Watch out

They’re coming for you.

The escalation in house prices has been a theme here for a decade. So have been the club-footed responses of politicians. On balance, governments made it worse. They blindly incentivized first-time buyers. Allowed mortgage rates to fall into the ditch. Green-lit Airbnb to ghost-hotel thousands of units, jacking rents and prices. Then, panicked and pressured by house-horny Mills, they taxed investors and stress-tested the kids. The result is a mess. The market is dismal. Prices are still too high. Affordability’s awful. Public policy has been a failure. And it could soon get worse.

For example, this autumn a push begins to allow all municipalities in BC to tax people for ‘empty houses.’ Of course, that doesn’t really mean empty. They could be cottages, chalets, seasonal residences, hobby farms, secondary homes for students or business pieds-à-terre. It’s really just a new excuse to tax, with the socially-acceptable by-products of funding affordable housing and shafting ‘rich’ property owners.

Meanwhile Vancouver, the only city daft enough to already tax people for owning second properties they don’t want to rent out, is being sued by those it wrongly ensnared. Turns out the tax applies to just 1.3% of the 183,000 properties in Vancouver. Only one-tenth of the 25,000 ‘vacant’ homes that were supposedly dark.. The total number of properties forced back into the rental market by the new tax last year is estimated by the city to be (wait for it)… 80.

And yet for that piteous result, local government sucked $38 million from 2,500 owners. Not hard to see why White Rock wants an empty-houses tax, or that other towns will follow. Even Toronto’s bureaucrats have been studying a tax of their own for more than a year.

Alas, this is but the tip of the berg.  Just a small reminder Canadians have no legal right to own property, and are therefore powerless to repel political assaults.

Did you notice the new research done by StatsCan? Last week the federal agency breathlessly reported almost 40% of Toronto condos are not owner-occupied. So what? Isn’t this where rental housing now comes from – the loins of investors?

Here was the media/political spin:

The new statistics offer further evidence that people now view housing as an investment, and not necessarily as a place to live, said Andy Yan, of Simon Fraser University in Vancouver. Yan said the data shows that housing prices have “decoupled” from income, and are instead driven by access to capital – giving investors a clear advantage over average Canadians. “It’s not about supply or demand any more,” said Yan. “It’s: who are we building for?” In Toronto, Canada’s most populous city, investor-owned properties are contributing to rising condo prices and a crunch on affordable rental housing.

Guess where that’s headed? Just wait for the next gen of rental legislation or suite of taxes on real estate wealth designed to ‘curb speculation’ and penalize those risking their capital to provide tenant accommodation while reaping a return. Now that moisters are the largest voting bloc – and they want what the wrinklies have – it’s war.

Yes, evil rentiers, there are better places for your money. They’re coming for you.

The dog days of summer continue on this canine-addled blog as we throw over space to the woeful captives in the comments section. One mere mention of this offer resulted in a torrent of submissions. So for a few more days yet you’ll have to endure each other, and not just me.

Here’s Nick, from London. To make up for being a crappy poet, he has two dogs – Olli, whose 10, and three-year-old Guinness.

  Lurker here for years, but it’s time I buck up,
And write you a post, after a diligent suck up.
Garth you’re a wizard who owns this perfectly pathetic blog
Providing helpful, amazing, and much needed dialogue
From loans and laws to golden labs,
Flawless advice and hard chiseled abs.
We all deserve you as much as we deserve dogs.

The Good

I live in London with my now wife, we met in 2011,
She is now thirty four and I’m thirty seven.
We had years to learn to save but also have fun,
Now three months ago we had our first son.
$70k mortgage today on my $100k house – in ‘08,
Today worth $400k as things now wildly inflate.
$20k savings, $130k RSP, and $120k TFSA,
Together combined we make 200 K.
We own a ’18 Toyota SUV before I forget,
It’s fully paid and I’ll add, there is no other debt.
Took a while but we are finally hitting peak career,
2018 we were able to save $65 thou for the year.
We are happy, cheap living, no doubt we’ve been in a groove,
But this busy neighborhood sucks and it’s past time to move.

The Bad

Despite all our sacrifice, scrimping, hard work and slaving,
We feel no further ahead than people’s leveraged pile o’ bricks saving.
That’s just how it is.  It’s not unique and not looking for pity.
We are just dying to move and get out of the city.
Ideally we want land, and a bigger house, with more kids to come,
It doesn’t feel like a smart move with what this market’s become.
Debt piled on, then a melt or crash and – Boom, we’d succumb,
Net worth in the shi***er, and we are back to square one.
I’m numb thinking about it, and trying to keep my composure,
I’ve just spent too many years patiently avoiding overexposure.
Now the family clock is ticking, and you say ‘buy if you can afford it’.
Likely we can, we’ve spent many hard years working towards it.

The Rant

Excluded the frills, secluded we stayed,
shooed away bills, staying shrewd everyday.
With all we’ve accrued… brewed, stewed, chewed homemade food.  We’ve done everything right, but still would preclude the future we knew we wanted pursued.  Actions correct, but wrong attitude.  Should have been wooed by wood particles glued.  Viewed debt as free cash till the accounts came unglued.  Why stay subdued?   Buy every house that you viewed!  Up your owing each time your mortgage renewed.  Go get your self a ‘Debt rocks!’ tattooed in the nude (if you’re in the mood).
Upon further review, I don’t want to sound crude.  Steerage will boo and I’ll be misconstrued.  Yea, lately savers have been screwed, but I guess that’s not new.  Before I conclude, I’ll throw it to you comment crew.  Don’t be rude but, please tell us, what would you do?
– Risk being skinned, throw caution to wind?
– Wait for the crash, buy with cash?

And finally for today, here’s Alastair, a digital Millennial and crypto maniac.  This guy has even mutated his pooch…

  With the Greater Fool having an Open Mic night, I thought I’d discuss millennials’ favourite topic after house porn and questioning Garth’s wisdom: Bitcoin. Coincidentally, it’s Garth’s least favourite topic after house porn and having his wisdom questioned.

I’d like to explain first what Bitcoin is and then why it has value.

Simply put, Bitcoin is digital cash. It’s the equivalent of directly handing someone a $20 bill online (goodbye Paypal and Visa). It’s secured by cryptography (fancy math) so you know that unlike other digital goods (ahem MP3s) it can’t be copied and double-spent (which was an ancient internet nerd problem). And it’s decentralized so no government or corporation can stop Bitcoin transactions from occurring.

So where’s the value? Because of scarcity (cap of 21 million) Bitcoin can act as a hedge against hyperinflation (if you don’t think that can happen, book a trip to Venezuela). You can send any amount of money to anywhere in the world in minutes without an intermediary taking a cut (no huge fees or waiting five days for the wire order). It can’t be easily seized by governments, allowing financial freedom to those living under oppressive regimes (book another trip to Hong Kong) and it allows billions of unbanked individuals (the world’s poorest) to enter the global marketplace.

And I’m not the only one seeing Bitcoin as a valuable part of— dare I further antagonize Garth?— a balanced portfolio. Big names such as Fidelity are beginning to offer insured Bitcoin custodian services, paving the way for institutional investors to seamlessly purchase Bitcoin. In the coming years you’ll even be able to buy Bitcoin as easily as an ETF.

So what will the price be? No idea. I’ll leave that guesswork to analysts with pointier heads than my own. All I know is that tomorrow the price will be greater than zero (because Bitcoin has value).

Was it a bubble? Absolutely and probably will be again. Trading occurs in an unadulterated free market so when FOMO hits, it hits like a Garth insult: hard.

Can it be stolen? Yes, if you keep your Bitcoin on an exchange then you’re trusting that exchange (bad idea) – but nobody has ever been able to hack a Bitcoin address (see that fancy math stuff).

I could go on forever about Bitcoin but I see Garth holding the Wrap it Up sign so I’ll finish by saying Bitcoin isn’t perfect. There are challenges such as scalability (number of transactions every ten minutes), debate about whether it’s a store of value or a currency (or something else altogether), and usability for non-technical users (think about dial-up internet vs the ease in which you connect today). But from all the available evidence, Bitcoin looks to be here to stay .

Keep calm and Bitcoin on.

Mic drop.

138 comments ↓

#1 Dolce Vita on 07.08.19 at 3:36 pm

“…new research done by StatsCan? Last week the federal agency breathlessly reported almost 40% of Toronto condos are not owner-occupied.”

40% Seasonally Adjusted, 10% Unadjusted.

StatCan:

“Only we can out Frankenumber Cdn. RE Boards and THAT was no easy feat.”

OK, I made the last quote up but it’s SO true.

#2 bdwy sktrn on 07.08.19 at 3:43 pm

It’s secured by cryptography (fancy math)
———————-

the computers of the future (quantum and otherwise) will crack the ‘fancy’ math with ease.

newer, safer coins will keep the game going.

buy profitable businesses like uncle warren says.

#3 Greg on 07.08.19 at 3:48 pm

If one believes in Bitcoin, then why not all the other cryptocurrencies? Dogecoin anyone? That’s one of the problems with bitcoin. Ultimately, it’s like FIAT, but not backed by a government’s credit ratings/tax revenues, etc.

What could go wrong?

#4 Tater on 07.08.19 at 3:57 pm

Oh dear, Alastair. Seems you haven’t thought very hard about how the government could ban Bitcoin, but it is actually very simple. The current payments system (the on that can actually handle a volume of transactions) is required to move fiat currency in to the bitcoin world. If you ban those transactions, bitcoin is dead.

Think you could just work for Bitcoin? Best of luck, as you now have no way to remit income tax. And the government is actually very good at catching small fish tax cheats.

#5 When will they come knocking... on 07.08.19 at 4:04 pm

on the door of the single person living in his/her own SFH in Vancouver?
Pretty soon …

#6 n1tro on 07.08.19 at 4:06 pm

Allistar,

So young, so naive. I like bitcoin as a proof of concept but it isnt sustainable to be feasible. Look to Facebook’s Libra coin as Paypal, MC, and Visa are on board.

For some comedic reading, check out Justin Sun (CEO of Tron) pay $4.5M to have lunch with Warren Buffet.
https://www.coindesk.com/hype-or-hope-a-meeting-of-the-minds-for-the-benefit-of-crypto

I can see it now. Justin with his horrible broken chinglish trying to explain how great cryptos are while Warren sits there muttering about how cryptos are like the buttons on his jacket with no value (missing the obvious flaw in his logic that the buttons serves a function does have some value).

#7 Dolce Vita on 07.08.19 at 4:06 pm

Nick, from London

“please tell us, what would you do?”

