The big proboscis

Hey, time for another ok-Boomer paranoia blog. While the kids today are perfectly compliant when it comes to gutting the notion of property rights and happy to stick it to existing homeowners and rentiers, the crusty ones are not. In an overtaxed land, using more taxes to drive down asset values is a flawed idea. But what else would you expect from Dippers and moisters?

Hence, this post.

In a couple of weeks BC will start taxing raw land to make houses more affordable and increase rental units. Yes, that’s NDP logic. Although nobody can live on vacant land, it’s bad. Taxable. And at a withering rate of 2% per year of its value.

In fact the ‘speculation tax’ which is really a grab from Albertans and other non-locals silly enough to own property in BC is rising four-fold as of the new year, from 0.5% of the market value to 2%. That’s atop municipal land taxes, acquisition and ownership costs. Last year the province Hoovered off $115 million from owners, many of them families which have used their places for decades as cottages or cabins. So, this is just a tax on wealth – the pointy tip of a giant, hairy government proboscis now thrusting into private wealth. Not income, but assets. Big difference. Pay attention.

There’s more. If you own real estate, forget about privacy.

BC is the first jurisdiction (there will be more) to erase the right to keep private all personal information, including your email address and SIN. Property owners on the spec tax list must now surrender name, address, date of birth, social insurance number and email details, “which are necessary for the program of administering the tax.”

You may not live in BC. Or have property there. Or be subject to this arbitrary levy. But this is the future.

Now to Hamilton where councillors there love what they see out West.

The city’s politicians have voted unanimously to craft a new tax on ‘empty’ homes, just like the one helping to degrade owner  rights in Vancouver. Of course, council admits there’s no data on speculation happening in the city. Nor on the number of residential units that are not rented or occupied full-time. Absent is information on what impact speculators may have had on real estate prices. But, of course, such details are moot when there is… anecdoctal information!

“I’ve received anecdotal information from residents that they cannot find housing accommodations in our city,” says the pol spearheading the move. “At the same time, there’s also anecdotal information I’ve received from other neighbours that they know there’s buildings that are sitting vacant. Not just buildings, but homes. Homes that could be rented out.”

By the way, rents in the Steel City average $1,600 – and that’s for all properties, including houses. One-bedroom apartments go for $1,100 to $1,500. Down the QEW in Toronto, by comparison, one-bedders DT range from $2,500 to $3,200 for a small box. The average price of a detached house in Hamilton is $575,000 – or about $900,000 less than in 416, an hour away. The year/year increase in 2019 was 4.3% and sales grew 5.5%. Toronto prices advanced 7% and sales spiked 14%.

So is Hamilton a hotbed of speculation? Nah. Hardly.

It’s just another grab, more snouting into the brave new world of wealth taxation. The argument that taxing real estate held as an investment asset will make housing more affordable for low-income folks is specious. The most ‘affordable’ housing in Vancouver, for example, has been the segment with the greatest price hikes since NDP taxes blossomed. Rents have gone up, not down, since the socialist hordes started vacuuming the investor class. The only real impact has been on the value of detached and luxury homes, partly because non-BC owners are now so discriminated against.

Does housing cost too much?

In urban Canada, for sure. This is largely the result of interest rates which promote excessive borrowing plus our policy of not taxing residential real estate profits, encouraging massive ownership. Face it: we’ve created a property cult. Houses are unaffordable not because of speculators, hoarding by the wealthy, or boatloads of rich Chinese dudes. Whacking empty houses, part-time residences, second homes or cottages will do squat for valuations or rents. But it will flow more taxes.

Which is the point. And this is the start. Now get off my lawn.

182 comments ↓

#1 SoggyShorts on 12.11.19 at 3:44 pm

Wow. Imagine saying out loud that your evidence for anything that you are doing is anecdotal. With a straight face.

I considered politics a few times, but now I know I would have been terrible at it.

#2 Shawn Allen on 12.11.19 at 3:44 pm

A Great Question

#161 Doug in London on 12.11.19 at 3:10 pm
With all this debt seemingly everywhere, why doesn’t this high demand for money result in higher interest rates?

************************
Yes, great question. I have been wondering about this for years.

Sure the FED can set low rates but why do savers / lenders keep lending at low rates?

It’s like the law of supply and demand is not in effect?

High demand for loans should push up rates. Unless there is an even higher supply of money to be loaned.

Why were interest rates high during the 70’s? The same fractional reserve banking had existed for many years at that point.

Some people think they know the answer to this. I do not.

To some degree high loans have certainly created vast amounts of bank deposits. That creates supply of money. So maybe it is a different system where demand creates supply. But what was so different that this did not happen in the 1970s?

Governments did not want high interest rates in the 1970’s . They had debt then too. But they got high interest rates anyhow.

What can cause interest rates to go higher?

Is it totally at the whim of the FED?

Are low rates due to the flood of cheap goods that pushed inflation down?

#3 AGuyInVancouver on 12.11.19 at 3:59 pm

If Capital Gains are taxed, why shouldn’t Real Estate be? Why should you encourage people to shelter money in real estate, rather than have it out circulating in the stock market?

It’s been shown time and time again that Canada is putting way to much money into real estate vs R&D, why would you want to encourage that?

#4 Blackdog on 12.11.19 at 4:04 pm

Greta Thunberg is Time’s person of the year 2019. Yay Greta! https://time.com/person-of-the-year-2019-greta-thunberg/

#5 Linda on 12.11.19 at 4:06 pm

Interesting to read that B.C. is demanding that property owners supply their SIN number. In my now distant youth I recall being told that SIN numbers were the sole purview of the federal government & that only the feds could legally demand one supply that information. When did that change? If it didn’t, why is our federal government not cracking down on those who are flouting the law?

#6 Camille on 12.11.19 at 4:12 pm

Sounds like a first order problem. I have something someone else will take. Certainly a real concern. Let’s further focus on currency. Rates are suppressed and should be higher. Suppressed by the Fed and government. So the money is there to tax. If money wasn’t sloshing around, government would be unable to act. So maybe it’s the natural order of things. Eventually currency may be worth less (inflation), and long term rates will rise. Second order.

#7 Joe Cortise on 12.11.19 at 4:13 pm

Shawn Allen are you kidding me. It is all central banks controlled from the Federal Reserve to Bank of Canada, ECB, Bank of England, Bank of Japan etc.

The world economy and real estate values to interest rates is so manipulated and fake that capitalism is not here. It is a big mess of financial engineering and money printing with fake low inflation rates.

It is a government and central bank takeover and socialism induced basket case economies. I know now the feeling that there are no more adults in the room but just children, irresponsible minded people in the room.

#8 Mattl on 12.11.19 at 4:24 pm

If houses are unaffordable, how come so many can afford them? Sure the best areas in the best cities are unattainable for most but it’s been that way forever. Kits has never been a low income neighbourhood.

That’s what a lot of the bellyaching is about, people want to live in the best areas on middling salaries without taking any risk. Tough luck, if you are in your mid 40s up and can’t afford a home in YVR you missed out. And no drop in price will get you back in.

I missed out on the best parts of YVR as well but have never had trouble affording a house in a number of different cities in BC.

#9 RWZM on 12.11.19 at 4:24 pm

What’s wrong with having your real name and information attached to property that you own?

If the argument is that they’re going to use it for an unjust tax, then the complaint is about the unjust tax, and not that you’re required to identify the owner. Unless I’m mistaken, divulging ownership can mitigate illegal activities that don’t have anything to do with new or unjust taxes.

#10 Linda on 12.11.19 at 4:31 pm

So went to the Government of Canada website to see if there was a list of who could demand your SIN. Without going into detail, effectively if you receive any government benefits (CPP/QPP/OAS/EI etc.) you must supply your SIN number. Any entity that will end up supplying tax slips for income tax returns can also legally request your SIN. So the question I have is whether the B.C. program fits the criteria or whether they are just demanding information without the legal right to do so.

#11 Dave on 12.11.19 at 4:33 pm

If a developer/builder is sitting on vacant land because the market is slow…..its assessed at $1M….when does he have to pay the $20,000 on top of property tax and other costs? This is huge…so again when is this payment due?

July. – Garth

#12 YYZrenter on 12.11.19 at 4:37 pm

So let me see if I’ve got this straight. . . If I am stupid enough to own a cottage lot in BC, with a trailer parked on it for vacation use, either it will be taxed as a vacant habitation, or it will be taxed as vacant land. And good luck to me finding a buyer in those circumstances so that I can escape the clutches of the Dippers. I can’t see these taxes doing much to help those looking for a family home.

#13 Flop... on 12.11.19 at 4:38 pm

Linda 5
Interesting to read that B.C. is demanding that property owners supply their SIN number. In my now distant youth I recall being told that SIN numbers were the sole purview of the federal government & that only the feds could legally demand one supply that information. When did that change? If it didn’t, why is our federal government not cracking down on those who are flouting the law?

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

All I know is when I apply for contracts, most guys seem happy with a business number and some seem keen to get their hands on your social insurance number.

I don’t know these guys from Adam, so given the chance I just cough up my business number.

Even at tax time on my T5018 contract of payments, they ask for both and I just supply one.

They know how to do the rest…

M45BC

#14 FreeBird on 12.11.19 at 4:38 pm

We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission. -Ayn Rand

The general population doesn’t know what’s happening, and it doesn’t even know that it doesn’t know.
-Noam Chomsky

#15 Dave on 12.11.19 at 4:42 pm

Garth can you pls recap the real estate taxes in BC?
Vacant land tax…2%
Speculation tax….2%

City of Vancouver…empty homes tax…1%

Is that all of them or am I missing one?

Land transfer tax. Property tax. (Extra in nice hoods.) HST on real estate fees and commissions, appraisals, insurance and other ownership costs. And income tax on the funds earned before you buy with after-tax dollars. If you’re a non-resident add 20% to the purchase price. Thank you for shopping in Canada. – Garth

#16 Matsebula on 12.11.19 at 4:50 pm

Well, if you look what has happened since the govt started backstopping mortgages here with bonds in about 2005, the trajectory looks pretty much like a hockey stick. So they goose home ownership, and then want to tax that faux wealth. Like Garth says, suck and blow.

This is the beginning of the death rattle. Nobody has any actual money and the piper will be paid.

#17 Dave on 12.11.19 at 4:54 pm

If a developer is building a subdivision of 50 homes…I.e. 25 homes built and for sale (empty) and 25 lots be developed into homes…is the developer paying extra 2% taxes on all 50?

Would a loop hole on the 1st 25 houses is not to get final inspection to avoid the tax?

#18 n1tro on 12.11.19 at 5:00 pm

Garth,

I would like to modify to your conclusion that Hamilton isn’t a hotbed of speculation. Been looking around at crappy yet affording dwellings on the shady east side for the last 2 months, I can say there is something going on in the big stink with properties under the $400K level.

Have a look at 75 Niagara St as an example. Bought a couple years back (?) at $235K. Renovated and back on market for $430K. There was the one property seized by the bank at 29 Minto St in need of total reno. Listed for $299K. Sold for $350K. The biggest FOMO came from that one place (forgot the address) next to downtown (fully done inside) that listed for $299K and then sold for $407K. Multiple offers, crazy FOMO going on for things (100 year old houses) listing at a low prices.

#19 crowdedelevatorfartz on 12.11.19 at 5:00 pm

@#134 Flop
“Bloke who kills mosquitoes within 6-mile radius with his farts probed by experts….”
+++++

I wonder what the “experts” field of study is called.

Either way .
I’m in awe of the Malaria Mariah

#20 -=jwk=- on 12.11.19 at 5:02 pm

2109 fortvna
Yes, I agree that it may not be the most prudent thing to pursue a “useless” degree (although for various reasons I vehemently disagree with the anti-humanities studies sentiment displayed by many posters here) – and if knowing this you choose to but ultimately can’t make enough to sustain yourself then that’s your due. It’s unfortunately a luxury to be able to study whatever you want. But I wish it weren’t.

and

It’s all well and good to chase your passions but there’s an element of common sense that should stop a person from spending that kind of money on a degree that will never pay for itself.

All you boomers are doing is admitting that you had it good. Boomers DID have the luxury of taking whatever the heck they wanted, it was free, and their employer would train them on what they really needed to know. My own father has a degree in history and knows nothing of the subject. Now that same cohort turns around and claims the problem is that the young’un just aren’t taking the right degrees. The whole point the young’uns are trying to make is that the boomers didn’t HAVE to earn a professional degree to get ahead. Boomers were allowed to ‘chase their passions’ and it paid off for them….

#21 Bezengy on 12.11.19 at 5:03 pm

Funny thing about vacant land is most of it is taxed far below market value. Appraised at 5 k but when someone wants it for development it’s suddenly worth millions. If I were in city admin I would ask all vacant land owners what they would sell it for, and then either buy it or send them a tax bill based on the owners appraisal. No new taxes needed, just have everyone pay their fair share.

#22 Mississauga Mel on 12.11.19 at 5:09 pm

#150 oh bouy on 12.11.19 at 12:46 pm
@#135 IHCTD9 on 12.11.19 at 9:47 am
#122 Dr V on 12.11.19 at 1:13 am

I do know tradespeople and tech school grads (2 yr diploma) that make six figure incomes.
___

Yep. most dudes outside of the metros that make big bucks are Tradespeoplekind.

It’s going to keep on like this too – we can barely get an apprenticeship done here without the guy getting offers from other businesses. Tough to retain them, you have to keep anteing up more $$.
___________________________________

“Yup, all my friends in the trades make good $$.
Work as much as they want to and when they want to.
I somewhat regret not going this route as a kid.
Never to late though.”

A buddy of mine has owned his own electrical contracting firm in Mississauga for 30 years. He employs over 100 and drives the latest edition Rolls Royce. Every electrical contractor I know in the GTA is a multimillionaire…

#23 SeeB on 12.11.19 at 5:18 pm

Considering the narrative that BC real estate is rife with money laundering and scams, it’s not surprising that regular folks would go along with the gov demanding more and more invasive identification.

It feels pretty hopeless out in Van even as a renter, since even in my 60s low rise, rents have spiked from 975 for a 1-bdrm 2 years ago, to 1450 just last month. The place is very run-down with an elevator that works when it feels like it, and no indoor access to the basement/laundry room without said elevator.

