Choices

Yesterday’s post referenced a honkin’ big white motorhome with a couple of blog dogs at the wheel who rolled into my day. Turns out it was Eric and Kylie. Now I know their story. This just arrived:

Can’t believe we met yesterday like that… especially during Bandit’s bowel movement! And I didn’t even have to do the obligatory suck-up to be mentioned in your blog! Like most everyone probably, we know you but you didn’t know us. .Started reading your blog long ago. Loved your advice of living within your means, staying out of big debt, renting instead of owning if it’s cheaper even when society thinks you’re crazy, and saving and investing to take the extra stress out of life seeing that many of our problems are financially caused. Your take on the overall housing market insanity and FOMO mentality was bang on! Especially as we were living in the Okanagan and Vancouver areas and saw it first hand…

Worked for the same company for 30 years in sales. Rented in the Vancouver area for the last 10 years, because renting was FAR cheaper than owning. Put the difference each month into savings. Don’t own real estate in Vancouver, but have a couple rentals in Phoenix AZ which we bought when the prices were low and the dollar on par (that was my wife Kylie’s great advice!)

So move the clock forward to now….. as we just became empty nesters, and as we decided to move to Australia, we figured what a great time to do a sabbatical and see our great country of Canada! We sold everything, quit my job after 30 years (on a high point!), and hopped in our motorhome and are now taking 9 months off to do so as I wait for my Australian immigration visa to come through!

As I took your advice over all these years, we saved up for this time and are now financially able to do it. What a great feeling to do this now in our 50’s while we are still young and healthy enough to do it. No kids, no job, no house, no cars, just the motorhome and having a blast. Almost 11,000 kms so far and we haven’t even made it to Newfoundland!”

I got pix, too. E&K smiling on Parliament Hill. E&K happy in a campsite. And a fetching shot of E&K’s bloated bus in front of a mountain. And now off they go Down Under.

So let’s contrast the screw-it-we’re-off-on-an-adventure choices E&K are making with the dismal, desperate real estate reality of Bill and Teresa Rambold, a Calgary couple whose lives have been ruined by a house – their dream home, now tenanted and sinking.

Construction started five years ago in the tony Mount Royal hood, just as Alberta went into a funk and the housing market croaked. The place cost $3 million to build, but shortly after completion was assessed by the city at $1.6 million. Ouch. Drowning in debt, B&T are unable to sell the place for enough to cover liabilities. Trapped. They’re prisoners to a home they apparently cannot afford to even live in. It’s a classic example of how much risk there can be in recklessly pursuing a one-asset strategy (as most Canadians do).

Now they hope to claw their way out with a form of crowd-funding. Their salvation will come if least 100,000 people will send them $35 and a cutesy pet picture. The winner gets the house. B&T get $3.5 million to pay off their debts. Two runners-up receive fifty grand each. Plus there may be a hundred left over for animal charities. The concept isn’t new, since a handful of other Canadian couples have tried this when confronted with a house nobody wants to pay for. But there’s no evidence the strategy has succeeded. Nor is it likely this time. However full marks for glitz and creativity, as you can witness at the official, begging web site.

Two couples. Two divergent paths in life. Freedom and flexibility on one hand. Indenture and stagnation on the other.

If you’re lucky, real estate can build wealth. If you’re unlucky, it can destroy you. And the things which dictate this outcome – monetary policy, bank rates, economic conditions, commodity markets, political changes – are beyond the control of any one person or family. Unlike having a diversified liquid portfolio, putting all net worth in a single, leveraged asset can be financially fatal. Asking strangers to bail you out must be humiliating. And futile.

RV or mansion? No brainer.

109 comments ↓

#1 The Wet One on 07.31.19 at 2:38 pm

Choices really matter. A very great deal.

Good stuff Garth.

Also, first!

#2 Axehead on 07.31.19 at 3:01 pm

I know the hood, Garth. You muat be a rich oil baron or inherit a pipeline to live there. Mount Royal.

#3 Sail away on 07.31.19 at 3:32 pm

Haha- Genworth (MIC.TO) mortgage default insurance company shot up 8% this morning on strong quarterly results. This in addition to succulent 4.58% dividend and increase of 20% since Dec 2018.

My sincere thanks go out to everyone who pays mortgages and helps provide my family with money, freedom and happiness.

There’s nothing wrong with investing completely in ETFs, indexes, and bonds, but it sure is exhilarating when a big equity position succeeds.

#4 Sail away on 07.31.19 at 3:33 pm

#2 Axehead on 07.31.19 at 3:01 pm

I know the hood, Garth. You muat be a rich oil baron or inherit a pipeline to live there. Mount Royal.

—————————————————

Not anymore, apparently.

#5 Dean on 07.31.19 at 3:39 pm

Wow……people and their stunningly poor life choices never cease to amaze me.

#6 IHCTD9 on 07.31.19 at 3:46 pm

Nice house, good pics on the beggar website.

Be nice to know what the annual tax bill is on that place.

#7 Andrewski on 07.31.19 at 3:49 pm

Yet again financial illiteracy rears it’s ugly head with your story about the Rambolds bold beg!
E&K heard, listened & implemented what too many just dream about.
Unfortunately when positive stories like E&K are highlighted, the naysayers come up with myriad excuses about how & why they can’t do the same.
Poppycock.

#8 Sharon Simms on 07.31.19 at 3:50 pm

Sail away, 4.58% is succulent. I remember when dividend yields were in the 9% to 11%. Now, you think that 4.58% is going to stick around. Good luck when your shares look like Ginnie Mae, Freddie Mac.

#9 Jack Cantonel on 07.31.19 at 3:59 pm

About MIC.TO, Genworth, it did reach a low of about $19.50 Canadian back in 2010-January so it is possible that it could drop 55% to 60% from current $45-46 price range. You have to careful with these 1% to 1.5% higher dividends yields as they can be wiped out in a matter of days or sooner.

#10 Bob on 07.31.19 at 4:13 pm

I guess the question in the back of my mind for your RV folks Eric and Kylie is why they would want to leave Canada after spending all their lives here? Especially in their mid fifties…

Just wondering…

#11 jess on 07.31.19 at 4:17 pm

restructuring rather than recruiting
Citigroup Is the Latest Casualty in Wall Street’s Trading Nightmare

By Pam Martens and Russ Martens: July 30, 2019 ~
http://wallstreetonparade.com/2019/07/citigroup-is-the-latest-casualty-in-wall-streets-trading-nightmare/
Citigroup Inc. is preparing to cut hundreds of jobs in its trading division –
https://www.bloomberg.com/news/articles/2019-07-18/wall-street-s-trading-desks-face-worst-first-half-in-a-decade

Growing list of firms are firing as trading revenue falls anew
‘The rest of Wall Street is thinking the same way,’ Harte says
===========================
TC Energy Sells Power Plants to Ontario in $2.2 Billion Deal
Ontario Power to buy Halton Hills, Napanee, Portlands holdings

#12 Leo Trollstoy on 07.31.19 at 4:21 pm

We sold everything, quit my job after 30 years (on a high point!)

Congratulations

I also got a 2 year severance package lump sum after retiring. That’s as high as it gets!

#13 Sail away on 07.31.19 at 4:28 pm

#8 Sharon Simms on 07.31.19 at 3:50 pm

Sail away, 4.58% is succulent. I remember when dividend yields were in the 9% to 11%. Now, you think that 4.58% is going to stick around. Good luck when your shares look like Ginnie Mae, Freddie Mac.

—————————————————–

Yes, I remember 9% to 11% as well. It was earlier today. Now, if we’re to discuss safe dividends in today’s interest rate environment, that’s a different discussion.

Genworth has doubled for me in 4.5 years, so about 16% annual return before dividend. Do you have something intelligent to add, or would you prefer to discuss the falling sky?

#14 Cottingham a bargain on 07.31.19 at 4:34 pm

Somebody tell me how many F$&kin real estate agents do you need in the big smoke ?

I think there are enough of them and enough signs and ads to pepper all of 52 states south of us a few times over .

Positively ridiculous how many there are

#15 Doghouse Dweller on 07.31.19 at 4:35 pm

Just landed home from an east coast, puffins, whales and lobster tour. Looks like a lot of Canuks are spending their vacation money in Canada.
So what happens when someone uninvited knocks on the Honourable Garth Turner`s Private Office Door ?

