The rentiers

The landless class can be so cruel.

Witness a few weeks ago when this blog told you about a doctor wanting to move back into his Toronto condo so he could accept a position at the downtown St. Mike’s hospital. After renting it for five years and working out of town, he planned to move his wife and two kids back into their former high-rise home.

But no dice. The tenants won’t leave. Not with a monetary payment, not with the good doc finding them new digs, nor with the cardiac surgeon footing the costs of their move. Not even at the end of the lease. And while he 100% has the right to reclaim the home, he can’t. The Landlord Tenant Board is shut by Covid. When it opens again, the backlog will be biblical. The tenants will still be there, squatting, in a year. In fact, they can just stop paying rent. The MD is powerless to move them or cause them to pay.

How did many blog dogs respond? They yapped.

“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 inconvenienced? Get some perspective.”

“Landlords are greedy. They want to screw the 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.”

The term ‘rentier’ has gained currency in recent years, now routinely spit at landlords. ‘Rentier capitalism’ is the phrase lefties used to describe a system in which people who own assets (like leased condos) obtain profit from them ‘without making a contribution to society’. In other words, it’s a form of Marxism. Karl would dig it.

The virus has brought a lot of this seething anti-landlord sentiment bubbling to the social surface. The keep-your-rent movement is one aspect. Commercial tenants – even large corporations – who refuse to honour their leases form another. The longer Covid sticks around, the more acute. It’s one reason governments are spending billions to send renters cash payments and foot a rent-subsidy program for businesses, large and small. In the end, every taxpayer will be on the hook for this. Something is clearly wrong.

Apparently mall owners collected only 15% of the stipend owed them on May 1st. That was down from a lowly 25% in April. June looks just as dodgy. Even biggies like Goodlife Fitness are bilking their rentier landlords.

And who’s taking the hit? Pension funds, who manage people’s defined-benefit retirement savings. The biggest enclosed shopping centres in Canada (about 50 malls) are owned by fund real estate arms Oxford Properties (Yorkdale), Cadillac Fairview (Toronto Eat0n Centre) and Ivanhoe Cambridge (Montreal Eaton Centre). Many of these are anchored by department stores, which are bleeding out now thanks to a combo of the virus and online shopping. Will they ever open again? In the US giant Neiman Marcus has filed for bankruptcy – and a big chunk of that is a CPP liability. Yeah, that CPP. Your public pension plan.

On a much smaller note, did you read about Danish Chagani and his pregnant wife?

They bought a house for their growing family, and rented the upscale condo they owned to a lawyer down the hall. But Christopher Roper decided to stop paying rent. After being stiffed for more than $16,000 in monthly payments, Danish was in desperate financial shape. He had to remortgage the condo (two loans now in place) to make up for the lost $2,700 in monthly income needed to help finance the house.

Covid means no landlord tribunal. So no eviction is possible. The lawyer lives for free. Danish must make payments on multiple loans – or he loses the properties. The glam life of rentiers. Here they are…

Chris Steepe may constitute the low-of-the-low in our society in the eyes of the landless bitterati. He’s a realtor and the owner of investment (rental) properties. He wrote an interesting piece days ago in a trade mag on what Covid is doing to those who provide rental accommodation. “The overarching conclusion, regardless of what numbers you use, is that the net profit from a rental property is much less than tenants, media and the government believe,” he says, “and it’s these same entities who collectively think residential landlords are rich and can afford to carry all the consequent losses caused by COVID-19.”

Seepe details the ownership costs for a small multi-unit building  in Ontario. For each $1 in rental income, here’s the overhead:

  • 18.8 cents – property tax
  • 2.2 cents – building insurance
  • 3.5 cents – electricity (common area only)
  • 3.4 cents – gas heating (included in rent)
  • 3.4 cents – water/sewer (included in rent)
  • 8.8 cents – repairs & maintenance
  • 3.1 cents – property management, janitorial, placement fees
  • 1.4 cents – professional fees
  • 44.6 cents – operating expenses
  • 39.8 cents – principal & interest (5-yr closed fixed, 25-year am, 75 per cent LTV, three per cent interest)
    = 84.4 cents total costs
  • 15.6 cents – net profit before corporate taxes (cash flow
  •  7.8 cents – corporate tax (50 per cent “passive” income

7.8 cents – net profit after tax BEFORE capital costs (new roof, furnace, boiler, windows, etc.)

Seepe’s conclusion is simple: you’re a fool if you get into the investment real estate (landlord) business without understanding that tenants usually fare better than owners. So if a virus emergency comes along you are, well, pooched.

“How much money is left over for a landlord to meet all their obligations in the midst of pandemic emergency measures? Say a “modest” 10 per cent of tenants don’t pay their rent. Which companies and government agencies have offered relief or forgiveness on the above costs? What will deferral of interest payments accomplish if there’s no increase in rent? How long will most or all of the landlord’s income we live on go towards the forced extended loans and accumulated interest payments? COVID-19 may be the catalyst but it wouldn’t be the culprit of a collapsing rental property industry. Many of our risks were artificially and unnecessarily created by ill-conceived, short-term, simple-minded legislation enforced by a fundamentally dis-“membered” Landlord and Tenant Board. In the rental housing industry, ignorance of the law may turn out to be the single greatest “excuse” for financial ruin.”

Without a doubt, this is no path to wealth, or assured income. Residential or commercial. It costs a ton to acquire real estate. A ton to own it. Expenses escalate. Risk abounds. Renters have clearer rights than owners. Governments have picked their side. More voters lease than landlord. And in return for providing people with accommodation they probably couldn’t afford to buy, you become a ‘rentier’. The exploiter.

And you thought this was just a virus.

253 comments ↓

#1 Financial Orchid on 05.13.20 at 2:46 pm

First!
Back to fetal position.

#2 Angus Reid on 05.13.20 at 2:54 pm

Poll from Canadians on China.

http://angusreid.org/covid19-china/

#3 espressobob on 05.13.20 at 2:55 pm

So don’t pay ones rent? The debt accrues.

The outcome is obvious.

It might be a better strategy to work with the landlord?

Why are they the enemy?

#4 Deane Hennigar on 05.13.20 at 2:56 pm

Not sure how or why any of your blog dogs think its fine to pass their problems along to others by stiffing a landlord and exploiting the pandemic because he put in the work, spent the money, and had the smarts to become a doctor.

Generalizing that landlords are all greedy and deserve to be screwed is equally as foolish and wrong headed.

What is wrong with this country? Get some perspective people.

#5 onlooker on 05.13.20 at 2:59 pm

It would be nice to see that math on a presale brochure at some point in the future–perhaps some level of marketing material oversight would be productive….just kidding! Why would the industry hinder its own potential like that?

#6 WAKEUP on 05.13.20 at 3:02 pm

Wow, what an ignorant statement.
People assuming that they know the Dr’s financial status and trying to justify their actions from it, fabrication.

Regardless if the person, any person has one dollar or a billion dollars in the bank it’s none of their business.

Ignorance breeds contempt, jealousy and self entitlement.

You reap what you sow.

#7 jamie on 05.13.20 at 3:04 pm

good article…something i had no idea was happening…does this end up affecting REITs as well? or is much of what you discuss here only really affect the smaller landlords or individual real estate investors?

#8 Ballingsford on 05.13.20 at 3:05 pm

Danish, sell it all to some other enterprising wannabe landlord fool before your wife ditches you!

Then you’d have a bigger problem.

#9 SOMETHINGS UP on 05.13.20 at 3:07 pm

OH How the HOUSE of CARDS come tumbling down.

If we could only be content with what we have…….

“You have succeeded in life when all you really WANT is only what you really NEED.”
― Vernon Howard

#10 Jimmy Zhao on 05.13.20 at 3:09 pm

Why not change the locks on the condo ?
When lawyer can’t get into the unit, say “Take it up with the rental tribunal”

#11 ElGatoNerodeYVR on 05.13.20 at 3:09 pm

We have a multi fold issue. Governments have stopped building new social housing to keep up with the immigration and when the market forces have tipped the affordability balance they tried to “help” with legislation skewed so much against the landlords that a lot have given up (AirBnB has helped with that ). Without sounding too dire it is clear that a lot of the “investors ” will ditch their properties post pandemic never to return to the landlord game which ofcourse will make it even harder on renters. The more the government tried to regulate the worse it will get: Law of unintended consequences. Ofcourse we could also become the next Singapore with an 80+% home ownership rate and social housing in condo projects lands .

#12 yvr_lurker on 05.13.20 at 3:11 pm

You omitted a key piece of information from the article on Christopher Roper. It has little to do with Covid19. Roper had been stiffing his previous landlords for many years, and unfortunately this couple did not realize his sordid past when they rented to him. My sense is that they did not check his references as he was previously “renting” in the same building with a similar outcome. Needed a little better diligence here.

Roper, being a lawyer and well-versed in tenancy law, has been using many delay tactics for many years in dealing with the rental tribunal. With everything being shut, Covid19 just now gives him more time to delay. He was despicable long before Covid 19. There will be many others with a similar “entrepreneurial spirit” who will “sieze the opportunity” to avoid paying rent now even if they are able to given that there are few repercussions.

However, that being said, rents in YVR were on a steep upward trajectory from around 2008 –2018 due to many factors (AirBNB, huge immigration pushes, influx of foreign students, speculation, etc..), all the while pricing out many local families. Bogus renovictions in the name of kicking out long-term tenants to get huge spikes in rent; contested clauses in rental agreements that allowed much larger rental increases than set by the Gov’t. Would you like us to list examples of those for you? Easy to find these as well.

There are many landlords who bought earlier at lower prices who greatly benefited from 2008-2018. I am delighted that there now seems to be a trend towards a reset in prices in the rental market (at least in YVR), which should help local families. There is absolutely no way that Trudeau should be bailing out those who over-leveraged themselves buying multiple rental condo units, many of which were listed as AirBNB which (until recently) were not scrutinized by the CRA. I don’t have any interest to hear their sad stories.

Nor did I tell any. Nice pivot. – Garth

#13 Figure it Out on 05.13.20 at 3:11 pm

Skeezy realtor/landlord doesn’t count principal paydown or anticipated capital gains as part of his profits — claims he’s only in it for the cash flow — and financial advisor Garth reprints this industry bumf verbatim.

Sad.

https://www.remonline.com/covid-19-might-kill-the-rental-property-industry/

Of course people buy investment properties for cash flow. And that surprises you?

#14 BrianT on 05.13.20 at 3:14 pm

#2Angus-from 58% to 14%-pretty amazing when you consider the Canadian MSM is extremely Pro Communist China.

#15 Figure it Out on 05.13.20 at 3:16 pm

Hey Garth, you forgot to tag the red meat in all this for your chained up backyard dogs.

Cadillac Fairview is Ontario Teachers’. Ivanhoe Cambridge serves multiple master, but the biggest is the Quebec public employees pension fund. So the rentiers here are the gold plated pensions of the government employees that your readership respects so much.

I was being kind. – Garth

#16 Overheardyou on 05.13.20 at 3:17 pm

If the lease expires even with the Landlord Tenant Board shut, can you still not evict the tenant? Do leases extend indefinitely until the case is heard? I mean, what good is a deed to a home, if you can’t even legally get back in it being the owner?

An expiring lease, by law, becomes month-to-month in duration. It does not end the tenancy. – Garth

#17 FreeBird on 05.13.20 at 3:17 pm

“And you thought this was just a virus.”
———————
I doubt it was ever just (about) a(nother form) of virus.

#18 Figure it Out on 05.13.20 at 3:19 pm

Oh, and Oxford Properties is OMERS – Ontario Municipal Employees Retirement System.

#19 PLEASE RESPOND on 05.13.20 at 3:20 pm

Information I’ve just reviewed is indicating a 10-12% de escalation in the US economy, revised from 3%.
With every other economy also looking grim.

In your opinion if these revised figures are correct what would the recovery look like?

My personal opinion is it’s a depressionary indicator.

#20 Burnaby Boy on 05.13.20 at 3:22 pm

OOOH! I feel so superior in that I still pay my rent and bills!!!!!

#21 crowdedelevatorfartz on 05.13.20 at 3:23 pm

@#249 Faron.
“Maybe the M is for mineral?”
+++
Its so obvious it’s staring you in the face
MF’s sycophantic cheer leading of everything you say……

Mrs/Mr/Ms Faron

#22 Lee on 05.13.20 at 3:23 pm

Do you see now how reckless it was for JT to utilize the strategy of running “small” deficits for a few years, as if nothing could go wrong in the interim to amplify that mistake? I don’t see how we ever pay off the $250B in deficit we ran up in the last 8 weeks, let alone the accumulated debt from before. I’m still waiting for Howard to tell us which country we can take our money to.

The Parliamentary Budget Officer has hinted the debt could actually reach $1 trillion. – Garth

#23 Are We Having Fun Yet? on 05.13.20 at 3:24 pm

Covid, Murder Hornets, SARS, Emerald Ash Beetles – globalization sure is fun!

#24 crowdedelevatorfartz on 05.13.20 at 3:26 pm

@#10 Figure it out.
“So the rentiers here are the gold plated pensions of the government employees that your readership respects so much.”
++++
Doesnt matter if those pensions go bust.
The taxpayers bail them out.
Until the taxpayers go bust…….

#25 Alberta Boy on 05.13.20 at 3:33 pm

I am not a rich and greedy landlord. I am worse than that; I am a dentist. Few realize how thin the margins have become for smaller players in an increasingly corporate and saturated business world. The business I work for was barely making it prior to Covid and will likely not survive the next 2 months. I do not own and will be ok but there will be many hitting hard times. Some will have to raise their fees a few percent to cover increasing PPE costs in order to stay afloat. Do you think the public will be understanding? To them, we all live in massive houses and drive BMWs!! Haha! The truth is, many associates these days have given up 8 years of income during university and assumed $300k+ in loans to make elementary school principal money (minus the benefits). The golden age has passed and I think silver was skipped altogether. The public has no clue though.

#26 Rosie on 05.13.20 at 3:33 pm

Garth’s buddy…

https://www.advisorperspectives.com/articles/2020/05/12/david-rosenberg-says-the-bulls-are-in-fantasyland

#27 FreeBird on 05.13.20 at 3:37 pm

“Without a doubt, this is no path to wealth, or assured income.”
—————-
It was for telegenic HGTV hosts/‘experts’ who made lucrative deals to promote it on cable TV (syndicated). A prev Cdn host is reportedly now working w/for a REIT. So it was profitable for some…just not most followers and smaller investors or newbies.

Best of luck to Danish and his wife. Let’s hope the stress of this ridiculous situation doesn’t effect mom to be (or new mom as case may be.)

#28 Linda on 05.13.20 at 3:38 pm

When I read stuff like this, I am so grateful that I never followed through on any of those ‘investment property’ seminars. You know, the ones where investment properties would be rented out for positive cash flow in addition to paying the mortgage with the end result of both regular monthly income plus an appreciating asset one could sell for a whopping profit.

While many people have had success doing this & there are doubtless numerous current investors who are not experiencing tenant hostility, this current crisis has sure exposed the ‘bad tenant’ element to the light of day. Yes, there are also bad landlords, but the argument of the ‘keep your rent’ crowd seems to be ‘they are rich & we need the money more than they do’. Not a valid reason to refuse to pay. The question I have for those who rush to defend such an action is this: if you know someone who would do this or has done this, would you expect them to pay back any money they borrowed from you? Would you loan such a person money? Oh, you believe they wouldn’t treat you badly because you are their ‘friend’? Good luck with that.

#29 Nick on 05.13.20 at 3:38 pm

I’d wait til the lawyer is out, change the locks and throw his stuff in a bin… then wait 3 years for the rental tribunal to hear his case…

#30 WAKEUP on 05.13.20 at 3:39 pm

In that broad statement, the writer penned Landlords are greedy.

We rent a property out for under market value and have a great rapport (that means we get along) if the idiot that wrote that reads this.

We are not rich and we have worked our asses off to buy it.

I’d love to take a look at their books to see what else they have justified.

Self entitled idiots are a dime a dozen, integrity is priceless.

Integrity, if the idiot that wrote that is reading this means doing the right thing.

#31 Oracle of Ottawa on 05.13.20 at 3:39 pm

I sold my house 9 years ago and have been renting ever since. I would buy if there was a correction, but at these levels, houses are over priced. We haven’t had a major housing correction since the 90’s. So we’re due. This is my 4th rental and none have included heat, electricity or water/sewage as part of the rent. Still, investing in equities vs owning a house is pretty much a wash as far as proceeds go.

