Diddle, diddle

There’s an election. The government party and the infidels are running neck-and-neck. The Libs are desperate for the support of two groups – females and moisters (middle-aged guys are hopeless). And that’s why the Socks Party has broken the campaign into two big issues – abortion and real estate.

Both were on display Thursday, Day 2 of the political slugfest.

Obviously the A-debate will be ignored on this blog. We already have enough trouble from racists, cat-fanciers, deplorables, short people and Adele fans. So let’s look at what T2 has just done to the housing market, or at least property values in Vancouver, Victoria and the mighty GTA.

First, the shared-equity mortgage bribe, called the First Time Home Buyer Incentive Program, has exploded in significance. You will recall that this plan – which came into effect just ten days ago – splits a mortgage between the government (through CMHC) and the buyer. The feds take 5% (resale) or 10% (new build) so the owner is relieved of payments on that portion for 25 years or until there’s a sale. Then any growth or decline in property value is shared, and the money repaid.

But the program was deeply flawed on several fronts. It restricted the loan size to four times a maximum household income of $120,000, meaning a half-million price ceiling. To put that in context, there is now a single-car garage for sale in mid-town Toronto for $599,000. Second, the feds will lose a lot of money on this plan, since nobody buys a starter home and stays in it for two decades, letting it appreciate. So the very high set-up and admin costs of this plan will never be recouped by Ottawa.

And, hey, there’s another question: why are we giving away tax dollars to help people buy houses in markets they can’t afford? Doesn’t that just perpetuate crazy prices?

Well, it just got worse. A lot worse. Mr. Trudeau announced the top price point for the shared-equity mortgage will be (if elected) $800,000 in YVR, Toronto and poor little Victoria. This major escalation means (a) qualified moisters can pour into the marketplace and bid up a wide variety of available listings (check out realtor.ca), (b) the buzz around this will likely increase market activity, especially with the collapse in mortgages rates, so (c) there’s a good chance the federal government just raised the average price in three major markets. Well done, team!

Of course for that blow there’s also a suck. More proof politicians think they can ‘fix’ the housing market.

The feds (if re-elected) will institute a national tax on non-domestic real estate owners. T2 stood at a podium in BC and blamed ‘foreign speculators’ for the fact houses cost too much, even when his own agencies have proven otherwise. This was just after he announced a program to raise prices, by the way. The tax bomb also came on the heels of the prime minister lauding the new NAFTA and pointing out how different we are from protectionist America – where there’s no federal tax on Canadians buying property.

As you might know, this is all West Coast ganja stuff.  BC tried a program of giving kids downpayments, and it turned out to be a costly disaster. Meanwhile the governing Dippers have been taxing offshore buyers relentlessly, plus collecting a ‘speculation’ tax from evil Albertans and folks with second homes. They’ve also allowed places like Vancouver to tax people who have condos which the state thinks are under-utilized. All of that has skewed the market, driving up the cost of affordable properties while making unaffordable ones cheaper (but still unaffordable). Meanwhile middle-class families with all their net worth in their homes have lost an average of $360,000. Nobody’s won.

Well, there’s an election. So here we go again. More intervention in the residential real estate market by the same people who were largely responsible for the problem. First they madly inflated houses via CMHC policies, cheap interest rates, homebuyer credits and grants, RRSP tax-free downpayment loans and the shared-equity mortgage, then tried to crash it with shorter amortizations, the stress test, vacancy taxes, spec taxes, extra property and anti-foreigner taxes.

The bottom line: politics and real estate don’t mix. Mr. Market would fix this. When people can’t buy, prices fall. When governments subsidize, prices rise. I hate this campaign already.

128 comments ↓

#1 Sask to AB on 09.12.19 at 1:44 pm

What a mess! Good grief…….

#2 gary on 09.12.19 at 1:45 pm

In Vancouver Diversity is our strength, just ask the Vancouver Sun. Trudeau and his Liberals are just feeding that diversity by creating house poor and really house poor groups.

#3 Stan Brooks on 09.12.19 at 1:50 pm

Enjoying another fine (German) beer afternoon far away from the mental institution.

Blaming everyone but themselves. Lie. Tax. Punish the responsible. ‘Affordable’ houses that cost ever more.
Running out of idiots. Fun times ahead.

#4 Stan Brooks on 09.12.19 at 2:03 pm

Expectations of a rational market (or anything rational) in a mental institution where the personnel is largely absent or in constant strike while patients are running amok are simply baseless/an illusion.

Look at the low-IQ-individual with the fancy socks for god’s sake. How stupid can you be to even pay attention to such clown? Is it the fluoride in the water or the GMO food? What is really happening with this place? I even stopped to enjoy the indescribable orgasmic schadenfreude of simply not being there, come on folks, get your shit in order, please.

#5 Ponzius Pilatus on 09.12.19 at 2:14 pm

Liberals are following Horgan.
How is curbing money laundering in RE a bad thing?

Who said anything about money laundering? – Garth

#6 Ray Skunk on 09.12.19 at 2:27 pm

Abortion isn’t an issue for me. Hasn’t been for years. It’s done and dusted. The supposed “anti-Christ” himself, Harper, didn’t touch it with a ten-foot pole.

I’m not going to let the Liberal Corruption and Distraction Party (leader: G. Butts) convince me that it is. No matter how much money he pumps to the media (distributed by J. Dias, with fluff articles compiled by K. Telford).

Sadly a large chunk of this nation lacks the intelligence or desire to see they’re being absolutely played by this collection of liars and crooks, aided and abetted by an ever-growing army of those on the deficit-subsidized payroll.

If this strategy pays off, it makes me weep for the future of this nation.

#7 Ponzius Pilatus on 09.12.19 at 2:29 pm

As far as I remember, politics and housing have always been linked.
RHOSP, interest relief cheques in the 80’s etc.
All parties were involved.
As long as there are expectations of “a house in every pot”, this will go on forever.

#8 paul on 09.12.19 at 2:35 pm

basically BUY NOW

#9 CJ on 09.12.19 at 2:45 pm

Conservative majority coming on Oct. 21.

Thank goodness.

Trudeau will be fine with his appointment to the board of SNC.

#10 Russ on 09.12.19 at 2:56 pm

Ponzius Pilatus on 09.12.19 at 2:29 pm

As far as I remember, politics and housing have always been linked.
RHOSP, interest relief cheques in the 80’s etc.
All parties were involved.
As long as there are expectations of “a house in every pot”, this will go on forever.
====================

ha ha.

T2’s previous campaign was “pot in every house”.

Cheers, R

#11 Eaglebay on 09.12.19 at 2:57 pm

Is this called democracy?
Trump is starting to look good.

#12 NotLegalAdvice on 09.12.19 at 2:57 pm

#8 paul on 09.12.19 at 2:35 pm
basically BUY NOW

_________________

My thoughts exactly! It doesn’t look like the market will be coming down anytime soon.

#13 Keyboard Smasher on 09.12.19 at 3:05 pm

>Who said anything about money laundering? – Garth

Vancouver RE is provably an international money laundering mechanism.

#14 Damifino on 09.12.19 at 3:17 pm

Great! Day 2 and already everyone is sick of it.

Not that I’m a big fan of Jagmeet Singh, but imagine if he were to hold 20 seats in a conservative minority that was maybe 8 seats short of a majority. Regardless of what he may have previously stated, he’d hang on for dear life.

Then he’d be in a position to rub that bully Justin’s nose in a few things. I’d like that. Not that I’m a particularly vindictive fellow, mind you. I just think Jagmeet is a better man than T2 by quite a long way.

#15 Don Guillermo on 09.12.19 at 3:37 pm

#11 Eaglebay on 09.12.19 at 2:57 pm

Is this called democracy?
Trump is starting to look good.

******************************
Trudeau is trampling democracy in this country. By passing up on some key debates though, an empty chair would probably fare better than his presence when he can’t control the panel and questions.

#16 Raging Ranter on 09.12.19 at 3:45 pm

Where is the regular commenter who patiently (and frequently) explains to us that this program is all about promoting the renewal of housing stock in small towns?

#17 Figus Makum on 09.12.19 at 3:46 pm

The other day, the American man child president tweeted that the federal reserve are boneheads for not lowering interest rates to zero or lower.