-Rhyme for Harlequin Romance, pen name: Fabio.

———————–

Alastair, a digital Millennial and crypto maniac.

“…then why it has value.

-Read Friedman’s “Island Of Stone Money”.

———————–

#130 BillyBob on 07.08.19 at 12:46 pm

When I said Tesla won The Current Wars, it was Nikola I was referring to, not the car brand.

But good you picked up on the deliberate non sequitur that followed.

#8 JB on 07.08.19 at 4:12 pm

Did you notice the new research done by StatsCan? Last week the federal agency breathlessly reported almost 40% of Toronto condos are not owner-occupied. So what? Isn’t this where rental housing now comes from – the loins of investors?
………………………………………………………………………
Like I said why purchase a condo when you are basically now in an apartment where the next door tenants don’t give a $hit about the property and treat it like garbage. Your owned property value has just declined significantly. Have you ever been to a hotel or vacation property? Same principle.

#9 Dolce Vita on 07.08.19 at 4:53 pm

I like your devout follower ensemble thus far:

-Commies.
-Libertarians.
-Romance Poet.
-Crazed Techie.
-Crazed Italian (tautology).

By the way Garth, you REALLY NEED to Google Search:

“Canibus”

from your “Vox Canibus” theme title.

Google Search brain dead on the “dogs” translation into Latin preferring to sell you on modern day stuff instead.

Though, Google Translate seems to know (the Translate people really need to sit down and have a talk with the Search people).

————————–

-Bonam Noctem from Imperium Romanum*.

*If Attila wasn’t bad enough, now it’s the Foreign Tourist Hordes that bitch about the heat and humidity AND yet they are legion, think a Biblical plague of locusts.

#10 Hawk on 07.08.19 at 5:05 pm

This is a great post today.

Any residential landlord here, listen to Garth’s implied advice, pack it in and call it a day.

#11 Hawk on 07.08.19 at 5:09 pm

#8 JB on 07.08.19 at 4:12 pm

Except that unlike poor residential landlords a hotel can legally and will charge your credit card for damages. That’s why hotels always require a CC when you check in.

And if you try that stunt in any far off land, in the east (i.e. damaging property) there’s a good chance you’ll go from being a hotel guest to a state guest very fast!

#12 crowdedelevatorfartz on 07.08.19 at 5:13 pm

@#151 pffft
“lets get rid of all gov subsidies and incentives and see what happens”

+++++
Total agreement.
We wont need the thousands of bureaucrats and their legions of paper pushing peons as well…..
A win win.

#13 Jesse on 07.08.19 at 5:18 pm

> Keep calm and Bitcoin on.

Don’t invest in Bitcoin (it’s not investing btw, it’s speculating), invest in the NASDAQ, that’s where innovation and wealth will be generated. Long $QQQ

Signed – a deplorable millennial

#14 Barb on 07.08.19 at 5:18 pm

The mayor of White Rock now wants COMMERCIAL properties taxed in the same empty homes manner.

Maybe he should look at all the little mom and pop commercial businesses that Wal Mart has killed.

#15 Jesse on 07.08.19 at 5:19 pm

> Keep calm and Bitcoin on.

Don’t invest in Bitcoin (it’s not investing btw, it’s speculating), invest in the NASDAQ, that’s where innovation and wealth in the crypto sector will be generated. Long $QQQ

Signed – a deplorable millennial

#16 Sail away on 07.08.19 at 5:31 pm

Bitcoin, baby!

https://www.youtube.com/watch?v=hG0mscKKD7M

#17 Dolce Vita on 07.08.19 at 5:44 pm

Last post Garth and off topic but I FEEL SORRY for the poor wilting “TURISTI” here in Italia now and undoubtedly many are my ever so polite and well mannered Canadian brethren.

Travel Tip Advice (for Canadians):

You are never very far from some of the best beaches in the World no matter where you are in Italia.

There are 385 Italian BLUE FLAG beaches in 183 different municipalities.

BLUE FLAG as in…

if you get a mouthful of water whilst swimming, HAZMAT will not have to wade out to come fetch you as would be the case in:

Victoria Harbor,

English Bay or

“The Beaches” Lake Ontario

(Lunenburg excepted, there you’d be hypothermic before help could arrive).

If in Italia now, cool off and in “Inglese” here are where “The Spaggie” are:

https://www.thelocal.it/20190506/map-best-beaches-blue-flag-italy-swimming-clean-award

Try the seafood cuisines there while you’re at it, they are terrific, varied and inexpensive (except in rip-off La Spezia just East of Cinque Terre, go across the Gulf of Poets to Lerici instead).

Exceptional and fresh every morning:

Palermo (anything from the sea there, ALL delicious), Scilla (local swordfish), Rimini (sea food Tortelloni), Tropea (local tuna) and Olbia (the French can hide their Bouillabaisse in shame compared to that from N. Sardegna called “Zuppa Pesce” and a LOT cheaper to, eat it with Carasau).

There are many, many other seafood specialties in Italia by locale but the above stood out to me.

#18 crowdedelevatorfartz on 07.08.19 at 5:53 pm

@#14 Barb
“The mayor of White Rock now wants COMMERCIAL properties taxed in the same empty homes manner.”

+++++

Interesting.
I wonder.
Does a “for Lease” sign cover thy butt in a vacant business?

Would it also work for residential accommodation even if you had no intention of renting it out?

#19 Hawk on 07.08.19 at 5:54 pm

#14 Barb on 07.08.19 at 5:18 pm

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

yes eventually commercial landlords will be the target.

Mark Steyn once noted that the issue facing N. America was that the mechanism of “democracy” was enabling endless people to vote themselves more lollipops at the expense of the productive classes.

But one day,…. as the Venezuelans learned,……. those lollipops will be replaced with garbage bin excavations.

#20 AGuyInVancouver on 07.08.19 at 5:57 pm

Judging by this piece in the Globe’s real estate section, the Empty Homes Tax is working exactly as intended:

“…The retired Albertan owners sold the unit because of the new empty homes taxes, listing agent Ian Watt says. They had used it for 11 years as a vacation home, but were looking at about $26,000 in extra taxes.

“Albertans are leaving because they can’t afford the empty homes tax. They figure, ‘Why not stay in a hotel?’” Mr. Watt says.

A retired professor from Kitsilano bought the unit, to downsize from his house…”
https://www.theglobeandmail.com/real-estate/vancouver/article-new-empty-home-tax-moves-retired-albertans-to-sell-condo/

#21 crowdedelevatorfartz on 07.08.19 at 5:59 pm

@#149 & 150 Derek

Never try facts and reason with Bolivarian socialist Utopians……

They dont handle verifiable facts gracefully.

Even when millions of their starving countrymen are staring them in the face….. it’s not a famine until you’re hungry…..

https://qz.com/1649140/refugee-crisis-in-venezuela-is-starting-to-look-a-lot-like-syrias/

#22 HH on 07.08.19 at 6:04 pm

Here is my problem with Bitcoin.
Every source I read on methods of storing cryptos tells me you never ever store them online. No intermediary is trustworthy. Everywhere is hackable. Offline storage (hardware wallets, USBs) are the only way.

Doesn’t that effectively force me out of the realm of civilized modern financial system and make me keep my money under a mattress?

Why does keeping large amounts of digital money on a USB-wallet-whatever thingy seem like such a scary idea to me? Well, isn’t that the same as keeping fat stacks of fiat cash, shiny bars of gold and baggies of diamonds at my home? What’s to prevent a bunch of armed ruthless folks with blowtorches and pliers invading it in the dead of night and torturing me to hand over all these assets (digital or real) to them?

Yes, digital wallets are so beautifully anonymous, untrackable, untaxable and oh-so-easy to transfer funds to and from…

So answer me this crypto-aficionados: what’s to prevent one owner of such a wallet from holding a gun to the head of another such owner and forcing him to transfer loot from one wallet to the another?

Seems like a relatively easy and quick crime, compared to attempting same with owners of fiat money sitting in a bank account. At least with banks, there some serious logistical hurdles to that sort of thing, starting with daily ATM withdrawal limits. Anyone who ever needed to withdraw or transfer out a very large amount of their own money from their bank account will attest to that…

Surprisingly, the question of plain physical safety and security never comes up in these discussions. Or is there something I am missing?

Seems to me like the protection of modern law enforcement and financial systems is part of what we pay exorbitant taxes and fees to governments and banks for. With crypto you do gain something in terms of freedom, but don’t you also lose a lot in terms of protection?

#23 Shawn Allen on 07.08.19 at 6:04 pm

Bank Deposits and Money

Some of the things Stan says about banks do get me thinking even if most of what he says is wrong and he plays the victim.

It is true that commercial banks create deposits when they make a loan.

It takes both a willing bank and a willing borrower to enter into a loan transaction. So any blame or “credit” (pun noted) lies with the borrower as well as the bank.

And there are constraints on bank lending.

Does lending create inflation since creating deposits means creating spendable money and more money chasing the same goods and services would be inflationary?

Well, maybe. But who said there are the same goods and services? Loans create demand for goods which expands the economy. And if loans grow at the same rate as the economy that would not be inflationary.

It IS interesting to note that once created a deposit basically never leaves the banking system until a loan is paid off. When you spend money it ends up in someone else’s bank account as their deposit.

Stan asks where the interest will come from to pay loans. Well, it may come from the expanded economy and expanding debt that is constantly creating more deposits / money.

Some think ever expanding debt is bad. Well it might be for an individual but it is undeniable that debt has been expanding pretty much every year since money and banking was invented. And so has the economy and standards of living. I will take my chances with voting for this to continue.

If anyone is interested I will next say something about how central banks create some of the new money, if they do at all.

#24 Andrew on 07.08.19 at 6:10 pm

Damn Alastair, when I first saw Garth had let someone write on bitcoin I immediately was sick to my
stomach because I figured I was going to have to spend my evening in the comment section correcting a million things. You did a good job and Garth chose the appropriate piece of info about bitcoin to be published, double impressed.

Clearly Garth is in the know as to the correct value props (censorship-resistent, immutable, scarce) even if he is still in the skeptical phase.

Like my friend Alastair said, within 5 years it’s possible people like Garth will be violating their fiduciary responsibility by not holding any bitcoin. Average self directed investors will have a litany of institutional grade products to choose from.

This part is purely for educational purposes and the reality that some will choose to get their hands on the raw asset. Remember “not your keys, not your coins”, if one is to buy actual bitcoin they need to first purchase a **hardware wallet** such as a trezor or ledger from a reputable source. Remove bitcoin from whatever exchange it is purchased on immediately after you have competed the purchase (avoid quadriga situation).