I honestly would like to hear what would actually fix this situation, as I agree taxing cabins way out in Cultus or Kelowna obviously isn’t going to have any impact on prices in Vancouver.

There seems to be new builds for condos all the time in Van/Burnaby, but they disappear extremely quickly years before completion at break-neck prices…

#24 CEW9 on 12.11.19 at 5:24 pm

What “Anecdotal Evidence” really translates to is:

“I’ve seen the polls, and more people will vote for me if I say this even though it’s clearly not true”.

And that’s politics. Sadly.

#25 Russ on 12.11.19 at 5:24 pm

Dear jwk (with wings),

It appears you have no idea what you’re talking about. Assuming a small portion of Boomer experience applies to the whole generation is beyond naive. It is ignorant.

Please apply for another loan to further your education. And try to get some understanding this time. Okay?

We’re here for you when you show that you are ready.

#26 JonBoy on 12.11.19 at 5:31 pm

#20 -=jwk=- on 12.11.19 at 5:02 pm

It’s all well and good to chase your passions but there’s an element of common sense that should stop a person from spending that kind of money on a degree that will never pay for itself.

———–

All you boomers are doing is admitting that you had it good. Boomers DID have the luxury of taking whatever the heck they wanted, it was free, and their employer would train them on what they really needed to know. My own father has a degree in history and knows nothing of the subject. Now that same cohort turns around and claims the problem is that the young’un just aren’t taking the right degrees. The whole point the young’uns are trying to make is that the boomers didn’t HAVE to earn a professional degree to get ahead. Boomers were allowed to ‘chase their passions’ and it paid off for them….

—-

I wrote the first quote. I was born in 1979. Tell me how I had it all again. I was born 15 years AFTER the Boomers.

I did an engineering degree, not some social justice or genital studies or whatever it is that people are taking these days. I didn’t have fun in university – I worked a full-time job for two years while completing my degree, and still owed about $10K when I got out.

My first job was $34K a year! My second job was $64K a year (two years afterwards). My third job was $95K a year (five years afterwards). My fourth job was $120K a year (four months afterwards – jumped into senior management). My fifth job was $168K a year (six years later). After two years of that, I stepped over to my current job making a moderate amount less but virtually zero stress and a better balance for what I value in life. I’m considering something else that will pay me even less but offer a government pension and long-term security with virtually no stress.

Doing the math, in roughly 13 years, I went from $34K to $168K a year. Typical? Nope. Hard work? Yes. Was it all enjoyable? Not at all.

I lived on nothing for the first two years after graduation, with my wife and young daughter. I moved 5000 kms away from family to live hand-to-mouth but gain valuable experience. I leveraged experience that time and time again to get back to where I wanted to be, doing what I wanted to do.

Blessed? Sure! But blessing doesn’t come without pain or sacrifice, I’ve found. You don’t just waltz into financial stability by being like everyone else or doing what everyone else does. You have to do something different than the average person to get something other than the average result.

What have you sacrificed recently? I’m not talking about things like “I sacrificed sleeping in so that I got to work on time.” I’m talking about something that you see everyone else have but you gave it up to gain something greater, something with long term rewards, something to set a foundation for your future.

Work smarter AND harder than the rest of them. Take the jobs no one else wants. Make yourself stand out. Find a company or a job that values what you offer. If you have nothing to offer, figure out what you do well and look for a way to monetize it or leverage a better job. Be willing to NOT enjoy life for a while, so you can enjoy it later when you’ve gained some experience and seniority.

#27 Shawn Allen on 12.11.19 at 5:32 pm

B.C. vacant land tax?

Does this apply just to building lots or land within cities or what?

100 empty acres in the county?

What does empty mean? Surely farms are exempt even a Christmas tree farm?

It takes time to build on empty land. And the zoning my prohibit it…

#28 april on 12.11.19 at 5:33 pm

$4 – and funded and coached by Greenpeace…..

#29 Yukon Elvis on 12.11.19 at 5:37 pm

If you’re a non-resident add 20% to the purchase price. Thank you for shopping in Canada. – Garth
………………..

And if you don’t like it shop somewhere else.

#30 jess on 12.11.19 at 5:42 pm

Tuesday, December 10, 2019

Another kind of boomer?

Justice Department Announces Deferred Prosecution Agreement with HSBC Private Bank (Suisse) SA
Bank Admits to Helping U.S. Taxpayers Conceal Income and Assets from the United States; Agrees to Pay $192.35 Million Penalty

““Financial institutions that conspire with U.S. account holders to hide income in undeclared bank accounts abroad, to avoid being held accountable for tax obligations and augment corporate profit, face substantial criminal and civil penalties for their illicit conduct,” said U. S. Attorney Fajardo Orshan for the Southern District of Florida. “In this case, HSBC Switzerland will pay a total civil and criminal fine of more than $192 million, to include a civil forfeiture of $71.8 million, for proceeds illegally derived from their conduct. We remain committed to the investigation and prosecution of individuals who evade their taxes and the financial institutions that assist them in doing so.”

“Taxpayers and financial institutions each have the most basic responsibilities to pay taxes and report suspicious activity regarding financial transactions. When financial institutions devise a massive tax evasion scheme and actually facilitate the activity, they not only must be held accountable, they must take actions to ensure this behavior will not happen again,” said Don Fort, Chief, IRS Criminal Investigation. “The integrity of our nation’s tax system depends on voluntary compliance and fair, consistent enforcement of the law. We owe it to all Americans to hold financial institutions accountable just as we would hold individual taxpayers accountable. Today’s DPA shows that engaging in this type of behavior has consequences.”

According to court documents, HSBC Switzerland admits that between 2000 and 2010 it conspired with its employees, third-party and wholly owned fiduciaries, and U.S. clients to: 1) defraud the United States with respect to taxes; 2) commit tax evasion; and 3) file false federal tax returns. In 2002, the bank had approximately 720 undeclared U.S. client relationships, with an aggregate value of more than $800 million. When the bank’s undeclared assets under management reached their peak in 2007, HSBC Switzerland held approximately $1.26 billion in undeclared assets for U.S. clients. …

“According to court documents filed as part of the DPA, the bank assisted U.S. clients in concealing their offshore assets and income from U.S. taxing authorities. To conceal its clients’ assets and income from the IRS, HSBC Switzerland employed a variety of methods, including relying on Swiss bank secrecy to prevent disclosure to U.S. authorities, using code-name and numbered accounts and hold-mail agreements, and maintaining accounts in the names of nominee entities established in tax haven jurisdictions, such as the British Virgin Islands, Liechtenstein, and Panama, that concealed the client’s beneficial ownership of the accounts.

https://www.justice.gov/opa/pr/justice-department-announces-deferred-prosecution-agreement-hsbc-private-bank-suisse-sa

#31 MF on 12.11.19 at 5:45 pm

” In an overtaxed land, using more taxes to drive down asset values is a flawed idea. But what else would you expect from Dippers and moisters?”

-How about actually raising the interest rate to where it is supposed to be?

Never mind. Garth said it:

“This is largely the result of interest rates which promote excessive borrowing plus our policy of not taxing residential real estate profits, encouraging massive ownership.”

-I’m not really into new taxes. But get rid of the capital gains exemption and raise the damn interest rates already. Watch asset values decrease over night. Oh yeah, and get rid of the CMHC.

MF

#32 Debtslavecreator on 12.11.19 at 6:04 pm

The Great Canadian Bezzle is coming to end shortly
The out of control governments will keep coming at us until everything is gone
At a high level the housing issues are due mainly to the crown corporations BofC and CMHC and your local governments as it can cost about 110-130 k in local development charges for each new detached home

Then the public gets angry and looks toward big govts to solve the problems that governments created !!

I have resigned myself to blaming the lead in the water to help understand how stupid many fellow Canadians are

And we are still in the 3 or 4 th inning of this

Get ready for one hell of a game Canada

The general idea is Iceland 2007-2009 or Argentina 2001

#33 Shirl Clarts on 12.11.19 at 6:04 pm

Owning land puts a target on your back. It signals to gov’t that you have skin in the game, and that you can afford to pay more at their discretion.

On the other hand, if you park your RV in the bushes along side any highway in BC (owned by MOTI – Ministry of Transportation Infrastructure), there is nothing they can do. They won’t move you because they are not allowed. RCMP won’t step in either, unless MOTI gets a junction/removal order from the courts which is very difficult to get. Courts won’t provide a junction unless MOTI can first arrange a place for them to move to (i.e. affordable housing). You become virtually untouchable because of your basic human right to exist.

So there you go. Free place to stay anywhere MOTI operates. No taxes. No fees. Stay as long as you like if you don’t mind bonfires to keep warm, and pooping in the bush.

#34 yorkville renter on 12.11.19 at 6:05 pm

taxing wealth is bullshit. full stop.

#35 MF on 12.11.19 at 6:06 pm

#22 Mississauga Mel on 12.11.19 at 5:09 pm

Almost all workplaces have some sort of hazard, but tradespeople generally are at a higher risk of disease and injury caused by their work environment:

https://www.theglobeandmail.com/life/the-hot-button/and-the-top-10-most-dangerous-jobs-are/article16352517/

Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.

Money is important, but it aint everything.

MF

#36 BlogDog123 on 12.11.19 at 6:06 pm

Greta as person of the year.

If Greta’s opposite, Greeda, was travelling the world telling about all the great things with oil, the following would happen:

1) Greeda would be shouted down, the university would not be able to “guarantee safety” and not let her speak on campus.

2) There would be a witch hunt asking: “Who is funding your oil crusade? Exxon? Saudi Aramco? We need a line by line audit of all your movements!! You are a corporate shill !”

3) Why aren’t you in school or work?

4) Who made you spokesperson for a generation?

#37 MF on 12.11.19 at 6:16 pm

Ah Hamilton.

A total 100% poop hole. A place where houses should cost 150k tops. The fact the average house in The Hammer is 400-500k can only be described as a symptom of an underlying sickness. Like coughing up blood is a sign of a serious underlying health issue.

If I remember correctly there was a poster on here who would gloat about his RE “investment” in Hamilton.

That’s exactly like coughing up blood and is not normal.

400-500k lol what a joke.

MF

#38 Paul on 12.11.19 at 6:16 pm

#3 AGuyInVancouver on 12.11.19 at 3:59 pm
If Capital Gains are taxed, why shouldn’t Real Estate be? Why should you encourage people to shelter money in real estate, rather than have it out circulating in the stock market?

It’s been shown time and time again that Canada is putting way to much money into real estate vs R&D, why would you want to encourage that?
————————————————————————————————
Listen to you wanting to control what and where Canadians put THEIR after tax money. I want to know where you put yours please a break down like amounts, dates, places, any and all bank accounts ect.ect,

#39 Dave on 12.11.19 at 6:18 pm

Best thing the politicians have done in BC for years. Why should we allow foreigners to park their money and speculate by keeping houses empty and off the market when locals who actually contribute to the economy are shut out?

Armed with new data, B.C. set for crackdown on tax evasion in Vancouver property market
https://www.theglobeandmail.com/real-estate/vancouver/article-armed-with-new-data-bc-set-for-crackdown-on-tax-evasion-in/

““That’s how you get these multi-million dollar homes that are barely occupied,” he says. “Under the old way, if you had six of them, you declare each one as your personal residence. For each one you say, ‘I’m resident here for income tax purposes and I don’t have to pay capital gains,’ when in fact, none of the above is true. They are not income tax residents, so they [are not allowed] a capital gains exemption and it’s not their principal residence. But no one checked. It was an honour system. But no longer.”

This will finally curb what Garth has refused to acknowledge: Chinese money laundering in BC real estate

Foreign ownership and unsavoury people are everywhere. This is not why average people cannot afford average houses. But you will never believe the facts, so why bother arguing? – Garth

#40 45north on 12.11.19 at 6:19 pm

“I’ve received anecdotal information from residents that they cannot find housing accommodations in our city,” says the pol spearheading the move. “At the same time, there’s also anecdotal information I’ve received from other neighbours that they know there’s buildings that are sitting vacant. Not just buildings, but homes. Homes that could be rented out.”

here’s one boomer’s anecdote:

we rented out the upstairs to a young girl with a baby; my wife and I cleaned up a stroller and gave it to them. A few days later, the boyfriends moved in. According to the Ontario Landlord Tenant Act I couldn’t kick them out. One dark night, two of Toronto’s finest stood behind me while I told the boyfriends to leave. The next day the girl and her boyfriends moved out. Thank God for the Toronto police.

that was 47 years ago. My conclusion is that owning property to rent out is not a worthwhile endeavour. There are those who profess compassion for people that rent. They say they would like to improve the quantity and quality of rental housing. They fail to see that this one anecdote has been replicated thousands of times in the last 47 years and that the summed conclusion has resulted in a severe loss in terms of the quantity and quality of rental housing.

#41 Nonplused on 12.11.19 at 6:24 pm

What, exactly, is “vacant land”?

Do they mean a lot that doesn’t have a house on it within the city limits, or something like that? How many of those are there?

Or do they mean land that is owned by developers but has not yet been subdivided and serviced? There is a lot of that in Calgary’s city limits but they are working pretty hard to slap houses on it. I don’t know how much of that kind of land there is in the greater Vancouver area.

Or do they mean bare land in the interior of BC where some dude from Alberta has an RV parked for weekend use? There really isn’t a housing shortage in the interior of BC.

This is just another example that most politicians, especially left politicians, no nothing of economics and aren’t interested in learning even the basics.

#42 Armpit on 12.11.19 at 6:27 pm

I suggest everyone has to pay a minimum 10% income tax. Everyone!!! Including the 4/10 that don’t pay taxes.

For those folks, increase their subsidies by the 10% tax, then deduct it at source. Even though they net the same income, it will give the 4/10 a feeling of worthiness that they pay taxes to live in this Country.

And also complain that they pay too much tax!

#43 Sean on 12.11.19 at 6:28 pm

Land taxes, minus improvements, actually make a lot of sense.

https://www.economist.com/briefing/2018/08/09/the-time-may-be-right-for-land-value-taxes

It’s a type of rent-seeking – unproductive profit. I would have thought Mr Turner would actually be a fan.

#44 Steven Rowlandson on 12.11.19 at 6:31 pm

Was it not foreseeable from the beginning when government made principle residences capital gains tax free and some special interests promoted the idea that a man without land is nothing therefore there is no limit to the potential cost of being a somebody? What a boon for government to tax something that had its price inflated by people hoping to gain by their own greed and other peoples desperation and gullibility.

