car” preaching and looking down at us F-150 afficionados…..
I should have known.
Did you use your mom’s Super Saver Coupons to fill your carbon belching planet killer or did you just raid the piggy bank?
@#74 rohn
“Was paying the bill at my local car dealer with cash. The young lady had to use a calculator to figure out the change was $0.15.”
*****
She was dazed and confused as soon as you pulled out cash.
ATM installations declined world wide in 2018.
https://www.atmmarketplace.com/news/number-of-atms-worldwide-set-for-a-slow-decline-through-2024/
I suspect debit and credit cards will be next.
Sell your Visa shares…….
Its gonna be a Smart Phone world….
#34 Ace Goodheart on 05.26.19 at 8:39 pm
…In other interesting news, I have once again kept my 1989 Inglis four cycle washer/dryer combo from visiting that big old washer/dryer heaven in the sky.
About two years ago, after 28 years of reliable service, the dryer went off kilter. Turned out that the rollers had simply worn out, the belt was stretched and the rear seal had partially disintegrated.
I ordered a repair kit. $129.95 online. Old Inglis’s die hard. Spent an evening tearing down the dryer and rebuilding it. The rear seal is glued on, so I had to pull the drum. My tenants stood in what can only be described as disbelief as I took the old beast apart down to its core. They expected me to just schlepp it out and trundle in a new one.
____
PartsSelect.ca?
The last few repairs I have done to the appliances here in the IHCTD9 bunker complex all got parts from them. They even have repair vids linked to the part you want so you can see how to DIY, along with troubleshooting experiences posted by customers. What a great resource!
I put a new top on our 18 year old washing machine (rusted out underneath), new thermostat for the freezer (was frosting over like a brick), and a high temp cut out for the dryer (ran fine but no heat). All diagnosis and parts came from their website. Great prices and a day or two shipping.
Gen X may mark the last generation where repairing your own stuff is fairly common. I posted a while back about a young guy I worked with who did not know how to change a tire. I got tons of crap here too about how “mean” I was, and asking “like, who knows how to change a tire?”…
@#94 IHCTD9
“I got tons of crap here too about how “mean” I was, and asking “like, who knows how to change a tire?”…”
******
Well when they’re endlessly praised “Good Job!” for wiping their own bum, blowing their nose, tying their own shoes, etc……
Changing a tire is merely a cell phone call away from actually getting one’s own hands dirty……
For those who cannot move to London or Windsor, a place to stay is killing us.
Renting used to be affordable in Guelph. Not anymore. Rents for a good SFH in south Guelph are now upwards of $3000 for the whole house. People are renting the basement and house separately 2200+1000.
If I pay 3000 for rent, then I have to cut back drastically on other stuff. Is it worth staying here, I am now asking myself?
To buy such a house is out of question. Needs close to $1mil. With a 20% down payment, the mortgage cost itself is upwards of 3k.
Standard of living is sinking like a rock out here.
Low interest rates are to start new businesses, increase productivity and improve standard of living. How did we get this simple thing so wrong.
What about the consequences of higher interest rates. This is gone with close to very low pre brexit interest rates, 1.49%, 1.60%, 1.86% 5, 10, 30 year Canada bonds. The economy and markets are manipulated and fake.
#85 Tater on 05.27.19 at 8:00 am
#13 Bitcoin on 05.26.19 at 5:06 pm
Whoa Nelly!
Who’s having fun? Going to hang on a Little longer before getting off the train
Naysayers sure went quiet
—————————————————————
Down 60% from all time highs. The naysayers are right and this is just a dead cat bounce.
But keep telling yourself a payment method that is too slow to be of any use, is the way of the future. And keep the faith that governments won’t decide to squish it completely to keep control of the monetary system.
***
Oh buddy.
I hope the government bans it, that will cause the biggest run-up to date. BTC is both a payment network and a SoV. It will be worth over $100,000 CAD within the next 2-3 years.
You can quote me on it! There is definitely a possibility of being wrong, but this is NOT impossible.