#32 cmccullo on 05.13.20 at 3:41 pm

I wonder what comprises the 44.6% Steepe tagged for operating expenses? All the property costs seem to be covered in the other line items. Is this where you write off the Beemer?

#33 Cumulative effects on 05.13.20 at 3:41 pm

Thanks for the post Garth!
I have noticed since the pandemic many people I meet are righteous and civil disobedient.
I don’t know the answer to this but I am sure you can wreck the renters credit rating. I always had a credit check when I rented. And if the trend continues landlords will be demanding allot more from renters Upfront.

Not sure why a lawyer would think they can get away without paying. As I said publish the names public shaming.
The government should have given out the $2,000 it two parcels, 1,000 direct deposit to the land lord and the other $1,000 in food stamps.
No road bikes no TVs and no booze.
While in the end these deadbeats will end up paying like bad harms but in the short term?
And now my point … I have been worried since February and we see it happening.
People not working affecting rents and mortgages
People not commuting affecting oil and transportation.
And then it ripples into the banks and so on and so forth.
I held onto my portfolio by Thinking we would come out of this quickly. I never foresaw that people will continue to get the virus and thus creating fear every time someone coughs. And now I see a recession for allot longer than we all thought. Maybe stocks will recover in a few years, but people will never be the same. Very sad.

#34 Don on 05.13.20 at 3:45 pm

Just One of the risks of investing. At the end of the day lower the home prices the better. It allows for more money to support your local economy and savings.

#35 Andrewski on 05.13.20 at 3:45 pm

Two quick stories.
1) A small single family home next door to a buddy’s home was recently “renovated” over 1 weekend. A “crew of 20 guys” swept in, presumably with no permits and chopped up the home on the inside, in to 3 suites. My buddy googled their address and was able to deduce their are now 3 illegal suites (9 bedrooms & 3 bathrooms) and the landlord has established a rooming house, not allowed on this neighbourhood. Each tenant pays $600 & at my buddy’s last count, there are at least 8 people living in this home. 8 X $600 = $4800/ month. City can do nothing as bylaw officers will not go in to a home due to Covid restrictions.
2) In another situation, a man who can work remotely owns a condo in 1 province and has temporarily moved to another province to be with his aged parent in their probable last month’s of life. He rented out his small apartment to someone who checked out to be “Ok”. Turns out the 1st rent cheque bounced and now the new tenant will be just staying in the apartment “until the landlord can legally remove him”! Owner can do nothing because of Covid restrictions preventing evictions of any kind.
Yikes on both accounts. I bet there are too many stories like these out there.

#36 Sail away on 05.13.20 at 3:49 pm

#21 crowdedelevatorfartz on 05.13.20 at 3:23 pm
@#249 Faron.

“Maybe the M is for mineral?”

————

Its so obvious it’s staring you in the face
MF’s sycophantic cheer leading of everything you say……

Mrs/Mr/Ms Faron

————

Oh, interesting concept. How about this:

MF is actually just a figment of Faron’s imagination and therefore, taken to the beat of: ‘I am the Very Model of a Modern Major General’:

“In short, he is not vegetable, animal, or mineral,
he has simply sprung full-formed as a fanciful idea.”

#37 Ballingsford on 05.13.20 at 3:50 pm

#25 Alberta Boy on 05.13.20 at 3:33 pm
I am not a rich and greedy landlord. I am worse than that; I am a dentist. Few realize how thin the margins have become for smaller players in an increasingly corporate and saturated business world. The business I work for was barely making it prior to Covid and will likely not survive the next 2 months. I do not own and will be ok but there will be many hitting hard times. Some will have to raise their fees a few percent to cover increasing PPE costs in order to stay afloat. Do you think the public will be understanding? To them, we all live in massive houses and drive BMWs!! Haha! The truth is, many associates these days have given up 8 years of income during university and assumed $300k+ in loans to make elementary school principal money (minus the benefits). The golden age has passed and I think silver was skipped altogether. The public has no clue though
‐‐‐——
Of all the professions, Dentists make the most money, and Vets 2nd.

You’ll get there soon.

#38 Tim123 on 05.13.20 at 3:50 pm

I think there are a lot of landlords who thought that getting a rental property was a risk free investment. The reason why they thought this is because most people think that real estate can never go down. A colleague of mine asked me my opinion of whether to buy a fourth house (3 rental properties) or invest in the stock markets. I gave him advice that he is taking a big risk by putting all your eggs in one basket and that it would be wiser to diversify his portfolio. Anyways, he bought the fourth house based on the common held belief that real estate can never go down. I do not want to ask him about the properties because, I imagine it might be bad. I never thought there could be a pandemic which will eventually cause a real estate crash, but i did know about black swan events as i am a stock market investor.

#39 Stylite on 05.13.20 at 3:51 pm

Note to self: Learn more about Lenin and Marx teachings.
Thanks!

#40 Tater on 05.13.20 at 3:52 pm

I love my landlord. He lets me live in a $2mm house in a lovely neighborhood for just $4k per month!

#41 CEW9 on 05.13.20 at 3:57 pm

Re: #25 Alberta Boy on 05.13.20 at 3:33 pm

Elementary school princples also go to university for about 8 years on average. 4 yr undergrad, 2 year masters, 2 year PhD.

A glut of, and overemphasis on, paper credentials is one of the many problems in our economy.

Public school principals all have PhDs on your planet? – Garth

#42 Sold Out on 05.13.20 at 4:00 pm

#25 Alberta Boy on 05.13.20 at 3:33 pm
I am not a rich and greedy landlord. I am worse than that; I am a dentist. Few realize how thin the margins have become for smaller players in an increasingly corporate and saturated business world. The business I work for was barely making it prior to Covid and will likely not survive the next 2 months. I do not own and will be ok but there will be many hitting hard times. Some will have to raise their fees a few percent to cover increasing PPE costs in order to stay afloat. Do you think the public will be understanding? To them, we all live in massive houses and drive BMWs!! Haha! The truth is, many associates these days have given up 8 years of income during university and assumed $300k+ in loans to make elementary school principal money (minus the benefits). The golden age has passed and I think silver was skipped altogether. The public has no clue though.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

When I had a semi-decent benefit package, I made full use of the dental coverage. Too few people nowadays with benefits.

Wait until foreign-trained dentists start to undercut the locals, like they have done in veterinary medicine in the Lower Mainland.

#43 clayton604 on 05.13.20 at 4:00 pm

That analysis is misleading if he is including principal repayment on the mortgage. Excluding principal should push it past 10%. Also he notes its a 75% LTV.. so his ROE is much higher.

Garth you always say your blog dogs are smart.. don’t let Seepe start interchanging and confusing Cash Flow, Profit and ROE

#44 dogman01 on 05.13.20 at 4:01 pm

Worth an encore for those who missed it yesterday:

https://m.youtube.com/watch?v=wfGAktuU93s&feature=youtu.be

RE CRA and 2019 return: filed late March and CRA responded very fast. I have to imagine they have their hands full right now.

Creating a perception that they are not going after CERB cheats is a big mistake. Humans behave differently when they think others are cheating and getting away with it, when you can cheat and get away with it you lose all respect for the other party. (even if it is a short term tolerance).

As a Law abiding “peace order and good government” supporter, I am perceiving more and more slackness in enforcement, extensive blockades of infrastructure tolerated, CERB cheats tolerated, the NS rampage guy, police had reports in 2013 he had illegal firearms and did….well nothing? Panama Papers- Tax Havens.

If people like me (a majority) “look up” and shrug and then stop following the rules……

#45 Do we have all the facts on 05.13.20 at 4:02 pm

Day after day more and more evidence emerges reveals that our Prime Minister has no idea of how our GDP is actually generated.

In his news conference today he admitted that his objective is to make sure every citizen, read voter, gets some some money to compensate for a decision to cripple our economy. When asked when projections of the cost of all the giveaways would be tabled he glibly stated that preparation of financial statements was not a priority during this crisis.

He is totally out of control and must be held accountable before the long term damage to our economy cannot be repaired. We must demand that an accurate assessment of our current financial position and an estimate of what the future might hold be tabled immediately.

Not a priority indeed!!!

#46 Cristian on 05.13.20 at 4:03 pm

“The term ‘rentier’ has gained currency in recent years, now routinely spit at landlords. ‘Rentier capitalism’ is the phrase lefties used to describe a system in which people who own assets (like leased condos) obtain profit from them ‘without making a contribution to society’. In other words, it’s a form of Marxism. Karl would dig it.”

Yep. Canada is rapidly becoming a country that reminds me more and more of my home country (Romania) in the years after the WWII, when the “proletariat” was hunting down the rentiers, the “bourgeois”, the “capitalists”, most of whom eventually ended their lives in political prisons.
So after 15 years spent here I am getting ready to pack and move again to a country with a more normal mindset and a more normal attitude towards those who are willing to work hard and risk in order to advance their lives (all of which I have done in those 15 years spent here). Such a shame, what this country has come to…

#47 dogman01 on 05.13.20 at 4:04 pm

I have been hearing a value sentiment along these lines; “all lives need to be saved no matter the cost!”; very earnest, and seeming cheered along by others. (social Media and the feel good MSM)

Initially I thought this is just an emotional sentiment but I am becoming convinced a portion of the population truly views this as an imperative value.

It is so foreign to my perception of the reality of how the world works, nature etc., I just could not believe adults think this way.

Here is an old quote (forgive the misogyny trigger, it is from 1902)

“It queer how out of touch with truth women are. They live in a world of their own, and there had never been anything like it, and never can be. It is too beautiful altogether, and if they were to set it up it would go to pieces before the first sunset. Some confounded fact we men have been living contentedly with ever since the day of creation would start up and knock the whole thing over.” – Joseph Conrad; Heart of Darkness

Looks like Stats Can will have the “excess” Death Numbers https://www150.statcan.gc.ca/n1/daily-quotidien/200513/dq200513d-eng.htm
Only till end of march so far.
Will Covid mean significantly more then “normal”.

#48 Leftover on 05.13.20 at 4:05 pm

This is 1982 all over again, a long hard recession that will impact many lives. People behave the way they do because they can and obviously we haven’t done much in the way of long-term financial planning in this country. And now there are no consequences, at least for the time being.

Just glad we sold our rental property.

Realtor spin aside, the market really is dismal. Vancouver residential rent/assessed value runs around 3% gross right now, maybe 2% triple net. While still a trickle, there are two new listings for every sale in that city:

https://www.zealty.ca/stats-daily.html

Sit tight.

#49 Asterix1 on 05.13.20 at 4:06 pm

Ouch! 2047 St John’s Rd, Alcona – Innisfil

Bought APR 2017 = 630,000$
SOLD MAR 2020 = 397,000$

Add the land transfer tax on purchase and commission on the sale, it’s a -41% loss!

#50 Brian Ripley on 05.13.20 at 4:09 pm

My TSX chart of Real Estate, Energy, Financials and Gold is up with April data and which features an overlay of the Bank of Canada Commodities Index:

http://www.chpc.biz/tsx-indexes.html

Commodities peaked in 2Q 2011 and the deflation trend gathered momentum as the Bank of Canada (and global central banks) increased their knob twiddling intensity against the “D” word. The crude oil peak had already come and gone in 3Q 2008.

Since the March 2009 Pit of Gloom and after 11.1 years of ZIRP & NIRP the Bank of Canada Commodities Index has dropped another 28%.

Get used to a deflationary environment; we’re here.

By the way at the bottom of the chart page, today I added a chart I published back in 2012 that suggested a deflationary trend was afoot… that was hard to accept at the time with the switch already thrown from commodities to an everything else rally (fixed income, equities, housing).

If that 2012 chart unfolds as depicted, get used to a new regime until 2031.

#51 Timmy on 05.13.20 at 4:09 pm

Garth,

clearly blame on both sides, some landlords are getting shafted and many landlords give the shaft to tenants through rennovictions, etc. Why is no one talking about the fact that the govt stopped building rental units in the 70s which caused a dearth of rental units and now they have been replaced by the condo market with greedy speculators? Many have no choice but to rent from them as there are far more condos built than rental units. Why doesn’t CPP invest in rental housing in Canada? Talk about a guaranteed income stream. Maybe then tenants wouldn’t get screwed over as much and these amatur landlords would disappear.

#52 Sail away on 05.13.20 at 4:12 pm

#28 dogman01 on 05.13.20 at 4:01 pm

As a Law abiding “peace order and good government” supporter, I am perceiving more and more slackness in enforcement, extensive blockades of infrastructure tolerated, CERB cheats tolerated, the NS rampage guy, police had reports in 2013 he had illegal firearms and did….well nothing? Panama Papers- Tax Havens.

If people like me (a majority) “look up” and shrug and then stop following the rules……

————

Then I will call you my brother and together we will sing ‘My Country, ‘Tis of Thee’ (America, America)

#53 Viorelli on 05.13.20 at 4:20 pm

#25, Alberta Boy.

You are so right. Both of my kids are dental professionals in Vancouver, one is an owner, the other is an associate. Many are drowning in student loans past graduation, 70K per year in UBC dentistry. You are lucky if you have wealthy parents with an existing clinic to inherit, most are not that lucky. To buy an existing clinic it costs an average of 105% of its gross annual average income for the past 3 years. So if an office is billing 600K gross per year you will be looking at 630K to take over. All you get is old equipment, files, phone number, and good will. If a new grad is sloppy or slow, roughly 60% of the business is gone within a year to a year and a half. You are lucky nowadays with a 65% overhead: professional fees, liability insurance, college and association, ce credits, rent (very high in Vancouver), staff wages, taxes, dental laboratory fees (on the rise as CAD is failing), now you need another full time employee for extra sterilization, constant wiping down counters, phone pre screening, ppe, etc. Etc. 25 % is your growth profit for the owner and then you are taxed on it. Many dentists now are only averaging between 90K to 150K before income tax, unless you specialize. No benefits or pension. High stress. It takes over 10 years of work just to pay off tuition and the business you bought or built (new clinic), if you don’t come from wealth. Many people will increase their fees across the fee guide just to pay for all the upcoming extra expenses. There is no other way. Patients can always choose to go to Mexico for cheaper dentistry.

#54 Faron on 05.13.20 at 4:23 pm

#31 Sail away on 05.13.20 at 3:49 pm

#21 crowdedelevatorfartz on 05.13.20 at 3:23 pm
@#249 Faron.

“In short, he is not vegetable, animal, or mineral,
he has simply sprung full-formed as a fanciful idea.”

Or maybe I’m a figment of MF’s imagination? Who will ever know? Tune in next week…

Oh, wait, Garth probably knows.

Regarding amateur renters or rentees, it’s simple: don’t be a jerk if you rent and don’t be a jerk if you are a landlord. I’ve been a respectful renter all my life and have avoided renting from landlords who are jerks. Never had a problem. Do unto others etc.

Professional outfits should be cautious but also have contingency in place if the SHTF just as banks are currently bulking up their reserves for the coming wave of non performing loans.

#55 Sail away on 05.13.20 at 4:23 pm

#29 Nick on 05.13.20 at 3:38 pm

I’d wait til the lawyer is out, change the locks and throw his stuff in a bin… then wait 3 years for the rental tribunal to hear his case…

————–

Terrible idea. RCMP would immediately arrest you for illegal eviction. It wouldn’t be a matter for the tribunal. Good luck winning any judgment as a convicted criminal after that.

#56 Mattl on 05.13.20 at 4:26 pm

The irony of all this, is the anti-landlord movement will result in more pressure on inventory. I mean if it wasn’t for all the amateur landlords, half these towers wouldn’t be stood up.

Fairly simple – if you aren’t willing to be a homeowner, and I’m not willing to be a landlord, units don’t get built. Unless the government decides to step in and build and maintain units – can you imagine how depressing it would be to live in gov’t housing – then there is going to be a standoff.

Landlords will invest somewhere else, it’s not like you can’t get negative, zero, of five percent returns somewhere else.

This is a perfect example of careful what you wish for (landlords getting their ass handed to them), you just might get it.

#57 TurnerNation on 05.13.20 at 4:26 pm

They keep playing us. As people have asked elsewhere:

– How is this photo inside a hospital bedroom possible when visitors are not allowed? (It is posted on a family member’s twitter.)
– Where is her mask, given hospitals can be high risk places, and her age?
– Taking photos inside a hospital ward is a violation of patient privacy rights no? Would staff do this?
(This all calls into question all the scary footage you’ve been shown for weeks)

https://www.blogto.com/city/2020/05/95-year-old-grandmother-just-recovered-covid-19-toronto-hospital/

#58 Ron on 05.13.20 at 4:27 pm

DELETED

#59 Ronaldo on 05.13.20 at 4:27 pm

Have we gone too far. Here is Elon’s view on things.

https://www.youtube.com/watch?v=K61C9GVNCNg&feature=youtu.be

#60 Drew on 05.13.20 at 4:35 pm

Never rent to a lawyer, that’s the lesson I get.