#16 Mattl on 07.31.19 at 4:43 pm

E&K were renting in Van while being landlords in AZ. It would be interesting to see if they would have been better off buying in Van ten years ago and foregoing being landlords – the YVR place would have avoided cap gains, they would have avoided 10 years of rent, and homes in YVR in the past decade are up more then 2x.

Either way, they made a bucket load on RE and RE is likely one of the reasons they are able to retire early and travel. Good on them, but I don’t see these as being typical renters /savers, they were pretty all in on RE with a couple homes in another country.

As for the Calgary couple, charts show SFH are up around 20% the past decade, relatively flat the past 5 . Not sure how they managed to take such a bath, I guess the top end of that market fell out when the oil money dried up?

#17 Smartalox on 07.31.19 at 4:44 pm

Boy that Mount Royal build has got to hurt.

Classic rookie mistake in Real Estate Speculation: not controlling the cost of the build. Delays, re-work, contractor turnover? Every minute not spent completing the job eats into your profit. From day one.

Eating away at your profits may not be a prime consideration when you’re planning to move in at the end of construction, because it’s your dream home and you plan to live in the house for years, but yeah, it’s easy to get in WAY over your head.

#18 Jacob Stephens on 07.31.19 at 4:46 pm

I remember about the 4% rule of not having more than 4% in any one individual stock. Basically 25 stocks in total for the equity part of your portfolio in different types, sectors, industries and businesses.

However, as stocks are now at an all time high and there has not been at least a 15% to 20% correction in a long time, guessing a year maybe more, I think having only 25 stocks is real risky now.

#19 FreeBird on 07.31.19 at 4:54 pm

Congrats to Erik and Kylie! Both are about my age. I’m sure this will cue the ‘yes but…’ comments. So be it. Hubby and I are in a 60/40 GF approved portfolio as of a few yrs ago. Yes a bit late but once we got our wake up call and did what we had to and could to get invested there was no looking back. Early is best but never too late (well maybe at some point) to do something. Take the advice and book your tickets. A just retired friend of ours did and she’s looking forward to her new rental condo by the water and grandkids and the freedom to travel.

#20 yvr_lurker on 07.31.19 at 5:01 pm

These two diametrically opposed examples in my view, and in the language of statistics, “outliers” or “rare events”. Surely it is anomaly for a couple to think that spending 3M to create a mega-house over a multi-year period in Calgary in Mount Royal (where the average house is nowhere near that) is a wise financial decision. I doubt that many would have taken on such extreme risk. Likewise to sell everything off and leave your grown-up kids without a home base, leaving friends and community behind, and head off to live in Australia and parts unknown is not what most would do in their 50s.

There is a wide range of options between these two extremes that still makes good financial sense. Don’t pickle yourself in debt, but don’t sell the family house unless you absolutely have to.

Why is it a ‘family’ home when the family leaves? – Garth

#21 Dolce Vita on 07.31.19 at 5:08 pm

“RV or mansion?”

Neither.

#22 Josh on 07.31.19 at 5:14 pm

My wife and I rent a condo on the cheap a block outside of Mount Royal. Frequently go for walks in this neighborhood and hang in their quiet little parks. There are A LOT of houses like this in that hood. We often wonder how so many people can afford places like this. Turns out some of them can’t.

#23 Doghouse Dweller on 07.31.19 at 5:15 pm

#15 Doghouse Dweller
So what happens when someone uninvited knocks on the Honourable Garth Turner`s Private Office Door ?
————————————————
No response ! Thats what I thought. A unique building in a charming town.
I had visions of a smoking dude trap door to the dungeon under the vault.
That Academy building is amazing I sure hope it gets preserved.

#24 SunShowers on 07.31.19 at 5:23 pm

Going to get a professional to snap a few photos of Bandit and enter the contest, Garth?

#25 Linda on 07.31.19 at 5:23 pm

Too bad for the Calgary couple. They are not the first to get caught short by economic downturns. I’m just guessing they were making very healthy incomes before the price of oil dropped & companies began to punt employees out the door.

#26 devore on 07.31.19 at 5:26 pm

#10 Bob

I guess the question in the back of my mind for your RV folks Eric and Kylie is why they would want to leave Canada after spending all their lives here? Especially in their mid fifties…

Because they can? Why would you want to be stuck in one boring country when you can live anywhere in the world.

#27 Dolce Vita on 07.31.19 at 5:26 pm

May 2019 MoM GDP +0.2%.

Seasonally adjusted.

We’ll never know what the true numbers are.

Why so suspicious?

They show Retail & Wholesale Trade as negative growth, in THE peak month for Retail & Wholesale. You know, after Winter Canadian’s do no gardening, wedding planning, buying appliances, planning vacations, etc. They keep on staying in their hibernation dens.

Mysteriously, Transportation & Warehousing up. Conundrum much?

StatCan is no longer for the people, they are at the BECK AND CALL of their Political Lords and Masters.

#28 Sail away on 07.31.19 at 5:27 pm

#8 Sharon Simms on 07.31.19 at 3:50 pm

Sail away, 4.58% is succulent. I remember when dividend yields were in the 9% to 11%. Now, you think that 4.58% is going to stick around. Good luck when your shares look like Ginnie Mae, Freddie Mac.

——————————————————-

The thing is, Canadians barely ever default on their mortgages. In the example Garth gave today, the owners are probably fully up to date on their completely underwater mortgage.

#29 DaleFromCalgary on 07.31.19 at 5:28 pm

The only people who belong in Mount Royal are those who pay cash for a house there out of their personal chequing account.

I live just southwest of Mount Royal in the South Calgary/Altadore district. It is filled with new 2-story infills that sold for about $900,000 new and are now being relisted at $700,000 to $800,000. Within two blocks of me, about half the infills have For Rent signs. My neighbour across the street is using his infill as an AirBnB, living on the top floor and renting the main floor.

Second Samuel 1:27
How the mighty have fallen.

#30 yvr_lurker on 07.31.19 at 5:28 pm

Why is it a ‘family’ home when the family leaves? – Garth

—–

To each their own, but for me the thought of keeping some family home for the kids, grandkids, old friends etc., to drop by is a nice idea. It doesn’t mean that one is glued to one place, i.e. that you can’t travel for 3 months a year, but having some long-term base where extended family could easily visit would be what I would want….. however, as I said, to each their own…

#31 TheDood on 07.31.19 at 5:35 pm

#10 Bob on 07.31.19 at 4:13 pm
I guess the question in the back of my mind for your RV folks Eric and Kylie is why they would want to leave Canada after spending all their lives here? Especially in their mid fifties…

Just wondering…
__________________________
If they have the means, why not? Canada is not the only game in town, lots of great places to spend your time on this planet.

__________________________

#16 Mattl on 07.31.19 at 4:43 pm
E&K were renting in Van while being landlords in AZ. It would be interesting to see if they would have been better off buying in Van ten years ago……

Either way, they made a bucket load on RE and RE is likely one of the reasons they are able to retire early and travel……………they were pretty all in on RE with a couple homes in another country.
___________________________
Why would it be interesting? They made their money by saving and not bothering with RE.

They weren’t “all in on RE”, nor did they make their money in RE, they saved and lived within their means.

#32 BobC on 07.31.19 at 5:58 pm

#10 Bob

I had the same question in my mind. Canada is far more beautiful then Australia. If it’s a real nice rv there’s an awful lot to see in North America.

#33 Eaglebay on 07.31.19 at 6:11 pm

#26 devore on 07.31.19 at 5:26 pm
“Because they can? Why would you want to be stuck in one boring country when you can live anywhere in the world.”

Do you mean another boring country? Canada is not boring unless you’re stuck in the city.
I enjoy all seasons, outdoors and sometimes indoors. Here on Vancouver Island, we have the mountains, the rivers, the lakes and most importantly the ocean. We can hike, fish, hunt, explore, boat and you name it. I wouldn’t trade this country for anything. I wouldn’t mind a bit more snow and cold sometimes.

#34 AACI Homedog on 07.31.19 at 6:15 pm

Bird dog !