@ponzi probactrosaurus
Stay positive regardles of where gas pricesare, and ill tell you why later on most likely in October, for now just pres play. Just between you and me, this id DV in his younger days, dont tell anyone.
penso positivo (think positive)
https://youtu.be/PC9tgxm9BMM
#98 Braj on 05.27.19 at 9:41 am
#85 Tater on 05.27.19 at 8:00 am
#13 Bitcoin on 05.26.19 at 5:06 pm
Whoa Nelly!
Who’s having fun? Going to hang on a Little longer before getting off the train
Naysayers sure went quiet
—————————————————————
Down 60% from all time highs. The naysayers are right and this is just a dead cat bounce.
But keep telling yourself a payment method that is too slow to be of any use, is the way of the future. And keep the faith that governments won’t decide to squish it completely to keep control of the monetary system.
***
Oh buddy.
I hope the government bans it, that will cause the biggest run-up to date. BTC is both a payment network and a SoV. It will be worth over $100,000 CAD within the next 2-3 years.
You can quote me on it! There is definitely a possibility of being wrong, but this is NOT impossible.
—————————————————————
Payment network that can handle a payment every few seconds. Also know as a worthless payment network.
Visa can handle 60k payments per second. The theoretical limit of Bitcoin is under 30. Not 30k. 30.
As for store of value, good luck with that. Its a massive pain in the ass to trade, the average non-techy has pretty much zero interest in it and it is hugely volatile, so they are unlikely to ever have interest.
For #52 Don,
I encourage you to read a variety of news sources, not just the Tyee or Centre for Policy Alternatives newsletters. I don’t recall any Liberals being indicted but do recall some NDP going to jail after the Nanaimo Bingo scandal. Of course, who can forget Glen Clark’s deck.
The money laundering issue has been overblown by the NDP for political gain. First of all it has been a failure of a number of federal agencies that has allowed this to happen. Do you think the federal Liberals will help in the inquiry just before an election, no. Moreover, the report said anywhere between $800 million to $5.6 billion was in real estate. The NDP chose the high end for political gain. The same report speaks of similar problems in Alberta and Saskatchewan.
With gas at $1.75 people are losing faith in the BC government. Everything is costing more, it is certainly less affordable under this government. Most are learning nothing is free, regardless of what the NDP say.
I’m not a partisan, but a realist who deals with facts, not the union hall bluster that you spout.
#34 Ace Goodheart
You are an economic moron. Canada’s mixed market, Keynesian economy has led to greater wealth since it was implemented over 70 years ago than has ever been seen in human history. Every advanced country with a good standard of living and a large middle class has higher taxes. Think northern European countries. You are an economic ignoramus. Stop spouting off and showing how ignorant you are.
#51 BigAl (Original) on 05.26.19 at 10:31 pm
I am completely, utterly dumbfounded. What does one say to this??
===================================
You say: You’re from Vancouver, aren’t you?
Yes, many around here have drunk the kool-aid. ;)
#95 crowdedelevatorfartz on 05.27.19 at 9:19 am
@#94 IHCTD9
“I got tons of crap here too about how “mean” I was, and asking “like, who knows how to change a tire?”…”
******
Well when they’re endlessly praised “Good Job!” for wiping their own bum, blowing their nose, tying their own shoes, etc……
Changing a tire is merely a cell phone call away from actually getting one’s own hands dirty……
——————————————–
Sort of like those Boomers who are too lazy and entitled to learn how to use Excel, so they force their chronically underpaid younger colleagues to do their work for them.
Give it a rest, you ageist prick. – Garth
Done great insight for China. If only common sense prevailed. Obviously, Trump isn’t wrong on this file. Obama and Trudeau should be raked over the coals. China is what happens when the bad guys are let loose and our leaders are too busy playing dress up to notice.
https://www.cnbc.com/2019/05/27/china-would-benefit-from-positive-response-to-trade-asks—commentary.html
Two weekends ago, I took my son to a Junior B hockey camp in Bonnyville, Alberta.