Garth, this storm was coming virus or no. People can’t have no savings no plan, as you say, and live beyond their means forever. We couldn’t go 1 month with income disruptions, that’s a personal finance failure, and pathetic.

People like that first blog dog think anyone with $6000/yr to put in a TFSA are rich, nuance is lost when it comes to property.

I don’t know why anyone would want to landlord. I’m a renter and I don’t want to be either one.

#61 Handsome Ned on 05.13.20 at 4:39 pm

The only way I would consider being a landlord would be to buy a duplex; live in one side and rent out the other. That way I could keep my eye on them and even better, become good neighbours. They would be reluctant to cheat out a friend. When my family moved out to Vancouver in 1970, we rented a duplex for a year with the landlord living on the other half. My parents became lifelong friends with them. I heard they ended up selling it for a fortune and moving to a palace on Vancouver island.

#62 Freedom 57 (I was a slow learner) on 05.13.20 at 4:40 pm

I was a landlord to a renter who was on Welfare. Although this may raise red flags with some readers, it was the opposite experience. In BC, Social Welfare directly deposits the rent money into the landlord’s bank account, vice paying the recipient, hoping they will then pay the landlord.
Every 1st of the month, the money would automatically be deposited.
Not sure if this happens in the rest of Canada, if not, maybe it should.

#63 not 1st on 05.13.20 at 4:48 pm

You can either read this lengthy but solid article on the state of Canada post pandemic.

Or I can shorten it and save you some time. WE R FD

https://nationalpost.com/opinion/matt-gurney-on-covid-19-the-new-normal-is-going-to-be-a-fiscal-mess?video_autoplay=true

#64 Keep Your Rent on 05.13.20 at 4:50 pm

Tenants keep your rent.

Landlords keep your distance.

The only way a landlord can legally remove you from your home is with an order from the Landlord Tenant Board and the only person with the power to enforce that order is a Sheriff. Only you and the sheriff have the legal authority to remove you or your property from your home. Not the police, not special constables, not private security, and certainly not your landlord themself. Any attempt to remove you or your property or change the locks without an order from the Board is illegal.

#65 Ed McNeil on 05.13.20 at 4:50 pm

What ever happened to making someone an offer they can’t refuse?

#66 not 1st on 05.13.20 at 4:50 pm

WE R FD, Part Deux

Investors set to lose nearly US$500B in dividends as equity income strategy takes a hit

https://business.financialpost.com/investing/investors-set-to-lose-nearly-us500b-in-dividends-as-equity-income-strategy-takes-a-hit

#67 The Great White North on 05.13.20 at 4:54 pm

#46 Cristian on 05.13.20 at 4:03 pm

You are absolutely rights, my East European friend, my thoughts exactly, plus the fact that it will become a bug ghetto riddled with crime in the next 10 years because of what happened in the last two months…

This is one of the least integrated countries on earth, and the failure of the multicultural project here will be epic, for the history books.

#68 Ace Goodheart on 05.13.20 at 4:54 pm

Not a good year to be a condo owner in Toronto:

https://www.blogto.com/real-estate-toronto/2020/05/these-neighbourhoods-toronto-have-seen-biggest-drop-condo-apartment-prices/

#69 Lambchop on 05.13.20 at 4:57 pm

#45 Do we have all the facts on 05.13.20 at 4:02 pm

In his news conference today he admitted that his objective is to make sure every citizen, read voter, gets some some money to compensate for a decision to cripple our economy.

_______________

I have no reason to receive any of the Liberal payola, and if any shows up in my account, I will donate it to the Opposition party as a matter of principle. Or maybe use it to fund a roadtrip to Rideau Cottage to ask a few questions of my own.
My vote is not for sale.

#70 Lost...but not leased on 05.13.20 at 4:58 pm

RE: “Rentier”….

Any Landlord with even an average IQ must have shuddered when the Gov’t’s effectively waived the red flag and told renters , both commercial and residential …to “screw the landlord”..err non- payment of rent would not have immediate, if any, consequences.

Admittedly, one cannot get blood out of a stone,( ie renters incomes are also impacted ) but if and when this pandemic ends…Landlords will likely demand changes and Gov’ts will have no choice but to capitulate…as the last thing Gov’ts wants to do is become landlords on a large scale (unless we have collapsed into a quasi- communist system).

#71 JM on 05.13.20 at 5:00 pm

And that’s the problem with bailouts…everyone is ready to hold their hand out to ask for their share. I’m sorry Garth, humans unlike dogs are an ugly species. Our history is littered with proof of it…come to think of it, my neighbourhood is littered with surgical gloves.

#72 Freedom First on 05.13.20 at 5:03 pm

There is a lot of good people in the world. There is also a lot of not good people in the world.

I am far too wise to be stiffed by the not good, and I have a steel-like moral compass, never stiffing anybody in the world. In the end, we all answer for our actions. Karma suits me fine.

Freedom First

#73 TurnerNation on 05.13.20 at 5:04 pm

Scary map (seen on Reddit). The Future. What will be replacing all the shuttered small business on our streets?

T2’s soma: Weed shops. Hundreds of ’em take a look.
Passive people is what they government needs.

https://www.agco.ca/sites/default/files/map/ONT_CN_ST_E.html

#74 joblo on 05.13.20 at 5:11 pm

#45 Do we have all the facts on 05.13.20 at 4:02 pm

Do you really think the Prime Minister is calling the shots?
My take is he is the mouthpiece for who knows who?
Buts still hanging around? new handlers?

#75 Sydneysider on 05.13.20 at 5:14 pm

The BTB REIT was down 5% today, perhaps for the reasons mentioned in today’s article. If retailers do not pay their rent (i.e. my dividend) am I morally entitled to steal from their stores when they reopen?

________________

“It is not the infection from outside which is the greatest concern; it is the cancer within… The more deadly virus is that which has brought about the progressive decay of our national spirit.”

The quotation is from Lord Chalfont in the Times, claiming that Western democracies were on the verge of collapse due to corrosion of traditional values and standards (“The BBC has been invaded by bands of illiterates etc.”)

One point among many seems especially relevant:

“The sleep of reason is a false repose. Those who succumb to it often awake in a barren landscape not easily distinguishable from that of a prison camp. Many nations have taken their people that way: none has yet come back.”

Incidentally the piece was written in 1981.

#76 Sail away on 05.13.20 at 5:15 pm

Well, the time is now:

If you happen to have bags of cash on hand, it’s a perfect time to get excellent deals on luxury discretionary items.

Want a Tesla or Porsche? Look at private owners on Craigslist and then bargain hard. Many owners under contract will completely forego their down payment and accept just enough to pull them out of the debt.

Boats or RVs? Pennies on the dollar.

Now’s the time to vultch. That’s one of my favourite activities so I’m a bit bummed that I already have everything my heart desires.

#77 SunShowers on 05.13.20 at 5:16 pm

“First of all: what is work? Work is of two kinds: first, altering the position of matter at or near the earth’s surface relatively to other such matter; second, telling other people to do so. The first kind is unpleasant and ill paid; the second is pleasant and highly paid. The second kind is capable of indefinite extension: there are not only those who give orders but those who give advice as to what orders should be given. Usually two opposite kinds of advice are given simultaneously by two different bodies of men; this is called politics. The skill required for this kind of work is not knowledge of the subjects as to which advice is given, but knowledge of the art of persuasive speaking and writing, i.e. of advertising.

There is a third class of men, more respected than either of the classes of workers. These are men who, through ownership of land, are able to make others pay for the privilege of being allowed to exist and to work. These landowners are idle, and I might, therefore, be expected to praise them. Unfortunately, their idleness is rendered possible only by the industry of others; indeed their desire for comfortable idleness is historically the source of the whole gospel of work. The last thing they have ever wished is that others should follow their example.” -Bertrand Russell

#78 Alberta Boy on 05.13.20 at 5:17 pm

#53 Viorelli and others. Thx for your experiences. I have been in dentistry long enough and have listened to Garth so I will avoid the worst or what is happening. The truth is, many would leave the profession in a heartbeat if they were not handcuffed to it (needing $150k+ just to make student loan payments and cost of living). More than half would tell their children to do something else. The landscape is changing quickly. Older dentists who timed it right have been selling at peak prices to corporations who use leverage to lower their own costs and squeeze smaller players. Combine that with increasing saturation in all cities and the pie gets smaller, pressuring dentists to sell more non-essential treatment; this trend damages our reputation. There are also 20,000 foreign trained dentists who would license here tomorrow if it was allowed and those doors are being opened more and more (a lot of these dentists are good). And now Covid hits…..making dental offices even less exciting to visit….wait until you see the spacesuits we get to wear now! The kids won’t be scared at all haha!

#79 conan on 05.13.20 at 5:18 pm

I had a tenant like the lawyer once…. He had one problem though that allowed me to get him out easily. Any conversations with him, asking him to leave , led to threats of violence. So I called the cops, at first they were; civil matter blah blah blah , we do not care. Then I asked again differently , and they told me how to get him out. It worked.

#80 Sail away on 05.13.20 at 5:21 pm

#71 JM on 05.13.20 at 5:00 pm

And that’s the problem with bailouts…everyone is ready to hold their hand out to ask for their share. I’m sorry Garth, humans unlike dogs are an ugly species.

————

Oh, come on. If you offer a dog a steak, I guarantee he’ll take it.

We’re all the same. All animals.

Well, except MF, anyway. Maybe he’s a noxious gas?

#81 Marco on 05.13.20 at 5:22 pm

Maybe we should have fewer lawyers, like in Japan where minor problems are solved by Yakuzas for a small fee. Thanks good we can use Mafia here. On another note: This is one of the least integrated countries on earth, and the failure of the multicultural project here will be epic, for the history books. Well all of you here who mention Romania, I would like to hear some Jew opinion here because I know behavior of well integrated Romania during WWII was epic.
Do not compare Canada and Romania even in your wet dreams. It is an offence from moral, human, intellectual and all other points.

#82 TurnerNation on 05.13.20 at 5:22 pm

The economy: once again a reminder this is all about taking away our right to travel. Trains, Greyhound are shut down in Canada.

They are selling on this for air travel. Imagine the cost, the hassle. People will voluntarily give up their right to travel.

That’s the best kind of control right, self policing?
They told us to ‘self isolate’ – for being healthy
To be “social” and stay 6 feet away from everyone.
What an Orwellian world. Our masters must be roaring with laughter now.

Keeping in mind all ‘news’ is predictive programming.
Remember #stayhome? They got it.

https://www.forbes.com/sites/ceciliarodriguez/2020/05/10/future-air-travel-four-hour-process-self-check-in-disinfection-immunity-passes/?

— Once again this is the best thing I’ve seen written elsewhere about what’s going on. Even Bank of Canada is selling us on the New Green Deal as a requirement for bailouts and lending. A new global order in only two months, gotta hand it to them:
Quote:
“We’re in an experiment. We’re now getting a glimpse of what a high tech, low carbon, limited mobility civilization looks like. The technocrats must be loving this – they’re going to have so much data to analyze after the experiment is over. Other major interest groups will use this experiment to further their agendas”

#83 Figure it Out on 05.13.20 at 5:27 pm

“Landlords will likely demand changes and Gov’ts will have no choice but to capitulate…as the last thing Gov’ts wants to do is become landlords on a large scale”

Landlords have been demanding change (in Ontario, at least) for a long time, and have generally been ignored. If landlords aren’t enjoying the experience at a 2% cap rate, they can sell to someone who will. If there’s no takers, the price drops to whatever cap rate clears the market — no government intervention required. There’s a cap rate at which I’d be a residential landlord.

Of course, if prices drop far enough, some who now rent could and would buy. A landlord can’t move the apartment block to a friendlier jurisdiction.

For most residential rentals, the age-old truism applies: “Ain’t nothing wrong with it that price won’t fix.”

#84 cramar on 05.13.20 at 5:28 pm

#97 Bytor the Snow Dog on 05.12.20 at 7:40 pm

Hey Cramar I know you’re from the Leamington area. I heard an interview on CBC Radio this morning with a certain 66 year old Mr. Winter and his wife who was hospitalized and eventually ended up on a ventilator and actually recovered.

What was weird about this whole thing is that he was admitted to hospital before any Covid cases were even confirmed in Essex County. It wasn’t even known he had Covid until several weeks later after the testing began.

This man never went out of the country and pretty well stayed at home until he finally had to go to the hospital in an ambulance as his wife thought he was gonna die.

Yet he caught Covid before it was even here! Even the Windsor Essex County Health Unit and the CBC couldn’t explain it. Personally I’m surprised that CBC even broadcast the interview.

—————————–

Thanks for this. I hadn’t heard of it, but it’s all over the news today. I suspect I know where he got it. He is a former High School Principal, and until a couple of years ago, was paster of a large Mennonite church a couple of blocks from me. Therefore he has MANY in his circle of friends. (I don’t know him, but know many who do.) Both him and wife got CV-19 (but she mild), so I suspect someone they know gave it to them. Where did this person get it. Around the end of Feb./beginning of March, I overheard a lot of people stating they just returned from from trips to Florida, or cruises, or Europe. (We have a fairly wealthy retirement community.) I strongly suspect somebody with no or mild symptoms brought it back, and passed it on to them. Unfortunately Victor Winter was the one who almost died from it. Six weeks in hospital—three on ventilator!

The problem is that those who have never had this virus, or show no symptoms, or mild symptoms, think it is no big deal and society should be open and functioning as before. It is Russian Roulette. Some will get terribly sick. Some will die! Nobody has any idea who!

#85 Nonplused on 05.13.20 at 5:34 pm

Stories like this make me fear for our society. I mean there were always a number of people within society that were naturally scum, but the law kept them mostly in line most of the time. Now the law seems to be squarely on the side of the scum. It should be clear in the law that after 3 missed rent payments eviction is automatic, no hearing required, and the tenant should still be liable for the back rent and added to publicly available list until it is paid so other landlords can check their history.

If the government wants to do something for people who can’t pay their rent then they should pay the rent for them. There is no way it is going to work long term to just let them squat indefinitely.

Hopefully most of the landlords out there are operating through a numbered company so they can turn the problem over to the banks. Of course this will entail substantial losses for most of these landlords. And of course a great buying opportunity for consolidation in the industry as REITs and other large corporations buy them all up for a fraction of recent appraisals. Mr. Monopoly wins the game again.

The lawyer in this story must be a real scum. Assuming he is employed, how can he justify enriching himself at the expense of this couple? Hopefully karma comes around to him soon.

#86 Nelson from The Simpsons (R) on 05.13.20 at 5:37 pm

HA-HA! Condo price collapse!

https://www.blogto.com/real-estate-toronto/2020/05/these-neighbourhoods-toronto-have-seen-biggest-drop-condo-apartment-prices

#87 Stu on 05.13.20 at 5:38 pm

“Someone with a massive income being mildly inconvenienced? Get some perspective”

…It takes a massive amount of work and brains to become the person qualified to receive that income. And one day you may be thankful he (or someone similarly qualified) is around when needed…

#88 espressobob on 05.13.20 at 5:38 pm

#64 Keep Your Rent

Laughable drival on your part leading unsuspecting tenants to the slaughter house.

What exactly do you hope to accomplish?….

We would like to know? Please enlighten us.

#89 Last Gasp on 05.13.20 at 5:40 pm

Debt jubillee baby! Everybody’s broke.

Illiberal pansies freaked out from one of several hundred murderous bugs that will kill you… while right wing fundamentalists scorn the econocide fixation of the illiberal class. Many heart and cancer patients have died waiting for the covid festival to pass. Taxes will have to go 217 per cent of current incomes to pay back accumulated liabilities from the cyrrent 8% GDP debt top up , and 20% or more by fall. We are past the point of no return fellow travellers on the hostage-held, debt-jumbo flight headed into a fog towards a volcano. The only baleful, flikering red light, in a grimmey horizon is the debt clock flashing” turn around, don’t go there!”. W cannot turn around to the safety of our last departure. Not enough monetary fuel to get us back there… and … not enough to get us where we want desperately want to go.

This is what a new-age, Greta Thorn (in your backside, economic ice) berg looks like. Every body gets a medal from fearless leader because he took the ball away from the game and we are all on the sideines now.

Never mind, no fears, no failures.