#35 Rainman on 07.31.19 at 6:27 pm

#20 – I agree
Garth – Many in-betweens. Maybe they don’t have kids our grand kids, then I get it. I’m big on the travel, but a home base and community are also big. The two examples are on opposite extremes and are good for blog talk I guess, but not much else.

#36 tccontrarian on 07.31.19 at 6:31 pm

Have a friend who lived in Australia for about 5 years (in the 1990s). When I asked him about the main differences he smiled and said, “well, for one thing, there are a lot more creatures there [Australia], that can kill ya!”
Snakes, scorpions, spiders, Great Whites, … even freakin Kangaroos! No thanks.

Liking the RV idea, when the kids move out. Too many places in NA that I haven’t been to (Canada and especially USA). I’m sure I could spend 5 years on the road and not see it all. And then, there’s Europe…

tcc

#37 Hogtown Harry on 07.31.19 at 6:31 pm

“If you’re lucky, real estate can build wealth. If you’re unlucky, it can destroy you.”

No truer words were ever spoken! Anyone who bought in the GTA prior to 2005 has made a fortune in real estate. We won’t even mention those who bought decades ago in Hogtown… I know immigrants who bought in little Italy in the 1950s and have never sold. Many of these properties are worth close to and some north of $2 million depending on what renos were done.

Latest industry report on real estate in the GTA. Year over year per cent change for the 416: Detached -1.6%, semi-detached +5.4%, townhouse +9.2% and condo +5.1%. For the 905 the numbers are : -.7%, +4.3%, +1.6% , +7.7%.

From both the 416 and 905 you can see that buyers are bidding up the less expensive properties while the detached homes, being the most expensive have sagged.

#38 Russ on 07.31.19 at 6:32 pm

Hey Erik,

What motorhome did you choose?

The missus and I are kicking around the options, such as motorhome, pull trailer, 5th wheel hitch trailer or car/van & hotel/motel.

Cheers, R

#39 mark on 07.31.19 at 6:44 pm

Good grief, why would they want to come to Australia?

#40 Ace Goodheart on 07.31.19 at 6:54 pm

Coming soon to a Newspaper near you:

Having just won a minority government, the Federal Libs announce a Coalition government will be formed with the Greens. On the Eve of the announcement, Lizzie cannot be found, and is later located in a local Ottawa comedy club, where she has to be removed by her handlers due to trying to get on stage and appearing “a little tipsy”.

The following day, the Libs announce their “housing for all” national plan. Titles to all homes will be transferred to the government. Homeowners then shall be required to submit reasons why they should be allowed to continue to live there. If you have a lot of female children and are a woman, then that is positive points. Male children give you negative points. Single men, especially older ones, should start packing.

Anyone under 40 gets to automatically stay in their house, but they assume a life time mortgage with the Feds. The mortgage is geared to inflation, so it never actually can be paid off, and will go up every year. The government will guarantee that your equity will be preserved.

Millennials across Canada are estatic. Sarah from Toronto writes “this is amazing. I get to keep the four condos that I own and rent out, while living with my parents still. I get to take over my parents’ house, and have a home of my own”. When asked where her parents will go, she has a blank stare. “Who?” she asks, not seeming to understand the question.

The Greens announce with support of the Libs, that carbon burning activities are banned. Canada’s major industries collapse. The government is fine with this, as it will save the planet, and that is all that matters.

“The Budget will balance itself” we are told, as our large companies flee across the border to the USA.

As Canada descends into the status of a have-not socialist failed state, the Feds announce massive new taxes, aimed at “equalizing everyone” as they feel that some people still pay more tax than others. It is important, they say, to tax everyone the same, and the only way they can do that, is to keep raising everyone’s taxes, until pretty much all your money goes to tax.

Then we will all be taxed fairly, as there will be no money left anyway.

The government keeps a special registry of people who will not have to be taxed to death, and get to keep their houses. This is known as “tax and housing fairness” as these people are politically well connected, and need to have somewhere to live and money to spend, for the greater good.

Coming soon to a newspaper near you……

#41 Blacksheep on 07.31.19 at 6:54 pm

Talk about relevant…

My wife and I just finished an epic 3 week Motorhome tour down the west coast, all of Oregon and 1/2 of the Cali coast until it got just to twisty for the wifes comfort, then to San Francisco, D-land in Anaheim, Palm Springs, Joshua Tree, Grand Canyon Skywalk, Laughlin, Vegas, Reno, then back to the Oregon coast to ride Polaris RS1-1000’s. (ICH-D9?) Then Salem, Portland and finally home.

A bit of eye opener, with homeless visible in literally every single town. San Francisco’s broken up roads are an absolute embarrassment / shit show. Most small towns in varying stages of decay, with shut down manufacturing / retail / gas stations. Think ‘Little pink house’s’ on steroids.

For anyone bitching about Canada’s housing costs, I would suggest a little road trip to see how many are living (existing?) to the south of us. The middle class seems almost gone with the extremes of upper class wealth or lower class poverty on display.

Also the theory that Canada has a lot land so RE should be cheap, evaporates when going through the SouthWest desert in Nevada ect. There are millions of acres with nothing on them but sand, cactus and vultures. A very inhospitable environment to humans with zero opportunity for employment.

Much like the upper half of Canada.

Not ready to retire (@ 55 yrs) as we have it too good with our little business providing decent income, with minimal baby sitting required on our part.

You gotta live while your healthy cause life can turn on a dime, as we’ve seen with people we know our age or younger.

Money awesome, but it’s useless without your health…

#42 Mattl on 07.31.19 at 7:00 pm

#31 TheDood on 07.31.19 at 5:35 pm

_____________________

#16 Mattl on 07.31.19 at 4:43 pm
E&K were renting in Van while being landlords in AZ. It would be interesting to see if they would have been better off buying in Van ten years ago……

Either way, they made a bucket load on RE and RE is likely one of the reasons they are able to retire early and travel……………they were pretty all in on RE with a couple homes in another country.
___________________________
Why would it be interesting? They made their money by saving and not bothering with RE.

They weren’t “all in on RE”, nor did they make their money in RE, they saved and lived within their means.

————————————————————

I take it you missed the part where they bought TWO homes in Phoenix? Dood, they own/owned two homes, that is a pretty big play in RE. Anyone that owns two homes and rents one is more a homeowner then a renter. In fact more of a RE investor then anything.

I’m not knocking them, god bless them. But they aren’t your classic rent and save family, they made a pretty big RE play and it has REALLY paid off. I suspect it’s a large part of the reason they can sell everything and retire early. Two homes, RE would have been a big piece of their net worth.

#43 Ronaldo on 07.31.19 at 7:14 pm

XEG lowest since June of 03. Maybe a good time to buy?

#44 Ustabe on 07.31.19 at 7:19 pm

#38 Russ on 07.31.19 at 6:32 pm

Hey Erik,

What motorhome did you choose?

The missus and I are kicking around the options, such as motorhome, pull trailer, 5th wheel hitch trailer or car/van & hotel/motel.

Cheers, R

Hotels/motels get expensive and you ever see a room in one under a black light?

A van or motorhome means you either have to tow a sightseeing vehicle or leave your campsite empty while you sight see.

Any towed unit means you can leave your site and trundle off on a side trip without the fuel expense of pulling all that weight.

With the smaller trailers you can get into places that the bigger stuff can’t. Loads of very nice campgrounds don’t have the room for a huge 5th wheel and the places that do are often not the type of place you’d want to spend time in.

Lastly, the big units both motorized and towable don’t hold value at all while the smaller quirky stuff does. Bolers, Calistas, Teardrops, etc all sell for good dollars on the used market, in some cases for as much or more than original cost.

My Teardrop was $8,000 CAN six years ago. We were offered, unsolicited, $10,000 for it on our last trip, guy was 80% serious. My insurance broker insists on the replacement cost insurance being set at $13,000.

#45 Dave on 07.31.19 at 7:36 pm

Crowd funding for being stupid and greedy? Come on, who needs a 3 million dollar home? How about crowd funding for those in need? And why live in Calgary if you can spend 3 million on a home? For the lovely winters?

