The virus diaries

Jon’s a heart doc, transitioning from a small regional hospital to the Big Smoke. His new gig in the cardiac unit of a major Toronto medical centre starts Friday. “Huge promotion,” he says, “and now that Covid is moving offstage there’s a serious backlog of elective surgeries to handle. I will be busy.”

The good news: Jon’s owned a downtown condo for the past five years, where he’s planning on moving his small family. The bad news: he can’t.

“Two months ago I told the tenants I’d be coming back into my old place,” he says, “and they have refused to move out. Now I can’t budge them, and we have no place to land.”

Jon offered to give the tenants a payment equal to three months’ rent. No dice. He found them another, similar, unit downtown. Nope. He said he’d pay their moving expenses. Forget it. While he has the legal right to displace them for his own family, there’s no mechanism to do so. The Landlord and Tenant Board is shut. No tribunals. No judgments. In fact, as in several provinces during the virus crisis, there’s a no-eviction policy in place in Ontario. If a tenant refuses to leave, or even to pay rent, too bad.

Moreover when the board resumes operations, the backlog will be Biblical. It’s estimated the wait will be at least a year before a case is even heard. Meanwhile Jon’s condo is his property in name only. He’s scrambling to find a place for a family of four, plus beagle.

These are tough days to be a landlord. About a fifth of tenants paid no rent in April, thanks to the virus (and some bad attitude), and the situation may worsen this Friday. Things are even more dire for commercial property owners, since 80% of all small businesses are shut without revenue. More than 40% are expected to fail if the lockdown goes past the end of May. The feds’ business rent relief program just started taking applications (10,000 on the first day), and in order to get any revenue LLs have to agree to a 75% reduction for a few months. When you’ve got a big mortgage nut and property taxes to pay, that can be brutal.

Meanwhile Airbnbers are freaking out. A flood of condos is poised to hit the market since the vacation rental market evaporated and leasing to a residential tenant is guaranteed to lose money.

Amazingly, more than 15% of all the households in the GTA own rental property. About half of all new, pre-con condo sales have gone to speculators, investors and amateurs landlords. Of those who have rented to long-term leased tenants, 40% are believed to be in negative cash flow – and that was even before the virus made it perfectly okay for tenants to stiff you.

Clearly small-time investors have banked on (a) Airbnb cash flow or (b) year/year capital gains in the value of their units. Currently, both are pffft. And with the virus believed to become a semi-permanent feature of urban life, high-rise, DT condo living is a lot less glam. Just look at all the ‘touch-‘n-toss’ tissue boxes now riding around in elevators. Now think about the door handle into the garbage room. Yucko.

This landlord misery, political intervention, germ reality and tenant rentier class warfare could change real estate tastes and values over the next few years. In fact it might already be happening. Early pandemic numbers out of the US show a big surge in homebuilder activity, as buyers migrate away from the urban towers to suburban dirt.

That makes sense. Especially if this Covid thing morphs into a recurring seasonal flu-type plague. Why would young families not want a nice backyard to self-isolate in, a safe garage to disinfect the minivan inside of, real earth to grow cootie-free veggies and enough house space to safely socially distance? Try doing any of that on a balcony on the 50th floor.

Besides, who needs to go downtown anymore?  2020 has taught us that whole organizations can function with people at home, working remotely in their underwear. All you need is a strong Wi-Fi connection and a pooch to keep your feet warm. Screw the cublicle! And especially the commute!

Could this mean a suburban renaissance? After all, real estate is cheaper the further you migrate from downtown – or, at least, that was the pre-pandemic reality. Maybe in the new world order that’ll be reversed. Let’s wait and see.

In any case, detached will become the undisputed gold standard of housing, leaving condos for the unfortunates. By the way, if you need a good cardiac surgeon, I know of one living under a bridge.

 

228 comments ↓

#1 Fairmont WFC on 04.28.20 at 4:58 pm

First!

Why not?

#2 akashic record on 04.28.20 at 5:01 pm

It breaks my heart.

#3 darth dog on 04.28.20 at 5:04 pm

I really couldn’t care less that a doctor has to find a rental instead of moving into his investment property and displacing his tenants.

Is this supposed to make me feel upset? Outraged? Is this your idea of injustice? Someone with a massive income being mildly inconvienced? Get some perspective.

Actually he lived there before taking a job out of town. Now moving back into his home. You can apologize now. – Garth

#4 Tiger 1960 on 04.28.20 at 5:06 pm

https://youtu.be/_6lgsH-z1pc

#5 Keep your rent on 04.28.20 at 5:07 pm

Last 5 years, rents have almost tripled. An average 1 bedroom in Toronto is renting for around $2,300. Landlords are greedy. They want to screw the new tenants. Has the mortgage payment increased in the last 5 years. Interest rate have actually gone to 0%. There are hundreds of landlords who have owned their properties for a long time. Now it is the tenants turn to screw the landlord. Keep your rent on May 1st.

#6 bb on 04.28.20 at 5:07 pm

“Jon offered to give the tenants a payment equal to three months’ rent. No dice. He found them another, similar, unit downtown. Nope. He said he’s pay their moving expenses. Forget it.”

3 months of rent money (lets put it at $3k/month) plus free moving expenses. Why wouldn’t the tenant take the money and move to the new place the landlord found for them? Or find a cheaper rental unit?

#7 flyallthings on 04.28.20 at 5:07 pm

Some days I catch myself wondering if I’ve got a front row seat to a socialist revolution. The number of people who are totally unconcerned with paying what they contractually owe for no real reason is mind boggling. There once was a time when hard times and bad financial decisions meant you had to liquidate what you had to try and dig yourself out of a hole. The lack of personal responsibility for one’s finances in the national discussion is rather concerning.

Makes a guy curious if he should find another country to live in.

#8 Millennial investor on 04.28.20 at 5:12 pm

Hey Garth,
Any idea on how the cottage market will fare? Covid has me wanting to escape the city and find a small place on a quiet lake. Any thoughts?

#9 PSL on 04.28.20 at 5:12 pm

He found them another, similar, unit downtown.

He’s scrambling to find a place for a family of four, plus beagle.

____________________________________

let me see….. he’s already found a similar place for the other tenants. downtown, where his condo is…. but hes’ now scrambling to live somewhere.

i don’t see a problem.

#10 akashic record on 04.28.20 at 5:12 pm

Not a day passes without a renowned macroeconomist wag or savant quant analyst in the steerage section telling you, ‘markets will make new lows,’ or ‘the worst is to come.’

——

Welcome to Garth’s collection, Mr Roubini. Drop all your ridiculous overthinking worries, enjoy the V-shape recovery.

https://www.zerohedge.com/markets/no-happy-ending-you-roubini-explains-coming-greater-depression-2020s

Markets and the economy are not synonymous. The market leads. Its message: no depression. Does Roubini have a new book to flog? – Garth

#11 Shamus on 04.28.20 at 5:14 pm

“Push 2 Real Estate agents off the CN Tower and the conversation goes something like this…

So far, so good eh??…hey, guess what…NOW is a good time to buy real estate!!”

Comment on an article in the LONDON FREE PRESS yesterday titled “LONDON NEW HOME PRICES NOT EXPECTED TO FALL DESPITE PANDEMIC”

I laughed out loud!

#12 Marco on 04.28.20 at 5:16 pm

And why would a doctor seek a tenant outside of posting boards in every hospital, where other doctors, international arrivals and interns are trying to score a rental?

#13 I’m stupid on 04.28.20 at 5:17 pm

For 5k I can find someone that will remove them from the condo. Either willingly or out the balcony window. No courts equals no laws in my opinion. If I were the good Doctor I’d wait until they leave to grocery shop and change the locks. Who are his tenets going to complain to? Ghost busters? Lol

#14 Faron on 04.28.20 at 5:19 pm

White flight II! Imagine the apocalyptic landscape if all those condos turn into tenements. Yikes indeed.

I don’t feel for Jon even though his offers to his tenants are more than kind. He is a specuvestor who is partly responsible for the RE inflation in TO. He’s almost certainly wealthy and can afford to rent. That doesn’t mean he deserves pain, but he’ll be fine — no where to land my arse! If he’s not fine, one has to ask why a mid 6 figure income hasn’t been enough.

I don’t agree with squatting, but if one chooses to be a landlord, one takes on certain risks. If he had put his $ into a REIT ETF he would

1) not have a tenant issue;
2) maybe have more $ and certainly more liquid $;
3) be able to vulch a place in a couple months when the market sinks a bit further.

Plus, it wouldn’t be hard to find 100s of stories of renters being renovicted in the days of yore (like 3 mos ago). Tough tacos Jon.

#15 not 1st on 04.28.20 at 5:20 pm

We need to find a team of real SOB lawyers and sue the federal govt under violation of human rights and violation of the charter of rights.

I mean if Jessica Yaniv can win for not getting a bikini wax, then a nation under house arrest should be a slam dunk.

#16 Whata ... on 04.28.20 at 5:21 pm

complete 180. In no time at all too ….

#17 whoa on 04.28.20 at 5:24 pm

The ‘Keep Your Rent” crowd is blowing my mind. It isn’t ‘YOUR’ house – so it most certainly ain’t ‘YOUR’ rent. Let’s take Putin’s stance “The beatings will continue until the morale increases!” – or in this case – the rent….

#18 Parksville Prankster on 04.28.20 at 5:25 pm

Incredibly, average people have muddle through the same conditions or even worse, and remarkably, somehow, thrived.

https://medium.com/@bobpritchett/on-living-through-a-pandemic-5c6ea0d2ec06

#19 Beagle Bailey on 04.28.20 at 5:26 pm

#12, Are you a mafia man?

#20 TurnerNation on 04.28.20 at 5:26 pm

Social distancing is a global weapon – used to break culture and businesses. Very few could survive it. It requires marching, waiting, following orders. At all times. It will be in place for YEARS until all goals are rolled out.

Its secondary goal lies in limiting our travel rights. I’ve always said we will be herded into cities, electric cars have not the range to long trips.
Indeed we see city after city, Toronto also, magically making streets car-free. What luck that virus.

https://jalopnik.com/the-bar-is-so-low-1843116444

There are just over 6,000 miles of streets in New York City, and Mayor Bill de Blasio’s office said Monday that up to 1.7 percent of them might soon be opened to pedestrians and closed to cars to give residents more outdoor space in this age of social distancing

#21 Yukon Elvis on 04.28.20 at 5:29 pm

#179 Sail away on 04.28.20 at 1:59 pm
Well, dividends continue to stack up, regardless of world shutdown. What to do with the cash?
Thinking equally amongst TSLA, GEO and IEP. BAC is compelling as well..
………………………………

Quarterly divs.arrived overnight. Bullish on about ten of the tsx top twenty. Was gonna throw a dart. Noticed that one of the big five was paying 7.39% and p/e ratio was 6.74 ! Payout ratio is 50ish %.All in on that one.

#22 Bob on 04.28.20 at 5:29 pm

It’s time to re-think the exploitative, medieval landlord-tenant relationship. No one should have the right to evict anyone on a whim.

#23 Dogman01 on 04.28.20 at 5:30 pm

Planet of the Humans
https://www.youtube.com/watch?v=Zk11vI-7czE

Tackles the Environmentalist’s Religious beliefs, the trinity of Wind, Solar and Bio-Mass.

Let’s you in on where the various “Non-Profits” are getting their funding, and shows how some of the “prophets” are making good profits.

As a Libertarian I normally leave religions alone, but the Environmentalist Religion is trying so hard to impose their beliefs on me I figure they deserve the push back.

And they conclude in the end the only solution to save the planet will be; http://www.vhemt.org/

“No matter what your cause, it is a lost cause without population control”

#24 Reality is stark on 04.28.20 at 5:35 pm

A humanities SJW with no job prospects and $70,000 in student loan debt who made $10,000 last year at Starbucks is not going to pay rent. If they got EI and the CERB you can bet CRA won’t be getting the CERB money back.
They will still want children husband or no husband and they won’t be going back to work.
They have rights and tattoos.
Unfortunately moving in to their thirties they are suffering from tattoo regret and it is causing depression so they expect the health system to pay for tattoo removal.
After all they still expect a shot at a doctor and lo and behold it seems 35 year old doctors aren’t in to impulsive tattoo recipients.
Either way someone has to pay and it isn’t going to be them.

#25 Wilbur on 04.28.20 at 5:36 pm

This too shall pass… Those that think they can take a vacation on the government and not pay rent even though they can. Evictions will come maybe not till fall but landlords trust me will evict those that try to get out of paying using a pandemic as an excuse. Those with a balanced Portfolio will smile once again. Question is only when does recovery start?

#26 Flywest29 on 04.28.20 at 5:36 pm

Anyone read the comments section from the Coronavirus broadcasting Corp or other msm? There is some major division there. I realize that this is a small sample of the population. But it’s clear it’s gonna be the “open up” crowd vs the “stay locked down” crowd. Things could get ugly. Just an observation? Stay safe Garth and dogs.

#27 Do we have all the facts on 04.28.20 at 5:37 pm

Just another chapter to the impact that the Covid 19 virus is having on the health of the Canadian economy. The situation is so convoluted now that it is totally impossible to predict what might happen in the future or to develop corrective courses of action that might actually work.

Pumping billions of dollars into the economy through the purchase of assets in the secondary market has had mixed results around the world in the past. Financial institutions, mutual funds, hedge funds, pension funds and individual investors are all plotting their own survival strategies and their strategies may not involve short or long term stimulation of economic growth in Canada.

We entered 2020 with expectations of modest growth at best. These expectations and the expectations of nearly every country in the world have been ravaged and the fiscal toolbox used by our government in the past might not have all the answers this time.

The price of our most valuable export has collapsed, our tourism and hospitality sector has all but disappeared, millions of citizens cannot survive without direct Government support, billions of dollars of equity has disappeared in spite of the recent rally.

A recession will occur without any realistic projection of what the total damage might be by the end of 2020. If the value of real estate declines by more than 10% it will probably trigger a depression that may take more than a vaccine for Covid 19 to solve.

When Federal, Provincial, Territorial and municipal debt is tallied in December 2020 we might find that total debt is approaching 80% of our reduced GDP. Canada desperately needs a much larger toolbox if we are to keep our AAA credit rating.

Any idealism!!!!????

#28 Fasa on 04.28.20 at 5:39 pm

FACT: Every cent the gov’t gifts out (past, present and future) comes from taxpayers…its coming folks a capital gains tax on your residential property, city property taxes hikes and a increase in the capital gains on investments and maybe just maybe an increase in the sales tax…we are screwed!

#29 MF on 04.28.20 at 5:39 pm

No crash for condos. Price decreases, yes. But no crash. Not a good investment moving forward. Some dumping from foreign investors and air bnb.

Why no crash?

Not everyone wants a yard, and the price tag and work that goes with it. Young people who are less impacted by the virus will still want to be where the action and amenities are. Always will be the case. Any real estate will do. Right back to where we were in 2012 I guess.

MF

Where did I say ‘crash’? – Garth

#30 Anonymous on 04.28.20 at 5:43 pm

If the board won’t hear cases for a year, why can’t Jon disconnect the water and electricity, or change the locks?

If a proper 60-days notice was given as required by most contracts, and the reason for moving in is the landlord moving back, than the tenant has no legal right to be there.

