The benefit

First, the good news. Every little shred helps.

The blue bank is telling its customers not to worry about extra interest that will accrue as they defer their mortgage payments. “BMO will be refunding any additional interest accumulated on your deferred mortgage payments for the entire deferral period.” It says. “We will credit this refund directly to your mortgage within 90 days once your deferral period has ended.”

Not a big savings – on a $300,000 loan at 3% it amounts to about $50 after six months. But fifty bucks is fifty bucks. Of course all of the money you should have paid over those months will still be owing. Your lender might increase the monthly, or add it to the debt. But it’s not going away.

Speaking of deferrals, half the homeowners in Canada who have decided they cannot/will not make their payments because of the virus live in Quebec or Alberta. And the deferral rate is twice as high for those with non-prime mortgages – at about 30%. So, connect the dots. An inescapable conclusion is there will be a lot more houses coming up for sale this autumn when the deferrals end, yet the jobs have not returned. If you’re housing-hunting, wait.

Now, speaking of not paying, it would appear the Government of Canada is confusing the withholding of rent, which is a form of theft, with a ‘Covid benefit’ like the free money it’s dishing out by the billions. In fact, it seems Ottawa is condoning – if not encouraging – people to stick it to the owners, now that the virus has shut down landlord-renter tribunals across the country.

Just visit this simplistic web site to see for yourself. If you indicate the virus stole our job and you’re now having trouble paying the landlord, here’s what you end up with:

2 results
Based on what you’ve told us, the following help is available:
* Apply for the Canada Emergency Response Benefit (CERB)
* In most provinces and territories, you cannot be evicted for not paying rent

Apply for the Canada Emergency Response Benefit (CERB)
* $500 per week
* Up to 16 weeks if you keep meeting the eligibility criteria
* First payment within 10 days of applying

In most provinces and territories, you cannot be evicted for not paying rent
* Provincial governments are in charge of rental housing rules.
* In most provinces and territories, you cannot be evicted for not paying rent.

“Among benefits the feds tell you about is the advice to not pay rent,” says blog dog Scott. “This is crazy, from an official federal government site.” You bet it is. The T2 administration is not only informing you that screwing your landlord is an officially-sanctioned action, but that this constitutes a right, similar to the CERB cash.

On that note, this well-traveled blog whisks you to Vernon, one of the jewels of the Okanagan, where a young female doctor has just learned all about being a landlord. She rented out her rural property while in residency, and now wants to move home. Tough, says the tenant.

Here is her tale of woe, as reported in the local online rag:

“She states that I have no rights to my home during the state of emergency and I cannot evict her. Unfortunately, she is correct. I have called to discuss the situation with the BC Tenancy Board, who stated ‘your concerns fall on deaf ears’ and suggested that I take this up with the politicians who created this legislation.”

“The tenant has proceeded to conduct multiple and recurrent breaches of contract, including housing two cats and two dogs in the home – the lease states pet free. I had to enter the mechanical room in the basement and noticed literal actual piles of garbage and rotting food and animal excrement in the basement. Finally, this tenant smokes inside and on the deck of a log home on a wooded acreage, both a breach of contract and dangerous –which the Tenancy Act says is not dangerous enough for eviction.”

“I have tried to file for eviction with BC Tenancy Board, and it has been denied. I am sure there are others that are suffering financially and personally by the complete unfair and ridiculous BC Tenancy Act. It is named appropriately ‘Tenancy’ act as it really only serves and supports tenants and discriminates against landlords and our homes.”

“This is becoming all too common,” says Barb, our OK correspondent. “The principles here, if they can be called that, are nothing short of anarchy – like the ‘Keep your Rent’ guy on your blog. Indeed, it is just shy of being criminal.”

But, but, but… Not paying rent and stealing accommodation because nobody can evict you during a pandemic is now a Covid benefit, Barb. It’s okay. Mr. Trudeau said so – “you cannot be evicted for not paying rent.” Therefore not paying is the same as paying, because both of those things are, like, allowed. But only one is called a benefit, which is not paying. So it’s better. How is this hard to grasp?

Sheesh. Boomers.

271 comments ↓

#1 YouKnowWho on 05.25.20 at 1:48 pm

Humans not able to touch humans? Fuhgettaboutit!

Young people are touching like crazy! In my continued series of songs about young people finding ways to touch each other, even during quarantine I give you…The Bad Touch by Bloodhound Gang

https://www.youtube.com/watch?v=xat1GVnl8-k

I took out the incredibly fast and lethal Trek OCLV Procaliber XTR beast for a spin around the city to see what’s up on the sunny day and happen to roll through Trinity Bellwoods at around 2PM. The minute I went through the Queen gates I started laughing out loud immediately. Place looked like a music festival 10,000 strong. Bylaw officers and police retreated to taped off children playground area in the west of the park in resignation. All young people, giving the giant finger to the quarantine. They thought closing the washrooms would stop the young people from coming out?

#2 YouKnowWho on 05.25.20 at 1:49 pm

The generational divide is here.

Let the wrinkles quarantine.

It’s sunny. It’s hot.

Young people don’t give a fork about this mother forking bull shirt quarantine. (Thanks “The Good Place” for cleaning that up)

#3 Sam on 05.25.20 at 1:51 pm

First.

Also, such a sorry state of affair. Mortgage is being deffered. But rent is being waived (kind of)!!!

#4 Kurt on 05.25.20 at 1:54 pm

Do you not know what “alpha” means? Did you not use the “Report a problem or mistake on this page” button?

It’s always easier to complain than to help.

#5 Leftover on 05.25.20 at 1:56 pm

Back at you – First the good news – Vancouver real estate activity has picked up – from about 80 house sales per week in April to about 120 sales per week today.

Now the bad news – new listings back then were about 180 per week, now they’re over 300. Sales to new listings, an industry harbinger, has dropped from 50% down to 39%, under the dreaded 40% bar that defines a buyers market.

And you can’t evict a tenant.

Yup, if you’re house-hunting, wait.

#6 forgotmyusername on 05.25.20 at 1:59 pm

What does it take to demonstrate the folly of legitimized expropriation of property? AKA theft!

How about when no one wants to be a landlord anymore?

Astonishing. Infuriating.

“Keep your rent” mentality is immoral and short-sighted.

To see it virtually supported by government….?!?!?

My motto these days is “You can’t fix stupid”. But who knew there was so much stupid out there?

#7 not 1st on 05.25.20 at 2:02 pm

I imagine then that Trudeau phone call with the banks this weekend was to order them to cut dividend so the semi insolvent in the country can get a break.

#8 akashic record on 05.25.20 at 2:18 pm

Is reducing salary also a form of stealing, because chances of finding other job during the pandemic is as likely as a successful eviction?

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm

Question for Blog Dogs who may know.

My son has been accepted to 5 business schools.
Rotman Uof T
Sauder UBC
and Mcgill
also 2 other business schools at U of T outside of Downtown.

Do any of you have advice for him? He is still undecided. He may be leaning toward Rotman.

Also does anyone think they will open in Sept.?

#10 Uni on 05.25.20 at 2:26 pm

they are all doing online in bc, as far as I know. Don’t know about other provinces

#11 Dustin on 05.25.20 at 2:27 pm

Never give up: My opinion is that the most important thing you get out of an any university education are the contacts, so your son should go to school in the city where he wants to live and work. A few of my friends got MBAs in the USA and where unable to find work in Vancouver because they weren’t part of the right old boys club.

#12 MF on 05.25.20 at 2:29 pm

So,

Home “owners” are allowed to have their mortgage interest forgiven and that’s okay, but a renter who has seen their income reduced and gets the cold shoulder from their “landlord” is okay to be left out in the cold? Not all renter landlord relationships are healthy. Some landlords are outright hostile.

I think the mortgage deferrals should only be for principe residences, and the interest should accumulate. If we are to treat housing as an investment then we should remember all investments have risks.

Is real estate now different? No it’s not.

If landlords don’t understand the risks of having a tenant before getting into the game than that’s their problem. They took the risk they should face the consequences. After all, they had no problem taking the rental cash and zero interest rate policy guaranteed capital gains now did they?

MF

#13 Frank on 05.25.20 at 2:29 pm

# 9

McGill hands down! Best lap dances in Canada are in Montreal ; everyone knows that

#14 Ace Goodheart on 05.25.20 at 2:30 pm

Our fearless leader, after he discovered that you really can’t just keep printing out Canadian Dollars and giving them away:

https://www.theglobeandmail.com/politics/article-trudeau-taps-bank-ceos-to-help-chart-course-for-economic-recovery-plan/

The look on his face is priceless. He reminds me of a stoner kid I knew in high school, who got caught with a doobie in the guy’s bathroom. Like “what?”

The world doesn’t really run on good deeds and virtue?

My environmentalist friends were lying to me, those wind mills don’t actually turn when there’s no wind? They said it only happened at night!

We can’t heat all the houses in Canada with solar, in the winter, when there is no sun?

Who knew we actually needed oil and gas to pay our bills? I thought that was just a myth concocted up by the oil and gas industry?

Mr. Socks becomes Mr. Shocked. No good advise from all the ex-Greenpeace “executives” that he made into his cabinet ministers.

Oh well.

Meanwhile, our Conservative party continues forward, with a zombie leader and a message that is not only incomprehensible, but actually makes less sense than anything the Liberals say.

#15 Faron on 05.25.20 at 2:33 pm

Sounds like a horrible tenant. It also sounds like the tenant is paying rent. The garbage isn’t the l-lord’s business until the time of end of tenancy unless some cleanliness level is stated in agreement. At end of tenancy any damage can be held back from the d.d. So grounds for eviction are pets and smoking. Fair enough. That’s one side of the story.

There obviously needs to be a change in how tenants are protected when egrigous abuses like this occur. Some way of either housing the evicted or compensating the owner until time of tribunal is needed. This also makes me think if the issues the US FDA faces when a fast response is needed out of an otherwise long process. They have streamlined many pathways and it sounds like the federal Canadian govt needs to push provinces to do the same, or step in with their weight. Another option would be a tax deduction for lost rent or for having to pay rent when you can’t occupy an owned primary residence.

