The house horny vote

They weren’t expecting Trudeau to do that.

So when T2 announced the share-equity mortgage program – in place for a mere 10 days – would be wildly inflated, it hit the Tories hard. As politics, it was brilliant. As complex, impractical and bizarre as it is to share your mortgage with the federal government, the plan nonetheless fit into a Tweet. “Too many people are finding it tough to afford their first home,” Mr. Socks said on Twitter in the very first campaign announcement. “We’re going to do something about it.”

https://twitter.com/JustinTrudeau/status/1172336029941948418

Suddenly houses worth up to $800,000 qualified for a downpayment stuffed with tax dollars – but only in those cities were prices are bizarre. Turns out they’re also regions (Van, the LM, 416 and 905) where Liberals need lots and lots and lots of ballots. Moreover, the Trudeau team is out to suck up the entire Millennial vote. Give ‘em weed, then get ‘em a house.

At the same time young Scheer is being painted as the New Harper (only worse), whose real agenda is outlawing abortion, doing Doug Ford-style spending slashes and populating his front benches with scary white power, anti-Muslim knuckledraggers.

How do you like the election so far?

Anyway, housing policy was the very first thing the Libs trotted out – not the economy, jobs, taxes or trade – so you can tell where this is all headed. And rest assured the Cons will recover and fight back. I hear there are two initiatives on the agenda:

  • Debone the stress test, &
  • Bring back 30-year insured mortgages.

This is meant not only to counter the Trudeau assault, but also solidify the blue vote – namely in pissed-off Alberta. As reported here, the barbarian lord of that principality, Jason Kenny, has already attacked the stress test saying it’s an evil thing designed to punish speckers, flippers and girlymen in Van and Toronto and has only made a bad recession worse in AB. Backed by the real estate cartel and the developer lobby in Calgary and Edmonton, these people point out house prices there peaked over a decade ago and have been languishing since. As long as new buyers are forced to qualify for loans at twice the market rate, nothing will get better, they contend.

Meanwhile, the current federal government has already increased the RRSP home Buyers Plan limit by a huge 40% (to $35,000 per person for a down payment), and now brought in a coast-to-coast anti-Chinese-dude ownership tax. The Cons will counter with making it easier for moisters to qualify for, and carry, fat mortgages. The NDP, of course, is irrelevant.

In short, this is turning into a house horny election. Our first ever. And it’s not good.

A few days ago (Friday), T2’s own government quietly released the latest debt figures. Now we owe, on average, 177% of what we earn. That’s up by almost to-thirds since 2000 – before we turned houses into investment assets. Servicing all this debt takes more income than ever before. And that explains why the national savings rate sucks. Houses are bleeding us dry – yet governments continue to prime the pump, arguing that, “Too many people are finding it tough to afford their first home.”

The political meme is that owning a house is a right. Our two major parties work hard to make you believe that and suggest something’s wrong when home ownership is only 70%, not 100%. What a dangerous farce that is.

The courageous boss at CMHC, Evan Siddall, has argued against this lunacy and vehemently supported maintaining the stress test to prevent people from buying properties they can’t afford. The Bank of Canada says over and again that the greatest vulnerability in our economy is household debt. The debt-to-income rate has never been higher. And yet the people running the country continue to do things to encourage borrowing, make buying easier and jack prices – leading to more debt and less affordability. How is this not a vicious circle?

Of course the correct policy is to let the real estate market correct rather than feeding it. Maybe renters ought to be subsidized, to reduce demand. Perhaps the 5% down payment threshold should be 10%. Maybe lefty Adam Vaughan is right and house profits should be taxed like investment gains. And why are we letting people raid their retirement savings to buy real estate at a time when pension plans are croaking?

Just wondering. Also confirming why I’m utterly unelectable.

122 comments ↓

#1 Yukon Elvis on 09.15.19 at 1:24 pm

Whoever offers the most free stuff is gonna win. The Libs are ahead. Waiting until the end to decide. I could get a pony out of this.

#2 Dave on 09.15.19 at 1:27 pm

Can’t vote for Trudeau….Sheer is Trudeau 2.0

NDP is done

Leaves me with a Green party vote

#3 Smoking Man on 09.15.19 at 1:32 pm

I’m unelectable as well.

In other news. Once the swap is drained justice will be served.
https://youtu.be/Atv31d1BmLs

#4 Robert Ash on 09.15.19 at 1:47 pm

I can remember the Times in the past where I thought our Elected Reps, and our Governement actually helped the average citizen…. Where did the respect and trust go…. Now we have many layers of Government, Municipal, Provincial, and Federal picking Winners and Losers… and it is pretty evident how Politics, in North America had declined, ….no one even wants to consider this vocation, other than misfits… I think we are getting close to a tipping point, where common sense, has to be reinstated. How, to invoke this change, is the big question…. I believe most Canadians, just want good common sense management… we aren’t on the receiving end any longer…. It is voter apathy and we have to assume more responsibility, for our Governance.

#5 A Dollar is a Dollar is a Dollar on 09.15.19 at 2:02 pm

Maybe lefty Adam Vaughan is right and house profits should be taxed like investment gains. And why are we letting people raid their retirement savings to buy real estate at a time when pension plans are croaking?

Just wondering. Also confirming why I’m utterly unelectable.

———————————————————

Unelectable perhaps, but still charming, Garth!

Glad to see you are open to the wisdom of those who agree that every dollar should be treated the same.

#6 conan on 09.15.19 at 2:18 pm

When are they going to tell Canadians that “Skippy” is the Finance Minister, if the Cons win.

#7 Don Guillermo on 09.15.19 at 2:18 pm

When any sitting government (left or right) controls the bulk of MMS the country is in a bad place.

#8 Don Guillermo on 09.15.19 at 2:19 pm

Should read MSM …..

#9 DUFFER on 09.15.19 at 2:26 pm

#5 A $ is a$ is A$

After living in the same house for 46 years, to your tunnel vision, I am still a flipper and should be taxed for that.
Shake your head, your eyes are stuck.

#10 tg on 09.15.19 at 2:34 pm

That was a somber read…

#11 leebow on 09.15.19 at 2:43 pm

Surprise. More populism. Let’s ask 70% of the voters whether they’d like their main asset to lose some value. No? Pourquoi?

Who is going to untie this Gordian knot? Definitely not Trudeau or Scheer. Does it need untying? May be this is a great opportunity to repopulate Atlantic provinces?

#12 Stan Brooks on 09.15.19 at 2:43 pm

Desperate actions procing that the economy is in a terminal state.

All ‘housing affordability improvement’ actions only result in higher house prices/i.e. more profits for the banks at the expense of the taxpayer/indebted sheeple. Poor stupid sheeple.

The list of idiotic policies grows even larger, to a degree that does not exist anywhere in the world.

And all at the expense of savers/retirees/future generations.

T2 has not produced anything positive in his mandate, even the compost he produces in the toilet can hardly be used except for being smashed on his face.

My prognosis is that in the land of the idiots T2 is the perfect leader so he will be reelected with a majority.

Plan accordingly.

#13 Leftover on 09.15.19 at 3:04 pm

End the capital gains exemption on principal residences.

Housing has become a financial commodity with an enticing loophole, and housing-related tax evasion in Canada is rampant. This will solve both problems without bankrupting people (and governments) with higher interest rates on debt. If a bunch of baby-boomers feel screwed, well……

Do it like the USA – deduct interest payments (which are pretty low with 3% mortgages) and tax any gains just like financial assets.

#14 Dumb Wealth on 09.15.19 at 3:29 pm

I’m starting to think I should run for office. I can make promises I can’t keep too!

By the way, want to fix housing? Supply and demand people. Adjust one or both.

#15 Dumb Wealth on 09.15.19 at 3:38 pm

This is all going to unravel like it did in the US starting around 2005. Ridiculously unaffordable house prices are not sustainable. And so much of the economy – from construction to durable goods purchases to banking – is tied to housing prices.