Trezor and ledger are best in class for hardware wallets. For larger purchases one should look at using a 3 of 5 multi signature solution like those offered by Casa: https://keys.casa/keymaster/#plans

3 hardware wallets
1 mobile key
1 key held by Casa
3 out of 5 are required to send any bitcoin.
Ideally one stored at home, safety deposit box and/or lawyers office etc. They do a great job of walking you through best practices.

Individual sovereignty is something important to protect and hedge for in this rapidly changing world. Small choices and small allocations may pay dividends down the road. Do your own research, it may be possible the diversification we love preached here has a new emerging ally.

#25 BobC on 07.08.19 at 6:25 pm

By reading the comments daily I know half of you love taxes and everybody should pay the maximum. But when will enough be enough for you guys?

#26 Sam on 07.08.19 at 6:32 pm

Any residential landlord here, listen to Garth’s implied advice, pack it in and call it a day

……..

certainly if you dont know what you’re doing. Those of that do, well, shall continue to reap what we sow :)

#27 Bitcoin on 07.08.19 at 6:36 pm

Those that sold at the bottom ?

Live and learn

#28 not 1st on 07.08.19 at 6:38 pm

sorry Garth, Trudeau is going let older dude like you vote anymore.

https://www.macleans.ca/society/should-older-people-lose-the-right-to-vote/amp/?__twitter_impression=true

#29 Sail away on 07.08.19 at 6:55 pm

Nick:

A simple theme that’s oft ignored
Is that little kids are easily bored
Regardless of the size of the house
They’ll always be next to you and your spouse
Extra rooms will not help the need
If you decide in future to breed
So give this humble suggestion your thought
And stick with the affordable house that you bought

#30 MF on 07.08.19 at 6:56 pm

**from a few days ago**

#71 crowdedelevatorfartz on 07.07.19 at 2:22 pm

“Jealousy?
Please.

Toronto , another large, flat, boring, anonymous, cookie cutter metropolitan North American city yearning for… but never really achieving ……greatness…….. yawn.”

-How old are you? Seriously.

How childish. I feel some deep psychological defense mechanism being activated here.

In all my years in Toronto (my whole life) I have never heard one person speak ill about the rest of Canada. Always positive actually. I’ve only heard these negative emotions from people like you with regards to TO on these forums. I had never been exposed to it prior.

Because of your (and people like you) overblown negative emotions, I can only conclude that you harbour some deep seated jealousy and possibly related resentment. Maybe your own home doesn’t get as much publicity? Maybe Toronto’s success is something you are missing out on. I don’t know. But it’s truly sad and a waste of your emotional energy.

Moreover, all the criticisms you and others posted are basically generic and can relate to any big city. They are criticisms of urban living more than anything else. Positives of Toronto (and there are TONS) are deliberately ignored always, of course.

We get it. You don’t like city living. Good for you.

Fact is urbanization is accelerating. Fact is Toronto is growing and moving forward with or without people like you. It’s time to wake up and accept it. Stop complaining and grow up.

MF

#31 Timmy on 07.08.19 at 7:04 pm

The tax on second properties is a great thing. Why should people have 2-3 homes just because they were born at the right time and bought in when housing was a reasonable price? Ban foreign ownership and tax everyone with a second property. Otherwise, Vancouver is going to become a playground for the rich and the criminals who laundered their money and tax paying wage slaves won’t be able to live there–wait a minute, this is already the case

#32 Leo Trollstoy on 07.08.19 at 7:14 pm

FYI the Feds consider bitcoin to be a commodity, not a currency

https://www.cftc.gov/PressRoom/PressReleases/7820-18

#33 Henry Dion on 07.08.19 at 7:25 pm

Why are politicians getting their income, perks and benefits tax free. I know in Ontario, municipal councilors get a tax free income of 1/3 so a $150,000 is only taxed on $100,000. They should pay more taxes and cut their wasteful spending, perks but they are special right.

Once they get rid of all the people with money we are all losers and then live in your cesspool of socialist utopia and eat each other, suckers! You can’t steal your way to prosperity.

For business-related expenses because it’s more efficient and saves government overhead. All politicians pay income tax on personal compensation. – Garth

#34 Christina on 07.08.19 at 7:31 pm

Serious props to Nick on his poem! Sounds like a fellow with a good head on his shoulders, and an admirable ability to rhyme.

You guys have done everything right – maybe wait it out a bit longer and try to buy with cash?

#35 expat on 07.08.19 at 7:39 pm

To our bitcoin friends

You do realize that the government is letting you play with your thumb drives for a reason right?

As one person pointed out all they have to do is close off the SWIFT system for your transaction and you are technically unable to buy bitcoin. Yeah you could buy chinese crap online but eventually the other side will get trapped as well.

No credit card, no cash, no ATM.

Then we go into taxation avoidance.
I guarantee that the transactions are monitored. It is not advanced math at all. Any super computer can rip it apart in minutes.

You have fed a pile of crap. They won’t break it until they are ready with their version and Facebook’s, Google’s and Apple’s.

Here’s the thing. What you have is the birth of public electronic currency that will eventually replace cash but will be 100% traceable for tax purposes.

But if you think sovereign governments will not cut off transactional interplay between bitcoin-like tools and SWIFT-like systems you are dreaming.

They are conditioning the populace to accept full disclosure….

Play while you can
Until that Sunday night when you can’t.

The good news is you will be fully trained to transact Libra transactions, Cancoin transactions, or UScoin transactions etc.

I learned long ago as you will too.

You can only beat the MAN for so long. And he has trillions of more bucks than you to play with

#36 akashic record on 07.08.19 at 7:42 pm

Bitcoin, bitcoin… what’s up with Deutsche?

#37 expat on 07.08.19 at 7:43 pm

Mayer Amschel Rothschild said long ago:

Permit me to issue and control the money of a nation, and I care not who makes its laws!

You really think you are a Rothschild?
good luck

#38 CEW9 on 07.08.19 at 7:48 pm

On Alistair’s post – Bitcoin’s only ‘value’ is in it’s utility, specifically in the ability to verify and secure transactions. This is a feature of blockchain, however, and not unique to Bitcoin.

Currently Bitcoin’s utility (and therefore value) is very small, and easily replicated.

I do not doubt that blockchain verified transactions are coming in the future, especially between large institutions. But I really do not expect them to be using Bitcoin. It will be some other government backed blockchain that is adopted wholesale.

And, don’t get me wrong – I love the idea of a currency that is immune to manipulation. But it’s not gonna happen. Not for Bitcoin.

#39 IHCTD9 on 07.08.19 at 7:48 pm

#30 MF on 07.08.19 at 6:56 pm

In all my years in Toronto (my whole life) I have never heard one person speak ill about the rest of Canada. Always positive actually. I’ve only heard these negative emotions from people like you with regards to TO on these forums. I had never been exposed to it prior.
——-

That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible; yet most of the people I meet there (customers) also tell me about how great places outside the gta are, and how they can’t wait to move there!

Makes sense to me!

#40 Sandy Santos on 07.08.19 at 7:54 pm

Politicians pensions are income tax free like Jean Chretien’s $200,000 a year pension. They do not pay income taxes on their salaries and perks, benefits. It is not true that they do.

Of course pension income is taxable. Are you a troll or just moronic? – Garth

#41 Sail away on 07.08.19 at 7:54 pm

#25 BobC on 07.08.19 at 6:25 pm

By reading the comments daily I know half of you love taxes and everybody should pay the maximum. But when will enough be enough for you guys?

———————————-

BobC, it’s probably closer to 40% who love them – and specifically the ones who currently don’t pay any. They are staunch advocates of you and me paying more, though. I’d suspect our ideologues from yesterday fit this category.

#42 CRA Agent on 07.08.19 at 7:59 pm

You should see our new AI systems. We know everything. Enforcement is restrained, for now.

#43 Wolfstreet on the Dippers on 07.08.19 at 8:17 pm

“Let her rip – that’s the message. And kudos. It’s not common that governments express support for the deflation of these kinds of destructive housing bubbles. What we’re used to seeing instead are desperate governments calling for an immediate reflation and bailout, whatever the real costs to society may be.”

What you gonna do when Horgan comes down on you?

Speed it up to only allow BCer’s to buy BC real estate.

Get the speculation out of housing.

#44 Random Joe on 07.08.19 at 8:20 pm

Ok, so if I understand correctly, this awesome e-nvention that is the cryptocurrency requires you to buy a real wallet to keep it safe? How is that even a thing, when literally everything is going in the cloud? It seems so counter-intuitive that it is laughlable, and that alone should smell fishy and make you stay away from it. And I am not even mentioning the fact that crypto being the dark web’s currency, why would Random Joe want to meddle with the organised crime, mafias, etc.?

#45 Chopping Block on 07.08.19 at 8:23 pm

Seize all properties and re-sell them back to local folk.

End BC Assessment. It is flawed and manipulated like an unregulated stock market that is tied to legal taxes forced on local folk who are being gamed.

Where is a good place for bad people to do work? Where there are not cops. Where are there no cops (or at least no cops who look at white collar crime)? Canada. This is the perfect storm.

#46 Andrew on 07.08.19 at 8:24 pm

“Governments won’t allow bitcoin”

What happens if those that buy and sell politicians have bitcoin… will governments ban it?

Have you looked around and noticed the financialization of bitcoin? The big institutions beginning to wet their beaks?

https://www.fidelity.com/viewpoints/active-investor/beyond-bitcoin

Once those in power are comfortable with their share of the pie. The narrative you are fed will change and so will your opinion. Like a blade of grass in the wind.

Bitcoin is for individuals
Bitcoin is for enemies
Bitcoin is for tyrants
Bitcoin is for banks
Bitcoin is and that is enough

Since we all feeling so poetic this evening,

I bid you adieu

#47 Lead Paint on 07.08.19 at 8:27 pm

A big problem with institutions trading in Bitcoin is who has access to the private keys. The virtual currency can disappear in seconds and virtually untraceable. Their customers will not like that very much!

#48 dakkie on 07.08.19 at 8:27 pm

Update on the Worsening Housing Bust in Vancouver, Canada: Spring Hopes Got Crushed

https://www.investmentwatchblog.com/update-on-the-worsening-housing-bust-in-vancouver-canada-spring-hopes-got-crushed/

#49 Raoul Pal on 07.08.19 at 8:28 pm

Christine Lagarde is going to unleash the biggest wave of monetary easing ever.