Take a moment to think of how things would look if there were no protections for tenants unable to pay right now. Suddenly you have thousands more on the street on top of the thousands who are there from addiction or other pre covid problems. I guess then you ignore them until the tents pop up on the dog pooping grounds? Then what? Jail? But then a trial would be needed…

Keep in mind, too, that many who are able to pay mortgages are stiffing the banks and stuffing their TFSA as Garth highlighted earlier. But I guess that’s not theft because the banks have the BoC buying MBS so NBD? Many here also stated they would claim CERB even if not needed. Who is screwing who starts to get fuzzy.

Keep in mind that the squeekiest wheels get heard. And that the more resources you have, the louder you can squeek. There are certainly many tenants who are facing (or have faced) pushy landlords who violated their rights. This doesn’t make the present example okay, but the evicted side isn’t getting heard. I’d like to know their story.

#16 Pat on 05.25.20 at 2:40 pm

I do feel bad that the good doctor has a sh”/%y tenant, but renting with ‘smoke free / pet free’ conditions is just asking to be disappointed. Plan around the fact any tenant can be a smoker, pet owner or just plain disgusting when you rent out a place. If you’re not okay with cleaning up after that, don’t rent out your place.

Governments aren’t going to help you to kick people out mid lease for living their lives because you’d now prefer to live in the country than the city.

#17 Stone on 05.25.20 at 2:41 pm

Oh amateur landlords…for years you gloated about the easy money. Now the tables have turned…my, oh, my.

No sympathy here. After all, it’s a zero sum game. There are winners and there are losers. Apparently, lots of losers.

So grateful for my balanced and diversified portfolio at -2.99% YTD. I always wonder why so few people actually set one up for themselves and instead go for the get rich quick schemes (yes, landlording falls in that category). I’ll go put my head down on my pillow and take a nap now.

#18 YouKnowWho on 05.25.20 at 2:43 pm

Garth,

Seriously. Can you do a deep dive of data about this virus? The more I read about the science, the testing, the results…the more questions I have, the more this whole thing looks like a giant over reaction.

Beside the accuracy of the test – which it is worth learning about – the swab test is at best 70% accurate and is our “gold standard” here, the serology tests having who knows what type of accuracy – to the point where countries are dumping the tests as unusable, there have been a few things I’ve read that opened my eyes.

Random immunity tests in NY suggest 14% of NY State citizens had immunity to Covid-19. In New York City it’s 21% who have anti-bodies. How?

I read a piece about the Canadian Immunity Task Force, where they are modelling infected numbers to as much as 100x confirmed cases! That’s CRAZY! That means they are running models that for every currently confirmed case of Covid-19 there are up to 100 unconfirmed (uncounted) cases because of light symptoms or asymptomatic people – which let us not forget the death rate number must also be subject to this up to 100x case count adjustment.

With all the testing issues, this 100x number is not out of realm of possibility. But let’s not get crazy. Let’s say 20x – for every confirmed case we have 20 cases not able to be confirmed by tests. Well, that gives us a heck more cases, doesn’t it.

BUT….

It also takes down the death % significantly from current 7% to 0.3% – which granted, is worse than 0.1 flu, but not where near the scary number we see.

What if unconfirmed cases are a third of that 100 number Task Force is looking at? Well, then we have 33:1 which gives us .2% death rate. Suddenly just double flu, and wishing margin. Actually 0.2% death rate is entirely within the flu’s wheelhouse.

Dead bodies are harder to hide. And while I know that we likely haven’t accounted for all Covid-19 deaths, there is plenty of data that many deaths are being counted as Covid-19 deaths that really aren’t because those people were on their last straw – so for sake of this lets say those two cancel out and death number is about right.

Bottom line Garth, the more data I look at, the more I think about it, the more rolls in, the more this whole thing looks it is potentially a giant over reaction.

I read that the 2017-2018 flu season took out over 80,000 Americans, even though the numbers aren’t officially tracked and it could be 50% more. Put a 20x multiplier on the confirmed cases for those that weren’t confirmed with a test and you get yourself .2% death rate on those 98K confirmed Covid-19 deaths. Entirely within the flu wheelhouse again.

650,000 people die of flu related issues as a matter of fact. If this was blasted over the news 24/7 – we’d be scared silly. But only in 2020 did the news start reporting this fear inducing number. Numbers are big and shocking – obviously actually paralyzing.

I don’t know Garth, obviously. I’m no expert. But the more I think about it, the more I realize the data is incredibly incomplete for the type of decisions that have been taken to date. More and more scientists are taking in assumptions (that are proving correct), which take the death rate down significantly to flu levels.

Throw in aging population, boomers getting old, largest quantity of old folks ever, laziness, non-activity, poor diets thanks to delivery of fatty/greasy/processed foods, legal weed, alcohol, smoking, crappy air we breath thanks to VW diesels…and is it out of realm of possibility that this year’s “wind storm” has a few more dry branches to break off?

As I said, this is all starting to read like a giant over reaction. It would be really good if your number crunching analytical friend did some analytics on the Virus data to separate the chaff from the wheat they way you do to other topics. The Virus is financial after all.

#19 Ace Goodheart on 05.25.20 at 2:45 pm

I have a friend who recently ran into the same issue with tenants.

I am NOT recommending that anyone do what he did. This is NOT Ok in my books. But I will describe it, so you can see what this “keep your rent” garbage is doing to people.

He purchased a three unit rental building. It was tenanted. The seller could not get the tenants out, as they would not leave. So he took it “with tenants” at a substantial discount to list. Got a really good deal on it.

So he shows up to talk to the tenants. They are not interested. Bunch of hippies. Rights to this and to that. Their rights as the “human family” nonsense. They won’t take a buyout. Don’t want his money. They want to prove a point.

So what does he do? Well, they have no leases. Never did. One intelligent thing that the previous owner did, was not sign contracts with these tenants. Just had them pay him month to month. No paperwork.

Friend says, I am starting construction. Be out by the end of the week.

End of the week comes, they are still there. So in they go, bunch of big guys, with hammers and crowbars, and they tear up the upstairs unit. Bathroom out, walls down. Everything in a bin outside. Tenants are livid. They threaten legal action. But wait, what can they do? The tribunal is closed. Their stuff is out on the back lawn. Their apartment is in a bin on the back parking pad.

So the basement and main floor folks watch this, and they change their minds. Approach my friend and take the three month rent buyout he was offering them. He makes a deal. Get their stuff out, and he will come back with the cash. Cost him $6000.00 to get rid of them, but they went quietly.

The upstairs folks are still camping in the backyard.

Welcome to the “new normal”.

#20 binky barnes on 05.25.20 at 2:49 pm

Fear not fellow Canadians, JT has it alllllllllllll under control. Promise! He knows exactly what he is doing–he is this country’s ‘ace-in-the-hole’.

BB

#21 Howard on 05.25.20 at 2:49 pm

The blue bank is telling its customers not to worry about extra interest that will accrue as they defer their mortgage payments. “BMO will be refunding any additional interest accumulated on your deferred mortgage payments for the entire deferral period.” It says. “We will credit this refund directly to your mortgage within 90 days once your deferral period has ended.”

———————————

Well there you have it. We’ve crossed the rubicon. There is now zero penalty for deadbeat homeowners and landlords shirking their bills. No added interest, no hit to their credit scores, no reduction to their HELOCs.

The measly $50 savings in the example cited by Garth is beside the point. How long before the government forces the banks to forgive the principal accrued during the 6-month deferral as well?

With immoral intervention like this, I’m almost tempted to sympathize with the “Keep your rent” movement.

#22 The Woosh on 05.25.20 at 3:01 pm

#8 akashic record on 05.25.20 at 2:18 pm
Is reducing salary also a form of stealing, because chances of finding other job during the pandemic is as likely as a successful eviction?
—————————————————

You do that and your employee gets to apply for CERB. You haven’t been paying much attention lately?

#23 Bob on 05.25.20 at 3:02 pm

It is named appropriately ‘Tenancy’ act as it really only serves and supports tenants and discriminates against landlords and our homes.”

As well it should because once you move out and let someone else live there, it’s no longer your “home.” It may be your property, but it’s the tenant’s home. And everyone has a basic human right to secure housing. We really need a major cultural shift around this. Simply owning property shouldn’t give you the right to lord over the people living there.

That being said, when it comes to issues like non-payment of rent and damage to the property, governments really need to take a more active role. Civil remedies are insufficient.

#24 Howard on 05.25.20 at 3:05 pm

#6 forgotmyusername on 05.25.20 at 1:59 pm
What does it take to demonstrate the folly of legitimized expropriation of property? AKA theft!

How about when no one wants to be a landlord anymore?

Astonishing. Infuriating.

“Keep your rent” mentality is immoral and short-sighted.

To see it virtually supported by government….?!?!?

My motto these days is “You can’t fix stupid”. But who knew there was so much stupid out there?

———————————-

The “Keep your rent” movement is an affront to contract law and civil society. It will negatively impact all renters, including those who are honest and have never missed a payment.

That said, with deadbeat landlords immorally getting their mortgage deferral interest waived, I can’t say I blame some renters for pushing back with immoral acts of their own. A shame it had to come to this.

#25 Marco on 05.25.20 at 3:12 pm

#11 Dustin on 05.25.20 at 2:27 pm
Never give up: My opinion is that the most important thing you get out of an any university education are the contacts, so your son should go to school in the city where he wants to live and work. A few of my friends got MBAs in the USA and where unable to find work in Vancouver because they weren’t part of the right old boys club.

———————————————————-

No merit in tribal economy. But that is not a problem for society or economy. Problem is tenants stop paying rent in this trying times to landlords who are (who knew?), doctors.
They probably went to medical
school with an idea of land lording…
Let s flush out all small private landlords in this country. Let’s make them pay taxes on profit. Then lets protect them by government from abuse of anarchistic tenants, no?

#26 Dolce Vita on 05.25.20 at 3:13 pm

Landlords happy when times are good.

Landlords not happy when times are bad.

You can’t have it all and no such thing as a perfect World.

Plan for that instead.

#27 Landlord on 05.25.20 at 3:13 pm

Things are only going to get worse. Property taxes are going up significantly. Hydro rates are going up. Government will take more money to make up for the budget shortfalls. More tenants are going to stop paying rent. It is foolish to be a landlord. Sell your property and invest in a REIT and avoid all the headaches.

#28 Bob in Hamilton on 05.25.20 at 3:16 pm

“Turning and turning in the widening gyre.
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,….”