In the end government will prosper for a while and
then the party will be over and nothing will be left largely due to debt implosion and lack of income support for the economy.

#45 HH on 12.11.19 at 6:36 pm

@ #20

Completely agree. One thing many elders on the forum won’t see or acknowledge is the huge educational/training requirements creep that has happened over last few decades.

Many jobs and careers, which back in their day any bozo with a pulse could stagger into off the street with no requirement other than being willing to work hard and learn on the job, now require ever more advanced degrees, diplomas, designations and certifications just to get a foot in the door. If it continues this way, we’ll have diploma’ed certified janitors soon…

All over the place you see millenials who’ve had to get a mass of specialized training just to get into an entry level spot and start a career, report to bosses from previous generations who made it in and made it to management in that same line of work on less than half of education modern youngsters have to swallow, if any at all.

But will they ever admit they had it it easier than millenials in any respect? No! All you hear is how soft and spoiled the current gen is and how hard it was in their day.

Don’t they have any kids, younger relatives, junior colleagues or subordinates? How can they get so blind to what they are facing?

Hope I don’t get that way when I’m old…

“All young ones are whimps! When I was young we always walked to school!
In the snow.
Up next he Hill.
Both ways!”, etc.

#46 unbalanced on 12.11.19 at 6:37 pm

To Jonboy—-Get off the Cross, we need the wood.

#47 HH on 12.11.19 at 6:40 pm

Ugh. Messed up the quote with autocorrect.
That was: ” In the snow. Up the hill. Both ways.”

#48 Mr Canada on 12.11.19 at 6:40 pm

This is just a symptom of relying on big government. The more you rely on government, expect to lose more freedom to choose…

#49 Long-Time Lurker on 12.11.19 at 6:42 pm

I got that market call wrong. I blame Jay Powell. Here bulls:

https://www.youtube.com/watch?v=9EcjWd-O4jI

#50 HT on 12.11.19 at 6:51 pm

“Property rights” was always a myth anyhow. How can you claim to own something when a) the bank takes it away if you miss a payment b) the government takes it away if you don’t pay the annual tax c) the government can take it away anyways if they want to.

I for one don’t really feel too sorry for someone who gets nailed for keeping a home vacant, in a city with a severe housing crunch. As those speculators said a couple years ago when prices became astronomical: “if you don’t like it, move!” So I guess it’s a double edged sword. Naïve to think it’s not everyone’s problem

#51 Mississauga Mel on 12.11.19 at 7:00 pm

#35 MF on 12.11.19 at 6:06 pm
#22 Mississauga Mel on 12.11.19 at 5:09 pm

Almost all workplaces have some sort of hazard, but tradespeople generally are at a higher risk of disease and injury caused by their work environment:

https://www.theglobeandmail.com/life/the-hot-button/and-the-top-10-most-dangerous-jobs-are/article16352517/

“Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.Money is important, but it aint everything.”

You are totally correct but the point you perhaps have missed is that my buddy for instance, is the owner of the company and does no physical labour. Ditto for the other contractors I know. They did some physical labour at the start of their careers and then realized the real money (and risk as well) was in being the boss and having workers. Making a living in the trades is hard work and it will wear you out big time over the years. Of course many if not most of those who labour in the trades will eventually require physical therapy. It is the owners (who started out as tradesmen)who make the big bucks .

#52 Bytor the Snow Dog on 12.11.19 at 7:01 pm

#37 MF the Insular on 12.11.19 at 6:16 pm sez:

“Ah Hamilton.

A total 100% poop hole. A place where houses should cost 150k tops. The fact the average house in The Hammer is 400-500k can only be described as a symptom of an underlying sickness. Like coughing up blood is a sign of a serious underlying health issue.

If I remember correctly there was a poster on here who would gloat about his RE “investment” in Hamilton.

That’s exactly like coughing up blood and is not normal.

400-500k lol what a joke.

MF”
——————————————————
Ahhh, yes. Despite your belief to the contrary, there is life outside of the Great Barrier of Toronto. I’d imagine you think life is something like this….

https://www.dailymotion.com/video/x5chvyr

#53 S.Bby on 12.11.19 at 7:02 pm

#8 Mattl

“Kits has never been a low income neighbourhood. ”

But Kits used to be a “working class” neighbourhood up until the 1980s.

#54 Guy in Calgary on 12.11.19 at 7:03 pm

AGuyInVancouver on 12.11.19 at 3:59 pm
If Capital Gains are taxed, why shouldn’t Real Estate be? Why should you encourage people to shelter money in real estate, rather than have it out circulating in the stock market?

It’s been shown time and time again that Canada is putting way to much money into real estate vs R&D, why would you want to encourage that?
—————————————————————-

Real estate is taxed when it is sold. There is also something called property tax. 100% of rents go towards your taxable income after deductions are claimed. In Ontario you pay land transfer tax. Literally the only time it is not taxed is when you sell a primary residence (but you still pay property tax every year).

What planet are you currently living on where RE is not taxed in Canada?

#55 Don Guillermo on 12.11.19 at 7:05 pm

#20 -=jwk=- on 12.11.19 at 5:02 pm
2109 fortvna
Yes, I agree that it may not be the most prudent thing to pursue a “useless” degree (although for various reasons I vehemently disagree with the anti-humanities studies sentiment displayed by many posters here) – and if knowing this you choose to but ultimately can’t make enough to sustain yourself then that’s your due. It’s unfortunately a luxury to be able to study whatever you want. But I wish it weren’t.
and

It’s all well and good to chase your passions but there’s an element of common sense that should stop a person from spending that kind of money on a degree that will never pay for itself.
All you boomers are doing is admitting that you had it good. Boomers DID have the luxury of taking whatever the heck they wanted, it was free, and their employer would train them on what they really needed to know. My own father has a degree in history and knows nothing of the subject. Now that same cohort turns around and claims the problem is that the young’un just aren’t taking the right degrees. The whole point the young’uns are trying to make is that the boomers didn’t HAVE to earn a professional degree to get ahead. Boomers were allowed to ‘chase their passions’ and it paid off for them…

***************************************

Great that it worked out for your father but that was not the norm. The few people I knew that chose their path strictly based on their passion are mostly seniors in poverty. The people I know that made it to retirement successfully studied science, technology, business and/or math based careers and most didn’t do it because of passion. Most of us hated our jobs but put our head down and did it. In my snowbird community there is a good example of a failed actor scratching through retirement. I recall when he told me he informed his father of his career choice and me telling him my father would of kicked me square in the a$$ if I would have come to him with that. His father should have done the same. The “follow your dreams” phrase was almost non existent in my world.

#56 Wonder how long ... on 12.11.19 at 7:06 pm

until the dippers want to tax my unoccupied camper sitting on my otherwise unoccupied driveway spot that is causing runoff water to enter into the storm sewer system? Surely breathing untaxed oxygen must be getting looked at now. Probably figure out how many breaths we have left according to our age with some algorithm …

#57 Almontage on 12.11.19 at 7:14 pm

I have 4 nieces:
#1 has a Ph.D from Queen’s , teaches there and works hard for human rights at the university.
#2 was trained as a teacher, also at Queen’s but went into hospitality instead. She’s worked at Disney and now as a cruise director for Princess. She travels the world and makes a great impression wherever she goes and whoever she meets.
#3 got a MAcc at Waterloo and is now a CPA.
#4 is at McMaster in a combined arts/business program.
As an OK Boomer I would never call any of these young women snowflakes or spoiled. I am proud of all of them.

#58 Flop... on 12.11.19 at 7:21 pm

Sobby.
#8 Mattl

“Kits has never been a low income neighbourhood. ”

But Kits used to be a “working class” neighbourhood up until the 1980s.

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

Hey Sobby,

I have looked back in the records to try and see what was going on before I got here.

You could buy a Shaughnessy mansion for less than 150k in the mid 70’s…

M45BC

#59 IHCTD9 on 12.11.19 at 7:22 pm

#35 MF on 12.11.19 at 6:06 pm
#22 Mississauga Mel on 12.11.19 at 5:09 pm

Almost all workplaces have some sort of hazard, but tradespeople generally are at a higher risk of disease and injury caused by their work environment:

https://www.theglobeandmail.com/life/the-hot-button/and-the-top-10-most-dangerous-jobs-are/article16352517/

Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.

Money is important, but it aint everything.

MF
—-

That’s true, many of the older guys in the shop have come down with various problems that ended their careers before they were ready to retire.

But, sitting on your ass in an office all day is absolutely no better. I know a bunch of dead teachers, accountants, etc… who did not make 70. Heart attacks, and diabetes galore.

One thing I have noticed, are the guys who do hard physical labour outdoors seem to last a long time for some reason. I know a 95 year old bricklayer, my gramps farmed and lived to 99, a couple guys I worked for in construction made 91, one still alive at 90.

#60 Nonplused on 12.11.19 at 7:26 pm

#36 BlogDog123

Greta is just a spokesperson for a very propagandized generation that hasn’t been informed of the facts. It’s all fear mongering and hyperbole, and nothing in the way of concrete proposals. I suppose concrete proposals are out of the question because most people on that side of the political spectrum have no idea what they are talking about and do not understand our energy situation.

The fact is that fossil fuels supply about 80% of the world’s energy supply. It is that very energy that allowed us to work our way out of the dark and raised the standard of living and life expectancy for billions of people. If we were to shut it off tomorrow billions of people would die in short order and life would revert back to plowing the fields with horses. So sailing around in a diesel powered sail boat screaming about it isn’t going to help. Neither is scaring the children.

I’m all in favor of finding new energy alternatives, Gen IV nuclear looks promising for instance, but turning out the lights and heat now because it might go out on its own later strikes me as a pretty dumb idea. And until something that scales like safe nuclear is developed we really don’t have much choice. You’d have to totally cover a land mass the size of Ireland with windmills every single year just to keep up with the rate at which world energy demand is increasing, let alone the existing demand. It’s just not feasible. And you still end up dependent on the wind, even if it could be done.

Ending civilization now in the name of saving it from possibly ending later is not a thought out policy decision. Only a child could advocate it.

#61 Mississauga Mel on 12.11.19 at 7:28 pm

#37 MF on 12.11.19 at 6:16 pm
“Ah Hamilton. A total 100% poop hole.

If I remember correctly there was a poster on here who would gloat about his RE “investment” in Hamilton.”

You do remember correctly and that poster was Hamsterwheelie and he is a she…She did quite well, bought properties before Hamilton took off. Poophole or not, some folks would rather live in a poophole and commute to Toronto than be priced out of the real estate market.

#62 the Jaguar on 12.11.19 at 7:40 pm

Reading Garth’s comments..”In fact the ‘speculation tax’ which is really a grab from Albertans and other non-locals silly enough to own property in BC is rising four-fold as of the new year, from 0.5% of the market value to 2%. That’s atop municipal land taxes, acquisition and ownership costs.”
It doesn’t take a stretch of ones imagination to understand how this might be received by Alberta residents or those residing in other locales. Mercy. Brace for BLOWBACK.
On a cheerier note for those who follow the fortunes of the oil and gas industry (think there are a few supporters on this blog), I include the following link to an insightful podcast with Art Berman (link below). Hard to decide who delights the Jaguar more. Perhaps Evan Siddall, though I still cry myself to sleep nightly over the loss of Nigel Wright.
There is a bit of a snoring preamble about the life of leisure we enjoy due to ‘fossil fuels’, but if you tune in at around 18:40 on the podcast Tesla receives a shot across the bow, and then at about 35:00 there is some good analysis about market capital investments in the fracking (tight oil) industry. The most interesting part are Art’s comments regarding realities of renewable energy ideas which begin at about 42:00. I could not agree more with him, especially his advice to ” Live Better with Less” which is a theme that could tag on to Garth’s previous post about financial responsibility. I must order that book on the 100 Mile Diet on Amazon or dig out some pioneer family recipes.
Here is the link: about a 50 minute podcast. Hope this is ok GT. Houston we have a problem…..

https://www.peakprosperity.com/art-berman-houston-we-have-a-problem/

#63 Smartalox on 12.11.19 at 7:43 pm

But aren’t these types of taxes just a means of ‘souring the milk’? To get people to allocate their money somewhere other than the residential housing market?

It’s not like there’s nothing else in which to invest… things that have much lower overhead and taxes.

The problem was that other investment industries are better regulated, better able to detect and prevent fraud and money laundering, and more adroitly taxed.

Residential real estate was not. No checks on principle residency, no tracing of source funds or large cash deposits. Condo pre-sales and assignment flipping were tools that in hindsight seemed to be tailor made vehicles for money laundering.

There are still ways to avoid sur-taxes on an out of province property. A locally registered private corporation, perhaps? A provincially registered Trust of some sort? Where there’s a buck, there’s a way.

#64 Lisa on 12.11.19 at 8:02 pm

Anyone have any thoughts on TD’s $1000 RRSP contribution that will get you $100 back? You have to spend the $1000 PLUS buy a GIC (gag) or mutual fund from their bank. I smell a rat…

#65 Linda on 12.11.19 at 8:03 pm

#21 ‘Bezengy’ – the government at any level does NOT want to purchase your land from you. If they own it, they can’t tax you on the value of it. The point is to create continuous tax flow into government coffers, not take on the cost of ownership, maintenance & upkeep.

Then we come to the valuation games. If the government wants to collect as much tax as possible, the valuation applied is as high as they think they can justify in court should a property owner contest the valuation. One usually has to pay a fee if challenging & file by a specified deadline.

However, if that self same property is being expropriated, those property tax assessments as to the value of the property are suddenly set aside for another valuation. Oddly enough those ‘current’ valuations frequently have a result that ensures the price to be paid in compensation is much less than the assessed value of the property for property tax purposes. Of course that valuation can be challenged – for a fee, by a deadline…..

#66 IHCTD9 on 12.11.19 at 8:11 pm

#33 Shirl Clarts on 12.11.19 at 6:04 pm
Owning land puts a target on your back. It signals to gov’t that you have skin in the game, and that you can afford to pay more at their discretion.
—— –

The #1 reason that they’re pounding RE in BC is because right now, with the current Political climate – it’s just way too easy. #2 is that you can’t escape it, you pay it or they take your land.

No dodging to worry about, they put taxes up 8%, and they receive 8%!