If Jon just shows up and walks in, and the police is called, the tenant is the one who is trespassing, no Jon.

I’m not a lawyer, can anyone who knows about this pipe in and say what’s wrong with this logic?

Also, with all those super cheap AirBNB up for temporary rent, Jon can get an amazing unit for a couple of months while this is sorted out.

#31 Retired on a Gulf Island on 04.28.20 at 5:43 pm

Amazing article. The statistic that ~15% of GTA households are landlords is incredible.

#32 Sail away on 04.28.20 at 5:44 pm

Hence, our Vancouver house sits empty, with our UBC son using it during school. Never will a renter enter.

Oh, there’s a shortage of Vancouver rental housing? Not my problem.

#33 Sold Out on 04.28.20 at 5:45 pm

#14 not 1st on 04.28.20 at 5:20 pm

We need to find a team of real SOB lawyers and sue the federal govt under violation of human rights and violation of the charter of rights.

I mean if Jessica Yaniv can win for not getting a bikini wax, then a nation under house arrest should be a slam dunk.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Never let the truth get in the way of a good grievance, eh?

https://nationalpost.com/news/canada/rights-centre-says-trans-activist-jessica-yaniv-has-filed-new-suit-against-b-c-salon-over-waxing-refusal

#34 JSS on 04.28.20 at 5:49 pm

can the surgeon just put the property for sale. Maybe someone wants to buy it.

#35 Sail away on 04.28.20 at 5:49 pm

#20 Yukon Elvis on 04.28.20 at 5:29 pm

Quarterly divs.arrived overnight. Bullish on about ten of the tsx top twenty. Was gonna throw a dart. Noticed that one of the big five was paying 7.39% and p/e ratio was 6.74 ! Payout ratio is 50ish %.All in on that one.

—————

You lost me at ‘tsx’. I’m out maple as logic points to US. Best of luck.

#36 Social Distan Singh on 04.28.20 at 5:49 pm

” By the way, if you need a good cardiac surgeon, I know of one living under a bridge. ” – LMAO

Meanwhile – My recent ETF Investments are sprouting nicely. Thanks to cool advise from, Dr. Garth.

#37 Dustoff on 04.28.20 at 5:50 pm

I wonder where our friend Mr. Brad Lamb is these days?

#38 Dave on 04.28.20 at 5:52 pm

With Air B and B being decimated, why haven’t we seen a drop in price for condos in Vancouver? How can these amateur landlords make the mortgage payments now?

#39 not 1st on 04.28.20 at 5:52 pm

Here it is. – Garth

Well it looks positively sterile so that’s a good feature. Hospital white and with the CN tower stuck in your window. I bet it finds a buyer.

#40 Anonymous on 04.28.20 at 5:54 pm

#21 Bob on 04.28.20 at 5:29 pm
It’s time to re-think the exploitative, medieval landlord-tenant relationship. No one should have the right to evict anyone on a whim.

——————————–

On a whim, no.

But this particular story is not on a whim. Moving to a new city for a new job is usually months in the making. If proper notice was given (usually 60 days) than this is not on a whim.

My last landlord gave me a 6-months(!) notice before they moved back in. Was I happy I had to move? Not at all, I loved that house. But my landlord was fair, explained what circumstances changed in her life (she was getting married) and gave me ample time.

As in any aspect of life, there are no free lunches. If you want the benefit of not paying property taxes, not dealing with fixing up a place, not paying interest to the banks or just the ability to pick up and move (all those benefits of renting) than you are giving something up in return, and this is not owning the property and not being able to do whatever you want with it, and occasionally, being asked to leave. This is not a medieval system, it is an agreed upon contract backed by the laws.

#41 JonBoy on 04.28.20 at 5:54 pm

Seems like Jon has a simple path: do what is legal (give notice, wait the proper number of days, etc) and then go to HIS condo and change the locks. Invite the cops – it’ll just make it easier to determine that he is the rightful owner, he has done what was required and they are now trespassing.

It boils my blood to see people taking advantage of the situation when they have no moral or contractual right to stay. He’s gone above and beyond for them and they’re still refusing to leave. Absolutely sickening behaviour. Can you imagine, refusing to leave when he’s found you alternate housing AND offered to pay three month’s rent? Sheesh.

#42 Damifino on 04.28.20 at 6:02 pm

#6 flyallthings

The lack of personal responsibility for one’s finances in the national discussion is rather concerning.
——————————–

I’ll say! And hasn’t that been this blog’s central concern for a dozen years?

#43 Toronto_CA on 04.28.20 at 6:03 pm

I know the common thinking these days is that we will never go back to “normal” as it was before the virus. Hear me out.

I think the ability of people to forget events like this is underestimated. It very well could be that in a year from now, things will be much more normal than we expect right now.

Remember after 9/11 how no one was going to fly again? We forget and move on quickly. It’s for the best really. I could see us moving on. Particularly if tons of models are correct in saying that a huge % of us already had the virus and didn’t realise it.

#44 Open Up Ontario on 04.28.20 at 6:08 pm

I contacted Doug Ford’s office today and sent him a simple message:

OPEN UP ONTARIO!

If you feel as passionate about this as me, please email him as well. I am tired of my civil liberties being trampled on and tired of all the fear mongering. Real people are suffering from the devastating economic impact of keeping us locked up and business closed. I am a law abiding citizen . . .so I won’t protest in a group, not because I am afraid but because it’s illegal. . .so please email him too if you want ONTARIO to be opened up for business again! Every voice counts!

Here is the link:

https://correspondence.premier.gov.on.ca/EN/feedback/default.aspx

#45 yorkville renter on 04.28.20 at 6:08 pm

hey, ‘Keep Your Rent’… GFYS!!!

how do you know which landlords have no mortgage or expenses?
how do you know what financial shape the landlord is in?
why not be an adult and do what is legally required?
why not put down your capital and risk renting to lowlifes like yourself?

move to the burbs where other who cant afford downtown live.

ridiculous entitled BS

#46 SWL on 04.28.20 at 6:13 pm

I missed it today as I was busy working, but did Mr Socks come out of his cottage at 11:15 like a cuckoo clock and sprinkle more dole to the masses hiding in fear?

#47 Lost...but not leased on 04.28.20 at 6:14 pm

Today’s Photo:

Hulk Hogan and Rin Tin Tin(or is it Littlest Hobo.???..I tell ya this blog is going 2 duh dahwgs)

#48 SCD on 04.28.20 at 6:14 pm

The socialist comments are hard to take. People who are advocating withholding rent for a dwelling they have signed a contract for are really saying more about their own moral code than that of the “greedy” landlord. For those people who legit can’t pay, I have all they sympathy in the world. For those who are playing games because they feel unhappy with their lot, what goes around comes around.

#49 I’m stupid on 04.28.20 at 6:14 pm

Beagle Bailey on 04.28.20 at 5:26 pm

No you just need to drive to a Walmart Parking lot… were in a depression, plenary of desperate people looking for work.

#50 Penny Henny on 04.28.20 at 6:20 pm

#30 MF on 04.28.20 at 5:39 pm

Not everyone wants a yard, and the price tag and work that goes with it. Young people who are less impacted by the virus will still want to be where the action and amenities are.
//////////////

Sorry to break it to you MF but you are far from young.

#51 Faron on 04.28.20 at 6:21 pm

#33 Sail away on 04.28.20 at 5:44 pm

Not my problem.

____________

Just because it’s legal, doesn’t mean it’s not a problem. If this was never a primary residence then you have contributed to the unaffordability issue in some small fraction by using single family real estate as a spec investment. It will become your problem concretely when either property taxes spike to keep yvr solvent or the price of your house falls.

Regardless, even if it isn’t directly your problem, because you choose to live in society where RE overvaluation is a societal problem who’s echos will impact you, so it is your problem.

#52 Lost...but not leased on 04.28.20 at 6:24 pm

QUOTE:

Jon’s a heart doc, transitioning from a small regional hospital to the Big Smoke. His new gig in the cardiac unit of a major Toronto medical centre starts Friday. “Huge promotion,” he says, “and now that Covid is moving offstage there’s a serious backlog of elective surgeries to handle. I will be busy.”

The good news: Jon’s owned a downtown condo for the past five years, where he’s planning on moving his small family. The bad news: he can’t.

“Two months ago I told the tenants I’d be coming back into my old place,” he says, “and they have refused to move out. Now I can’t budge them, and we have no place to land.”

Jon offered to give the tenants a payment equal to three months’ rent. No dice. He found them another, similar, unit downtown. Nope. He said he’d pay their moving expenses. Forget it. While he has the legal right to displace them for his own family, there’s no mechanism to do so.

===========
Sigh:

Phatrtzy’s and MF’s family have been playing this stunt since before Columbus’ time.

PS:
You wouldn’t believe what they leave behind when they are finally evicted !!!

#53 Drill Baby Drill on 04.28.20 at 6:25 pm

We will not have the post WW2 forestry, oil, manufacturing, cheap hydro, auto pact and agriculture to pull us out of the economic mire. Instead we have to look forward to propping up several have not provinces, health care systems and social welfare up the wazzoo. What economic drivers will Canada have going forward exactly ? Electric vehicles? No they will be built elsewhere. Data centres? possibly if India is not competitive. Face it we are snookered.
bring on the tax hikes and Loonie destruction

#54 TheDood on 04.28.20 at 6:26 pm

……By the way, if you need a good cardiac surgeon, I know of one living under a bridge.

__________________________
LMAO! I love this place.

#55 Paul on 04.28.20 at 6:28 pm

#5 bb on 04.28.20 at 5:07 pm
“Jon offered to give the tenants a payment equal to three months’ rent. No dice. He found them another, similar, unit downtown. Nope. He said he’s pay their moving expenses. Forget it.”

3 months of rent money (lets put it at $3k/month) plus free moving expenses. Why wouldn’t the tenant take the money and move to the new place the landlord found for them? Or find a cheaper rental unit?
————————————————————————————————
Because they are uncaring pricks and the Government Backs them up!

#56 fishman on 04.28.20 at 6:29 pm

Last monday morning early, I see a big truck pull up in the back alley behind my commercial property. 5 young guys start loading. Looks like their bailing on the lease. I phone the landlord. He’s Chinese, but, hey, its class warfare not race. My fellow bourgeois capitalist exploiter says he had promised them free April rent & negotiations depending on developments. Time to get a lawyer? Get in a long line up like with everything else. Didn’t they used to have long lineups in the old U.S.S.R.?

#57 Sydneysider on 04.28.20 at 6:33 pm

Announcements from the feds today to claim that “public health measures are working to slow the spread of COVID-19”.

Yet the figures show that confinement has not reduced the rate of infection, which has even increased slightly since mid-April.

https://gisanddata.maps.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6

#58 Gino on 04.28.20 at 6:40 pm

Garth you didn’t say condo crash but you allude to it each blog. Who will want a condo with a virus. Who will want a condo when you can’t have positive cash flow. Who wants a shoe box. Who wants this who wants that. And if so many are coming online since air bnb is done then problem solved he or his tenant can find one for cheap rent!!

#59 Ray Skunk on 04.28.20 at 6:41 pm

I’m struggling to close my mouth after seeing that condo fee. $66.05 per day to live in your own shoebox. There’s a hot tub and pool on those postage-stamp size pictures, so it must be worth it, or something. I’m not seeing any other white-glove services to justify that ridiculous fee.

And there I was thinking I was getting bent over when I was paying $400/mo back in my condo days.

Sidebar – the selling Realtor(tm) stands to make 15 large if that goes for asking… and they can’t even spell the word “condo” correctly in the listing, never mind string together some decent pictures.

#60 Paul on 04.28.20 at 6:41 pm

#8 PSL on 04.28.20 at 5:12 pm
He found them another, similar, unit downtown.

He’s scrambling to find a place for a family of four, plus beagle.

____________________________________

let me see….. he’s already found a similar place for the other tenants. downtown, where his condo is…. but hes’ now scrambling to live somewhere.

i don’t see a problem.
————————————————————————————————
The problem is the lease is up and he OWNS to condo.
The tenant got notice GTFO.

#61 Ed on 04.28.20 at 6:45 pm

So about Roubini’s new book…he wrote books predicting market crashes right after the last 3 crashes…he must use technical analysis to form his opinions…

#62 crowdedelevatorfartz on 04.28.20 at 6:55 pm

@#54 Lost…the lease
“You wouldn’t believe what they leave behind when they are finally evicted !!!”

++++

A smelly social distancing experiment…

#63 Joe Schmoe on 04.28.20 at 7:04 pm

To the “Open it up” crowd:

What exactly is closed?

Today I got:
Groceries
lumber and fix’ns
BBQ supplies
Hunting gear
my car oil changed
booze
my dog groomed
saw the streets being cleaned and major road construction ongoing
construction on two major buildings was ongoing

Outside of hitting a bar and getting my haircut what exactly is the need to hurriedly “open”?

#64 Suburban on 04.28.20 at 7:08 pm

We are on mostly 2 acre plots where I am and it has been a Dog-send. It’s nice to be able to get out of the house and take the dog for a walk. Nobody out here hassles you (as they did Garth) and on a nice day many people are out walking or jogging and nobody says anything besides “hi”, we just all stick to the opposite side of the road (no sidewalks so it doesn’t seem that awkward). There is plenty of room for social distancing.

The internet is good, pretty much everyone with a job is working from home and the kids are on the computer all day and so far no problems. Even Netflix works.

The houses are expensive out here but per square foot nothing like a downtown condo. Mine was about $480/sqft counting only the main floor but that includes in the price a fully developed walk out basement and said 2 acres with lots of trees and a 3 car garage, and we are only 10 minutes from the LRT in town. Plus it is a bungalow, so one less flight of stairs. Takes a while to mow the lawn though. That season doesn’t start for another month and it is over usually by late September.

Through the crisis we strangely have gotten to know the neighbors better than ever. When the weather permits, whoever is in the mood after work grabs a drink and a lawn chair and we meet in a large circle for some socialization. Distance is about 4 meters between couples, we have the room. It has been extremely beneficial for my wife because she is a lot more extroverted than I am. I could go weeks without seeing anyone but her not so much.

And don’t come out here trying to raid our pantries! Almost everyone has guns and many practice using them regularly and your car will be captured on several cameras some good enough to see the licence plate. You’ll be captured on camera too if you leave your car. And don’t forget we have guns. Don’t try any shit.

We have a small hobby garden but maybe this summer I’ll build a larger one (need a deer fence for that). I could easily go up to 1/2 an acre and be clear of the septic field. I think I would start less ambitious than that though. Maybe a greenhouse and 2000 sqft, see how it goes.

So I very much agree with Garth that times like these very much highlight the value of having a bit of dirt to call your own even if it is only 2 acres. And it is pretty reasonably priced for what you get. You do need to have a big budget to get in, but if you can afford it the value is there. I see it as being much more valuable than having a pub at the bottom of the elevator from your live in closet in the sky.

#65 Kilt on 04.28.20 at 7:09 pm

Why not just keep renting to them and buy another place.

Kilt.

#66 Cbo on 04.28.20 at 7:09 pm

You’re welcome.
I expect a reduction in the bps rate when I hand you my portfolio.

#67 Deplorable Dude on 04.28.20 at 7:12 pm

Anecdotal tales from the hood.