“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet…..” Donald Trump September 11, 2019

Imagine the impact on our economy/CDN $ if the federal reserve heeded his “advice” and if we did not follow the same path.

#18 Dave on 09.12.19 at 3:51 pm

Can’t believe how bad govt really is at solving problems because of special interest groups:
1) real estate – is declining but no let’s get more debt
2 ) pipeline – obviously yes but no we need green solutions
3 ) ride sharing – in bc….hell no. Taxi drivers pay $500,000 for license so now we must stop progress

God I want to beat politicians like a red headed step child…jk

#19 SCD Dodds on 09.12.19 at 3:57 pm

Garth- do you mean shorter amortizations in your second to last paragraph?

Hey, you know what I mean. The editor is getting her ends done. – Garth

#20 Paully on 09.12.19 at 3:59 pm

Elections have become a complete Gong Show! Sigh!

Off topic, anyone have a good suggestion for a solid US dollar Dividend or Preferred ETF that throws off a good, consistent income of US bucks?

#21 James on 09.12.19 at 4:11 pm

#10 Russ on 09.12.19 at 2:56 pm

Ponzius Pilatus on 09.12.19 at 2:29 pm

As far as I remember, politics and housing have always been linked.
RHOSP, interest relief cheques in the 80’s etc.
All parties were involved.
As long as there are expectations of “a house in every pot”, this will go on forever.
====================

ha ha.

T2’s previous campaign was “pot in every house”.

Cheers, R
________________________________________
Wow pot in every house.
Now I have to have faith in that T2 (Mr Socks) is a rather enormous partaker of the malodourous ganga. He sure as hell looks like he is high most of the time. What the hell is going on in his little brain? Dude?

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

#22 jess on 09.12.19 at 4:12 pm

propping up price is insane!
so if one owes– will this gov. take away from one’s CPP ?

In the usa owing the gov. alows taking from the future. ..social security

Social Security Income Can Be Garnished Due to Student …

https://www.aarp.org › money › info-2018 › student-loans-garnish-ss
Sep 18, 2018 – If you’ve defaulted on a federal student loan, beware: The federal government can take up to 15 percent of your Social Security benefit

==========
I am reminded :The Problem With the TARP Program for Homeowners
… also created the Home Affordable Refinance Program. It allowed credit-worthy homeowners who were upside down in their homes to refinance with lower mortgage rates. They didn’t have to be facing foreclosure. It expires on December 31, 2018.

https://www.thebalance.com/tarp-bailout-program-3305895

#23 mike from mtl on 09.12.19 at 4:21 pm

#20 Paully on 09.12.19 at 3:59 pm

Off topic, anyone have a good suggestion for a solid US dollar Dividend or Preferred ETF that throws off a good, consistent income of US bucks?
//////////////////////////////////////////////////////////////////////

PFF

#24 conan on 09.12.19 at 4:25 pm

Cheap interest rates are 99.99% responsible for higher house prices. These government rules and schemes are just free sprinkles.

Micro and macro brainiacs need to do something to earn their paychecks and these polices are proof positive of that.

https://www.youtube.com/watch?v=w1dUTExySvQ

#25 Colin on 09.12.19 at 4:32 pm

Garth, I know I’m off topic but here’s an idea for a future blog post: LIRAs and LIFs. We the public sector workers deserve a bit of financial guidance too!

#26 CJohnC on 09.12.19 at 4:36 pm

#20 Paully on 09.12.19 at 3:59 pm

You might also like to check out DGRO and PFFD

#27 Devil Anse on 09.12.19 at 4:39 pm

“First they madly inflated houses via CMHC policies, cheap interest rates, homebuyer credits and grants, RRSP tax-free downpayment loans and the shared-equity mortgage, then tried to crash it with shorter amortizations, the stress test, vacancy taxes, spec taxes, extra property and anti-foreigner taxes.”

——————-

I agree – it’s madness.

But can we really blame the government for cheap interest rates?

#28 Linda on 09.12.19 at 4:43 pm

So the current government – if re-elected – promises to permit residents of the GTA, YVR & Victoria double the shared equity program limit all other Canucks would be eligible for. Not only a bribe with taxpayer dollars, but a bribe that says ‘these taxpayers are more important than the rest’. Not that said bribes/program announcements by governments seeking re-election is a new concept. Ditto the target group bribe.

Of course, promising to do something doesn’t guarantee the promise will be kept.

#29 GBiddy on 09.12.19 at 4:49 pm

S W E E T !
House prices going up up up (up)!

Can’t wait to dip into all that tax free equity $$$ at historic low rates, invest like a boss, and extend the amort to pay back nearly worthless 2019 dollars with far more(?) worthless 2049 dollars…

The system works if you just…play…along.

The Troubled Future of Real Estate, indeed.

What else would one expect a commercial landlord to write? Did you just come here to use the can? – Garth

#30 BC Doc on 09.12.19 at 4:57 pm

Garth, Here’s the reported impact of the spec tax in Kelowna:

https://www.castanet.net/news/Kelowna/265712/Spec-tax-a-job-killer-CHBA

#31 SusanM on 09.12.19 at 5:16 pm

“We already have enough trouble from 1, 2, 3, short people (4) and 5.”
—–

So, us ‘not-tall’ people are causing blog-comment trouble? I mean, seriously?

Do please explain.

#32 Ponzius Pilatus on 09.12.19 at 5:18 pm

Cry me a river!
No one was complaining during boom time.
Life has its ups and downs.
Gotta prepare, grasshopper

#33 slam on 09.12.19 at 5:19 pm

#1
“What a mess! Good grief…….”

Garth, what is the best way so Trudeau does not win this election???

We have a real problem here. I should be voting for the best leader for this country. Not voting for the “least” worse leader for this country… if that makes any sense…

#34 Smartalox on 09.12.19 at 5:22 pm

However much this Liberal promise looks to people who WANT to buy houses, it’s also actually going to do a LOT better for people who already own the houses, and now want to sell. The baby boomers. And their real estate agents and their mortgage brokers. That’s a lot of potential votes right there – but not necessarily mine.

#35 TheDood on 09.12.19 at 5:26 pm

Conservative majority coming on Oct. 21.

Thank goodness.

Trudeau will be fine with his appointment to the board of SNC.
_______________________________________________

Sure fire election picks…..

PC majority
Greens win enough to form official opposition
Socks and Jagmeet kicked to the curb – if this doesn’t happen, there is no hope for this country

#36 slam on 09.12.19 at 5:28 pm

Got me thinking. Maybe I should get into politics and play this game. If Trudeau is going for the first time buyer votes, then this is better:

Instead of:
“The feds take 5% (resale) or 10% (new build) so the owner is relieved of payments on that portion for 25 years or until there’s a sale. Then any growth or decline in property value is shared, and the money repaid.”

Proposal:
Feds use tax dollars and take 90% (resale) or 95% (new build)

Vote for me…. goodness, and while we’re at it, forget bitcoin, the country will make the bitcoin equivalent CANcoin and do our housing transactions with that. Feds will use 90 CANcoins to pay for 90% of the property or 95 CANcoins to pay for 95% of the property.

If they need help, I can start creating some CANcoins for them. Just need a few cloud computers to get the work done.

#37 yvr_lurker on 09.12.19 at 5:31 pm

I very much like the idea on putting in a special tax on all foreign buyers of real estate in our country. I would prefer the outright ban that New Zealand has in place, but this potential tax will at least discourage offshore people from moving from city to city to replicate what was done to Vancouver over the past 15 years. However, I think this equity-share idea with the new threshold is foolish. It has the potential for simply spiking the lower end of the market and it favours one particular group of taxpayers. That being said Trudeau is an unreliable ass. I have no doubt that if he gets back in he will do nothing with the national tax and will focus his energy on other issues (i.e. like he did with marijuana) that many of us are not interested in.

#38 Yukon Elvis on 09.12.19 at 5:42 pm

Liberal majority government in October.

#39 Josh Patel on 09.12.19 at 5:44 pm

Do you think that I will get gf if I buy a house near a subway line, or should I buy my house in Bridle Path?

I am first year Economics major at UTSC.

I like Canada. I want to marry a Canadian woman. How should I buy my house? I have $5 million Canada dollars to buy house. Please advise!