If they keep going with all this, surely only the very rich will ever be able to own RE in BC. It will be a permanent situation too. Once the tax needle is fixed into the vein, government addiction thereof – is immediate.

#67 NoName on 12.11.19 at 8:11 pm

#37 MF on 12.11.19 at 6:16 pm
Ah Hamilton.

A total 100% poop hole. A place where houses should cost 150k tops. The fact the average house in The Hammer is 400-500k can only be described as a symptom of an underlying sickness. Like coughing up blood is a sign of a serious underlying health issue.

If I remember correctly there was a poster on here who would gloat about his RE “investment” in Hamilton.

That’s exactly like coughing up blood and is not normal.

400-500k lol what a joke.

MF

You are dead wrong about Hamilton, it’s all about land barons and slum lords, and it’s hard to be slum lords owning a condo in Toronto, unless you can make it in to “duplex” and rent it, much easier with house in hammer… That gloating dude might know what is talking about, I know few people that started investing in hammer in early 00s they made out like bandits.

And on a side note dude in NYC who tried to slum lording with condo, but it’s just not the same, definitely funnier to read about it.

https://nypost.com/2019/08/16/condo-owner-busted-for-building-being-john-malkovich-like-4th-1-2-floor/

#68 John in Mtl on 12.11.19 at 8:15 pm

#4 Blackdog on 12.11.19 at 4:04 pm

Greta Thunberg is Time’s person of the year 2019. Yay Greta! https://time.com/person-of-the-year-2019-greta-thunberg/

You gotta be kidding!

#69 JuliaS on 12.11.19 at 8:20 pm

A year ago developers were piling into land assembly lots in BC. Then the market started freezing up. Redevelopment plans were put on hold. Flashy billboards came down and months ago they started turning vacant lots into community gardens, which look like graveyards.

Evenly spaced planters. I never see anyone there. Often they don’t even take down fences. I assume they got the wind of the upcoming tax and are utilizing some sort of a legal loophole that reclassifies the lot until the market turns around and they get back to building. I don’t see why real estate firms would turn to gardening all of the sudden. Doesn’t pass the smell test.

#70 Democracy Is Mob Rule on 12.11.19 at 8:22 pm

#31 MF on 12.11.19 at 5:45 pm

-I’m not really into new taxes. But get rid of the capital gains exemption and raise the damn interest rates already. Watch asset values decrease over night. Oh yeah, and get rid of the CMHC.

—————————————————————-

Great ideas, but not within the power of the BC provincial government.

#71 MF on 12.11.19 at 8:23 pm

67 NoName on 12.11.19

Nope. Hamilton’s re gain is 100% the result of spillover from the gta.

Hamilton itself offers zero.

The gta re gain, by itself, is 100% the product of low interest rates and bad policy.

First second gta re wobbles Hamilton will revert back to the trash it is. It’s “slumlords” the failed investors they were supposed to be before being “bailed out” and “saved” by bad policy.

MF

#72 You Don't Say on 12.11.19 at 8:28 pm

-=jwk=-

Most of my boomer friends that got degrees in anything other than a business or STEM field, whine and complain about how unfair it is that the guys with STEM degrees are well off. I think it has less to do with the pay and more to do with logic. The guys with STEM degrees are logical and careful people. So while they were paid marginally more, they had the training and intlection horse power to sort through the BS and make better decisions. The same is true today, and the same people are whining.

#73 MF on 12.11.19 at 8:31 pm

52 Bytor the Snow Dog on 12.11.19 at

One of my parents grew up in Hamilton. My grandparents lived there their whole life. Used to go there as a kid. Lived there for a few years as a student too.

So no. I am aware of what kind of city it is.

The gains in the hammer are 100% the product
Of low interest rates and other stupid policy. None of it was earned. None of it should exist. It should have been a smouldering hole in 2008 and not “bailed out”.

Get rid of the capital gains exemption, get rid of cmhc, raise rates to where they should be and watch re plummet in the hammer and everywhere else.

Re investors are not real investors.

MF

#74 Sail away on 12.11.19 at 8:32 pm

#45 HH on 12.11.19 at 6:36 pm
@ #20

—————————————–
One thing many elders on the forum won’t see or acknowledge is the huge educational/training requirements creep that has happened over last few decades.

But will they ever admit they had it it easier than millenials in any respect? No! All you hear is how soft and spoiled the current gen is and how hard it was in their day.

—————————————-

Things are tough all over. Always have been, always will be.

I did my engineering schooling 25 years ago and it was hard but jobs were waiting. My son is doing his engineering schooling now and it’s hard but jobs are waiting.

There have always been people with a victim mentality. In my day, they’d whine to the barber; now they spew their whinging on the internet. Nobody has ever wanted to hear it, or honestly… cared. Looking at you HH.

#75 NoName on 12.11.19 at 8:32 pm

#57 Almontage on 12.11.19 at 7:14 pm

You might find this interesting.

https://vas3k.com/blog/computational_photography

#76 crowdedelevatorfartz on 12.11.19 at 8:34 pm

@#68 Jean in Mtl
“You gotta be kidding!”
+++++

You have to admire a 16 year old kid that stood up in front of the UN and scolded all the politicians there for essentially lying through their teeth…for decades.

Her generation will feel the full brunt of climate change …not the opportunistic greedy ‘leaders” that pushed this issue “down the road” for other people to deal with….

Time’s “Person of the Year”
Next stop?
A Nobel Prize…

#77 oh bouy on 12.11.19 at 8:36 pm

@#51 Mississauga Mel on 12.11.19 at 7:00 pm
#35 MF on 12.11.19 at 6:06 pm
#22 Mississauga Mel on 12.11.19 at 5:09 pm

Almost all workplaces have some sort of hazard, but tradespeople generally are at a higher risk of disease and injury caused by their work environment:

https://www.theglobeandmail.com/life/the-hot-button/and-the-top-10-most-dangerous-jobs-are/article16352517/

“Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.Money is important, but it aint everything.”

You are totally correct but the point you perhaps have missed is that my buddy for instance, is the owner of the company and does no physical labour. Ditto for the other contractors I know. They did some physical labour at the start of their careers and then realized the real money (and risk as well) was in being the boss and having workers. Making a living in the trades is hard work and it will wear you out big time over the years. Of course many if not most of those who labour in the trades will eventually require physical therapy. It is the owners (who started out as tradesmen)who make the big bucks .
________________________________________

meh, sitting on your ass in front of a screen is far worse imo.

#78 Blackdog on 12.11.19 at 8:44 pm

@John #68

Nope, not kidding. Amazing eh? Just because Greta has made millions of people throughout the world pause and think about the fact that we are upsetting the natural climate balance that sustains life as we know it, why should she deserve any accolades?

#79 Sail away on 12.11.19 at 8:45 pm

South Dakota has incredible real estate, and…

No state income tax, no state corporate tax, median house price $225,000, median income $57,000.

Custer, SD is 2100 km from Vancouver. Walking at 15km per day would take around 140 days to get there. Sell everything and start hoofing!

Life is good, no?

#80 yvr_lurker on 12.11.19 at 8:46 pm

$39 Dave
———————
There are many that see it just the way Dave does, and I am one of them (Andy Yan, Eby on money laundering etc…etc..). If you don’t like the new taxes that the BC Gov’t is putting in to kill speculation, mitigate the effects of money laundering, and schemes by foreigners to buy multiple places through shell companies (hiding the true owner, and avoiding the extra tax if they are non-resident), then please go ahead and vote for someone else during the next election. There is a strong need in YVR to not be able to “hide” true owners; hence the new transparancy rules. For many years I had to listen on a daily basis to Christy Clark all the while witnessing the rampant corruption and wild-west capitalism that she preferred. Times are a changing, and in my view for the better. Bring it on, and the NDP needs to stay the course.
Don’t get involved in bingo-gates or fast ferries and you will be good for the next election if you can help the people in the north who are in bad shape with the forestry business.

#81 Fortvna on 12.11.19 at 8:57 pm

Reading the differing viewpoints here has made me think a point should be raised and that is that education for education’s sake – and not necessarily as a means to an end – is a good in and of itself. A truly educated populace can only be a benefit. I think it should be “free” and if that’s where more of my tax dollars were going, then I’m not sure I’d begrudge them.

As an aside, I also believe that our school system serves to stamp out and petrify the natural curiosity and desire to learn that is innate in all children, so it’s not surprising that as soon as that jail sentence is up, so many youth choose some kind of vocational training that will result in gainful employment tout de suite. I think that training should be free, too, but as has been pointed out, some people get that training from their employers, on the job – while getting paid.

Are we really saying that those who don’t are just suckers, idiots that should have played the game better? That only rich people can study fine arts? We can’t all be plumbers or cyber security experts or whatever. I’m not sure the market should dictate to such an extent which discipline a person pursues at school. That seems…dangerous, from where I’m sitting. Education needs some independence from those forces if we want it to flourish.

#82 Sail away on 12.11.19 at 9:04 pm

Look Millenials:

Another big corporation screwing over its employees, because corporations are only in it for themselves, right?

https://www.msn.com/en-us/money/companies/firm-hands-out-10m-in-holiday-bonuses-to-198-employees/ar-AAK1F3g

#83 Blackdog on 12.11.19 at 9:05 pm

@NonPlussed #60 re: “Greta is just a spokesperson for a very propagandized generation that hasn’t been informed of the facts. It’s all fear mongering and hyperbole, and nothing in the way of concrete proposals.”

Greta’s message is simple: listen to the scientists. Last I checked, when 97% of experts agree, that does not fit with the definition of hyperbole.

As far as “concrete solutions”are concerned, why do you care since according to you it’s all “hyperbole”? However in the off chance you think Greta may be more than just a product of a “propagandized generation”, how do we get society to start thinking in terms of solutions when we don’t understand the magnitude of the problem to begin with? This is where Greta is invaluable. She sticks reality in our faces. Truth hurts sometimes. But it is what it is.

#84 Blackdog on 12.11.19 at 9:07 pm

ooops…meant to write “concrete proposals” rather than “concrete solutions”.

#85 april on 12.11.19 at 9:11 pm

#68- Totally agree. Check out. The Killing Fields & Greenpeace’s Greta Thunberg, by Armstrong Economics.

#86 Blackdog on 12.11.19 at 9:17 pm

@NonPlussed re: “Ending civilization now in the name of saving it from possibly ending later is not a thought out policy decision. Only a child could advocate it.”

I’m pretty sure that is not what Greta is advocating. We have a serious problem on our hands. Greta doesn’t have the solution. She is just the messenger – a child – telling the grown-ups to do something about the problem they created rather than shrugging their shoulders and saying oh well, can’t fix it anyway.

#87 Bytor the Snow Dog on 12.11.19 at 9:19 pm

#4 Blackdog on 12.11.19 at 4:04 pm sez:

“Greta Thunberg is Time’s person of the year 2019. Yay Greta! https://time.com/person-of-the-year-2019-greta-thunberg/
———————————————-
A great honour visited upon other luminaries such as Adolf Hitler, Josef Stalin (twice), Chiang Kai-shek, Nikita Khrushchev, Richard Nixon (twice), Ayatollah Khomeini, and of course, the guy that’s your personal fav, Donald Trump.

Winning!

#88 crowdedelevatorfartz on 12.11.19 at 9:21 pm

Stop the presses! Stop the presses!

Fisherman saves eagle eyed potential buyer from the grasping clutches of a greedy realtor….

https://www.timescolonist.com/news/local/helping-hand-disarms-octopus-freeing-bald-eagle-video-1.24032359

#89 Emerica Candhu on 12.11.19 at 9:24 pm

Trudeau’s economy wrecking policy continues to chase direct investment out of the country.

https://calgaryherald.com/commodities/energy/chevrons-possible-exit-from-kitimat-lng-project-dents-canadas-hopes-of-building-lng-hub/wcm/cf7516cb-6052-4f11-89ba-c5d847c2eec4

That’s why taxes must be increased on locals. No talk of cutting the fat when there’s so many dumb chickens to pluck. Just a few years before Trudeau got in it looked like taxes could be eliminated and costs paid solely from energy revenue. Now it looks like poverty us the only option. Thank your I Liberal and NDP supporter.

#90 Say my name on 12.11.19 at 9:51 pm

#35 MF on 12.11.19 at 6:06 pm
#22 Mississauga Mel on 12.11.19 at 5:09 pm

Almost all workplaces have some sort of hazard, but tradespeople generally are at a higher risk of disease and injury caused by their work environment:

https://www.theglobeandmail.com/life/the-hot-button/and-the-top-10-most-dangerous-jobs-are/article16352517/

Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.

Money is important, but it aint everything.

MF

—————-
The Defender of Mediocrity has spoken. Do not enter the trades as you may get a boo-boo on your fingy.

#91 Treasure Island CEO - 48,948,874.88 Offshore on 12.11.19 at 9:53 pm

If you only have one house (which is all anyone needs) none of the above taxes in BC that you talk about apply.

It is time to get the speculation out of housing and have housing for what it is – living in.

Nobody needs more than one property for shelter.

If you want to speculate and own more than one property – pay the taxes and quit complaining.

These same people still illegally use the principle residence taxable gains exemption and don’t report any rental income in the mostly unregulated housing market. Now they scream bloody murder on some taxes? Priceless.

Level the playing field and make the housing sector play by the same rules as the financial sector because way too many people have been abusing the housing sector as a way to make tax free profit.

#92 Dumb Wealth on 12.11.19 at 10:07 pm

Every once in a while I do the math and – aside from the leverage – it never seems to make sense to become a landlord, unless you expect prices to continue rising. That’s a tall order after such a long real estate bull market.

#93 Tbone on 12.11.19 at 10:16 pm

I know someone who made out very well purchasing properties in Hamilton 6 to 7 years ago and sold recently to greater fools that thought
It was a good idea to get into the landlord business now . Silly fools don’t know what they are in for . The Hamilton rental pool is a tough crowd .
And they know their rights .

#94 John in Mtl on 12.11.19 at 10:20 pm

#76 crowdedelevatorfartz on 12.11.19 at 8:34 pm

You have to admire a 16 year old kid that stood up in front of the UN and scolded all the politicians there for essentially lying through their teeth…for decades.

Yeah, but she’s a sock puppet / bought-and-paid-for by those very same people.

#95 Smoking Man on 12.11.19 at 10:25 pm

Miracle I made it home in one piece tonight.