Remember Canada during the 1990s? A looong drawn out post housing-bust period of blah. Relatively high unemployment and really nothing going for Canada for almost a decade…that is, until the tech boom. I think that’s the best we can hope for now…

And some argue that this can’t happen because the markets are not that overvalued. Well, it didn’t require a ridiculously expensive market in 2007 to send the global financial system crashing.

Look, we’re not where we were in 1929 and 2000: https://dumbwealth.com/is-the-market-overvalued/

…but that’s not necessarily good news for Canada.

Breaking: however, maybe as Saudi oil gets more risky the tar sands will support the Canadian economy. But is that really a good thing? Who knows.

#16 Born in Hamilton on 09.15.19 at 3:40 pm

You gotta be kidding me. Can Canadian’s not see this for what it is? A shameless self-serving pandering for votes in key areas at the expense of the majority? Tax and tax, and spend and spend is what I’m hearing here. Scheer’s message back should be that more and more government interference in the private sector is exactly what Canadian’s don’t need, and that expanding the size and the role of government in people’s lives will only further burden and impoverish them.

#17 Grandview on 09.15.19 at 3:42 pm

#11 leebow on 09.15.19 at 2:43 pm
Surprise. More populism. Let’s ask 70% of the voters whether they’d like their main asset to lose some value. No? Pourquoi?
Who is going to untie this Gordian knot? Definitely not Trudeau or Scheer. Does it need untying? May be this is a great opportunity to repopulate Atlantic provinces?

Trudeau had a chance to fix all of this immediately after he was elected. He could of simply go “guns blazing” and cast the blame for all housing issues on his predecessor since things where crazy even back then, let alone now. And there was plenty of the things that needed to change and that would address this Canadian housing lunacy and bring real estate back to earth. If he did that housing would correct to normal levels and partially recover just in time for this election.

#18 oh bouy on 09.15.19 at 3:46 pm

time for a merger.
the libervative party of canada.
really not much difference between the two.
I’m half tempted to vote for mad max just cause.

#19 oh bouy on 09.15.19 at 4:01 pm

@#17 Grandview on 09.15.19 at 3:42 pm
#11 leebow on 09.15.19 at 2:43 pm
Surprise. More populism. Let’s ask 70% of the voters whether they’d like their main asset to lose some value. No? Pourquoi?
Who is going to untie this Gordian knot? Definitely not Trudeau or Scheer. Does it need untying? May be this is a great opportunity to repopulate Atlantic provinces?

Trudeau had a chance to fix all of this immediately after he was elected. He could of simply go “guns blazing” and cast the blame for all housing issues on his predecessor since things where crazy even back then, let alone now. And there was plenty of the things that needed to change and that would address this Canadian housing lunacy and bring real estate back to earth. If he did that housing would correct to normal levels and partially recover just in time for this election.
______________________________________

one thing will dial back the housing insanity.
raise the interest rate back to historical norms.
until then the madness continues.

#20 oh bouy on 09.15.19 at 4:04 pm

@#12 Stan Brooks on 09.15.19 at 2:43 pm

My prognosis is that in the land of the idiots T2 is the perfect leader so he will be reelected with a majority.

_____________________________

theres no debate. In the land of idiots you are the supreme leader.

#21 Mike on 09.15.19 at 4:07 pm

“All government operation is wasteful, inefficient, and serves the bureaucrat rather than the consumer.”

-Murray Rothbard

#22 Stan Brooks on 09.15.19 at 4:17 pm

#16 Born in Hamilton on 09.15.19 at 3:40 pm
You gotta be kidding me. Can Canadian’s not see this for what it is? A shameless self-serving pandering for votes in key areas at the expense of the majority?

Not sure what you expect, but this is completely in line with the ‘most stupid sheeple on earth ever’ statement we have been proving over and over in the last 15-20 years. There is much more to come that even my wildest imagination can’t predict (and this is hard, believe me…) , but not to worry, there are people paid to do just that, another grand stupidity coming, for sure.

A reminder: That RRSP is not yours. It is theirs.
The sox boy and the french villa guy will take care of it for ya. Majority T2 coming for sure.
Cheers.

#23 At Long Last on 09.15.19 at 4:19 pm

“Of course the correct policy is to let the real estate market correct rather than feeding it. … Perhaps the 5% down payment threshold should be 10%. Maybe lefty Adam Vaughan is right and house profits should be taxed like investment gains. And why are we letting people raid their retirement savings to buy real estate at a time when pension plans are croaking?”

Finally a totally sensible comment, it’s been a while. Keep up the good sense!

“Also confirming why I’m utterly unelectable.”

That is true, but for an entirely different reason.

#24 Stan Brooks on 09.15.19 at 4:20 pm

Just looked at the crystal ball.

51.3 % majority for T2.

Cheers.

#25 Rhino on 09.15.19 at 4:20 pm

Vote Rhino party
At least they admit they lie.

Why can we not vote for a person that does not represent any political party and represents the constituents?

Maybe we should bring in some political parties from another country? Denmark anyone?

#26 TurnerNation on 09.15.19 at 4:21 pm

The below post is 100% fiction, for entertainment purposes only.

Drone strike on oil. There will be no retaliation. It’s friendly fire. Remember when they ‘fired’ upon Canadian oil sands? South America, another oil region, also recently plunged into chaos.

Why wrap yourself in a flag, the striped which scourge your wages, when countries exist as distractions. The new world order is in full swing.

Gulf War 1 the first thing they did was take out the oil fields. Elites’ Warmaking 101.

P.s. that crazy document AOC waved around? It’s the future. There is a plan and a timeline. 2021, 2030.
Clownish leaders play the game. T-rump, DoFo, BoJo.

#27 Reality is stark on 09.15.19 at 4:41 pm

More irresponsible policy. Housing sector only part of economy doing well as a result of quantitative easing. Cannabis is the other area of strength.
We go back to the well and goose the non-productive sector again so that municipalities can raid property taxes. We don’t address the elephant in the room which is the overpaid public sector.
Governments can no longer afford to match RRSP contributions for public sector workers. The taxpayer is maxed out.
THIS LUNACY HAS TO STOP!!!
It is one big artificial house of cards, a debt time bomb.
When the economy hasn’t really grown in the last decade and their is an international trade war you are forced to do more with less.
In Canada we kick the can down the road because the people don’t know any better. Pathetic.

#28 Asterix1 on 09.15.19 at 4:41 pm

So the gov’t owns 10% of your home. Yet pays 0$ in property tax, insurance, repairs and other expenses.

You put around 75,000$ in renovations, building a deck, installing other crap to add value. Great, you just gave the gov’t an extra 7500$. It’s like paying an extra 10% tax on everything you add to your home. Never to see it again once you sell!

#29 Sebee on 09.15.19 at 4:49 pm

Garth,

Time you go easy on the RE agents, and highlight the real RE agents – the politicians. They are the biggest pumpers of RE out there. People we actually know as agents are just end points, and while absolutely they are part of the play, the are hardly the architects of it.

Politicians make the key policy, rates, loan periods, equity share programs like you highlight above, RRSP raiding, etc.

Politicians let CMHC take all risk off the banks for mortgages issued.

Politicians drag their feet about rules related to market data being released.

Politician allow the RE agencies to come up with some scrubbed data HPI numbers to blur reality.

Politicians allow claims about RE that are not accurate – as you repeatedly showed the number spins here, without any consequences.

Politicians goose the entire system. They make the laws, and they allow all of this to take place – a totally rigged mess.

And why are politicians OK with it? Tax/revenue obviously. Higher paper value, higher indiscriminate property tax revenue they can take out of every home owner’s pockets. Add land transfer taxes and all the permit revenue and what have you got? A giant pile of revenue no politicians can walk away from. So they let it be goosed.

It’s all very simple. They make the rules to make more money they can spend.

You often like to compare RE and investment markets. Well, I’m no expert in last, but tell us please how this all isn’t market manipulation by every definition.

#30 Sebee on 09.15.19 at 4:51 pm

“Too many people are finding it tough to afford their first home,” Mr. Socks said on Twitter in the very first campaign announcement. “We’re going to do something about it.”