– William Butler Yeats

#29 cc on 05.25.20 at 3:17 pm

Garth, between rent and food, which do you think is more important? Because this is a choice people are facing. That’s why it’s important for them to know they cannot be evicted. They can use their money to buy food. To live.

#30 ElGatoNerodeYVR on 05.25.20 at 3:20 pm

Unfortunately the extreme capitalism, relentless outsourcing and the whole BS about corporations not being socially responsible at all have led us to this point. We’ve seen this storyline at play back after ww2 when the comunists took over with significant popular support, property rights vanished, the common good of the society as a rally point and eventually dictatorship. Funny thing if you look at Eastern Europe the socialist leaning parties are back in power after the same extreme capitalism ruined their economies. Sadly for Canada the Conservative Party lacks the foresight and willingness to abandon the extreme right position and move to the center where both NDP and the liberals vacated.It is also sad to see the Quebec Party only caring about Quebec whichnkeads to the question that must be asked: Why do we want them in Canada if all they do is takemtake,take mwhatbis the benefit to us regular Citizens ? Time to have that national debate I think. Going ba k to the initial blog post…The law of unintended consequences tells us that the same people who cannot afford to suffer will be suffering as amateur and small time landlords will ramp down and exit the business while the governments are simply not investing nowhere near enough in affordable housing. Which will leave the whole “keep your rent” crowd where they want: with money in their pockets to pick a nice bench in the park or a place to secure their tent.

#31 Owe Canada on 05.25.20 at 3:31 pm

silence… chizzz! all chairs taken…

#32 Sail away on 05.25.20 at 3:36 pm

Good morel picking near Oliver. Wet spring is really making them pop. Fully stocked for the year and will be busy drying when sunny days return. These are gold for bartering.

Maybe a chartered salmon/bottomfish trip out of Port Hardy next. The charters get 50% of their business from the US and have vacancies galore.

It’s great fun having a new pup around. He sleeps with the pack in the main living area hardwood and nary a peep at night. One outing each night at 3 is all we need to do. Dog training is simplest when the dogs do the training.

Oh, that’s right: finances. Nothing new. Good time for patience.

#33 Mike in Airdrie on 05.25.20 at 3:44 pm

I have the solution to her problem…just move in with the tenant. Don’t shower, hang out in your underwear and fart lots. You can’t be evicted.

Life gets interesting when you start running a country like it’s Cuba.

#34 Northshore guy on 05.25.20 at 3:44 pm

What these “keep your rent” kind of renters are doing is stealing in broad daylight. Who is going to rent them their homes once Covid is history? Also why give financial pain to someone who is giving you a roof for a discount (atleast in Van/Gta)

We rent too and we always pay up our rent several days before the first of the month. We keep common areas as clean as possible and always try to keep good relations with landlord. In return we are always treated like friends, all maintenance stuff is sorted out without problems and it gives peace of mind that your rental is secured for long term.

The whole point of CERB is to provide money if someone lost their job and therefore this money should be used to pay for rental. In BC I think government also supports $500 on top for paying rent.

If it is some really unfortunate people who really can’t pay then they should defer the rent until their situation improves if the landlord approves. Not paying at all should never be an option.

#35 the Jaguar on 05.25.20 at 3:48 pm

“The government you elect is the government you deserve.”
― Thomas Jefferson

I peeked at the 2019 federal electoral results map as a reminder of how we got to this sad place we find ourselves in. It absolutely confirms what Jefferson said.
If you voted Liberal because you liked Gerald Butts little ‘miners’ lapel pin or to secure the decades long handouts to have not provinces, or if you voted Bloc which is all about exiting the country whose pocket your hand is permanently in because you think you’re special and want to make a “statement”, and if you did everything possible to kill an industry like oil which is responsible for your standard of living and national GDP, then you got the government you deserve.
I used to look south of the border and feel sorry for the Americans because their country was so divided, thinking if only they could find a way to become more united they could solve so many of their problems. But there is no resolve to do so and Canada is no better.
This train is a runaway and judgement day is right around the corner.

@#14 Ace Goodheart on 05.25.20 at 2:30 pm

Agree with you completely.

#36 Do we have all the facts on 05.25.20 at 3:50 pm

I was taught that a contract protects both parties to the contract by assuring that the law of the land will enforce the contract if one of the parties violates the terms of the contract.

A situation where the Prime Minister can introduce emergency legislation that suspends the legal rights of only one party to contract seems unconstitutional in that it discriminates against a specific group to the benefit of another group. Can this be legal without an offer of equitable compensation to the injured party?

Surely this is a matter for serious debate by our entire legislative branch before Curly decides that people don’t have to honour any contract until Covid19 is resolved.

#37 Keyboard Smasher on 05.25.20 at 3:56 pm

At what point is it reasonable to start questioning the legal legitimacy and mandate of this minority government?

They have no representation outside of a few cities along Highway 401 to Montreal, and in the East.

When does armed resistance become justifiable in the courts?

#38 yvr_lurker on 05.25.20 at 3:58 pm

These tenant-landlord problems have always been around, but are accentuated now with this Covid issue. There needs to be decency and a sense of fair play on both sides, with both parties not out to screw the other side over. This particular case is irksome in that the tenant is violating many terms in the contract, but there is no recourse at this stage given the tribunal is closed. However, a few years ago in YVR when vacancies were super tight, unscrupulous landlords were holding auctions for their dank rentals to the highest bidder (well documented), and invoking (often without any merit) the renoviction clause turfing out families, or else having that special (disputed) clause that allowed for huge rent spikes each year, as a way of bypassing the cap set by Gov’t. It is unfortunate that many landlords and renters act are ill-intentioned and play this game with little personal integrity. There are indeed victims i this, and this coctor who wants to reclaim her place is a victim.

#39 UnstableGenius on 05.25.20 at 4:09 pm

#12 MF on 05.25.20 at 2:29 pm

“If landlords don’t understand the risks of having a tenant before getting into the game than that’s their problem. They took the risk they should face the consequences. After all, they had no problem taking the rental cash and zero interest rate policy guaranteed capital gains now did they?”

I agree completely. Only problem is that half the people I meet think I am an idiot; the other half regret meeting me!

#40 crowdedelevatorfartz on 05.25.20 at 4:13 pm

What?
3 hours after the announcement and……
No comments on the 10 free sick days in a year the Libs and NDP are contemplating ?

And who’s gonna pay for that?
Bankrupt businesses or the bankrupt govt?
Either way ……bankrupt.

#41 YVR Renter on 05.25.20 at 4:18 pm

#9 and #11,
Dustin’s right. Your son should go to school where he wants to be, for a while. He’ll do internship terms, etc, that’s how my daughter got hired at CTV out of Media PR at Western. Where does he want to do those? Western also has an excellent business school, Ivy. I believe kids have to apply after 1st year, based on their first year performance. It’s tough to get in, but many of our daughter’s friends did, and have incredible careers now. The outside of downtown GTA schools aren’t top tier, avoid, he’s got other great options. Rotman is excellent, anything McGill is good, (but it’s so darn cold in January), and so is UBC Sauder (not cold, just rainy). But left coast lifestyle is different for an easterner…is he mature enough to be that far away and handle it? Does he want to come home some weekends for home cooking and laundry? Wreck Beach, the infamous nude beach, is right there at UBC, part of the scene, along with weed that was “legal” long before it was before it was legalized. (Cops gave up. Always smell it everywhere we go here in Van). How much do you want him flying these days, and how much do you want to spend on airfares?
Good luck, wishing him every success! He’s got great choices.

#42 willworkforpickles on 05.25.20 at 4:19 pm

I was a landlord for over 30 years. Put up with a lot of chit, but never put up with tenants intentionally not paying the rent. Had every deadbeat back out on the street within hours. Too bad their isn’t an inbox feature on this site where I could explain to any desperate LL how it’s done.

#43 27 going on 50 on 05.25.20 at 4:20 pm

Alberta and Quebec around around 35% of the population, so it isn’t a huge surprise if they have 50% of the mortgage deferrals, judging by the current state of things…

#44 Timmy on 05.25.20 at 4:23 pm

What’s crazy is Trudeau handing out 2 grand a month to foreign students who stay in Canada.

#45 JohnSaccy on 05.25.20 at 4:24 pm

https://www.weforum.org/agenda/2020/05/why-women-leaders-are-excelling-during-the-coronavirus-pandemic/?fbclid=IwAR2utTFgPI2kXIIj-9Q3T4I4u0eJY9LG8cuiahlij8F4DMaINvIoiiVdXbo

The reason why female leaders are excelling at managing the coronavirus

Truth or Fiction?

#46 Linda on 05.25.20 at 4:24 pm

From the sounds of things, looks like half of all the potential housing ‘bargains’ are going to be in La Belle Province or Alberta. Fine if you want to live in either province, not so helpful if you don’t.

Post Covid (if that ever happens), I predict a lot of cases coming before the landlord tenant tribunals & I also predict one heck of a lot of previous landlords getting out of the business & never, ever, renting to anyone ever again. It appears that ‘the government’ is of the opinion that since they can’t solve the housing problem, the solution is to force all landlords to do it for them. Now there’s a solution that only dings ‘the rich’.

#47 Justice on 05.25.20 at 4:26 pm

People that don’t pay their rent will eventually get what they deserve. I thought Karma was some weird religion. But, I have seen enough jerks and unethical people get their a$$ handed to them that I have come to believe there is something to it. Maybe not today, or next week but it does happen.

#48 JSS on 05.25.20 at 4:33 pm

Can Trudeau force the Canadian banks to cut their dividends in order to help out poor Canadians???

#49 Rah Rah on 05.25.20 at 4:38 pm

What happens if I sell my place and the new owners want to move in? Do the tenants have to move out?

#50 Doug t on 05.25.20 at 4:40 pm

The system that has run the world for hundreds of years is breaking – fasten your seatbelt cause the future is going to be a dangerous mess

#51 Guy in Calgary on 05.25.20 at 4:48 pm

#12 MF on 05.25.20 at 2:29 pm

————————————————————-

The interest does indeed accumulate.

#52 Faron on 05.25.20 at 4:51 pm

No one is claiming CERB is a right. CERB has eligibility criteria, rights dont. You are eligible to drive, but it’s not a right.

Stable housing of some kind *is* a basic human right by international agreement.