Flew into Edmonton, it snowed on arrival.
Drove the rental car for 300 km trough a desolate countryside dottted with oil pumps, cattle ranches and waiting to be seeded wheat fields to the hamlet, home of about 5000 souls.
Aside from the recreation center which holds the rink, downtown looked like it had seen better days.
Even the Chinese greasy spoon was closed.
But about 200 players attended the camp, paying 400 a pop, filling the few hotels and restaurants (mostly fast food) for a few days.
And I’m thinking to myself: As long there is hockey, there’s hope.
China’s mind boggling advances. We are being left in the dust.
https://www.youtube.com/watch?v=4-XDxCb92X4
https://www.youtube.com/watch?v=0JDoll8OEFE
Lovely reply Mr Turner.
The BC carbon tax, of course, hiked the cost of gas. It has not changed. Crude oil prices have, along with refining capacity. Stop posting drivel here. – Garth
……..
The BC carbon tax was “hiked” 1 CENT! This was clearly not the cause of a 20+ cent increase in the price at the pumps.
On top of the old carbon tax. – Garth
#106 Ponzius Pilatus on 05.27.19 at 11:32 am
PP, not to be mean and applaud you for supporting the kid, just sharing some life wisdom, if you have to fly somewhere and then drive 300KM for a Junior B tryout, maybe its time to reconsider the dream of the big show…
Give it a rest, you ageist prick. – Garth
…………
So, this is your interpretation of your call for acting ‘civil” on your blog? Perhaps you might consider “leading by example”.
There’s more to come as a reward for his kind of comment. Stay tuned. Make my day. – Garth
#91 Steven Rowlandson on 05.27.19 at 8:31 am
There are no listings in Churchill Manitoba as far as I can tell.
https://www.realestate.com.au/international/ca/churchill-manitoba/
————————————–
Seller’s Market!
Maybe build a laneway rental behind this… https://www.royallepage.ca/en/property/manitoba/churchill/13-hudson-sq/4223257/mls1603109/
You know things are bad when they start offering free wine for buying a new condo. Might need something stronger for after the purchase.
#108 – Sometimes ya gotta call a spade a spade. So many Mills seem to get off on being rude; like we give a crap what you think about life.
#35 Sail Away on 05.26.19 at 8:40 pm
Vancouver is an international city and will always demand similar prices as other Intl cities such as Paris, London, New York, etc…. Not sure about Toronto or why people would pay those RE prices.
======================
#51 BigAl (Original) on 05.26.19 at 10:31 pm
I am completely, utterly dumbfounded. What does one say to this??
—————————————-
#103 Not So New guy on 05.27.19 at 10:35 am
You say: You’re from Vancouver, aren’t you?
Yes, many around here have drunk the kool-aid. ;)
—————————————–
Oh, I would never live in Vancouver but am comfortable investing in the real estate, real estate financiers and mortgage insurance. With so much momentum and self-interest to maintain high real estate values, it’s given some fine returns.
That said, I do have a horse in the race with a SFD in Shaughnessy, owned free and clear and currently being rented. Planned to sell this spring but will now hold for a while longer. We’ll see.
It is an international city, maybe not the most high-profile of int’l cities, but one none the less. Big Al, what’s the bee in your bonnet?
32 espressobob on 05.26.19 at 8:06 pm
Gold is an element on the periodic table, nothing more. It has no mystical powers to those with rational thinking. Sure, it has been a form of exchange in the past just like grains of rice. It only has value because some believe it does. But it is shiny.
Currency is what we deal with every day like it or not. Confidence is the only thing backing this concept. That’s a fact of life.
….
My kid was metal detecting yesterday at the site of an old farmhouse and found a GOLD pocket watch! everybody present was thrilled. Once the dirt came off, it was as shiny as the day it was made. Appears to be a Waltham (US) made in 1922. Wish we could post photos. My kid is seeing $ signs and hard at it again today. He also found a 100lb steel pintel hitch, which is on display in the flower garden, but the watch has everyone abuzz. It is what it is. Life on planet earth.