It all works out swell, until the farmers want in on the ” no-work … send me my check , thank you very much” racket.

When we hit that welfare milestone we will starve.

When reality finally wakes up …. she’s a real
( )itch. Give it till July when we realize what we have allowed our leaders to do to use without reflection or protest. Meet Miss Reality, she wants to be your new best friend.

#90 islander on 05.13.20 at 5:44 pm

https://www.cbc.ca/news/canada/toronto/lawyer-eviction-stalled-covid-1.5550804

Maybe Danish Chagani should have asked for references from previous landlords!

Maybe CRA and other governmental organizations should have a closer look at Christopher Roper,
regarding ‘professional misconduct’ etc.
https://lso.ca/public-resources/finding-a-lawyer-or-paralegal/directory-search/members/lawyer/016/christopher-john-roper#historyContent

‘Amateur landlords’ kinda deserve what they get.
Or maybe this is a ‘birds of a feather flock together’ situation.

Did you just say the guy renting his apartment to this tenant ‘deserves’ to be fleeced? Explain that. – Garth

#91 Retro Marxist on 05.13.20 at 5:47 pm

If rents were as high when the patriarch of Weston was starting his bakery, he would NEVER become a billionaire. Extortionist rents ROB the business of profits. How can you get some war criminal to rent a condo in Toronto using stolen taxpayer money,and then rent that for tax-free income?

#92 Bill Grable on 05.13.20 at 5:58 pm

We owned a condo and decided (STUPIDLY) to get an agency to rent it out.

They took our lovely condo and rented it to a drug addict, who ran a hot bed service, dealt drugs, partied 24/7 and drove my ex-neighbors insane.

They wouldn’t leave! The agency didn’t care. Then I got really steamed and got my long time Family lawyer and a very trusted top end Realtor and asked if they could help.

I had been in and out of hospital and the stress was something I was told I must avoid. The Lawyer fixed that idiot, in a hurry – after a few calls and the honest realtor helped us rehab it and we sold it – sadly, just before the price insanity.

I will NEVER own R/E again. (I am too old) and even if I was young enough, I would NEVER be a ‘landlord’ again.

I encourage you to read what Mr. Turner has said in this wonderful piece. It for folks of any age.

*(Full disclosure – we are blessed to have Mr. Turner and his team take care of our Family. That is never going to change).

#93 3s on 05.13.20 at 5:58 pm

Garth, could you talk more about the mortgage relief available to landlords and how that compares with relief for a renter.

You have talked often about how the system unfairly benefits the wealthy and that’s just tough. Why should the pitchforks have a morality attack when they get the chance to exploit a situation?

#94 Wuhan we got y'all in check on 05.13.20 at 6:02 pm

where I come from if you do not pay someone visits you with a baseball bat

#95 Marco on 05.13.20 at 6:07 pm

#90 Retro Marxist on 05.13.20 at 5:47 pm
If rents were as high when the patriarch of Weston was starting his bakery, he would NEVER become a billionaire. Extortionist rents ROB the business of profits. How can you get some war criminal to rent a condo in Toronto using stolen taxpayer money,and then rent that for tax-free income?
———————————————————-

Yessss

#96 Paul on 05.13.20 at 6:12 pm

64 Keep Your Rent on 05.13.20 at 4:50 pm
Tenants keep your rent.

Landlords keep your distance.

The only way a landlord can legally remove you from your home is with an order from the Landlord Tenant Board and the only person with the power to enforce that order is a Sheriff. Only you and the sheriff have the legal authority to remove you or your property from your home. Not the police, not special constables, not private security, and certainly not your landlord themself. Any attempt to remove you or your property or change the locks without an order from the Board is illegal.
————————————————————————————————
I had a tenant (blood sucker) like you 6 months non payment of rent. Waited till they went out changed the locks and waited. They came back WE stood our ground.
The ‘tenant’ called the police when they showed up I told them it was a civil matter and I wasn’t letting anyone in my house the police told the tenant to get a lawyer. Never heard back!

#97 Wally Wing Nut on 05.13.20 at 6:17 pm

UN accuses Toronto apartment owner of human rights abuses
Not that I condone not paying one’s bills, but maybe the human herd is turning against landlords because of their own actions.
https://www.cbc.ca/news/canada/toronto/united-nations-toronto-apartment-human-rights-1.5563756

#98 Dr Talc on 05.13.20 at 6:21 pm

Not sure what the definition of ‘amateur landlord’ is; however, If you’ve ever seen an eight page rental application from a ‘professional landlord’, y’all may prefer to deal with the former.

#99 Ustabe on 05.13.20 at 6:23 pm

#80 Sail away on 05.13.20 at 5:21 pm

#71 JM on 05.13.20 at 5:00 pm

We’re all the same. All animals….

Well, except MF, anyway. Maybe he’s a noxious gas?

While I may or may not agree with everything MF writes, one aspect of his or her participation here is the lack of attack posts, the lack of a need to go after others from him/her.

This is now what, day 3?, of your raising his name for no real purpose. Almost comes off as fragile on your part.

In the words of the late Kenny Rogers, you have to know when to hold them, know when to fold them, know when to walk away.

The odd ad hominem poke is fine given the ground rules Garth allows, you are verging on ad hominem attack.

Not a good look, eh?

#100 Figure it Out on 05.13.20 at 6:24 pm

“Did you just say the guy renting his apartment to this tenant ‘deserves’ to be fleeced?”

That’s not how I read it. But people justify wealth because the wealthy “took the risk.” When you leverage rental real estate your risks include bad tenants, interest rate/renewal risk, even pandemic-shut-down-the-tribunals risk. When you have one door with one tenant, that’s a big risk, too. To the extent that people “deserve” the rewards of risk taking, so too do they get to wear the horns.

You’re pretty merciless about stock picking cowboys’ losses, no?

There is little comparison between buying a piece of real estate to responsibly provide people with a home, in exchange for rent, and gambling on a stock in a company do not control and own for the potential of a capital gain. – Garth

#101 Do we have all the facts on 05.13.20 at 6:26 pm

#59 Ronaldo

Thank you for posting that link to a very rational human being. Elon Musk noted that Tesla has 7,000 employees in China and not one death from Covid 19 and full production is occurring.

He expressed a concern that thousands of deaths are being recorded as deaths from Covid 19 only because the Covid 19 virus was detected. After reading WHO directives to health authorities around the world I am convinced that we are being fed less than accurate data to justify the impulsive actions of Governments around the world.

His suggestion to resolve the current economic crisis is to insist on more accurate data.

Amen Amen!!

#102 Timmy on 05.13.20 at 6:26 pm

RE #12
Great post, Garth is so one-sided, he completely ignores how many-not all landlords have been screwing renters for years.

#103 Lost...but not leased on 05.13.20 at 6:30 pm

#82 TurnerNation on 05.13.20 at 5:22 pm

Well said

So…Where are we headed???

Pretty clear we are being herded into an Orwellian world whereby the “rights” and “freedoms” we once took for granted will become a “privilege”.

Recall soviet defector Yuri Bezmenov warning from mid 1980’s re the (4) stages of Communism .

NOTE in his interviews he said this would not be James Bond style..it would be Cultural Marxist societal rot from within. Back then he was amazed at how far things had progressed.

(i) Demoralization
(ii) Destabilization
(iii) Crisis
(iv) Normalization

Where are we now ?

Duh…

Hint:
What are the buzzwords the globalists and their puppetts are regurgitating…???
” New NORMAL”…ie ” normalization”…aka we are at stage (iv)..whereby THEY dictate OUR future.

#104 NSNG on 05.13.20 at 6:30 pm

Formerly known as Not So New Guy,

It would appear the social contract is broken

The fourth turning takes no prisoners

#105 NSNG on 05.13.20 at 6:36 pm

So if Uber merges with Grub Hub will they change their name to Crash & Burn

#106 Fredo E. Neuman on 05.13.20 at 6:37 pm

Help me understand this so I’m clear, okay?

They live in your place. But now they don’t think they should pay you. Even though they got the dough?

What’s with that .. no respect for all your hard work?

If them’s the facts, I can take care of your problem. Forget all the fill the forms legal lawyer mumbo jumbo.

So phone me, okay?

Then tell me about the place .. security cameras, lighting, nosey neighbours, .. the stuff I’ll wanna know.

Then you pay me 80% upfront.

And when I come for the balance, don’t be asking about how or about what or about nothing.

I just want you to be happy.

Yeah, maybe later you’ll wanna sell me the place and let me landlord those cheap creeps. I can do that.

You see, some people just think too much and I help them not to. Simple.

Anyway, you think about it, okay? I promise to give you a very fair price and end your headaches.

#107 Idiocy on 05.13.20 at 6:39 pm

Facts (go google if you like)

1) Cook County (City of Chicago) revealed that 92 % of CV19 deaths were of folks with an SERIOUS underlying medical issue.

2) US hospitals receive $ 9,000 / patient subsidy per certificated non CV19 death. For those whose death certificate reads CV19 as cause of death they receive $ 39,000 subsidy.

3) No such disclosure is occurring in Canada.

Who’s zoomin’ who ?

You are being had people.

The Liberals were handed this country on a COVID platter and are serving up full on socialism as the first course.

The next Federal election in Canada will cement your fate.
Vote accordingly.

#108 Penny Henny on 05.13.20 at 6:49 pm

To Sail Away.
If I had friends like you I would do as the people who you think are your friends and stay the f away from you.
BTW what brought you to Canada? Everyone sick of you down there?

And did you give up on demanding an apology from Shawn Allen? Sucky baby.

#109 Reality is stark on 05.13.20 at 6:51 pm

The obesity epidemic epitomizes the modern day socialist way of thinking. I am not responsible for my poor choices you are responsible for my medical costs. Also you cannot judge those who are reckless.
Likewise you cannot judge me if I don’t feel like paying rent. To take it one step further in fact you are responsible for my bad choices.
As a matter of fact I am going to force you to respect my bad choices.
We are entering an era where the majority of our population operates with these fundamental guiding principles. They think of themselves as strong and independent until it is time to play victim. Family court is the other classic example where the person’s true colours are revealed.
Canadians might be “nice”, but they are not “good”. Don’t expect rent as you are the “evil” landlord even if you have bent over backwards to provide a good living environment for your tenant.
As far as public service pensions being affected by poor fund management don’t count on it. The taxpayer will be forced at gunpoint to make up the difference. Don’t ever forget who controls the military(Hint: It’s not the private sector).

#110 not 1st on 05.13.20 at 6:52 pm

I don’t know why Garth doesn’t get more enraged at all this. Its too calm there in NS.

Not only is the govt trying to direct large company policy via bailout (i.e climate policy), here they are asking for the equivalent of the shared equity mortgage this time in these same companies.

I am not going to own any stock of any company that lists the Canadian govt as a shareholder.

Cmon people, where is your fire? And you are going to vote Justin back in again when he just completed a hostile takeover of the economy with your own tax dollars?

https://business.financialpost.com/news/fp-street/ottawa-wants-equity-option-from-public-companies-borrowing-through-new-loan-program-for-big-businesses

#111 TurnerNation on 05.13.20 at 6:54 pm

Sooo…you wants to get your haircut.
The future seem to be as this, this salon is turning to a sterile hospital ward it seems. Fitting for our new medical dictatorship.
You must wait outside, bring no personal effects (as entering a prison!) and leave with your hair wet! And more.
Of course that will not work in -10c weather.
By that time of year they will have the ‘immunity bracelet’ launched. As TT told us in their predictive movie this blog covered.

See what they are doing, making it SO hard to live your life that you will be begging for their pre-made solution: total control over your lives . This is all about the self: the selfie, leading yourSelf into the locked cage
Self isolate, self social distance, you name it.

https://www.blogto.com/fashion_style/2020/05/hair-salon-toronto-preparing-reopen/

——-
Trusting you know about this movie on Youtube?

“The Century of the Self – Part 2: “The Engineering of Consent”
This episode explores how those in power in post-war America used Freud’s ideas about the unconscious mind to try and control ”

– Oh yes they’ve been working on this forever. This guy, related to Freud. Everything thus far has let up to today. Add A.I. and it’s an unbreakable mind prison.

https://en.wikipedia.org/wiki/Edward_Bernays
“As a result, his legacy remains a highly contested one, as evidenced by Adam Curtis’ 2002 BBC documentary The Century of the Self.”

#112 the Jaguar on 05.13.20 at 6:55 pm

At some point in time ( I am still putting my money on September) things will return to some sort of normality. I am really hoping for a ‘Venganza Extravaganza” at that time. Venganza is spanish for ‘Revenge’.
There will need to be a major league ‘weasel’ round up.
The free loaders, the lumpen who took government money fraudulently, and especially people who took advantage of other people like their landlords. They need to pay for their transgressions, their lies, and for breaking faith with their contracts.
I’m a fan of that line of Sean Connery’s in The Untouchables….”He pulls a knife, you pull a gun. He sends one of yours to the hospital, you send one of his to the morgue! ”
Seems fair to me.

#113 Tbone on 05.13.20 at 7:00 pm

Wouldn’t the law society look down on this sleaze ball lawyer if he was reported

#114 The West on 05.13.20 at 7:00 pm

We do realize that most “landlords” in Canada are men of ill-gotten wealth exploiting poverty, tho…right? (Bureaucrats, trust funds, mutli-nationals, pensioners who bought early and then inflated our price because credit was available etc)

Artifically inflated assets have left people no choice – and people are desperate.

More and more of this will happen – this country is fundamentally broken.

#115 Landlord Fool on 05.13.20 at 7:01 pm

Never buy a property to rent out particularly in a tenant friendly province like Ontario or BC. You will get screwed.

Even a tenant with good references can go rogue anytime and stop paying the rent. It will take months to evict the tenant. You will still have to pay the mortgage, property tax, hydro etc.

It is illegal to change locks. You will be fined over $100,000 in fines by the city. It is illegal to shut off heat or electricity. You will be fined over $100,000 by the city.

Don’t ever become a landlord. It is foolish. You can invest in a REIT and make more money with less headache.

#116 Doug t on 05.13.20 at 7:02 pm

I’m not a landlord but I know someone in Nanaimo who is – 3 years ago he had tenants that refused to leave – he had some friends in a local bike chapter drop by the place – tenants packed up pretty quick lol

#117 Faron on 05.13.20 at 7:05 pm

There’s always going to be tension between haves (landlords) and have-nots (tenants; admittedly simplistic framework there…). Some of that tension will drive the have-nots to better their situation in life in order to not be subservient, some of the tension will result in innovation that keeps one from stiffing the other and still another share will lead to regulation.

As I see it, a failure of the gig economy is that it “disrupted” the status quo by cleverly circumventing regulation. This is all fine and dandy (actually it isn’t) until the edge cases are met when the thing falls apart. One edge case was rampant specuvestor/AirBnB landlords driving down vacancy rates and driving up housing costs. The other edge case is now when short term rentals are trashed and the whole balloon is shrivelling.

In the long-term rental space, the industry is older and better regulated so it’s harder to hit untested marginal cases. But, here we are with a marginal case smacking us in the face. It’s causing strife and it will be worked out. Rights will shift in both directions between landlord and tenant and next time something this serious comes around there will be more clarity.

It’s good to discuss what those rights and regs should be. In cases where a newly out of work person can’t make rent should they really just be kicked to the literal curb? Sure, everyone *should* have an emerg fund, but the vast majority don’t and many can’t because of the cost of living. In the example given today, should the lawyer be able to screw over his landlord? No, it’s disgusting. The solution to either case disables the other.

Maybe a form of temp housing is needed that’s capable of sheltering folks until the tribunal gets to them? Maybe in times like these, public prosecutors should be shunted from drug and other non-violent crime to bolster rent tribunal work?

Maybe the tenant and the landlord should move in together and the whole thing be filmed for hilarious lock-down reality television?

#118 Andy on 05.13.20 at 7:11 pm

#79 conan

So what did the cops tell you to do to get the tenant out?

#119 Sail away on 05.13.20 at 7:11 pm

#99 Penny Henny on 05.13.20 at 6:49 pm

To Sail Away.

If I had friends like you I would do as the people who you think are your friends and stay the f away from you.

————

Wow, that was random.

Angry today are you?

#120 BlogDog123 on 05.13.20 at 7:14 pm

Just put some “legal” pressure on the tenants so they hate living there…

Endless construction / “improvements” to the property that involve lots of jackhammery noise. Oops, pests somehow got into your unit, not sure how… Sorry for the barking dog… What’s that is this a bad time to call? Fire inspection, roach inspection, Carbon Monoxide inspection, …

Lather rinse repeat

#121 Young Boomer on 05.13.20 at 7:15 pm

Why is the Landlord Tenant Board still closed? Is it not essential?