4 houses sold start of March, a few days before the sh1t hit the fan. 3 still have their sold signs up and haven’t moved yet. 4th house, took down their sold sign, and haven’t moved…hmmmm?

Bumped into a neighbour out walking dogs. Works across 6 different car dealerships. Reports Sales down over 50%. Customers turning down routine maintenance as they are not driving anywhere near as much now.

My local dealer send me a voucher for a free oil change. No doubt with the intent of trying to upsell me some repair/work I don’t need doing. They’re getting desperate to get people thru the door. Suprisingly I have very little sympathy for car stealerships.

#68 conan on 04.28.20 at 7:13 pm

I know I wouldn’t ask the tenants to leave. I would more than likely be condemning them to life of instant misery. I am Doctor FFS. I help people, besides my job is so good, I can probably get the hospital board to cover my living expenses. Even if its in a hotel fit for a Doctor.

This would be a non issue to me. An annoyance, for sure, but not an issue.

#69 Rowdie on 04.28.20 at 7:13 pm

Welcome to the USSR… get used to it! I had to wait in line to get into the Dollarama … what the shite!

This life we had in Canada, is gone! Get used to the new way of life, and the new government. What happens when the next pandemic of another disease arises.. the government shuts down again. Really feel for the hard working individuals out there trying to make a living honestly. This situation will end in not well… I know I have had enough!

#70 Flop... on 04.28.20 at 7:15 pm

WHO the bloody hell is giving these guys money…

M45BC

Mapped: How Much Each Country Contributes to the World Health Organization.

“President Trump recently cut funding for the World Health Organization (WHO), claiming that the group didn’t do enough to protect Americans from the coronavirus. This made us wonder which countries make the biggest financial contributions to support the WHO.”

Top 10 Countries Contributing the Most to the WHO

1. U.S.: $116M (24% of total)
2. China: $57M (12% of total
3. Japan: $41M (8% of total)
4. Germany: $29M (6% of total)
5. U.K.: $22M (4% of total)
6. France: $21M (4% of total)
7. Italy: $16M (3% of total)
8. Brazil: $14M (3% of total)
9. Canada: $13M (2% of total)
10. Russia: $12M (2% of total)

https://howmuch.net/articles/who-contribution

#71 Tim123 on 04.28.20 at 7:15 pm

The effects of Coronavirus on real estate were unforeseen even by people who thought real estate in Canada was over priced. The reason why people used real estate for their whole portfolio and retirement fund was because of the common held notion among Canadians that real estate could never go down. It will be interesting to see far the real estate market crashes. Perhaps people will learn from this harsh lesson.
I think the number of renters who do not pay in May will go up. The numbers in the US were 31% who missed their rent payments for April so I would expect Canadian renters to probably approach this mark in May especially as many realize they cannot be evicted for a while. As you have noted in the past, being a landlord sucks, and I have to agree. Especially now when landlords may end up under water for their mortgages (mortgage is greater than the value of the property). It may be a good buying opportunity to buy beaten down real estate in a year or two.

#72 Dr V on 04.28.20 at 7:19 pm

188 Sail away

“The issue I’ve run into in the past is that the company is self-sustaining; it’s fine to retain earnings for additional growth, but that all stays within the company and extra funds are at some risk to lawsuit or unexpected expenses like Covid, so I’ve drawn off and invested separately.”

Excellent advice.

#73 Reximus on 04.28.20 at 7:21 pm

maybe the tenants are out of work and know they cant pass the credit check in the new location

#74 Flop... on 04.28.20 at 7:21 pm

I talked about hiking and camping this summer might be hindered by restrictions a few days ago.

Backcountry could be left to burn.

Last night on the news, they mused how this firefighting season might be a tough one, with trying to fight a fire with physical distancing and saying the firefighters might not be able to travel to help out like usual.

Get ready for the summer.

It’s shaping up as a real barn burner…

M45BC

#75 Wrk.dover on 04.28.20 at 7:21 pm

#176 Penny Henny on 04.28.20 at 1:19 pm

About the restaurants, you live in Welland, go to the Atlas.

Wings.

#76 Long-Time Lurker on 04.28.20 at 7:25 pm

>Aussie pandemic-exit-strategy-paper’s conclusion (not peer reviewed):

Exit strategies: optimising feasible surveillance for detection, elimination and ongoing prevention of COVID-19 community transmission

Authors: Lokuge K, Banks E, Davies S, Roberts L, Street T, O’Donovan D, Caleo G, Glass K.

Corresponding author:
Kamalini Lokuge, FAFPHM, PhD (Epidemiology)
National Centre for Epidemiology and Population Health, The Australian National University
62 Mills Road, Acton ACT 2601
T: +61 416 054 550
E: [email protected]

…Conclusion
Given our findings, we recommend exhaustive testing of patients presenting with fever and cough in primary care as the most efficient and feasible means of detecting all community transmission of COVID19 in high and low transmission settings. This is in addition to current testing regimens such as the testing of symptomatic travellers, contacts, health care workers and hospitalised pneumonia cases. Once community cases are identified, detailed and meticulous upstream and downstream contact tracing, linked to quarantining of all contacts, and both antigen and serological testing of all upstream contacts who may be the source of infection, will support elimination of community transmission, and rapid control if and when reintroductions of disease occur. This strategy optimises the likelihood of remaining in the elimination phase while allowing for ongoing lifting of containment measures. Community engagement in order to ensure high levels of testing uptake and compliance with follow up measures in identified cases and their contacts is critical to successful implementation of this strategy….

https://www.medrxiv.org/content/10.1101/2020.04.19.20071217v1.full.pdf+html

#77 Marco on 04.28.20 at 7:26 pm

Well as I recall, Taleb wrote in Black Swan that extra sturdiness he experience knowing his last resting place somewhere in Lebanon, surrounded by his relatives. Do you know it? Do you fill it? How your well balanced portfolios measures it?

#78 East Coast Life Style on 04.28.20 at 7:30 pm

I have a suggestion to keep you all occupied…

LEARN TO SWIM!

#79 Long-Time Lurker on 04.28.20 at 7:30 pm

>Japan’s pandemic-exit-strategy failure’s lesson:

Hokkaido, Japan. Infected Chinese tourists. Community spread. Lockdown. Isolation. No new cases. Domestic imports. Second wave.

The lesson is to beware of domestic virus carriers as well as foreign. These are found through testing.

This Japanese Island Lifted Its Coronavirus Lockdown Too Soon and Became a Warning to the World
Time
Abigail Leonard / Tokyo
•April 24, 2020

Japan’s northern island of Hokkaido offers a grim lesson in the next phase of the battle against COVID-19. It acted quickly and contained an early outbreak of the coronavirus with a 3-week lockdown. But, when the governor lifted restrictions, a second wave of infections hit even harder. Twenty-six days later, the island was forced back into lockdown.

A doctor who helped coordinate the government response says he wishes they’d done things differently. “Now I regret it, we should not have lifted the first state of emergency,” Dr. Kiyoshi Nagase, chairman of the Hokkaido Medical Association, tells TIME.

Hokkaido’s story is a sobering reality check for leaders across the world as they consider easing coronavirus lockdowns: Experts say restrictions were lifted too quickly and too soon because of pressure from local businesses, coupled with a false sense of security in its declining infection rate.

“Hokkaido shows, for example, that what’s happening in the U.S. with individual governors opening up is very dangerous; of course you can’t close interstate traffic but you need to put controls in place,” says Kazuto Suzuki, Vice Dean of International Politics at Hokkaido University. “That’s what we now know: Even if you control the first wave, you can’t relax.”…

…On March 18, Suzuki assembled his advisers and decided it was time to ease restrictions. Nagase, the doctor who helped coordinate the government’s response, says that at that time, officials had only a limited understanding of the virus and how quickly it could spread. “Hokkaido was the first big outbreak here, so we were really operating in the dark.” Without sufficient data, doctors based their recommendations on the idea that the coronavirus spread like influenza. Nagase says he now regrets not pushing for more testing from the beginning…

…Further fueling it, people from other parts of Japan saw that Hokkaido had relaxed restrictions and began travelling there. Some were university students in big cities, who returned home to Hokkaido when classes were cancelled in April, says Nagase. Others were employees of large companies that typically start new job rotations at that time of year; when the state of emergency was lifted, businesses sent a fresh crop of workers from Tokyo and Osaka to Hokkaido.

That likely seeded even more infections and soon the second outbreak was in full bloom. By April 9—exactly three weeks after the lockdown was lifted—there was a record number of new cases: 18 in one day. “Officials thought about people coming from overseas but never considered that domestic migration could bring the virus back,” said Hironori Sasada, professor of Japanese politics at Hokkaido University…

…As for Nagase, the doctor involved in Hokkaido’s response, the hard lesson he and the prefecture have learned, he says, is that until there’s a vaccine or medicine, everyone has to take personal responsibility and understand that, “it really may not be until next year that we can safely lift these lockdowns.”

https://news.yahoo.com/japanese-island-lifted-coronavirus-lockdown-102705193.html

#80 LTB on 04.28.20 at 7:32 pm

LTB Courts will be closed for the rest of the year. There will be a backlog of over 1 year even if it opens. Enjoy Free Rent for 2 years.

#81 Long-Time Lurker on 04.28.20 at 7:32 pm

>Disclosure-while-distracted or further-freak-out-fuel?

Pentagon releases ‘UFO’ videos taken by US Navy pilots
AFP AFP•April 28, 2020

The Pentagon has acknowledged previously funding a secret multi-million dollar program to investigate sightings of UFOs

Washington (AFP) – The Pentagon has officially released three videos taken by US Navy pilots showing mid-air encounters with what appear to be UFOs.

The grainy black and white footage had previously been leaked and the Navy had acknowledged they were Navy videos.

The Department of Defense said Monday it was “releasing the videos in order to clear up any misconceptions by the public on whether or not the footage that has been circulating was real, or whether or not there is more to the videos.”

“The aerial phenomena observed in the videos remain characterized as ‘unidentified,'” the Pentagon statement said.

One of videos was shot in November 2004 and the other two in January 2015…

https://news.yahoo.com/pentagon-releases-ufo-videos-taken-us-navy-pilots-135855086.html

#82 AB on 04.28.20 at 7:35 pm

Thank you Jon for taking care of our health. You are a true hero in my eyes. The jealous hateful rants against you are indicative of a socialist mindset. Shameful really.
Such a poorly formed morally bankrupt group will be the ruin of our once great nation.

#83 Sail away on 04.28.20 at 7:36 pm

#53 Faron on 04.28.20 at 6:21 pm
#33 Sail away on 04.28.20 at 5:44 pm

————-

Not my problem.

————-

Just because it’s legal, doesn’t mean it’s not a problem. If this was never a primary residence then you have contributed to the unaffordability issue in some small fraction by using single family real estate as a spec investment. It will become your problem concretely when either property taxes spike to keep yvr solvent or the price of your house falls.

Regardless, even if it isn’t directly your problem, because you choose to live in society where RE overvaluation is a societal problem who’s echos will impact you, so it is your problem.

————-

Nope.

I’m perfectly happy to rent out my own property… if I have more control over it than the renter. With rent control laws and renter rights as they are? Nope, never. Empty it will remain.

You’re judging me?! Haha… good luck with that.

#84 Linda on 04.28.20 at 7:39 pm

That is one big pup in today’s blog pic! Looks very fluffy & well cared for.

I like the suggestion that Jon change the locks. Post Covid, I think renters who took advantage of the circumstances to stiff their landlords are going to find themselves evicted. Whether those renters will be able to find another place to rent depends on whether there is anyone left willing to be a landlord. For sure the only glowing reference such tenants will receive will be of the 4 letter variety.

As to why the tenants in Jon’s case refuse to be moved despite financial incentives, I can think of a few reasons why. 1) they are concerned their new digs will be Covid contaminated. 2) the proposed new digs aren’t as classy or as convenient. 3) a general desire to not have to deal with the hassle of moving or the expectation that they actually clean up the current digs prior to moving. 4) they have a pet which they may not be able to keep if they move. 5) the new landlord may well require a commitment to pay rent or be able to increase the rent post move.

As for the users & abusers crowing here, bottom line is Jon owns the place. His position & income are no excuse for refusing to move or to squat. Why should Jon be expected to pay for another place when he has legal ownership of a place already? He isn’t responsible for his tenants financial issues.

#85 bellend on 04.28.20 at 7:40 pm

so Dr will have his day at the tribunal….eventually….and a recalcitrant tenant is likely to be busted hard…tenant best move to nepal

#86 Tbone on 04.28.20 at 7:41 pm

Those dear tenants are going to take the poor doc for a long ride . They will stiff the landlord for many months moving forward and will get free accommodations for a long time before they get legally evicted . They have no intentions of paying any sort of rent . They are slimeballs. The doc should sent over Furio ( supranos )to visit .

#87 Keep Your Rent on 04.28.20 at 7:42 pm

Tenants keep your rent.

Landlords keep your distance.

If you believe you may be at risk of illegal lockout, there are a few things you may want to consider doing:

1: Inform those that live around you that this may happen. Share with them a description of your landlord and give them your contact. If they see your landlord or anyone else doing anything suspicious around your home ask them to intervene and contact you.
2: Carry all important documentation with you at all times while outside the home. This includes identification, passport, credit and debit cards, immigration or legal documents etc.
3: Carry proof of residence. Ideally this would be your lease agreement but can also be registered mail with your name and address on it.
4: Leave yourself a way to re-enter your home or have a plan if locks are changed while you are out. A window or some other option may be necessary for you to be able to re-enter your home.

#88 Marco on 04.28.20 at 7:42 pm

Ah, yes Sweden. They did not lock up. Their economy is booming. Some business started under Nazis, now juge furniture brand and Volvo sold to China. They deliberately cooled their old, what a saving. Now they can use that saving to import another hundred thousand Arabs to entertain their women. Happy women, happy society. Ohh, they are sooo advanced. Fifty percents households of one. Modern love, baby. While Canadians suffer unprecendend violations of their human rights and their landlord status in jeopardy. Well, I think Solzenycin told that society who do not respect their elders has no future….

#89 S.Bby on 04.28.20 at 7:43 pm

As long as the mortgage slaves can defer their payments for six months on either principal residences or their rental “investments” we won’t see any forced selling which would lead to lower prices.

#90 Alan on 04.28.20 at 7:53 pm

#3 darth dog – you need to give your head a shake. What if the doctor wasn’t a doctor and was earning substantially less? And what if they were kicked out of their rental for some reason, and only wanted to move back into what’s rightfully theirs? Are the people who refuse to move still in the right? The income someone makes is irrelevant to the situation – wrong is wrong and they should get out.

#91 Options for Doc on 04.28.20 at 7:54 pm

I am not a lawyer
But I believe if you give the tenants notice you are selling the unit they then have to move upon completion of sale.
Sooooo
Sell the condo to your wife.
Hope you read this and hope the renters cannot read.

I firmly believe that ethics in this country is going down the drain.

Finally like a blogger said if the rental tribunals are closed and a backlog as long as Bloor street, toss them out and say take me to court.
Imagine three months free rent I guess the government helicopter money is better.
Let’s get down on our knees and pray that renter needs heart surgery the look on their face would be priceless.
Have a great day keep us posted

#92 akashic record on 04.28.20 at 7:56 pm

#9 akashic record on 04.28.20 at 5:12 pm

Markets and the economy are not synonymous. The market leads. Its message: no depression. Does Roubini have a new book to flog? – Garth

Market leads, debt follows like a giant shadow.
Put them on the same chart: there is the economy.
If it does not seem depressing, you must have something to flog.