Yup…we’re going to pump it up further.

We need valuations to be high because with high valuations we get people in debt (known as “got’em by the balls”) and we get that sweet sweet property tax revenue!

#31 TurnerNation on 09.15.19 at 5:04 pm

A little before my time but I heard T1 tried taking out this country’s oil industry. What is it with our elites and oil. Always controlling energy. Oil. Electricity, we cannot have it cheaply no. And our Fear energy is their primary concern.
My point of fiction, that AOC waving around a crazy UN plan to drive us back into the stone age. Total spectrum dominance.

#32 Cottingham a bargain on 09.15.19 at 5:11 pm

And as bigriders nonno says about house prices and today’s summary of campaign promises ” uppa she is a gonna go da house price”

#33 leebow on 09.15.19 at 5:22 pm

#17 Grandview

It did feel at the time of Trudeau’s election that the bloodbath is finally going to happen. However, it’s easy to underestimate how skilled they are at kicking a can down the road and passing a hot potato around.

#34 Sebee on 09.15.19 at 5:32 pm

Few days ago someone highlighted South Park and Douche vs. Turd.

I give you 4min 20sec of incredible wisdom from George Carlin (link below) as possible solution to the incredibly crappy choices we have to make election after election.

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

…forgive the 3 posts Garth. Rainy day, so I’m loitering. I’ll see myself out now so you don’t have to call security.

#35 yorkville renter on 09.15.19 at 5:43 pm

Sounds like an expensive idea that will be expensive to run and may not even last that long and will only drive up prices.

Let’s hope this plan has the same chance of happening like electoral reform…

#36 PeterfromCalgary on 09.15.19 at 5:53 pm

Geo political risk is back in the energy markets with the drones and missiles attacking Saudi.

In Canada we don’t have anyway to get the glut of Alberta oil to the east coast thanks to Justin Trudeau killing the Energy East pipeline. So everybody on our east coast will have to compete for a world oil supply that just dropped 5%. I hope they know that the person to blame for higher gas prices lives in Ottawa not Oman.

#37 eightlock on 09.15.19 at 5:54 pm

I feel like I live in some kind of dystopian nightmare. Politicians telling people they want them to borrow 800k to buy their first home.

How is this the answer to housing affordability? Why does the media never challenge socks or any of these other empty suits on their half baked policy ideas.

Absolute lunacy coming from our politicians. So desperate to win an election they will sacrifice their citizens to win. How does nobody see through this.

#38 Bad Hombre on 09.15.19 at 5:56 pm

I don’t know if it’s true but it feels like years ago, many years ago the politicians had at least some interest in doing some good for all and the graft they could scoop up quietly for themselves was just a side benefit, not the whole purpose. Now they will say anything to get re-elected no matter how harmfull or divorced from reality. The BS out of the ones running here is nuts and down there in the states the republicans know exactly how bad Trump really is but are so much more interested in their own re-elections that they say nothing while he lies about everything and brings the corruption further out in the open almost daily. A clearly mentally ill megalomaniac who would be king and might be if someone doesn’t step up soon. Maybe someone will figure out what Putin has on him and stop the nonsense before he destroys the world as we know it, they are well on their way to it now.

#39 Ace Goodheart on 09.15.19 at 6:05 pm

The two most important parties in this election are actually the NDP and Maxine’s People’s Party.

The NDP take votes from the Liberals. The People’s Party take them from the Cons.

One of the two will screw up badly and send all their support to either Justin or Andrew.

My money’s on Maxime.

#40 YVR on 09.15.19 at 6:38 pm

#2 Dave on 09.15.19 at 1:27 pm

Can’t vote for Trudeau….Sheer is Trudeau 2.0

NDP is done

Leaves me with a Green party vote

The party that promises Universal Basic Income and a balanced budget in the same breath? All while gutting Canada’s industry?

If it splits the vote from the Liberals I’m all for it, but the party speaks out of both sides of it’s mouth on just about every policy matter out there.

#41 Bob Dog on 09.15.19 at 6:39 pm

It’s cute that Canadians think voting will improve the appalling cost of housing. Don’t even think of throttling back on mass migration. That would be racist. The country would disintegrate if 360,000 new Canadians weren’t minted every year. Don’t bother suggesting the elimination of CMHC. How will criminal baksters keep the money raining down upon them. Don’t talk about nationalizing the oil industry as Norway has done. You can buy shares in the oil companies with the money you used to pay rent. What a bunch of losers.

When will Christy Clarks money laundering trial get started? We’ve been patient for quite a while.

#42 espressobob on 09.15.19 at 6:45 pm

Living in the Parkdale hood I received a card from Arif
Virani with a sticky note quoting ” Sorry I missed you!”.

Checked the notes with other tenants and it appears the quotation was photocopied. No one saw Arif. Go figure?

What exactly am I supposed to think of this election?

#43 Tannhäuser Gatekeeper on 09.15.19 at 6:48 pm

#36 PeterfromCalgary — “In Canada we don’t have anyway to get the glut of Alberta oil to the east coast thanks to Justin Trudeau killing the Energy East pipeline. So everybody on our east coast will have to compete for a world oil supply that just dropped 5%.”

So?

If we DID have a pipeline from Alberta to the Irvings, would Canadian energy company shareholders want to sell to the Irvings at the world price, the same one they could get if they loaded it on a ship? Or would they want to sell it at a Friends and Family discount?

#44 Linda on 09.15.19 at 6:51 pm

While the politicians strive to grant ‘opportunities’ to purchase housing, a quick Google search indicated that 1) the average Canadian household has $852 in net savings; 2) households whose main income earner was aged 35 or less averaged $4,782 in annual savings (2018 figures); 3) the average Canadian RRSP has roughly $101K in it (2018 figures) up from roughly $88K in 2016. There were indications that those who had such sums in their RRSP’s were aged 54+ years of age.

Given all that, I rather think that most younger Canadians will not be able to borrow $35,000 from their RRSP’s. Not because they aren’t allowed to do this, but because they simply haven’t the funds in their RRSP to borrow in the first place. Unfortunately they may be able to utilize the shared equity mortgage & thus will indenture their futures to the mortgage holder of choice. Meanwhile, our tax dollars which are already inadequate to pay all the bills will be used to permit those who can’t otherwise qualify for a large debt load to become mired in it. This is not what I’d call ‘good government’.

#45 Nonplused on 09.15.19 at 6:57 pm

The main reason everything is so expensive is taxes, and taxes upon taxes.

I recently had an insert on a tap replaced and it cost me $250. The part was $40. Did the plumber make $210 to do the job? Nope. But there are probably 30 points where the activity was taxed. Everything from the shop property taxes, GST on the van, gasoline taxes to run the van, recycling fees on the tires on the van, income taxes for both the plumber and his employer, and GST on the Slurpee he bought on the way over, are all taxed. And then taxed again. Building a house is the same way.

Tax freedom day in Canada was June 14th for 2019. Than means damn near 50% of everything is tax. And we still have huge deficits.

#46 oh bouy on 09.15.19 at 7:20 pm

@#41 Bob Dog on 09.15.19 at 6:39 pm
It’s cute that Canadians think voting will improve the appalling cost of housing. Don’t even think of throttling back on mass migration. That would be racist. The country would disintegrate if 360,000 new Canadians weren’t minted every year. Don’t bother suggesting the elimination of CMHC. How will criminal baksters keep the money raining down upon them. Don’t talk about nationalizing the oil industry as Norway has done. You can buy shares in the oil companies with the money you used to pay rent. What a bunch of losers.
______________________________

immigrants – the convenient scapegoat for the simple minded

#47 Investx on 09.15.19 at 7:21 pm

Trudon’t

#48 Not So New guy on 09.15.19 at 7:24 pm

It would appear the current methodology of government is to get the public whipped up about some wrong or other (climate change, high house prices) and then come to the rescue by taxing it. Once you have wounded that specific industry by applying new taxes you move on the creating outrage about another industry. Then you tax that.