I was lost, had about 20 burbon shots. God bless the gps.

Loving SoCal

#96 MF on 12.11.19 at 10:43 pm

0 Say my name on 12.11.19 at 9:51

Wooks wike you don’t wike someone else’s opinion.

Or you can’t read.

Never said trades weren’t great places to work. Stated health is more important than all.

Comprehension not even once = you.

MF

#97 jsto on 12.11.19 at 11:00 pm

What I really don’t get is why the USA has so much variety and such cheaper prices than here. I just came back from Miami Beach and there you can buy a 2-bed ,900SF condo in a great location for under $300,000. In Vancouver, BC on the other hand, you cannot even find a single condo under 500,000 give or take…

#98 Paul on 12.11.19 at 11:10 pm

#92 Dumb Wealth on 12.11.19 at 10:07 pm
Every once in a while I do the math and – aside from the leverage – it never seems to make sense to become a landlord, unless you expect prices to continue rising. That’s a tall order after such a long real estate bull market.
————————————————————————————————
The Government basically nationalized housing. They put in rent controls, review boards, standardized lease agreements created by them 14 pages no less, tax the income, tax the capital gain, the list goes on and on. Funny thing is the Government and tenants need the very people/ investors to create the housing which they are unable. If property owners get make money on appreciation what’s the point The can’t make it on rent.

#99 april on 12.11.19 at 11:11 pm

#86 – Funded and groomed by Greenpeace who has a history of violence. She’s been used.

Re Garth’s post on real estate and taxes, fully agree.

#100 Russ on 12.11.19 at 11:38 pm

#88 crowdyfarts

Very good link.

I see the video play as a Shakespearian tragedy.

The eagle = Canada RE, soaring high

The octopus = Mr Market, natures way

The fisherman (masculine) = The Government

I see what should have been the normal course of beings and the wife sees hero intervention.

Does anybody else believe the octopus was wronged?

#101 Democracy Is Mob Rule on 12.11.19 at 11:40 pm

#85 april on 12.11.19 at 9:11 pm
#68- Totally agree. Check out. The Killing Fields & Greenpeace’s Greta Thunberg, by Armstrong Economics.
_______________________________________________

Good one. Also check out Armstrong’s “Climate Change” – Letter on how to advise a teenage daughter.

#102 Fortune500 on 12.11.19 at 11:41 pm

So what is your solution Garth? Let’s get real, interest rates are not going to normalize, at least not for decades to come. So what do the Canadians not born before a certain date, or who’s parents did not have money to gift them do?

The answer used to be, leave. Fine. But even the rural areas are seeing major price incomes RELATIVE to the LOCAL SALARIES. There are very very few options for affordable housing in Canada at a time when wages are stagnating and we are just on the cusp of an AI revolution which will further aggravate the job-housing problem.

Gen Y, Z, etc. are unlikely to wait around for 20+ years while every Boomer dies or liquidates to fund their lavish nursing home stay.

Government is moving too slowly on getting affordable housing built (luxury condos are not the answer) and a generation of young Canadians are growing angry with some good reasons.

An angry populous is never a good idea. Just look south.

#103 Rexx Rock on 12.11.19 at 11:41 pm

We all know that Canada’s provincial and federal governments are flat broke and running huge deficits.They are totally incompetent.We also know our government won’t raise interest rates to fight high inflation like it is now.Move to a better place,$800 to $1200 cad for many beautiful countries with simple living.Good luck Canadians,live like a serf enjoy your cold winters.I realized many years ago the con game there playing and acted accordingly.

#104 Democracy Is Mob Rule on 12.11.19 at 11:44 pm

#87 Bytor the Snow Dog on 12.11.19 at 9:19 pm
#4 Blackdog on 12.11.19 at 4:04 pm sez:

“Greta Thunberg is Time’s person of the year 2019. Yay Greta! https://time.com/person-of-the-year-2019-greta-thunberg/”
———————————————-
A great honour visited upon other luminaries such as Adolf Hitler, Josef Stalin (twice), Chiang Kai-shek, Nikita Khrushchev, Richard Nixon (twice), Ayatollah Khomeini,
____________________________________________

You forgot Angela Merkel

#105 Yabba dabba doo on 12.11.19 at 11:47 pm

OK Folks it is December Annual Quiz time: place you bets now.

Which event happens first in 2020. 3 choices

1-Hillary wins 2020.

2 -TRUMP takes down Communists.

3- inflation surges to 3%

4-? WILD CARD

#106 NoName on 12.11.19 at 11:47 pm

#83 Blackdog on 12.11.19 at 9:05 pm

She sticks reality in our faces.


is she?

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

#107 GrumpyPanda on 12.11.19 at 11:48 pm

Prior to our way of treating capital gains on securities there was a $100,000 lifetime exemption. This was thought untouchable. Why not introduce a similar, exemption on real estate, perhaps $250,000 with gains beyond that taxed at say… the greater of 35% or the sellers 5 year average marginal tax rate?

#108 Damifino on 12.12.19 at 12:03 am

#91 Treasure Island CEO

Nobody needs more than one property for shelter.
———————————-

Back in the nineties, I felt I needed another one.

I bought a piece of land in the Gulf Islands and built a home upon it. Not really a ‘cabin’ or ‘cottage’ but a proper two bedroom house of 1100 square feet.

Call it a labor of love. The project took me a dozen years, a piece at a time, all the while holding down a full time job in Vancouver. Many ferry trips were involved with countless weekends where I’d work late into the night then take a late Sunday night ferry back to the mainland to prepare for another week’s work.

I took a considerable capital risk. There were times I had to resort to my line of credit to cover trades on those jobs I couldn’t accomplish myself. After completion, I enjoyed the house when I could for a few years, then sold the place to a couple from Alberta.

I made a profit upon which I paid capital gains tax. I figure with all expenses (taxes, permits, materials etc,) considered, I earned about 10$ per hour for my time if I include the nearly eight hours of total travel time each time I visited.

To be honest, I’d have done better in the stock market but would have missed the experience of starting a fun project from scratch and seeing it through to the end.

I suppose should be ashamed of myself for building a home that was not in fact where I normally ‘sheltered’, even though it now is someone else’s only shelter.

In the tax environment that is now coming into play I would never have embarked upon such a foolish project.

Is the world is now a better place for that?

#109 Bobby on 12.12.19 at 12:25 am

What’s next, my guess is a tax on idiots. Imagine the monies that will be raised from the electorate that continues to vote these clowns into office.

#110 DON on 12.12.19 at 12:50 am

#58 Flop… on 12.11.19 at 7:21 pm

Sobby.
#8 Mattl

“Kits has never been a low income neighbourhood. ”

But Kits used to be a “working class” neighbourhood up until the 1980s.

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

Hey Sobby,

I have looked back in the records to try and see what was going on before I got here.

You could buy a Shaughnessy mansion for less than 150k in the mid 70’s…

M45BC

*************************

I live in Kits in the late 90s early 2000s, and the rent for a large one bedroom was $775 to 980. Lots of younger people with entry level jobs lived in the area. Hell you could buy a condo in the building that replaced the Vancouver Sun building for $169K. My friend was looking at the time. Interests rates were a lot higher and the bank wanted a down payment/co-signer and 5 years of steady wages (hard with two recessions). Kits was just a working neighbourhood, until the mid 2000s and then it started to take off. If you made $50K you could qualify for a mortgage.

#111 Dr V on 12.12.19 at 12:59 am

91 CEO

“Nobody needs more than one property for shelter.
If you want to speculate and own more than one property – pay the taxes and quit complaining.”

Perhaps I want a rec property on the lake, or on the ski hill. Or a townhouse in a city I do business in regularly. Or a second home in an area that I plan to retire in.

Maybe I can readily afford it and just enjoy it when I
can.

Why do you equate it to speculating?

#112 Al on 12.12.19 at 1:08 am

“Property owners on the spec tax list must now surrender name, address, date of birth, social insurance number and email details, “which are necessary for the program of administering the tax.”

The province has all that information already, and they will not make your SIN public for all (the public) to see obviously. I hope they don’t make public my [email protected] public lol

#113 Al on 12.12.19 at 1:23 am

“What’s wrong with having your real name and information attached to property that you own?”

It makes tax avoidance and evasion harder. It also assigns accountability for all (ie creditors / spouses etc..) rightfully interested parties to see. Many ppl don’t like that.

#114 old_engineer on 12.12.19 at 1:27 am

#60 Nonplussed

Usually I read the comments for entertainment value. It’s true that many have no idea what they are talking about – a few facts are plucked out of context to suit their view of reality. Your post is right up there.

No one is suggesting to turn out the lights tomorrow and end civilization. A balanced and multi-pronged approach to zero carbon by 2050 is possible but only if real changes and tough decisions are made on both demand and supply side of the energy equation. Done right, we modernize, pollute less and become more self-sufficient in the future. Who could argue with that?

Implement the following demand side reductions and in 10 years we’d have made a huge step: net-zero building codes, 100% EV in urban centres, smart grids come to mind as solid first steps for Canada

On the supply side – hydro/wind/solar/nuclear for 100% of new supply and replacement as existing plants are de-commissioned, grid scale renewable energy storage using pumped hydro and similar technologies, improve national energy distribution from existing hydro and nuclear facilities, national energy distribution corridor (electricity pipeline) and nationwide charging infrastructure

And that leaves us with the more difficult and longer-term problem of long-haul transport on land, sea and air. Here is where I’d spend R&D, offer tax incentives to transportation industry to come up with cost-effective greener alternatives, carbon tax the crap out of recreational transportation use, tax-credit legit uses of combustion for essential travel/farming etc.

#115 Dr V on 12.12.19 at 1:27 am

81 Fortvna

“so it’s not surprising that as soon as that jail sentence is up, so many youth choose some kind of vocational training that will result in gainful employment tout de suite.”

I would say that too many go post secondary too early – before they really know what they want to do. Getting a marketable skill quickly is a good idea. I tell young people to try a variety of jobs. While they may not enjoy the particular one they are doing, they may see someone else doing a job that interests them.

#116 Just Snootin' on 12.12.19 at 1:35 am

Got our ‘raw land’ assessment in BC.
Looks like they are gonna raise the draft value 28%.
Twenty-eight percent.
Don’t know what the tax rate will be.
I will have to write to Brussels, and find out why.
I stopped donating blood because I ran out long ago. Who can afford the protein to recharge?

#117 Just Snootin' on 12.12.19 at 1:40 am

#91 Treasure Island CEO – 48,948,874.88 Offshore on 12.11.19 at 9:53 pm
If you only have one house (which is all anyone needs) none of the above taxes in BC that you talk about apply.

It is time to get the speculation out of housing and have housing for what it is – living in.

Nobody needs more than one property for shelter.

Nobody needs more than one kidney. What will you do when some decision maker decides for you?

#118 dosouth on 12.12.19 at 3:45 am

You probably already know this…

B.C. detached home values expected to drop as much as 15% in property assessment

#119 Spaman on 12.12.19 at 3:46 am

Best government we’ve had in decades!

Good work!

#120 NoName on 12.12.19 at 4:06 am

@MF

Bankers never die…They just lose interest.

#121 Felix on 12.12.19 at 8:07 am

What a hideous photo.

Truly the world’s most despicable and useless species.

#122 Dharma Bum on 12.12.19 at 8:19 am

#26 Jon Boy

Be willing to NOT enjoy life for a while, so you can enjoy it later when you’ve gained some experience and seniority.
——————————————————————–

It’s known as delayed gratification, and it is the key to success.

Read:

https://www.goodreads.com/book/show/347852.The_Road_Less_Traveled

https://docs.google.com/document/d/1aQ3zBi5YMTFDWweHqssWDMnwZmcasZQlbtsDpCbUaLc/edit

#123 Justin S on 12.12.19 at 8:33 am

#15 Dave on 12.11.19 at 4:42 pm
Garth can you pls recap the real estate taxes in BC?
Vacant land tax…2%
Speculation tax….2%

City of Vancouver…empty homes tax…1%

Is that all of them or am I missing one?

Land transfer tax. Property tax. (Extra in nice hoods.) HST on real estate fees and commissions, appraisals, insurance and other ownership costs. And income tax on the funds earned before you buy with after-tax dollars. If you’re a non-resident add 20% to the purchase price. Thank you for shopping in Canada. – Garth

As a tax accountant, this terrifies me, and it should terrify every one else as well. I love this country, but we have a major tax issue. Rather, our governments have a major spending issue, being passed on to us via tax. Terrified for the future.

#124 Dharma Bum on 12.12.19 at 8:40 am

#97 jsto

What I really don’t get is why the USA has so much variety and such cheaper prices than here. I just came back from Miami Beach and there you can buy a 2-bed 900SF condo in a great location for under $300,000. In Vancouver, BC on the other hand, you cannot even find a single condo under 500,000 give or take…
——————————————————————-

I always wonder about the same thing after spending time in the U.S.

Sure, there are a lot of garbage places down there that I wouldn’t ever want to set foot in, but there is an abundance of great locations throughout the land that are beautiful, liveable, and surprisingly affordable.

I guess having a massive population that is highly consumer-centric in a capitalist profit oriented system generates self sufficiency and economic prosperity in many pockets of the country.

More production of goods by a lot more companies means higher competition, higher efficiencies, lower taxes, cheaper fuel prices. Add in consumer culture and less government interference at all levels, and you get plenty of opportunity for reasonable cost of living in many different regions.

The USA – land of milk and honey.

#125 the Jaguar on 12.12.19 at 8:49 am

@#69 JuliaS on 12.11.19 at 8:20 pm
A year ago developers were piling into land assembly lots in BC. Then the market started freezing up. Redevelopment plans were put on hold. Flashy billboards came down and months ago they started turning vacant lots into community gardens, which look like graveyards.

Evenly spaced planters. I never see anyone there. Often they don’t even take down fences. I assume they got the wind of the upcoming tax and are utilizing some sort of a legal loophole that reclassifies the lot until the market turns around and they get back to building. I don’t see why real estate firms would turn to gardening all of the sudden. Doesn’t pass the smell test.

Interesting……………a few weeks back our blog poster ( and purported mafia boss) Fishman posted comments about vegetables being grown on expensive land near the Burrard Street bridge in downtown Vancouver. Owned by a rich guy who developed Yaletown, etc. Given the vacant land tax appears philanthropy (growing veggies for the poor) might not have been the motivation.