Pandemics are temporary. The economy will gradually turn on. Lighten up. – Garth

#93 Marco on 04.28.20 at 8:01 pm

#90 Keep Your Rent on 04.28.20 at 7:42 pm
————————————————-
Wow, a guerrilla manual, here.

#94 Lost...but not leased on 04.28.20 at 8:06 pm

#45 Toronto_CA on 04.28.20 at 6:03 pm
I know the common thinking these days is that we will never go back to “normal” as it was before the virus. Hear me out.

I think the ability of people to forget events like this is underestimated. It very well could be that in a year from now, things will be much more normal than we expect right now.

Remember after 9/11 how no one was going to fly again? We forget and move on quickly. It’s for the best really. I could see us moving on. Particularly if tons of models are correct in saying that a huge % of us already had the virus and didn’t realise it.

==========================
“With all due respect ”

Umm…err..don’t you get it yet?

Under “Once Bitten..Twice shy???”

Might be a good idea to “Decode the Daily Pressers”.

There is next to zero intention by Gubermint to loosen the leash on 99.9% of the population.

I look for coded language like “resurgence”(ie COVID 19 low mortality) of a new wave of cases……

……”gee we flattened the curve(cue false hope)…BUT______”

OR “new normal”….

OR ” Vaccine is 1+ years away” hint hint

Gubermint has no intention whatsoever of “Old Normal” ever existing…ever again . We have democratically voted for this, de facto, via our collective fear, silence and self- induced ignorance.

#95 Lost...but not leased on 04.28.20 at 8:12 pm

#76 Flop… on 04.28.20 at 7:21 pm
I talked about hiking and camping this summer might be hindered by restrictions a few days ago.

Backcountry could be left to burn.

Last night on the news, they mused how this firefighting season might be a tough one, with trying to fight a fire with physical distancing and saying the firefighters might not be able to travel to help out like usual.

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

COVID 19 has mutated to include asbestos epidermis.

#96 John in Mtl on 04.28.20 at 8:13 pm

@ #24 Dogman01 on 04.28.20 at 5:30 pm

And they conclude in the end the only solution to save the planet will be; http://www.vhemt.org/

You need to send this to china and India ASAP. That’s where 1/2 the problem lies for now.

#97 Paul on 04.28.20 at 8:16 pm

#82 LTB on 04.28.20 at 7:32 pm
LTB Courts will be closed for the rest of the year. There will be a backlog of over 1 year even if it opens. Enjoy Free Rent for 2 years
————————————————————————————————
I have dealt with tenants personally and for clients. For some it’s all a game, but when the sheriff office shows up and changes the locks they don’t like the game.Plus I go to small claims court get a judgement and garnish wages. So now no credit ie car loans, mortgages for you.
Yes time consuming, I sleep better.

#98 the Jaguar on 04.28.20 at 8:17 pm

Great. Fort Mac now experiencing a 100 year flood. Hopefully Wul knows how to hold his breath under water and float. Maybe strap some empty beer cans around your waist for buoyancy, kiddo. Snow
pack in the mountains is also very high here in the south country, and Calgarians and the folks who live in the great and historic town of High River are casting a watchful eye. What next? Pretty sure Santa Claus will fly his sled over Alberta this year without stopping to say Merry Christmas.
Nothing left to do but dig in, remain stoic, extend a hand to family and neighbours in need and try to remain brave and optimistic. Maybe try that old chestnut of circling the wagons, too. Can’t hurt. At least we have our one Ace up our sleeves. What is it, you ask? It’s this…we aren’t quitters. Perseverance is as natural to Albertans as herding sheep is to a border collie. You can laugh, but consider that the human species isn’t really all that different from our canine friends. Explains why some of lesser character are trying to pull a fast one on the federales with the CERB handouts. Hopefully the CRA has strived to hire and employ those with the characteristics of german shepherds. If not, tell them to give me a call. I’ll be ‘at their service’.
When this whole mess is over ( Covid, Oil & Gas calamity, Economic Reset, and whatever else I forgot) there should be a serious examination about how we all just let it happen, especially given the so called ‘health science modelling’ that let us down so terribly. How we became prisoners to the daily persuasions from so called ‘authorities’ that lead nowhere except to the complete shutdown of our lives and world. We’ve needed to have similar, honest conversations about other issues for some time and maybe that will be the best thing to come out of this terrible period. We’ll stop bullsh__ing one another.
Mercy! As I write this the newscast says that ‘obese’ people are more profoundly affected by Covid-19. Greater risk, apparently. Well! Round up the usual suspects! Those would be the fatties who ignored all previous warnings about risk of diabetes, hypertension, and cardiac risk because they refused to given up their cheese doodles and lifelong addiction to Netflix, never mind their pepperoni sticks!
Appears their negotiating partner, the one known as “Mr. Reality’ has shown up to negotiate on their behalf. If that sounds mean, consider that healthy food choices, exercise, and other lifestyle choices are available to all who live in a first world country like Canada with social safety nets. It works in a similar way with financial responsibility in life.

#99 Grunt on 04.28.20 at 8:19 pm

Places like East York & Leslieville will move further up. Little hirise development.

Renoviction or no fault eviction – the pressures off.

#100 Raven Above on 04.28.20 at 8:20 pm

From what I can conclude from the Covide crisis, ongoing U.S. political turmoil along with the environmental views et all we as a global society just continue to polarize. This will come to a head, and I can only hope that I will not be in any position to know what happened….Ka bang, good-bye Covid, good-bye world!

#101 Paul on 04.28.20 at 8:21 pm

87 Stone on 04.28.20 at 7:40 pm
#43 JonBoy on 04.28.20 at 5:54 pm
Seems like Jon has a simple path: do what is legal (give notice, wait the proper number of days, etc) and then go to HIS condo and change the locks. Invite the cops – it’ll just make it easier to determine that he is the rightful owner, he has done what was required and they are now trespassing.

It boils my blood to see people taking advantage of the situation when they have no moral or contractual right to stay. He’s gone above and beyond for them and they’re still refusing to leave. Absolutely sickening behaviour. Can you imagine, refusing to leave when he’s found you alternate housing AND offered to pay three month’s rent? Sheesh.

———

Invite the cops? You are an idiot! The police are not a mercenary force. Uneducated fool.

I’d like to see you try that. I can predict the outcome. The outraged cops will put “you” in the back of their cruiser, pepper spray you thoroughly and then close the door. They’ll leave you sitting there for a couple of minutes to ensure you learned your lesson. I guarantee you will never try to abuse a law enforcement officer and keeper of the peace with such a trivial thing ever again.

This all from personal experience. It was a joy to see. I had a good laugh. Cops have very little patience for idiots like you. But by all means, don’t take it from me. Go and find out for yourself.

There is only one route here. The LTB is the only one to render judgement. Until then, and per provincial legislation, there is nothing to be done.
————————————————————————————————
“From personal experience”
Thought you were a dead beat!
Now you have removed all doubt,

#102 april on 04.28.20 at 8:28 pm

#40- How do you know there’s been “no drop” in condo prices. A friend of mine, who lives in False Creek, Vancouver, bought a condo in a high-rise for 860 a couple of yrs ago and now wants to sell it but has been told by her realtor that she will take a loss. Don’t be fooled by MSN spin.

#103 Ejy on 04.28.20 at 8:30 pm

RE #81 “Japan’s pandemic-exit-strategy failure’s lesson”
The paternalism with which westerners preach to Japan is annoying (and predictable), if not disguised racism. Lived in Japan, including in Hokkaido, for a few years in my 20s and found that westerners, especially media, love to berate Japan for it’s supposed shortcomings. They are a functioning, intelligent, and culturally advanced country; we have enough of our own shortcomings to focus on (like overreacting). And, put it in respective, there are 25 deaths in Hokkaido, a prefecture with a population of well over 5 million, of whom the number over age 70 is several times here–many elderly die by other viruses causing pneumonia.

Japanese are reasonable, rationale, and generally do the right thing. They have not focused on ordering people to close their businesses or stay at home, but suggesting it. In Canada, the response has been totalitarian without regard to individuals (something the west has often accused Japan of–rules before reason), with the average Joe/June decrying anything but the “rules.”

#104 CJohnC on 04.28.20 at 8:37 pm

#90 Keep Your Rent on 04.28.20 at 7:42 pm

a few things you may want to consider doing: you forgot item 1:

Pay Your Rent

#105 Faron on 04.28.20 at 8:38 pm

Of course I’m judging you sailboat. Isn’t that the purpose of the internet?

Just pick good tenants and stop asking the state to hold your hand in keeping the bad hombres out.

#106 YouKnowWho on 04.28.20 at 8:39 pm

Continuing with the theme of humans not able to touch humans at 540M views…and the winner and the winner is…M.C….

https://www.youtube.com/watch?v=otCpCn0l4Wo

#107 AlMac on 04.28.20 at 8:39 pm

#53Faron – I have yet to see any evidence that the spec tax has increased rental availability in Vancouver. Until I do I just think it is a money grab.

#108 MF on 04.28.20 at 8:40 pm

#15 not 1st on 04.28.20 at 5:20 pm

Do you ever have anything positive to say?

Lighten up man.

If you are not worried about COVID, then you SHOULD be worried about blood pressure and stress. All this worry is not healthy for you (seriously).

“Where did I say ‘crash’? – Garth”

-You didn’t. The comment was more directed at blog dogs who can’t understand why people would enjoy condo living.

MF

#109 Witnessed with my own eyes ... on 04.28.20 at 8:43 pm

#87 Stone on 04.28.20 at 7:40 pm
Invite the cops? You are an idiot! The police are not a mercenary force. Uneducated fool.

I’d like to see you try that. I can predict the outcome. The outraged cops will put “you” in the back of their cruiser, pepper spray you thoroughly and then close the door.
———————————————————–
while sitting in a restaurant in east Van … a couple of guys running out the door without paying their bill. The owner of the restaurant grabbed a pot of hot coffee that was always by the till (at the door) and threw it at the perps. He then grabbed one of them and held him until the coppers showed up. Guess who got hauled away …

#110 SunDays on 04.28.20 at 8:47 pm

Law of the jungle > Rule of law

#111 Bobby Bittman on 04.28.20 at 8:48 pm

The next step after purposefully not paying what you owe is purposefully taking what isn’t yours.

#112 Doug t on 04.28.20 at 8:49 pm

Toronto is, and has been for many years, a complete SH*THOLE – the city lost its way decades ago and sadly the people running Toronto ran it into the ground – if you can live anywhere in Canada why live there

#113 The Homemaoner on 04.28.20 at 8:50 pm

There are situations like this n the Okanagan where renters are refusing to vacate for returning snowbirds. The most egregious thing about this is winter rentals around here are usually 4/6/8 month term rentals that are coming to an end now anyway, and that doesn’t phase these renters one bit.

#114 conan on 04.28.20 at 8:51 pm

I think zoom and Parliament might be a sweet thing. The loose cannons in the heckle section can not heckle anymore. Zoom software will swing the camera to their heckling mug……lol I love it.

#115 Lee on 04.28.20 at 8:55 pm

I’ve done the math. In order to pay for all this and keep government employees fully employed the top combined tax rate for individuals has to go to about 61% to 62% in Ontario. On income over $100,000 it has to go at least 55%. That’s employment income. It’s getting pointless to be a doctor.

#116 Patty on 04.28.20 at 8:57 pm

On the other side of the equation, Garth, there is something truly disgusting going on right now in commercial real estate. I have worked in this field for many years, and am sickened by what I am seeing. I feel guilty for even the small role I still play in this. It deserves some attention.

Think of the ‘biggies’, the major commercial property landlords. Their big “For Lease” signs are everywhere, the names are familiar to all. And they, almost all of them, are deliberately screwing their most precarious commercial tenants right now.

They are being completely inflexible and forcing as many out as possible. They are asking others to get the government assistance, but then insisting on getting brown envelopes under the table with 25% back. Most commercial tenants just cannot afford that, so they are screwed.

Why do this? Simple. These big property landlords have their fingers on the pulse of municipal governments. Peel Region, Toronto, Hamilton, Ottawa, and more have made clear they want to buy commercial real estate to redevelop for residential. So the ‘biggies’ are seeing this as a golden moment to clear out their lower performing units and sell as part of the next wave of big government recovery and development spending.

Watch the news. You’ll be seeing more and more on this ahead. It’s appalling.

#117 Jay on 04.28.20 at 8:57 pm

Years ago, a lot of my co-workers were part of that REIN cult, where they got together and bragged about how much money they made off investment properties. probably dragging a poor renter to be sacrificed each meeting to the real estate god (Don Campbell).

I got made fun of for investing in equities for a measly 6 percent expected return. “Why wouldn’t you buy property” they said. “Guaranteed double your money” they said. When I refused to come to the meeting I was treated like an outsider and never spoken to again.

Do I feel sorry for these “investors” who are now caught with their pants down? not really. Will they beg and plead the government for some kind of bailout to save them from taking on a ridiculous amount of risk? Absolutely.

#118 yvr_lurker on 04.28.20 at 8:58 pm

I am hoping that all the speculators owning multiple properties doing AirBNB and rentals all the while not reporting any income on their taxes are completely decimated in this pandemic. What is going on now is better than any tax the NDP in BC could have ever dreamed of. No Gov’t bailouts for AirBNB; However, with the rate at which T2 is throwing money around they may be rescued yet.

From the usual online sites, there seems to now be many more long-term rentals in YVR and the price is coming down as short-term rentals are converted to long term to recoup some of the losses.

That being said, there will be many predatory tenants who will seek an opportunity not to pay the rent even if they can given that there is little recourse. Poor moral compass here for sure.

This is the first post where Garth seems to indicate that this virus may be with us in some semi-permanent state, and amplified doing flu season. This is what I believe as I do not think there will be some magic vaccine that will put a definite end this. Society willfind some new equilibriium state and there will be some form of treatment for Covid19, but it will be an issue to worry about in the years to come.

What I don’t understand on this blog is why there is no detailed discussion on the ways the world needs to help ensure that a new even deadlier pandemic does not occur and to seek the scientific truth (with or without the cooperation of China) to understand the origins of this. If we do not learn from this event, certainly new viruses will be emerging as we go forward. This issue is critical to discuss, and it is not xenophobic. However, on this blog it seems to be much easier to simply call out those families with little savings who now have no jobs (who did not forsee the possibility of a pandemic) and who work in industries that will be shuttered for months to come.

#119 Trojan House on 04.28.20 at 9:03 pm

Just saw an interview with Dr. David Katz by Bill Maher on HBO. He came under fire after an opinion piece he wrote, I believe for the NYT. He makes a lot of sense – something that there doesn’t seem to be a lot of from our so-called leaders these days.

Here is a write-up on his interview with Maher:

https://www.straight.com/covid-19-pandemic/dr-david-katz-explains-health-risks-of-lengthy-lockdowns-and-why-covid-19-turns-chronic

#120 Barb on 04.28.20 at 9:07 pm

“While he has the legal right to displace them for his own family, there’s no mechanism to do so.”
————————-

Disgusting.
So even the “legitimate” evictions aren’t allowed.
I’m sure someone will comment that a few burly men can remove all the furniture, change the lock, all in one go.