The govvy isn’t advising any particular action WRT rent payment, just pointing out policy. Look at their words. They are describing provincial policy in action in all provinces.

What are your solutions after the eviction happens? Or does the problem magically end there?

Facts matter
Endless complaining doesn’t help
Let’s debate solutions

#53 Kevin on 05.25.20 at 4:52 pm

Get a bunch of these home owners together, then get a good legal team and file a class action .

#54 Keep Your Rent on 05.25.20 at 5:04 pm

Tenants keep your rent.

Landlords keep your distance.

Tenants are stronger when we organize and refuse individual deals with the landlord.

Thousands of tenants who have not paid rent this month were contacted by their landlords. Some landlords have issued eviction notices, many others have attempted to pressure tenants into agreeing to repay rent. These landlords have the same goal in mind: keep tenants divided and therefore weak.

Tenants are organizing. Rather than dealing with the landlord as individuals, tenants are responding to landlords’ eviction threats and pressure tactics collectively. Tenants are demanding that landlords forego rent collection and all threats of eviction during the Covid-19 crisis; that no tenant should face eviction or personal debt for not paying rent during a pandemic.

Agreeing to rent repayment puts tenants at risk

Many tenants face pressure from landlords to agree to repay April rent on top of future rent. By signing repayment agreements tenants potentially put themselves at greater risk of eviction later on. There is no clear end in sight to the pandemic or to the worsening social and economic conditions tenants have been especially hard hit by.

Relief money is not rent money

In a matter of days 500,000 jobs disappeared in Ontario. Many of us were living cheque to cheque before Covid-19. The relief money was offered to respond to the crisis of not having money for food and medicine. If we use relief money for rent we will have practically nothing left.

Paying only part of the rent doesn’t protect tenants

By law paying part of the rent is treated the same way as not paying rent at all. Many tenants need to keep that money for food, medicine, and other supplies.

N4 eviction notices do not require tenants to move out

If you receive an N4 eviction notice you don’t have to move out.

Landlords must apply to the Landlord and Tenant Board for an eviction order. Currently, the enforcement of evictions and new eviction orders has been suspended by order of the superior Court of Ontario.

Volunteering to Vacate

Landlords are using the crisis to pressure tenants into voluntarily moving out so they can raise rents on units by hundreds of dollars a month. The form used to voluntarily end your tenancy is called an N11. Do not sign anything.

#55 alf on 05.25.20 at 5:06 pm

Sounds like a property owner who wants to break a contract and who is looking for any reason to justify it.
You rent it out, it essentially doesn’t belong to you during that period.

#56 FreeBird on 05.25.20 at 5:06 pm

Massive thumbs up on today’s picture.

Thank you for using this platform and blog to speak for a growing # who agree. Too many facts, dots and slight of hands to ignore or dismiss/minimize as ‘conspiracy’.

#57 Mattl on 05.25.20 at 5:10 pm

If I was a landlord I would organize a registry to track tenants that are pulling these stunts. There would be a number of ways to do it without sharing personal information – starting with address.

And do these landlords that end up with crappy tenants not check references? Smoking and other problems would have come up. Can’t protect you from everything but I wouldn’t rent to anyone that didn’t have a solid reference from their last landlord.

#58 Idiocy on 05.25.20 at 5:11 pm

The % of those deferred mortgages with only 10% OR LESS down payment is 70 %, with 68 % having 5 to 10 % and 2% having ess than 5% down payments.
(Source: betterdwelling.com)

Ergo, if house prices fall by the only 9 to 18 % projected by the CMHC themselves, there will be a lot of “underwater” properties.

Experience from the previous US housing decline shows the majority of underwater home “owners” then hand back the keys to the lender or sell the property.
They do not want to be paying into a “losing proposition”.

#59 Howard on 05.25.20 at 5:11 pm

#30 ElGatoNerodeYVR on 05.25.20 at 3:20 pm

Can you please identify which policy/policies of the federal Conservatives are extreme right?

Actual policies, not Liberal/CBC brainwashed talking points.

#60 Calgary Rip off on 05.25.20 at 5:11 pm

Seems unlikely there will be any bargains in Calgary. Why? Housing in 2005: Houses were around $250K in NW Calgary. 2007: Same house is now $400K. And since then? Those houses on the mls are now $500K. So is housing going to go back to 2005? Seems unlikely. That would put so many mortgage owners under water. If that happens what would happen next? I keep hearing of a correction in Alberta. I havent seen it yet and have been waiting since 2007. Alberta is and remains outside of Vancouver the biggest rip off I have ever seen. People buy houses and properties because rent is the same in Alberta if not more.

Despite the lack of controls that landlords have, if any of those properties drop in value outside the north city limits I will eject from NW Calgary. The amount of claustrophobia and neighbours in the face is unbelievable. I dont need to see my neighbours daughters(in her 20s) right in front of my driveway blocking my path as she maneuvers to back in to her driveway while collecting money paid by those working(me) so others can get free rent and free income while I put myself at risk because of the stupid CCP virus from the two idiots running the 4 level Wuhan Lab.

If that doctor is smart she will document everything and sue that tenant for something once everything quiets down. Make her ex tenants life a living hell. Im sure there are lawyers out there ready to pounce on people that take advantage of abusing properties they were entrusted to as renters.

All this “free money” and not paying rent/mortgages will not end well, especially for those who can pay but decide to subsist like the idiot majority of the general population who are sheep.

#61 Think I know him ... on 05.25.20 at 5:12 pm

#19 Ace Goodheart on 05.25.20 at 2:45 pm
I have a friend who recently ran into the same issue with tenants
———————————-
Fishlips Lonnigan?

#62 Job#1 on 05.25.20 at 5:12 pm

#12 MF

Agree with some of what you say, but are you suggesting the government’s condoning of non payment is a risk a landlord should have to anticipate? What is the point of a contractual agreement if the parties are not held to account for their obligations?

I am not on any one side (ie renter vs landlord). I can imagine the looming hardships many will have to face, (are already facing) and I understand that the reality may dictate the necessity of non-payment to landlords. Of course, landlords in turn will be forced to stiff others down the line. How can this be resolved, while still maintaining the trust necessary to keep commerce alive?

Renters, as well as their landlords have been trapped by the actions of government, without recourse to courts/tribunals.

This astounding “advice” by government is another example of the casual adoption of what I see as a moral hazard. Government better keep that gravy train running, or they will have much worse to deal with than irate landlords.

#63 Paul on 05.25.20 at 5:13 pm

This just gave me an idea, set up a website rating system to rate tenants like a credit score fall below 750 maybe below 675 no place for you.

#64 TurnerNation on 05.25.20 at 5:13 pm

Seen on MLS Toronto condos – Good luck with that.

Tenant will tell landlord “Look I paya 1700 or I paya shadappayouface. What’s it gonna be? Eh??”
….
$1,700/Monthly
Covid 19 Discounted Rent For 3 Mts. Sept 1st New Proper Rent Will Start $2200

Or:
$1,650/Monthly
*$1650 Intro Rate For First 3 Months- $1950 There After*

#65 Sail away on 05.25.20 at 5:13 pm

#40 crowdedelevatorfartz on 05.25.20 at 4:13 pm

What?
3 hours after the announcement and……
No comments on the 10 free sick days in a year the Libs and NDP are contemplating ?
And who’s gonna pay for that?
Bankrupt businesses or the bankrupt govt?
Either way ……bankrupt.

————–

We’ve always given 10 paid sick days on an as-needed basis in the calendar year. And they don’t accumulate.

Rarely does anyone use them all- usually only for a major illness/injury before going on disability.

We did have one young engineer propose that he wanted to save vacation time, so he’d use some sick days instead, haha. Nope.

#66 Mattl on 05.25.20 at 5:15 pm

#12 MF – going to keep the rent from your parents this month?

#67 TheUnhealthy on 05.25.20 at 5:20 pm

Crunched some numbers.
Roughly 4.8 million pop. in B.C.
2500 cases of covid
0.052% chance of infection

150 deaths (median age 86) 92% of which are elderly

0.003% chance for entire population of B.C.

8% of 150 for everyone outside of the elderly = 12 people

12/4.8 mil gives a 0.00025% chance of dying via covid.

Ummmm. Why is everyone going crazy?

#68 R on 05.25.20 at 5:21 pm

New cottage industry.Tenant removal services, four guys and a truck?

#69 the Jaguar on 05.25.20 at 5:21 pm

Another great Art Berman interview for those interested in oil prospects whether for the economy or for investing.

https://www.youtube.com/watch?v=fVKqWwae4jc

#70 Silent the people on 05.25.20 at 5:22 pm

Remember, Justin feels the budget will balance itself!
Not paying rent is a cool reminder of that! Spend like a drunken sailor and everything will be left for someone else to fix! The sun will come out tomorrow! We hope….

#71 Dan on 05.25.20 at 5:22 pm

Re: #9 NEVER GIVE UP

Sorry Garth for the off topic post.

I finished Rotman in 2010. Great school, well articulated and useful classes and great teachers – some even pretty famous.

It is the top MBA program in Canada right now in my opinion.

On the other hand they build a new wing a few years ago – so they had to increase both the fees and the number of students, thus diluting the brand.

Your son should have a clear image of what he wants from the program. The dirty secret is that except for the select few hired in management consulting and in IB the payment is underwhelming for the alumni. If he finished a business undergrad I do not think it is worth paying for the MBA just for the networking opportunities.

Also I would recommend the part time program as the students are a bit more mature and experienced. Better networking after finishing the program.

#72 Scott on 05.25.20 at 5:23 pm

I wrote in to Garth about this when I found the government site recommending to not pay rent.

This crap is borderline communist imho. Government is not only not enforcing property rights, but is encouraging renters to not pay on official Government sites.

It’s being positioned as a BENEFIT to help renters out. It is beyond messed up and is directly in opposition to the right to property.

Certainly I will NEVER buy a property to rent after seeing what the Communists will do. If anything I’ll be looking for offshore accounts.

Once sacrosanct property rights are violated, it’s just matter of time before they come to take other assets to redistribute.

#73 FreeBird on 05.25.20 at 5:25 pm

“Resist much, obey little; Once unquestioning obedience, once fully enslaved; no nation, state, city, of this earth, ever afterward resumes its liberty.”