Thus, you can go around to many different industries and take a bite out of all of them without it seeming like you are gradually raising taxes on everything. This is exactly what has been happening over the past few years. It is clearly what many in the government think is the government’s full-time job

#49 Accept cookies on 09.15.19 at 7:41 pm

Don’t vote.
Jeremy Rudin is your unelected sovereign.
Ha ha

#50 Spectacle on 09.15.19 at 7:58 pm

#42 espressobob on 09.15.19 at 6:45 pm
Living in the Parkdale hood I received a card from Arif
Virani with a sticky note quoting ” Sorry I missed you!”.

Checked the notes with other tenants and it appears the quotation was photocopied. No one saw Arif. Go figure?

What exactly am I supposed to think of this election?
——————

Ahhh…Post it Notes, the original Tweet?

#51 Grunt on 09.15.19 at 8:02 pm

Seems all about our two party system pulling the tax slaves vote by drowning them in debt.

I saw a YouTube video of someone pulling a plastic straw from a sea turtles snout. I’m voting Green.

#52 Tannhäuser Gatekeeper on 09.15.19 at 8:08 pm

“The main reason everything is so expensive is taxes, and taxes upon taxes. I recently had an insert on a tap replaced and it cost me $250.”

Ah, no.

You paid a qualified, licensed professional to spend an hour or two in traffic with a fully stocked and equipped van, to do a five minute job with a $20 part. You could have learned how to to the job yourself with ten minutes on Youtube and a quick trip to the local store, earning self-satisfaction and denying the taxman his due. But you opted to let your fingers do the walking instead, and both you and the plumber find it convenient to blame the taxman for the resulting cost.

I DO think that taxes, of all kinds, drive up costs and the difference between what we pay (in hours of work converted to pre-tax earnings, taxed and paid on) for ACTUAL, TECHNICAL professional services (received as hours of after-tax and after-expense wages).

If you want to call around and get three quotes for a tub replacement or a sewer repipe, I totally understand that. But if you’re too lazy to replace a faucet cartridge yourself, don’t allow naïveté to blame the costs on taxes. People like your plumber charge what people like you are willing to pay.

#53 45north on 09.15.19 at 8:10 pm

Anyway, housing policy was the very first thing the Libs trotted out – not the economy, jobs, taxes or trade – so you can tell where this is all headed. And rest assured the Cons will recover and fight back. I hear there are two initiatives on the agenda:
• Debone the stress test, &
• Bring back 30-year insured mortgages.

At a meeting at the community centre, I said high real estate prices were caused by low interest rates. A dozen people were there. They reacted favourably. Who says the election platform has to be determined by the 10 second-sound-byte? It’s not that complicated: low interest rates encourage people to bid higher which causes the price of houses to go up. I mean you could get the message out in a 20 seconds.

#54 Hyphen on 09.15.19 at 8:10 pm

Fiscal stimulus was once used to build bridges, roads & infrastructure where for now it is used to build a down-payment so that those infrastructure can stretch further and further… Canada, like every other nation is heavily in debt and should the need arise will print monies to dilute said debt while inflation is low in fact I’m surprised countries have not started yet where instead we’re seeing zero or negative interest rates… Wont matter who is governing,,, they will protect housing… but maybe stupidly sheer like ford will attempt contracting instead of growing an economy…

#55 Bill Grable on 09.15.19 at 8:29 pm

Here in crazed YVR….my wife thinks we should get a mortgage and a piece of this disastrous housing Market.

I have begged, pleaded, pointed to your sage advice about Mortgages….and I also said that we should consider “you are 74, and I am 70….a house…WHAT?”

She feels like we are commoners or something. I spend my time watching every dime and she sits and looks longingly at 4 bedroom houses. (*We have no kids….at home…just 2 cats and too many electronics).

I am getting a glimpse of what YOU must deal with, every day, Mr. Turner. I just don’t understand how some people think…and I have been doing interviews and stuff on this for years….and now this?

I am telling you, somethings wrong with the water, or the stars are misaligned.

I am at the end of my rope.

#56 Ace Goodheart on 09.15.19 at 8:35 pm

Interesting to see that no one seems to notice the next “big short” on the horizon. Shorting the Pound pending Brexit has become mainstream. The pound will probably gain value following the split when people see how overblown all the fears were.

But what about the Euro?

Flying high with no wings to carry it?

Airborne without a prop?

No one seems to see this.

#57 PK on 09.15.19 at 8:43 pm

Hi Garth, one more ‘May be’
May be real estate agent’s commission is not percentage basis of property value.

#58 Canuck on 09.15.19 at 8:45 pm

Trudeau is all hat, no cattle. Scheer has no backbone so he wets his finger and checks which way the wind is blowing.

Voting PPC and don’t care about splitting votes. Principles over party.

#59 Stan Brooks on 09.15.19 at 8:48 pm

#20 oh bouy on 09.15.19 at 4:04 pm
@#12 Stan Brooks on 09.15.19 at 2:43 pm

My prognosis is that in the land of the idiots T2 is the perfect leader so he will be reelected with a majority.

_____________________________

theres no debate. In the land of idiots you are the supreme leader.

I would expect a bow then and a ‘thank you’, not a (sheepish) sarcasm.

T2 will get reelected, 37 % of the votes, 174-180 seats with a majority.

He bought the media with your tax money, the people with kids and now the house horny, Quebec is his anyway.

He is your leader/a well deserved one.
Cheers,

#60 Bdwy on 09.15.19 at 8:50 pm

45 Nonplused on 09.15.19 at 6:57 pm

The main reason everything is so expensive is taxes, and taxes upon taxes.

I recently had an insert on a tap replaced and it cost me $250. 

………..
No argument on taxes but you never thought to buy a wrench for 20 and replace the part yourself?
You seem like one of the smartest dogs in the kennel, u could figure it out.

#61 S.Bby on 09.15.19 at 8:51 pm

So Trudeau first election gets them hooked on pot, then next election he gets them hooked on debt.

#62 S.Bby on 09.15.19 at 8:53 pm

Maxime is looking better all the time …

#63 Stan Brooks on 09.15.19 at 8:56 pm

#45 Nonplused on 09.15.19 at 6:57 pm
The main reason everything is so expensive is taxes, and taxes upon taxes.

Tax freedom day in Canada was June 14th for 2019. That means damn near 50% of everything is tax. And we still have huge deficits.

The rest of the time you work for the banks and the various oligopolies and their profits. They own you.
And to sustain some form of miserable ‘civilized life’ for which you need to go in debt. Learn to live with less as the masters/owners want more from the pie.

Your ‘freedom day’ gets pushed into the next year and into the lives of your descendants, it becomes more and more virtual, not real. The more the shepple goes into debt, the more your cost of living goes up and cuts short any ‘freedom’. Poor can not be free.

Cheers,

#64 Barb on 09.15.19 at 8:59 pm

#16 Born in Hamilton on 09.15.19 at 3:40 pm

“Scheer’s message back should be that more and more government interference in the private sector is exactly what Canadian’s don’t need, and that expanding the size and the role of government in people’s lives will only further burden and impoverish them.”
——————————–
Exactly!

#65 BS on 09.15.19 at 9:04 pm

The government is making it easier and encouraging people top take on more debt, all the while government debt is increasing like never before in history. Interest rates are destined to come down to zero. Every country around the world is simultaneously trying to devalue their currency. Sounds like gold and and the USD are the only places to hide as the currency wars heat up and the debt bomb gets set to explode. If you are not at 5% to 10% bullion or gold stocks and at least 50% USD bonds/equities now is the time.

#66 Robbie on 09.15.19 at 9:23 pm

Garth, you are definitely unelectable…but you would always get my vote!

#67 Lost...but not leased on 09.15.19 at 9:37 pm

America is Bankrupt – Here’s Why

http://www.renegadetribune.com/america-is-bankrupt-heres-why/

Excellent article:

QUOTE:
The United States 1754 – 1863

On April 25th 1863 Lincoln bankrupted a commercial company known as the original United States.