H would help too if it were in our town.

#121 Calgary retiree on 04.28.20 at 9:08 pm

I’m always wondering about these heart warming stories – which fits the partisan conservative narrative of the blog owner so well…

Here’s my take on the landlord/cardiac surgeon dilemma.
If the rental was month to month the landlord must give three months notice to the tenant. The landlord cannot “buy out” the tenant as, for example, for terminating an employee.
If the rental was subject to a lease agreement, with a specific start and end date, the tenant must vacate the property at the end date. If the tenant refuses to leave, it becomes a matter of trespassing or squatting. Under no circumstances should the landlord accept additional money from the tenant as that would indicate an agreement.
Either way, the landlord should hire a good lawyer.

And you should stop giving wrong advice. – Garth

#122 CERB on 04.28.20 at 9:08 pm

Sorry to change the discussion,
I just found out that if you applied for EI you are not eligible for CERB
So that means 1.5 million EI and 7 million CERB?
Wow!
Here’s the quote from the web site

https://www.canada.ca/en/services/benefits/ei/cerb-application/questions.html#employment-insurance

Yes. If you are already receiving Employment Insurance regular benefits, you will continue to receive these benefits until the end of your benefit period.

You cannot exit the Employment Insurance system to apply for the Canada Emergency Response Benefit before the end of your Employment Insurance benefit period.

You also cannot get the Employment Insurance benefits and the Canada Emergency Response Benefit for the same period.

Wow! So does that mean 9.5 million on the dole? And another 2.5 million on welfare so is there anyone still working?

Thanks Garth interesting Post. Not sure what to say. Seems to me the truth is somewhere in the middle?

#123 Freedom First on 04.28.20 at 9:11 pm

Looks to me like many people are not practicing the “Golden Rule”.

Good thing for me I have always been too wise a dog to be diddled by anyone.

Freedom First

#124 john m on 04.28.20 at 9:13 pm

“now that covid 19 is moving off stage? “…cmon now get a grip Garth and check the numbers!

#125 ImGonnaBeSick on 04.28.20 at 9:25 pm

Covid-19, $250B deficit and counting. 11.7m tax payers.. top 20% of earners pay 60% of the taxes = $64,000 extra tax for each… I believe that to be in the 20% of earners, you need to have a household income of $156,000 plus.. that’s 40% of their gross income for a year, gone in 6 weeks.

#126 not 1st on 04.28.20 at 9:27 pm

#110 MF on 04.28.20 at 8:40 pm

Sorry friend, where I come from we don’t lay our rights down for anything or anyone, ever. Its not a small thing.

Maybe you grew up differently.

The govt clearly overstepped and continues to overstep especially with a Marxist styled govt at the helm. They scare me a million times more than any disease.

They need to be held accountable for their garbage data and policy especially the feds. They have destroyed lives across the country.

#127 Barb on 04.28.20 at 9:36 pm

What if AirBnB renters refuse to leave?

#128 conan on 04.28.20 at 9:37 pm

or whether or not there is more to the videos.- LTL

There is definitely something more to the video and they are not showing it. Grainy, black and white?
I have read up on what this tic tac vehicle was doing.

It would be like a medieval person, driving an ox cart, seeing an F-22

#129 Felix on 04.28.20 at 9:37 pm

So much for intelligent social distancing in today’s photo.

Dogs=stupid + dangerous

#130 Brave New World on 04.28.20 at 9:42 pm

Western civilization has been of life support for decades. The value system that would have held folks that didn’t pay the rent accountable is gone. We can thank the 1960s generation, which I am a member for this mess. A society without values will eventually fail. We should be afraid of this more than some bat virus.

#131 Freedom 57 (I was a slow learner) on 04.28.20 at 9:48 pm

For #2 akashic record & #5 Keep your rent? Here’s where the karma comes in.

The tenant gets rushed in for emergency surgery only to find the landlord he screwed over, is the one who is going to do the surgery on him.

#132 Lee on 04.28.20 at 9:50 pm

#124 Calgary Retiree,

What part of “the courts are closed to residential landlords” don’t you understand? The backlog prior to the shut down was about 6 months to evict, if the tenant wasn’t aware of various delay tactics. They are all over the internet. The landlord better get a very good lawyer knowledgeable in LLT matters when the courts open. If you miss the mark on these matters you often have to start all over again. That will mean another lengthy wait. That’s tough to swallow, especially with a giggling tenant in the background.

#133 Burnaby Boy on 04.28.20 at 9:51 pm

#7 :”The number of people who are totally unconcerned with paying what they contractually owe for no real reason is mind boggling.”

But don’t forget that it wasn’t too long ago that the BC Liberal government tore up a union contract and rolled back the wages of the Care Aides by 15% and the dietary staff and janitors by almost 50%. But you expect us to honor their contracts? Yea, right.

#134 Sold Out on 04.28.20 at 9:52 pm

After this experience, will banks continue to accept projected suite rental income when determining if a mortgage applicant can make the payments?

Lots of prospective owners would be kept out of SFD if the rules change.

#135 LTB on 04.28.20 at 9:59 pm

Small claim courts are also closed. All the courts and LTB tribunals are closed. No action can be taken. Even if the courts open, the backlog is going to take atleast an year. Free rent for 1-2 years will save you atleast $10,000 in all cities ($25,000 or more in Toronto)

#136 Toni on 04.28.20 at 10:01 pm

#7 flyallthings – Can’t agree more. We are leading toward a Canadian society where the sense of “entitlement” is becoming frankly pathetic. We can’t really blame the people. We already know how we got there. A leader said once “Ask not what your country can do for you; ask what you can do for your country.”

#137 milly on 04.28.20 at 10:07 pm

So Canadian real estate doomed because:
-Commercial real estate unnecessary due to remote work
-household debt and unemployment means mortgage payments/rental payments are at risk
-airbnb failure causing massive supply increase of condos

But investing in Canadian REITs is wise? How can those two co-exist Garth?

#138 tenant on 04.28.20 at 10:09 pm

#Keep your Rent

It is illegal to change locks. The only way to evict a tenant is to obtain a judgment from the LTB. But the LTB and Small Claim courts are closed indefinitely.

#139 Steph on 04.28.20 at 10:10 pm

Just tell the doc to chill out, enjoy his lovely wife and stop worrying about the future for a change?

#140 John in Mtl on 04.28.20 at 10:11 pm

@ #90 Keep Your Rent on 04.28.20 at 7:42 pm

Man, I wish you were nearby, I have a convenient lamp post next to my building, easily accessible from the 3-rd floor window. And I got lotsa rope too!

How can you act so dishonourably? You’re just as bad and as dishonest as the profiteering rentiers.

#141 Nonplused on 04.28.20 at 10:15 pm

#90 Keep Your Rent

“re-enter your home”??? It’s not your home if you haven’t paid your rent or you actually own the thing.

Anyway your plan is extremely short sighted. You will be evicted eventually and once so you will not be able to rent another place. Reference checks, particularly from your previous landlord, will be the new norm. So, you should use the money you are stealing from your land lord to buy a nice tent or maybe a used RV.

#142 Ustabe on 04.28.20 at 10:17 pm

What I don’t understand on this blog is why there is no detailed discussion on the ways the world needs to help ensure that a new even deadlier pandemic does not occur and to seek the scientific truth (with or without the cooperation of China) to understand the origins of this.

This is a group that largely disputes medical science and adheres to political dogma, feeling that is a good way to solve a medical issue.

You will note that this same group largely belongs to a rudderless, leaderless political party who have offered absolutely zero of any import to the national discussion on current matters.

Ask them about Doug Ford who is doing a great job for the little guy in Ontario and they shuffle away. Want to talk about Jason Kenny and his Bill 10 in Alberta? They scuff the floor with their shoes as they, again, obfuscate and wander off.

This is a group, with outliers excepted, that doesn’t seem to know what a Neo-liberal is, feels we are governed by a Marxist government and seemingly prefers to bicker among themselves at Garth’s bandwidth expense.

A few years back this was a group of largely supportive voices, one to the other. This latest influx of Political Pandemic Experts diminishes the conversation greatly. Again, if Garth allows it to be printed they feel justified and it must be correct.

I’ve watched careful and astute voices go away, I’ve watched similar voices diminish their contributions as this morphed into a blood sport for some.

Lack of respect for fellow posters combined with a significant move to the conspiracy nutter side of all this precludes any rational discussion on future events.

Besides, this isn’t a virus blog, eh?

#143 Faron on 04.28.20 at 10:20 pm

#110 AlMac

“I have yet to see any evidence that the spec tax has increased rental availability in Vancouver.”

—-

Incorrect. Do your research:

https://vancouversun.com/news/local-news/tight-vacancy-rates-and-higher-rents-but-more-long-term-rental-units-in-vancouver-cmhc/

and CMHC data show an overall rise in vacancy rate of 0.4% from 2016 to 2019. Not much, but a measurable change:

https://www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/Table?TableId=2.1.31.3&GeographyId=2410&GeographyTypeId=3&DisplayAs=Table&GeograghyName=Vancouver

Both the spec tax and the foreign buyer tax (temporarily) caused prices to drop in Vancouver.

#144 Phylis on 04.28.20 at 10:20 pm

#83 Long-Time Lurker on 04.28.20 at 7:32 pm SM was just out for a spin.

#145 John in Mtl on 04.28.20 at 10:21 pm

@ #97 Lost…but not leased on 04.28.20 at 8:06 pm

“There is next to zero intention by Gubermint to loosen the leash on 99.9% of the population.

Gubermint has no intention whatsoever of “Old Normal” ever existing…ever again . We have democratically voted for this, de facto, via our collective fear, silence and self- induced ignorance.”

Deluded, much? You and TurnerNation should get together and console each other.

#146 Sail Away on 04.28.20 at 10:26 pm

#126 Freedom First on 04.28.20 at 9:11 pm

Good thing for me I have always been too wise a dog to be diddled by anyone.

——————

In business, I always give prospective partners or collaborators many chances to take advantage in a small way before proceeding with big projects. If integrity is lacking, the game’s over. Trust has to be earned.

A person’s true friends are always ones with similar values.

#147 YouKnowWhat on 04.28.20 at 10:34 pm

Anyone see that Dr. Theresa Tam interview on CBC?

My goodness, she’s been hanging around politicians too long. Scientist should not be giving such around the way answers.

Pressed on the whole China issue, her body language was quite telling. Pressed on no human-to-human transmission comments and China’s data – she went political with answers. Not very sciencey.

I gotta tell you, at this point I don’t care on way or the other, but the straight answers aren’t coming out of anywhere.

The only thing I got out of her interview is that indeed, Chinese Virus is not going away, it is here to stay. Plan accordingly. There will likely be a second wave, third wave…who knows.

#148 Barb on 04.28.20 at 10:42 pm

Gawd, too bad Garth didn’t demand resumes and character references before he allowed the lazy and envious young socialists to join the blog comments.
It used to be so…well…comfortable discussing things among like-minded people.

It’d sure be easier on my blood pressure if he had. Sigh.

#149 Robert Ash on 04.28.20 at 10:48 pm

Anyone remember Wage and Price controls, rampant Inflation and 18 % first Mortgages…. Well we lived through that experience, and we will live through this calamity as well… Good Luck to all Dogs.

#150 TurnerNation on 04.28.20 at 10:49 pm

What is the most valuable asset right now of any white collar worker?

– Their internet access (work from home)

Without it they will have no job access.
Could internet access be revoked for some due to ThoughCrimes? What a social credit score that would be.

#151 Lost...but not leased on 04.28.20 at 11:13 pm

Question:

Given the topic today…why bother signing a ” formal lease ” ?

Simply call it something else…or tell “tenant” they owe $ X for “Y” time period.

If they don’t pay…or you want to move in…give them notice.

The End .

#152 Preacher on 04.28.20 at 11:40 pm

Markets and the economy are not synonymous. The market leads. Its message: no depression. Does Roubini have a new book to flog? – Garth

————————————————————-
The real estate market lead in 2007/08, what happened in 2009? These stock markets are no different. It’s manipulation at it’s best, for now. These stock markets will crumble and new lows will identify themselves in the weeks to come. Ride the wave for now and stay diversified because the 11th commandment told you to stay “diversified” and live forever.

#153 Lambchop on 04.29.20 at 12:06 am

#80 East Coast Life Style on 04.28.20 at 7:30 pm
I have a suggestion to keep you all occupied…

LEARN TO SWIM!
________________________

Some say the end is near.
Some say we’ll see Armageddon soon.
Certainly hope we will.
I sure could use a vacation from this bullsh*t three-ring circus sideshow of freaks.

#154 Kilt on 04.29.20 at 12:18 am

#81 Long-Time Lurker

This Japanese Island Lifted Its Coronavirus Lockdown Too Soon and Became a Warning to the World

What fear mongering media rubbish is this. There was never a lockdown nor is there lockdown in Japan. I can still go to work there, still get on a bus or train. Still go to any restaurant that chooses to stay open. Still go to the beach or park.
School shutdowns were optional. And many have re-opened them. Sure it is called a “lockdown”, but many refer to it as a soft lockdown. There aren’t fines or forced shutdowns.
And even with keeping the economy mostly running, they still have 80% less deaths and four times population. A very aged population. And the first case of virus occurred two weeks before Canada got there first case.

Face masks?

Kilt

#155 alf on 04.29.20 at 12:36 am

#10 akashic record on 04.28.20 at 5:12 pm

—-

Zero hedge is a joke. It’s a doomer site that has done nothing but highlight the worst case scenario for everything over the last ten or so years. I’m pretty sure that their financial advice has cost their readers millions in that time.

#156 Treasure Island CEO on 04.29.20 at 12:40 am

Nailed it 100%

SFD rules all.

Living in a condo building is like being on a cruise ship.

Now add the insurance costs that are spiking condo insurance due to insurers getting out of the condo game. No money to be made.

My original idea about Universities towns doing well is toast too. Even though the mayors and politicians love how they set it up for development, real estate, airports, etc., it is over. Don’t need to travel for school and there will be a lot to pick from as competition heats up. Will pull all into the online game. Those investment condos around universities are done.

The technology has been around for a long time. This is the big push to online permanently.

De-globalization and small town living is back in style.

#157 LP on 04.29.20 at 12:48 am

#100 the Jaguar on 04.28.20 at 8:17 pm

Jag, I like your stuff. But for the love of Pete, please use paragraphs!!!

F72ON

#158 paulo on 04.29.20 at 1:04 am

Lil tip for landlords having issues with dirt bag tenants:
get some legal advice from council and proceed through the civil courts it will be quicker and a more definitive outcome with the ability to have court enforced recovery of losses and expenses you incur as of a result of your tenants intentional breach of contract. by bringing a action in the superior court you negate the landlord and tenant tribunal that will defer to the courts before hearing a claim …..

#159 MA on 04.29.20 at 1:24 am

Theft is theft. Wrong is wrong. The apartment belongs to the doctor.
It’s literally that simple. Put yourself in his shoes. I’d be furious.
But I suppose we are becoming more Marxist-left leaning by the day and private property isn’t too popular in the morally corrupt publics mind.