-Walt Whitman

The more dependent on govt for income and living the more freedoms sacrificed. Too many willing to vote or fight for free money but not freedom. When rent tribunals are back who will they side with? How many when ready/want to work again won’t find a job? Except perhaps w/public services which creates bigger govt and more taxes etc. Govts have created a future legal/financial debacle and already pushing fear narrative for ‘second wave’. Wonder why?

#74 Don Guillermo on 05.25.20 at 5:26 pm

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm
Question for Blog Dogs who may know.
My son has been accepted to 5 business schools.
Rotman Uof T
Sauder UBC
and Mcgill
also 2 other business schools at U of T outside of Downtown.
Do any of you have advice for him? He is still undecided. He may be leaning toward Rotman.
Also does anyone think they will open in Sept.?
******************************************
Most kids say the best university is the one furthest from their parents.

#75 Bob Loblaw on 05.25.20 at 5:28 pm

My wife and I rent a house in Calgary and the landlords actually reached out to thank us for paying April’s and May’s rent in full and on time (which we always have)…they’ve never thanked us for paying rent before. I assume they thought we were going to skip it!

#76 Reality is stark on 05.25.20 at 5:33 pm

It’s just a tax on homeowners.
Remember it’s only a homeowner economy and the government is out to abscond with whatever capital is left. They won’t cut costs.
Look out for monstrous property tax increases.
They won’t stop until all the capital is gone.
If they lose money on their pension assets they’ll be coming for the difference.
You are just a Canadian sucker for trying to improve your life by sacrificing for the future.

#77 AM on 05.25.20 at 5:33 pm

Vladimir Putin, Donald Trump, and Justin Trudeau all die and wind up in Hell.

While there, they spy a red phone and ask what the phone is for. The Devil tells them it’s for calling back to Earth.
So Putin calls Russia and talks for 5 minutes. When he was finished the Devil informs him that the cost is a million dollars, so Putin writes him a cheque.

Next Donald Trump calls the U.S. and talks for 30 minutes. When he’s finished the Devil informs him that the cost is 6 million dollars, so Trump writes him a cheque.

Finally Trudeau has his turn and calls Canada for 4 hours. When he’s finished, the Devil informs him that there would be ‘No Charge’ and to feel free to call Canada anytime.

Putin and Trump go ballistic and ask the Devil why Trudeau got to call Canada for free. The Devil replied,
” Since Justin Trudeau became Prime Minister of Canada, the country has gone to Hell, so it’s a local call!

#78 FreeBird on 05.25.20 at 5:34 pm

#47 Justice on 05.25.20 at 4:26 pm
People that don’t pay their rent will eventually get what they deserve. I thought Karma was some weird religion. But, I have seen enough jerks and unethical people get their a$$ handed to them that I have come to believe there is something to it. Maybe not today, or next week but it does happen.
————————-
I used to agree but have read and heard too many stories of the opposite up to time of death. Some (religious and not) believe there’s reckoning on the other side. Let’s hope so or certain humans/powers get a one way to space. Cheers.

#79 wallflower on 05.25.20 at 5:34 pm

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm
His decision based on his research (and campus visits – best done in grade 11) and what he wants to achieve.
If he doesn’t do his research, he has no business going.

#80 Howard on 05.25.20 at 5:38 pm

A similar case just popped up on RFD:

https://forums.redflagdeals.com/renter-wont-leave-vacation-property-2378178/

#81 jess on 05.25.20 at 5:40 pm

Fate of castles in the air in Turkey’s £151m ghost town .
Jan 28, 2019 – Drone footage of 300 chateaux in abandoned development lays bare challenges facing Turkish … Fate of castles in the air in Turkey’s £151m ghost town

Drone footage of 300 chateaux in abandoned development lays bare challenges facing Turkish economy

Bethan McKernan in Istanbul

Mon 28 Jan 2019 11.59 GMT
=======
Burj al Babas, billed as a luxury housing development near Mudurnu, a village roughly halfway between Istanbul and Ankara, was left unfinished last year after its developers Sarot Property Group went bankrupt.

The Turkish president, Recep Tayyip Erdoğan, has encouraged a construction boom during his time in office, hailing large, job-heavy infrastructure projects as the engine of the Turkish economy.

However, the weakening Turkish lira has left many companies struggling to pay off the foreign currency debt borrowed to finance projects, stalling work and bankrupting companies. The collapsing construction bubble has resulted in half-finished high-rises and ghost towns all over the country.

#82 HH on 05.25.20 at 5:41 pm

I did not know that Vernon was the jewel of the Okanagan. I live in Vernon and I have to admit I really like it, particularly, when I compare it to Saskatoon where I was born and raised. I don’t care for our provincial government. I’m not a fan of the NDP. On the landlord issue from what I can tell it’s nothing but a big headache and damn little money to be made. I would rather have liquid assets than rental property. Here, from the coast all the way to Kelowna the government sticks it to anyone who has property outside of your principal residence and if you’re out of province, well, you’re a big target for lots of taxes. But outside of that it’s truly lovely here.

#83 under the radar on 05.25.20 at 5:41 pm

#17 Being a professional landlord was never about getting rich quick. Its about developing stable income streams while eliminating debt so that when an event happens you are prepared to shoulder disruptions to income. It’s about planting trees years ago, so my family would have some shade, that’s what being a landlord is really about.

#84 Mattl on 05.25.20 at 5:43 pm

#21 Howard on 05.25.20 at 2:49 pm
The blue bank is telling its customers not to worry about extra interest that will accrue as they defer their mortgage payments. “BMO will be refunding any additional interest accumulated on your deferred mortgage payments for the entire deferral period.” It says. “We will credit this refund directly to your mortgage within 90 days once your deferral period has ended.”

———————————

Well there you have it. We’ve crossed the rubicon. There is now zero penalty for deadbeat homeowners and landlords shirking their bills. No added interest, no hit to their credit scores, no reduction to their HELOCs.

The measly $50 savings in the example cited by Garth is beside the point. How long before the government forces the banks to forgive the principal accrued during the 6-month deferral as well?

With immoral intervention like this, I’m almost tempted to sympathize with the “Keep your rent” movement.

—————————————————————

You obviously don’t understand the relationship between the Bank and their clients. Or the Keep Your Rent movement.

Let me start with deferrals….this is in the interests of the Banks to make sure homeowners don’t turn delinquent. No one has to force them to do anything. And it is just a deferral, money will be owed at a later date.

I take it you work for government, or are a student, because these types of deals are happening everywhere. For instance my company just waived fee’s for 20K Canadian clients for April. The concept here is we are better capitalized then most of our clients that are struggling and anything we can do to keep them alive and loyal post Covid is in our joint best interests.

Same goes for the Banks, it is clearly in their best interests to make concessions and hope that as many homeowners get through this as possible. This is a pure capitalism. No government intervention is or was needed.

The Keep Your Rent pinheads have no intention of ever paying the rent payments held. Their intention is to keep as many payments as possible until they are evicted post Covid. The ones that aren’t – that are struggling and need some concessions – have options, including negotiating with their landlord. I know numerous Commercial and residential tenants and lenders doing just that.

And look at the people that are the face of keep your rent. One guy is a 36 year old barista keeping his $800 a month rent. He is taking in 2K a month government cheese, is a net zero taxpayer, and is keeping his rent. These people are bottom feeders.

#85 AGuyInVancouver on 05.25.20 at 5:47 pm

#43 27 going on 50 on 05.25.20 at 4:20 pm
Alberta and Quebec around around 35% of the population, so it isn’t a huge surprise if they have 50% of the mortgage deferrals, judging by the current state of things…
_ _ _
There’s a big difference between 35% and 50%.

#86 not 1st on 05.25.20 at 5:48 pm

I totally support the lockdowns so long as they are limited to Toronto and the riding of Papineau.

Here in the west its back to work to pay for all the insanity.

#87 no blog for old men on 05.25.20 at 5:48 pm

don’t be a dirtbag, pay your rent.

#88 Stone on 05.25.20 at 5:52 pm

#45 JohnSaccy on 05.25.20 at 4:24 pm
https://www.weforum.org/agenda/2020/05/why-women-leaders-are-excelling-during-the-coronavirus-pandemic/?fbclid=IwAR2utTFgPI2kXIIj-9Q3T4I4u0eJY9LG8cuiahlij8F4DMaINvIoiiVdXbo

The reason why female leaders are excelling at managing the coronavirus

Truth or Fiction?

———

Truth or fiction? I instead choose irrelevant.

#89 Stone on 05.25.20 at 5:56 pm

#82 under the radar on 05.25.20 at 5:41 pm
#17 Being a professional landlord was never about getting rich quick. Its about developing stable income streams while eliminating debt so that when an event happens you are prepared to shoulder disruptions to income. It’s about planting trees years ago, so my family would have some shade, that’s what being a landlord is really about.

———

I did said “amateur” landlord.

#90 jess on 05.25.20 at 6:03 pm

https://www.washingtonpost.com/business/economy/opioid-overdoses-bedsores-and-broken-bones-what-happened-when-a-private-equity-firm-sought-profits-in-caring-for-societys-most-vulnerable/2018/11/25/09089a4a-ed14-11e8-baac-2a674e91502b_story.html

…”In November 2018, Peter Whoriskey and Dan Keating of the Washington Post penned a devastating critique on how Carlyle had handled its investment in a chain of nursing homes known as HCR ManorCare, which filed for bankruptcy in March of 2018. The authors wrote that there was a 29 percent rise in serious health code violations at HCR ManorCare in the years before the bankruptcy and following a 2011 financial deal that “extracted $1.3 billion from the company” for Carlyle investors while saddling the nursing home chain with debt. Under the same deal, most of the company’s real estate was sold off, forcing it to now pay rent to the new owners. Hundreds of layoffs of employees occurred soon after, leaving the vulnerable residents neglected according to the article.

The Washington Post reporters explained the consequences of leveraged-buyout artists running homes for the most vulnerable in society:

“The lack of care had devastating consequences. One man had been dosed with so many opioids that he had to be rushed to a hospital, according to the inspection reports. During an undersupervised bus trip to church — one staff member was escorting six patients who could not walk without help — a resident flipped backward on a wheelchair ramp and suffered a brain hemorrhage.

“When a nurse’s aide who should have had a helper was trying to lift a paraplegic woman, the woman fell and fractured her hip, her head landing on the floor beneath her roommate’s bed.”