Prior to this, Lincoln had formed a Delaware Corporation doing business as The United States of America, Inc. in order to continue to keep the wheels of government moving following the departure, on March 27th 1861, of eleven congressional delegates that represented the Southern States, an action which forcefully adjourned congress without having established a future date to re-convene.

The United States of America, Inc. would claim to be a successor to the commercial company known as the United States; however, there was never any contract binding the original United States to any successor corporation. Lincoln essentially substituted his corporation as a successor trustee with the remaining members of congress acting as a corporate Board of Directors.

On April 24th 1863, Lincoln issued General Order 100 placing the Grand Army of the Republic in charge of the fate of the nation and then on April 25th 1863, Lincoln bankrupted the original United States.

The United States of America, Inc. 1868 – 1933

In February 1871, the corporate “Congress” formed a corporation, commercial agency, and government for the “District of Columbia” (see: Treason and the Act of 1871). With this, “Congress” declared itself to be the successor of all “United States corporations” and the property of all said corporations claiming complete ownership of every corporation in America. This claim extends to all the natural-born inhabitants (now called citizens) and all of their assets.

etc etc.

COMMENT:

Researcher James Perloff uncovered evidence that the American Revolution was a fraud…a staged event ..the Boston Tea Party was played by both sides.

I had read US was bankrupted under FDR..didn’t realize it goes wayyyyy back…as we get into convoluted legalese re Nation..Corporation..Admiralty Law..etc. In essence the USA of 1776 is vastly different from USA of today.

In essence we live in a bizarro faux imaginary fraudulent economic system…this applies globally.

FYI :
British “Columbia” is directly related to “Columbia” in Washington D.C. District of “Columbia as both were founded in 1871

#68 acdel on 09.15.19 at 9:56 pm

What a sick society we have become! I cannot or would not blame anybody for not voting; my late mother would kick my butt for saying that but it has just become morally obscene! Politics as we knew it is dead!!

#69 The Great Gazoo on 09.15.19 at 10:00 pm

At 10 pm EST, WTI currently up over $5 per barrel or 10% to over $60/barrel and Brent up $6.75 or 11% to $67 per barrel. All figures in US$. Monday should be a very good day for the Canadian markets and the Canadian $.

https://www.cnbc.com/

#70 SimplyPut7 on 09.15.19 at 10:16 pm

The first glut of condos owned by investors is almost done in the GTA.

There’s no stress test or amortization schedule that can help poor novice investors afford these homes because the income of those investors will still be too low to qualify for the mortgages they need to take ownership of the homes.

On top of that, the first group of condo-style apartment buildings (pet-friendly units with ensuite laundry, dishwasher, microwave and amenities such as gym, sauna, pool, meeting rooms, and party rooms) is about to be completed. Good luck competing for tenants who are sick of moving every time their landlord wants to sell or renovict their tenants to get more money for rent when the professionally managed buildings are ready for leasing.

I won’t worry about the identity politics problems plaguing the conservatives, the tax savings they have announced so far will save me more money in the long run than any Liberal handout. I think people are tired of the Liberals pretending to care about their voters, they spend too much money and make the cost of living more expensive for voters.

Hopefully, a national housing strategy can fix the housing crisis that larger cities in Canada are facing. There’s no reason a basement apartment in Toronto should be going for $1100 – $1500 a month in the GTA.

#71 acdel on 09.15.19 at 10:20 pm

#69 The Great Gazoo

Meanwhile we have all this oil to sell in Alta, Sask, NFL; but nooooooooooooooo, the greens would rather buy from the Middle East to fuel up there planes, vehicles, and all other products they use per day made by oil products to preach to a carbon neutral country that we are so bad! What a crock!!

#72 paracho on 09.15.19 at 10:22 pm

Both leading parties seem to be spinning useless policies that threaten the long term financial future of the nation as a whole .
To find the real estate bubble with taxpayer funds is on the agenda by both the Libs and PCs . Truly destructive in the long term. Not the best use of taxpayer dollars .
I will vote .
Only wish my riding had a Rhinoceros candidate . This truly is a protest vote on my part.

#73 Azashi on 09.15.19 at 10:39 pm

DELETED

#74 Par P on 09.15.19 at 10:50 pm

As long as rates remain LOW, doesn’t matter what the government does, house prices will remain elevated in the major markets. People will continue to refinance and take on more debt.

Further supply coming on in British Columbia will take time to soften house prices in B.C.

#75 NoName on 09.15.19 at 10:52 pm

We all know what comes after summer, miserable weather, enjoy last few days.

https://youtu.be/0wvd5HD2zzQ

#76 Doug in Londinium on 09.15.19 at 11:04 pm

We need a good recession like in the 1990s to snuff out this housing bubble. That’s about the only way we can get our attention directed to more important issues.

#77 Smartalox on 09.15.19 at 11:19 pm

So for the Liberal Part and the Conservative party, here’s what it comes down to for housing:

The Liberals: (paraphrasing) we’re upping the max value for Shared Equity, and making it easier for people to purchase property. We’re also going to tax people who buy properties to flip them.

What it means: our plan is to let the socially liberal millennials that were going to vote for us anyway, think that they’re getting a deal by tying themselves to a massive mortgage, so that they can BAIL OUT our buddies the real estate developers who have tons of unsold product, and the boomers who dream they have million-dollar houses, but actually have no retirement savings, own all the real estate, and while they’re desperate to sell, won’t sell for less than 10x what they paid 40 years ago.

Conservatives: (paraphrasing) we’re going to remove the part of the stress test that forces homeowners to re-qualify at prime +200 basis points (prime plus two per cent) if they want to move their mortgage to a different lender. Also, we’re going to bring back 30-year amortizations.

What it means: We know that you’ve paid to much for Real Estate, and that the home you bought three years ago is worth 15% less than what you owe on the mortgage. We know that little Jaxxon and little Brittanie are each on 5 different sport teams that play within 10 minutes’ drive of that Real Estate that you call home, and you’re not about to move and disrupt their budding sport or dance ‘career’.

So instead, we’ve partnered with the mortgage broker industry to goose their commissions, making it easier for them to get paid time you get them to find you a mortgage with any lender that will have you.

Also, if you move your mortgage every 5 years, we will allow you to ‘blend and extend’ your mortgage to 30 years, to ensure at least one EXTRA mortgage broker commission from YOU, while also letting YOU pay tens of thousands more in interest to the banks (relax boys, we got this *wink*) just so YOU can say to your friends, around the barbeque, that YOU ‘stuck it to the MAN’ by moving your mortgage to an alternative lender.

So on the housing file, those are your choices: helping boomers and billionaires sell their old stale real estate, (Liberals).

OR

Having made your ‘nest’, now you can live like a hero to your family, and feel like you’re in control of your life – master of your domain! – while being bled dry by the big banks, and padding the wallets of the mortgage brokers that would sell you into servitude.

Choose wisely.

#78 Westcdn on 09.15.19 at 11:22 pm

I don’t understand why some people want me to suffer. True, I can be in your face. Then are those who put up with me and I remember. I regret doubting myself and it has taken time to get over it – I am actually pretty good. Point is – don’t give up, spirit matters… Oh, buy the way my JE options are working out well – too bad I am a minnow.

#79 Smartalox on 09.15.19 at 11:44 pm

On my Friday commute, some people from Mad Max’s party hung a banner on an overpass, ‘demanding’ that Mad Max be allowed to participate in the Federal Leaders’ debates.

Fool.

Maybe he doesn’t get to try to shout over the voices of Scheer, May and Singh, but why bother?

If it were me, the day after the debate, I would have been all over the internet, talking to clips of what the ‘leaders’ had to say, press pause on the tape, and give my own party’s perspective, loud and clear. No doubletalk, no arguments.

Then I’d put it on my website, and let my supporters push it all over the internet.

Imagine something like the ‘Daily Show’:

1. Politician says something middling.
2. Pause tape
3. Max: “this is why Mr. Scheer / Mr. Singh / Ms. May is wrong: blah, blah, blah, punchline.