Oh Canada, I can’t wait until they reopen the border and I can say Bon voyage before this country becomes even more unrecognizable.

#160 Samuel Goodwin on 04.29.20 at 1:34 am

Deja Voodoo Redux.

https://www.msn.com/en-ca/news/canada/trudeau-mum-on-whether-seniors-will-get-coronavirus-financial-support/ar-BB13heui

Way back when, Trudeau senior created the LIP Grant for unemployable students and won himself a second majority. Students had to fill out a form promising to be good.

Now Junior T is bribing students with 9 billion ? And all they have to do is ‘volunteer for something? Will the parents promise not to let the kids double dip and with hold allowances until August?

While seniors are getting 9 million? Someone please do the vote bloc math on that for me? How many of the maleable bribettes will be turning voting age next election? This is as good as reducing the voting age to 14.

And what of the seniors, who would rather die than vote Trudeau? Nada, zip, horse pucks. Ain’t Liberals democracy grand?

Seriously, this is so blatant in the pandering department I’m nauseous. The future of taxation increases has me thinking about BTC , gold bars and diamonds.

#161 jane24 on 04.29.20 at 2:51 am

According to international media the de-urbanisation of NYC is already well under way. With the emergence of seasonal plagues and the impossibility of protecting yourself on public transit, droves are leaving. The biggest push to ‘exit the building’ is that so many companies and office workers now realise that one can safely and efficiently work from home. Why does the company actually need that big downtown office with open plan hot desks. Downsize the commercial or move to a small town instead.

Those hot airless corridors that run underground joining the big downtown buildings of Montreal and Toronto with their recycled air will be really unpopular this winter. Green actions to save on heat and aircon coming back to bite.

Young families want the suburbs, the private yard and the mini van. Mills apparently are thinking further afield and are off to small towns with good internet connection and cheap housing. If your job only takes you into the city once or twice a week, why not, better and safer housing and better quality of life.

I never thought I would see a Western de-urbanisation and a ‘back to the land’ movement but I am seeing it now.

#162 Toronto_CA on 04.29.20 at 3:46 am

Garth, more and more of my white collar professional colleagues are being asked to work for 80% pay (and in most cases 80% hours) for the next 6 months.

This is done under the guise of reducing layoffs. Any thoughts on what this does to 1) the tax coffers since this group pays such a lion share of income tax 2) the economic recovery in general.

https://www.legalcheek.com/2020/04/largest-law-firm-in-the-world-asks-staff-to-work-four-day-week-in-wake-of-pandemic/

#163 MaryEn on 04.29.20 at 5:01 am

There is no free lunch.

Freedom has always been expensive. If you want it, you have to fight to get it and later fight to protect it.

If landlords want justice, they should organize themselves and react. Demand from government to protect their rights or stop to pay property tax. If we want the right to work and live free, we have also take the responsibility and fight for it. No one will do it for us.
Wake up!

#164 Basil Furby on 04.29.20 at 5:50 am

Chinese Communist Party uses PM Trudeaus tactic of calling Canadians “racist” in a blatant attempt to shut us up. Me Trudeau is exercising our gift of freedom of speech. The Communist Party has no such right in Canada.

https://www.cbc.ca/news/canada/epoch-times-coronavirus-bioweapon-1.5548217

Might I remind the adults in the room that the CCO is not a race, it is a political gang with a history of mass murder to retain control of the Chinese race.

In the future, please remember that Canada is a democracy and citizens remain free even when our political masters find that uncomfortable.

#165 Ill Huff and Ill Puff on 04.29.20 at 5:54 am

Garth,

Are their squatter’s rights in Canada? Can he not physically move into the space against their will and move his family in, then call the police and have the squatters moved out for tresspassing?

#166 Steven Rowlandson on 04.29.20 at 7:20 am

Renting people places to live is usury and therefore a crime against god and man.

So live outside. – Garth

#167 Do we have all the facts on 04.29.20 at 7:37 am

One resource that Canada has to assist with the much needed expansion of our economy is billions of dollars sitting in dozens of major pension plans, registered retirement savings plans, REITS, tax free savings accounts etc.

In the past our federal government encouraged the creation of mortgage backed securities by offering both a guarantee of the underlying mortgages and a guarantee of the MBS. The provision of guarantees by a respected government certainly helped the appreciation of real estate values in Canada.

Suppose Canada began to approach underdeveloped countries around the world with the offer of help to establish joint ventures focussed on the production of marketable goods or more efficient food production.

Why is a Canada sitting back and watching China develop millions of acres of arable land in Africa? We have the knowledge and access to the financial resources necessary to support profitable joint ventures that would allow underdeveloped countries to expand their agricultural economies without losing control.

If Canada was to guarantee investments made in profit oriented joint ventures around the world it would not only generate income but would expand the market for a wide range of goods manufactured in Canada.

Canada as a whole has no shortage of funds to invest. Isn’t it time we thought about expanding the way wealth accumulated since 1867 was invested. We have a solid reputation around the world for fiscal responsibility. Time to come out from under the bushel basket and show the world how Canada is different from the USA and China.

#168 Stan Brooks on 04.29.20 at 8:05 am

#169 Ill Huff and Ill Puff on 04.29.20 at 5:54 am
Garth,

Are their squatter’s rights in Canada? Can he not physically move into the space against their will and move his family in, then call the police and have the squatters moved out for tress-passing?

The province apparently just ruled that it is temporary not his house, as he just holds the title on it along with the responsibilities to pay taxes, but as of current, he can’t take possession in any legal mean or form.

Basically the house is yours to use from time to time, until it isn’t. Liability is there all the time.

The big loser in this case though are the renters whose savings were destroyed by the inflation and skyrocketing prices of essentials, including rents, precisely due to the credit driven house madness.

Plus injustice experienced by someone else is always kind of irrelevant, but it could become a disaster once it hits you. Get used to that.


#165 jane24 on 04.29.20 at 2:51 am

I never thought I would see a Western de-urbanisation and a ‘back to the land’ movement but I am seeing it now.

You are welcome.

Cheers,

#169 BrianT on 04.29.20 at 8:19 am

Good thing Dr. Tam is running our great country-a 2010 NFB documentary has surfaced where Tam says anyone refusing to be vaccinated should be put in a detention camp (back in the day they called these Concentration Camps but I guess Detention Camp sounds nicer)-WOW.https://torontosun.com/news/national/warmington-tam-talked-of-tracking-bracelets-in-2010-epidemic-film

#170 crowdedelevatorfartz on 04.29.20 at 8:38 am

@#165 jane twofour
“I never thought I would see a Western de-urbanisation and a ‘back to the land’ movement but I am seeing it now.”

++++

Gee a mythical migration “back to the land” as it were.
All in 6 weeks no less.
Link to these facts ?
Or are these just observations from on high?
Do people look like ants from where you are?

#171 Howard on 04.29.20 at 8:47 am

#3 darth dog on 04.28.20 at 5:04 pm
I really couldn’t care less that a doctor has to find a rental instead of moving into his investment property and displacing his tenants.

Is this supposed to make me feel upset? Outraged? Is this your idea of injustice? Someone with a massive income being mildly inconvienced? Get some perspective.

—————————————–

Mildly inconvenienced?

These tenants are SQUATTING in his property. He is clearly not taking the unit back under false pretenses and offered the tenant generous compensation. What more should he have done? His “massive” income is irrelevant and as a doctor he has well earned it.

I think the modern incarnation of landlords in Canada are mostly slimeballs propped up by government intervention, but you’d be eroding any goodwill towards tenants by going after the few well-meaning landlords such as this guy.

#172 Howard on 04.29.20 at 8:56 am

#154 TurnerNation on 04.28.20 at 10:49 pm
What is the most valuable asset right now of any white collar worker?

– Their internet access (work from home)

Without it they will have no job access.
Could internet access be revoked for some due to ThoughCrimes? What a social credit score that would be.

—————————————

Could be. The Left is already forcing some banks in the US not to accept known conservatives as customers (yes, seriously).

#173 Former Navy Chief on 04.29.20 at 9:05 am

#7 flyallthings

“There once was a time when hard times and bad financial decisions meant you had to liquidate what you had to try and dig yourself out of a hole. The lack of personal responsibility for one’s finances in the national discussion is rather concerning. ”

I totally agree! We got into too much debt before, and believe me that anything not essential was posted on Kijiji. We learned from our mistakes and now live well within our means.

It freaks me out that everyone’s sense of entitlement makes them think that they can have their cake and eat it too! Get rid of the non-essential toys like ATVs, expensive motorcycles and camping trailers and structure your finances according to your income.

#174 RE_Investor on 04.29.20 at 9:07 am

#32 Anonymous on 04.28.20 at 5:43 pm
If the board won’t hear cases for a year, why can’t Jon disconnect the water and electricity, or change the locks?

Doesn’t work that way. Better to take the time and follow the process, then after the LTB makes a decision (many months away), go to small claims court and get money back. Jon can probably get back his living expenses due to his tenant squatting. Not worth the risk of the Rental Housing Enforcement Unit charging Jon up to a $25,000 fine!

https://www.ontario.ca/page/solve-disagreement-your-landlord-or-tenant#section-1
….a landlord would be committing an offence by shutting off water, heat or electricity in a unit
Fines and penalties….
If you’re convicted of an offence under the Residential Tenancies Act, 2006 you may have to pay a fine up to:
$25,000 for an individual
$100,000 for a corporation

#175 Wrk.dover on 04.29.20 at 9:21 am

I wonder if the condo board running the building can legally deny the squatter re-entry to the property from the road?

#176 crowdedelevatorfartz on 04.29.20 at 9:27 am

@#173 BrianT

Re, Dr Tam’s NFB “documentary”

“Were these scripted comments for entertainment reasons? Could “bracelets” or “tracking” or “incarcerations” be part of Canada’s future response?”

++++

China tracked it’s citizens through their cellphones.
Anyone violating quarantine, was texted or called, and questioned as to why they were out of their Self isolation zone”

AI computers were used to manage the massive amount of data required to track over 1 billion citizens with phones.

https://www.wsj.com/articles/u-s-and-europe-turn-to-phone-tracking-strategies-to-halt-spread-of-coronavirus-11585906203

Coming to a democracy near you…. :)

#177 Godfather on 04.29.20 at 9:29 am

DELETED

#178 crowdedelevatorfartz on 04.29.20 at 9:31 am

@#178 Former Navy Chief
“Get rid of the non-essential toys like ATVs, expensive motorcycles and camping trailers and structure your finances according to your income.”
+++

Dont worry Chief, its coming…..kicking and screaming, people will be forced to deal with their slack-a-dasical spending habits.
Easy credit may be a thing of the past as tens of thousands of people default on loans, cards, mortgages, etc and banks have to write off Billions of unsecured debt.
Good times. :(

#179 JB on 04.29.20 at 9:41 am

#60 Gino on 04.28.20 at 6:40 pm

Garth you didn’t say condo crash but you allude to it each blog. Who will want a condo with a virus. Who will want a condo when you can’t have positive cash flow. Who wants a shoe box. Who wants this who wants that. And if so many are coming online since air bnb is done then problem solved he or his tenant can find one for cheap rent!!
……………………………………………………………………
As Garth said. And with the virus believed to become a semi-permanent feature of urban life, high-rise, DT condo living is a lot less glam. Just look at all the ‘touch-‘n-toss’ tissue boxes now riding around in elevators. Now think about the door handle into the garbage room. Yucko.Especially if this Covid thing morphs into a recurring seasonal flu-type plague.
Why would young families not want a nice backyard to self-isolate in, a safe garage to disinfect the minivan inside of, real earth to grow cootie-free veggies and enough house space to safely socially distance? Try doing any of that on a balcony on the 50th floor.

There have already been multiple deaths in these small confined high-rises due to Covid-19. We have a friend who works for the coroners office downtown. They get a call, show up and after EMT has done their thing off they go with the dearly departed. These are ones that have self quarantined and had what appeared to be mild symptoms. They have done everything right but that is how quickly they can succumb to this disease. The virus is insidious in its nature and the problem is nobody knows when you expires on the 20th floor by yourself in self isolation. This is really a death knell for the retirees. Then after your gone the yellow tape goes up across the door for a couple of days. How would you feel living in that building or let alone on the same floor? It is like living next to a nuclear power plant where everything is OK until its not and it spreads quickly, quietly infecting and killing. Just like being on a cruise ship! Would never want to be an older person living on one of these petri dishes where who knows what the next wave of viruses will bring. I guess they just sit there watching TV until they die. No thanks I’ll take my chances on the ground with fresh air and no others around to share the same air.

#180 JB on 04.29.20 at 9:44 am

BTW. Any blog dogs know Where Smoking Man is lately? No posted words of wyzdum. I sure hope he isn’t holed up in one of these concrete coffins. Smoking Man give us a wink to let us know your OK!

#181 calgary rip off on 04.29.20 at 9:46 am

Thank you for your calm rational approach. Much appreciated. I am sure it brings good decision making to thousands(no sarcasm).

Each day in my cardiac unit there is a “huddle”. I find it baffling that medical professionals are not recommending Vitamin D3 and vitamin C as is in Shanghai. This is highly foolish. Blood levels of these vitamins may make the difference between life and death as data indicates. Modern medicine has no clue about how to deal with this virus. I am truly disgusted as to what I am seeing on all levels by medical professionals. Old and young are dying and all measures are not being utilized to save lives. Do no harm is not being adhered to. I do not hear about or see intravenous vitamin C being used for all Covid 19 patients. Instead of using this plus hand washing and social distancing it is being mocked. This is pathetic as currently there are zero meds to treat Covid. As such anything that will not harm the patient should be used.

Fortunately there is the internet and the market place where individuals can buy vitamin C and D3. Chances are if levels of these two vitamins are high these individuals may never see the inside of a hospital. And that is the goal.

#182 JB on 04.29.20 at 9:47 am

#184 crowdedelevatorfartz on 04.29.20 at 9:31 am

@#178 Former Navy Chief
“Get rid of the non-essential toys like ATVs, expensive motorcycles and camping trailers and structure your finances according to your income.”
+++

Dont worry Chief, its coming…..kicking and screaming, people will be forced to deal with their slack-a-dasical spending habits.
Easy credit may be a thing of the past as tens of thousands of people default on loans, cards, mortgages, etc and banks have to write off Billions of unsecured debt.
Good times. :(
……………………………………………………………..
Have been thinking about a semi-new used truck lately. I think this year will have a gluten of repo’s.
Yes Good Times :( sort of………………

#183 Jenn on 04.29.20 at 9:49 am

Though he has the right to live in his own condo, I feel like it’s an amoral choice to try to move back in. He’s a doctor with numerous resources available to him that don’t need to include uprooting people who have been living there for five years.
Being a renter can be stressful in this city. People get booted out all the time, for less reasonable causes. Out from this place, and into another where you could get booted yet again.
He found somewhere to live, but didn’t want to move there? He bought the place as an investment for landlord purposes. I don’t see why a man of means needs to change that plan. Why not A. buy something else to live in after he’s sold the place he was living in? or B. if he was renting there, why not now rent in the new city?
Why does he have to live in this condo when it’s been earmarked by himself as a home for another family? Have they been good tenants? Why would you want to do this to them simply because you have the right? It truly seems simpler to just buy or rent something else than go through the hassle of uprooting another household over your own life changes.
If you ask me, when you become a landlord, it’s not like other business arrangements. Because this is about a home. Home is the most personal. He has other good options within his means and he should explore them. I don’t feel bad for him.
I don’t think some people realize how much turmoil being forced out of your home through no fault of your own really is. The face you don’t own the deed does not make it a-ok. Moving is high stress, and moving when it’s being forced on you on someone else’s timetable is even worse.