#126 HH on 12.12.19 at 8:58 am

@ #74 Sail away

Okay. So your profession has stayed static. Good for you and your son.
But for every example like that, I can get you a few of the opposite.

Take healthcare. Relative of mine is a nurse.
Becoming RN takes a 4 year program. Used to be a 2 year not that long ago.

Work in financial sector and find that for my generation, CFA certification is an absolute must nowadays. Everyone has them. Everyone must get them. The boomer cohort in the same sector never had to.

Almost everyone I know in IT has had to get a 4 year comp sci degree to get started. But back in 80s and 90s was a lot easier to get in with no degree: just some quick career college course work or some self-learned coding skills. Know a number of elders who did just that.

Knew one or two degreed millennials in public service reporting to boomers with high school education only. At the same time their contemporary job postings insist on degree being mandatory for entry level job in same department.

So no, no empty whining here. Just pointing to the facts.
The arms race in educational and training requirements is easily observable in many sectors if you care to look.

Never said there was no competition in your time.

Yes, the jobs are waiting. But in many cases it takes our generation more years in training and education to get to exact same jobs than it did for previous ones.

#127 n1tro on 12.12.19 at 9:00 am

#45 HH on 12.11.19 at 6:36 pm
@ #20

Completely agree. One thing many elders on the forum won’t see or acknowledge is the huge educational/training requirements creep that has happened over last few decades.
————-
Good luck in life if you think things are “hard” now and complaining others having it easy. This goes for people in all generations.

#128 Phylis on 12.12.19 at 9:14 am

#87 Bytor the Snow Dog on 12.11.19 at 9:19 pm
Baby yoda got cut from the short list. Says enuff.

#129 Almontage on 12.12.19 at 9:15 am

#75 No Name – very interesting article and blog. Thank you.

#130 n1tro on 12.12.19 at 9:17 am

#76 crowdedelevatorfartz on 12.11.19 at 8:34 pm
@#68 Jean in Mtl
“You gotta be kidding!”
+++++

You have to admire a 16 year old kid that stood up in front of the UN and scolded all the politicians there for essentially lying through their teeth…for decades.

Her generation will feel the full brunt of climate change …not the opportunistic greedy ‘leaders” that pushed this issue “down the road” for other people to deal with….

Time’s “Person of the Year”
Next stop?
A Nobel Prize…
————-
Are you serious? Nobel prize? For what? Greta winning the Nobel prize is akin to Obama getting one for just hot air posturing. Tell me how many people Obama ordered killed during his administration? Hitler was another Nobel prize winner. How’s that for some perspective?

#131 Mississauga Mel on 12.12.19 at 9:19 am

#59 IHCTD9 on 12.11.19 at 7:22 pm
#35 MF on 12.11.19 at 6:06 pm
#22 Mississauga Mel on 12.11.19 at 5:09 pm

“Also, I used to work in a rehab clinic years ago. Lots of tradespeople coming in with physical issues directly or indirectly related to their workplace. Sometimes they were as young as 40.

One thing I have noticed, are the guys who do hard physical labour outdoors seem to last a long time for some reason. I know a 95 year old bricklayer, my gramps farmed and lived to 99, a couple guys I worked for in construction made 91, one still alive at 90.”

For every one of those 95 year old bricklayers there are scores of bricklayers who threw out their backs from laying bricks and blocks for years. You are a rare bird if you can do 30-40 years of physical labour and not suffer some physical side effects…

#132 Shawn Allen on 12.12.19 at 9:20 am

Why the Low Interest Rates?

(Blacksheep and others give some thought to this, I am genuinely puzzled)

Aside from central bankers lenders also are accepting low rates, lending at low rates.

The price of borrowing is low.

Prices in markets are set by supply and demand.

We know Demand for loans is high which all else equal should cause HIGHER interest rates.

What sets the supply of lending? It would appear to be the level of bank deposits available to lend but then again, lending creates new deposits.

So let’s say deposits do not set the supply of lending. What does?

Well, I know banks talk about their risk appetite. If they are feeling frisky they lend more by agreeing to lend to riskier borrowers.

Banks do compete somewhat on interest rates and they have a certain net interest margin in mind. As their risk appetite gross they lower the minimum net interest margin they are willing to accept.

Banks also compete on deposit rates. That comes down to how aggressive depositors are in moving deposits to the bank with the higher rate. Lazy or complacent depositors make for lower deposit rates and therefore lower lending rates.

Banks are constrained by capital rules. They need more equity capital as they lend more money. If investors are willing to buy more bank shares then lenders have more capital and can lend more money. Yes it is 10 to 20 times multiplied. But they still need more equity to lend more dollars.

So the supply of lending comes down to the risk appetite of lenders, the risk of default that they perceive and the willingness of banks and bank share owners to accept higher risks and lower net interest margins and to invest in new issues of bank shares.

Interest rates are also lower when depositors are more lazy and complacent and accept lower rates.

#133 n1tro on 12.12.19 at 9:25 am

#83 Blackdog on 12.11.19 at 9:05 pm

Greta’s message is simple: listen to the scientists. Last I checked, when 97% of experts agree, that does not fit with the definition of hyperbole.
————–
^^^^ LoL! You fell for it, hook, line, and sinker.

“97% of scientist agree……” Please take the time to read where that debunked number comes from which was originally posted by @PastThePeak so we can have a real conversation about the environment.

—–
Thanks for the link. I don’t deny climate change. I am skeptical of the claims of catastrophe. I always like to look into the source data, so from the abstract of the primary link:“We analyze the evolution of the scientific consensus on anthropogenic global warming (AGW) in the peer-reviewed scientific literature, examining 11 944 climate abstracts from 1991–2011 matching the topics ‘global climate change’ or ‘global warming’. We find that 66.4% of abstracts expressed no position on AGW, 32.6% endorsed AGW, 0.7% rejected AGW and 0.3% were uncertain about the cause of global warming. Among abstracts expressing a position on AGW, 97.1% endorsed the consensus position that humans are causing global warming.”——-

This is of course where the famous “97% of scientists” talking point comes from (various studies like this, dating back to 2004). Basically, in all cases, it is a review of papers looking at the topics by key words, and whether the paper in turn endorses AGW or not.To summarize the outcome from this study in 2013 from above:

– 66.4% => NO OPINION expressed one way or other
– 32.6% endorsed AGW
– 0.7% rejected AGW
– 0.3% were uncertain32.6% / 33.6% = 97%!! [of the 33.6% of papers that expressed an opinion, where 66.4% had none]. These are of course only in the narrow field of climate science – it doesn’t capture the views of physicists, geologists, etc.

#134 Shawn Allen on 12.12.19 at 9:32 am

When will interest rates rise?

Well central bankers could cause an increase if there is inflation.

Aside from that: In the market interest rates will rise when lenders start to see higher risks of loan defaults. This could happen if unemployment rises or in any kind of recession.

If house prices start to drop there will be more defaults. That could be a trigger for higher rates.

The big banks do not need to issue new shares so investor appetite for bank shares should not be a factor. The big banks tend to grow their equity sufficiently just through retained earnings.

#135 YVR Expat on 12.12.19 at 9:35 am

So, this is just a tax on wealth – the pointy tip of a giant, hairy government proboscis now thrusting into private wealth. Not income, but assets. Big difference. Pay attention.

*********************************

This is a sign Canada is on the decline. We have way too much debt/entitlements as a nation and our demographics (future growth) is stalling. The government is getting desperate and is now taxing everything like crazy, scaring away any meaningful capital investment. Canadians are no longer incentivized to take big risks, thus the bold and brainy ones will flock to the US to make their fortunes. Is Canada the new “sick man of Europe”?

#136 Remembrancer on 12.12.19 at 9:37 am

#105 Yabba dabba doo on 12.11.19 at 11:47 pm
OK Folks it is December Annual Quiz time: place you bets now.

Which event happens first in 2020. 3 choices

1-Hillary wins 2020.
2 -TRUMP takes down Communists.
3- inflation surges to 3%
4-? WILD CARD
————————————————————–
1) 0% Hillary isn’t running and write in votes are never significant…

2) Trump is either claiming to be negotiating trade with Communists (China) though Xi-ism is not Marxist Lenin-ism, appeasing them with love letters (North Korea) or fostering cheap vacation spots for Europeans and Canadians (Cuba) through ongoing embargos likely holding out for a resort “deal”… None of these would constitute a “taking down” so 0%.

3) Sure within structural “norms” though some argue here that its higher already…

4) Jason Kenney accepts a specially outfitted Cyber Truck from Elon Musk and proclaims “Greta Day”. The parade does not go as well as expected…

#137 Shawn Allen on 12.12.19 at 9:45 am

More education for the same job?

Absolutely true. I have said for years that Canada especially is “designation happy”. You need some kind of approved designation / certificate for almost every job and the requirements keep going up.

This is not new.

In 1982 at my Acadia University graduation (pre-engineering) a professor Theopolus told us that an engineering degree would be just a starting point. He felt it it was like the bachelors of Arts degree of 20 years prior.

In 1996 I did the Certified Management Accounting program. At one time this was called RIA. Registered Industrial Accountant. It was meant for people in industry to get an accounting designation part time while working. By the time I did it it was usually several years of college followed by exams followed by a two year part-time professional program. No degree required but still a long haul. One of the instructors asked us why we did not just become Doctors if we were going to take this long getting an accounting designation. Since then they made a degree a requirement.

Increased training and requirements for jobs has been going on for hundreds of years.

Nothing new. Live with it. You must live in the world you are born into. Take the the good with the bad.

#138 Mississauga Mel on 12.12.19 at 9:48 am

124 Dharma Bum on 12.12.19 at 8:40 am

“The USA – land of milk and honey.”

Until you get seriously sick and have to foot out a fortune for health care…guess the 70% of Americans who don’t have $1000 in savings didn’t get the memo that their land is the land of milk and honey…

https://www.forbes.com/sites/niallmccarthy/2016/09/23/survey-69-of-americans-have-less-than-1000-in-savings-infographic/#7073fa751ae6

About 85% of Americans are covered by employer or private health insurance plans. In Canada we could also do better. Almost 100,000 people on Vancouver Island, for example – 15% of the population – cannot find a doctor. The waiting list in Ontario is two years or more, depending on the location. – Garth

#139 Shawn Allen on 12.12.19 at 10:13 am

When Will Interest rates rise?

Actually, this morning. Royal Bank just increased its special 5 year mortgage rate by 20 basis points.

https://ca.finance.yahoo.com/news/rbc-royal-bank-changes-residential-150000647.html

Four year by 20 as well and three year by 10 basis points.

All of these terms are now 3.24%.

No central bank moves this week but rates up. The market has some independence from central banks.

#140 IHCTD9 on 12.12.19 at 10:14 am

#108 Damifino on 12.12.19 at 12:03 am

I made a profit upon which I paid capital gains tax. I figure with all expenses (taxes, permits, materials etc,) considered, I earned about 10$ per hour for my time if I include the nearly eight hours of total travel time each time I visited.
_____

That’s how it goes with most “labour of love” projects.

I think of my little 68 year old Track loader that I bought for less than scrap value ($1000.00) years ago. didn’t run, didn’t steer, loose tracks, UGLY.

Picture restoring a car where there was only ever one made, and you’ll get the idea. If you needed a new alternator, you had to make a different one fit. Final drive output shaft stripped? Call the machine shop. Sprocket splines stripped and teeth worn to nubs? Call your welder, and then your machine shop again.

The entire machine was like that – almost every repair was done via refurbishing the original part, or machining up new parts from scratch. very little spent in dollars – but the the hours I spent in front of a Lathe, Mill, and with a MIG – were insane. Just the time figuring everything out was nuts.

Someday I will sell it, and whoever buys it will be getting the deal of the century.

#141 Linda on 12.12.19 at 10:22 am

#126 ‘HH’ & #127 ‘Nitro’ – as one of the ‘elder’ cohort, I agree completely that the education levels demanded by employers for jobs today were not what was demanded back in the day. The parallels between education & the cost of housing are remarkable. In the job market, there were limited positions open with huge numbers of applicants. So in order to thin the herd, employers began asking for more educational skills in the job posting. Thus the job market slowly began to transform, with previously high school completion positions now demanding a college or university level degree.

Now think about the younger generations. Gen X, Y, Z & the Mil’s add up to quite the pile of people – more than the Boomer cohort. Throw in automation, rapidly changing technology & a shifting economic landscape – the ‘global’ economy & now those younger generations are in a ‘degrees race’, not only competing against their own but against millions more who can offer the same work for far less to the employer. The early adopters of multiple degrees were getting jobs so their peers took notice & joined in. Next thing you know, everyone has multiple degrees & employers continued to add education requirements to try to thin out the herd…..

Housing costs a lot more than it should. But the problem is competition has pushed up prices in the ‘hot’ markets to insane levels, which prices out all but the most wealthy or those who are willing to shoulder the most debt. Every action has an opposite & equal reaction. When the amount of people who want to live in an area exceed the capacity, prices go up. Up, up, up. Pointing the finger of blame doesn’t solve anything. Blame isn’t going to make the competition go away.

#142 IHCTD9 on 12.12.19 at 10:25 am

#131 Mississauga Mel on 12.12.19 at 9:19 am
#59 IHCTD9 on 12.11.19 at 7:22 pm

One thing I have noticed, are the guys who do hard physical labour outdoors seem to last a long time for some reason. I know a 95 year old bricklayer, my gramps farmed and lived to 99, a couple guys I worked for in construction made 91, one still alive at 90.”

For every one of those 95 year old bricklayers there are scores of bricklayers who threw out their backs from laying bricks and blocks for years. You are a rare bird if you can do 30-40 years of physical labour and not suffer some physical side effects…

These dudes I know DO have structural issues – may worked into their 70’s. Backs, shoulders, etc…

What I was saying is the outdoor hard labour guys lived/are living a long life compared to guys who do other types of work – even with the bad backs.

#143 ezzy on 12.12.19 at 10:26 am

#3 AGuyInVancouver

Stop being silly by engaging in the Politics of Envy.

Spending on R&D is down in Canada (by a whole hell of a lot actually) not because people own real estate but because the politics of Canada have driven a huge amount of foreign investment from Canada, which is desperately needed here because our economy and population are not big enough on their own to support a thriving R&D economy.