In January 2018, another asset-stripped company that was owned by Carlyle Group, Philadelphia Energy Solutions (PES), filed bankruptcy. Reuters explained what happened this way: “The Carlyle-led consortium collected at least $594 million in cash distributions from PES before it collapsed, according to a Reuters review of bankruptcy filings. Carlyle paid $175 million in 2012 for its two-thirds stake in the refiner. More than half the distributions to the Carlyle-led investors were financed by loans against PES assets that the refiner now can’t pay back, the filings show.”

https://wallstreetonparade.com/2020/05/the-feds-chair-and-vice-chair-got-rich-at-carlyle-group-a-private-equity-fund-with-a-string-of-bankruptcies-and-job-losses/

#91 yorkville renter on 05.25.20 at 6:03 pm

sure, you cant be evicted now… but the damage to your credit will be 7 years long and when the pandemic passes you’ll be SOL

#92 Phil on 05.25.20 at 6:06 pm

If you can stand another article on Covid 19…this is the best I have read so far, by the Journal of the Royal Society of Medicine. Asks and answers a lot of pertinent questions regarding the need for total shutdown.
Not too painful to read.
https://journals.sagepub.com/eprint/GEVDQGAYFHTJPNVAJXZJ/full

#93 Ustabe on 05.25.20 at 6:08 pm

If I was a landlord I would organize a registry to track tenants that are pulling these stunts.

I can tell you there was such a list in Calgary in the late 80’s and forward. It moved onto the Internet in the late 90’s and I imagine it’s a private Facebook group thing now.

Of course amateur landlords would have no access to it.

And, people, it has been well documented here and in media that regular tenants are in fact paying the rent. It is the commercial, mall chain type store tenants who are not.

#82 under the radar on 05.25.20 at 5:41 pm…couldn’t agree with you more.

#94 yorkville renter on 05.25.20 at 6:08 pm

#5 – was thinking – if a property is currently rented and you buy it, its possible you won’t be able to move in.

crazy!

#95 Handsome Ned on 05.25.20 at 6:10 pm

#30 ElGatoNerode YVR Living in BC I know lots of leftists. They all used to say that Harper was a Nazi, the real goosestepping invading Poland type. They also used to say that only the military and police should own guns. When I said do you want Harpers SS and Gestapo to be the only armed people, their heads would start to spark and smoke.

#96 JSS on 05.25.20 at 6:14 pm

#82 under the radar

Excellent response. Well said

#97 Sean on 05.25.20 at 6:14 pm

The solution for future landlords: dont rent to bartenders, bike couriers, artisans, kitchen staff or basically anyone who lives paycheck to paycheck. There is no ability for these people to plan ahead, and every little one of lives difficulties needs a bailout.

#98 Trudeau’s Magic Money Machine on 05.25.20 at 6:15 pm

I realized I had no clue what I was doing, so I ran to the bankers for help. Don’t worry though, they have Canadians best interests in mind, not their profit margins.

It’s all gonna be okay.

#99 the Jaguar on 05.25.20 at 6:44 pm

@#81 HH on 05.25.20 at 5:41 pm
I did not know that Vernon was the jewel of the Okanagan.

It’s always been a ‘Jewel’, primarily because of Lake Kalamalka which is vastly superior to Okanagan or Skaha. No comparison. The problem….shared by Kelowna, Penticton, etc has always been the limited economy, the grifters, the forest fires, but especially the drug culture and low constant cloud cover in winter months. As I once overheard in a store line up..” Yeah, my buddy lives in Kelowna and loves it, but he winters in Alberta”. The people in Vernon have more character then those in Kelowna. A generalization, but nevertheless true. North Okanagan, it will be an interesting tourist season for you ……..

#100 broader mind on 05.25.20 at 6:46 pm

Own a condo I would like to stop paying my monthly fees. Should I just call Justin for permission or is it a given we don’t have to pay those ? Mine are really high .

#101 Pete from St. Cesaire on 05.25.20 at 6:46 pm

#11 Dustin on 05.25.20 at 2:27 pm
Never give up: My opinion is that the most important thing you get out of an any university education are the contacts,
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
True, but in actuality there is far more value in the connections which would be made at an elite private finishing school than would be made at university, which almost everyone attends.

#102 Capital One on 05.25.20 at 6:54 pm

Not sure why everyone is slamming the feds on the landlord/tenant issue. It’s in the domain of the provinces. So – of the 10 provinces – 1 is NDP, 2 are Liberal and the other 7 are right-of-center.

CO

#103 Damifino on 05.25.20 at 6:59 pm

#75 Bob Loblaw

…the landlords actually reached out to thank us for paying April’s and May’s rent in full and on time (which we always have)…they’ve never thanked us for paying rent before. I assume they thought we were going to skip it!
—————————————–

Now that you mention it, I don’t believe I’ve ever come right out and thanked the owner of my Vancouver apartment for providing me with such a fabulous home in which to live.

There’s no way I’d tie up the equivalent capital to achieve a return of maybe 3% coupled with all the hassles and responsibilities that come with commercial property ownership.

Shame on me. No. Really. I plan to make this right.

There will be a little extra something included in next month’s rent: A card of appreciation.

#104 SOMETHINGS UP on 05.25.20 at 7:03 pm

LOOKS LIKE THE BANKS ARE ABOUT TO GET INTO THE RENTAL BUSINESS.

T2 should have just handed the cheques to the landlords.

Genie is out the bottle now.

Government Intervention with little thought!!!

#105 Kilt on 05.25.20 at 7:06 pm

The timing of all the people wanting to move back into their homes and evict the tenants seems a bit suspicious. Likely has more to do with someone no longer paying their rent, and the owner having multiple properties with multiple mortgages. Now they are in panic mode and want to put one on the market and sell before the prices crash. Only to find that the house they want to move into is rented by a dead beat who now has a licence to not pay their rent.

There are people you can hire to remove the tenant and their belongings.

Kilt.

#106 Axehead on 05.25.20 at 7:16 pm

Each action has an equal and opposite reaction, be it erosion of your character or loss of references, for the boneheads refusing to pay rent and hiding under Trudeau’s skirt.

#107 FreeBird on 05.25.20 at 7:18 pm

Intrepid now mop haired other half saw this. Is our illustrious PM bipolar or playing to both sides? Garth needs post on this…

“Don’t ‘double dip’ on emergency COVID-19 funds, Trudeau warns Canadians”

https://www.google.ca/amp/s/beta.ctvnews.ca/local/toronto/2020/4/27/1_4914175.html

New IRAP funding (have all alphabet letters been used yet for viral Govt (tax payer) funded ATM?

https://betakit.com/as-applications-open-here-are-the-details-of-the-new-250-million-covid-19-irap-subsidy-program/

Romans used Colosseum events to entertain (distract/placate) the masses. Now govts just give money…and free rent. Not to worry you’ll be conditioned to just take your future medicine in exchange for freedom to leave your cage. Sort of.

#108 Toronto_CA on 05.25.20 at 7:20 pm

Is anyone else a little concerned for how the coming economic depression/recession is going to hit CHMC?

You know, the taxpayer funded/backed body that insurers 90% of the residential mortgages in Canada?

I mean, has anyone modelled what a 30% housing price crash and ensuing defaults to underwater mortgages will do to that horrible institution? And, the tax payer? Not a rhetorical question, I’m genuinely interested in knowing where we’re at for loss potential.

PS isn’t it great Ontario gets all the economic destruction of the lockdowns with none of the health benefits? Sweden was right in one thing, the lockdowns are not sustainable. Short of calling in the army.

#109 Howard on 05.25.20 at 7:22 pm

#83 Mattl on 05.25.20 at 5:43 pm

I don’t agree with the KYR pinheads. I’ve never missed a rent payment in my life and I never will so long as I am a renter. But my reaction to the KYR movement is a massive shrug. Nobody seemed to mind when gloating landlords renovicted tenants in droves under false pretenses in Toronto and Vancouver. They skirted the rules with little to no punishment, did all they could to delay implementation of AirBnb bylaws so that they could continue operating as hotels without incurring the taxes and responsibilities of real hotels, and created the hyper adversarial backlash from tenants you see before you today. It’s unfortunate but all too predictable.

It is laughable that you are gullible enough to believe that there was NO government pressure on banks to offer deferrals not only to owner-occupiers but also, immorally, to landlords. Don’t take it from me, take it from Evan Siddall. I think he’s well-connected…

https://www.bnnbloomberg.ca/cmhc-ceo-warns-on-jamming-up-phone-lines-for-needless-mortgage-relief-1.1411120

Canada Mortgage and Housing Corporation CEO Evan Siddall wants to reassure homeowners and landlords about the safety net being put in place for anyone who needs help paying their mortgage during the COVID-19 outbreak. But he’s also warning Canadians who might attempt to abuse the system.

“Anybody who needs help should be eligible. If you can tell your bank the reasons why you need help, it’s as simple as that, you will get help,” Siddall said in an interview Monday.

CMHC’s aid measures also extend to landlords.

“We actually have to give help to landlords so there’s no compulsion to evict. A number of provinces have enacted eviction prohibitions – it’s going to be hard to evict anybody right now,” he said.

https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral

Is CMHC helping with mortgage deferrals?
Yes, with the COVID-19 outbreak, we are allowing lenders to offer deferred payments for insured mortgages.

All mortgage insurers offer a number of tools to lenders that can help you when you’re in financial difficulty and are struggling to meet your mortgage obligations.

—————————-

Given the uptake, seems like the directive from Morneau to the banks was : Everyone who requests a deferral gets one. Just like the CERB payout.

Deferring a mortgage payment does not eliminate it. The debt remains and must be serviced. The no-rent gang never intends to pay. There is no comparison. – Garth

#110 Pinebox on 05.25.20 at 7:24 pm

This past Saturday, my gal and I drove across downtown Toronto: I was stunned to see how many former storefronts are now empty with “For Lease” signs in their windows. With the collapse of Airbnb plus a historic downturn in the economy, it’s likely that RE in Toronto is circling the drain. If BC is a harbinger and Garth is right, once the mortgage deferrals dry up we’re going to see a glut of pent-up sellers listing their condos & houses on the MLS. With unemployment at record levels, who’s going to shell out 1.1M for a fixer upper? Food & Shelter first, then … investment condo? I don’t think so.