#46 Ronaldo on 07.31.19 at 7:36 pm

#41 Blacksheep

Also the theory that Canada has a lot land so RE should be cheap, evaporates when going through the SouthWest desert in Nevada ect. There are millions of acres with nothing on them but sand, cactus and vultures. A very inhospitable environment to humans with zero opportunity for employment.
—————————————————————–
We do have a lot of land for sure. Check this out.

https://www.huffingtonpost.ca/2014/04/17/canada-empty-maps_n_5169055.html

#47 Ronaldo on 07.31.19 at 7:49 pm

Still some greater fools out there.

https://www.theglobeandmail.com/real-estate/toronto/article-west-end-toronto-bungalow-sells-on-bully-offer/

#48 6MilionDollarMan on 07.31.19 at 7:50 pm

RV or mansion? No brainer.

It is a no brainer. I will take both, thank you.
Isn’t that why I worked hard and played smart all of my life? So I didn’t have to make decisions like this.

#49 Ronaldo on 07.31.19 at 7:52 pm

#45 Dave on 07.31.19 at 7:36 pm
Crowd funding for being stupid and greedy? Come on, who needs a 3 million dollar home? How about crowd funding for those in need? And why live in Calgary if you can spend 3 million on a home? For the lovely winters?
——————————————————————
Keeping up the image can be hazardous to your financial health.

#50 Shawn on 07.31.19 at 8:12 pm

Was 77 cents the top for $CAD?

#51 Flop... on 07.31.19 at 8:14 pm

#72 yvrmc on 07.30.19 at 10:02 pm
I lost my best buddy a few days back from a heart attack. He was 62. His wife and he were going to retire a year from now. They had it all planned out . Kids grown, saving and investing done. Just sell the house the cabin and her business. I kept saying to him why wait one more year ? Your pensions gonna be like $50 a month less , who cares. Take the retirement now. He never got to retire. If you can retire , then do it.!! No-one knows whats around the corner . I’m so freakin sad we will never meet up on all the RV trips we talked about……

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

I will take this post from yvrmc from yesterday and roll it over into today’s blog.

He posts as yvrmc, but I call him North Shore Mike as there were two regular contributor to my blog named Mike.

My Condolences North Shore.

I had a camping trip that I was looking forward to but never got to take with someone you guys might be familiar with.

Roy Stacey, also known as Boom died not long after retiring.

He never ventured out west and never got to see the Rockies before drawing his final breath.

He wanted to do it one day and if he got his own R.V I was going to meet him there, or if he thought it was going to cost himself too much I was willing to lend him mine.

One statement I once made to my wife about this still makes me laugh and cry at the same time.

“If I’m ever going to lend my vehicle to some dude on the Internet , then this is the guy”

Loved that guy…

M45BC

#52 Arctic Gringo: Qalunaaq on 07.31.19 at 8:19 pm

Not all roads connect to all provinces and territories in this wonderful land – jurisdiction number 13 is not connected by road to mainland Canada. The motorhome can try it though. That, or use a GTA monthly mortgage payment to fly into the Canadian tundra.

My east coast fisherman genes tell me to head back east – FIRE at 40.

#53 david on 07.31.19 at 8:49 pm

would love to know how that plays out for tax purposes for the “winner”. sounds like an illegal lottery to me, but as long as everyone is happy…

#54 Spectacle on 07.31.19 at 8:51 pm

Regarding ::
” #38 Russ on 07.31.19 at 6:32 pm
Hey Erik,

What motorhome did you choose?

The missus and I are kicking around the options, such as motorhome, pull trailer, 5th wheel hitch trailer or car/van & hotel/motel.

Cheers, R ”
———————//—————
No, stop….Rent , Rent, Rent.
Soo many amazing RV’s looking for renters like you.

Thank me later by shipping a small case of Single Malt to Garth. Better Yet, hand it over to him yourself.

Rent it, as you know by reading here. Invest the rest!

M

#55 IHCTD9 on 07.31.19 at 9:03 pm

#137 AGuyInVancouver on 07.31.19 at 6:39 pm
#41 IHCTD9

..All forms of outdoor entertainment are right at your doorstep. ATVing, fishing, hunting, you name it. ..
_ _ _
Yawn. Rather than killing things, how’s the professional sports team? The symphony? The museums? The restaurants?

There’s a reason people are flocking back to cities.
———-

Yeah, the reason is jobs and enclaves. The young folks looking to start families are actually bailing out more every year.

Who cares about watching pro sports? You should know as the Canucks ticket sales have been dropping double digits every year since 2014.

As far as museums and music goes, we’ll head out to Toronto or Ottawa if there is something worth looking at. I’m cool with a 2hr drive once every couple of years, I’m sure as hell not going to live in these cities 365 days so I can walk to ROM 1/730 days.

I frankly don’t get much enjoyment out of sitting on my ass watching stuff or eating stuff.

Do folks in the city eat their meat while it’s still alive? You’re not one of those guys that thinks eating your kill or fish that you caught is less humane than eating a cow from a slaughterhouse that was shot with a stunner, chopped into pieces while still alive, and then tossed into a grinder, are you?

#56 Comrade on 07.31.19 at 9:15 pm

Seriously?! That is another level of desperation. How is this helping pets again, when 90% of funds are going towards their mortgage?
I should start making bad choices and start saving animals too.

#57 Flop... on 07.31.19 at 9:41 pm

I guess this post relates more to yesterday too, but I also decided to live in a small village.

The name of that village is Vancouver.

Within a 15 minute walk I get to do the following things.

Doctor
Dentist
Chiropractor
Banking
Supermarket
Restaurants
Two heavy hitter coffee shops that don’t need my money or free advertising.
10 fruit and vegetable stands
Two dollar stores.
Mop chop.
Two liquor stores.
Post office, do people still use these things?

Lots and lots more.

15 minute commute to various addresses on the Westside for construction projects.

5 minute walk for Mrs Flop but I can’t say too much now that I’ve got a stalker.

My vehicle can be a pig on gas out on the highway, around town it is fine.

Don’t drive it much on weekends as everything is already on my door step.

Only go downtown Vancouver once or twice a year, it could slide into the ocean and not much would change up in my hood 6kms away.

If you are going to move, I recommend moving to somewhere where a lot of this this type of stuff is within walking distance.

Small town or big city.

Makes a big difference to stress level, time management and quality of life…

M45BC
.

#58 Spectacle on 07.31.19 at 9:41 pm

#55 IHCTD9 on 07.31.19 at 9:03 pm
#137 AGuyInVancouver on 07.31.19 at 6:39 pm
#41 IHCTD9

..All forms of outdoor entertainment are right at your doorstep. ATVing, fishing, hunting, you name it. ..
_ _ _
Yawn. Rather than killing things, how’s the professional sports team? The symphony? The museums? The restaurants?

There’s a reason people are flocking back to cities.
———-

Yeah, the reason is jobs and enclaves. The young folks looking to start families are actually bailing out more every year.

Who cares about watching pro sports? You should know as the Canucks ticket sales have been dropping double digits every year since 2014.

As far as museums and music goes, we’ll head out to Toronto or Ottawa if there is something worth looking at. I’m cool with a 2hr drive once every couple of years, I’m sure as hell not going to live in these cities 365 days so I can walk to ROM 1/730 days.

I frankly don’t get much enjoyment out of sitting on my ass watching stuff or eating stuff.

Do folks in the city eat their meat while it’s still alive? You’re not one of those guys that thinks eating your kill or fish that you caught is less humane than eating a cow from a slaughterhouse that was shot with a stunner, chopped into pieces while still alive, and then tossed into a grinder, are you?
———-::::::————–
So well worth a re-read!
AS soon as you get 100 km from a Lu Lu Lemon store or Starbucks, your point is Exacting in every way !

Where is the rifle or shotgun, at the front door by the non existent umbrella .
Nobody in the hair bun, rainbow socks postal code wants to hear or admit it. Enjoy your parade……

Thank you for stating it simply and accurately. Pretty much the backbone of civilization, hunting, fishing, digging for diamonds, oil or gold. Welcome to Canad my friends. Invest wisely ( aka, the Turner blog way ).

M

#59 Spectacle on 07.31.19 at 9:42 pm

#55 IHCTD9 on 07.31.19 at 9:03 pm
#137 AGuyInVancouver on 07.31.19 at 6:39 pm
#41 IHCTD9

..All forms of outdoor entertainment are right at your doorstep. ATVing, fishing, hunting, you name it. ..
_ _ _
Yawn. Rather than killing things, how’s the professional sports team? The symphony? The museums? The restaurants?