#40 Smartalox on 09.12.19 at 5:50 pm

As for the whole ‘money laundering’ thing here in BC:

https://vancouversun.com/news/local-news/alleged-money-launderer-caught-trying-to-sell-co-worker-a-vancouver-home-subject-to-civil-forfeiture

The home in question is part of the proceeds from that case in Richmond BC (Silver International) where the actual ‘money laundering’ charges were thrown out after the name of a confidential informant was leaked to defense council during pretrial discovery.

From the article:
The price of the proposed sale, at $1.8 million, was well below the original list price of $2.688 million, which had been reduced to $2.48 million, according to court documents.

In documents filed in court, counsel for the defendant attempted to justify the steep discount by noting “the house is an older style and many things need replacing, and there is no air conditioning and no authorized rental suite.

The defendant was supposed to be making mortgage payments on the Burquitlam house, but had not been doing so.

Earlier, the Toronto Dominion bank had filed a court petition to foreclose on the property to collect $1.1 million owed on a mortgage. Two other mortgages are registered on the property totalling $560,000.

Elsewhere in the article linked above:

James Cohen, executive director for the Canadian branch of Transparency International, a global anticorruption organization, said if the allegations are true it says the accused has no respect for, or does not feel threatened by, anti-money laundering mechanisms in B.C. “It seems pretty brazen, if it’s true, to conduct money laundering while being scrutinized and it’s known who you are,” said Cohen.

Not coincidentally, there was another article a few weeks ago about a Hells Angels affiliate who was killed at a Starbucks drive-through. He too, had a company that invested in pricey homes, then took out heavy mortgages against them, before stopping payments, and leaving his creditors (including a charitable foundation that sponsored a schoolkids’ breakfast program) out the money lent, and tarnished by the association.

First Federal party leader that promises to crack down on international tax evasion and money laundering? They’ll have my vote.

#41 Stan Brooks' doctor on 09.12.19 at 5:55 pm

#3 Stan Brooks on 09.12.19 at 1:50 pm
Enjoying another fine (German) beer afternoon far away from the mental institution.

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

Did Stan get out again? Where’s Stan.

#42 AGuyInVancouver on 09.12.19 at 6:06 pm

“..Meanwhile middle-class families with all their net worth in their homes have lost an average of $360,000. Nobody’s won…”
_ _ _
Make up your mind Garth. Either real estate prices are at ridiculous levels in Vancouver and need to come down, or you’re worried about paper equity losses.

As to “mythical” foreign buyers, let us consider the tale of the founder of Hootsuite, who is suing to get his deposit back on a West Vancouver manse owned by one Guo Zhu He who apparently couldn’t make up his mind rather he was a Canadian resident or not, when confronted with a CRA bill on capital gains on housing:
https://www.nsnews.com/real-estate/buyer-sues-for-deposit-after-7-million-house-deal-falls-apart-1.23942102

Fake news? I think not.

Wow. One guy. I’m convinced. – Garth

#43 Renter's Revenge! on 09.12.19 at 6:07 pm

#31 SusanM on 09.12.19 at 5:16 pm

So, us ‘not-tall’ people are causing blog-comment trouble? I mean, seriously?

Do please explain.

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

Found the short person!

#44 Treasure Island CEO - 30,866,912.33 offshore on 09.12.19 at 6:16 pm

Scheer claims to be scrapping the stress test if getting in, which would gas housing prices even more than this bs policy.

Attention Canadians: you are foooooooked for future generations. You are never getting out of debt.

Housing is the economy in Canada.

#45 SimplyPut7 on 09.12.19 at 6:23 pm

Trudeau’s equity grab first time homeowner plan is still based on your income, this is not a plan from the wild wild west days of 2016 when mortgage brokers didn’t care where the money came from as long as the down payment (2nd, 3rd mortgage) along with the bank mortgage was enough to cover the purchase of the home.

Have you seen what millennials make these days? Please tell me how the employees at Starbucks or the gig economy independent contractors are going to make enough to buy the 600k-800k condos about to be completed in the GTA and YVR.

#46 Bad Hombre on 09.12.19 at 6:23 pm

As South Park taught us long ago, an election is always the choice between a giant douche and a turd sandwich.

#47 TurnerNation on 09.12.19 at 6:30 pm

In Soviet Kanada house own you! Let’s just hurry up towards full UN post-national state totalitarian ownership of private property already.

I found 7 million debt slaves willing to agree. A recent news release…GSY.TO

“goeasy releases brand campaign for easyfinancial

For the over seven million Canadians with non-prime credit, the future can feel full of uncertainty. Our role is to be a trusted partner our consumers can turn to, providing them with more than just the financial relief they need today,” said Andrea Fiederer, executive vice-president and chief marketing officer of goeasy. “With one in three of our customers graduating to prime credit and 60 per cent increasing their credit score within 12 months of borrowing from us, our products and services are designed to give them confidence that they can improve their financial situation for the long-term.””

#48 Juve101 on 09.12.19 at 6:33 pm

“nobody buys a starter home and stays in it for two decades, letting it appreciate.”

I did exactly that (15 years not 20).
Worked well for us.

They are now called ‘starter condos’ and are 450 square feet. Nobody stays there. – Garth

#49 Bob Dog on 09.12.19 at 6:46 pm

Voting is a waste of time at this point. The government is a multi headed snake controlled by banks and corporations. The wealthy don’t care who you vote for because they set the course the politicians will take.

When an average house cost 14 times the average family income it’s time to ignore the voting booth and overthrow the corrupt puppet regime in Ottawa.

Canada is basically a 3rd world country with clean water.

#50 Dave on 09.12.19 at 6:58 pm

Trudeau wasn’t elected on because of his IQ. We all know foreign speculation and money landering has ruined the Vancouver market, it is well documented, despite Garth’s continual denial, but having a 1% tax is like saying “we’re going to charge you for bread with your meal” It won’t make a difference. Furthermore, he’s known about this for so long, how could he not? and he’s only taking action, albeit insignificant action now before an election? Is he trying to get Scheer elected?

#51 Kenny on 09.12.19 at 7:01 pm

https://www.cnbc.com/2019/09/10/hasbro-takes-on-the-gender-pay-gap-with-new-ms-monopoly-game.html

#52 Garth on 09.12.19 at 7:06 pm

Just wondering what level you think taxation will go to with four more years of T2?

#53 Amok on 09.12.19 at 7:10 pm

The Libs are going to win another majority…
Bernier’s PPC will split the Conservative vote, and Sheer will eventually get dumped by the Cons post-election…
The Bloc will re-emerge in Quebec…
The NDP will be decimated – if they get more than 10 seats, it will be a surprise..,
The Greens will get nothing but 1 or maybe 2 seats, as usual…
This is all so obvious!

#54 MF on 09.12.19 at 7:11 pm

None of these propositions will thankfully be implemented.

PC minority coming your way.

MF

#55 Habbit on 09.12.19 at 7:30 pm

Mr dress up will be difficult to move out for a long time. Another liberal majority on the way. Scheer another Clark. He has to go

#56 Asterix1 on 09.12.19 at 7:31 pm

TORONTO STAR —“Real estate boards call for federal candidates to support looser mortgage stress tests”

In other news…“Morticians boards call for federal candidates to support looser tobacco regulations”

These RE boards, banking economists and MSM should be sued. A bunch of leeches damaging Canada’s prosperity!

#57 acdel on 09.12.19 at 7:38 pm

Felix; eat your heart out; that is one hell of a pole dancer! Your feline (T2) cat species could not even come close what that pooch can do! :)

#58 I Agree on 09.12.19 at 7:39 pm

#1 What a mess! Good grief…….

I agree. It is so easy for politicians to make decisions that spends people’s (taxes, taxes, and more taxes) money. How can a mess this big ever get cleaned up?The people responsible for creating the mess don’t see it.