Repeat, cut, go viral on the internet. Post a link to Joe Rogan.

But instead, Max offered ‘sweet F.A.’ in terms of policy, and blew a huge opportunity to deliver his message uncontested(!) to the potential electorate, and instead just chose to whinge about not being allowed on TV.

Sorry Max; I stopped caring 30 seconds after I drove under the banner.

#80 Bob Dog on 09.16.19 at 1:07 am

@#46 oh bouy

Now that you have mastered big words like immigrant and scapegoat, try to familiarize yourself with the meaning of the word ‘rate’

#81 Smoking Man on 09.16.19 at 1:33 am

Recap on the homeless dude I gave 500 bucks to make it back home to his daughter.

He stole a skate board from a kid in orange county that had 911 on spoed disl. He’s in jail again..

I tried….. You can’t save everyone… But at leased I try.

Janes was right…..

Hate him.

#82 Jay Currie on 09.16.19 at 4:02 am

I am over in Vancouver on family business. I drove around a bit trying to dodge the Porsches and the late model BMW SUVs and noticed that the roads, lined with 4 million dollar houses, are falling apart.

I grew up in Vancouver and I know the roads well. Until about 20 years ago, if there was a crack there would be a crew out with a bit of tar to smooth the way. No more apparently.

In the RE biz there is a wonderful term, “deferred maintenance” which agents use to explain mossy roofs, cracked foundations and windows where the curtains blow in a stiff wind. All over Vancouver that was what I was seeing. (And I was mainly on the chi chi West Side.)

Not only do we have deficits at all three levels of government, we also are failing to maintain and extend the critical infrastructure which keeps us going.

As The Donald would say, “Sad.”

#83 maxx on 09.16.19 at 6:17 am

Agree 100%, however you’re mainly preaching to the converted Garth. Bless you for that.

Not so long ago, debt was seen by most as the last thing they wanted in their lives, whereas now it’s believed to be essential. Part of a government-approved “healthy fiscal diet”, far too many seek to maintain a mythical standard of life, buying stuff they simply cannot afford. That they haven’t yet earned.

L.O.C. – check, credit cards – check, car loan – check and mountainous mortgage – same deal.

Once upon a time, given a 177% D.T.I. level, that meant being tethered to a job you may not have liked. Today, there are absolutely zero guarantees of jobs for any length of time.

Hordes with secure employment are largely pi$$ing away great futures and wealth because not only do they don’t save, they overspend. A lot. The social fallout is gargantuan, as is the aggregate of programs to backstop it all.

People don’t even understand what debt really signifies any longer.

Just as the world continues to destabilize ever more rapidly, they are making slaves of themselves. Misery in the making.

Saving is the ONLY way out, whatever conditions exist and whatever the interest rates are.

Those who built solid financial platforms look out at the manifest mess governments have enabled and thank their lucky stars that they learned how to save and made a long-term habit of it.

Becoming rich takes vision, will, determination and stamina. It’s not a sexy process, it’s just a process that, when practiced, just becomes more effective over time.

Many with even a modest income find ways to become financially secure. Those with great jobs get there faster.

There is no easy money any more and we live in a world where there is zero mercy for those with debt.

#84 maxx on 09.16.19 at 6:24 am

@ #1

Make sure to check the delivery and fulfillment of promises index. Some parties don’t rate very highly and the pony you wish for may very well have a single horn.

#85 Mike on 09.16.19 at 6:48 am

” Moreover, the Trudeau team is out to suck up the entire Millennial vote. Give ‘em weed, then get ‘em a house. ”

Maybe not enough votes,… so maybe he should import some votes,… Oh Wait…

There are 7.3 million Millennials in Canada, or 23% of the population. Immigration is 0.8% of the population annually. Oh wait, you’re a bigot. – Garth

#86 Richer on 09.16.19 at 7:36 am

“When the people find that they can vote themselves money that will herald the end of the republic.”

― Benjamin Franklin

#87 Ponzius Pilatus on 09.16.19 at 8:04 am

Trudeau has nothing on this guy.

https://m.spiegel.de/politik/ausland/bild-1286609-1468796.html

#88 Sebee on 09.16.19 at 8:49 am

Garth,

Below are some Canadian subprime numbers from 2018. I don’t believe there was an update on this a year later, right? Or did we miss it? Please forgive that I’m asking, but is there any update to the data to show any trend?

Transunion estimates that 11.9% of the 28.4 million Canadian consumers with credit profiles are subprime. That’s roughly 3.4 million Canadians, but we can’t be sure these are the borrowers. What we do know is private lenders became extremely popular in Ontario recently.

Bank of Canada (BoC) numbers show that despite a decline in sales, private lending is growing in Ontario. Mortgage originations at private lenders in the Q1 2018 rose to $2.09 billion in Ontario, a 2.95% increase from last year. That should raise a few flags, since dollar volume of real estate sales are down 37.64% during the same period. The market share of private lending went from 5.71% of originations in Q1 2017, to 7.87% in Q1 2018.

#89 Dharma Bum on 09.16.19 at 9:05 am

Some things never change.

“Can you care for the people and rule the country and not be cunning?
Can you deal with the most vital matters
by letting events take their course? – Lao Tzu
[Tao Te Ching chapter 10]

#90 IHCTD9 on 09.16.19 at 9:40 am

#52 Tannhäuser Gatekeeper on 09.15.19 at 8:08 pm

“The main reason everything is so expensive is taxes, and taxes upon taxes. I recently had an insert on a tap replaced and it cost me $250.”

Ah, no.

You paid a qualified, licensed professional to spend an hour or two in traffic with a fully stocked and equipped van, to do a five minute job with a $20 part. You could have learned how to to the job yourself with ten minutes on Youtube and a quick trip to the local store, earning self-satisfaction and denying the taxman his due. But you opted to let your fingers do the walking instead, and both you and the plumber find it convenient to blame the taxman for the resulting cost.

___

Tip for you guys, buy Moen fixtures – the inserts are free for life and it’s a 10 minute job to replace it/them. All the hardware and big box stores stock them. That’s all I have at the IHCTD9 bunker complex.

Fixture cartridges are definitely 100% a do it yourself job – the design is a selling point – you’ll never need to call a plumber when your tap starts dripping.

Residential plumbing repair overall is a do it yourself job IMHO. I’ve replaced a couple sinks, several fixtures, a jet pump, run new supply copper and taps, replaced a toilet, replaced main sewage line fittings, all kinds of stuff.

Never been easier to do this stuff yourself – any answers you may need are on the net.

#91 oh bouy on 09.16.19 at 9:52 am

@#80 Bob Dog on 09.16.19 at 1:07 am
@#46 oh bouy

Now that you have mastered big words like immigrant and scapegoat, try to familiarize yourself with the meaning of the word ‘rate’
_________________________

nice try bob.
I’m just calling a spade a spade.

#92 Gregor Samsa on 09.16.19 at 10:09 am

“Why does the media never challenge socks or any of these other empty suits on their half baked policy ideas.”

The media are in on the take. Pretty much the only thing they get money from anymore is real estate ads. Their other main source of revenue is $600M a year in taxpayers money gifted by Trudeau. And you wonder why they don’t take Trudeau to task?

#93 Eks dee Siple on 09.16.19 at 10:30 am

#92 Gregor Samsa… I’m hearing ads from Big Media asking for more Fed money… perhaps the RE ad money is slowing to a trickle and the Real Estate Industrial Complex Hierarchy (4th REICH?) has almost met its end.

#94 Brett in Calgary on 09.16.19 at 10:30 am

Turns out the world still runs on oil and gas. Weird.

#95 Eks dee Siple on 09.16.19 at 10:42 am

Hassan Rouhani of Iran is an actor played by the same actor that plays famous director Steven Spielberg. They play both sides. Trump is also an actor. As if drones could get anywhere near affecting half the Saudi oil output. LOL. Somebody made some dough overnight. -XD

#96 Eks dee Siple on 09.16.19 at 10:45 am

In the year 1900, the world still ran on horse and carriage. In 1910, it did not. Weird. Alberta needs to wake up. And fast.