Avoid speculative investments. Buy bonds, gold, dollars and bitcoin.

#50 akashic record on 07.08.19 at 8:32 pm

#37 expat

Mayer Amschel Rothschild said long ago:

Permit me to issue and control the money of a nation, and I care not who makes its laws!

You really think you are a Rothschild?

Could he or couldn’t, he?
Then what’s not to try? :)

#51 Rifles on 07.08.19 at 8:32 pm

I was standing by the dock at Granville Island last Saturday evening around 10pm. As I was waiting for a friend to arrive I could not help but notice how dark the surrounding condos were, accented as they were by the odd lonely light shining forth in the night. It is remarkable how early people go to bed here! Then again, maybe they were all out buying Lambos.

#52 millmech on 07.08.19 at 8:34 pm

331 Timmy
Lol
The wage slaves are the ones who own multiple homes, guess what the millennials first priority is once they build up equity? Buy another home, they can not afford multiple houses so they own multiple “investment” condos.
Millenials at my work just talk about owning real estate, it is the true path to wealth, just ask them as they believe every other system of wealth generation is rigged.
If you are going to have one house per household the Millenials will get hammered the most.

#53 Nonplused on 07.08.19 at 8:37 pm

“Just a small reminder Canadians have no legal right to own property, and are therefore powerless to repel political assaults.”

Are you sure that’s the actual law in Canada, “no legal right to own property”? In the US they certainly have that right.

But a right is not the same thing as an privilege or an endowment. Just because you have the “right” to own something doesn’t mean someone has to give it to you if you don’t own it. You have to go out and buy it fair and square.

We get all confused about what are “rights” and what are “outcomes” or “privileges”. For example, can health care ever be a “right”? Do you have a “right” to health care? Does that extend to the degree that a doctor has to help you even if you won’t or can’t pay him? So we say the government will pay the doctors to preserve our “rights” to health care, but where do they get the money? They do it by depriving other people of their property and giving it to the doctor. This is a little simplistic because the insurance model can be made to work for large bills much as it does in car insurance. But there is no “right” to car insurance either, you have to pay your premiums if you want to drive.

“Rights”, cleanly explained, are things you are free to do without state interference. By definition then anything you have to obtain by forcing the state to take something away from someone else is not a “right”. It’s socialism, the enemy of rights.

“I have the right to free education!”. Sure you do. It’s all on the internet. Or did you mean that you have the right to demand that I pay for your education? I think not and I won’t. Not anymore than I have the “right” to get an oil change done on my car and make you to pay for it. I do have the right to get an oil change done on my car so often as I want, heck I can even save a bit of money by doing it myself, but I don’t have the “right” to get you to pay for it. And you also do not have the right to ask me to pay for your house.

Remember, any person’s rights must logically end where another person’s rights begin. My right to throw punches into the air ends abruptly at the point another person’s nose begins.

#54 Gordon on 07.08.19 at 8:40 pm

@bitcoin man

Better pick that mic back up..

You left out the points taken when you convert your cash to bitcoin and when you cash out bitcoin

Those handy bitcoin atms charge 10% each way

Kind of an important detail to leave out

#55 oh bouy on 07.08.19 at 8:50 pm

@@#29 MF on 07.08.19 at 6:56 pm
**from a few days ago**

#71 crowdedelevatorfartz on 07.07.19 at 2:22 pm

“Jealousy?
Please.

Toronto , another large, flat, boring, anonymous, cookie cutter metropolitan North American city yearning for… but never really achieving ……greatness…….. yawn.”

-How old are you? Seriously.

How childish. I feel some deep psychological defense mechanism being activated here.

In all my years in Toronto (my whole life) I have never heard one person speak ill about the rest of Canada. Always positive actually. I’ve only heard these negative emotions from people like you with regards to TO on these forums. I had never been exposed to it prior.

Because of your (and people like you) overblown negative emotions, I can only conclude that you harbour some deep seated jealousy and possibly related resentment. Maybe your own home doesn’t get as much publicity? Maybe Toronto’s success is something you are missing out on. I don’t know. But it’s truly sad and a waste of your emotional energy.

Moreover, all the criticisms you and others posted are basically generic and can relate to any big city. They are criticisms of urban living more than anything else. Positives of Toronto (and there are TONS) are deliberately ignored always, of course.

We get it. You don’t like city living. Good for you.

Fact is urbanization is accelerating. Fact is Toronto is growing and moving forward with or without people like you. It’s time to wake up and accept it. Stop complaining and grow up.

MF
____________________________________

The comments from people like ‘crowded’ and ’50year’ say more about them than the people/places they disparage on here.

Who knows what folks like this are fighting in life.
Maybe just an outlet to make themselves feel better.

Lots of great places to live in Canada, Toronto being one of them. live and let live.

#56 Linda on 07.08.19 at 9:17 pm

I find it interesting that ‘locals’ want to 1) ban tourists; 2) restrict tourist rentals, whether it be AirBnb, VRBO or anyone who owns a vacation property. The concern is that the tourist hordes are such that locals are 1) unable to find reasonably priced accommodation, be it rental or purchased & 2) that the seasonal aspect of tourist traffic means that shops are shuttered for at least part of the year, hence leaving the locals with diminished access to services. Plus, of course, those tourist pests mean locals have to wait to access services because of the tourist traffic.

However, I have to wonder how many of the locals work in tourism, depending on its presence to earn a living? How many of those shops & services would even exist in the first place? How many of those shops & services would have to close if the tourist traffic did indeed depart? Plus I’m at a loss as to why these folks think they can have their cake – the shops, services & money from the tourist trade – without also having the tourists.

#57 Victoria on 07.08.19 at 9:31 pm

N1tro,

I’m undecided about Bitcoin, but I really don’t think that Facebook’s Libra is going to be a trustworthy option. We’ve already seen how FB sells our info. Who knows what they might do with the additional info they mine from our use of Libra?

https://www.zerohedge.com/news/2019-07-08/bill-black-facebooks-libra-currency-monetizes-identity-and-threatens-privacy

#58 Paul on 07.08.19 at 9:33 pm

Have to say I’m enjoying the crowded elevator and MF back and forth. :-)

At the same time, and just a suggestion, maybe tone back the aggressiveness when making a case for your point of view.

One of the best things about this site the most is that it is not an echo chamber and all viewpoints are welcome and we can all learn something.

#59 Kiss the Boer on 07.08.19 at 9:51 pm

Toronto is not as bad as South Africa in terms of inequality.

Boers are only 8% of the South African population, but own 97% of the farmland of South Africa.

And then they have the audacity to accuse us of oppressing them?

#60 Oakville Sucks on 07.08.19 at 10:09 pm

I’m also from London. It’s cheaper to live with but it’s become a dump similar to Hamilton. It’s why I moved to Oakville and got the heck out! It’s a city that people move to and then move the heck out after they realize what a mistake it is! Crime is high, people are miserable and welfare cheques are far to common. I don’t care how much you have saved I wouldn’t want my family dealing with that each day!

#61 Hogtown Harry on 07.08.19 at 10:14 pm

#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…

#62 PastThePeak on 07.08.19 at 10:41 pm

#28 not 1st on 07.08.19 at 6:38 pm
sorry Garth, Trudeau is going let older dude like you vote anymore.

https://www.macleans.ca/society/should-older-people-lose-the-right-to-vote/amp/?__twitter_impression=true
+++++++++++++++++++++++++++++++++++

Well, for those that think this is a good idea, how about:

1) Why should stupid people get to vote? The reason not to allow them is self-evident. I argue in favour of an IQ test and those below a threshold are not able to vote (there goes 90% of the steerage section…)

2) Income tax payer status required. If you don’t pay net income taxes, then you also don’t get to vote, as you have no “skin” in the game.

The combination of the two above should limit the voting to five of us here on the blog + Garth…

#63 Tom Grozny on 07.08.19 at 10:44 pm

Housing being viewed as investment is not media spin, it’s a fact here in GTA.

I have friends living in newly built condos at North York Center, Liberty Village, Entertainment district, even Midtown. Same story everywhere: most of the neighbours either pay rent or are booked through AirBnb. Walking past some those buildings that are close to subway, you see a stream of people with airplane baggage with flight tags still on “moving in”. Some of those buildings even had trouble getting enough people on their condo board since everything is rented out.

Do you really think all those investors declare their rental income on their tax returns? That was even a post here a week or so ago – “sharing economy”.

Have you noticed all those new 400sq feet units being sold for close to $500K? There is no way people would be buying these to live in.

Montreal has it right: give incentive to renters to claim a small refund so that unit owners are forced to declare their rental investment income.

#64 PastThePeak on 07.08.19 at 10:47 pm

#61 Hogtown Harry on 07.08.19 at 10:14 pm
#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
+++++++++++++++++++++++++++++++++

Ah, there is that amazingly friendly TO attitude that MF was alluding to…

#65 Oh Canada, I weep. on 07.08.19 at 10:49 pm

DELETED

#66 Reality is stark on 07.08.19 at 11:01 pm

When natural resources prices rise the government raises royalties on natural resources. When those prices decline the Canadian government has to make up for the losses. They goose the housing market and then tax the hell out of it.
Either way they make sure you don’t make much profit.
On the other hand they have managed to amass wonderful pensions for their own flock by forcing taxpayers to match contributions dollar for dollar even after the financial crisis when people could no longer afford it.
Raped by the risk averse.
It was the ultimate con job.
Guaranteed to stagnate the country as longevity makes the burden crippling.
Canada where mediocrity is celebrated.

#67 Shawn Allen on 07.08.19 at 11:19 pm

Who Controls the Money Supply?

#37 expat on 07.08.19 at 7:43 pm noted:
Mayer Amschel Rothschild said long ago:

Permit me to issue and control the money of a nation, and I care not who makes its laws!

*************************************
In Canada it seems that money (bank deposits) is created based on the supply of credit by banks and the demand for credit from individuals and corporations.

The Bank of Canada is also likely involved in certain circumstances but it seems that money creation by commercial banks together with their customers is the main factor by far.

So it seems that the money supply in Canada is determined by the market. What could be better than that?

#68 Connie on 07.08.19 at 11:42 pm

What are derivatives? Can somebody explain the difference between derivatives and etfs.