Garth, my comment was no more ageist than the comment to which I responded. Some young people are unwilling to learn how to change a tire and some older people are unwilling to learn basic computer applications.
London Life is amalgamating with Great West and Canada Life to form a solid enterprise. No layoffs among the 3,000 in London, officials say. – Garth
———————
My last position was at a place Great West acquired. They assured people nothing was going to change as people started getting cut. It’s reverse Darwinism at its finest as higher ups cut the people below them to save their own jobs.
A lot of the cuts were justified though as the insurance industry is still in the stone age when it comes to admin work and workflows.
One of the first things I did at my old place was take a monthly report that took a director 2 weeks to compile for the last 10 years and made it generate within 2 hours at six sigma accuracy.
#104 Howard on 05.27.19 at 10:55 am
Sort of like those Boomers who are too lazy and entitled to learn how to use Excel, so they force their chronically underpaid younger colleagues to do their work for them.
———————–
You must have Tableau confused with Excel. Tableau is what the “younger” colleagues use because they too dumb and lack any analytical insight that older colleagues with experience has.
Tableau for those who don’t know is Excel for wannabes. It takes a data set you input and auto generates pretty looking graphs while guessing at what the meaning of the cause/correlation (if any). Kids who are made “managers” and “directors” who have no business in the roles like it because it gives them an answer since most lack the experience to come up with one.
Let’s dial back the ageist comments – in both directions. – Garth
Tater on 05.27.19 at 8:14 am
Toronto is a younger city than New York or London. You better believe the gta is headed in that direction though. All the same growing pains (re super expensive, affluent and non-affluent areas diverging, pathetic haters etc.)
The gta is the New York of Canada though.
One last thing, you are right about BTC though.
MF
114 Chimingin on 05.27.19
That works both ways.
Besides, attitude among youth is 100% not a new thing. Just ask the silent generation what they thought about the hippy boomers.
MF
Real Estate agents have no check and balances
https://www.cbc.ca/news/canada/toronto/gta-realtor-tricked-him-and-his-wife-into-selling-home-blind-man-says-1.5147139
#109 Lorne on 05.27.19 at 1:04 pm
The BC carbon tax, of course, hiked the cost of gas. It has not changed. Crude oil prices have, along with refining capacity. Stop posting drivel here. – Garth
……..
The BC carbon tax was “hiked” 1 CENT! This was clearly not the cause of a 20+ cent increase in the price at the pumps.
….
On top of the old carbon tax. – Garth
……
Yes, the previous carbon tax, implemented by the “Liberals” (read Conservative, Social Credit) government, was already in effect. However, you make it sound like the 1Cent increase at this time, was a major part of the 20+ cent increase in a litre of gas….which it clearly was NOT! Might want to consider how much more the corporations were raking in from this price increase.
World oil prices change. So does the cost of gas. Politics, as I originally responded, has nothing to do with short-term fluctuations, but has permanently increased fuel costs with the carbon tax. – Garth
money laundering : re danske bank …even jp knew something smelled!
==========
…'”The Senate Banking hearing on Tuesday was called to get answers from the witness panel on how to combat money laundering in the United States by shell companies that keep their real owners a secret. But it quickly became a hearing also about the bombshell report from the New York Times on Sunday.
That article, by David Enrich, describes how a Deutsche Bank whistleblower, Tammy McFadden, and four of her colleagues had their efforts blocked by the bank when they tried to file suspicious activity reports on bank accounts affiliated with Jared Kushner and Donald Trump. Those reports should have gone to the Federal agency that oversees potential money laundering activity, the Financial Crimes Enforcement Network or FinCEN, but they were quashed by a unit of the bank that manages money for the super wealthy.