#97 Tannhäuser Gatekeeper on 09.16.19 at 10:56 am

A shoutout to all the cowboys who were overweight energy E&P. I’m not, but I’m following my process, and having 4.5% of my portfolio in Dream Global certainly eases the sting.

To everybody else who has a sound investment process and was following it — don’t change anything!

All of us, active or passive, can smile as we watch the active fund managers — obviously caught underweight energy, significantly, as a group. It appears they’re furiously unloading their BCE so they can buy what was on sale only last week.

#98 Russ on 09.16.19 at 10:56 am

Bob Dog on 09.16.19 at 1:07 am

@#46 oh bouy

Now that you have mastered big words like immigrant and scapegoat, try to familiarize yourself with the meaning of the word ‘rate’
===========================

Why are people compelled to use grandiose words, when often a diminutive word will suffice?

Cheers, R

#99 Brett in Calgary on 09.16.19 at 11:09 am

Take away message, oil and gas = horse and carriage. Got it.
============================
#96 Eks dee Siple on 09.16.19 at 10:45 am
In the year 1900, the world still ran on horse and carriage. In 1910, it did not. Weird. Alberta needs to wake up. And fast.

#100 n1tro on 09.16.19 at 11:13 am

Garth, you are ELECTABLE, just not for prime minister. Too smart, too truthful. I’m sure you know that those traits count against you in politics (and in the corporate world) especially when your colleagues are dumb and/or dishonest.

#101 IHCTD9 on 09.16.19 at 11:14 am

#95 Eks dee Siple on 09.16.19 at 10:42 am

As if drones could get anywhere near affecting half the Saudi oil output. LOL.
___

Historically, over 60% of SA’s Oil came from just one field, the Ghawar field.

It’s totally plausible that a drone strike could knock out a single field for a while. A lot depends – but it’s surely not impossible – not by a long shot.

#102 James on 09.16.19 at 11:16 am

At the same time young Scheer is being painted as the New Harper (only worse), whose real agenda is outlawing abortion, doing Doug Ford-style spending slashes and populating his front benches with scary white power, anti-Muslim knuckledraggers.
_____________________________________________
First of all Trudeau can tout all of these lies about Scheer as much as he wants, however Trudeau is an out an out liar. Deflection. He the (people kind person) browbeat JBR re SCN Lavalin with his buddy Butts. There is money involved here people, back door money IMHO.

https://globalnews.ca/news/5764442/snc-lavalin-timeline-breakdown/

Trudeau’s statement.

I take full responsibility. The buck stops with the prime minister. I assume responsibility for everything that happened in my office. This is important because I truly feel that what happened over the past year shouldn’t have happened. We at the same time have a system in which we have to make improvements. There are many lesions to be learned on this and that’s why we will be moving forward with the recommendations on how to both advocate for the public interest and defend the integrity and the independence of our judicial and prosecutorial processes. Ah those things together are ah important lynch pins of our system and they shouldn’t be put into conflict as they were as spelled out by the ethics commissioner. So I recognize ah the lesions to be learned. I take them very seriously. I take obviously the ethics commissioner’s report very seriously. We will move forward to make sure that this never happen again under any other government in this country.

So let me get this straight Trudeau violated Section 139 (1) of the Criminal Code of Canada. The potential jail time for such crime is up to 10 years in prison. Trudeau recognizes his alleged crime and wants to prevent other potential criminals from making the same mistake? Just think about how he is trying to sweep this mess under the carpet and give himself a hall pass. Wow talk about what a genuinely insincere peace of $hit he is. I can’t stand to even listen to him anymore. The liberals who support him and their privileged cushy jobs in Ottawa are just as much to blame as they all stonewall anything that comes across the floor to prevent SNC from getting any legs. Just remember this people when you go to the poles in October you may be casting your vote for an alleged criminal, but definitely a callus indifferent liar. Total disgust for him and the liberals!

https://torontosun.com/opinion/columnists/lilley-trudeau-deflects-blame-for-blocking-rcmp-probe-of-office

#103 IHCTD9 on 09.16.19 at 11:24 am

#96 Eks dee Siple on 09.16.19 at 10:45 am
In the year 1900, the world still ran on horse and carriage. In 1910, it did not. Weird. Alberta needs to wake up. And fast.
____

The invention of the internal combustion engine was one of the most important developments in the history of the human race, just like the steam engine was before it.

The electric car ain’t one.

Alberta has PLENTY of time to mull its options. A minimum of roughly whatever time it take to deplete its oil resources – because that will happen before Nuclear Fusion becomes practical – and that is the only thing on the drawing board right now.

The ICE/ECE’s will not be replaced until some new energy source arrives that is cheaper than Oil.

#104 leebow on 09.16.19 at 11:43 am

#97 Tannhäuser Gatekeeper

The cowboys didn’t make any money. O&G was losing for way too long. The event only made some losses back.

I had a small bet in oil and gas services since early summer, waiting for an event like this. It was losing about 2K until this weekend. Today I sold it at a $500 profit because it doesn’t seem like there is much more upside.

The outcome is that the O&G bet did not outperform the main portfolio over the holding period and was way more volatile. It would be reckless to put any more than a percentage point on such a probability and payoff, if at all.

#105 Exurban on 09.16.19 at 11:47 am

#39 Ace Goodheart

I don’t disagree with anything you wrote, but it looks like the NDP campaign is imploding. It’s not just a dud leader, they are disorganized and demoralized, and many voters who might have considered them in the past don’t see any compelling reason to vote for them now. The NDP meltdown makes this election even more of a crapshoot than it already was.

#106 DM in C on 09.16.19 at 12:23 pm

#77 SmartAlox

Exactly. We are winning this by choosing not to play. We’re renting for 18% of take home, and banking 40% of our take home.

And we’re teaching our kids the same. Life is for living, not selling your soul to a bank and a lifetime of serfdom.

#107 slam on 09.16.19 at 12:39 pm

“Maybe renters ought to be subsidized, to reduce demand. Perhaps the 5% down payment threshold should be 10%.”

I think these are great ideas! Renters subsidized by a factor related to home ownership. If % of home ownership is higher, rent is subsidized higher. If % of home ownership lower, rent is subsidized lower.

Down payment should be increased to eg. 25% or even higher!

#108 n1tro on 09.16.19 at 1:20 pm

#79 Smartalox on 09.15.19 at 11:44 pm

Imagine something like the ‘Daily Show’:

1. Politician says something middling.
2. Pause tape
3. Max: “this is why Mr. Scheer / Mr. Singh / Ms. May is wrong: blah, blah, blah, punchline.

Repeat, cut, go viral on the internet. Post a link to Joe Rogan.

Sorry Max; I stopped caring 30 seconds after I drove under the banner.
—–
+1
I’d add in zooming into the empty podium where Trudeau was suppose to be for a second or 2 on every important issue being discussed for dramatic effect .

#109 James on 09.16.19 at 1:38 pm

Oil is going to get a little more expensive. So where is our Canada east pipe line and where is our west coast pipeline. We can not sell what we can not ship!

https://globalnews.ca/news/5907562/iran-legislator-urges-military-seize-canadian-ships/

#110 Smartalox on 09.16.19 at 2:09 pm

The sabers (scimitars?) are rattling in the middle east; petro-exporting states getting ready to go to war.

A great way to slow the rate of climate change is for one petro-exporting state to take out the other petro-state’s production and export facilities, and vice versa.

If they spend a year or two fighting among themselves, it might be the incentive that western Europe needs to make the switch to alternative energies.

Of course, there will still be plenty of demand for petroleum from safe and reliable countries like Canada, so expect the interest in pipelines to increase if war breaks out.

#111 Remembrancer on 09.16.19 at 2:29 pm

#110 Smartalox on 09.16.19 at 2:09 pm
A great way to slow the rate of climate change is for one petro-exporting state to take out the other petro-state’s production and export facilities, and vice versa.
——————————————
Sure, in Gulf War I the torched Kuwaiti oil fields did wonders for the environment. Not.