#122 IHCTD9 on 05.13.20 at 7:22 pm

#78 Alberta Boy on 05.13.20 at 5:17 pm

——

Wow, you are bang on the money. I notice the exact things you mention going on out here in the sticks. WAY too many dental practices have set up shop out here. I can understand a pile of denture clinics due to our demographics, but a new dental place every couple years?

Right now the place I go to has 4 dentists. 1 of them had his own practice and liquidated to become an employee. The latest one is foreign, but did dentistry school over again here in Canada. None of them seem to work full time either.

This place has been pushing me like gangbusters to get a crown, then 2, last time they said I needed 3! They do Orthodontics too!

I sense some stress in the dental biz looking at what’s going on. The advertising is relentless, emails overflowing, messages on the phone almost every week. Video game room, free drinks and snacks, IPad giveaways, public events non stop, movies on a screen attached to the ceiling, all kinds of highly publicized philanthropy. It just way over the top.

#123 Faron on 05.13.20 at 7:23 pm

#92 Do we have all the facts on 05.13.20 at 6:26 pm

#59 Ronaldo

“….Elon Musk noted that Tesla has 7,000 employees in China and not one death from Covid 19 and full production is occurring…”

Pop China: 1.39 Billion
China cases and deaths: ~83,000 and 4600
Pop California: 40 million (1/36th that of China)
California cases and deaths: ~72,000 and ~3000

If that’s not enough, Tesla’s factory in China is in Shanghai where only 660 cases have been confirmed and 7 deaths.

I certainly didn’t expect Ronaldo or you to be smart enough for basic math and deduction, but c’mon Elon. I thought da Man would be better at math. It’s almost like he as a 700 million dollar stock option payout coming his way that he wants to defend…

Oh, and it’s not a conspiracy. Trust me, our lives aren’t that interesting. The WHO is here to help, it’s a bargain at the price and it’s to our peril that it should be put at risk by small (minded/handed) orange people from down south.

#124 TurnerNation on 05.13.20 at 7:27 pm

One more item. Weeks ago I wrote here what is a likely ending for USA.
1. How to instantly kick start the economy? (Proven historical method)
2. How to deal with millions of young people out of work/school in September due to lack of money and jobs, and when the Free monthly handouts stop (else there will be civil unrest)?

Answer is two words: War Draft.

The war propaganda machine beings, then slow sell:

“China ramping up bullying and intimidation of activists in Canada, report says”

https://www.theglobeandmail.com/politics/article-china-ramps-up-bullying-and-intimidation-tactics-in-canada-report/

#125 45north on 05.13.20 at 7:28 pm

Without a doubt, this is no path to wealth, or assured income. Residential or commercial. It costs a ton to acquire real estate. A ton to own it. Expenses escalate. Risk abounds. Renters have clearer rights than owners. Governments have picked their side. More voters lease than landlord. And in return for providing people with accommodation they probably couldn’t afford to buy, you become a ‘rentier’. The exploiter.

at the community association, in Ottawa, we’re talking about the urban boundary. People need a place to live. So far property appreciation has covered the risks of owning, but the fog is lifting. Losses from COVID are so big that they will never be made up. Owning property to rent out is a stupid thing to do. People that own property are self-aware – they know they own property and they know they have lost money and they will never get it back. Ergo they are not going to do it. I suppose each person is going to decide when to get out – now, a year from now, whatever. The point is rental accommodation provides a huge proportion of housing (I’m guessing 50%) and now this proportion is going to be steadily reduced. Because the people providing it, are not going to provide it.

the community association needs to shift its focus – from arguing about the urban boundary to talking about the rules that will establish a solid rental market

#126 I love my landlord on 05.13.20 at 7:37 pm

Shane nailed it……

Oh Lord won’t you tell me I’m sure I don’t know
Who makes the plans that change our lives so
From a place in the country so peaceful and calm
We moved up to London as the bombs fell around
To a house by the river where the rent it was cheap
The Landlord he told us ‘Its yours to keep’
For regular payment week after week
You’ll always have a roof under which you can sleep
The years past by, the war came to an end
We lived out our lives did nothing to offend
But the Landlord’s conditions yearly they grew
With the size of his gut and his housing values
He’d kneel on a Sunday and pray to the Lord
For the deals of love his world cannot afford
When the Bastard he came round to put up our rent
We swallowed our pride and we smiled our best
Bricks and mortar, Kingdom of Stone
Where do you go when you’re all alone
They’ll carve your name where you lie
And I for one no tears will cry
Greed knows no boundaries, greed doesn’t feel
I’m damned if I’ll die for a profiting deal
The woman next door she just passed away
‘Cause the rent got so high that she just couldn’t pay.,
And there in the bed she closed up her eyes
The last time she gazed on this world of lies
With nowhere to go and nothing to say
She went to the next world and the Bastard he smiled
Bricks and mortar, Kingdom of Stone
Where do you go when you’re all alone
They’ll carve your name where you lie
And I for one no tears will cry
Oh Lord won’t you tell me I’m sure I don’t know
What makes some people so callous and cold
I’ve lived in this house for forty-four years
My children were born here, its here I’ll grow old
A curse on you, Bastard Landlord be damned
Who needs one more house like a beach needs more sand
I’ll stay here till I’m done only nobody knows
How God can let one man treat others so

#127 crowdedelevatorfartz on 05.13.20 at 7:44 pm

@#103 the jaguar
” ( I am still putting my money on September)”
++++
Sept?!?!
How cute.
If all other influenza’s in history are any indication…..
The flu will come back stronger and deadlier in the Fall and Winter.
Even more dead. Even more businesses crushed by the “self isolation”.
As for the CERB scofflaws … Trudeau obviously doesnt care.
Its not his money and the Conservative Party ( the opposition?) are too busy picking navel lint to actually ask Trudeau how he plans of paying for $300 Billion ? $500 Billion, $1 Trillion dollars of new Debt?

Because, and I repeat, Trudeau doesnt care.
He goes down in the history books either way.

Sept. …thanks for the laugh.

#128 Idiocy on 05.13.20 at 7:50 pm

to comment # 76 Sail Away

Don’t be an amateur.

The time to vultch is NOT now – way too early.

The ‘deals’ aren’t going anywhere and likely to get better and more plentiful.

I don’t see any “blood in the streets” yet – not by a long shot.

People haven’t exhausted their resources sufficiently.

#129 Kevin on 05.13.20 at 7:51 pm

How is Christopher Roper still a lawyer in good standing? What a scumbag.

#130 Genesis II on 05.13.20 at 7:59 pm

#22 Lee on 05.13.20 at 3:23 pm

Do you see now how reckless it was for JT to utilize the strategy of running “small” deficits for a few years, as if nothing could go wrong in the interim to amplify that mistake? I don’t see how we ever pay off the $250B in deficit we ran up in the last 8 weeks, let alone the accumulated debt from before. I’m still waiting for Howard to tell us which country we can take our money to.

The Parliamentary Budget Officer has hinted the debt could actually reach $1 trillion. – Garth

A trillion here and a trillion there…at some point we have a problem. Now, what are the options?

1. default?
2. high(per) inflation?
3. ____?

Anyone see how we get out of this mess? Is this where you buy gold as a hedge?

#131 Still renting on 05.13.20 at 8:01 pm

Lumping the principal paydown with interest as an expense is just wrong. Also, what is this operating expense line item? Seems dubious.

#132 JacqueShellacque on 05.13.20 at 8:05 pm

Gotta love those marxists – everything is black or white. As if everyone who rents out a condo, townhouse, or apt is the same as a Saudi sheikh who lives off oil revenues. I think of academes, government bureaucrats, media as rentiers as well, and intend to treat them as such from now on.

#133 Screwed Canadian Millenial on 05.13.20 at 8:06 pm

Screw the landlords. They are nothing more than parasites.

It’s time for boomers to get off their a$$es and get a real job for once in their life.

#134 Idiocy on 05.13.20 at 8:11 pm

to comment # 103 The Jag

Perhaps you missed the directive exposed in the NP and Globe today.

It is an explicit instruction to DISREGARD and NOT pursue fraudulent CERB and EI claims.

Google it.

Your hopes are misplaced I’m afraid.

#135 Mr Canada on 05.13.20 at 8:25 pm

I love the word Pooched. Its crony socialism taking foot in this country and the USA. A great quote from a world leader said about Socialism which sums it up.

It’s a “philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”

#136 TRON on 05.13.20 at 8:29 pm

We are in a mess of epic proportion. We allowed our government to shut down the economy without a whimper from the public. Disagree with the government spokesdoctors on YouTube and Facebook and have your posts removed. Walk in a park and get an excessive fine for the crime. Nonstop 24/7 news with statistics, warnings and fear mongoring.

Poles say Canadians don’t want to go back to work and our Prime Minister is in some weird isolation away from his family with only god knowing what he is doing between popping out and speaking like a nice dictator. Our entire democracy has been hyjacked and jobs have not been lost but cancelled by government bureaucrats. We are facing complete economic collapse.

We need help and we need it now. Remove these incompetent people who were ill prepared and replace them with professional crisis managers who use critical thinking for problem solving. You might think that is undemocratic but I challenge anyone to make the point what governments have done to us is even close to democracy. Please don’t blame the Corona virus as the science is quickly proving it’s no worse than the flu for deaths and those dying are the elderly who die every year from flu complications.

It’s time for the baby boomers to dust off the protest signs and fight for their grandkids.

#137 baloney Sandwitch on 05.13.20 at 8:33 pm

Wife owns a salon (franchise) in the mall owned by one of the pension funds. She has not paid rent since April as there is no business since mid march. The rent is $15 K a month – revenue zero plus all kind of other bills are flooding in. I have advised her that there is no chance of recovery here. Best is to close the business of over 25 years, declare insolvency and call it a day (i.e do a Trump). Fortunately she operates under a corporation so they can’t come after our house.

Don’t be so sure, if she is the sole shareholder. Get a lawyer. – Garth

#138 Fused on 05.13.20 at 8:33 pm

#55 Sail Away
Your right that he should not change the locks, all he has to do is sell the debt.

#139 John in Mtl on 05.13.20 at 8:39 pm

@ #44 dogman01 on 05.13.20 at 4:01 pm
“If people like me (a majority) “look up” and shrug and then stop following the rules…”

I’m so tempted at times too… the malfeasance is humongous and growing by the day; reminds me of Kunstler’s phrase: “we live in a world where anything goes, nothing matters, and nobody cares”. The world really seems to work this way these days! It’s quite obvious we are on the decline.

#140 John in Mtl on 05.13.20 at 8:41 pm

@ #51 Timmy on 05.13.20 at 4:09 pm

Why doesn’t CPP invest in rental housing in Canada? Talk about a guaranteed income stream.

What a neat idea! There must be a good capitalist reason why they didn’t (or won’t) do it. Of course, “the government is not in the business of building houses” will be the usual reply.

#141 baloney Sandwitch on 05.13.20 at 8:41 pm

I read all these comments from these uber-capitalists and free market blog dogs and shake my head. Like #132 TRON

Was it right to shut down? Did we have real choice? What if the virus killed 50K instead of 5K? Will they be still be shouting “socialism”? Will my wife’s business be saved? The honest answer is I don’t know. The answer to complex issues is rarely simple.

#142 joblo on 05.13.20 at 8:42 pm

DELETED

#143 espressobob on 05.13.20 at 8:45 pm

#124 Screwed Canadian Millenial

Your wires are crossed. It’s the self serving indebted crybabies like yourself that need a real job,

It’s gotta be hell being a primadonna.

#144 Blog Bunny on 05.13.20 at 8:49 pm

There is a shortage of rental units for a reason in Montreal, QC, the province with the most pro-tenant laws. It is fun to watch the panic each July. I am already getting popcorn for this summer.

If this continues, nobody will want to be a landlord country-wide.

#145 Mr Happy on 05.13.20 at 8:51 pm

#105 Fredo E. Neuman…

Exactly! I have “sopranoed” three tenants in my lifetime. They always coughed up the money. Rental tribunal…ha!

Zero tolerance…

#146 IHCTD9 on 05.13.20 at 8:51 pm

#121 Genesis II on 05.13.20 at 7:59 pm
#22 Lee on 05.13.20 at 3:23 pm

Do you see now how reckless it was for JT to utilize the strategy of running “small” deficits for a few years, as if nothing could go wrong in the interim to amplify that mistake? I don’t see how we ever pay off the $250B in deficit we ran up in the last 8 weeks, let alone the accumulated debt from before. I’m still waiting for Howard to tell us which country we can take our money to.

The Parliamentary Budget Officer has hinted the debt could actually reach $1 trillion. – Garth

A trillion here and a trillion there…at some point we have a problem. Now, what are the options?

1. default?
2. high(per) inflation?
3. ____?

Anyone see how we get out of this mess? Is this where you buy gold as a hedge?
—-

Best chance is much smaller government, austerity measures, and stop ******* up the economy. It’ll take years even then.

Won’t happen though, so it’ll be a borrowing problem (like the BOC buying up NL bonds because no one else wanted them), or inflation.

I’d keep a close eye on what the BOC is up to, and the loonie, with a side order of what our government is doing to nuke the debt if anything. Everyone one will be watching so there won’t be any mystery about what’s going on. Just don’t read the CBC exclusively.

Harper wrote a good article on this. Governments need to immediately buckle down and get serious about shrinking and austerity after CV passes, of they will pay in spades down the road.

No different than some schmuck who has a lot to lose running up piles of debt and losing it all in the end.

Personally, if we keep going with Trudeau type politicians, I think it’s our currency that will get murdered and take us all down with it. Seems to go hand in hand with broke big spending governments since the beginning of time.

#147 Lost...but not leased on 05.13.20 at 8:55 pm

Interesting anecdote/analysis from a Seattle restauranteer. If this is more the norm than exception doesn’t bode well re: ability to for this sector to survive.

https://seattle.eater.com/2020/5/13/21257805/is-it-better-for-restaurants-to-open-for-takeout-or-close-completely

#148 mark on 05.13.20 at 8:55 pm

Ah for the days when a semi-pro landlord’s biggest concern was their tenants drove better cars and owned bigger TVs than they did.

#149 jess on 05.13.20 at 8:55 pm

call it a day (i.e do a Trump) hum that would not be wise unless you knew the people who knew people ;)

https://www.dcreport.org/2020/05/06/meet-the-shadowy-accountants-who-do-trumps-taxes-and-help-him-seem-richer-than-he-is/

…”In August 2019, New York federal prosecutors settled a civil complaint against former Mazars senior manager Michael Schwartz. In legal filings, prosecutors said he had arranged for more than 100 taxpayers to claim “large phony tax losses,” cheating the government out of hundreds of millions of dollars in taxes. (The shelters dated back to 2002, but were already under court challenge by the government when Mazars hired Schwartz in 2008.) In 2010, a federal appeals court found that one of Schwartz’s transactions, which allowed a tech executive to shelter $60 million in stock gains with an investment of less than $1 million, was “specifically designed to create a massive tax loss devoid of economic reality.”

#150 Faron on 05.13.20 at 8:57 pm

#123 TurnerNation on 05.13.20 at 7:27 pm

I agree with this if Trump gets cornered and it looks like the election wont go his way. It’s more likely to start with a bombing raid on Iran though and be more limited in scope.

War doesn’t instantly jumpstart anyone’s economy. The years of war are a waste of death, production for death and limited resources because of all of the production leading to death. Subsequent years are a waste of resources as rebuilding and a very slow climb out of the rubbled economy happen. The US and Canada were able to spring to economic life quickly after WWII because the ware was, for the most part, never here while a large portion of the industrial development was. Plus, we received many refugees who were able to help fire the economy because conditions in Europe were so poor (My mom’s side of the family moved to Edmonton from the Netherlands in the 50’s for better opportunity).

Europe, Russia and Japan all struggled for a solid decade before their economies built up steam.

The west and China need each other too much right now economically for a war to begin in the foreseeable future + mutually assured destruction is a thing… The US may not be the social nor economic superpower that it was, but it certainly is the military superpower. Although Cyber may be a toss up.

#151 MF on 05.13.20 at 8:58 pm

The landlord-renter relationship is like any other form of relationship. Some are healthy. Others are not. Some are close, others are distant. Some are predatorial, some are altruistic.

I think the keep your rent movement was people demanding some form of temporary leniency like landlords were given in the form of mortgage deferrals from banks when covid hit. Don’t forget Landlords have been given all kinds of favourable treatment over the years already (like artificially manipulated low interest rates). Take away that manipulation and the market would collapse over night.