PS — “If I were asked to answer the following question: What is slavery? and I should answer in one word, It is murder!, my meaning would be understood at once. No extended argument would be required to show that the power to remove a man’s mind, will, and personality, is the power of life and death, and that it makes a man a slave. It is murder. Why, then, to this other question: What is property? may I not likewise answer, It is robbery!, without the certainty of being misunderstood; the second proposition being no other than a transformation of the first?”

— Pierre-Joseph Proudhon, “What is Property?”

#111 Nonplused on 05.25.20 at 7:27 pm

Just one more sign of the decay of society. This will have long term ramifications as renting becomes a lot harder to do. Also what’s the point of the CERB if tenants don’t have to pay rent? For many people $2,000 a month plus a rent holiday is an absolute windfall.

At least with the bank deferrals on mortgages the banks will eventually get their money back, even if they have to forgo some interest. I don’t think landlords will be so lucky.

But no worries, it seems like another bailout of some sort or another has just been announced, at least for commercial tenants who can’t pay their rent. By the time this is all said an done it seems the government will have bailed out everybody but me (and some other readers of this fine blog).

So that’s the world we live in now. You don’t have a right to live in your own property, everybody gets free money from the government, and nobody pays for anything. “Lawless” is the word that comes to mind.

Somehow I sense that something evil this way blows.

#112 ElGatoNerodeYVR on 05.25.20 at 7:29 pm

Howard on 05.25.20 at 5:11 pm
#30 ElGatoNerodeYVR on 05.25.20 at 3:20 pm

Can you please identify which policy/policies of the federal Conservatives are extreme right?

Actual policies, not Liberal/CBC brainwashed talking points.
_———–
A few things come to mind really quick : 1)The neverending prolife saga. They abortion discution comes up from within the party every single time and every leader has to issue a disclaimer.
2) Raising the retirement age to 67. Have these people try to find a good paying job past age 50 in the real world?
3) Let the free market decide .. comes up every election time. Free markets need regulations and government oversight ( not interference like the left does ).

As far as the difference between actual policy and cbc stuff it would be the CPC’s issue to get in front of the perception and address it. If you let your competitor frame the discussion points you lost before you started. Perception is reality.

#113 Barb on 05.25.20 at 7:29 pm

“Not paying rent and stealing accommodation because nobody can evict you during a pandemic is now a Covid benefit…”

———————————

T2 continues to set a wonderful example.
His party minions are claiming the federal government’s wage benefit.
Because they’re “employers” too.
Because party donations are down.

My gawd, how this Country’s morals and ethics have fallen, let alone dignity and respect.

Oh, and yes, the NDP, Conservatives and Greens are also accessing the benefit to the tune of $700K a month.

Hats off to the Bloc for not accessing “our” funds.

#114 joblo on 05.25.20 at 7:30 pm

Hey Doc, treat any motorcycle gang members?
Maybe they could help?

#115 The Woosh on 05.25.20 at 7:31 pm

#63 Paul on 05.25.20 at 5:13 pm
This just gave me an idea, set up a website rating system to rate tenants like a credit score fall below 750 maybe below 675 no place for you.

————————————

Just gave me a better idea. Set up a website rating system to rate landlords to identify the slumlord a..holes. Hmmm…should we add you to it?

#116 Ustabe on 05.25.20 at 7:35 pm

#95 Handsome Ned on 05.25.20 at 6:10 pm

#30 ElGatoNerode YVR Living in BC I know lots of leftists. They all used to say that Harper was a Nazi, the real goosestepping invading Poland type. They also used to say that only the military and police should own guns. When I said do you want Harpers SS and Gestapo to be the only armed people, their heads would start to spark and smoke.

I too live in BC. All I can say is that is a pretty broad brush you are using. Not my experience at all.

#117 45north on 05.25.20 at 7:36 pm

On that note, this well-traveled blog whisks you to Vernon, one of the jewels of the Okanagan, where a young female doctor has just learned all about being a landlord. She rented out her rural property while in residency, and now wants to move home. Tough, says the tenant.

This is a cost of the COVID crisis – a long term decline in the quality and quantity of rental accommodation. And I don’t see any way to make those responsible, accountable.

Except, maybe BC Landlords can keep track of stories like hers and come up with some way to estimate the damage. Now, somebody can always argue with an estimate, but maybe there’s another angle. BC Landlords can give estimates by community – I see on their web site they have eleven communities – Abbotsford, Burnaby, Coquitlam and so on. They can rank the communities by number of stories like hers. The worst community is gona have twice as many stories as the best. From this BC Landlords can say the decline in the quality and quantity of rental accommodation is gona be the worst in the worst community. The counter argument is all communities suffer from the same short-sighted legislation – which is the point.

#118 Shirl Clarts on 05.25.20 at 7:38 pm

#89 Stone on 05.25.20 at 5:56 pm
#82 under the radar on 05.25.20 at 5:41 pm
#17 Being a professional landlord was never about getting rich quick. Its about developing stable income streams while eliminating debt so that when an event happens you are prepared to shoulder disruptions to income. It’s about planting trees years ago, so my family would have some shade, that’s what being a landlord is really about.

———

I did said “amateur” landlord.

^^^^^^^^^^^^
Yeah, you also said “for years”. So which is it. And you are annoyingly gloaty, yourself.

#119 Andrew MacNeil on 05.25.20 at 7:40 pm

Many people are struggling now. Landlords should try to accommodate tenants that are struggling. To those tenants that abuse the system, your time is coming :) The reality is they cannot continue their repulsive behavior forever. Their character faults will eventually leak to other aspects of their life. Job performance, car payments, credit card payments, divorce, etc…
It will be just a matter of time until they’ve ruined any chance for financial security. The cards will fall at some point.

I know that in Montreal 20 years ago, there were illegal black lists that landlords used to weed out bad tenants. Wonder if they still exist?

#120 Axehead on 05.25.20 at 7:43 pm

#113 barb. Sorry wrong post.

#121 Stone on 05.25.20 at 7:48 pm

#118 Shirl Clarts on 05.25.20 at 7:38 pm
#89 Stone on 05.25.20 at 5:56 pm
#82 under the radar on 05.25.20 at 5:41 pm
#17 Being a professional landlord was never about getting rich quick. Its about developing stable income streams while eliminating debt so that when an event happens you are prepared to shoulder disruptions to income. It’s about planting trees years ago, so my family would have some shade, that’s what being a landlord is really about.

———

I did said “amateur” landlord.

^^^^^^^^^^^^
Yeah, you also said “for years”. So which is it. And you are annoyingly gloaty, yourself.

———

Why not? My time has come.

#122 Deplorable Dude on 05.25.20 at 7:54 pm

#7 NotFirst…”I imagine then that Trudeau phone call with the banks this weekend was to order them to cut dividend so the semi insolvent in the country can get a break.”

————

If the banks ever do cut dividends….that will be the time to panic buy loo paper.

#123 Howard on 05.25.20 at 7:57 pm

Deferring a mortgage payment does not eliminate it. The debt remains and must be serviced. The no-rent gang never intends to pay. There is no comparison. – Garth

———————————-

I don’t deny that. I’m just saying that the extreme adversarial tone of these whacko tenant groups is a direct consequence of much unethical and in many cases illegal landlord behaviour over the past decade of skyrocketing rents.

To add to that, the government has directed banks to offer a 6-month windfall only available to the perenially risk-protected owners/landlords. And it is indeed a windfall since they can put the extra cash to work in financial markets and come out well ahead of any extra interest on the back end of their mortgage when they eventually pay those 6 months. I realize life isn’t fair, but it seems wrong that renters are not given the same opportunity to legally defer their rent payments for 6 months and use the cash similarly.

#124 Black Dog on 05.25.20 at 8:02 pm

Funny how landlords are now the evil party regardless of what a tenant does including breaking the rules set out in the lease and not paying rent.

#125 Home Moaner on 05.25.20 at 8:10 pm

Start collecting boxes for your move out of mortgage bound hell – the stores will soon start charging for them as the rising demand increases. So you better hurry. The clock is ticking….Tick Tock Tick Tock

#126 tkid on 05.25.20 at 8:11 pm

I can’t see many of the local retailers remaining in business for longer than three months. Canadian Tire and Hudson’s Bay seem to think it is reasonable to expect one to book time off work to shop in their stores.

In the meanwhile, I can find everything I need in Walmart, and they are open in the evenings. I was doing a fair amount of online shopping in the hope of keeping my favourite retailers solvent, but if they can’t be bothered then neither can I.

#127 Do we have all the facts on 05.25.20 at 8:15 pm

#108 +Toronto CA

As an extension of the Government of Canada CMHC will probably record any shortfall in the proceeds from liquidation as an account receivable against the mortgagors.

All income tax returns, old age security, CPP, GST, etc could be garnisheed, or partially garnisheed, until the shortfall, plus interest, is repaid in full. You cannot declare bankruptcy to escape your mortgage obligations so the GOC would just have to wait it out.

Note how little risk the financial institutions who make money issuing mortgages have in the game these days. Write em up, wrap them in a MBS, sell, sit back and relax.

#128 Marco on 05.25.20 at 8:16 pm

I think, Jesus Christ was a vagrant and hobo. Jealous of landlords. He started that nonsense that all people are equal. Thank God, we know better.

#129 Shirl Clarts on 05.25.20 at 8:20 pm

#123 Howard on 05.25.20 at 7:57 pm

Go back to Garth’s response. Your rebuttal is weak.

You’re forgetting that renters have zero skin in the game. Their only responsibility is to pay their rent and no other expenses. Landlords, carry all the risk. Also, you’re kidding if you think landlords are taking bags of unpaid interest to the markets. They would rather have their renters oblige their contractual agreement.

If renters cannot pay, they should do the right thing and move back in with their parents, or couch surf with friends (observing quarantine measures).

#130 SCD on 05.25.20 at 8:23 pm

To the people who support and practice keep your rent- go ahead keep your rent, you will need it to pay for your comeuppance.

#131 alf on 05.25.20 at 8:29 pm

#115 The Woosh on 05.25.20 at 7:31 pm
#63 Paul on 05.25.20 at 5:13 pm
This just gave me an idea, set up a website rating system to rate tenants like a credit score fall below 750 maybe below 675 no place for you.

————————————

Just gave me a better idea. Set up a website rating system to rate landlords to identify the slumlord a..holes. Hmmm…should we add you to it?