From Wikipedia: The expression “elephant in the room” … is a metaphorical idiom in English for an important or enormous topic, problem, or risk that is obvious or that everyone knows about but no one mentions or wants to discuss because it makes at least some of them uncomfortable or is personally, socially, or politically embarrassing, controversial, inflammatory, or dangerous.[3][4]

#59 Karlhungus on 09.12.19 at 7:39 pm

I fear a liberal minority (although hoping for a PC majority). The only saving grace for me is jacked up Kid Bucks from Justin. (which is just bad policy but at least I get some tax dollars back)

#60 -=jwk=- on 09.12.19 at 7:42 pm

according to this very blog, the liberal government has done nothing and is incapable of doing anything. SO what are you all afraid of is this new home buying thing is never going to happen anyway?

#61 Doug t on 09.12.19 at 7:43 pm

Politicians are GREAT – I mean hey if you can’t trust them who can you trust

#62 jess on 09.12.19 at 7:50 pm

#40 Smartalox on 09.12.19 at 5:50 pm

here here and if you own it
put your name on it and lets have a public register
While beneficial ownership information is relevant to a variety of assets, recent policy attention has focused on the beneficial ownership of companies, and in particular, the use of shell companies to anonymously purchase assets, such as real property, and to store and move money, including through bank accounts and …Jul 8, 2019

so many examples !
Mining, Murder, and Impunity

Published: Tuesday, 03 September 2019 16:56
== Written by Katarina Sabados
https://www.occrp.org/en/37-ccblog/ccblog/10603-mining-murder-and-impunity

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

Amazing what can happen when we work together!
webb telescope amazing
https://www.youtube.com/watch?time_continue=23&v=-MVAm89KBfE

A Mexican activist’s family has been looking for answers for a decade, even in Canadian courts.

https://www.occrp.org/en/37-ccblog/ccblog/10603-mining-murder-and-impunity

#63 Cici on 09.12.19 at 8:19 pm

#31 SusanM

RelaxSusan. You obviously missed the recent ramblings of some random guy who was using this blog to complain that women (in Toronto, I think?) were overlooking him due to his short height.

It was really hilarious. You can’t miss a day on this blog if you want stay up-to-date!

#64 leebow on 09.12.19 at 8:31 pm

No worries everybody. One easy 5% tax increase will provide enough bailout money.

#65 Nonplused on 09.12.19 at 8:43 pm

All we have to do to fix the real-estate problem is relax zoning restrictions. In places where you are allowed to build out, like Texas, there is no bubble. In places like Calgary the scarcity is entirely artificial. We can go out and up, 10 miles past the ring road out and 50 stories up, but the pace is restricted.

The way to do it is pretty simple and already has been proven. The Calgary LRT system is remarkably productive during rush hour getting everyone to work and back. Even though it is above ground and not a subway as in New York or Moscow. You put “nodes” around the stations that include parking, busing, and high density housing. Now the cars and buses don’t need to go very far and the high density residents can walk to the train, so you don’t need so many roads.

Sure, a rail line has a maximum capacity for the number of people it can haul, but none of Calgary’s lines are anywhere near that and they are already hauling far more people than a highway can during peak hours. And there are lots of places to build more tracks.

In the US North East corridor, the trains are 8 cars long and mostly double deckers. The trains come every few minutes, but they aren’t always going to the same place so sometimes you have to wait 10 minutes. (Service slows down off peak, you might have to wait 20 minutes, even 40 minutes at night.)

There is plenty we can do to fix all real estate bubbles in Canada, and they involve allowing the building of more dwellings and the infrastructure to support them. That’s all we have to do. But that will never be done, because the developers fund most civic election campaigns. If you want to be elected to the city council, you need to be friendly with the developers. And that means you absolutely have to put restrictions not only on what type of suite a person might put in their inner city basement (safety, air isolation, etc.) but also must disallow it all together for anything that was zoned R-1 75 years ago.

There is no reason in today’s age that anything located within walking distance of an LRT station should be zoned R-1. The whole inner-city should be automatically zoned R-4 as a minimum. But that isn’t going to happen, because then anybody with a few bucks could make a dollar by tearing down old rotted out houses and putting up a 4-plex. That won’t happen. The developers, whose business strategy has long been to buy up farmland around a city and then wait for urban sprawl to get there, simply won’t fund the election campaign of anyone suggesting such a thing. A few developers can agree to the rate at which lots will be available in the boonies, and the last thing they want is thousands of small scale competitors converting inner city properties to higher density.

All inner-city properties should be converted to zoned high density. If you can bike downtown in 30 minute your property should be at least R-4. Then build more rails as the demand increases. Problem solved. But that will not happen because of who owns the politicians. At the civic level, that is the developers.

I have been to New York but not Hong Kong. I suggest that the old adage “They aren’t making any more land” is pure bullshit. In terms of residential accommodations and office space, we’ve known how to make 100 times more accommodation in a given area for about 100 years. They are sky-scrapers and subways and big sewer pipes and other utilities (but they don’t have to run very far). That’s all you need.

Imagine Calgary as densely populated as New York. We’d all fit within the belt-line, and still have room for Stampede park and some soccer fields and hockey arenas. Commutes would be 10 minutes by train. To your kid’s soccer game.

The housing bubble in Canada is entirely the result of the collusion between developers and civic politicians. End of story.

—————–

So then the question might arise, why do lower interest rates goose house prices. Well, when the central bank decides they need to lower interest rates to goose the economy, people have more to spend, and the idea is that the producers of goods, manufacturers, farmers, house builders, everyone, will respond to this additional demand. But that’s not what we get anymore because the cartels see the cheap borrowing as an opportunity to buy out competitors and raise prices. Because we live in the age of the oligopoly, all lower interest rates do is make it easier for the oligopolies to buy out their competitors and raise prices. Every single time you see a company buying one of their competitors you should think “low interest rates have the effect of consolidating the oligopoly”. If these low interest rates persist, I imagine Apple will buy Google. Or the other way around. Fiat bought Chrysler. How the heck did that happen? Fiat has always made junk cars. Chrysler did too but it got worse after being bought by Fiat. It’s all because it is now so cheap to finance an acquisition. Someday not far off, there will be only one company that owns everything. That day is coming because of artificially low interest rates. The fair rate of interest should be something slightly less than what the equity holders get. Zero interest is impossible and I suspect we are about to prove that soon. How can you put a bunch of money into something you have zero interest in????

Folks, take away one thing from this response if you read this far. Zero interest rates cannot happen. Something is very wrong. Very, very wrong.

For those who will read further I will tell you what is wrong. When money has no time value (i.e. interest is zero), money quickly loses value. If you are able to do so prepare for massive inflation. That is what money that has no time value always results in.

#66 Ace Goodheart on 09.12.19 at 8:57 pm

I remember back when Stephen Harper won an election by promising to give people “tax free savings accounts”.

And he did.

All of a sudden, you could put money into the markets, and collect dividends and interest and capital gains, and pay no tax whatsoever.

People loved this. He won what amounted to a landslide majority, crushing the Liberals out of existence.

Now, many years later, I am seeing something completely different.

Young folks, rather than wanting to save money, tax free, want to borrow money from the government.

To buy houses.

They want debt, not assets. They are looking to go into the hock. For the long term. 25 years of paying down debt. The same sentence they give someone who kills someone else and plans it before hand. Do your time.

Quite incredible. People have changed.

#67 rknusa on 09.12.19 at 9:14 pm

Trudeau’s spec tax of 1% on a million dollar house is 10K per year, completely useless and ineffective to curb some rich Chinese, Russian or Saudi dude from parking their money in real estate

BC’s foreign tax is 20% of purchase price, a little bit of a bite

BC’s vacancy tax – For 2019 and onwards, the speculation and vacancy tax rate will vary, depending on your residency and where you pay income tax: 2% for foreign owners and satellite families. 0.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family.

Trudeau insults the intelligence of all thinking Canadians

Trudeau is essentially in the pocket of rich foreigners and Canadain development interests with this lame policy making sure he does not significantly hurt their interests while giving the impression he is working for Canadians

what other conclusion could you come to?

and his latest tweak to his Home Buyers program will only juice prices further as there already is a supply problem

what is he thinking

#68 Shawn Allen on 09.12.19 at 9:19 pm

How will the young afford a house?

#45 SimplyPut7 on 09.12.19 at 6:23 pm

Have you seen what millennials make these days? Please tell me how the employees at Starbucks or the gig economy independent contractors are going to make enough to buy the 600k-800k condos about to be completed in the GTA and YVR.