#144 ezzy on 12.12.19 at 10:29 am

#4 Blackdog

OMG Time Magazine is still a thing? I’m sure this choice has nothing to do with the current political climate and Time Magazine’s seriously slacking circulation numbers.

#145 ezzy on 12.12.19 at 10:40 am

#20 -=jwk=-

OMG, seriously, so much bitterness in your comment.

So you can’t get ahead now without a professional degree? Seriously? What Canada do you live in? If you want to get ahead you go into the trades. Professional degrees are a dime-a-dozen now, and that’s most likely the real issue behind why so many young, university educated whiners can’t get ahead. There are just too many of us.

And just to be clear I’m not a boomer, I’m 39, but I guess I refuse to blame other people for any shortcomings I may have (perceived or otherwise).

#146 Sold Out on 12.12.19 at 10:40 am

#130 n1tro

Hitler did not get the Nobel prize; he was nominated, ironically, by some Swedish loon but the nomination was cancelled.

#147 ezzy on 12.12.19 at 10:58 am

#138 Mississauga Mel

It’s tough being fair and balanced isn’t it Garth?

#148 YVR Expat on 12.12.19 at 11:04 am

#53 S.Bby on 12.11.19 at 7:02 pm
#8 Mattl

“Kits has never been a low income neighbourhood. ”

But Kits used to be a “working class” neighbourhood up until the 1980s.

**************************

Vancouver was a ‘working class’ city in the early 80s, not sure what it is today…a resort for the jet set crowd? I don’t know what the rest of the city does (sell drugs to the wealthy?)…but the coffee shops are full of young, yoga girls during the day that moonlight as sugar babies.

#149 Sail Away on 12.12.19 at 11:05 am

#126 HH on 12.12.19 at 8:58 am
@ #74 Sail away

Okay. So your profession has stayed static. Good for you and your son.

Never said there was no competition in your time.

Yes, the jobs are waiting. But in many cases it takes our generation more years in training and education to get to exact same jobs than it did for previous ones.

——————————————–

Blacksmithing used to require a full 7 year apprenticeship. Think of those poor apprentice blacksmiths finishing their last year and suddenly realizing their skills are no longer in demand. The world moves on- no easier, no harder, just different.

#150 Dogman01 on 12.12.19 at 11:07 am

https://www.cbc.ca/news/canada/calgary/strategic-group-creditor-protection-1.5393055

Which REITS have exposure to Calgary Office and Retail space; amazing how that Bow Tower was just built a few years ago.

Regardless residential home and condo construction seems to be flourishing in Calgary.

#151 JonBoy on 12.12.19 at 11:07 am

#122 Dharma Bum on 12.12.19 at 8:19 am
#26 Jon Boy

Be willing to NOT enjoy life for a while, so you can enjoy it later when you’ve gained some experience and seniority.
——————————————————————–

It’s known as delayed gratification, and it is the key to success.

Read:

https://www.goodreads.com/book/show/347852.The_Road_Less_Traveled

——–

Thanks – I’ve read it, actually (along with another book of his, “People of the Lie”).

#152 ezzy on 12.12.19 at 11:15 am

#119 Spaman

Nice piece of satire. I like it.

#153 Just Snootin' on 12.12.19 at 11:32 am

I will say your blog post got me a little freaked out, so I had to check for myself. If you go to BC gov website, click Property Taxes/Speculation and Vacant Land Tax, then click Taxable Regions. There is listed areas which are subject to tax. I am not in that area. Whoohoo.

#154 Mattl on 12.12.19 at 11:39 am

#53 S.Bby on 12.11.19 at 7:02 pm
#8 Mattl

“Kits has never been a low income neighbourhood. ”

But Kits used to be a “working class” neighbourhood up until the 1980s.

—————————————————————-

Ok, 40 years ago. And I’m guessing that by working class you mean upper middle class.

These prime areas of Vancouver have always been more expensive then places like East Van, Coquitlam, Delta. So sure, it was more affordable but when my middle class family moved here from central Canada in the early 90’s, all we could afford was a SFH in Maple Ridge. At that time a home in a nice area in YVR was still 2x the price of a home in a less desirable area.

That ratio holds true today – like for like homes in less desirable areas are about half the price.

Bottom line, we can’t all live in the best areas, there is limited amount of inventory and there are people from all over the world competing for these homes. I know YVR gets shat on here, but it is an incredible city, walking the dog to Kits beach every day would be a dream.

#155 n1tro on 12.12.19 at 11:53 am

#141 Linda on 12.12.19 at 10:22 am

…the ‘global’ economy & now those younger generations are in a ‘degrees race’, not only competing against their own but against millions more who can offer the same work for far less to the employer. The early adopters of multiple degrees were getting jobs so their peers took notice & joined in. Next thing you know, everyone has multiple degrees & employers continued to add education requirements to try to thin out the herd…..
————-
From the front lines in the thick of the battle here, I am seeing the opposite. I worked for several companies now and I am generally seeing people without degrees (relevant ones if that is such a thing) for the positions these “managers” and “directors” are holding. Not only that, companies are hiring people without the relevant experience too (I don’t consider hoping from job to job after 1-2 years as actual experience).

Myself, I’ve had to not put down my multiple degrees and certifications as to not come off as “overqualified”. Still don’t quite understand the mentality of not hiring someone “over qualified” in fear of them leaving shortly after versus hiring someone “under qualified” so they can make mistakes at the company’s expense for over a longer period of time.

So if anyone is complaining they got it “hard” now versus someone in the past, I guess it is because they aren’t as “special” as their parents and teachers told them they were while growing up. There are more people now with new skills along with degrees and certifications. Deal with it. Set realistic expectations for yourself. Live your life.

#156 Remembrancer on 12.12.19 at 11:56 am

Not a surprise, only question is whether the social issue fundamentalists or fiscally responsible progressives win the game of thrones…

https://www.ctvnews.ca/politics/andrew-scheer-is-resigning-as-conservative-leader-1.4727310

#157 crazyfox on 12.12.19 at 11:57 am

#60 Nonplused on 12.11.19 at 7:26 pm
#114 old_engineer on 12.12.19 at 1:27 am

Agreed, old engineer. Nonplused for some reason likes to take false choices and false equivalences to a new level usually reserved for bad politicians (or mentally unstable ones) and said narratives. As such, he comes across as… well, unrealistic on a surreal level, mimicking political bi-lines and other forms of propaganda in areas of climate change, etc. leaving one to ask whether its normal human behavior in any way at all.

In that light, knowing that near 1 in 10 adults have a personality disorder and a further near 1 in 10 adults suffer from physical brain damage (Alzheimer’s, dementia, Alcohol & drug abuse and addiction, genetic mutation, accidents, strokes, diet etc) I guess one could suggest going by the numbers… its normal since mental health conditions exist in nearly 1 in 5 adults (not counting the mimics). But, its still abnormal behavior in the norm.

Take for example, Donald Trump making headlines today for attacking little Gretta:

https://www.cnn.com/2019/09/24/politics/donald-trump-greta-thunberg/index.html

Presumably, this attack was prompted because media speculated a couple days ago that the choice was between Trump and little Greta (I say little because some day she will be all grown up and we will simply know her as “Greta”, forcing us humored folk to drop the little, thus christening Greta into the adult world filled with personality disorders, brain damage and all, hopefully she takes some sociology and psych courses, presumably needed for her direction in life) since Trump didn’t make this year’s Time cover. Shallow, abnormal behavior fitting of someone with a mental health condition?

I mean, why would a sitting president attack a 16 year old girl? What reason could any individual have to do so? Knowing past history (personal attacks are not a first along with a long history of lying and immoral behavior), what we see of Donald is a clear socially learned personality disorder coming from the Dramatic B Cluster of personality types, Narcissistic personality disorder:

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

Politically fuelled mimics like Nonplussed (his moniker is missing an “s”, normally defined as:” 1.(of a person) surprised and confused so much that they are unsure how to react. Eg, “he would be completely nonplussed and embarrassed at the idea”) seem totally oblivious to the fact that he mimics and/or defends narcissistic behavior because he is so blind toward poor mental health conditions that he comes across as “surprised and confused” by the realities of the day. Thus, we have a blog dog living up to his moniker… sort of… in defense of a sitting president with a full blown health condition. Call it entertainment value, distraction, a thermometer of the times or call it what it is in banal fashion, the abnormal in the normal.

Enough distractions. Old Engineer has laid it out. The world is waiting for industrial storage to go commercial and green big power takes off from there. All solar projects above and below the 40th parallels already outcompete fossil fuels in new capital cost big power projects (its true) and with solar between the 40th parallels, the greening of big power, especially with political will to hasten change (as a start, get rid of the mental health conditioned nutters in the political theater), can do much to solve the looming and deadly issue of climate change:

https://streets.mn/2014/11/04/chart-of-the-day-daily-incoming-solar-radiation-by-latitude/

Solar forcing around 200 watts per sq meter or higher coupled with solar efficiencies that are over the counter at 25% dictate the scale needed. 50 sq meters or roughly 550 sq ft will put out 2500 watts or more between the 40th parallels. With rooftop, it will scale world wide between the 40th parallels except in the world’s largest mega cities, at least, for now (solar efficiencies continue to improve). In Canada, a wind turbine or two with more storage in combination with shallow geothermal for winter heat and we are away. (we may not have too long to wait):

https://ambri.com/

But, to suggest that the world must convert overnight with the flick of a switch with alternatives still waiting for storage commercialization is, well, absurd unless absurd is your thing or you like to defend sitting presidents with personality disorders (especially the one’s from the “drama” B cluster), y’know, for kicks:

https://www.medicalnewstoday.com/articles/320508.php#overview

But otherwise, why would you, unless you are not educated… low information… or don’t like seeing Trump as a patient or victim since it gets in the way of entertainment value or distraction value or mimic value (its how personality disorders begin after all) or perhaps because one has a personality disorder as well? It is, after all, common (9 to 10% of the adult population in North America, explains a lot) and we commoners have to band together now don’t we? (Er, um, sort of, at least empathetically anyway, the least nutty thing to do it seems all things considered)

#158 Millennial Realist on 12.12.19 at 12:09 pm

Scheer is officially toast.

Paleo Boomer Cons, do you now see how your outdated world view is crashing and burning?

Ok Boomers?

Be part of the change.

Or be run over by it.

(Like Andrew just was)

Scheer is 40. Not our problem. – Garth

#159 crazyfox on 12.12.19 at 12:24 pm

#130 n1tro on 12.12.19 at 9:17 am

“Tell me how many people Obama ordered killed during his administration?” – n1tro

Facts please. This should be interesting.

“Hitler was another Nobel prize winner. How’s that for some perspective?” – n1tro

C’mon, lets not make stuff up. Hitler was “nominated” briefly for a Nobel prize in 1939 as a tongue in cheek stunt but Hitler never actually won a prize, lets get real:

https://www.warhistoryonline.com/world-war-ii/bitter-joke-hitler-nobel-peace-prize.html

#160 RWZM on 12.12.19 at 12:27 pm

@Al “It makes tax avoidance and evasion harder. It also assigns accountability for all (ie creditors / spouses etc..) rightfully interested parties to see. Many ppl don’t like that.”

Yes but presumably Garth is not interested in tax evasion. So, he must have different reasons for thinking this is wrong. All I can think of is that he thinks it’s a slippery slope.

#161 Blackdog on 12.12.19 at 12:46 pm

@n1tro #133 re: “LoL! You fell for it, hook, line, and sinker. ”

“Multiple studies published in peer-reviewed scientific journals show that 97 percent or more of actively publishing climate scientists agree: Climate-warming trends over the past century are extremely likely due to human activities. In addition, most of the leading scientific organizations worldwide have issued public statements endorsing this position. ”

https://climate.nasa.gov/scientific-consensus/

#162 crazyfox on 12.12.19 at 12:50 pm

http://www.msn.com/en-ca/news/politics/conservative-leader-andrew-scheer-to-resign-imminently/ar-AAK3W1C?li=AAggNb9&ocid=UE07DHP

Looks like Scheer is done. The reason is part of a long list that sets a general tone from his dual American citizenship to his divisive, misleading Harper 2.0 eboot campaign long on hyperbole and short on facts. From the link:

“His resignation comes as a direct result of new revelations that he was using Conservative Party money to pay for his children’s private schooling.

Senior Conservatives say the expenditures were made without the knowledge or approval of the Conservative fund board, including the chair of the board.

There are also calls for the party president to resign over the schooling expenses.” – link

Western Canadians loved Scheer. A quarter to a third of Albertans also love Wexit (and presumably all voted for Scheer). I wonder if they will love Scheer just as much in the future to come. True love… fickle love… time will shortly tell.

#163 YVR Expat on 12.12.19 at 12:51 pm

#158 Millennial Realist on 12.12.19 at 12:09 pm
Scheer is officially toast.

Paleo Boomer Cons, do you now see how your outdated world view is crashing and burning?

Ok Boomers?

Be part of the change.

Or be run over by it.

(Like Andrew just was)

***********************

I hope you enjoy paying taxes, because you’re about to get a lot more!! I hear carbon taxes will save the planet!!

bE pArt oF tHE cHAngE

#164 Sold Out on 12.12.19 at 1:00 pm

Scheer is 40. Not our problem. – Garth

————–‐——————————–

Scheer was born an old man, with the world view of a small town curmudgeon. He should’ve been running for office in the 1950’s.

#165 Millennial Realist on 12.12.19 at 1:04 pm

Scheer is officially toast.

Paleo Boomer Cons, do you now see how your outdated world view is crashing and burning?

Ok Boomers?

Be part of the change.

Or be run over by it.

(Like Andrew just was)

Scheer is 40. Not our problem. – Garth

_____________________________________

Very weak and off-point argument, Garth.

His age notwithstanding, Scheer is very clearly an avatar and a sock-puppet precisely for dinosaur Boomer values. That’s exactly the kind of selfishly ignorant world-view that has fuelled the modern Con movement since the 1980s, and it is now rapidly dissipating.

Big reality check, Boomer Cons, now coming your way at full speed.

Boomer Cons will be fragmented nationally and even in Alberta within the next 12 months. Just another step in their descent into irrelevance. Scheer’s party is only united in hating him; what comes next for them will be a political freak show.

Be part of the change, Boomers.

Or be run over by it.