MF

#152 Barb on 05.13.20 at 9:04 pm

The story of that scuzzball lawyer reminded me that there really IS a reason for the Hell’s Angels to exist. Mafia too.

#153 islander on 05.13.20 at 9:05 pm

“Did you just say the guy renting his apartment to this tenant ‘deserves’ to be fleeced? Explain that. – Garth”

If you are a landlord, you should always request and check references thoroughly. Of course no one deserves to be ‘fleeced’, but come on!

Three clicks with a mouse lays bare Christopher Roper’s character.

#154 Calgary Mark1 on 05.13.20 at 9:06 pm

If mall owners collected only 15% it sounds to me that it’s the capitalists, not the lefties that aren’t playing by the rules. I paid my personal rent- and everyone else I know did too. Obviously some landlords got stiffed, but it sounds like the business sector in Canada is leading the charge, not the lefties.

The doctor that is getting screwed over is getting a bad deal. We only know his side of the story, but if it’s accurate these renters are idiots. With that said, it’s not fair to make this sound like your average renter is like that. I also have no doubt the doctor will be able to sort something else out, even though he shouldn’t have to.

Also, I can understand the temptation not to pay rent. The government decided it’s too hard to pay mortgages right now, even with the CERB, but somehow it’s not too hard to pay rent?

#155 the Jaguar on 05.13.20 at 9:16 pm

@#126 crowdedelevatorfartz on 05.13.20 at 7:44 pm
Sept?!?!
How cute. Sept. …thanks for the laugh.
and
@#132 Idiocy on 05.13.20 at 8:11 pm
to comment # 103 The Jag

Perhaps you missed the directive exposed in the NP and Globe today.

It is an explicit instruction to DISREGARD and NOT pursue fraudulent CERB and EI claims.

++++++++++++++++++++

September is only 60 days away from the US election. That is always a date with destiny for everybody and everything. Consider also how initial predictions of deaths, hospitalizations, etc were so far off base, and that today most provinces are slowing re-opening ( approximately 60 days after we shut it all down).
The rubber has hit the proverbial ‘road’. Time to put on our big boy pants and start taking care of business again. Reading your comments, “stronger and deadlier,
even more dead,… Even more businesses crushed”….

What a nervous Nellie you are. A defeatist attitude no doubt consistent with your province of origin.
I will be on a plane on November 28th that will exit our national borders. “By endurance we conquer.” Ernest Shackleton
++++++++++++++

I don’t need to ‘google’ anything. I saw the news reference to which you refer, however that is a directive ( from Trudeau or his minions ) to do nothing at the present moment because we are ‘in the crisis’. In no way would I interpret it as a statement that they will walk away from pursuing the cheaters, and I think the CRA has said as much.

#156 VictoriaRenter on 05.13.20 at 9:23 pm

For a brief period back in Montreal 15 yrs ago I bought a townhouse with a tenant in it. Rules were I had to serve her with notice that I’d be moving into the rental before Dec 31st, 6 months in advance for a July move in date. She promptly stopped paying rent and there was sweet f all I could do. My partner at the time, a South African suggested we remove the front door, which I seriously considered doing. That nasty piece of work created a lot of unnecessary trouble for me (I was renting too). Did I ever get the cash she owed me back? No, but when I threatened to call the police (I’d run out of ideas after zero help from the QC Regie du Logement), she bailed. Turned out they were drug dealers and that spooked them enough to leave. Lucky for me. I swore I’d never be a landlord even if I could afford it. Some people are just complete asses. Pay your rent people, you’re not entitled to a free ride.

#157 Paul on 05.13.20 at 9:23 pm

#101 Timmy on 05.13.20 at 6:26 pm
RE #12
Great post, Garth is so one-sided, he completely ignores how many-not all landlords have been screwing renters for years.
————————————————————————————————
The only way renters and landlords get screwed is one side does not live up to their side of a contract. Sign a one year lease be prepared to find another tenant as a landlord or a tenant find another rental.But no take advantage and keep The kangaroo court going. Don’t pay your rent you are a thief.

#158 IHCTD9 on 05.13.20 at 9:28 pm

#114 Landlord Fool on 05.13.20 at 7:01 pm

It is illegal to change locks. You will be fined over $100,000 in fines by the city. It is illegal to shut off heat or electricity. You will be fined over $100,000 by the city.

Can they fine you for tossing a horse head into their bed?

https://www.youtube.com/watch?v=DZhZAKC9068

#159 Paul on 05.13.20 at 9:34 pm

#131 Screwed Canadian Millenial on 05.13.20 at 8:06 pm
Screw the landlords. They are nothing more than parasites.

It’s time for boomers to get off their a$$es and get a real job for once in their life.
———————————————————————————————
Says the guy that can’t put a roof over his head! Lol

#160 IHCTD9 on 05.13.20 at 9:37 pm

#150 Barb on 05.13.20 at 9:04 pm
The story of that scuzzball lawyer reminded me that there really IS a reason for the Hell’s Angels to exist. Mafia too.

We wouldn’t need the Hell’s Angels if the system wasn’t so full of holes. This Lawyer is playing the system because he can, he knows it’s garbage. If government would fix the problems everyone knows are there (or in this case just showing up for work would be a good start), he would not be able to get away with it.

#161 Cici on 05.13.20 at 9:39 pm

My landlord makes money off me, but I don’t expect her to do otherwise. It’s the nature of the game. She works hard, is always there when we need her, and is trying to support herself and her husband in retirement. Oh, yeah…and she’s offering me a service. If I don’t want it or don’t agree with the price, I can leave.

Is she rich? I don’t know and it’s really none of my business. She’s not a charity and does not owe me free accommodation. Does she live well? I certainly hope so, she spent her entire career working in a daycare, so I know she has definitely contributed to society.

If I am ever stuck in a situation where I can no longer afford to be my rent, personally I would talk to her to try to work some sort of repayment solution rather than just outright stiffing her.

Kind of ironic that profiteering scumbags like the lawyer are accusing all landlords of being « rentiers. » Kind of more like pathetic though.

#162 Audrey's World on 05.13.20 at 9:42 pm

Terrible timing to have no mercy for a doctor. Is everyone forgetting that we are in the middle of a pandemic!

How dare he make a good salary when he had to study for ~7-8 years to make educated life/death decisions on a daily basis. Please let him earn his pay…he’s more likely to keep me alive vs a GTA real estate agent (pretty sure it takes 4 months to become a real estate agent). I’d let him live in my rental for free if we owned one…and would ask for VIP medical treatment, if required. Duh!!

#163 A Lawyer Somewhere on 05.13.20 at 9:51 pm

“They bought a house for their growing family, and rented the upscale condo they owned to a lawyer down the hall. But Christopher Roper decided to stop paying rent. After being stiffed for more than $16,000 in monthly payments”

Here’s a tip Danish: Petition Mr. Roper into bankruptcy. Easy to do. Just attach your lease to an affidavit and swear he hasn’t paid $16,000. Wherever you are in Canada, the bankruptcy courts are open for business. My bet? Mr. Roper would rather pay you than have to report his bankruptcy to the Law Society.

#164 T-Rev on 05.13.20 at 9:52 pm

The problem is there’s no consequences….40 years ago any renter who refused to pay and games the system would get a visit from two large gentleman who asked them (once) to politely leave. Yeah, it cost a few bucks to retain their services, but problem solved.

However, I think landlords today are kinda being p#**ies. If the tenant doesn’t pay you, yeah it’s assault to throw them out physically…but what’s wrong with walking into the property you own, and when they’ve broken the contact they signed and therefore don’t have the legal right to be there, and grabbing their cat (dogs/goldfish/EMO boyfriend) by the scruff of the neck and calmly walking out with it while it meows and hisses? Or bringing your Randall 220G amp and a guitar into their living room, plugging in, and teaching yourself to play? At 2am? Or simply plunking yourself down in their living room, eating food out of the refrigerator, and making it a battle of wills to see who’s gonna leave first? Piss em off enough until they take the first swing, catch it on video, then let the cops deal with it? People are so unimaginative these days.

And yeah, I’ve got a renter. Shes great. Have also thrown a few out the hard way in my day. Get some nuts folks.

#165 Looking up on 05.13.20 at 10:01 pm

Looks like it’s not going to be a v shaped recovery after all.

#166 DON on 05.13.20 at 10:06 pm

#41 CEW9 on 05.13.20 at 3:57 pm

Re: #25 Alberta Boy on 05.13.20 at 3:33 pm

Elementary school princples also go to university for about 8 years on average. 4 yr undergrad, 2 year masters, 2 year PhD.

A glut of, and overemphasis on, paper credentials is one of the many problems in our economy.

Public school principals all have PhDs on your planet? – Garth
****************

Must have heard it from a buddy? It is definitely scary what passes for fact.

On a lighter note. Read that Rosenberg article. The article makes reference to a recent research paper by the San Fran Fed regarding the last 14 pandemics and the economic toll. “The major finding shows a secular shift toward greater precautionary savings and a decline in investment demand”

#167 WAKEUP on 05.13.20 at 10:08 pm

TurnerNation.

I agree with much of what your saying your voice doesn’t go unheeded.

I think what’s going on for many people is just too overwhelming or disregarded because of successful programming.

Four corporations own 90% of all the media we are being force fed, dig into the corporate structure and there is a heavy Chinese influence.

Economies have been devastated, Europe’s doomed and all this over a over a short time period.
They are far from understanding this virus and a vaccine is not happening according to top Virologists.

They haven’t one for the common cold, which is a Corona Virus that’s been around for ever.

Wait until this virus starts to reappear for round two, three…
I believe that will kick off a great Great Depression.

#168 Alberta Boy on 05.13.20 at 10:14 pm

#121 IHCTD9,
Exactly. When there are too many dentists, every tooth “could benefit from a crown” and everyone needs a night guard. Also, every healthy patient has some stage of gum disease and needs a cleaning at least every 6 months…..even if there is little evidence that it helps low risk groups. MDs work the system too but because no one pulls out a credit card on the way our the door, they get to enjoy sainthood while the dentists join the realtors somewhere next to the used car guys in purgatory.

#169 TRON on 05.13.20 at 10:16 pm

#139 baloney Sandwitch

LMFAOOO you got both my political and economic leaning wrong because my opinion didn’t fit your ideologies. You’d be best served to try instead to offer an intelligent response rather than an ill informed ‘gotcha’.

#170 sailedaway on 05.13.20 at 10:27 pm

Was a landlord once, in the virus infected plains of Montreal. Tenant wouldn’t pay, one year of pure unadulterated sh*te. Being called a colonial because I speak English, physical threats by the locals. meh.

Never, ever again.

That was before covid, must be hell now.

Why would anyone lease to people who think weed is more important than reading books?

Real estate is a disease that chokes investment in the real economy. With real consequences. A house in Toronto frozen 7 months out of 12 is NOT worth 1 million. Early stages of planning the exit from the socialist republic of canukistan. Don’t worry about the proverbial door on the way out. Those who can do, those who can’t pay for Trudeau’s electorate.

#171 DON on 05.13.20 at 10:36 pm

#132 Idiocy on 05.13.20 at 8:11 pm

to comment # 103 The Jag

Perhaps you missed the directive exposed in the NP and Globe today.

It is an explicit instruction to DISREGARD and NOT pursue fraudulent CERB and EI claims.

Google it.

Your hopes are misplaced I’m afraid.
**************

I still wouldn’t want the CRA knowing that I was cheating their system.

No pursuit but analysis, oh yah!

Not exactly the first step of a trusting and long lasting relationship with the CRA and their integrated customer relationship management database.

And they can reach back! Sunny skies in the short term though.

#172 Ustabe on 05.13.20 at 10:44 pm

As someone who was a landlord for 35+ years I’m getting kick out of some of the landlord stories being shared today.

I did quite well with it and the reasons are plenty.

The two main ones being there was a real good reason why, when my residence was in BC, our rentals were in Alberta.

And at a certain point we decided that we would no longer rent out anything we wouldn’t live in ourselves. Business took off after that paradigm shift in outlook.

Oh, and one other biggie to my mind. We didn’t care if it was broken, we cared if you didn’t tell us it was broken so we could fix it.

#173 DON on 05.13.20 at 10:45 pm

#115 Doug t on 05.13.20 at 7:02 pm

I’m not a landlord but I know someone in Nanaimo who is – 3 years ago he had tenants that refused to leave – he had some friends in a local bike chapter drop by the place – tenants packed up pretty quick lol
***************

Yup! Island Way…then again some tenants have links to the local bike chapter so…

#174 Living and learning on 05.13.20 at 10:48 pm

#165 Alberta Boy,

“while the dentists join the realtors somewhere next to the used car guys in purgatory.”

https://www.cbc.ca/marketplace/m_episodes/2012-2013/money-where-your-mouth-is

#175 DON on 05.13.20 at 10:56 pm

#98 Ustabe on 05.13.20 at 6:23 pm

#80 Sail away on 05.13.20 at 5:21 pm

#71 JM on 05.13.20 at 5:00 pm

We’re all the same. All animals….

Well, except MF, anyway. Maybe he’s a noxious gas?

While I may or may not agree with everything MF writes, one aspect of his or her participation here is the lack of attack posts, the lack of a need to go after others from him/her.

This is now what, day 3?, of your raising his name for no real purpose. Almost comes off as fragile on your part.

In the words of the late Kenny Rogers, you have to know when to hold them, know when to fold them, know when to walk away.

The odd ad hominem poke is fine given the ground rules Garth allows, you are verging on ad hominem attack.

Not a good look, eh?
*********************

It looks bad….real bad, I tell yah!

#176 Lee on 05.13.20 at 11:26 pm

I notice lot of people commenting that they plan to leave Canada due to high taxes. You need lotsa money to leave. That’s assuming another country will take you. Most countries aren’t looking for immigrants. They can’t afford it. So unless your net worth in $2-3 million, don’t waste your tine. And it takes about 10 years to immigrate legally to the USA or UK without big money. And no, they won’t believe any Canadian is a refugee from Canada. So suck up it and move to somewhere in Canada it’s cheap to live. I hear Halifax is nice. Howard still hasn’t told us where he plans to go.

#177 Drinking on 05.13.20 at 11:27 pm

Just live the best life you can each day with your loved one’s; that’s all! :)

#178 OK, Doomer on 05.13.20 at 11:27 pm

#29 Nick on 05.13.20 at 3:38 pm
I’d wait til the lawyer is out, change the locks and throw his stuff in a bin… then wait 3 years for the rental tribunal to hear his case…

___________________________________________

Excellent idea! Thumbs up!

#179 Fred Hache on 05.13.20 at 11:40 pm

I am an accidental landlord. Will not bore you on how it happened but suffice to say biggest mistake in my life. I have a tenant that I would love to get rid of, but since he pays the rent, there is nothing that I can do. The bottom line is that although I own the place, the tenant has all the rights. My advice is never, ever become a landlord.

My prediction is that as more and more people come to realize that being a landlord is just plan stupid, less and less people will be willing to be one. So, in the long term, there will be less places for people to rent. That will be the untendered consequence of years of tenant friendly laws and regulations – a shortage of places for renters to live.

#180 fishman on 05.13.20 at 11:47 pm

Hard times in the land of plenty eh! Landlords lawyering up. Landless running for mouse holes. Small businesses squirming like a skewered eel over a hot fire. More free money; please sir. The cuckoo bird pops out of the cuckoo clock. Cuckoo! Cuckoo! Cuckoo. “Now all you parents out of the room. I want to talk to kids alone. Diversity is strength & we’re all in this together. Canada is the first post-nationalist state: nation patriotism is dead. Enter the New Age of shared liberal values. Freedom is slavery, Isolation is togetherness. Please sir: more free money.” Where the hell is Economystic when we need him anyways?

#181 Spectacle on 05.13.20 at 11:58 pm

#100 Do we have all the facts on 05.13.20 at 6:26 pm
#59 Ronaldo

Thank you for posting that link to a very rational human being. Elon Musk noted that Tesla has 7,000 employees in China and not one death from Covid 19 and full production is occurring.

He expressed a concern that thousands of deaths are being recorded as deaths from Covid 19 only because the Covid 19 virus was detected. After reading WHO directives to health authorities around the world I am convinced that we are being fed less than accurate data to justify the impulsive actions of Governments around the world.

His suggestion to resolve the current economic crisis is to insist on more accurate data….