*************************************
Tips? Those can add up.

Also if buyers really can’t afford houses then the price will come down. Supply and Demand. Economics 101.

Apparently buyers so far as well as their lenders believe they can in fact afford the price they paid.

#69 Nonplused on 09.12.19 at 9:30 pm

And PS, when interest goes to zero, which means the time value of money is approaching zero, it is more likely that good companies in the stock market or otherwise will go up in value as opposed to money which will hardly buy you a Slurpie. In times of inflation, hard assets adjust to the currency of the day, including corporations that have assets. No inflation has ever involved the price of valuable things going down. Just get out of money. Stocks, gas and guns, food, farmland. Buy them if you can. Money (including bonds) are worth shit if interest rates drop to zero or below. (Negative interest rates??? What the hell buy a boat if you want to waste money.)

I, personally, do not have any use for a negative or even zero or near zero interest rate. I don’t like to borrow money. But if these rates persist, I might play the trade and borrow shit money that is going to down to buy assets that will be going up.

Rates will never be negative here in your lifetime. Relax. Put down the rifle. – Garth

#70 MF on 09.12.19 at 9:33 pm

Lots of trolls out today. I guess it’s par for the course for what “social media” has become these days.

Anyways,

#45 SimplyPut7 on 09.12.19 at 6:23 pm

It’s been happening slowly and surprisingly, but many “millennials” are now nearing middle age (me included). All my friends have jobs currently, and almost all are doing well salary wise..and I’m not E bragging here either. I’m talking high 5 figurs-low 6 figures. A minotiry are making a lot more.

I actually think the meme that all millenials work at starbucks at minimum wage is becoming a bit dated.

Maybe it’s human nature to assume circumstances always stay the same, or the echo chamber setup of online forums like this one make it seem that way? I don’t know. But it’s time to acknowledge housing isn’t going anywhere in our big cities and that demand will likely stay strong. Time to accept it. Our politicians are just pandering. Nothing new there.

MF

#71 MF on 09.12.19 at 9:47 pm

#66 Ace Goodheart on 09.12.19 at 8:57 pm

Completely wrong.

These policies are aimed at young people who don’t own real estate. These people are definitely not looking to eagerly get into debt, but they are worried that if they don’t buy now they will never be able to buy and have to incur MORE debt when they do.

This is a real fear.

Add that no one actually expects to pay off the whole mortgage. Everyone expects RE prices to keep rising, as they generally have for decades now. This will allow “moving up” the property latter later on.

Also add that no one expects rates to go anywhere meaningful. Our central banks have proven this by being toothless and incompetent. Rents are too high and monthly payments are generally comparable when comparing rent versus buying. Nothing really new on this last point.

So I wouldn’t say young people are jumping to get into debt. Buying is actually seen as a weird way of preventing future debt, if that makes sense.

MF

#72 Chaddywack on 09.12.19 at 9:52 pm

Can’t wait to put a big fat X next to the Conservative candidate in my riding. I’ve been obsessing over that since socks got elected four years ago.

#73 N on 09.12.19 at 9:55 pm

Don’t think that we’ll be immune to this….. the paradox being that we’re socialist – supposed to collectively pool our wealth….

Silicon Valley rents have risen 50 per cent since 2011, with studio apartments going for US$3,000. Home prices have doubled. In Palo Alto, home to Stanford University and many of the region’s largest venture-capital firms, the median home price topped US$2.8-million in July. The people paying the heaviest price for the housing crisis are the minimum-wage service workers who cater to well-paid tech employees by staffing restaurants, painting homes and caring for children. The escalating cost of living has pushed many of those workers onto the streets. Homelessness in Silicon Valley has surged 30 per cent in the past two years to more than 30,000 people, mainly because more people are living in cars and recreational vehicles.
https://www.theglobeandmail.com/world/article-silicon-valleys-motor-city-as-big-tech-adds-fuel-to-a-housing-crisis/

#74 acdel on 09.12.19 at 9:55 pm

#70 MF

Just a quick question MF, can you and your buddies, etc, earning a good paycheck afford to buy in the big cities? If so, do you feel that it is worth it (providing a child or children are not in the picture); meaning that they need a home. I am a bit older then you but most curious on what your generation really feel and project on what is happening out there!

#75 WUL on 09.12.19 at 10:01 pm

I’m not sure how I will exercise my franchise on October 21. Not an easy choice between the SNAFU and FUBAR parties. But, at the end of the day, I take comfort in the fact that it does not matter which imbeciles we send to the insane asylum on Parliament Hill.

And by the way, it’s likely gonna be a Liberal majority.

PS: Nonplused: Good analysis of RE development here in my Famous Stampede City in the Valley of the Bow. Few holes to poke in your analysis from my porous mind.

Thanks for the space, Turner.

WUL

#76 T on 09.12.19 at 10:10 pm

#70 MF on 09.12.19 at 9:33 pm
Lots of trolls out today. I guess it’s par for the course for what “social media” has become these days.

Anyways,

#45 SimplyPut7 on 09.12.19 at 6:23 pm

It’s been happening slowly and surprisingly, but many “millennials” are now nearing middle age (me included). All my friends have jobs currently, and almost all are doing well salary wise..and I’m not E bragging here either. I’m talking high 5 figurs-low 6 figures. A minotiry are making a lot more.

I actually think the meme that all millenials work at starbucks at minimum wage is becoming a bit dated.

Maybe it’s human nature to assume circumstances always stay the same, or the echo chamber setup of online forums like this one make it seem that way? I don’t know. But it’s time to acknowledge housing isn’t going anywhere in our big cities and that demand will likely stay strong. Time to accept it. Our politicians are just pandering. Nothing new there.

MF

——

This is the most intelligent comment you have made here and I completely agree with you on these points.

I would just like to add one thing; demand still does not justify prices. There’s just too much debt around.

#77 AB Boxster on 09.12.19 at 10:21 pm

Just watched the Maclean’s leadership debates.

Wow.
Liz May is a total eco nutcase. Real hate on for Israel too, but then what leftist doesn’t.

Too bad Max was not allowed to debate. There would have been some great fireworks between Lizzie’s ‘the sky is falling the sky is falling’ and Bernier’s common sense approach.
If May holds any power in parliament then the country is doomed.

Best for Alberta to get out.

All Jagmeet could say on every topic is how the rich are so unfairly taking advantage of the poor. on China, on Brexit, on everything.
Blah,blah, blah.
What a pathetic leader after Mulcair.

The whole climate change debate reminds me of the debate on free trade with USA. The 1988 election was fought on this with NDP Broadbent saying it would be economic disaster for Canada and the Liberals under Turner opposing it.
Remember Maude Barlow and council of Canadians fighting tooth and nail saying Canada would be destroyed, end of the world, dogs and cats living in sin, yada, yada, yada.

And free trade has been the best thing to happen to Canada since then.
Funny how all the lefty nutjobs back then could be so wrong.

I’ve decided to live another 30 years if only to laugh at today’s global warming idiots when the earth is still around and humanity has not died out.

By then the lefty Canadian citizenry will have moved on to some other absurd cause. Because its 2050!

#78 crowdedelevatorfartz on 09.12.19 at 10:31 pm

Hmmm,
Another BC lumber mill announces today it is closing and leaving.
Several other BC mills announced their closure this summer and at least 10,000 people have lost their jobs.
Lumber sales tanking……….
Usually a harbinger of a recession?

Maybe Trudeau should win this election and reap the pain…….

#79 Capt. Serious on 09.12.19 at 10:45 pm

Pretty brilliant campaign move though, given the Mills are now a huge voting block, and in their house horny years. What could go wrong? We almost need a blinding recession just to remind everyone what risk looks like.

#80 crowdedelevatorfartz on 09.12.19 at 11:16 pm

BC foreign ownership tax expected to raise 116 million dollars in 2019.
Vancouver 1700 properties
Richmond 1400
Burnaby 945
Surrey 650

The govt gets to tax non voters while winning votes.
Dont think this populist strategy is going away any time soon..

#81 Doug t on 09.12.19 at 11:30 pm

Politicians suck – seriously look at the choices of these schmucks – absolutely horrible and if this is the type of individuals that are drawn to office well surely we are done

#82 Chance Stagger on 09.13.19 at 12:16 am

Trudeau and the Dippers have already chased hundreds of billions of direct foreign investment out of Canada. That’s many billions in tax revenue you won’t see. That’s hospitals and schools you won’t see.