Did do wonders for the bottom lines of likes of Boots & Coots, Red Adair and Safety Boss. And only took the better part of a year to cap them all, with no post-invasion er liberation run and gun guerilla forces or mysteriously appearing drones to deal with at the same time in Kuwait…

#112 Jesse on 09.16.19 at 2:41 pm

#15 Dumb Wealth on 09.15.19 at 3:38 pm

Breaking: however, maybe as Saudi oil gets more risky the tar sands will support the Canadian economy. But is that really a good thing? Who knows.
***********************************

That would be great news for Canada, but T2 hates Alberta and the West, so don’t count on it. Politicians don’t care about their constituents.

#113 AGuyInVancouver on 09.16.19 at 2:42 pm

#108 n1tro on 09.16.19 at 1:20 pm

I’d add in zooming into the empty podium where Trudeau was suppose to be for a second or 2 on every important issue being discussed for dramatic effect .
_ __
Sure, Elizabeth May’s lame mime trick was so successful…

#114 n1tro on 09.16.19 at 3:06 pm

#113 AGuyInVancouver on 09.16.19 at 2:42 pm
#108 n1tro on 09.16.19 at 1:20 pm

I’d add in zooming into the empty podium where Trudeau was suppose to be for a second or 2 on every important issue being discussed for dramatic effect .
_ __
Sure, Elizabeth May’s lame mime trick was so successful…
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When you are at the bottom of the polls and no one knows who you are, what do you suggest? Stupid commercials to reach stupid viewers is the only way.

Hanging a sign over an overpass is as effective as saying your “thoughts and prayers” are with a victim’s family after a tragedy.

#115 jess on 09.16.19 at 3:11 pm

JPMorgan traders indicted in alleged pricing scheme
The alleged conduct spanned eight years, the Justice Department said Monday.

Monday, September 16, 2019
Current and Former Precious Metals Traders Charged with Multi-Year Market Manipulation Racketeering Conspiracy
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public-interest journalism -press freedom
tax haven corruption and to the bravery of journalists fighting to expose wrongdoing.

e.g. A journalist who revealed offshore accounts and shell companies of a corporate titan and French trade representative has been fined and given a suspended jail sentence by a court in Benin, West Africa.
=================

Sossou was a member of the award-winning 2018 West Africa Leaks investigation by the International Consortium of Investigative Journalists and reporters from 11 countries in the region. It is the region’s largest-ever collaboration of investigative journalist

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how about better more fair &TRANSPARENT markets that is what i would vote for. As economists /economic textbooks describe how things work in theory but bear little relation to reality.

too big to bail, jail, manage, supervise or regulate

Too systemically important. •Too interconnected.•Too complex, and•Too leveraged.

The State of Financial Reform on the 11thAnniversary of the Crash of Lehman Brothers
https://bettermarkets.com/

#116 Linda on 09.16.19 at 3:17 pm

#55 ‘Bill’ – you don’t mention your current housing situation. I presume a rental. So if your wife is so set on living in a big house with all the extra work that entails, can you rent one of those 4 bedroom abodes so she can ‘enjoy’ taking care of it? No mortgage necessary.

#117 Remembrancer on 09.16.19 at 4:03 pm

#112 Jesse on 09.16.19 at 2:41 pm
That would be great news for Canada, but T2 hates Alberta and the West, so don’t count on it. Politicians don’t care about their constituents.
————————————–
Don’t want to hurt all your feelings but this down trodden unloved west meme dog doesn’t hunt. Like every resource-based region and economy, the oil patch’s fortunes will rise and fall based on the global price of the end product… Sorry, times will be different at $120/barrel then they are at $50/barrel. Sure, cheaper transport (pipelines?) makes for cheaper product costs, but lets see a breakdown of bitumen vs. actual West Texas West Texas crude to Houston ie compare transport vs. base extraction as overall cost etc. You know, an actual adult conversation about where we should be going with natural resources as a country minus the whiners and extremists at both ends of the spectrum… Takers?

#118 The Wet One on 09.16.19 at 4:08 pm

Look on the bright side Garth, with any luck, all the politicians are lying about what they’ll do and nothing will be done.

Imagine that?

Kinda like how last election was going to be last election held under first past the post, or to go back awhile, the new government would do absolutely nothing to business income trusts.

Remember those?

Whaddya figure the odds of that happening on these promises are?

#119 Jesse on 09.16.19 at 4:58 pm

#117 Remembrancer on 09.16.19 at 4:03 pm
#112 Jesse on 09.16.19 at 2:41 pm
That would be great news for Canada, but T2 hates Alberta and the West, so don’t count on it. Politicians don’t care about their constituents.
————————————–
Don’t want to hurt all your feelings but this down trodden unloved west meme dog doesn’t hunt. Like every resource-based region and economy, the oil patch’s fortunes will rise and fall based on the global price of the end product… Sorry, times will be different at $120/barrel then they are at $50/barrel. Sure, cheaper transport (pipelines?) makes for cheaper product costs, but lets see a breakdown of bitumen vs. actual West Texas West Texas crude to Houston ie compare transport vs. base extraction as overall cost etc. You know, an actual adult conversation about where we should be going with natural resources as a country minus the whiners and extremists at both ends of the spectrum… Takers?
*************************************

Nice try, but when oil goes back up as per the commodity cycle, we will need pipelines, and it would sure be nice to be able to access world markets and not be tied to only one market, the US. It’s called proper planning, and the fact that we’re the only oil producing nation on Earth without access to tide-water is an embarrassment. Alberta would be healthy with $50 oil, but the industry needs more than one customer.

#120 Don Guillermo on 09.16.19 at 6:25 pm

119 Jesse on 09.16.19 at 4:58 pm

#117 Remembrancer on 09.16.19 at 4:03 pm
#112 Jesse on 09.16.19 at 2:41 pm
That would be great news for Canada, but T2 hates Alberta and the West, so don’t count on it. Politicians don’t care about their constituents.
————————————–
Don’t want to hurt all your feelings but this down trodden unloved west meme dog doesn’t hunt. Like every resource-based region and economy, the oil patch’s fortunes will rise and fall based on the global price of the end product… Sorry, times will be different at $120/barrel then they are at $50/barrel. Sure, cheaper transport (pipelines?) makes for cheaper product costs, but lets see a breakdown of bitumen vs. actual West Texas West Texas crude to Houston ie compare transport vs. base extraction as overall cost etc. You know, an actual adult conversation about where we should be going with natural resources as a country minus the whiners and extremists at both ends of the spectrum… Takers?
*************************************

Nice try, but when oil goes back up as per the commodity cycle, we will need pipelines, and it would sure be nice to be able to access world markets and not be tied to only one market, the US. It’s called proper planning, and the fact that we’re the only oil producing nation on Earth without access to tide-water is an embarrassment. Alberta would be healthy with $50 oil, but the industry needs more than one customer.
===================================

You’re exactly correct Jesse. Canada has a self inflicted problem caused by the extremists not whiners. My nephew pulled up stakes last spring and moved to Houston. He has an awesome job in the oil business, just bought a house and will probably never return to Canada.

#121 Greg on 09.16.19 at 11:00 pm

As I looked at the satellite photo of the burning oil well in the bleak sandy landscape of Saudi Arabia, I couldn’t help but think: a fire on one tiny speck of desert on this huge planet, and almost immediately I’m paying more to do all the things I gotta do to live. Fragility! These vote buying kids running for office are not leaders. Far from it.

#122 Jesse on 09.17.19 at 9:36 am

#121 Greg on 09.16.19 at 11:00 pm
As I looked at the satellite photo of the burning oil well in the bleak sandy landscape of Saudi Arabia, I couldn’t help but think: a fire on one tiny speck of desert on this huge planet, and almost immediately I’m paying more to do all the things I gotta do to live. Fragility! These vote buying kids running for office are not leaders. Far from it.
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Exactly – politics is all about optics! They want you scared so you will hand over YOUR tax dollars to their vanity projects.