——————- so in response… ——–

Several months into this ” Bat Thing ” , I still have not met anyone with the Bat Virus, nor have I met anyone who knows someone else who has had the ” offshore” virus. I know people on or from nearly every continent on earth, and every age group.

Something is askew.
Thank You Sir Turner & blog Dogs.

#182 No Racist on 05.14.20 at 12:36 am

DELETED

#183 Sail Away on 05.14.20 at 12:38 am

#42 Sold Out on 05.13.20 at 4:00 pm

When I had a semi-decent benefit package, I made full use of the dental coverage. Too few people nowadays with benefits.

————–

You should come work for me. Our compensation and benefits package is the best around.

#184 Cyn on 05.14.20 at 12:45 am

Who is John Galt?

Long time reader. 1st comment. Great blog Garth, but it’s obvious it’s highly skewed towards investing in a diversified Portfolio. Real estate investing is the key to building true wealth. I’ve been at it since 2009, own multiple properties (multi-family)and have increased my net worth from 100 k to 1.8 m. Turning 40 this month. There is noooo way I could have done that through investing in the stock market. The power of leverage, and working hard at being a rental housing provider and offering my tenants superior accommodation (post renovations)has allowed me increase CAP rates and valuations of my portfolio.

Again, Great blog and especially the comment section, it helps me keep tabs and the extreme views people can have, just cant believe how entitled people think there are. Disguising actually, were they born in the other 2/3 of the world they would be screwed.

#185 LaughingCow on 05.14.20 at 12:57 am

#55 Sail Away

Wrong… Wrong… And wrong!
No arrest.. No criminal record.. No priority! And that’s if they find you!
Obviously, you’ve never dealt with police before. Me, on the other hand, worked for Police Service for 15 years.

The info below is directly from the Landlord and Tenant Act….

What can I do if my landlord locks me out illegally?
If a landlord doesn’t follow the RTA process and locks you out illegally, you can:

Call the Police
If you need immediate assistance, call the police. It helps if you have identification to prove your address. The police MAY be able to get your landlord to let you back into your unit.

#186 Schelly Reese on 05.14.20 at 1:02 am

DELETED

#187 Ronaldo on 05.14.20 at 1:04 am

A Millennial vs A Baby Boomer

Just for you Millie.

https://www.youtube.com/watch?v=Ed-5Zzdbx0E

#188 Old Ron the Realtor on 05.14.20 at 1:20 am

Real Estate had separated itself from the real economy around 2010 and now the real economy is reminding real estate that a liquidity problem eventually becomes a solvency problem.

I have to admit I am still fascinated by this sudden shift in global reality. We cannot remember such a time so we find ourselves travelling in the night of first ages.*
Stay healthy and you get to see how it turns out.

*joe conrad

#189 Sue on 05.14.20 at 2:11 am

Canada is beginning to feel like the story of the ant (private sector) and the grasshopper( Public sector) The ants are getting fed up. We know how the story ends. Sure wish the ants would wake up and organize before this country is destroyed. Winters coming!

#190 willworkforpickles on 05.14.20 at 3:43 am

#162…some are calling for a cup and handle.

#191 SoggyShorts on 05.14.20 at 4:29 am

#161 T-Rev on 05.13.20 at 9:52 pm
I am absolutely certain that if I was a landlord getting screwed that I would commit a crime. I’d try to be smart about it but I would hire someone to do something unpleasant if I had no legal recourse.
I spent $3k and 4 days downtown fighting a client for the $2.9k that they owed me. I guess I’m just petty like that.

Note: this only applies if all other options break down, obviously I’d have mercy on a broke tenant and try to work something out first, but some well off lawyer type just doing it because they can?

#192 BillyBob on 05.14.20 at 5:57 am

#115 Doug t on 05.13.20 at 7:02 pm
I’m not a landlord but I know someone in Nanaimo who is – 3 years ago he had tenants that refused to leave – he had some friends in a local bike chapter drop by the place – tenants packed up pretty quick lol

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

Really IS sounding more and more like Eastern Europe. Less tenant rights there, and less likelihood of stiffing the landlord when they know the consequence is the local muscle coming round to sort it out.

It’s sad that is the direction Canada is headed in, but when the rule of law breaks down it’s inevitable.

If “the rule of law breaking down” sounds like overstatement, what else can one call a legal owner not having recourse to the legal system to remove a tenant?

The “Keep Your Rent” folk may be temporarily exploiting their landlords, but at a certain point they’re going to find out what desperate people with nothing left to lose are capable of.

I don’t think they’ll like it.

#193 Kelvin on 05.14.20 at 6:06 am

I’m so sorry that your previously low-risk investment turns out to have some risk involved after all. That’s business.

Some of us can’t afford one home, we’re not going to cry crocodile tears for some jackass with two.

#194 Investx on 05.14.20 at 6:24 am

And people wonder why the mafia exists.

I hope this gets resolved for the Chaganis soon.

#195 belly rubs on 05.14.20 at 6:45 am

I have an agreement with my landlord: I pay the rent and he stays out of my face. We are both rational adults.

I have repaired or replaced at my expense:
– fridge and stove (replaced)
– washer and dryer (replaced)
– new cupboards and sink (replaced)
– toilet, bathroom sink, tile, shower enclosure (replaced)
– porch roof
– kitchen tile
– water heater (installed new)
– furnace maintenance
– septic sump (installed new)
– interior and exterior paint
– garden and grounds maintenance
– repair of landlord’s lawn mower, car, and tree removal at his home.

Over the years we have become friends. He only raises rent to match increase in property taxes. I pay $1100/mo for 5 acres. I have lived here over twenty years and I was able to save and purchase a ranch three hours north without financing.

The topic seems to be about choices.

#196 Mehdi on 05.14.20 at 6:55 am

You almost finished convincing me to avoid investment real-estate at all costs!

#197 belly rubs on 05.14.20 at 7:13 am

#178 Spectacle on 05.13.20 at 11:58 pm

Several months into this ” Bat Thing ” , I still have not met anyone with the Bat Virus, nor have I met anyone who knows someone else who has had the ” offshore” virus.

I read somewhere that a distrustful African leader sent the WHO samples from a goat, a papaya, and some other animal and the results came back positive for SarsCov2. So there you go… 3 cases.

#198 Do we have all the facts on 05.14.20 at 7:33 am

#. 122 Faron

Insulting my intelligence because I question the veracity of facts related to the Covid 19 virus is just a bit Grade 5 in the schoolyard for me.

Hundreds of thousands of people have travelled from the Wuhan district of China since January 2020. It seems probable that thousands of citizens exposed to the Covid 19 virus arrived in Shanghai, a city of 25,000,000 people.

You seem to feel that Elon Musks’ concerns are invalid because his factory is located in Shanghai (25,00,000) and there have only been 660 Covid 19 cases and only 7 deaths reported (your figures not mine).

If Covid 19 was as big a threat to human life as the WHO projected back in February 2020 any reasonable person might ask what the WHO projections that shut down the entire world were actually based on.

Since February the WHO has asked health authorities to apply ICD UO7.1 to all death where the Covid 19 virus was present but not necessarily the primary cause of death. It is not unreasonable to question the reasons behind a request designed to inflate the number of Covid 19 deaths worldwide.

All I am suggesting is an unbiased assessment of the actual facts so that an accurate picture of the risk of death posed by Covid 19 can be presented before irreparable harm is done to the global economy.

In the words of W C Fields

“Oh the powerful odour of mendacity”

#199 Certain Disaster on 05.14.20 at 7:36 am

Why have Trudeau’s bureaucrats turned a blind eye to fraud and Malfeasance?

https://nationalpost.com/news/canada/exclusive-new-memo-tells-staff-to-make-cerb-payment-even-if-claimant-quit-job-voluntarily-or-was-fired-for-cause

Obviously they have been briefed and are knowlegable that mass fraud is underway and the CRA has been ordered to allow lawbreakers the freedom from prosecution to continue to break the law. Canada has fallen victim to a Mobocracy, a dictatorship without the rule of law in place to protect the public interest. Is there nothing this public body will perceive as the last days of a nation unfolding?

#200 colin on 05.14.20 at 7:47 am

So wait a minute, Garth.

I pointed out, civilly, that the comment by 161 could lead to a tenant using self defence law to prevent a landlord from entering the property and harassing her – and you silently deleted my entry, ghosting it from this blog.

Yet commenter 188 says…

‘I am absolutely certain that if I was a landlord getting screwed that I would commit a crime. I’d try to be smart about it but I would hire someone to do something unpleasant if I had no legal recourse.’

…and you allow that pro-landlord incitement to criminal behaviour to remain on the blog?

Talk about a bias against renters!

I’ve promoted the benefits of renting and investing in diversified assets for years. Your comment was without merit. – Garth

#201 Tater on 05.14.20 at 7:58 am

#67 The Great White North on 05.13.20 at 4:54 pm
#46 Cristian on 05.13.20 at 4:03 pm

You are absolutely rights, my East European friend, my thoughts exactly, plus the fact that it will become a bug ghetto riddled with crime in the next 10 years because of what happened in the last two months…

This is one of the least integrated countries on earth, and the failure of the multicultural project here will be epic, for the history books.
————————————————————-
Feel free to leave, doubt you’ll be missed.

#202 SimplyPut7 on 05.14.20 at 8:08 am

Except for the professional renters, I’m pretty happy tenants are finally getting a break. The past several years have been very hard on single-parent families, people living on disability income, seniors living on pensions that don’t increase with inflation, students that are not able to live with their parents and new immigrants looking for an affordable rental in the greater Toronto area.

There’s no reason a crappy basement apartment should be renting for $1500 a month in large cities in Canada.

I can’t wait for more restrictions to be lifted in Canada so good quality renters can find better places to live and greedy landlords swimming in debt can finally be foreclosed on once this mortgage deferral period is over.

If half of the Airbnb listings in large cities could be available for long-term rentals, that would fix most of the vacancy issues in these cities as well as provide more choices and lower rents for tenants.

#203 under the radar on 05.14.20 at 8:12 am

Neiman Marcus Investment by CPP was about 680 million the rest was non recourse debt. Relative to assets , this was lunch money.

Apparently the CPP gurus invested $1.6 billion US in the company. But, yah, chump change. (Please assure us you do not work for the CPIB.) – Garth

#204 TurnerNation on 05.14.20 at 8:21 am

#164 WAKEUP. I hear you. Doesn’t really matter what I say it’s all happening and so fast. Can’t blame people for tuning out. I fully expect no pension/CPP. Not with the plans owning so many malls, airports, all being shuttered or reduced forever worldwide.

There’s two schools of though:
1. So many here write T2 is nuts what is he doing handing out money and bankrupting us?
2. Or, he knows exactly what the deal is and was ordered to bankrupt Canada such that the UN or IMF must step in. Syria much?

Many many times in past few years I said here that the First World Countries get Economically bom’d.
While 2nd, 3rd World countries just get bom’d.
Now we see this playing out.

#205 TurnerNation on 05.14.20 at 8:24 am

#196 Certain Disaster the reporter looks a lot like Smoking Man…if you caught his Periscope days:)

https://secure.gravatar.com/avatar/a028b8f4251de9e2eff35298fcfc5b52?s=135&d=mm&r=g

By the way, they launched Tik Tok perfectly in time for the lockdown eh? It’s in great use now. Greetings from my nicely appointed prison cell, there’s an app for that.

#206 crowdedelevatorfartz on 05.14.20 at 8:46 am

@#103 Dougt
“he had some friends in a local bike chapter drop by the place ”
++++++
I’m confused.
I thought everyone that lived in Nanaimo was in a bike gang.

#207 crowdedelevatorfartz on 05.14.20 at 8:49 am

@#131 Screwed Millennial
“It’s time for boomers to get off their a$$es and get a real job….”

++++

We’re still waiting in the basement tv room for you to show us how thats done….

#208 Spendthrift on 05.14.20 at 8:50 am

When saving became in vogue. Think before you spend. Separate the needs from the wants and set up a budget and plan to build your own nest egg.

#209 Apocalypse2020 on 05.14.20 at 9:04 am

Now this is a REAL disaster that will kill millions in Canada within weeks, step aside COVID19!

BEER SHORTAGE AHEAD!!!!!

https://www.bnnbloomberg.ca/toronto-brewery-urges-return-of-empties-amid-bottle-shortage-concerns-1.1436250

No bottles, no beer!

#210 T-Rev on 05.14.20 at 9:09 am

#188 Soggy- Exactly. I always try to work with well meaning tenants up to a limit. But people who just do it because they think they can hide behind the law? They need to remember it’ll take at least 10 minutes for the law to get there, and I can do a lot of unpleasant things in 10 minutes.

It’s the same one-year delayed courts that have to hear the tenants side of the story if you go in while they’re out for groceries and change the locks and throw their stuff on the lawn/into the hallway.

#211 TurnerNation on 05.14.20 at 9:16 am

So you want to travel eh? Uber is now making masks mandatory for passengers. See what I mean, they will make travel so hard that people give up.
The secret will be to flag a down a regular cab and yes the’ll take your cash too.
(They must wait weeks for electronic payments and the company skims a handing fee off the top)

#212 JB on 05.14.20 at 9:28 am

#85 Nelson from The Simpsons (R) on 05.13.20 at 5:37 pm

HA-HA! Condo price collapse!

https://www.blogto.com/real-estate-toronto/2020/05/these-neighbourhoods-toronto-have-seen-biggest-drop-condo-apartment-prices
……………………………………………………………….
HA-HA TORONTO CONDO PRICES DROP LIKE A ROCK AND ONLY GOING TO GET WORSE.
It was inevitable as these damn things have been flogged for years as income properties. If I wanted to live in a stuffy hi-rise concrete incubator with the rest of the stiffs then I could simply RENT an apartment! EEW…

#213 JB on 05.14.20 at 9:31 am

DELETED

#214 JB on 05.14.20 at 9:32 am

#204 crowdedelevatorfartz on 05.14.20 at 8:49 am

@#131 Screwed Millennial
“It’s time for boomers to get off their a$$es and get a real job….”

++++

We’re still waiting in the basement tv room for you to show us how thats done….
……………………………………………………………….
Well played Mr Farts, well played………………

#215 JB on 05.14.20 at 9:35 am

#202 TurnerNation on 05.14.20 at 8:24 am

#196 Certain Disaster the reporter looks a lot like Smoking Man…if you caught his Periscope days:)

https://secure.gravatar.com/avatar/a028b8f4251de9e2eff35298fcfc5b52?s=135&d=mm&r=g

By the way, they launched Tik Tok perfectly in time for the lockdown eh? It’s in great use now. Greetings from my nicely appointed prison cell, there’s an app for that.
……………………………………………………………..
Yes it sure does look like him from his Periscope days. Can’t tell for sure as he is not smiling. Smoky has lost his teeth.

#216 Ronaldo on 05.14.20 at 9:35 am

#195 Do we have all the facts on 05.14.20 at 7:33 am

Not to worry Facts, if we’re lucky he will just go away like the virus. Some people are just a bit slower at figuring things out. Keep up the good work. If you havn’t already, google EVENT201 and check out the videos.

#217 Sail Away on 05.14.20 at 9:39 am

#172 DON on 05.13.20 at 10:56 pm
#98 Ustabe on 05.13.20 at 6:23 pm
#80 Sail away on 05.13.20 at 5:21pm

—————-

We’re all the same. All animals….

Well, except MF, anyway. Maybe he’s a noxious gas?

While I may or may not agree with everything MF writes, one aspect of his or her participation here is the lack of attack posts, the lack of a need to go after others from him/her.

This is now what, day 3?, of your raising his name for no real purpose. Almost comes off as fragile on your part.

In the words of the late Kenny Rogers, you have to know when to hold them, know when to fold them, know when to walk away.

The odd ad hominem poke is fine given the ground rules Garth allows, you are verging on ad hominem attack.

Not a good look, eh?

—————-

It looks bad….real bad, I tell yah!

—————-

Yes, agreed. I pushed it a bit far. My apologies, MF.

#218 JUST LQQKING on 05.14.20 at 9:47 am

not sure what’s going on with that budget presented in the intro…it appears to add up to around $1.25 cost to $1.00 revenue?…what am I missing?

#219 Gerald Futz on 05.14.20 at 9:47 am

BANNED

#220 Sail Away on 05.14.20 at 9:52 am

One possible option for the Chaganis is to file a formal complaint with the law society.

The lawyer is clearly acting unethically in his own interests in regards to a legal contract. Attach all past complaints they can find to show a pattern of behaviour.

He threatens their financial stability, they threaten his career.