Universities are tight for revenue , seats available for high dough foreign students. Uni Presiidents and other civil servants with million dollar salaries are seeing red. Where will the raises come from? Answer, raise taxes on ‘the rich’. It’s an evil Auro Boro that will eventually eat us all alive.

So, Trudeau figures “what the hell”. Chase the last of that revenue out of the country. Nice.

Anone following Angela Merkels admissions on how climate hysteria us cratering Germanies economy? She says the Flat Earth Society is creating monstrous deindustrialization, and all those jobs, down the toilet. After years of promoting a green future, Angel announced Germany returning to coal. Whoops.

#83 DON on 09.13.19 at 12:23 am

#12 NotLegalAdvice on 09.12.19 at 2:57 pm

#8 paul on 09.12.19 at 2:35 pm
basically BUY NOW

_________________

My thoughts exactly! It doesn’t look like the market will be coming down anytime so

**************************
It’s all about timing now…gotta wonder is this temptation by the Liberals which most likely won’t materialize until Decemberish at best (of course if elected). Potentially holding back demand and showing monthly declines. By then the meme might change. One possible scenario. Not including any global uncertainty.

Why take on a large mortgage in uncertain times? What’s the real problem with waiting?
Why do people rush to get into big debt?

So what’s the potential uptick given these promises? It is not infinite.

In uncertain times it is best to diversify.

#84 PeterfromCalgary on 09.13.19 at 12:32 am

Trudeau is a criminal and should be in prison for obstructing justice in the SNC_Lavalin case.

#85 SWL on 09.13.19 at 12:49 am

“I hate this campaign already”

Me too. It has that barf in your mouth sort of appeal. This one is simply 4 different flavors of hot garbage. Sad really

#86 Smoking Man on 09.13.19 at 1:57 am

Son 1 who married a 3rd wave feminist..

She said he sucked. Took all his loot. The kicker him out.
Destoyed his creative spirit..

She ended up with another girl.. I liked her..

https://youtu.be/R3iX0SUQpPg

Son. Keep doing poetry, you might make it one day. The odds are against you..

Fight it……

#87 SimplyPut7 on 09.13.19 at 5:16 am

#70 MF on 09.12.19 at 9:33 pm

MF the only troll out on the site today is you.

As one of the older millennials as you describe yourself, you and your friends wouldn’t qualify for Trudeau’s plan because you have to be a first-time homeowner to receive any money.

Many younger millennials (born in the early 1990s) and the older generation Z don’t have money for a home, even if their parents helped them. This isn’t 2014-2015 when putting hundreds of thousands of dollars on your HELOC would help your kid get a house that is appreciating in value. We all have access to the sold data and rental data, prices are flat at best, no matter what the media wants to push.

The meme of the kid working at Starbucks as their first job because they don’t have any experience is not dated, go into Starbucks and ask the employees what they studied in the school, or better yet ask the new mailroom or junior employee what MASTER’S Degree did they just complete to end up doing a job they could have done in high school or first-year university, if you want a more recent meme of how overqualified and underpaid young people are when they come out of school.

I work downtown Toronto and talk to the people with the investment condo being completed soon, the older millennials and the younger poor master’s degree paper filers at work. The well-paying jobs to buy 600k-800k homes are scarce. The boomers who claim they are ready to retire won’t be leaving at 65 as they are unprepared for retirement financially and emotionally.

That leaves all younger generations holding onto lower-paying jobs for a longer period of time, including yourself because the amount of crap you talk about online here, I thought you were making more money. Guess you are just waiting your turn like the rest of the millennials to get a job from a boomer who said they would be leaving soon, keep holding your breath, they’re not leaving for another 5-10 years – if that.

I think the older generations who vote are tired of giving kids free money just for them to get by. I think Trudeau won’t get a chance to fully implement this plan. Hopefully, Scheer’s housing plan will have real long-term solutions such as building more townhouses, detached houses, and starter homes to get the boomers and late gen-x ready for the next stage in their life where they don’t need the larger family homes in the city-centres.

#88 NoName on 09.13.19 at 6:04 am

@MF

Maybe you just hang out with well off people, what about those living in funny parts of town???

Income.per family typo
https://imgur.com/a/lx6fN9c

Age group 45-50ee something avg 63k med 49

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=2.6&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1

Age group 35-44, avg inc 58k, med inc 47k

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=2.5&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1

25-mid 30, avg 44k med less that

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=2.4&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1

And 25-50ee something avg 55k med 45k

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=2.3&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1

Income of individuals by age group, sex and income source, Canada, provinces and selected census metropolitan areas1 2 3

DEFINITELY CLICK ON THIS LINK !!!!

https://giphy.com/gifs/sjsjsjssj-3o6Zt4oV8yOoaATQwE

#89 Ustabe on 09.13.19 at 6:17 am

Everyone likes numbers, right?

1 Trillion…the amount of the USA’s deficit in 2019
23 Trillion…the amount of USA’s debt.

300,000…the number of Canadian children lifted above the poverty line by the new ccb.

Smarmy Andrew tells me (over and over again) that he has a plan. All I see is he now has a plane. Neither his website nor the CPC site have any particulars on this plan…I guess we can trust him tho, right?

Can anyone tell me that Ford in Ontario spending millions more than Wynne is startling news to them?

Can anyone tell my why Kenny (AB) would feel a need to dictate that the schools and school boards in Alberta must eliminate the word “Public” from their names if not to obfuscate private, religious schools from public, taxpayer supported education in order to funnel tax money to the former?

My point being, while we all would welcome relief from T2, we must be careful. Today’s right leaning politicians have a hidden agenda. T2 may be an ass but his tax and (deficit) spend policies have demonstrably benefited children in Canada…while every move our conservative friends in power have made harms those who can least absorb that harm.

Given the choices I’ll chose child poverty reduction over having my taxes fund some religious zealot’s school.

Just saying…

#90 Oh Canada, I weep. on 09.13.19 at 7:16 am

#89 Ustabe….appropriate name, outta’ touch Dude. Buying votes is not lifting children out of poverty. Giving out free money to parents who couldn’t afford two car lease pmts and stretched mortgages , due to greed in both cases, doesn’t mean children receive any if the bribe. Don’t use children as an excuse to pander.

Do you think Juggy , May or Trudeau are getting back and forth without aircraft? Is Trudeau’s taxpayer purchased aircraft different from Scheers?

The Trudeau regime is criminal. This has been proven over and over. Hundreds of millions are in Trudeau’s foundation, where did that money come from? Trudeau allows foreigners to interfere with our elections, that’s treachery. Misrepresenting our democracy to desperate immigrants by transferring them into ethnic ghettos to vote Liberal is dispicable. Those migrants escaped tyranny. Trudeau is enslaving them .

Don’t hide behind children , it’s unCanadian. And finally. Are you so crazy that you’ll lie cheat and steal to reelect a man caught groping a woman? Do you want Canada to fall from modern democracy to third world toilet status?

#91 MF on 09.13.19 at 7:24 am

#88 NoName on 09.13.19 at 6:04 am

That’s possible. Although your quoted numbers are median and not average. The averages are actually slightly higher, suggesting that there are outliers.

#87 SimplyPut7 on 09.13.19 at 5:16 am

“MF the only troll out on the site today is you.”

Meh stopped reading right there.

#76 T on 09.12.19 at 10:10 pm

Hey T,

Exactly. I think humans forget time is a constant that marches forward persistently. When you are busy focusing on the day to day it’s easy to lose track..

And that means I’m almost middle aged :s

#74 acdel on 09.12.19 at 9:55 pm

It seems to be divided into two groups, irregardless of income.

Group A bought a starter condo a decade ago, have seen their “equity” increased and usually moved on to a home (usually slightly suburban like Maple) by now. I can’t tell if they can afford it or that they got lucky buying when they did.

Group B has been holding out and are getting slightly annoyed by the whole thing. I am part of this group. Some can afford it, some can’t and have pretty much given up. My income is not sky high but my savings and investments are decent. I could probably afford it but something is holding me back (probably this blog lol). All of us generally want to buy though. It’s understood it would be a “starter” condo if in the city though.