#69 Ponzius Pilatus on 07.09.19 at 12:12 am

#128 crowdedelevatorfartz on 07.08.19 at 12:21 pm
@#120 Ponzie Putsch

“When Nazi hunter Simon Wiesenthal reported that four members of Kreisky’s cabinet were former Nazis, Kreisky did not remove them from the government, though one did resign. Kreisky responded that everybody had the right to make political mistakes in their youth. This incident marked the beginning of a bitter conflict, which did not end until Kreisky died. In 1986, Wiesenthal sued Kreisky for libel. Three years later the court found Kreisky guilty of defamation and forced him to pay a substantial fine.[18]”

*****

Yeah he was quite a guy all right.
————–
Kreisky was a Jew.
And his brother was the major of Jerusalem.
Did you know that?

#70 Fortune500 on 07.09.19 at 1:25 am

Curious where you stand on solutions at this point Garth. I understand your views on using taxes to solve the problem, but I think you can agree that because the government’s policies (and I will include keeping interest rates low for too long) have helped to cause this mess, the ‘free market’ isn’t really at play the same way it is elsewhere.

Those older millenials who have waited for things to correct have been priced out, and are now facing extremely high rents as well. Smaller towns and cities are limited in their job prospects and wage stagnation is real. I took the early advice of ‘If you don’t like it then why don’t you leave Canada’ and it has worked out well for me and my family. But surely that isn’t the solution for everyone. It is almost too late in some cases for those millenials trying to save for retirement or have a family.

Any advice or solutions that you think younger Canadians today should be pushing for or following?

#71 Not So New guy on 07.09.19 at 1:30 am

If your gut is telling you to get into BTC but your head says it is a crazy thing to do, here is what you can do. Keep to a minimum 5% of your net worth as an investment strategy. 5% is small enough that you can recover relatively quickly but it is big enough that, if BTC goes to $50k or $100K, you won’t be kicking yourself with regret yet your portfolio will still benefit significantly from the investment.

BTC today, in my opinion, is where the internet was in about 1998. What powered the internet back then was gambling and porn. That is basically what is powering BTC now but that is rapidly changing.

#72 Smoking Man on 07.09.19 at 2:01 am

Hannity dropped the pen tonight.
Move out of the way. Libtards are going down. Hey T2 you on the list?
Bunch of your pals are. Just in time for October. Blame the aliens from outer space.

#73 DON on 07.09.19 at 2:16 am

Watch Out

Continue Reading

“They’re coming for you.”

You probably gave smoking man a heart attack with this intro.

The municipalities will need a new source of revenue to replace all those development fees and property taxes as things wind down in the housing market. They are also lobbying the provincial gov for marijuana sales tax. Just wait for the air bnb taxes. Yikes! Then the CRA man comes for you.

#74 DON on 07.09.19 at 2:32 am

#61 Hogtown Harry on 07.08.19 at 10:14 pm

#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
***************

Wow! I live in the ‘Best place on Earth’…Home!

#75 DON on 07.09.19 at 2:59 am

Coming to a theatre new you?

https://www.citylab.com/equity/2019/07/portugal-home-prices-basic-housing-law-lisbon-rent-eviction/593362/

“A bill passed on Friday by Portugal’s parliament sets out a legal basis for housing being treated as a citizens’ right. Under the new law, the Portuguese government becomes responsible for ensuring adequate housing for all citizens as “the guarantor of the right to housing.”

#76 BillyBob on 07.09.19 at 5:04 am

It would seem the Torontonians are a bit triggered today, not to mention a bit confused – repeated posts to defend your mediocrity is not the best way to demonstrate you don’t care what anyone thinks lol.

I mean, MF was so “unaffected” he had to take several days to respond to one post. Lecturing about wasting emotional energy while writing an essay himself hahah! Can you not SEE this is why people like to poke fun?

Insecurity on full display today from the Hogtowners. The Kawli thing must be smarting more than they realized.

#77 Howard on 07.09.19 at 5:41 am

The total number of properties forced back into the rental market by the new tax last year is estimated by the city to be (wait for it)… 80.

And yet for that piteous result, local government sucked $38 million from 2,500 owners.

————————————-

Then it wasn’t a piteous result.

It was only partly about freeing up rentals. Also about collecting revenue. The middle class has been forced out and people with second homes will have to contribute a bit more of their unearned wealth to the upkeep of the city. If they don’t like it they can sell and move to Regina and own as many empty homes as they wish.

#78 Howard on 07.09.19 at 5:48 am

#63 Tom Grozny on 07.08.19 at 10:44 pm

Montreal has it right: give incentive to renters to claim a small refund so that unit owners are forced to declare their rental investment income.

————————————–

The BC NDP promised a renters tax credit but have so far not delivered.

I have read some speculation that the reason they haven’t done so is that the magnitude of tax cheating it would instantly reveal, and subject to CRA action, would be too great a shock to the BC economy. No idea if there’s any merit to that view, but it doesn’t seem so farfetched.

#79 Remembrancer on 07.09.19 at 7:36 am

#71 Not So New guy on 07.09.19 at 1:30 am
BTC today, in my opinion, is where the internet was in about 1998. What powered the internet back then was gambling and porn. That is basically what is powering BTC now but that is rapidly changing.
——————————————-
Bitcoin as the internet? Blockchain technology is more the internet of double entry book keeping some day, maybe. Bitcoin is more like geocities + altavista, except with copy protect off and less barriers to entry… This is fun, that would make ICOs the AOL CDs + Atari E.T. game cartridges – popping up everywhere and easily plowed under…

Anyone have any more comparisons?

#80 crowdedelevatorfartz on 07.09.19 at 7:39 am

@#30 MF
“I feel some deep psychological defense mechanism being activated here.”
++++

“Mrs Freud” I presume…..

#81 trollybob on 07.09.19 at 7:48 am

@#76 BillyBob on 07.09.19 at 5:04 am
It would seem the Torontonians are a bit triggered today, not to mention a bit confused – repeated posts to defend your mediocrity is not the best way to demonstrate you don’t care what anyone thinks lol.

I mean, MF was so “unaffected” he had to take several days to respond to one post. Lecturing about wasting emotional energy while writing an essay himself hahah! Can you not SEE this is why people like to poke fun?

Insecurity on full display today from the Hogtowners. The Kawli thing must be smarting more than they realized.
_______________________________

oh billybob, you just can’t help yourself eh.
so sad.

#82 Pfft on 07.09.19 at 7:50 am

@#61 Hogtown Harry on 07.08.19 at 10:14 pm
#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
__________________________

best not feed the trolls harry

#83 crowdedelevatorfartz on 07.09.19 at 7:52 am

@#69
Ponzie Pilot
“Did you know that?”
+++++
Uhhh yeah.
My reading and comprehension skills seem to be a tad better than yours.
Jewish or not. His embracement of Nazi’s in his govt in Austria after the war to “help keep things running” was quite a blot on his socialist record….dont you think?
Apparently Nazi Hunter Simon Weisenthal despised him enough for what he did and said…..he sued him ( and won) for libel…..
As I said…..
Quite a guy.

#84 crowdedelevatorfartz on 07.09.19 at 8:04 am

@#55 Oh bouy

Soooo TO isnt

….. another large, flat, boring, anonymous, cookie cutter metropolitan North American city yearning for… but never really achieving ……greatness…….. ?

I guess thats why american tv and movie productions use it as a cheap “stand in” for their endless shows depicting it as “New York, LA, Chicago, whatever.

TO….another cookie cutter metropolitan city lost in the boring wasteland of repetitive construction , repetitive suburbs, repetitive traffic jams….

Although I have to admit, years ago bursting out laughing when I saw Jackie Chan’s “Rumble in the Bronx” and saw the local mountains of North Vancouver in about every second shot…..apparently BC’s Movie Tax Credit refund was better than Ontario’s that year.
The only thing worse than trying to “sell” Vancouver as “New York” was Jackie Chan’s acting.

But I digress.

Hows the humidity in TO?
Is the garbage ripe yet?

#85 crowdedelevatorfartz on 07.09.19 at 8:13 am

@ Hogtown Harried
“And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…”

+++++
Mayor Ford? Is that you?
Now I’m really confused!

#86 Sebee on 07.09.19 at 8:16 am

“They blindly incentivized first-time buyers. ”

Garth, you are a gentleman, but such sentences prove you’re either rushing the posts to head out for a walk or…well, I don’t want to say it.

There was nothing blind about the policies and decisions politicians made. I was a coordinated effort to increase taxation revenue from the various sources that is RE and boost the economy while transforming citizens into debt slaves that are too busy and too stressed to care what the poloticians do. Where is the downside really?

#87 Ponzius Pilatus on 07.09.19 at 8:20 am

#83

It’s Wiesenthal.
Taking about superior reading and comprehension skills.
Also, Google “pragmatism”.

#88 ww1 on 07.09.19 at 8:27 am

#68 Connie on 07.08.19 at 11:42 pm

What are derivatives? Can somebody explain the difference between derivatives and etfs.

Investopedia : Common Forms of Derivates

#89 jess on 07.09.19 at 8:27 am

interesting

I could afford to be a whistleblower—but not everyone can
A whistleblower shares how he was thrust into the role when he leaked documents to the press—and how public support has shaped his life and livelihood.
https://www.fastcompany.com/90356969/i-could-afford-to-be-a-whistleblower-but-not-everyone-can

#90 Tater on 07.09.19 at 8:32 am

#30 MF on 07.08.19 at 6:56 pm

In all my years in Toronto (my whole life) I have never heard one person speak ill about the rest of Canada. Always positive actually. I’ve only heard these negative emotions from people like you with regards to TO on these forums. I had never been exposed to it prior.

Because of your (and people like you) overblown negative emotions, I can only conclude that you harbour some deep seated jealousy and possibly related resentment. Maybe your own home doesn’t get as much publicity? Maybe Toronto’s success is something you are missing out on. I don’t know. But it’s truly sad and a waste of your emotional energy.

Moreover, all the criticisms you and others posted are basically generic and can relate to any big city. They are criticisms of urban living more than anything else. Positives of Toronto (and there are TONS) are deliberately ignored always, of course.

We get it. You don’t like city living. Good for you.

Fact is urbanization is accelerating. Fact is Toronto is growing and moving forward with or without people like you. It’s time to wake up and accept it. Stop complaining and grow up.

MF

—————————————————————

I’ve never eaten anything other than pizza, but let me tell you, there is no better food than pizza.

#91 Headhunter on 07.09.19 at 9:13 am

slow motion train wreck and housing will revert to the mean 3-4X income. Client of mine for 15 years employs over 100 people. Real time info on real time wages.

Cant charge more for his product (which we all use regularly) Next step is sell land building move south and just ship product here.