There’s a reason people are flocking back to cities.
———-

Yeah, the reason is jobs and enclaves. The young folks looking to start families are actually bailing out more every year.

Who cares about watching pro sports? You should know as the Canucks ticket sales have been dropping double digits every year since 2014.

As far as museums and music goes, we’ll head out to Toronto or Ottawa if there is something worth looking at. I’m cool with a 2hr drive once every couple of years, I’m sure as hell not going to live in these cities 365 days so I can walk to ROM 1/730 days.

I frankly don’t get much enjoyment out of sitting on my ass watching stuff or eating stuff.

Do folks in the city eat their meat while it’s still alive? You’re not one of those guys that thinks eating your kill or fish that you caught is less humane than eating a cow from a slaughterhouse that was shot with a stunner, chopped into pieces while still alive, and then tossed into a grinder, are you?
———-::::::————–
So well worth a re-read!
AS soon as you get 100 km from a Lu Lu Lemon store or Starbucks, your point is Exacting in every way !

Where is the rifle or shotgun, at the front door by the non existent umbrella .
Nobody in the hair bun, rainbow socks postal code wants to hear or admit it. Enjoy your parade……

Thank you for stating it simply and accurately. Pretty much the backbone of civilization, hunting, fishing, digging for diamonds, oil or gold. Welcome to Canad my friends. Invest wisely ( aka, the Turner blog way ).

M

#60 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.31.19 at 10:01 pm

Bring that RV to Toronto!!

98 DAYS UNDEFEATED!!!!!!!!

The Make Believes are incredible and so is the GTA!!

#61 crowdedelevatorfartz on 07.31.19 at 10:45 pm

@#128 IHCTD9
“lobster and fish up the wazoo…..”

++++++

Yep.
Been here almost 2 weeks.
Had to have a Caesar salad today…..
My gullet was stuffed to the gills with seafood.
Couldnt take any more.

#62 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.31.19 at 11:08 pm

Drive that RV to Toronto, Home of the Make Believes!

98 DAYS UNDEFEATED!!!!!!!!

#63 Nonplused on 07.31.19 at 11:42 pm

I visited the website and smell a scam. It is not a lottery it is a photo judging contest. That means the judges get to decide who gets the house. I bet it will be someone related to the operators of the scam. I will be surprised if someone doesn’t end up in jail over this.

PS obviously don’t fall for this scam. If it were a true lottery your chances of winning would be 1/100,000, but given that it is a “judged” contest your odds are 1 in sweet nothing. The “winner” has probably been pre-selected.

Best to just let the bank handle this one. If you want to win a dream home Stampede lotteries is still your best bet. An the Stampede dream homes aren’t in Mount Royal, which if anything is a selling feature. There is nothing more depressing than living beside the people who own everything.

#64 Spectacle on 07.31.19 at 11:54 pm

#51 Flop… on 07.31.19 at 8:14 pm

Just Wow Flop. A appreciate your input on Garths blog.

It effects you ; Means you are a stellar, and rare human.

Too bad about that issue you have about posting online. Something tells me that it will go away on its own.

Garth is a bit of an example of dealing with creepy lurkers.

Cheers, Flop, keep the spirit & keep posting on the Dog Blog!

Ps: I am a Cohiba Esplendidos & 3/4 of an amazing bottle of Red , to the wind in celebration of my nephew. Got to celebrate life and loss; a circle of balance.

#65 Also in Cowtown on 08.01.19 at 12:00 am

#45 Dave: And why live in Calgary if you can spend 3 million on a home? For the lovely winters?

Actually, the lovely winters is one of the several reasons my spouse and I moved here 34 years ago. I enjoyed one hundred ski days the past two winters – what is not to like?

#66 Jon B on 08.01.19 at 12:11 am

The RV is a great option. Check out the book “Nomadland”.

#67 Retief on 08.01.19 at 12:42 am

Why do people assume? Just because E&K bought a couple of rentals in Arizona during the Great Financial Crisis, does not mean they are heavily into Real Estate. Back then you could easily buy two units for well under $100K total. With the dollar on par and for a while better, that was a great deal and opportunity. Likely the price has increased multiple times since then and the US dollar has appreciated over 30%. Plus all that rental income over the past 10 years steadily increasing. Just because real estate is stupid priced in Canada does not mean it is everywhere else. I think they should commended on taking that big risk back then and being very smart about it. Stop questioning the smart choices and start questioning your own assumptions.

p.s. Thanks Garth. (especially for your patience and tolerance with the steerage)

#68 Not So New guy on 08.01.19 at 12:43 am

@ #40 Ace Goodheart on 07.31.19 at 6:54 pm

Coming soon to a Newspaper near you:

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

The best comedy/satire takes the truth and pushes just a bit in the direction of absurd.

I think you did a fine job here but maybe you were a little too close to the truth. A scary thought indeed

It makes me shudder to think how close were are to a what-just-happened socialist dictatoship

#69 DON on 08.01.19 at 12:45 am

#42 Mattl on 07.31.19 at 7:00 pm

#31 TheDood on 07.31.19 at 5:35 pm

_____________________

#16 Mattl on 07.31.19 at 4:43 pm
E&K were renting in Van while being landlords in AZ. It would be interesting to see if they would have been better off buying in Van ten years ago……

Either way, they made a bucket load on RE and RE is likely one of the reasons they are able to retire early and travel……………they were pretty all in on RE with a couple homes in another country.
___________________________
Why would it be interesting? They made their money by saving and not bothering with RE.

They weren’t “all in on RE”, nor did they make their money in RE, they saved and lived within their means.

————————————————————

I take it you missed the part where they bought TWO homes in Phoenix? Dood, they own/owned two homes, that is a pretty big play in RE. Anyone that owns two homes and rents one is more a homeowner then a renter. In fact more of a RE investor then anything.

I’m not knocking them, god bless them. But they aren’t your classic rent and save family, they made a pretty big RE play and it has REALLY paid off. I suspect it’s a large part of the reason they can sell everything and retire early. Two homes, RE would have been a big piece of their net worth.
*********************

Mattl you are making lots of assumptions on their Arizona RE holdings. You don’t know their timeline and what happened in Arizona since 2009. And the decline in real estate still seems to have momentum. Things are slowing. The roller coaster ain’t over yet and conditions are not the same. If the US can go through an housing price decline so can Canada. Houses are too expensive for local wages in most areas. How can young people jump on the property ladder if prices keep going up. Because a lot of people jumped into the market taking on big monthly payments thinking that it was a great investment opportunity and they could always cash out if they ran into trouble.

New listings signs are making their appearance only to differentiate from the houses sitting on the market for the last 6 months or longer.

#70 Russ on 08.01.19 at 12:51 am

#44 Ustabe on 07.31.19 at 7:19 pm

# 54 Spectacle on 07.31.19 at 8:51 pm
———————//—————
No, stop….Rent , Rent, Rent.
Soo many amazing RV’s looking for renters like you.
=======================================

Thanks for the replies guys.

Spectacle:
Can you give some good rental sites to checkout?

Ustabe:
I favour a 17′ tandem axle pull trailer for the sight-seeing versatility and possible truck fuel economy but like to hear opinions from guys who are actually out there.

I did the math on running my vintage GMC class C (with 4-barrel 350 engine) gas consumption vs. Sprinter van/camper fuel economy + depreciation on a 20,000 km winter trip and came out ahead on the old motorhome, which I rebuilt the engine last year.

I might just rebuild our old Westy motor, it has 400K km on it, and travel the simple style. But hot water showers, stowage room and such are a nice luxury once you get used to them. :)

Cheers, R

#71 DON on 08.01.19 at 12:53 am

#33 Eaglebay on 07.31.19 at 6:11 pm

#26 devore on 07.31.19 at 5:26 pm
“Because they can? Why would you want to be stuck in one boring country when you can live anywhere in the world.”

Do you mean another boring country? Canada is not boring unless you’re stuck in the city.
I enjoy all seasons, outdoors and sometimes indoors. Here on Vancouver Island, we have the mountains, the rivers, the lakes and most importantly the ocean. We can hike, fish, hunt, explore, boat and you name it. I wouldn’t trade this country for anything. I wouldn’t mind a bit more snow and cold sometimes.
***********

Agreed, especially on Van Isle…still exploring it – more so now than at any other point in my life.