A bit of a muddy answer but thats my take.

MF

#92 Tannhäuser Gatekeeper on 09.13.19 at 8:20 am

“Politics and real estate don’t mix.”

Most politics is real estate. And all real estate is politics. From building and zoning codes, land use planning, infrastructure, residential and commercial property tax, pipelines, crown land, national defence, landlord tenant law, the treatment of capital gains, lending laws and standards, and government backing for mortgages and banks… It’s all about the real estate.

#93 oh bouy on 09.13.19 at 8:46 am

@#89 Ustabe on 09.13.19 at 6:17 am
_______________________________

so true Ustabe.
sadly scheer is not the answer.

#94 dharma bum on 09.13.19 at 8:47 am

Why is Trudeau addressing insignificant issues like housing and that thing that reduces future crime rates (abortion)?
More attention needs to be given to the REAL issues that affect the citizens of this country.
Y’know – LGBTQ, feminism, gender confusion, cultural appropriation, #metoo, indigenous appeasement, Quebec appeasement, transvestites, beer prices, plastic straws, selfies, inarticulateness, safe spaces, fat chicks, hipsters, proper pronouns for self identifying races and genders, peoplekind, and what halloween costumes to wear abroad on the next family vacay.

#95 Remembrancer on 09.13.19 at 8:54 am

89 Ustabe on 09.13.19 at 6:17 am

Smarmy Andrew tells me (over and over again) that he has a plan. All I see is he now has a plane. Neither his website nor the CPC site have any particulars on this plan…I guess we can trust him tho, right?
—————————————–
First words out of the gate in last night’s McLean’s debate from Andy was not about better policy, it was to trash Trudeau. Was waiting to hear something, anything, interesting regarding policy, instead revamp of the coalition of moral fundamentalists of various stripes and western protest party – alas Progressive Conservative Party of Canada…

#96 Remembrancer on 09.13.19 at 9:06 am

#91 MF on 09.13.19 at 7:24 am

Be very, very careful, especially if your “starter condo” is in a building getting older – have there been expensive repairs already or a feel of general neglect being whitewashed over in the common areas for instance which will be more expensive in the future to really fix? Harder to detect crazy condo boards from the outside but look for signs, like notices posted on bulletin boards or available minutes…

#97 PastThePeak on 09.13.19 at 9:29 am

#45 SimplyPut7 on 09.12.19 at 6:23 pm

Have you seen what millennials make these days?
++++++++++++++++++++++++++++++++++++++++++++

I know and work with quite a few millennials that make very good money. But they didn’t take gender studies / political science / general arts at university either…

Few STEM graduates with any gumption are working the barista shift…

#98 IHCTD9 on 09.13.19 at 9:43 am

#89 Ustabe on 09.13.19 at 6:17 am

Everyone likes numbers, right?

___________________________________

I like the CCB numbers, no question about those!

My kids were never anywhere near poverty, so that CCB money instead goes to fishing gear and accessories for my ATV’s.

I have actually started banking my CCB cheques to save towards a new YAMAHA Wolverine 850 R-spec SE with the upgraded wheels and built in GPS. They’re like 20 grand though, so it’ll take a few years worth of CCB cheques before I’ve got enough cash to pay for it.

I kind of hope the conspiracy theorists keep thinking Conservatives are funding religious zealots and seeing hidden agendas everywhere etc… because it seems the more of this thinking there is out there – the more toys end up in my garage!

The other numbers I liked a lot last year was our income tax bill. 4 figures on a 6 figure net household income. The CCB played huge in this result – so if T2 wins again, maybe I’ll have TWO Wolverine 850’s sitting in the garage which were paid for by other schmuck Canadians courtesy of the Liberal Party of Canada :).

Sweet!

#99 Ponzius Pilatus on 09.13.19 at 9:44 am

Oh my.
One thing is for sure:
Trudeau mania is not sweeping this blog.

#100 RE_Investor on 09.13.19 at 9:50 am

A wreck waiting to be rebuilt. $425k
65 Eileen Ave, Toronto

Area is ok. Corner lot. I checked it out but I’m passing. I think it will go to a builder for <500k. Maybe $350k work, then try and get $1.1mil next year.

#101 conan on 09.13.19 at 10:29 am

” I hate this campaign already.”

Wearing one too many costumes in India or getting one too many 50 dollar fines from the ethics commissioner is not nearly enough to vote in a Trump loving, science denying, problem filled Conservative government.

If Rona Ambrose does not want the leadership then its a sinking ship.

Just thinking of the “stink” from the Harper years makes me ill.

#102 Sebee on 09.13.19 at 10:39 am

I don’t get it Garth.

Private debt to GDP 220%
Household debt 178%
Government over the tip of that hair that sticks out on top of your head in debt..

This has to deleverage, surely….right? How?

#103 Stan Brooks on 09.13.19 at 10:49 am

Rates will never be negative here in your lifetime. Relax. Put down the rifle. – Garth

Sure. yes, it/the rates will become strongly negative and that soon.

https://www.zerohedge.com/health/blain-europe-heading-down-new-road-fiscal-super-highway

-0.5 % in Europe and the Euro rises against the loonie..

You have no freaking idea yet what inflation tsunami is coming down the road.

Remember savers and retirees: Buy lubricant companies.

Cheers and god bless you/you will need it.

#104 Stan Brooks on 09.13.19 at 11:09 am

Hard choices to make: a bottle of Jack Daniels vs. Johnie, black label this afternoon.

Thinking of contributing 10 bucks towards sock’s boy campaign. The show must go on. I would love to have the guy with substandard IQ reelected. People deserve him.

#105 joblo on 09.13.19 at 11:10 am

#75 WUL on 09.12.19 at 10:01 pm

My take: (I know no one cares)
OWE Kanata in the last 4 years has gone from,
SNAFU
to
TARFUN
to
FUBAR

Time to burn it down and rebuild.
Starting with ABexit over to you Alberta.

#106 Please vote on 09.13.19 at 11:15 am

Allot of winners on this block. Basic Canadian attitude.
You should be saying I am voting in my riding for the person that I feel will best represent me in Parliament.

Hmmmm
For me I am thinking of running for the Rhino party
They have over 15 million lies but at least they admit it.
And the hats are pretty cool
Watch for me in your riding I will be the guy with the cool hat
and then get out and stop complaining and educate yourself on your local issues.

#107 Bytor the Snow Dog on 09.13.19 at 11:24 am

If you look up “insular” in the dictionary you will find a picture of MF.

#108 Bytor the Snow Dog on 09.13.19 at 11:27 am

@ #98 IHCTD9 on 09.13.19 at 9:43 am:

I agree. Let’s vote Trudeau in to accelerate the decline because Scheer is just Trudeau lite anyway.

How, in a country of over 36 million people, do we get these poor quality leadership candidates?

#109 James on 09.13.19 at 11:39 am

#86 Smoking Man on 09.13.19 at 1:57 am

Son 1 who married a 3rd wave feminist..
She said he sucked. Took all his loot. The kicker him out.
Destoyed his creative spirit..
She ended up with another girl.. I liked her..
https://youtu.be/R3iX0SUQpPg
Son. Keep doing poetry, you might make it one day. The odds are against you..
Fight it……
_______________________________________
Well the point that you liked her tells us all that your perception in women is not that good! You apparently married a “Hag” as you in this blog have often referred to your own pick.

#110 James on 09.13.19 at 11:55 am

#101 conan on 09.13.19 at 10:29 am

” I hate this campaign already.”
Wearing one too many costumes in India or getting one too many 50 dollar fines from the ethics commissioner is not nearly enough to vote in a Trump loving, science denying, problem filled Conservative government.
If Rona Ambrose does not want the leadership then its a sinking ship.
Just thinking of the “stink” from the Harper years makes me ill.
__________________________________________
Not quite sure how you compare a liar and incompetency to stink. Under Harper I made money under Mr Socks my taxes have increased an my business taxes have increased. Trudeau is also genuinely insincere about all of his lies and deceptive practices. We can not take him on his word as he has no moral high ground. Without ethics we are just awash in wild west free for all with no accountability. Just look south of the border to see what a lack of accountability is doing. I would not vote for a liar that will not admit his mistake and treats us like we are beneath him.