But its different in Toronto.. average wages dont add up to valuations. They cant fill these roles as you would have to live right next door to the plat to make these #’s work

Here are the positions and wage ranges needed at the moment. These are not temporary positions.

1) Maintenance Millwright- $23.00- $32.00/hr. Afternoon shift.

2) Processing Coordinator (other companies call them estimators)- $40,000- $42,000

3) Sales Representative- Scarborough/Markham area- $50,000 salary- straight commissions after 2 years

4) Junior Sales Representative- $35,000

5) Customer Service Rep.- $40,000-$43,000

I have attached the job descriptions for your review.

#92 n1tro on 07.09.19 at 9:19 am

#57 Victoria on 07.08.19 at 9:31 pm
N1tro,

I’m undecided about Bitcoin, but I really don’t think that Facebook’s Libra is going to be a trustworthy option. We’ve already seen how FB sells our info. Who knows what they might do with the additional info they mine from our use of Libra?
————————
I trust Libra and Mark Z about as far as I can throw a stick at them. The coin will not be private since to use it in the facebook space, it would be linked to your facebook account. Also, the nature of the blockchain prevents transactions to be private unless you send your coins through intermediaries that will “wash” it for you. Who needs silly BC casinos? So old school. It is happening right now, government and regulators just too behind the times to do anything about it.

The key to Libra is that the transactions will be verified by trusted 3rd parties instead of “miners” and will get a fee for doing so. This is why MC, Visa, and Paypal are all salivating at the mouth as they are to be the “trusted” 3rd parties. Once Libra or some other fully transparent coin is established, I can see the ban hammer coming down on BTC and the like.

#93 Ace Goodheart on 07.09.19 at 9:22 am

RE: “Guess where that’s headed? Just wait for the next gen of rental legislation or suite of taxes on real estate wealth designed to ‘curb speculation’ and penalize those risking their capital to provide tenant accommodation while reaping a return. ”

Yeah, Doug Ford and Co. are going to enact tenant-friendly rental legislation and a suite of taxes on real estate in Ontario.

Sure they are. Right after they get finished kicking out the Beer store, privatizing everything and gutting social services.

Not happening here. Not unless the Libs or the NDP win the next election in Ontario. You can count on Doug and Co. for one thing and that is not raising taxes or pandering to the social justice league.

RE: “So where’s the value? Because of scarcity (cap of 21 million) Bitcoin can act as a hedge against hyperinflation (if you don’t think that can happen, book a trip to Venezuela). You can send any amount of money to anywhere in the world in minutes without an intermediary taking a cut (no huge fees or waiting five days for the wire order). It can’t be easily seized by governments, allowing financial freedom to those living under oppressive regimes (book another trip to Hong Kong) and it allows billions of unbanked individuals (the world’s poorest) to enter the global marketplace.”

True. So if you live in the third world and you need a place to stash your cash, bitcoin all the way. But we live in the first world. Bitcoin has no value or use here. It is not very reliable, incredibly slow and painfully out of date technology, that is routinely stolen in large quantities, by the people who operate the exchanges on which it trades. It is useless as a store of value because, like Venezuelan currency, it can rapidly lose its value without warning, losing hundreds of US dollars in value per day with no reason or logic to the upswings and downturns.

It is a wonderful third world currency.

But we live in the first world, millennials.

This is the first world……

#94 crowdedelevatorfartz on 07.09.19 at 9:49 am

@#87 Ponzie Plot
“It’s Wiesenthal.
Taking about superior reading and comprehension skills.
Also, Google “pragmatism”.
++++

Spelling Nazi?

Pragmatic?
Is that how we’re justifying hiring Nazi’s for govt management positions less than 20 years after the end of the war?

#95 paulo on 07.09.19 at 9:58 am

Nice housing starts numbers out this morning + 25%
beating the street call with ease.
add in good employment numbers and better than expected GDP numbers, affording
more reason the BOC stays on the bench until it makes the next move upward likely in Sept.

#96 TO Myopia on 07.09.19 at 10:06 am

#30 MF on 07.08.19 at 6:56 pm

In all my years in Toronto (my whole life)..

….

Bingo……….. we have a diagnosis for the psychosis.

#97 Jesse on 07.09.19 at 10:06 am

Dolce Vita needs to start a blog to help depressed millennials leave Canada ans start fresh in Italia. I want to move there, but am not an EU citizen…how can I make this happen? Canada is too cold, I don’t want to live here anymore.

#98 Oakville Rocks! on 07.09.19 at 10:15 am

#60 People who think Hamilton is a dump don’t know Hamilton. But OS I am guessing you will be unhappy and have only complaints wherever you live. Look on the bright side man, soon enough you will be dead and can spend the rest of eternity complaining about your final destination too.

For the record, Oakville Rocks, great place to live. As is Burlington, Hamilton, Montreal & Kingston.

Having visited much of the rest of Canada I imagine there are lots of great places to live because Canada is beautiful and the people are friendly. If you find a place has a problem that you just cannot abide, well move, duh. No need to disparage that place or the people who live there and find it to suit them just fine!

#99 Remembrancer on 07.09.19 at 10:20 am

#93 Ace Goodheart on 07.09.19 at 9:22 am
It is a wonderful third world currency.
——————————————–
Autocorrect mishap? This should read as its a crappy “third world” currency, especially for regular people. You even describe it as much based on why its crappy for your so-called first world. For instance, you neglected to mention that at the flick of a (virtual) switch, internet access can be curtailed, limited, routed to state-sanctioned locations etc etc – the 21st century equivalent of controlling state broadcasters / radio stations and a hallmark of oppressive regimes 101.

And BTW, don’t be so complacent, at this rate, DoFo is going to be so mired in scandals revolving around unqualified ministers behaving badly, spending our money on dumb things like stationary updates and patronage appointments after campaigning against the very thing, that the Cons will be one termers and I shudder to think how the good people of Ontario will vote in response. Last time its was the orange incarnation of Bob Rae…

#100 Tater on 07.09.19 at 10:33 am

#152 SunShowers on 07.08.19 at 5:59 pm
#144 Tater on 07.08.19 at 2:22 pm
Global poverty has dropped by more than 75% over the last 35 years, and a huge portion of that is because work has been moving to the developing world.

——————

You didn’t actually read what I wrote in that comment, did you? Do you know what $1.90 in 2011 USD PPP actually is? Did you Google it like I asked?

If you did, you know it’s a Frankenumber, as Garth likes to call them. A number with no basis in any kind of objective outcome. A number conjured up solely to make the people publishing it look good.

You would also know exactly what $1.90 in 2011 USD PPP per day would buy you (diddly squat). It would pay for a basket of goods worth $1.90 USD in 2011 IN THE USA.
—————————————————————
I’m not going to go over the rest of your post, as you fundamentally don’t understand what PPP measures.

PPP takes a basket of goods in various countries that could be bought with 1.90 in 2011 USD in THAT COUNTRY. Not the US.

Take a look at the PovCalc data here:
http://iresearch.worldbank.org/PovcalNet/povDuplicateWB.aspx

and pay close attention to Asia over the decades. As jobs were moved there, the percentage of people below the 1.90 cut off drops dramatically. Compare that to Africa, where few jobs have been off shored, and notice how much better Asia has fared over the years in the elimination of poverty.

#101 Sail Away on 07.09.19 at 10:35 am

#62 PastThePeak on 07.08.19 at 10:41 pm
—————————————–
#28 not 1st on 07.08.19 at 6:38 pm
sorry Garth, Trudeau is going let older dude like you vote anymore.

https://www.macleans.ca/society/should-older-people-lose-the-right-to-vote/amp/?__twitter_impression=true
+++++++++++++++++++++++++++++++++++

Well, for those that think this is a good idea, how about:

1) Why should stupid people get to vote? The reason not to allow them is self-evident. I argue in favour of an IQ test and those below a threshold are not able to vote (there goes 90% of the steerage section…)

2) Income tax payer status required. If you don’t pay net income taxes, then you also don’t get to vote, as you have no “skin” in the game.

The combination of the two above should limit the voting to five of us here on the blog + Garth…

————————————–

Wow, insulting, self-aggrandizing, wealth-signalling, and pandering all in one short post. Are you a politician?

#102 crowdedelevatorfartz on 07.09.19 at 10:38 am

@ Ms Freud

Toronto the Rude?
Can it be?
Never!

https://torontolife.com/city/welcome-to-toronto-the-rude/

#103 n1tro on 07.09.19 at 10:51 am

#93 Ace Goodheart on 07.09.19 at 9:22 am

So if you live in the third world and you need a place to stash your cash, bitcoin all the way. But we live in the first world. Bitcoin has no value or use here. It is not very reliable, incredibly slow and painfully out of date technology, that is routinely stolen in large quantities, by the people who operate the exchanges on which it trades. It is useless as a store of value because, like Venezuelan currency, it can rapidly lose its value without warning, losing hundreds of US dollars in value per day with no reason or logic to the upswings and downturns.

It is a wonderful third world currency.

But we live in the first world, millennials.

This is the first world……
———————————
I’d like to partially dispute the above assertion. Bitcoin is useless in the 3rd world because they already have a paperless/fiat-less system in place (in Africa anyways). Africans use their dumb phones which are loaded with pay as you go phone credits which can be sent back and forth to others (ie. gifting of phone credits). This system has worked very well for years as it is secure, portable, and accepted as a form of payment for day to day transactions. The digital money being sent back and forth is “backed” by real cash as cash is needed to be added to get credits and the telcos allow for withdrawals.

You are correct though that BTC is backed by nothing but its blockchain does have some utility albeit not scaleable so crypto adopters/believers need to look elsewhere.

#104 Mattl on 07.09.19 at 10:58 am

#91 Headhunter on 07.09.19 at 9:13 am
slow motion train wreck and housing will revert to the mean 3-4X income. Client of mine for 15 years employs over 100 people. Real time info on real time wages.

Cant charge more for his product (which we all use regularly) Next step is sell land building move south and just ship product here.

But its different in Toronto.. average wages dont add up to valuations. They cant fill these roles as you would have to live right next door to the plat to make these #’s work

Here are the positions and wage ranges needed at the moment. These are not temporary positions.

1) Maintenance Millwright- $23.00- $32.00/hr. Afternoon shift.

2) Processing Coordinator (other companies call them estimators)- $40,000- $42,000

3) Sales Representative- Scarborough/Markham area- $50,000 salary- straight commissions after 2 years

4) Junior Sales Representative- $35,000

5) Customer Service Rep.- $40,000-$43,000
—————————————————————-

Well ya, of course he can’t fill those roles. Sales people at under 50K a year? He is well under market on most of those roles. The housing market is not going to revert back to your clients low wages.