Damn. The gate’s broken again. – Garth

#184 JB on 04.29.20 at 9:49 am

#181 crowdedelevatorfartz on 04.29.20 at 9:27 am

@#173 BrianT

Re, Dr Tam’s NFB “documentary”

“Were these scripted comments for entertainment reasons? Could “bracelets” or “tracking” or “incarcerations” be part of Canada’s future response?”

++++

China tracked it’s citizens through their cellphones.
Anyone violating quarantine, was texted or called, and questioned as to why they were out of their Self isolation zone”

AI computers were used to manage the massive amount of data required to track over 1 billion citizens with phones.

https://www.wsj.com/articles/u-s-and-europe-turn-to-phone-tracking-strategies-to-halt-spread-of-coronavirus-11585906203

Coming to a democracy near you…. :)
………………………………………………………………
Sounds Like Chinese Democracy, Great download album!

#185 the Jaguar on 04.29.20 at 10:02 am

@ #161 LP on 04.29.20 at 12:48 am

Thanks for your tip. I’ve been posting too much anyway. I am more or less appalled with myself.
Quebec is going to open back up for business per today’s headline in the National Post. Legault quoted as saying “Life goes on”. I have to admit he is my favourite premier. I like his moxy.

#186 YVR Expat on 04.29.20 at 10:07 am

#90 Keep Your Rent on 04.28.20 at 7:42 pm
Tenants keep your rent.

Landlords keep your distance.

If you believe you may be at risk of illegal lockout, there are a few things you may want to consider doing:

1: Inform those that live around you that this may happen. Share with them a description of your landlord and give them your contact. If they see your landlord or anyone else doing anything suspicious around your home ask them to intervene and contact you.
2: Carry all important documentation with you at all times while outside the home. This includes identification, passport, credit and debit cards, immigration or legal documents etc.
3: Carry proof of residence. Ideally this would be your lease agreement but can also be registered mail with your name and address on it.
4: Leave yourself a way to re-enter your home or have a plan if locks are changed while you are out. A window or some other option may be necessary for you to be able to re-enter your home.
********************************

Wow, this kind of selfish socialist attitude that’s growing across Canada is a worse epidemic than COVID!

#187 A J on 04.29.20 at 10:12 am

Definitely price decreases for condos in the short term. Especially if Airbnb units flood the market. However, in my opinion, people will forget about all this in short time and we’ll be back in the swing of things. I don’t think the want and need to live close to amenities and entertainment, with a short commute, will ever go out of style. Especially for young people. Not to mention, everyone needs a place to live. And if houses go up up up, condos will rebound.

I also hope after all this, more people will start working from home. The advantages to this are huge. Less commuting, less traffic, less pollution, more freedom, etc. We should all be pushing for this from our employers after all this is over.

#188 Figure it Out on 04.29.20 at 10:13 am

All morality aside, having title to property puts you in first loss position — just as owning equities does. In exchange for more possible upside than the holder of the mortgage or of a company’s debt, you get the downside.

This doctor obviously wasn’t expecting an epidemic, closed courts and tribunals, and a recalcitrant tenant who refuses to move out in the midst of a maelstrom. None of us were, but that’s the way the cookie crumbles. The overall losses are big, and almost everyone is trying to be made whole while putting the loss on somebody else.

To echo another poster (and various real estate and rental pros elsewhere), this guy should count himself lucky if his tenant is still paying the full agreed rent. Many landlords today are in a worse position.

I’m writing this because my plans have been rudely interrupted by the bug, just like many, many others.

N.B. Many of you obviously have no clue about landlord tenant law. For those who do know something, remember that it differs significantly from province to province.

#189 TurnerNation on 04.29.20 at 10:27 am

I see many on here still are using Old System thinking. Emailing their elected reps. I’ve heard, the only reply you’ll get is “more testing is being rolled out”.
You just know more testing = more cases. From day one I’ve said those #’s on your Tee-vee screen are being used to run the show. They will say what they need to say. I suspect it’s all computer generated anyway. Every leader is on the same script

Nova Scotia with under 1000 sick people today said no opening, and if ever the “social distancing” – which will be used to rule our lives for years.

The New System is one of inversion. Everything which protected you, is against you <—-

– The 99.99% off healthy people are your enemy. If they come within 6 feet of you, under penalty of law, they could go off. If someone collapsed on the ground would you go to their aid now? What about for yourself?
– Your dentists and health care (chiro, physio for injured people) are by law no longer allowed to help you.
– Your doctor cannot help you unless you have the Mark (the CV diagnosis)
– Police no longer care for your rights or innocence, you are getting a $1000 ticket.
– As per Communism you have no right to a fair trial; the State presumes your guilt.
– Your income producing tenant now is the weapon of your financial demise.
– All Crown land is off limits: the crown took it back.
– Food stores look like movie sets and/or battle grounds. – Harsh employees with clipboard sternly order you to keep distance . The new Kontrollers.
– The A.I. generated news always adds to our enslavement: cases always are announced in Food stores and Meat plants; never in any other type of store or plants.

#190 NoName on 04.29.20 at 10:31 am

#181 crowdedelevatorfartz on 04.29.20 at 9:27 am
@#173 BrianT

Re, Dr Tam’s NFB “documentary”

“Were these scripted comments for entertainment reasons? Could “bracelets” or “tracking” or “incarcerations” be part of Canada’s future response?”

++++

China tracked it’s citizens through their cellphones.
Anyone violating quarantine, was texted or called, and questioned as to why they were out of their Self isolation zone”

AI computers were used to manage the massive amount of data required to track over 1 billion citizens with phones.

https://www.wsj.com/articles/u-s-and-europe-turn-to-phone-tracking-strategies-to-halt-spread-of-coronavirus-11585906203

Coming to a democracy near you…. :)


Its already there

How many of you have ioes or robot phone, and use google maps or any maps.
Even with wifi or bluetooth off they steel listen in background unless you disable, but disabling for os does not disable for all other apps. So i am sure that gargle can hand them out free or for small fee or state can just legislate to be available…
Plus cars hey are funny to they send telemetry data to…

here is mine april
https://imgur.com/a/4hCQbeL
city dump
gas station
grocery store
liquer store
home

#191 MF on 04.29.20 at 10:38 am

146 Ustabe on 04.28.20 at 10:17 pm

Great post.

One of the YouTube channels I frequent had this conspiracy theorist “Dr” jabbing on about bill gates and vaccines. I felt embarrassed and dirty watching the 10 minutes of it I could stand.

Comments?

“Thank you Dr!”
“Thank you for spreading the Truth!”
“It’s all a plan to control us”

It’s a good idea to avoid comments entirely most of the time lol. Social Media has given these weirdos a voice, and it’s ugly.

MF

#192 Keith in Rio on 04.29.20 at 10:48 am

Don’t know if this was posted yet. Seems like the AirBnB implosion is taking the RE market over the edge due to panic selling by and over levereaged broke AirBnB superhosts. Do yah think ??

https://www.zerohedge.com/personal-finance/holy-god-were-about-lose-everything-pandemic-crushes-overleveraged-airbnb

#193 BillyBob on 04.29.20 at 10:53 am

#189 Jenn on 04.29.20 at 9:49 am
Though he has the right to live in his own condo, I feel like it’s an amoral choice to try to move back in. He’s a doctor with numerous resources available to him that don’t need to include uprooting people who have been living there for five years.

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

Amoral…because he wants to live in the residence he owns.

After providing a shelter for someone else for five years. And then giving them more than legal notice, more than compensation required, and alternative shelter.

Just….wow.

I would think you are joking except this is a Canadian blog, so…probably not.

#194 TurnerNation on 04.29.20 at 10:58 am

#76 Flop… very interesting, social distance is weapon. 99.99% healthy people. I’ve been saying that the law or insurance reg will be used to drive people off rural property into cities.
If firefighters no longer are allowed to perform their jobs in rural of backcountry, due to SD then yes insurance companies will deny coverage. This is total madness and mind control. People will see it in the end, for many it’s too early. Then it will be too late.

#195 conan on 04.29.20 at 11:00 am

#158 Kilt on 04.29.20 at 12:18 am

Face masks?

Definitely, that is where we are going. People will buy them like they do socks and undies. Except the mask will reach the same “statement” levels as men’s ties and women’s hand bags. Hugo Boss and Birkin are probably working on it now.

#196 mike from mtl on 04.29.20 at 11:11 am

#142 milly on 04.28.20 at 10:07 pm

But investing in Canadian REITs is wise? How can those two co-exist Garth?
///////////////////////////////////////////////////////////////////

I don’t think you quite understand what a publicly traded REIT is. For sure they’re quite involved in CRE but that has nothing to do with condos (strata) or residential RE. Possibly might have a few residential apartment building in their holding though nothing too much to worry about.

The thing is the publicly traded REITs are only a tiny fraction of the private REITs and individual holding corps out there.

#197 David Hawke on 04.29.20 at 11:15 am

After reading some comments here I must agree with this response.

`I’m stupid on 04.28.20 at 5:17 pm
For 5k I can find someone that will remove them from the condo. Either willingly or out the balcony window. No courts equals no laws in my opinion. If I were the good Doctor I’d wait until they leave to grocery shop and change the locks. Who are his tenets going to complain to? Ghost busters? Lol`

I vote for balcony window option LOL

#198 Lee on 04.29.20 at 11:15 am

Did anyone invest in USO (United States Oil Fund LP)? It went from $2.15 to about $18.00 yesterday at about 4 p.m. I was going to invest $5,000 earlier in the week but I had no idea what I was investing in so I didn’t.

#199 whiplash on 04.29.20 at 11:17 am

#173 Brian T
Good thing Dr. Tam is running our great country- a 2010 NFB documentary…….

The Gestapo/Criminal police after 1937 could “issue” preventative detention orders for persons to be defined as ” asocial behavior”.

And that train that they put you on–only went one way!

#200 IHCTD9 on 04.29.20 at 11:17 am

Became an income tax services orphan this year, had to get on the phone and find a new provider.

Going thru the initial info exchange as first time customers, one of the first questions they asked me was if we had sold a home in 2019…

By the time Trudeau is finished, he’ll have torched near half a Trillion dollars in new debt, Canadians will be making less, working less, and taxed even higher than they are already.

At this point, it’s 100% coming, and any specuvestor who has not realized a $hit-ton of profit by 2019 are going to be permanently euchred.

It’s coming because they have no choice, the drunken sailors in Ottawa need the $… They’ve totally outdone themselves, and no lower hanging fruit is left on the tree other than CG taxes on “principal residences”.

Hopefully the previous “leaked” info showing the tax in a diminishing format going to zero in 10 years holds. That will effectively end re flipping as it just won’t pay.

Hopefully they make the buyer liable for any unpaid taxes by the seller – that would really cool things down eh? Making the buyer protect their own behinds will really cut down on the CRA having to chase foreign sellers who live in places like China with un cooperative governments and no tax or extradition treaties.

#201 Canadarm 2 on 04.29.20 at 11:22 am

@#164 Samuel Goodwin on 04.29.20 at 1:34 am

It’s a numbers game of course. Giving 9 billion to future taxpayers is worth wayyyyy more than the 9 million for seniors, where the ROI is negligible. Observational opinion. I’m already in an age bracket where polls/surveys mean nothing! lol

M52ON

#202 JonBoy on 04.29.20 at 11:31 am

#87 Stone on 04.28.20 at 7:40 pm
Invite the cops? You are an idiot! The police are not a mercenary force. Uneducated fool.

I’d like to see you try that. I can predict the outcome. The outraged cops will put “you” in the back of their cruiser, pepper spray you thoroughly and then close the door. They’ll leave you sitting there for a couple of minutes to ensure you learned your lesson. I guarantee you will never try to abuse a law enforcement officer and keeper of the peace with such a trivial thing ever again.

This all from personal experience. It was a joy to see. I had a good laugh. Cops have very little patience for idiots like you. But by all means, don’t take it from me. Go and find out for yourself.

There is only one route here. The LTB is the only one to render judgement. Until then, and per provincial legislation, there is nothing to be done.

My comment was tongue-in-cheek. I didn’t mean call the cops and say, “Hey – please wait around with me while I change my locks on my property.” Rather, if they show up, they’re not going to arrest you for being on your own property.

Nice ad hominen attack, though! I like your style.

#203 Lee on 04.29.20 at 11:36 am

USO appears to have done an 8:1 reverse split. Nothing to see here folks.

#204 James on 04.29.20 at 11:41 am

#199 BillyBob on 04.29.20 at 10:53 am

#189 Jenn on 04.29.20 at 9:49 am
Though he has the right to live in his own condo, I feel like it’s an amoral choice to try to move back in. He’s a doctor with numerous resources available to him that don’t need to include uprooting people who have been living there for five years.

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

Amoral…because he wants to live in the residence he owns.

After providing a shelter for someone else for five years. And then giving them more than legal notice, more than compensation required, and alternative shelter.

Just….wow.

I would think you are joking except this is a Canadian blog, so…probably not.
———–

Agreed BillyBob….this poster to whom you refer is putting forth a truly pathetic point of view.

WTF is wrong with people?

I really wonder.

#205 IHCTD9 on 04.29.20 at 11:47 am

#199 BillyBob on 04.29.20 at 10:53 am
#189 Jenn on 04.29.20 at 9:49 am
Though he has the right to live in his own condo, I feel like it’s an amoral choice to try to move back in. He’s a doctor with numerous resources available to him that don’t need to include uprooting people who have been living there for five years.

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

Amoral…because he wants to live in the residence he owns.

After providing a shelter for someone else for five years. And then giving them more than legal notice, more than compensation required, and alternative shelter.

Just….wow.

I would think you are joking except this is a Canadian blog, so…probably not.
—- – –

There’s more of that right brained feminine reasoning we see so much of in Canukland. Our government is just full of it right now, it’s all you hear.

It’s going to be real tough to trust the system going forward. Anyone want to start up a new mine when you know a small group of protestors could shut you down with your own government’s full support? How about a new railway when 6 dudes can block your line and your court injunction won’t be enforced? How about building a new pipeline when you know there will be 20 years worth of hearings before it even gets approved (if).

I think the message is out already regarding new business in Canada – big or small. Think your legal agreements and contracts mean something? Think Canadian enforcement officers and courts will do their jobs?

You’d better think again.

#206 David Pylyp on 04.29.20 at 11:49 am

Its not only the lack of access and the backlog at the Landlord Tenant Tribunal….

You cannot start a Power of Sale or Foreclosure with the courts close. That I estimate will be September ( as there is usually a summer hiatus)

No Power of Sale Actions; just demand letters.

With no rental payments in the mean time; Then what will Investors do?