#111 Oh Canada, I weep. on 09.13.19 at 12:12 pm

You aren’t gonna believe this.

https://business.financialpost.com/personal-finance/taxes/condo-buyers-could-face-major-unexpected-tax-hit-over-leaseback-purchase-incentives

They’re still working through the files of the suckers who bought an inflated house from a foreigner who never paid tax…and now this?

#112 SimplyPut7 on 09.13.19 at 12:24 pm

#97 PastThePeak on 09.13.19 at 9:29 am

Yes, the people who studied programs that lead to good paying jobs will have more money to buy homes. It takes a while (if ever) for people fresh out of school to learn they not only can look for better paying jobs outside of their chosen majors but work longer hours to achieve their financial independence earlier than 65.

The Trudeau program still has the problem of it’s only for first-time buyers (68% of people own homes) and it does not help people who live in places where home prices are already higher than the maximum limit of the program.

So move. You have no inalienable right to a own house when you were born. – Garth

#113 IHCTD9 on 09.13.19 at 12:36 pm

If Trudeau gets in again, hopefully it will be a majority.

I know, I know… but just don’t watch the news, and don’t look at the deficit or debt numbers, and you’ll be fine.

I didn’t get jack squat under Harper – a measly cut in the GST doesn’t amount to jack when you’re not a big spender. It took a lot more effort to buy toys and beer back then!

But under T2, I get piles of free money just because I have kids, and pay almost zero income taxes thanks to his tax cut, and handouts. My beer fridge and garage are full now these days!

Yeah he’s a dunce cap sporting twit – but at least I get paid cash in compensation for when I accidentally see him on TV.

When Harper ran the show, I hardly ever got to see my buddies at the YAMAHA dealership, or the LCBO! :)

#114 LP on 09.13.19 at 12:36 pm

“Weeping for this nation”

For the love of all that’s holy people, stop “weeping” for this nation, for the citizenry, for the policies of the current or any other government.

Do something that might actually make a difference. Get off your duff, learn the issues, maybe join a party, help your local candidate, erect some signs, sign a letter to the editor with your real name- anything but sit passively by writing anonymous letters to a blog, as if that would make any difference (apologies to our blog host).

Stop whining…get moving. And no, I don’t care what party you vote for as long as you vote!

#115 conan on 09.13.19 at 12:41 pm

“I would not vote for a liar that will not admit his mistake and treats us like we are beneath him.”

Then voting Con is out of the question. They have had the same problem except it’s 100 times worse.

Research is hard for selective memory peeps. Can not even argue with them.

#116 Tannhäuser Gatekeeper on 09.13.19 at 12:42 pm

#104 Stan Brooks — Hard choices to make: a bottle of Jack Daniels vs. Johnie, black label this afternoon.

Oopsie! Blotto blog-doggo posting under multiple aliases accidentally reveals all with swizzle stick switcheroo!

#117 NEVER GIVE UP on 09.13.19 at 12:47 pm

There were 7681 Foreign owners of Property in BC who paid the Speculation and Vacancy tax.

These homes are sheltering money not people.

There is precious little choice in homes available with a very high bar to entry to rent a decent home in the Lower Mainland.

Personally I think we should simply have a reciprocity policy for foreign nationals. If we can buy a home in their country then they can buy in ours.

That would be fair to Americans and would prevent Asian and other nationals from parking money here.

In many of these countries you can only purchase a condo in the sky. Never any land. The only way to purchase is with a 51% partner with citizenship. In China no amount of land in any partnership. You may lease the land for 70 years if you live there for a year first and you intend to dwell in the property. No other use allowed.

When you take 7000 properties out of our system for speculation and leave them to rot, that reeks of market distortion.

We all know that our own governments are responsible for this distortion. Especially the last BC Government.

https://bc.ctvnews.ca/nearly-12-000-people-paying-b-c-empty-homes-tax-1.4590585

#118 Bdwy on 09.13.19 at 12:51 pm

Politics schmolitics.

It’s about making scratch.
One for the cowboys.
Nyse MOS.

Just got in. It’s a runner.
Potash , not pot ash.

#119 Mandria on 09.13.19 at 1:04 pm

The changes seem like a do-nothing promise unless the stress test is also scrapped (please dear god no!)…any household with a big enough downpayment to be able to purchase an 800k house while making 120k a year won’t need this program…and someone with the minimum downpayment making 120k a year would be unlikely to pass the stress test. Am I missing something?

#120 MF on 09.13.19 at 1:11 pm

96 Remembrancer on 09.13.19 at 9

This is true.

But since there are such a huge number of new builds in the gta I reckon these situations haven’t been too common (yet).

Condo prices went up a lot in the last ten, or even five years, so those who bought have seen their equity rise without too many problems generally speaking (yet).

MF

#121 Bdwy on 09.13.19 at 1:15 pm

Sp500 still a sell here, however.

#122 NoName on 09.13.19 at 1:48 pm

@stan Brooks

When you have chance pick woodford-reserve-distillers-select-bourbon , friend of mine recommend it to me, good stuff, much better than both, and ok price.

And that you mentioned that show must go on, press play.

https://youtu.be/t99KH0TR-J4

#123 Polozified on 09.13.19 at 1:58 pm

I’ve been a fan of Elizabeth May up until this point but the “punish SNC Lavalin by forcing them to do more work for the government on a not-for-profit basis” idea is utter lunacy.

When Jagmeet Singh can’t contain his utter dismay at your crackpot idea you know it’s gone over the deep end.

#124 IHCTD9 on 09.13.19 at 2:17 pm

#108 Bytor the Snow Dog on 09.13.19 at 11:27 am
@ #98 IHCTD9 on 09.13.19 at 9:43 am:

I agree. Let’s vote Trudeau in to accelerate the decline because Scheer is just Trudeau lite anyway.

______

Pretty much. The way I see it – Canadians themselves will not be ready to right the financial ship until SHTF comes to town – so why not cash in until then?

If Trudeau is the new face of Canadian Politicians – I will gladly accept more nearly tax free services – while voting left to maximize my bank account and our collective economic destruction.

When the S finally does HTF, I’ll still be in good financial shape having banked all those handouts – so I’ll be able to enjoy the lesson as it is taught.

#125 n1tro on 09.13.19 at 3:27 pm

#108 Bytor the Snow Dog on 09.13.19 at 11:27 am

How, in a country of over 36 million people, do we get these poor quality leadership candidates?
————
Because the smart ones are busy trying/making their own wealth. Most politicians are busy trying to take what others have made.

I’m ready for another round of Trudeau. As the only one working in the household, I’ll gladly take more money on the already +$400 a month for my 1 child.

#126 Barb on 09.13.19 at 6:25 pm

Silly season has started with a bang.

Trudeau’s mention of the A issue is both idiotic and misguided. Pro Choice is our right.

For T2 to be so desperate on day one of the campaign is a sign either (a) he knows the mills will be happy sitting on the sofa with some weed to go vote, or (b) that Gerald Butts is writing his material again.

#127 Steven Rowlandson on 09.14.19 at 1:03 pm

“Mr. Market would fix this. When people can’t buy, prices fall.”

That turns out not to be the case. In this wonderful world of diddled markets and tax free capital gains on principle residences and the notion that such properties are an investment; when people can’t buy the price goes up any way to stimulate investment buying and produce capital gains and bigger mortgages for banks to finance even if it means lending to people with dodgy incomes or even to investors syndicates. Everyone except for weird odd balls likes to buy into a rising market hoping to sell to a greater fool. Besides there are powerful special interests that have a stake in this irrational and morally dodgy tendency. Local governments, banks and realtors. If prices became affordable their earnings would take a hit like you wouldn’t believe. Mr. Market is just an icon to be revered but not allowed to work as theory would suggest.

#128 Steven Rowlandson on 09.14.19 at 1:22 pm

RE#78

“Lumber sales tanking……….”
Who needs lumber any way? You would only need lumber for home construction if homes were affordable and people were getting paid enough to buy them. This is not happening and the only buyers are wealthy people and those who dare to break all the rules and get into obscene and dangerous amounts of debt.
Otherwise home prices would not have gone up since the mid 1960’s and the current minimum wage would be good enough.