And if a couple held two of these positions they would be close to 100K. At today’s interest rates, if they are decent with their money, they could afford 5-6x, which would cost around 2.5-3K per month to carry. Not suggesting this is the way to go, and no idea where this business is located, but lots of 2 income families can afford RE. If you are expecting a single income making 35K to be able to afford a single family home at 4x in a major market you are nuts.

#105 IHCTD9 on 07.09.19 at 11:37 am

#61 Hogtown Harry on 07.08.19 at 10:14 pm
#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
____

See what I mean?

#106 Howard on 07.09.19 at 11:38 am

#97 Jesse on 07.09.19 at 10:06 am
Dolce Vita needs to start a blog to help depressed millennials leave Canada ans start fresh in Italia. I want to move there, but am not an EU citizen…how can I make this happen? Canada is too cold, I don’t want to live here anymore.

———————————

Are you 35 or under?

If so, a Working Holiday Visa is the answer to your prayers.

https://constoronto.esteri.it/Consolato_Toronto/en/i_servizi/per_chi_si_reca_in_italia/italia-canada-programma-scambi.html

The WHV is very simple to obtain and allows you to live and work in Italy for one year. During that year you can network like mad to find an employer willing to sponsor you for long-term residency.

Canada has similar WHV programs with the UK, France, Germany, Spain, Australia, New Zealand, and possibly others.

Even if full-time residency doesn’t work out, at least for a year (or more, if you then obtain a WHV for one of the other countries mentioned above) you get to escape the hell that Canada has become.

#107 IHCTD9 on 07.09.19 at 11:55 am

#154 Babooo on 07.08.19 at 10:09 pm
#151 try to google starvation during GD- tones of infor . From a few thousand died from “malnutrition” to bold 7 mil died from starvation .
“100 Millions killed by communist ”- sound like propaganda
___

I did Google it – there’s jack squat other than that Russian paper that says 7 million died of starvation. It’s fake facts, and I told you not to cite it (but you did regardless as there is nothing else on the net that says millions starved during the GD – because it never happened). That paper was written just for folks like you who are lacking in evidence WRT your commie loving assertions.

100’s of millions were killed by communism AT A BARE MINIMUM.

Ain’t no propaganda son. You can’t believe it because the numbers are so high.

Same as how Ponzie can’t believe my On. Auto insurance rates because his commie BC rates are so high.

You have it too good/bad – so it can’t be true.

Here:

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

(warning – pictures of dead people)

Just 1 single Communist dictator, not even all of the graves have been found/tabulated, add them up. Oh yeah – 100 Million is believable when you add every other commie lunatic to the total.

#108 Something Better on 07.09.19 at 12:11 pm

#106 Howard – There is a first class country, and all you need is to fill out a simple application form. Just show up, and within 10 days your given a permanent ID card for free health care and a residency status. No upfront money or real estate purchase is necessary, and if you find an employer to offer you a job get to work; or start your own business with no permit needed. All income from outside the country is tax free, and inside its 4%. This country is rated AAA in the world with everything, and is not even in Europe, but the Europeans, Canadians, and Americans live there.

#109 PastThePeak on 07.09.19 at 12:14 pm

#101 Sail Away on 07.09.19 at 10:35 am
#62 PastThePeak on 07.08.19 at 10:41 pm

————————————–

Wow, insulting, self-aggrandizing, wealth-signalling, and pandering all in one short post. Are you a politician?
++++++++++++++++++++++++++++++++++

Triggered by a bit of sardonic humour? How 21st century of you…

#110 IHCTD9 on 07.09.19 at 12:50 pm

#99 Remembrancer on 07.09.19 at 10:20 am

…and I shudder to think how the good people of Ontario will vote in response. Last time its was the orange incarnation of Bob Rae…
___

I always leave the door to voting “swan dive” open a crack. Voting for maximum carnage which would probably be the Liberals in Ontario.

Same with the Federal election. Trudeau has pretty much eliminated my income tax bill thanks to the CCB, so at the point where I’m essentially net neutral on income tax remittances – this is where Canadian voters can do whatever they like.

If no one wants to fix the big issues we’re facing – then plan B is not financially supporting the dumb policies Canadians want – and voting to speed the end, where the current government is backed into a corner, and has no choice but to start making good decisions – even if Canadians will then vote ’em right out the door come next election.

#111 IHCTD9 on 07.09.19 at 1:05 pm

#64 PastThePeak on 07.08.19 at 10:47 pm

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
+++++++++++++++++++++++++++++++++

Ah, there is that amazingly friendly TO attitude that MF was alluding to…
____

Well at least now MF has – at long last – finally heard a Torontonian speak badly of the cowboy infested “other” parts of Canada.

First time for everything.

#112 T on 07.09.19 at 1:07 pm

#90 Tater on 07.09.19 at 8:32 am

I’ve never eaten anything other than pizza, but let me tell you, there is no better food than pizza.

—-

Thank you. This is the best analogy I’ve read in some time. Perfect, actually.

MF – you need to stop being so defensive of Toronto. It’s a nice enough city, but riddled with problems and the entitled. And then there is the weather. You need to accept it and step back a bit. I say this having lived in the core for more than a decade, worked downtown for even longer and commuted it. I too once believed it was the absolute best place in the world until I started travelling and experiencing other cities. I came to realize the truth, Toronto is a polished turd run run by the inept. I have many friends in Toronto whom are just like you as well, I can’t tell them anything and they refuse to leave the comfort of all they have ever known.

#113 MF on 07.09.19 at 1:10 pm

#96 TO Myopia on 07.09.19 at

-The correct term is “Toronto Derangement Syndrome” or TDS.

MF

#114 T on 07.09.19 at 1:12 pm

#105 IHCTD9 on 07.09.19 at 11:37 am
#61 Hogtown Harry on 07.08.19 at 10:14 pm
#39 IHCTD9 on 07.08.19 at 7:48 pm

“That’s pretty amazing, because I don’t live in Toronto, try hard to spend as little time there as humanly possible…”

And we Torontonians are glad your ilk spend as little time as possible in our great city! Stay the hell away cowboy. We don’t need your types…
____

See what I mean?

———

This is sad but unfortunately exactly what I experienced first hand when leaving Toronto for a far better city to the south.

It costs over a million for an average house, it must be a great city. Lol! So ignorant.

#115 MF on 07.09.19 at 1:16 pm

#106 Howard on 07.09.19 at 11

I enjoy most of your comments. But the “hell” that Canada has become?

You seem smarter than the average delusional failed Canadian expat complainer we have on here (notwithstanding you being in France). Let’s continue to keep it classy like you always do.

MF

#116 T on 07.09.19 at 1:23 pm

#104 Mattl on 07.09.19 at 10:58 am

Well ya, of course he can’t fill those roles. Sales people at under 50K a year? He is well under market on most of those roles. The housing market is not going to revert back to your clients low wages.

And if a couple held two of these positions they would be close to 100K. At today’s interest rates, if they are decent with their money, they could afford 5-6x, which would cost around 2.5-3K per month to carry. Not suggesting this is the way to go, and no idea where this business is located, but lots of 2 income families can afford RE. If you are expecting a single income making 35K to be able to afford a single family home at 4x in a major market you are nuts.

——-

You don’t understand the point being made and obviously have zero experience in other ‘major markets’.

This is 100 decent jobs about to disappear from the GTA.
100 families affected. Not just ‘sales people’ – real working class jobs.

Sad.

#117 T on 07.09.19 at 1:28 pm

#115 MF on 07.09.19 at 1:16 pm
#106 Howard on 07.09.19 at 11

I enjoy most of your comments. But the “hell” that Canada has become?

You seem smarter than the average delusional failed Canadian expat complainer we have on here (notwithstanding you being in France). Let’s continue to keep it classy like you always do.

MF

——-

Insane real estate prices, debt, low wages, terrible weather, and a poorly socialized healthcare system is hell for most people. You will eventually get it. For as intelligent as you seem, it’s taking you some time.

#118 Headhunter on 07.09.19 at 1:42 pm

Well ya, of course he can’t fill those roles. Sales people at under 50K a year? He is well under market on most of those roles. The housing market is not going to revert back to your clients low wages.
__________________________________

dont shoot the messenger! Not too sure he is well under the market for those types of roles, check indeed for a comparison and you may be in for a surprise.

50K base for a sales gig is pretty common.. You are supposed to bring $$$ in the company before you take it out.. pay em too much and they dont sell. Its just how it is,my base has been ZERO for over 2 decades almost 3.

F&P in Tottenham has 180 open roles, Honda just filled over 200.. starting at $18-$20 + benefits and shift premium

#119 Pfft on 07.09.19 at 1:44 pm

@#117 T on 07.09.19 at 1:28 pm
#115 MF on 07.09.19 at 1:16 pm
#106 Howard on 07.09.19 at 11

I enjoy most of your comments. But the “hell” that Canada has become?

You seem smarter than the average delusional failed Canadian expat complainer we have on here (notwithstanding you being in France). Let’s continue to keep it classy like you always do.

MF

——-

Insane real estate prices, debt, low wages, terrible weather, and a poorly socialized healthcare system is hell for most people. You will eventually get it. For as intelligent as you seem, it’s taking you some time.__________________________________

Now you’re just being ignorant T.

#120 jess on 07.09.19 at 1:45 pm

The author of a controversial dossier about Donald Trump and Russia has reportedly been found credible by the Department of Justice.

Politico reported on Tuesday that Christopher Steele had been grilled for 16 hours while the president visited London recently.

https://www.rawstory.com/2019/07/boom-doj-finds-dossier-author-christopher-steele-credible-after-16-hour-interview-while-trump-was-in-london/

#121 crowdedelevatorfartz on 07.09.19 at 2:05 pm

@#119 pfft
“Now you’re just being ignorant T.”
*****

Telling the brutal truth is “ignorant”?

#122 Freezing in the prairies on 07.09.19 at 2:23 pm

Nick in London: your mortgage is tiny- roll with it for now. Keep saving and investing your cash- and grow your pot of gold to the point you don’t need your job and/or you can move anywhere you really want to. What’s a little discomfort for a few more years versus strapping yourself to a much bigger mortgage, more stress and many more years of work to pay for that house? But who am I? Do what you really want to do.

#123 JB on 07.09.19 at 2:27 pm

#63 Tom Grozny on 07.08.19 at 10:44 pm

Housing being viewed as investment is not media spin, it’s a fact here in GTA.