The Director of FinCEN, Kenneth Blanco, was on the witness panel for the hearing. When Blanco was asked by Senator Bob Menendez if he had read the article in the New York Times, Blanco said that he had not, adding that he had simply been “briefed” on it.
http://wallstreetonparade.com/2019/05/head-of-anti-money-laundering-agency-tells-senate-hearing-he-hasnt-read-the-times-bombshell-on-trump-kushner-and-deutsche-bank/
===========
Atlanta Fed’s GDPNow Forecasts Anemic 1.3% Growth seasonal adjusted
J.C. Penney employs 95,000 people and operates 864 stores across the United States.
impact on jobs /commercial real estate prices in the United States. ~91 cents a share
#120 MF on 05.27.19 at 2:52 pm
Tater on 05.27.19 at 8:14 am
Toronto is a younger city than New York or London. You better believe the gta is headed in that direction though. All the same growing pains (re super expensive, affluent and non-affluent areas diverging, pathetic haters etc.)
The gta is the New York of Canada though.
One last thing, you are right about BTC though.
MF
————————————————————-
I’ve lived and worked in a couple of world class cities and Toronto is far behind, and not catching up. Our public transit is laughable. Again, none of the Fortune Global 500 are headquartered here.
Toronto is a big city in a small country that doesn’t have very much relevance on the world stage.
https://www.occrp.org/en/investigations/hungarys-fidesz-party-paid-eu-official-during-investigation
Hungary’s Fidesz Party Paid European Official During Investigation
Hungary’s ruling party foundation paid over 150,000 euros to a well-connected Belgian politician for dubious research during a Council of Europe democracy probe.
The official foundation of Fidesz, the Hungarian ruling party, paid more than 150,000 euros for “public law research” of dubious value to a private company managed by former Belgian senator Stef Goris.
…
Romania’s Liviu Dragnea Jailed for Corruption
After years of corruption allegations, Liviu Dragnea, the leader of Romania’s the Social Democratic, was sentenced and jailed for three and a half years on Monday – only a day after Romanians voted for a ban on pardons for corrupt officials.
https://www.occrp.org/en/27-ccwatch/cc-watch-briefs/9812-romania-s-liviu-dragnea-jailed-for-corruption
Richard, Richard, Richard, how did you go from renting savers to new West Coast debt cult devotees so fast? That would be an interesting story, along with why you waited to figure out the costs after you bought, not before…
Remembrancer: The answer is that if you are aiming for financial Independence before retirement age, you need to be very conservative in your math because your assets need to last for a super long time. Running out of money when you’re 75 would be awful, so I wanted to have a 99% change of not going broke.
This means that in probably 90% of outcomes, you’ll have too much money–if you keep the same inflation-adjusted spending, your assets will compound faster than inflation. So far, this is the scenario we’ve hit. That means that we have extra money and can get a house without debt.
We waited to figure out the costs after we bought because the most important thing right now is the house, not the laneway. The laneway was a minor factor–we wanted the option, but if we had found the ideal house without the laneway option, we still would’ve bought it.
One lesson I’ve learned from life (and Nassim Taleb) is to look for cheap optionality–trying to expose yourself to events that have a large potential upside but almost no downside. The laneway option is an example of that. I’m sure the ability to potentially build a laneway increases the price of the lot a bit, but probably not that much. And in return, we have the option to build a laneway house if it makes sense at any time in the future. So, we wanted to buy that option, even if the math didn’t make sense now, because the math might make sense in the future (like if taxes change).
Richard sounds like a conflicted dumbo who made a buying mistake and is trying rationalizing it
Hey Leo Trollstoy,
Yeah, you’re probably right. I’m conflicted in every long-thought out decision, for if there weren’t some conflict, then it wouldn’t require a long time to think.
For me, the major conflict is that I still think that the Vancouver housing market is overvalued, and I’m loathe to buy overvalued things. On the other hand, my wife and I want this home owning experience, and we can afford it.
The argument that puts me over the top is for me, simply accumulating wealth isn’t the point of life. I want enough money to ensure a middle-class lifestyle, but beyond that I see value in spending money on experiences. And this is an experience we want.