So many things to do and sights to see on this one Island.

#72 Smoking Man on 08.01.19 at 1:36 am

Wifee poo I beging my to buy life insurance.
The shit you do to protect her.

Off shore shit. She has no idea she has a gulf stream jet waiting for her demands.demands

Trust no one when you say to the govt . I’m not sharing my risk taken.
Fk you.

I lose the bet. Nothing. I win the bet and Gov’t wants a cut.

Fk em

#73 Dolce Vita on 08.01.19 at 3:13 am

I bitch a lot about StatCan being disingenuous when reporting key Canadian statistics.

This AM, over my “espresso longo e biscotti misti”, I was taken back reading from Istat (Italian StatCan) this “feel good” headline on politically neutral RAI:

“Unemployment drops to its lowest level since 2012: 9.7%”

I then immediately thought:

Canada, WHAT a country!

…disingenuous StatCan and all.

9.7%, in the neighborhood of Canadian unemployment during the early 80’s recession and yet Italia happy about that. Things are indeed relative.

In Chrome, right click, select Translate to English:

http://www.rainews.it/dl/rainews/articoli/Istat-la-disoccupazione-scende-ai-minimi-dal-2012-9-e-7per-cento-002b93eb-0e9e-423b-9700-50149a560373.html

———————————–

Ciao d[*]’Italia

*Slowly but surely getting there, “Populist” Fed. Gov. et. al.

#74 Howard on 08.01.19 at 4:10 am

#6 IHCTD9 on 07.31.19 at 3:46 pm
Nice house, good pics on the beggar website.

Be nice to know what the annual tax bill is on that place.

—————————————

All those massive windows and high ceilings though, must be extremely expensive to heat in the winter.

#75 crowdedelevatorfartz on 08.01.19 at 6:28 am

A Real Estate update from the East Coast.

Apparently the BC vacancy tax is working.

Kings County , in eastern PEI seems to be the new “investment” hotspot for moving ones assets to a safe haven outside a communist country.
The trend I mentioned last Sept. is accelerating.

Farms , houses, hotels are being snapped up by our intrepid investors from Beijing with dizzying speed.
Everyone here is all abuzz with the latest sales and zero vacancy rates.
Prices skyrocketing, Money money money to be made, and everyone is jumping on the Greed bandwagon and selling…..

Politicians stand on the sidelines and do nothing as happened in BC for over a decade.
One wonders if the Feds are so busy ticking off politically correct achievements they even notice the flood of money “washing” in from coast to coast.

One wonders how long before this becomes an election issue in PEI like BC.
A much smaller population and a predominantly rural area makes the off shore ownership purchases stand out.

Perhaps we could just rename the area PEI-King?

There were only 198 sales in all of the province in June, down a little year/year. The average price of a property in PEI is $233,000, and non-local buyers are restricted. Exaggerate much? – Garth

#76 Ace Goodheart on 08.01.19 at 6:47 am

#60 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 07.31.19 at 10:01 pm

“Bring that RV to Toronto!!

98 DAYS UNDEFEATED!!!!!!!!

The Make Believes are incredible and so is the GTA!!”

Yes, but we have the Raptors (minus Kwai me a river)

#77 Captain Uppa on 08.01.19 at 7:09 am

Like this disastrous case in Calgary, all the “Get Rick Quick” rackets (RE, casino, stock plays, etc.), tempt fate.

Some do get rich, majority get battered. It’s that “some do get rich” part that keeps people trying.

Buy a home for the long term and invest the rest in a balanced 60/40 portfolio. Build wealth at a steady and solid pace.

#78 Sail Away on 08.01.19 at 7:14 am

Funny thing… in googling for winners of private home contests, I found… zero. There are many scams, many bait and switch (winner gets some cash, contest organizer keeps much more), and many contest cancellations, but no winners that I could find.

I followed the path of a dozen such contests to… contest failure, criminal conviction, non-refund of entry, mental breakdowns, and disgruntlement, but no success.

There are winners to pure lottery home raffles licensed by the lottery Corp and organized by registered charities.

Why no personal winners? Something here doesn’t pass the smell test.

#79 dharma bum on 08.01.19 at 7:38 am

The RV culture thrives in Australia.
They call their trailer parks “Holiday Parks”, and they are very user friendly places, and there are TONS of them throughout the continent.
Not the typical “trailer trash” type of places that you tend to find in North America.
Campers and “caravans” (as they refer to trailers down under) are the vacation mode of choice for many Aussies.
I rented a camper van there 8 years ago and toured the country for 3 months.
Great Ocean Road. Great Barrier Reef. Barossa Valley Wine Country. Alice Springs. Ayers Rock. Cairns. The Capital Region. Tasmania. Melbourne. Sydney. The Sunshine Coast. Adelaide.
It’s an interesting place. Really beautiful.
I have to say, though, that there are some stellar spots to RV around in Canada and the U.S. too.
B.C., Alberta, The Maritimes, Arizona, Utah, California, Oregon, Wyoming, Colorado, Montana, Alaska. All amazing.
In your 50’s and retired with no debt is a great place to be.
Just do whatever the hel you feel like doing.
If it turns out you don’t like it, then just go do something else!
Sure beats wage slavery, corporate bondage, and debt servitude.
Maybe, rent the RV.
Or buy a used one.

#80 Felix on 08.01.19 at 8:52 am

The creature on the left in today’s photo has an IQ approximately 10x greater than the evolutionary dead end on the right.

More sad news about canine savagery:

https://www.azcentral.com/story/sports/nhl/coyotes/2019/07/31/arizona-coyotes-oliver-ekman-larsson-attacked-family-dog/1878849001/

#81 Captain Uppa on 08.01.19 at 8:55 am

>>There were only 198 sales in all of the province in June, down a little year/year. The average price of a property in PEI is $233,000, and non-local buyers are restricted. Exaggerate much? – Garth>>

Apparently PEI is one of the hottest markets in the country with house prices rising 38.5% in the last three years. Article below says average price is $277,000.

Source: https://www.cbc.ca/news/canada/prince-edward-island/pei-house-prices-1.5230305

I use sales stats not CBC stats. The market is minuscule and the hyperbole large. But if people want to loathe and fear Asians, do not let facts deter you. – Garth

#82 crowdedelevatorfartz on 08.01.19 at 9:12 am

@#75
“non resident buyers are restricted…Exaggerate much”?

******
Exaggerate?
No not really.
As as former “non resident owner” of a cottage on 2 acres here, i’m well aware of the Islands’ restrictions on “foreign” (non Islander … Canadian or otherwise) ownership of property as it pertains to WATERFRONT property and anything over 10 acres in size.

However IRAC (Island Regulatory and Appeals Commission) has loop holes such as the formation of limited companies on the Island to purchase Island property thus avoiding IRAC approval, there is also a new twist….
If there are 5 or more purchasers on the deed for the same property…..IRAC is null and void.
Thus farms, businesses, homes are being snapped up with 5 or more owners named on the deed…..so much for regulation…….
I have relatives here personally involved as lawyers, realtors, insurance agents, inspectors, etc. ( bank mortgages unnecessary as they pay cash) working these deals from beginning to end.
They have voiced their concerns to their superiors and are told to “do the deals”.

A large, thriving Bhuddist community from Taiwan became established here over 10 years ago and they have integrated within the community very well and work the land in organic farming, etc..

The new buyers from the mainland of China make a point to state emphatically that they are NOT from Taiwan and after purchasing their property ….leave.

Unlike the Liberal sloths in BC that didnt react until it became a serious voter concern/issue….

I fully expect the Island politicians to be reacting a bit faster to voters concerns and slapping a vacancy tax on these “off shore” owners in the near future.

#83 IHCTD9 on 08.01.19 at 9:45 am

#77 Captain Uppa on 08.01.19 at 7:09 am

Like this disastrous case in Calgary, all the “Get Rick Quick” rackets (RE, casino, stock plays, etc.), tempt fate.
____

[URL=”https://www.youtube.com/watch?v=dQw4w9WgXcQ”]Here is the best Get Rick Plan out there[/URL]

#84 AlbertaGuy on 08.01.19 at 9:56 am

16 Mattl
31 TheDood
69 Don

Did same as E&K in 2012 when CAD was 1.02 to the USD. One rental, one seasonal home. Both purchased 125k each for total of 250k which was < 1/2 cost of 1 comparable home in YYC at time. Sold rental last year for 225k USD at 1.30 USD. Keeping the seasonal home to live in 6 months each year. Will sell when it is woth 300k USD to avoid tax withholding under FIRPTA.