I have friends living in newly built condos at North York Center, Liberty Village, Entertainment district, even Midtown. Same story everywhere: most of the neighbours either pay rent or are booked through AirBnb. Walking past some those buildings that are close to subway, you see a stream of people with airplane baggage with flight tags still on “moving in”. Some of those buildings even had trouble getting enough people on their condo board since everything is rented out.

Do you really think all those investors declare their rental income on their tax returns? That was even a post here a week or so ago – “sharing economy”.

Have you noticed all those new 400sq feet units being sold for close to $500K? There is no way people would be buying these to live in.

Montreal has it right: give incentive to renters to claim a small refund so that unit owners are forced to declare their rental investment income.
……………………………………………………………..

That is exactly right as you have stated. We had friends in the west end on Bloor near old Mill. Nobody was interested in being on the condo board with over 45% rentals and that is when the shit starts flowing downhill. Ahh the future of Condo living is going to be left to the old moister retires who will have to carry all the weight on their own. Good luck old people and you thought it was so easy to unload the family home and curl up in the sky. Condo board meeting at 5:00pm don’t forget to bring your wheelchairs and depends these meetings can take quite a bit of time.

#124 James on 07.09.19 at 2:27 pm

Tired of reading your whining about taxation of rich pricks owning multiple properties like yourself. When will it be enough for you, you greedy old bastard? You’ll be dead soon anyway. Wealth needs to be shared not accumulated in the hands of few.

Sigh. – Garth

#125 T on 07.09.19 at 2:39 pm

#119 Pfft on 07.09.19 at 1:44 pm

Now you’re just being ignorant T.

—-

Perhaps I am a little harsh with MF as he reminds me of many of my friends who completely refuse the idea anywhere could be better than Toronto, to the point of relentless arguing, without the experience to back it up.

But to call me ignorant, I have to disagree. I have quite a lot of experience and knowledge. Jerk, maybe. Ignorant, not a chance.

#126 crowdedelevatorfartz on 07.09.19 at 2:49 pm

God help us …..

https://ca.reuters.com/article/topNews/idCAKCN1U423B-OCATP

#127 T on 07.09.19 at 2:54 pm

#123 JB on 07.09.19 at 2:27 pm

#124 James on 07.09.19 at 2:27 pm

Go back to your Xboxes boys, get that rage out on the other losers wasting their time in virtual land. Or go upstairs and cry to your moms. The rest of us will gladly move on without you in the productive world.

What I would do to meet people like this in person. I would love to put faces to these types. They need to be outed as the losers they are.

#128 Hogtown Harry on 07.09.19 at 3:42 pm

#114 T on 07.09.19 at 1:12 pm

“This is sad but unfortunately exactly what I experienced first hand when leaving Toronto for a far better city to the south.

It costs over a million for an average house, it must be a great city. Lol! So ignorant.”

Has it ever occurred to you that anyone who bought before 2005 in the GTA has made a small fortune?Further, there are boomers like me who bought 3 plus decades ago and who own multiple rental properties. Further, when we cash out our principal residence, we can buy elsewhere in the province and then pocket a cool million? I have several friends who have done this in the past year. The GTA is a tough place to start out in now but for us boomers who knew how to invest, it has been better than we could have ever imagined…

#129 jess on 07.09.19 at 3:49 pm

The Danish Prosecution Service said the action was part of an investigation into wide-spread efforts to dodge sales taxes, according to a statement on Friday. Police took the “unusual step” of seizing three Ferraris associated with a company in the Copenhagen area last week, it said.

The development comes as Danish authorities grapple with an historic tax scandal, covering everything from $2 billion in dividend fraud, to systemic tax avoidance by local businesses and households. The affair has shocked a nation that relies on a stable revenue stream to pay for its fabled welfare system. On Thursday, the tax ministry fined lawyers hired by the state after they failed to show impartiality when handling the dividend tax scandal.

“It’s important for society that we secure as many assets for state coffers as possible, when the possibility arises,” Michael Lichtenstein, deputy police inspector, said in the statement. “That’s also the case even if there hasn’t yet been a conviction against any individuals or companies. It’s our experience that suspects often try to conceal their valuables when they know the police has started an investigation against them.”

#130 IHCTD9 on 07.09.19 at 3:58 pm

#117 T on 07.09.19 at 1:28 pm

Insane real estate prices, debt, low wages, terrible weather, and a poorly socialized healthcare system is hell for most people. You will eventually get it. For as intelligent as you seem, it’s taking you some time.
__

Based on all studies studies done regarding Canada’s big cities (Toronto leading the pack), that I’ve read – the hell is only just beginning.

Imagine a Metropolis packed to the gunwales (even worse than now), but with mostly seniors and immigrants from the Middle East, and Africa.

A new trend building now is Toronto dwellers primarily of the Millennial cohort bailing out for other parts of Ontario. I’m guessing this will keep increasing – imho, these are mostly young families, and young families to be. Toronto is not a family friendly city (rich families excepted) – so they leave.

As long as Toronto keeps chasing young families out the door – it will have to import not only it’s workers, but its children as well.

#131 T on 07.09.19 at 4:01 pm

#128 Hogtown Harry on 07.09.19 at 3:42 pm
#114 T on 07.09.19 at 1:12 pm

“This is sad but unfortunately exactly what I experienced first hand when leaving Toronto for a far better city to the south.

It costs over a million for an average house, it must be a great city. Lol! So ignorant.”

Has it ever occurred to you that anyone who bought before 2005 in the GTA has made a small fortune?Further, there are boomers like me who bought 3 plus decades ago and who own multiple rental properties. Further, when we cash out our principal residence, we can buy elsewhere in the province and then pocket a cool million? I have several friends who have done this in the past year. The GTA is a tough place to start out in now but for us boomers who knew how to invest, it has been better than we could have ever imagined…

—–

I also owned two properties and sold both a few years ago. Congrats and being one of the many. It’s not something I brag about, but then again it wasn’t my only win.

My point was (is) many people correlate high housing prices with Toronto being a wonderful city. When, in fact, it’s the opposite. Toronto used to be a welcoming and liveable city, now it’s full of inconsiderate jerks who think they are geniuses because they bought years ago like everyone else as well as bitter people who can no longer afford to live in the city but struggle to do so. I know which side you are on. Keep bragging.

#132 IHCTD9 on 07.09.19 at 4:08 pm

#128 Hogtown Harry on 07.09.19 at 3:42 pm

…The GTA is a tough place to start out in now but for us boomers who knew how to invest, it has been better than we could have ever imagined…
___

So the great Toronto you spoke of earlier is actually just a figment of your memory – recalling the long ago days when an average dude could afford to buy a house there?

The current day Toronto is actually a pretty tough place to live in these days?

Well look at that, we actually agree!

I’ll bet you have just gained many millennial e-friends with a post like that one…

#133 JAMES-JUST WOW on 07.09.19 at 4:17 pm

#124 James on 07.09.19 at 2:27 pm
I’m not going to copy your blog entry, as I found your words, utterly disrespectful, hurtful, insensitive and rude.
I hope you apologize to our generous blog host Garth.

#134 T on 07.09.19 at 4:41 pm

#130 IHCTD9 on 07.09.19 at 3:58 pm
#117 T on 07.09.19 at 1:28 pm

Insane real estate prices, debt, low wages, terrible weather, and a poorly socialized healthcare system is hell for most people. You will eventually get it. For as intelligent as you seem, it’s taking you some time.
__

Based on all studies studies done regarding Canada’s big cities (Toronto leading the pack), that I’ve read – the hell is only just beginning.

Imagine a Metropolis packed to the gunwales (even worse than now), but with mostly seniors and immigrants from the Middle East, and Africa.

A new trend building now is Toronto dwellers primarily of the Millennial cohort bailing out for other parts of Ontario. I’m guessing this will keep increasing – imho, these are mostly young families, and young families to be. Toronto is not a family friendly city (rich families excepted) – so they leave.

As long as Toronto keeps chasing young families out the door – it will have to import not only it’s workers, but its children as well.

—–

Though your comment does come off somewhat racist, I do agree with your premise. Anyone with any sense is packing up as fast as they can and headed towards greener pastures.

Toronto used to be an incredible city. Safe, family friendly, relatively affordable for the majority, liveable. These are qualities which can no longer be attributed to Toronto or to most of the GTA.

At some point in the past 10 – 15 years Toronto decided to go the way of an American style concrete jungle, and has attracted and developed a eerily similar culture and mindset.

‘Toronto the good’ we and the world used to say. Used to…

#135 Hogtown Harry on 07.09.19 at 5:33 pm

“Inconsiderate jerks who think they are geniuses because they bought years ago like everyone else as well as bitter people who can no longer afford to live in the city but struggle to do so. I know which side you are on. Keep bragging…”

You crack me up. You equate my statement of real estate wealth as being equal to being an inconsiderate jerk. I didn’t cause the housing problem and even when homes were much more affordable than now, I was not one of the many who bought multiple properties. Most folks just owned their principal residence. Those who invested in real estate were rewarded beyond their wildest expectations. Further, real estate is PART of my wealth. I am a successful business owner and have an excellent financial portfolio outside of real estate. Sorry bud but that’s just life for those of us who have always been savy with our money. The real estate bonanza is just a bonus, and I don’t claim any financial genius in owning it. I will add though that as soon as the Ontario government put in the world’s largest greenbelt in 2005, I told everyone who wanted to listen that prices were going to soar on residential real estate. Basic economics. Restrict the supply of land for development, keep the demand high and voila, a recipe for high real estate prices…

#136 T on 07.09.19 at 6:34 pm

#135 Hogtown Harry on 07.09.19 at 5:33 pm

Thanks for proving my points. Keep bragging.

#137 Shawn Allen on 07.09.19 at 9:07 pm

Why Gold is basically not real wealth… nor is money!

Financial Post today ran a Bloomberg article that pointed out that we would not all be rich if NASA snagged an asteroid made of gold and distributed all the gold to all people. Instead, gold would then be about worthless.

The article explains that factories and (yes) houses are the real wealth. Not mentioned was the fact that money also is not real wealth though it is a claim on real wealth.

Not sure if most readers can access the link without a subscription / login but here it is.

The article might have implications for BitCoin too. Scarcity is a necessary but not sufficient condition for BitCoin to retain its value. (It also requires demand for BitCoin).

http://epaper.nationalpost.com/national-post-latest-edition/20190709/textview

#138 Smoking Man on 07.10.19 at 2:31 am

Not me.

https://youtu.be/_Jtpf8N5IDE