So, yeah, it is rationalization, and it’s certainly a financial mistake buying a house–we’d be far wealthier in 40 years by continuing to rent our 2-bedroom apartment.
In response to Richard’s self serving note ( does he understand the meaning of Solipsism?), why would the school tax be such a burden at the rate it kicks in at?
It’s certainly self-serving–that’s why I wrote to Garth at this time. It’s rare that one goes from being a selfish renter to a selfish owner, particularly in a complicated bubble market like Vancouver. So, it’s interesting observing in myself how my perspectives change.
The school tax is such a burden because it represents risk. I’ve heard it said that when BC’s property transfer tax was introduced, it was intended to curb speculation. It was only affecting rich people–95% of the homes were traded below the level where the PTT took effect.
Inflation has changed all that–basically everyone’s getting hit by the PPT because it’s not adjusted to inflation. The NDP’s school tax is operating the same way. So, I think at some point this “wealth tax” is going to hit 90% of people.
That’s why I care. When you have a 50 year financial plan, you actually have to care about inflation and what inflation does to your expenses. I’m pro-government and pro-taxes, but I also recognize that, by far, the two things most likely to mess up my long-term financial strategy are me and the government.
Garth, I love the photos on this blog so much.
That adorable pup looks as dopey as do first thing on a Monday morning. But, he’s likely a lot more cheerful!
Oh no, that ‘scrimping and saving’ renter that recently purchased his five bedroom home has a home that must be close to the $3 million dollars if a laneway house will push him over the ‘threshold.’
Because that wicked NDP school tax only applies to homes more than $3 million, and constitutes a 0.2% tax on the value OVER $3million.
What a red herring. When he references first world owner problems, he means ‘1%’ problems.
3 Million dollar tax:
It’s worthwhile noting that I never said I was “scrimping” (and I think I didn’t even imply it, did I? Or has it come to the point where aiming for financial independence in Vancouver rather than a house implies scrimping?) Pretty well all our savings came from three instances where I sought cheap optionality that eventually paid off and then allowing the result to compound over a couple decades in equities (as opposed to “scrimping and saving” a salary.)
That said, you’re right that these are absolutely 1% problems, assuming that you’re talking 1% in net worth. I think most people who own a detached in Vancouver West are at least in the top 5% by net worth.
(If you’re talking 1% by income–which is how that number is usually used–that actually not true for me most years, and probably isn’t true for many Vancouver residents who own $3M+ homes.)
It is curious that you interpret me saying “first-world owner problems” as me somehow trying to hide that I’m not poor, when I thought I was doing the opposite. Like, the problems I discuss are completely minor compared to things like housing security, food security, and drug addition–serious problems that many people in our city have to deal with.
I’ll also note that you’re completely correct to dismiss my experience because it’s just the experience of one guy who isn’t poor. The interesting thing to discuss about the wealth tax isn’t the amount of money the wealthy pay, because who cares if the wealthy pay more money?
The interesting thing is impact of these policies in aggregate and the unintended consequences. And so my narrative is interesting only if the disincentives I see for myself are shared by others that are in a position to build laneways. If that isn’t the case–if these taxes have no impact at all on the rate at which new dwellings are built (and no impact on the cost of rental housing)–then my story is just a meaningless anecdote. But if they do, then it’s not nearly as clear-cut that these taxes are a net long-term benefit, and that makes for a more interesting discussion.
(Like, is it worthwhile implementing a wealth tax that has the positive impact of extracting tax income from the wealthy, but, as a consequence of less supply, causes housing costs to increase for the poor?)
live in a cramped apartment while listening to neighbours above and below play their music or cook their pungent foods or waiting for an elevator to get to another elevator to get my car , while my money is in the market. ? Not a sacrifice i was willing to make 30 years ago and not one i would make today.
So rent a house. – Garth
Turns out the best-performing investment accounts being held at discount brokerages belong to dead people. They don’t trade.
————————————————————
Wow, I never thought of that but it makes sense.