David Pylyp
Toronto

#207 Lambchop on 04.29.20 at 11:50 am

#195 TurnerNation on 04.29.20 at 10:27 am
I see many on here still are using Old System thinking. Emailing their elected reps. I’ve heard, the only reply you’ll get is “more testing is being rolled out”.
You just know more testing = more cases. From day one I’ve said those #’s on your Tee-vee screen are being used to run the show. They will say what they need to say. I suspect it’s all computer generated anyway. Every leader is on the same script
_____________________

It’s the only system we have. I wrote to my MP several times before I got a reply, and here is part of it. My MO is Conservative.

“Conservatives recognize that we must continue to help Canadians through the health impacts of this crisis.

We have put forward a number of constructive solutions to do so, including:
* Calling on the government to fast-track Health Canada approvals for new drugs and tests.
* Making sure that front-line healthcare workers have the personal protective equipment that they need.

We’ve also proposed ways to help businesses and workers, like:
* Allowing banks and credit unions to deliver loans until companies’ wage subsidies arrive.
* Rebating the GST small businesses have collected in the last twelve months.
* Increasing the Charitable Donation Tax Credit.
* Removing the business account requirement from the CEBA and expanding the eligibility criteria to include revenue decline.

We’ve proposed a new program to match students and youth employees with jobs in the agriculture and agri-food sector, including fish and seafood, to address labour shortages in Canada’s food supply chains.

We’ve called for more support for seniors. And raised concerns with reports that expectant mothers who applied for EI before March 15th are not receiving the Canada Emergency Response Benefit that they are entitled to.”

Just a point of fact.

#208 45north on 04.29.20 at 11:51 am

Could this mean a suburban renaissance?

Randle Denley writes about the future of Ottawa

Ottawa’s growth plan has bigger issues than expanding the urban boundary

https://ottawacitizen.com/opinion/denley-ottawas-growth-plan-has-bigger-issues-than-expanding-the-urban-boundary/wcm/8f880ba5-c3a5-42f9-ace5-8671cc32b023/

Ottawa’s urban boundary is a topic at the community association. Randle Denley says we’re not going to like it no matter what decision is made.

In other words, the house next door could be turned into a mini-apartment building housing four families.

The existing framework of housing is breaking down – it doesn’t provide financial security for investors nor does it provide quality of living for residences. In the present framework, the single family house is at the top of the food chain but densification is the wolf at the door. Which brings to mind, co-operative living. I had the pleasure of meeting Seymour N. Harris. He wrote the book “The Building 1928-1956” which describes co-operative living in an apartment building in the Lower East Side of New York City.

There were ethnic tensions, crime syndicate extortions, and the ever-present spectre of eviction from housing that lacked the most basic amenities.
(In these circumstances, how could so many future leaders in the professions, business and the entertainment industry, emerge?)
An enlightened venture to release the power of human potential, The Building was unique as a philanthropic enterprise.

#209 Figure it Out on 04.29.20 at 12:02 pm

“After providing a shelter for someone else for five years. And then giving them more than legal notice, more than compensation required, and alternative shelter.”

Just curious as to what the blog dogs think the tenant should be obligated to do here. “Found them alternative shelter” is a bit iffy.

If I were looking to rent in Toronto right now, I’d be very worried about getting a notice of a Power of Sale in a few months as the mortgage holder forecloses on my desperate new landlord. I’d want to see my landlord’s income, assets and financing to guard against this. Unreasonable? Most landlords would probably think so. I could move into a REIT owned apartment building where my worries would be less, of course.

But assuming the tenant didn’t want that, was accustomed to higher end condo living and had the means to pay for it, is he obligated to jump from a known good tenancy to a risky one, here and now?

What if the tenant’s employment situation has changed? One of them has lost a job, or they’re on reduced income, such that they can still pay the rent where they are, but wouldn’t qualify for much if they moved? Are they morally obligated to move into a van down by the river?

Usually when stories like this are presented in the media, both sides are given the opportunity to comment, and the reporter does some rudimentary fact checking. Y’all know that your comments of “slimeball!” and “to the nearest lamp post, here’s a rope!” are based on a one-sided, second hand anecdote, right?

#210 BrianT on 04.29.20 at 12:06 pm

You have to ask why someone like Dr. Tam was ever put in that position-she seems very sketchy for sure https://www.youtube.com/watch?v=kifHC2qgQp8

#211 Captain Uppa on 04.29.20 at 12:12 pm

GTA home prices expected to end 2020 up 7.8% – TD

Wow.

In’freaking’vinceable.

This warrants a humble Uppa!

#212 Damifino on 04.29.20 at 12:15 pm

#189 Jenn
I feel like it’s an amoral choice to try to move back in.
#199 BillyBob
Amoral…because he wants to live in the residence he owns.
————————–

No, ‘amorol’ because it’s the correct choice of word whether Jenn realizes it or not. It’s amorol because it falls outside the arena of moral judgement.

If it’s true a contract is coming to a conclusion in a manner formerly agreed upon by both parties, assignments of morality, or it’s opposite, need not enter the discussion.

One might try to make a case the tenant is acting in an ‘immoral’ way. But it’s more accurately called ‘illegal’.

#213 Attrition on 04.29.20 at 12:17 pm

#195 TurnerNation on 04.29.20 at 10:27 am
I see many on here still are using Old System thinking. Emailing their elected reps. I’ve heard, the only reply you’ll get is “more testing is being rolled out”.
You just know more testing = more cases. From day one I’ve said those #’s on your Tee-vee screen are being used to run the show. They will say what they need to say. I suspect it’s all computer generated anyway. Every leader is on the same script…

I gotta ask, because I don’t think anyone else has (although I suspect many have wondered): do you actually believe the garbage you spew?

I’m all for conspiracy theories that have actual evidence behind them, but you rely on so many logical fallacies that your extrapolations read like piss-poor plots lines from a trashy self-published dystopian sci-fi novel.

You’re jumping from A to like maybe G or H. Governments aren’t going to make permanent anything but new taxes and more powers. And even those won’t be permanent if we elect a future government to remove them. Democracy, yeah?

Your alarmist shyte makes no sense, and is easy to disprove:

– The 99.99% off healthy people are your enemy. If they come within 6 feet of you, under penalty of law, they could go off. If someone collapsed on the ground would you go to their aid now? What about for yourself?

I’m not worried about people coming near me. Yes, I’d help someone who collapsed. If I was worried, I’d wear a mask.

– Your dentists and health care (chiro, physio for injured people) are by law no longer allowed to help you.

Was at chiro yesterday. Yup. You might be surprised to know that the spread of infectious diseases can be controlled quite easily.

– Your doctor cannot help you unless you have the Mark (the CV diagnosis)

I think you’re trying to go Biblical here, so: fail. Unless you’re a fan of Iron Maiden maybe, but I doubt it.

– Police no longer care for your rights or innocence, you are getting a $1000 ticket.

Police have never cared, will never care, and should be given wider berth than stampeding rats. Wait, did you think the police used to care about you? Aww…

– As per Communism you have no right to a fair trial; the State presumes your guilt.

Yes, that is true in communist countries. But if you live in the Federation of Canada, you live in a democracy and no virus has or will erode your right to a fair trial, despite any version of the state presuming your guilt.

– Your income producing tenant now is the weapon of your financial demise.

Only for those who don’t know how to properly evict a tenant. If you only look to the government and its sanctioned mechanisms for solutions in life, you are doomed to failure.

– All Crown land is off limits: the crown took it back.

Ok, the crown can’t take back something that always belonged to it and still does. And I use crown land almost every single week. There’s no better place to safely sight the long guns and give the targeting eye some exercise. Nothing has changed.

– Food stores look like movie sets and/or battle grounds. – Harsh employees with clipboard sternly order you to keep distance . The new Kontrollers.

Other than some new plexiglass, and a cheerful young man by the entrance letting people know when they can enter, sweet eff all has changed–with the exception of some empty shelves from time to time. Big deal.

Side note: when a study comes out in a few months showing how plexiglass attracts and retains germs and causes more infections than it prevents, it’ll vanish.

– The A.I. generated news always adds to our enslavement: cases always are announced in Food stores and Meat plants; never in any other type of store or plants.

How can something you have a choice to consume cause enslavement, exactly?

And firemen not putting out fires in rural areas? Plenty of firemen live in rural areas–they gonna let their houses burn too?

TN, you’re fired.

#214 Sail away on 04.29.20 at 12:27 pm

#204 Lee on 04.29.20 at 11:15 am

Did anyone invest in USO (United States Oil Fund LP)? It went from $2.15 to about $18.00 yesterday at about 4 p.m. I was going to invest $5,000 earlier in the week but I had no idea what I was investing in so I didn’t.

——————

It might not feel like it right now, but you made the right choice. Never, ever invest in something you don’t understand.

Opportunities come around constantly.

I track around 100 stocks on a long-term basis that I have researched in detail. These cover all sectors. When something goes abnormally low or high, I already know about the business and feel comfortable pulling the trigger or not.

Opportunities abound. Miss one, catch the next. When the stars align (and you know the reason!), it’s possible to completely change your future in a very short time.

#215 Sail away on 04.29.20 at 12:40 pm

#206 IHCTD9 on 04.29.20 at 11:17 am

Became an income tax services orphan this year, had to get on the phone and find a new provider.

————

I strongly recommend doing your own. The online softwares are very good, they transfer all info year by year and directly connect to CRA to download all tax slips.

It would take twice as long for us to gather info and provide it to a tax preparer than to do our own.

Our kids all do their own as well… we use Turbo Tax.

Then also US taxes for all of us, which are a bit more of a pain, but greatly beneficial in the long run. It would cost us $10,000 to have an accountant do our US filings. My wife and I usually schedule it in and complete all taxes, Canada and US, on a Saturday afternoon. We call it ‘tax date night’.

Self-reliance. Sounds like your thing in general.

#216 not 1st on 04.29.20 at 12:43 pm

#220 Sail away on 04.29.20 at 12:27 pm

That was a dirty reverse split pulled in the shadows last night. Nobody knows that that company is anymore. They have rejigged their business model like a half dozen times in the past week.

Anytime a company does shenanigans like that, run away.

#217 Faron on 04.29.20 at 12:43 pm

#218 Damifino on 04.29.20 at 12:15 pm

Just checking: is ‘amorol’ one of the disinfectants that Trump is advocating for people to inject?

#218 Wrk.dover on 04.29.20 at 12:45 pm

#215 Figure it Out on 04.29.20 at 12:02 pm

——————————————

Your name fits you well!

#219 Fran on 04.29.20 at 12:55 pm

Former University of Ottawa physics professor Denis Rancourt says all masks are useless.

#220 Lambchop on 04.29.20 at 1:05 pm

I don’t know if those Change.org petitions ever have any effect, but the one that is calling for the resignation of Tedros has reached 1,000,000. If nothing else, it shows the level of distrust and anger with him personally and likely with the WHO as well.

#221 the Jaguar on 04.29.20 at 1:21 pm

@#214 45north on 04.29.20 at 11:51 am

If you are interested, this is the sort of thing City of Calgary is going to implement to densify existing suburban communities, starting with north of the river.

https://calgary.ca/engage/Documents/North%20Hill%20Local%20Growth/Draft%20Plan/Draft_North_Hill_Local_Area_Plan.pdf

#222 Phylis on 04.29.20 at 1:28 pm

There was a call for tesla predictions. I predict a loss. That’s the best i can do.

#223 Sail away on 04.29.20 at 1:35 pm

Here’s the thing about influence:

A person gains it after they:

1. establish themselves
2. own property
3. own a company
4. employ workers
5. sit on critical community boards (ports, airports, service clubs, foundations, etc.)
6. publicly support the community
7. clearly make themselves known to all political leaders
8. contribute to political campaigns

The world runs on influence. Writing letters to your representative may feel good, but almost everything gets done through conversations between people of influence.

To have a voice, you need to spend most of your time working to gain influence, as above.

Voting won’t do it. Being a whiny squeaky wheel won’t do it. That’s life.

If I want something done in my community, it takes… a phone call.

#224 Sail away on 04.29.20 at 1:41 pm

#222 not 1st on 04.29.20 at 12:43 pm
#220 Sail away on 04.29.20 at 12:27 pm

————-

That was a dirty reverse split pulled in the shadows last night. Nobody knows that that company is anymore. They have rejigged their business model like a half dozen times in the past week.

Anytime a company does shenanigans like that, run away.

————-

Haha, yep. Sounds like they have structural issues.

#225 IHCTD9 on 04.29.20 at 2:15 pm

#221 Sail away on 04.29.20 at 12:40 pm
#206 IHCTD9 on 04.29.20 at 11:17 am

Became an income tax services orphan this year, had to get on the phone and find a new provider.

————

I strongly recommend doing your own. The online softwares are very good, they transfer all info year by year and directly connect to CRA to download all tax slips.

It would take twice as long for us to gather info and provide it to a tax preparer than to do our own.

Our kids all do their own as well… we use Turbo Tax.

Then also US taxes for all of us, which are a bit more of a pain, but greatly beneficial in the long run. It would cost us $10,000 to have an accountant do our US filings. My wife and I usually schedule it in and complete all taxes, Canada and US, on a Saturday afternoon. We call it ‘tax date night’.

Self-reliance. Sounds like your thing in general.
——

You’re right, but I’m cool with paying 160.00 to get a pro to do it. Do the same with investing, money well spent IMHO. Same gratification there as when I sub out bloody drywall or exhaust work :). Some things I just don’t like/can’t do – even if there is money to be saved. I’m much better suited to roofing and brake jobs.

However, if I can get a tax date night with a happy ending – I may be open to considering it…

#226 yvr_lurker on 04.29.20 at 2:35 pm

#228

Here’s the thing about influence:

A person gains it after they:

1. establish themselves
2. own property
3. own a company
4. employ workers
5. sit on critical community boards (ports, airports, service clubs, foundations, etc.)
6. publicly support the community
7. clearly make themselves known to all political leaders
8. contribute to political campaigns

The world runs on influence. Writing letters to your representative may feel good, but almost everything gets done through conversations between people of influence.

To have a voice, you need to spend most of your time working to gain influence, as above.

Voting won’t do it. Being a whiny squeaky wheel won’t do it. That’s life.

If I want something done in my community, it takes… a phone call.

——–
Items above are (unfortunately) prerequisites for some to gain membership in certain clubs and governing bodies. However, sometimes for those members who make poor decisions (i.e. being a member of the board of governors of a major university, all the while paying others to take entrance tests for your kids at top schools), I think that there will be no amount of money that one can donate to fix the loss in reputation.

https://www.cbc.ca/news/canada/british-columbia/david-sidoo-us-college-admissions-scandal-1.5496788

#227 Sail away on 04.29.20 at 2:56 pm

#232 yvr_lurker on 04.29.20 at 2:35 pm

Items above are (unfortunately) prerequisites for some to gain membership in certain clubs and governing bodies. However, sometimes for those members who make poor decisions (i.e. being a member of the board of governors of a major university, all the while paying others to take entrance tests for your kids at top schools), I think that there will be no amount of money that one can donate to fix the loss in reputation.

—————–

Yes, agreed.

That’s why I didn’t include ‘do illegal things’ as one of the items needed to gain influence.

#228 Bob Dog on 04.29.20 at 2:56 pm

Ive been considering joining the movement to stop paying rent. The corrupt criminal government has created such inequality among Canadians that I feel not paying rent is perfectly justified.

Maybe with a few million eviction cases the incompetent criminals in Ottawa will consider a plan to provide housing for Canadians.