#221 NoName on 05.14.20 at 9:54 am

@Apocalipto2020

Beeropocalipse… Beer production flatlined ever since 2012, bottle are to be replaced with al cans anyway. Even plastic red solo cup is to become history.

Side note of some kind
Drink bottles in europe are made with ticker walls and recycled an average 6-7 times comparing to na 3-4 time if I remembered it correctly. Shipping is generally charged by weight and volume… Bottles were to be extinct anyways, virus may have just speed up whole thing a bit.

#222 IHCTD9 on 05.14.20 at 10:07 am

#214 Sail Away on 05.14.20 at 9:39 am
#172 DON on 05.13.20 at 10:56 pm
#98 Ustabe on 05.13.20 at 6:23 pm
#80 Sail away on 05.13.20 at 5:21pm

—————-

We’re all the same. All animals….

Well, except MF, anyway. Maybe he’s a noxious gas?

While I may or may not agree with everything MF writes, one aspect of his or her participation here is the lack of attack posts, the lack of a need to go after others from him/her.

This is now what, day 3?, of your raising his name for no real purpose. Almost comes off as fragile on your part.

In the words of the late Kenny Rogers, you have to know when to hold them, know when to fold them, know when to walk away.

The odd ad hominem poke is fine given the ground rules Garth allows, you are verging on ad hominem attack.

Not a good look, eh?

—————-

It looks bad….real bad, I tell yah!

—————-

Yes, agreed. I pushed it a bit far. My apologies, MF.
——-

On the flip side, MF has developed a pretty good track record of misrepresenting previous posts, and putting words in other people’s mouths when he gets cornered.

Let’s see if he apologizes.

#223 IHCTD9 on 05.14.20 at 10:10 am

#218 NoName on 05.14.20 at 9:54 am
@Apocalipto2020

Beeropocalipse… Beer production flatlined ever since 2012, bottle are to be replaced with al cans anyway. Even plastic red solo cup is to become history.

Side note of some kind
Drink bottles in europe are made with ticker walls and recycled an average 6-7 times comparing to na 3-4 time if I remembered it correctly. Shipping is generally charged by weight and volume… Bottles were to be extinct anyways, virus may have just speed up whole thing a bit.

—- —

Canada is moving forward towards ah, drink box thingies.

Way ahead of the game.

#224 Sail Away on 05.14.20 at 10:17 am

#207 T-Rev on 05.14.20 at 9:09 am

#188 Soggy- Exactly. I always try to work with well meaning tenants up to a limit. But people who just do it because they think they can hide behind the law? They need to remember it’ll take at least 10 minutes for the law to get there, and I can do a lot of unpleasant things in 10 minutes.

It’s the same one-year delayed courts that have to hear the tenants side of the story if you go in while they’re out for groceries and change the locks and throw their stuff on the lawn/into the hallway.

—————

Actually, no. The second would be dealt with by real cops, not the delayed court. And you’d be the perp.

#225 Sold Out on 05.14.20 at 10:28 am

#180 Sail Away on 05.14.20 at 12:38 am
#42 Sold Out on 05.13.20 at 4:00 pm

When I had a semi-decent benefit package, I made full use of the dental coverage. Too few people nowadays with benefits.

————–

You should come work for me. Our compensation and benefits package is the best around.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

What a generous, and tempting, offer! I must regretfully decline, though; your presence here has conjured up an image of such studly manhood and rugged independence that I can’t run the risk reality might disabuse me of the fantasy.

That, and the fact I’ve developed a life-threatening allergy to hubris.

#226 MF on 05.14.20 at 10:29 am

219 IHCTD9 on 05.14.20 at 10:07 a
#214 Sail Away on 05.14.20 at 9:39 am
#172 DON on 05.13.20 at 10:56 pm
#98 Ustabe on 05.13.20 at 6:23 pm
#80 Sail away on 05.13.20 at 5:21pm

I love everyone equally on this pathetic blog. :)

I actually don’t mind being mentioned or attacked for a position. If we all agreed, it would be boring.

I just wish I could respond more. Busy at work and buying my terrified parents groceries.

MF

#227 Job#1 on 05.14.20 at 10:33 am

#198 Tater

Actually, I don’t think anyone is “free” to leave at present time. Might have something to do with wanting to leave?

#228 Stan Brooks on 05.14.20 at 10:35 am

Apparently the CPP gurus invested $1.6 billion US in the company. But, yah, chump change. (Please assure us you do not work for the CPIB.) – Garth

People will not get properly indexed ‘pensions’ anyway, with significant inflation of necessities, the ‘generous’ CPP indexing will make sure we get peanuts only, the remaining assets will be carelessly spent by government anyway, so the performance of the fund is really irrelevant.

#229 MF on 05.14.20 at 10:36 am

219 IHCTD9 on 05.14.20 at 10:07 am

I repent!

MF

#230 Drew Riedstra on 05.14.20 at 10:39 am

Sad state of affairs when the tenant won’t adhere to the letter of the law, and our appointed governments refuse to uphold it. As a small to medium size landlord I invoke the Sopranos methodology. Third parties are used to solve problems and smooth out the wrinkles. German Shepperd’s, ex-football players, and repeated playing of Sinatra music may or may not be assets of use.

#231 IHCTD9 on 05.14.20 at 10:41 am

Looking at all these land lord posts has shown me there is a need for certain “services”.

I know a couple dudes. One an ex pro volleyball player, 6’-10” 280lbs solid bone and muscle. The other is a beast-like Scottish dude 6’-2” 290 lbs. He’s about 6’-2” wide also. He likes drinking and fighting (and it shows).

Just trying to think up a name now…

#232 Sold Out on 05.14.20 at 10:43 am

Garth, you pooh-poohed the notion that any member of the US Senate intelligence committee might have used privileged information to sell their portfolio prior to the crash….

https://www.theglobeandmail.com/world/us-politics/article-sen-richard-burrs-cellphone-reportedly-seized-in-us-probe-of-stock/

Search warrants typically require a certain amount of evidence of criminal acts before they’re issued, especially when the subject is powerful and connected.

#233 BLTandfries on 05.14.20 at 10:44 am

#121

“Real estate investing is the key to building true wealth. I’ve been at it since 2009, own multiple properties (multi-family)and have increased my net worth from 100 k to 1.8 m”

Congrats (I mean that sincerely) – I admire the entrepreneurial spirit it requires to make this happen, and I love to see a winner.

Only thing I would say though is, all bets are off in tbis brave new world. When Canada and the US begin to break apart under the strain of the 2030s I am not too sure what is going to happen to highly leveraged landlords…

#234 2021 year of Trump on 05.14.20 at 10:47 am

“Those jobs will all be back…, and a phenomenal year- Donald Trump”

https://www.youtube.com/watch?v=m6O8EQJ35f4

#235 IHCTD9 on 05.14.20 at 10:50 am

#192 belly rubs on 05.14.20 at 6:45 am
I have an agreement with my landlord: I pay the rent and he stays out of my face. We are both rational adults…

…Over the years we have become friends. He only raises rent to match increase in property taxes. I pay $1100/mo for 5 acres. I have lived here over twenty years and I was able to save and purchase a ranch three hours north without financing.

The topic seems to be about choices.

———

That seems like a mighty good deal. You’d have a hard time getting a decent 2 bedder out in the sticks for 1.1k, never mind a whole house with 5 acres.

Can I ask where abouts? (Just curious, no need to answer).

#236 not 1st on 05.14.20 at 10:53 am

Trudeau he so good looking and he help people too.

That sums up the knowledge of our voting electorate especially in that cesspool Toronto who have exactly zero knowledge of anything further away than their own nose.

If Trudeau is put in again you can watch Canada swirl the bowl to honorary 3rd world status again. A guy who cant handle a debt in the good times will for sure run the country into the ground when adversity strikes.

Man I miss Harper. Only in Canada would we toss out an MBA trained PM for what we have now. But just like the lady you bought motor bikes for her kids, in Canada is always live for now, plan zero for the future and then beg the govt for handouts when things go sideways.

#237 Ethics on 05.14.20 at 11:05 am

A nation rises or falls on the values of its people. If enough people don’t do what they are contractually required to do the country will fail. No ifs, ands or buts.

#238 Kaleycat on 05.14.20 at 11:18 am

#160 A Lawyer Somewhere

Nice to know. I hear lawyers also hate threatened lawsuits, as they must report them to their insurance company. And the insurance company likes to double premiums if there’s threatened lawsuits.

More then one way to skin a cat…

#239 NSNG on 05.14.20 at 11:42 am

I haven’t turned on the MSM yet.

What has Justin given away today…

#240 JonBoy on 05.14.20 at 11:46 am

#40 Tater on 05.13.20 at 3:52 pm
I love my landlord. He lets me live in a $2mm house in a lovely neighborhood for just $4k per month!

——–

The house isn’t worth $2M. The rent isn’t worth $4K. You’ve bought into the system, my friend.

;)

#241 CPP Carnivale on 05.14.20 at 11:50 am

#200 under the radar on 05.14.20 at 8:12 am
Neiman Marcus Investment by CPP was about 680 million the rest was non recourse debt. Relative to assets , this was lunch money.

Apparently the CPP gurus invested $1.6 billion US in the company. But, yah, chump change. (Please assure us you do not work for the CPIB.) – Garth

No worries everyone can take a CPP carnivale cruise….ooops

#242 Figure it Out on 05.14.20 at 12:06 pm

What’s the big deal with CPP losing some fraction of US$1.6b?

Every great investor I’ve studied has had bets that shat the bed. Hiding all your investments in an ETF and pretending there’s no turds inside? Whatever floats your bowl, I guess.

It’s the guys who never report big losses or gains that you want to stay away from. They usually end up in teary Youtube videos explaining how they lost everything shorting vol, or in handcuffs for fraud.

Nobody here said the loss on a US department store investment was ‘a big deal’. But Canadian taxpayers, who footed the move, have a right to know. – Garth

#243 IHCTD9 on 05.14.20 at 12:09 pm

#226 MF on 05.14.20 at 10:36 am
219 IHCTD9 on 05.14.20 at 10:07 am

I repent!

MF
—-

Ah, now everybody is friends again!

You, Sail Away, and I should all go out and grab a beer.

You’ll have to buy though since you still have a job.

Sail and I are uhh, unemployed.

#244 Sail away on 05.14.20 at 12:13 pm

#222 Sold Out on 05.14.20 at 10:28 am
#180 Sail Away on 05.14.20 at 12:38 am
#42 Sold Out on 05.13.20 at 4:00 pm

When I had a semi-decent benefit package, I made full use of the dental coverage. Too few people nowadays with benefits.

————–

You should come work for me. Our compensation and benefits package is the best around.

————–

What a generous, and tempting, offer!

I must regretfully decline, though; your presence here has conjured up an image of such studly manhood and rugged independence that I can’t run the risk reality might disabuse me of the fantasy.

That, and the fact I’ve developed a life-threatening allergy to hubris.

————–

Aw. From what I’ve seen here, I think you would be an ok employee, though probably often distracted by existential questions and with a penchant for unprofitable empathy.

You’d have nice teeth.

#245 Cottagers STAY THE HELL AWAY! on 05.14.20 at 12:21 pm

No point even thinking of going to cottage country this weekend.

https://www.theweathernetwork.com/ca/weather/ontario/muskoka

It will be cold and rainy from now until next week at least.

Just stay away.

#246 Sail away on 05.14.20 at 12:23 pm

#240 IHCTD9 on 05.14.20 at 12:09 pm
#226 MF on 05.14.20 at 10:36 am
219 IHCTD9 on 05.14.20 at 10:07 am

I repent!
MF

—————

Ah, now everybody is friends again!
You, Sail Away, and I should all go out and grab a beer.
You’ll have to buy though since you still have a job.
Sail and I are uhh, unemployed.

—————

Opinion disagreement is healthy, as long as it’s played with a certain code of honour and avoids full nuclear scorched-earth attack.

I never stopped working, but am now taking compensation again, so I’ll treat the house to a virtual beer. Cheers!

#247 Doug in The Deep South on 05.14.20 at 12:24 pm

Wow, I must bee somewhere in The Deep South of The USA. Why? Because the bargains in the stock market now look like Boxing Day, but looking outside the grass is green, flowers are out, and the leaves coming out on the trees. Back home in London I’m sure there’s snow on the ground. Over the last month I’ve read many comments from some blog readers who will get in on the next drop. Well, that’s right now, so what are you waiting for? What’s that have to do with renters? Well, if you are a renter you are more likely to have money on hand that you didn’t spend on a house.

#248 Tater on 05.14.20 at 12:35 pm

#237 JonBoy on 05.14.20 at 11:46 am
#40 Tater on 05.13.20 at 3:52 pm
I love my landlord. He lets me live in a $2mm house in a lovely neighborhood for just $4k per month!

——–

The house isn’t worth $2M. The rent isn’t worth $4K. You’ve bought into the system, my friend.

;)
—————————————————————

I agree that house isn’t worth that. But, as a percentage of income, the rent is more than fair. I can walk to stores, subway, great public schools, etc. And since it’s so cheap compared to the cost of owning the same house, I have tons of extra money for savings. I bought into this system because I like it very, very much.

#249 Attrition on 05.14.20 at 12:39 pm

Here’s some very sad news for those addicted to doom and gloom, and certain the world’s about to end because of a nasty cold:


JapanToday.com

TOKYO

With the world’s oldest population and one of the most crowded megacities on the planet as its capital, Japan should have provided a fertile breeding ground for the deadly coronavirus.

Images of salarymen crammed into Tokyo commuter trains fuelled warnings that Japan’s capital could become the “next New York City” if the virus took hold.

Yet the country of 126 million has recorded 16,024 cases and 668 deaths, according to the health ministry — rates so far below comparable nations that many have been left scratching their heads.

And with reported new cases dropping sharply in recent weeks, Prime Minister Shinzo Abe is expected later Thursday to lift a state of emergency for most of the country.

While so many Canadians huddle in place, terrified of the invisible threat lurking in everywhere and lofting in the air, in one of the most densely populated countries on earth it’s pretty much business as usual.

I’m sure the sad Canadian national traits of naivete, unquestioning belief in all things proclaimed righteous/dangerous by the CBC, endless rights-obliterating social justice injustices etc., have nothing to do with this.

But I wonder, what does?

Canada population density: 4 people per square km
Japan population density: 336 people per square km

And yet, as of May 14, 2020:

Canada Confirmed Cases:
72,278

Recovered
35,164

Deaths
5,302

Japan Confirmed Cases:
16,103

Recovered
9,868

Deaths
696

Disparage the testing and the official reports all you want, but when numbers are this out of wack between two first world countries, something doesn’t add up.

It’s kinda like how this virus, being so contagious, so deadly, should have ravaged every homeless encampment in this country by now.

And yet, nothing. In fact out here on the west coast, homeless camps have been exploding.

When measurable, verifiable disparities like this exist in plain view, right under our upturned noses, you have to ask why.

There’s no epidemiologist, no virologist, no sociologist who can explain these obvious and appalling discrepancies.

#250 Tater on 05.14.20 at 12:41 pm

#228 IHCTD9 on 05.14.20 at 10:41 am
Looking at all these land lord posts has shown me there is a need for certain “services”.

I know a couple dudes. One an ex pro volleyball player, 6’-10” 280lbs solid bone and muscle. The other is a beast-like Scottish dude 6’-2” 290 lbs. He’s about 6’-2” wide also. He likes drinking and fighting (and it shows).

Just trying to think up a name now…
———————————————————–

The Fat Boys. Even have a theme song for you: https://youtu.be/cvqxIDmEw_c

#251 Bob Dog on 05.14.20 at 12:51 pm

BS. Rent has increased because of an undersupply of housing and oversupply of people.

It is the result mass migration. Mass migration for the benefit of corporations like Amazon.

You do know that Canadians exist for the benefit of corporations dont you?

Canadian immigration has consistently been sub-1% of the population for decades. There is no ‘mass’ about it. – Garth

#252 SoggyShorts on 05.14.20 at 1:55 pm

#197 colin on 05.14.20 at 7:47 am
Yet commenter 188 says…

Talk about a bias against renters!
*********
For the record, I am not a landlord, I’m actually a double renter, paying full rent for my home in Canada while stuck overseas and paying full rent here due to lack of flights home.

I was also not suggesting that LLs use violence, I was merely stating that I personally would not remain idle if someone stole from me, even if the law protected them.

#253 happygolucky on 05.14.20 at 2:56 pm

Burnaby Boy on on 05.13.20 at 3:22 pm

OOOH! I feel so superior in that I still pay my rent and bills!!!!!
————————————————–

You are SUPERMAN