#85 YUP on 08.01.19 at 11:05 am

@#33 Eaglebay on 07.31.19 at 6:11 pm
#26 devore on 07.31.19 at 5:26 pm
“Because they can? Why would you want to be stuck in one boring country when you can live anywhere in the world.”

Do you mean another boring country? Canada is not boring unless you’re stuck in the city.
I enjoy all seasons, outdoors and sometimes indoors. Here on Vancouver Island, we have the mountains, the rivers, the lakes and most importantly the ocean. We can hike, fish, hunt, explore, boat and you name it. I wouldn’t trade this country for anything. I wouldn’t mind a bit more snow and cold sometimes.
———————————————–

would be more interesting for them to stay out of canada entirely let alone the cities. the US part of the continent is way more interesting both historically and geographically.

#86 sigh on 08.01.19 at 11:13 am

@#59 Spectacle on 07.31.19 at 9:42 pm
#55 IHCTD9 on 07.31.19 at 9:03 pm
#137 AGuyInVancouver on 07.31.19 at 6:39 pm
#41 IHCTD9

..All forms of outdoor entertainment are right at your doorstep. ATVing, fishing, hunting, you name it. ..
_ _ _
Yawn. Rather than killing things, how’s the professional sports team? The symphony? The museums? The restaurants?

There’s a reason people are flocking back to cities.
———-

Yeah, the reason is jobs and enclaves. The young folks looking to start families are actually bailing out more every year.

Who cares about watching pro sports? You should know as the Canucks ticket sales have been dropping double digits every year since 2014.

As far as museums and music goes, we’ll head out to Toronto or Ottawa if there is something worth looking at. I’m cool with a 2hr drive once every couple of years, I’m sure as hell not going to live in these cities 365 days so I can walk to ROM 1/730 days.

I frankly don’t get much enjoyment out of sitting on my ass watching stuff or eating stuff.

Do folks in the city eat their meat while it’s still alive? You’re not one of those guys that thinks eating your kill or fish that you caught is less humane than eating a cow from a slaughterhouse that was shot with a stunner, chopped into pieces while still alive, and then tossed into a grinder, are you?
———-::::::————–
So well worth a re-read!
AS soon as you get 100 km from a Lu Lu Lemon store or Starbucks, your point is Exacting in every way !

Where is the rifle or shotgun, at the front door by the non existent umbrella .
Nobody in the hair bun, rainbow socks postal code wants to hear or admit it. Enjoy your parade……

Thank you for stating it simply and accurately. Pretty much the backbone of civilization, hunting, fishing, digging for diamonds, oil or gold. Welcome to Canad my friends. Invest wisely ( aka, the Turner blog way ).

M
_____________

gotta laugh at you children always down each others throats as to who lives better/in a better place.
Always judging and blaming others.
you make baby jesus cry. not good christians at all.

#87 Captain Uppa on 08.01.19 at 11:43 am

>>I use sales stats not CBC stats. The market is minuscule and the hyperbole large. But if people want to loathe and fear Asians, do not let facts deter you. – Garth>>

Oh I don’t care for the foreign money debate and never will. It was not my intention to go in that direction. I don’t care who’s buying houses and where they come from.

I was simply showing a fact about house prices in PEI (CBC just reporting it). Do not let that fact deter you from poo-pooing all over RE gains.

PEI real estate is a non-story. But you referenced ‘Chinese’ people with no evidence. Not cool. – Garth

#88 Captain Uppa on 08.01.19 at 11:46 am

“Sales of new condos jumped to a near-record in the Toronto region in the second quarter amid lower borrowing costs, with most growth coming outside the city core.

Sales surged 77 per cent to 8,902 units from the same period last year, according to market research firm Urbanation Inc. That’s the second-highest level on record for the quarter, following the market peak of 11,413 pre-sales in the second quarter of 2017.”

I await your poo-pooing of this as well, sir.

Source: https://www.bnnbloomberg.ca/cheaper-borrowing-propels-toronto-new-condo-sales-to-near-record-1.1295713

#89 Captain Uppa on 08.01.19 at 11:56 am

>>PEI real estate is a non-story. But you referenced ‘Chinese’ people with no evidence. Not cool. – Garth>>

Uh, I think you have the wrong guy. I never referenced ‘Chinese People’. I think you mean to speak to crowdedelevatorfartz.

I’ll chalk this mistake up to being busy with all your blog fan visitors.

#90 stupidscam on 08.01.19 at 12:20 pm

if i were in that position, 100% sure that my friend or relative would win this “contest”. There is no way its going to be some internet rando. How is it even legal for them to run a scam like that…

#91 IHCTD9 on 08.01.19 at 12:25 pm

#86 sigh on 08.01.19 at 11:13 am

gotta laugh at you children always down each others throats as to who lives better/in a better place.
Always judging and blaming others.
you make baby jesus cry. not good christians at all.
____

Can’t a guy have a little fun on the internetz?

#92 Shawn allen on 08.01.19 at 12:42 pm

Losers find ways to lose

Bombardier … again

#93 Asterix1 on 08.01.19 at 12:43 pm

#88 Captain Uppa
“I await your poo-pooing of this as well———————————————————————-

Sure!

“sales….. while dropping 12 per cent in the core, the lowest for that quarter since 2009.”

#94 Remembrancer on 08.01.19 at 12:56 pm

#45 Dave on 07.31.19 at 7:36 pm
Crowd funding for being stupid and greedy? Come on, who needs a 3 million dollar home? How about crowd funding for those in need? And why live in Calgary if you can spend 3 million on a home? For the lovely winters?
————————————-
Technically they are in need, albeit self-inflicted and not likely to generate much sympathy; they owe somebody $3M and have an illiquid asset maybe worth $1.6M at most – minus transaction costs etc etc. and they don’t even get to live in this monument to hubris…

BTW, everything useful to know about renos can be learned in this little gem of a docudrama:

The Money Pit (1986)
https://www.imdb.com/title/tt0091541/?ref_=fn_al_tt_1

#95 fraud helps drives up RE on 08.01.19 at 12:59 pm

https://globalnews.ca/news/5463766/organized-crime-knows-fraud-is-the-way-to-go-former-rcmp-financial-crime-expert/

#96 jess on 08.01.19 at 1:04 pm

#88 Captain Uppa

alternative lenders not subject to stress tests ? loans so you never own

——-
The Sustainable Development Goals (SDGs) are a set of measurable, attainable and time-bound objectives that were accepted by all 193 Member States of the United Nations in 2015. The SDGs, preceded by the Millennium Development Goals (MDGs), serve as a large, visionary framework to guide development policy-making from 2015 to 2030. The 17 multi-faceted goals range from issues on improving health and education, to fostering inclusive economic growth and addressing climate change.

The G7 and the SDGs (sustainable development goals)
update
Overall, there has been solid engagement across all G7 countries, minus the United States, which has yet to participate in the voluntary reporting tool.

========

Canada 2018
US$4.3 billion (0.264%)
Federal Sustainable Development Strategy
Sustainable Development Goals Unit

Eliminate poverty
Advance gender equality
Create inclusive economic growth
Reconcile with indigenous peoples
Improve action on the climate, energy, and clean oceans
read more here
https://gfintegrity.org/the-g7-and-the-sdgs/

———-

big four
…to quote the IMF, “the international corporate tax system is under unprecedented stress” because of profit shifting and tax competition, with developing nations bearing the brunt. Mr. Smith’s idea to open up auditing of corporations to firms outside the Big Four should be extended to tax planning as well as an alternative to the corrosive system currently in use.

——————-
how many more hacks and leaks
On Tuesday, the International Consortium of Investigative Journalists published a new cache of documents dubbed the “Mauritius Leaks”, detailing a complex tax avoidance system that has been bleeding some of Africa’s poorest nations dry of critical revenue for years.
https://gfintegrity.org/category/money-laundering/

Additionally, the IMF estimated in March that profit shifting by multinationals to low-tax locations costs developing countries $200bn a year, revenue that is desperately needed if they hope to achieve the UN’s 2030 Sustainable Development Goals.