Your values, precepts, and status quo thinking are finished.

Ok Boomers?

#166 ezzy on 12.12.19 at 1:05 pm

#83 Blackdog

“Reality” is subjective. Greta’s reality is not everyone’s reality. That’s discriminatory and in some cases could even be considered quite racist, as I’m sure there are many in the world who view Greta as yet another Western, entitled, white person wanting to impose their will upon the rest of the world.

And I’ll place faith in Greta and Co when they visit countries like China and India to scold their politicians.

Until then it’s just more of the same self-flagellating, Western guilt and hypocrisy.

#167 HH on 12.12.19 at 1:15 pm

@ 155 , 141

Not looking to point fingers or blame anyone at all. It is what is.
World has moved on and some conditions have changed (for the worse).
I’ve no problem dealing with. But it’s nice to have at least one person acknowledge the changes and not dismiss/ignore them.
Thank you, Linda.

Nitro, I found your remark interesting: “don’t consider hopping from job to job after 1-2 years actual experience”.

Because my own experience has been completely different. I found “hopping” to be very rewarding and valued by the job market. I’ve seen the market put a premium on diversity of experience that comes from hopping (rather than depth).

I tried both. Fresh out of school, laboured patiently and loyally for 5 years for the same company. Didn’t make much progress in terms of money, promotions or even skills development. Still regret not hopping after 2 years.

Then I stumbled into contracting. So hopping from one project and employer to another after 1-2 years is pretty much part and parcel of contracting life.

Saw both my earnings and employer interest jump 2X – 3X.

It’s just so much easier to sell your skills for more $$$ when you can demonstrate having 5-10 different projects/jobs in the last decade, than when you’ve stayed put with the same employer for a decade. I guess people start assuming you are a lazy unambitious lifer if you stay at one place too long.

It’s sad in a way, since it shows neither loyalty nor depth of experience is valued, while shallow variety sells like hotcakes. But that’s what my experience has been.

So my advice to anyone entering the workforce is to hop like a rabbit on crack while they are still young and have the energy.

#168 IHCTD9 on 12.12.19 at 1:25 pm

#165 Millennial Realist on 12.12.19 at 1:04 pm

Big reality check, Boomer Cons, now coming your way at full speed.
___

I’m not a Boomer, but I like the sound of a big cheque headed my way at full speed (electronic deposit?).

When T2 got in the first time, I suddenly received thousands of dollars out of nowhere for basically nothing. I decided to make use of these wasted funds by simulating the economy by way of my local YAMAHA dealership.

When T2 got in again this fall, I couldn’t believe it – he promised to put even more free cash for nothing into my bank account! I look forward to even more full speed cash injections!

I told the Sales Manager at YAMAHA that he might have to share some with GM this time around :).

#169 AGuyInVancouver on 12.12.19 at 1:35 pm

#143 ezzy on 12.12.19 at 10:26 am
#3 AGuyInVancouver

Stop being silly by engaging in the Politics of Envy.

Spending on R&D is down in Canada (by a whole hell of a lot actually) not because people own real estate but because the politics of Canada have driven a huge amount of foreign investment from Canada, which is desperately needed here because our economy and population are not big enough on their own to support a thriving R&D economy.
_ _ _
And companies leave Canada because there isn’t enough investment capital as every moron thinks they’re the next HGTV condo king. Or AirBnB baron.

Real estate mania has sucked capital and creativity out of Canada’s economy for too long. Tax gains on it to level the playing field.

#170 Westcdn on 12.12.19 at 1:41 pm

I saw Wexit as a means to remove a layer of useless government Alberta wise. At least we get to pay too much for dairy things (sarc). I see that the Americans are claiming victory with the new NAFTA – “eating our lunch”. Oh well, that is central Canada and I am expecting a bill for their failure.

I am in the minority with Wexit. It surprises me how much people dislike change. People would rather have the devil they know. The troubles with change are the details. I thought registered saving plans would be a battle along with First Nations and National Parks but CPP didn’t seem a show stopper.

I see Andy Scheer is resigning over sticky fingers. IMO, conservatives are plagued by corruption – see Mulroney cabinet ministers. I can’t see myself doing better as a politician since I am not a lying populist.
Fortunately there are those … are better than me.

#171 n1tro on 12.12.19 at 1:44 pm

#159 crazyfox on 12.12.19 at 12:24 pm
#130 n1tro on 12.12.19 at 9:17 am

“Tell me how many people Obama ordered killed during his administration?” – n1tro

Facts please. This should be interesting.
————
Osama Bin Laden. Obama was the top decision maker in the war room as it was televised. Who do you think made the call to take Osama out as he was standing there in his pajamas unarmed? Nobel PEACE prize winner here. I was mistaken about Hitler getting a nobel but that doesn’t take away my point about the prize’s intent and the actual actions of some of the people that receive it.

#172 Sold Out on 12.12.19 at 1:46 pm

#168 IHCTD9

So you’re using the money exactly as the Liberals intended to be used? Aren’t you the sly fox!

#173 n1tro on 12.12.19 at 2:00 pm

#161 Blackdog on 12.12.19 at 12:46 pm
@n1tro #133 re: “LoL! You fell for it, hook, line, and sinker. ”

“Multiple studies published in peer-reviewed scientific journals show that 97 percent or more of actively publishing climate scientists agree: Climate-warming trends over the past century are extremely likely due to human activities. In addition, most of the leading scientific organizations worldwide have issued public statements endorsing this position. ”

https://climate.nasa.gov/scientific-consensus/
———-
Wow…you can quote and link to NASA! Now read a bit further down especially the References section where what PastThePeak is referencing is based on. Did you even bother to read/understand what they did??

97% of papers that expressed an opinion on climate change says it is man made.

1. This does NOT mean out of 100, 97 scientist says climate change is man made.

2. This does NOT equal to 97% of climate change is man made.

But I get it, saying “97%” is a lot more convincing than saying 32.6% of scientist believe climate change is man made with 0.7% saying it isn’t and a whopping 66.4% saying more research is needed.

You can’t be this naive?? PastThePeak explained this to you in the original post when you tried to pass off the same garbage in Sept.

#174 IHCTD9 on 12.12.19 at 2:05 pm

#171 Sold Out on 12.12.19 at 1:46 pm
#168 IHCTD9

So you’re using the money exactly as the Liberals intended to be used? Aren’t you the sly fox!
___

Yes! I take thousands worth of my Child Care Benefit payments directly to YAMAHA to buy off road vehicles!

I too, wish he would just be honest and tell all Canadians that this money is just for blowing on whatever you like – but only if you have kids!

#175 crazyfox on 12.12.19 at 2:22 pm

https://www.cbc.ca/news/politics/scheer-resigns-1.5393803

Scheer says he’s “putting my family first” in resigning from the bid for Canada’s top public job.

Leaving Conservative leadership as truthfully as he began, Scheer fails to mention how putting his kids through a private school on the Conservative party dime didn’t go over well in Conservative unelectable Eastern Canada because of his name. Quick to ponder is imagining Scheer resigning due to “putting my family first”, should Scheer have been elected as PM. Yes, it would have been hard to imagine Scheer doing anything but “putting my country first” (which one, he’s dual citizenship, will we ever know?) should Scheer have won. Ever the sacrificial lame, excuse me, lamb is what we shall always now remember Scheer for.

I will light a candle in remembrance of Scheer’s great sacrifice… onward Canada and do try to choose your leaders well.

#176 IHCTD9 on 12.12.19 at 2:44 pm

#164 Sold Out on 12.12.19 at 1:00 pm
Scheer is 40. Not our problem. – Garth

————–‐——————————–

Scheer was born an old man, with the world view of a small town curmudgeon. He should’ve been running for office in the 1950’s.
___

Doesn’t matter what he was, probably don’t matter who his replacement is. Cons have been typecast, they can’t win until something really bad happens financially to many Canadians – it looks like that’s in the works, but years to go yet.

Too bad really, but that’s Canadian voters for you.

No matter though, whenever I feel that the bird brained hard left wing voters of Canada will likely force the whole country into bankruptcy, I just stroll out to my sweet garage and survey the vast buffet of top quality Japanese off road machines that they financed for me via their votes.

As I slowly step along the glistening line of toys trying to decide which one I will take down the trail today – I begin to feel… better. :).

#177 IHCTD9 on 12.12.19 at 3:15 pm

#158 Millennial Realist on 12.12.19 at 12:09 pm

Paleo Boomer Cons, do you now see how your outdated world view is crashing and burning?
____

I’ve always worked to get money, but I want to be fair to the Mils’ world views too. So now, since 2015; I also make sure I rake in PILES of free government handouts as well, and am currently evaluating this world view as objectively as possible.

I have a bro who is experimenting with me, and we just recently compared notes on our findings. Together, we have 5 young kids, and not too big of incomes. We calculated our total government handouts Oct 2015-2019. Here is the total between us both:

$124,072.00 (this post is just for fun, but this handout number is actually what we got in CCB+tax returns 15-19).

That’s only $15,509.00 worth of handouts per year for each of us.

It’s not enough to live off of, but the total buys every single 2020 Griz on the showroom floor at the local YAMAHA Dealer – with PILES remaining.

#178 IHCTD9 on 12.12.19 at 3:32 pm

#176 IHCTD9 on 12.12.19 at 3:15 pm

$124,072.00 (this post is just for fun, but this handout number is actually what we got in CCB+tax returns 15-19).
___

LOL! – that is a typo – that is only one component of the two we added up

The actual total for 4 years of Trudeau Liberal handout bucks for both of us is..

[***drum roll***]

One Hundred and Ninety Six Thousand Dollars. ($196,000.00)

We all have full time jobs!

L to the M to the F to the A to the O!!!

YAMAHA and GM – here I cooooome!!!!!

#179 Blackdog on 12.12.19 at 3:48 pm

@N1tro, no need to be rude and condescending in your remarks to me regarding anthropogenic climate change. Debate the message if you like, but attacking the messenger is not necessary.

If you are going to make mention of comments from myself or PastThePeak that were made in September, sorry but I can’t comment about that because I don’t recall what they were.

Regarding, “97% of papers that expressed an opinion on climate change says it is man made.
1. This does NOT mean out of 100, 97 scientist says climate change is man made.
2. This does NOT equal to 97% of climate change is man made. “,

#2 is obvious, not sure why you felt you had to state this; #1 is also quite obvious in the sense that not all scientists are climate experts.

#180 n1tro on 12.12.19 at 4:07 pm

#178 Blackdog on 12.12.19 at 3:48 pm
@N1tro, no need to be rude and condescending in your remarks to me regarding anthropogenic climate change. Debate the message if you like, but attacking the messenger is not necessary.
—————-
Apologies for being rude but in this case you can not claim to just be the innocent “messenger”. You are being played and willingly spreading propaganda as if it were the truth. You did it back in Sept and that is what prompted the detailed response by PastThePeak. It took a lot of effort on his part and that’s why I saved the post. In today’s world, everyone can (mis)quote and link to articles and call them “fact” to dismiss other people’s dissenting opinions. It’s rare to be able to use pure math to debunk the spin that was put on the “97% of scientist blah, blah, blah….”

Regardless of this, let’s first start by acknowledging that NASA’s little statement/stunt is disingenuous in the least.

Then let’s talk about what are effective solutions to reduce our dependencies on oil with open discussions about true sustainable options such as nuclear.

Sound like what rational people should do? It does to me. Better than having some 16 yr old spewing out doomsday predictions while being a total hypocrite.

#181 crazyfox on 12.12.19 at 5:47 pm

#172 n1tro on 12.12.19 at 2:00 pm

Perhaps the 3% who don’t believe in man made global warming are unaware of isotopic signatures:

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

Specifically: “The 14C isotope is important in distinguishing biosynthetized materials from man-made ones. Biogenic chemicals are derived from biospheric carbon, which contains 14C. Carbon in artificially made chemicals is usually derived from fossil fuels like coal or petroleum, where the 14C originally present has decayed below detectable limits. The amount of 14C currently present in a sample therefore indicates the proportion of carbon of biogenic origin.” – Wikipedia

What does this spell? Any reputable scientist will know the origins of C02 in the air sampled and studied through isotopic signatures through their lack of C14, determining whether its derived from the burning of fossil fuels. Couple this with Arctic amplification warming 3x faster than the rest of the planet (at the highest latitudes, 4 to 5x faster) since the pre-industrial age or +2x since 1990 because of the low angle of light forcing light through an expanded gauntlet of C02 as light makes its way through the 2, 3 to 4x the atmospheric thickness depending on the angle and latitude and we have a warming Arctic because of green house gassing on steroids. When C02 was 280 ppm it wasn’t so bad but at 410 and rising, Arctic warming amplification fleshes C02 as a potent GHG quite well:

https://zh.wikipedia.org/wiki/File:Oblique_rays_02_Pengo.svg

There’s more to it than simple elevated GHGs leading to Arctic amplification from low angles of light ping ponging through much higher atmospheric volumes than high angle light in comparison. Melting ice giving way to open water is delaying freeze up increasing temps even with the Arctic in 24 hr darkness. Snow melt happening earlier reducing light reflectivity, less Arctic ice extent leading to less light reflected from ice and snow, warmer ocean waters, they all contribute but the main driver is higher C02.

Couple the effects of higher C02 at higher altitudes and we see a more than doubling of atmospheric warming above 2800 feet compared to sea level since the beginning of the industrial revolution. This is bad since ice at higher altitudes was expected to stay frozen for longer forcing us to rethink everything from timelines of accelerating glacial melts and their impacts to rising snow lines in the mountains and their general impacts world wide:

https://www.downdays.eu/articles/climate-change-future-ski-resorts/

In short, the effects of climate change sre no joke and there isn’t much time for a global effort to slow down C02 emissions. Our time is not measured in lifetimes or decades but in years. When the Arctic ocean becomes ice free in summer, we will essentially be out of time. My best guess this will happen is September of 2021 upon which the world enters a new, irreversible climate state full of new accelerating feedbacks the first of which we are feeling now in the Chukchi sea known as latent heat.

#182 Western realist on 12.12.19 at 10:10 pm

The Vcr Squamish development i’m afarsid is going to be an absolute disaster. Those partner developers will milk this project for every penny they can get. My prediction is before the 3rd high rise is complete there will a mile long list of liens snd the courts will bogged down forever. In development one must walk before one runs.
This will never work.