#97 jess on 08.01.19 at 1:20 pm

Tax Havens Are the Biggest Foreign Investor in the United States… Not China
As a group, tax havens held approximately $6.89 trillion in U.S. investments in 2012, almost 4 times as much as China’s $1.72 trillion. The Cayman Islands’ $2.45 trillion in US assets in 2012 alone was approximately $737 billion more than what China held – a difference the size of France’s position in the US.

Put in relative terms, this means that tax havens held around 29% of the total foreign investment in the U.S. in 2012. China held only 7%.
By Brian LeBlanc, May 2, 2014
Foreign Direct Investment
Tax Havens

https://gfintegrity.org/tax-havens-are-the-biggest-foreign-investor-in-the-united-states-not-china/

#98 James on 08.01.19 at 1:25 pm

#72 Smoking Man on 08.01.19 at 1:36 am

Wifee poo I beging my to buy life insurance.

The shit you do to protect her.

Off shore shit. She has no idea she has a gulf stream jet waiting for her demands.demands

Trust no one when you say to the govt . I’m not sharing my risk taken.
Fk you.

I lose the bet. Nothing. I win the bet and Gov’t wants a cut.

Fk em
____________________________________________
Old Man that all made perfect sense to me.
Wed yeep axamaxazick Erd Vaxan!

#99 Exurban on 08.01.19 at 1:35 pm

#6 IHCDT9

Be nice to know what the annual tax bill is on that place.

According to the online city tax calculator, a house assessed at $1.6 million will pay a total of $10,646 in municipal and provincial property taxes.

That was easy. What I would like to know is, is this legal? What are the tax implications for the winner? How exactly is the winner being picked? Anybody from Revenue Canada putting up $35 on this one?

Don’t think I’ll be entering the contest.

#100 jess on 08.01.19 at 1:45 pm

too few to fail /the weakness of US audit

who is the auditor of the Department of Justice? Is it still KPMG ?recently told the DOJ, the same DOJ that is prosecuting its partners, that it the agency has a significant deficiency related to inadequate financial statement preparation and review controls.

KPMG remains the auditor of the U. S. Treasury. In fact, KPMG recently told the Treasury that it has several significant deficiencies:
a significant deficiency in internal control over cash management information systems and a significant deficiency in internal control over Federal debt information systems at the Bureau of the Fiscal Service, collectively representing a significant deficiency for Treasury as a whole;
a significant deficiency in internal control over unpaid tax assessments and a significant deficiency in internal control over financial reporting systems at the Internal Revenue Service, collectively representing a significant deficiency for Treasury as a whole;
two Anti-deficiency Act violations where the Treasury Departmental Offices expended amounts that were in excess of the available fund balance in fiscal year 2015;
and noncompliance with requirements of FFMIA related to Federal financial management systems requirements.

KPMG replaced Deloitte as auditor of the Federal Reserve beginning in 2015. There are no publicly available records on the change but a source told me that Deloitte’s contract was for a 5-year term for the financial statement audits for calendar years 2007 through 2011, throughout the financial crisis, with five 1-year optional extensions. The Board exercised three 1-year optional extensions, then rebid the contract in 2014 awarding it to KPMG.

KPMG is also the beleaguered longtime auditor of the Commonwealth of Puerto Rico.

——————————————-
An SEC Fine for KPMG in the PCAOB Data Theft Scandal and Another Horrible Revelation
By Francine • Jun 26th, 2019 • Category: Audit Quality, KPMG,

Why shouldn’t the SEC and/or the Department of Justice now sanction, or in some way criminally penalize, KPMG the firm for the PCAOB data theft “steal the exam” scandal?

The Securities and Exchange Commission settled charges with KPMG LLP on Monday June 17 for altering past audit work after receiving stolen information about inspections of the firm that would be conducted by its regulator, the Public Company Accounting Oversight Board or PCAOB.

In an even more egregious violation of public trust, the SEC’s order also finds that numerous KPMG audit professionals cheated on internal training exams by improperly sharing answers and manipulating test results. Five former KPMG officials were charged last year in the case that alleged they schemed to interfere with the PCAOB’s ability to detect audit deficiencies at KPMG. Two have pleaded guilty, two were found guilty and one is still pending trial.”

http://retheauditors.com/2019/06/26/what-are-the-chances-of-a-significant-sanction-or-fine-for-kpmg/

#101 Jesse on 08.01.19 at 2:02 pm

#57 Flop… on 07.31.19 at 9:41 pm
I guess this post relates more to yesterday too, but I also decided to live in a small village.

The name of that village is Vancouver.

Within a 15 minute walk I get to do the following things.

Doctor
Dentist
Chiropractor
Banking
Supermarket
Restaurants
Two heavy hitter coffee shops that don’t need my money or free advertising.
10 fruit and vegetable stands
Two dollar stores.
Mop chop.
Two liquor stores.
Post office, do people still use these things?

Lots and lots more.

15 minute commute to various addresses on the Westside for construction projects.

5 minute walk for Mrs Flop but I can’t say too much now that I’ve got a stalker.

My vehicle can be a pig on gas out on the highway, around town it is fine.

Don’t drive it much on weekends as everything is already on my door step.

Only go downtown Vancouver once or twice a year, it could slide into the ocean and not much would change up in my hood 6kms away.

If you are going to move, I recommend moving to somewhere where a lot of this this type of stuff is within walking distance.

Small town or big city.

Makes a big difference to stress level, time management and quality of life…

M45BC
********************************

I used to live in Lotus Land, never again, wayyyyyyy to expensive…but I’m a millennial that needs to actually save money and not be house poor like my friends. Vancouver is a great place to live, but it’s seriously out of reach for the average person, especially average millennials. Canada is in for a serious reality check when millennials start hitting their middle-age crisis…we are the most anxious, lonely and depressed generation alive today…and most of us are broke.

#102 Sail Away on 08.01.19 at 2:29 pm

Wow, SNC fell off another cliff today. Down 12% on poor financials and slashed dividend. Trading below book value, so it’s on the watchlist. Let’s see how this plays out.

#103 D G on 08.01.19 at 2:36 pm

I’m glad Donald Trump is putting another 10% tariffs on Chinese goods. This way they will have to feel financial pain.

The tariff is paid by people buying the goods (Americans) not the people selling them (Chinese). I bet you have a nice MAGA hat, too. – Garth

#104 Marco on 08.01.19 at 2:56 pm

And off they go to Australia where houses prices are dirty cheap, no? British colonial mentality is hard to beat and bright thing is that peons cannot live but in Commonwealth

#105 Marco on 08.01.19 at 2:59 pm

And please, love China. Without China you will have no false feeling that you belong to middle class (because of cheap goods you can artificially afford)

#106 IHCTD9 on 08.01.19 at 3:03 pm

#99 Exurban on 08.01.19 at 1:35 pm
#6 IHCDT9

Be nice to know what the annual tax bill is on that place.

According to the online city tax calculator, a house assessed at $1.6 million will pay a total of $10,646 in municipal and provincial property taxes.

That was easy. What I would like to know is, is this legal? What are the tax implications for the winner? How exactly is the winner being picked? Anybody from Revenue Canada putting up $35 on this one?

Don’t think I’ll be entering the contest.
___

So it’s a ~20K annual tax bill.

Even if this wasn’t shady as heck, I’d still keep my dog pics and 35.00.

#107 Chris Saneza on 08.01.19 at 7:08 pm

The reason why you don’t want tariffs because then you can’t hide inflation anymore but when you allow Liberals and NDP, Greens tax us, fee us to death and prices rise it is okay. This is such bull.

China has to learn on a level playing field.

#108 Jack Manning on 08.01.19 at 10:40 pm

Exurban, if you think $10,646 a year tax bill on a $1.6 million home in Vancouver is high, in Baltimore, it would be $36,000 a year in property taxes.

The reason is they have one of the highest property tax rates in the U.S. with $2.25 per $100 or 2.25%. This is why that place is the way it is.

#109 entropy on 08.02.19 at 11:13 am

Thats Lou Lou in the pic.