——–

We could simplify it even more. Create a rating system that decides who is a good upstanding citizen and who is evil in the eyes of God. That has always turned out well.

#132 Retro Marxist on 05.25.20 at 8:31 pm

Such is life doctor. Quit whining. You chose that tenant over a more qualified one because he was likely “Old Stock Canadian” and his food or culture didn’t smell up the apartment.

#133 not 1st on 05.25.20 at 8:36 pm

I want to be sympathetic to business trying to reopen but gouging is not cool.

Nice fat covid surcharge added to our take in last night.

And no mask no service isn’t going to get very far. Have they not heard of a little company called Amazon. Sure is a lot of ungrateful small people in this country.

#134 God on 05.25.20 at 8:41 pm

#131 alf on 05.25.20 at 8:29 pm
#115 The Woosh on 05.25.20 at 7:31 pm
#63 Paul on 05.25.20 at 5:13 pm
This just gave me an idea, set up a website rating system to rate tenants like a credit score fall below 750 maybe below 675 no place for you.

————————————

Just gave me a better idea. Set up a website rating system to rate landlords to identify the slumlord a..holes. Hmmm…should we add you to it?

——–

We could simplify it even more. Create a rating system that decides who is a good upstanding citizen and who is evil in the eyes of God. That has always turned out well.

———

No need. I have all of the internet as my database. I already know what you’re all doing. That includes what you delete off your browser.

Tsk. Tsk.

#135 Tim123 on 05.25.20 at 8:51 pm

I noticed that real estate investors are always surprised when the tenant does not pay their rent, or the property went down. A good investor evaluates the risks for all investments. I think people were led to believe that real estate can never go down and tenants always pay their rent. The coronavirus pandemic has shown that both of those things are not true. Real Estate is about to crash across Canada both residential and commercial and tenants are not paying their rents. I read that for residential it was 30% non payment for April for both the US and Canada. The numbers for commercial real estate are around 20-25% payment of rent by retail businesses for April for Canada. Anyways, from the perspective of a stock and options trader, it is important to understand your risks because black swan events happen from time to time. This whole pandemic has given a lesson to real estate investors that they can learn from to be a better investor. Even if you have to go bankrupt or take a loss the important thing is to learn from the mistake. I knew this lesson well that you cannot put all of your eggs in one basket.

#136 Mike on 05.25.20 at 8:58 pm

Nice people shouldn’t be landlords.
The profit from rents, if there are any, don’t cover the aggravation. I learnt that from my parents whose rental house almost went up in flames went renters thought it was a good idea to barbeque in the garage and thought the best way to start a charcoal bbq was with lighter fluid. Back then you could still evict, but the broke even. Took my brother several years to get his non paying renter out, he tried even Ontario Works to see if they could set aside a portion of her cheque to pay rent, but they told him that it was up to her how she spent her welfare money. He kept the houses vacant for last couple of years and now has them up for sale.

#137 roar on 05.25.20 at 9:03 pm

I trust Trudeau’s govt. will tax this “benefit”

#138 Inadequate on 05.25.20 at 9:09 pm

Most of the postings seems to suggest that bad tenants screwing the poor LLs. Well, I got a hand delivered letter from my LL, in the middle of this pandemic a few weeks ago, that come this Oct rent for the single detached house is going up. Instead of counting her blessing to have a rent paying, trouble free tenent at this time. She infuriated me with this total insensitivity. That is the general attitude of the LLs. May be they do deserve the headache afterall.

#139 Paul on 05.25.20 at 9:12 pm

#115 The Woosh on 05.25.20 at 7:31 pm
#63 Paul on 05.25.20 at 5:13 pm
This just gave me an idea, set up a website rating system to rate tenants like a credit score fall below 750 maybe below 675 no place for you.

————————————

Just gave me a better idea. Set up a website rating system to rate landlords to identify the slumlord a..holes. Hmmm…should we add you to it?
————————————————————————————————
Yes for sure, but you know as well as I a lease has a beginning and end plus provisions for both sides. The thing is if a tenant has issues he can move and seek restitution a landlord can not do anything when the the lease is OVER except go to the Tenant review board. I have seen tenants owe 5 to 7 months before being forced out then whine when taken to small claims court. Then having a judgment registered against their name and wages garnished. Good luck getting a loan credit ,card or Car lease.

#140 Out Of Work CEO, Will Travel on 05.25.20 at 9:14 pm

Vernon, B.C. is not without summer rentals if you are open to the “Silver Star Ski Hill” just up the mountain a bit. The condos are high end and rent for ridiculously low amounts of money. They are well equipped and include utilities. Of course, the bears love their fruit and nuts so careful out and about as this is their hood too. Driving down the mountain to town is treacherous so watch the curves and the bears. B.C. has its up side.

#141 IHCTD9 on 05.25.20 at 9:17 pm

#108 Toronto_CA on 05.25.20 at 7:20 pm
Is anyone else a little concerned for how the coming economic depression/recession is going to hit CHMC?

You know, the taxpayer funded/backed body that insurers 90% of the residential mortgages in Canada?

I mean, has anyone modelled what a 30% housing price crash and ensuing defaults to underwater mortgages will do to that horrible institution? And, the tax payer? Not a rhetorical question, I’m genuinely interested in knowing where we’re at for loss potential.

PS isn’t it great Ontario gets all the economic destruction of the lockdowns with none of the health benefits? Sweden was right in one thing, the lockdowns are not sustainable. Short of calling in the army
—-

Most mortgages in Canada are full recourse. Banks can strip the ex-owners like a shoal of Piranhas. No throwing the keys and walking away. Might not be much for banks to claim unless these homeowners have like zero assets outside of the house.

BUT, lots of dual Citizenships here too…

#142 Don Guillermo on 05.25.20 at 9:21 pm

#132 Retro Marxist on 05.25.20 at 8:31 pm
Such is life doctor. Quit whining. You chose that tenant over a more qualified one because he was likely “Old Stock Canadian” and his food or culture didn’t smell up the apartment
**************************************
Wow! Presumptuous, self righteous and a Marxist. Quite the trifecta!

#143 Drill Baby Drill on 05.25.20 at 9:26 pm

ALF and Retro Marxist
Both are a couple of pieces of work.

#144 Mr Roper on 05.25.20 at 9:27 pm

Uhhh, many places in the States and elsewhere are doing the same thing. Trudeau’s fault as well?

#145 Mike on 05.25.20 at 9:29 pm

#35 the Jaguar: The solution is not to be more united, its to be more divided. Countries can be too large to manage. Why I in Ontario should care about what happens in BC is like asking why I should care about what happens in Florida. If I lived in BC I would wonder why someone in Ottawa should be making decisions that are local to BC.

#146 Olga on 05.25.20 at 9:32 pm

It’s been too easy to make money on real estate whether it be landlords/Airbnb, realtors, developers, spectators etc….finally realizing some risk/losses (even unethical/”illegal”) is not a bad thing in general for the market and Garth can maybe finally be correct on a housing downturn after all of these years

#147 crowdedelevatorfartz on 05.25.20 at 9:38 pm

@#113 Barb
“Hats off to the Bloc for not accessing “our” funds….”
++++

Yet.

#148 A J on 05.25.20 at 9:39 pm

Three things…

What would stop a landlord from waiting for the person to leave the premises and then changing the locks? If nothing can be done to evict a tenant, can anything be done to a landlord? Honestly curious. Does it go both ways? I do have to say though, that if you don’t want to deal with things like pets on premises and smoking in the unit, don’t become a landlord at all. Put your money somewhere else. Because if you’re going to own a property and rent it out, you’re going to have to deal with sh*t like this. I know I’m being callous, but desperate times call for desperate measures and honesty.

I’m a tenant myself and would never in a million years do such a thing to my landlord. Because I have morals and take care of my obligations. However, people suck and will take advantage of you if given a chance. As I said, if you don’t want to deal with this sh*t, find another investment. Being a landlord SUCKS.

Also, my work is cutting our pay at the beginning of June by 20%. And offering sabbaticals to people to save money. This is only just beginning. The hits to the economy run deep and have only just begun. Save your pennies and be careful. This will be a slow burn.

#149 Keep Your Rent on 05.25.20 at 9:43 pm

……the altercation refers to a physical attack on him on April 20 when a stranger claiming to be a landlord shoved him as he and Icaro were putting up Keep Your Rent posters.

https://www.vice.com/en_ca/article/wxq8m5/couple-says-landlord-is-using-a-legal-loophole-to-get-around-coronavirus-eviction-ban?utm_campaign=sharebutton

https://twitter.com/parkdaleorg?lang=en

#150 rknusa on 05.25.20 at 9:46 pm

this is why the government does not want anyone to own a gun

#151 Pay your rent on 05.25.20 at 9:48 pm

#19 ace goodheart
High five ur buddy for me he did the right thing my hats off to him and all u tenants not paying rent, you will all get your day. No pay no stay. I wish I had this doctors cel number I would gladly drive to Vernon and move the witch out when she leaves to get her alcohol
Landlords deserve all their rent! Just a bunch of jealous renters/losers out there!

#152 Faron on 05.25.20 at 9:52 pm

#129 Shirl Clarts on 05.25.20 at 8:20 pm

#123 Howard on 05.25.20 at 7:57 pm

Here’s a solution.

Maybe a simple way (in concept, not action) of doing this would be for the owner and tenant to go into a bank. The tenant gives their financial information showing their inability to pay rent and a credit line is issued with a rate identical to that of the homeowner’s mortgage + some increment to protect the bank (although this should be backstopped by the gov’t). The renter has no control over the funds. The landlord and/or tenant show the lease agreement displaying the monthly rental amount and duration of the lease. Each month, the bank pulls money in that amount from the tenant’s “credit line” and holds it in escrow thus protecting the homeowner by building up a reserve of compensation dollars. The bank is protected because no dollars have been gained or lost, they can reasonably bail and zero the debt with the escrowed dollars. If lease expires, the tenant has to move out. The homeowner, if deferring, doesn’t need to do a thing. The renter has an increasing debt, but can still get by day-to-day if dollars are tight.

Unwinding this requires that the situation be eased enough that the tenant can afford rent again or moving is possible given social distancing restrictions. Or that the tenancy tribunals are moving enough for resolution to be found. Regardless, the escrow dollars will go to the owner and the tenant is on the hook with a risk of credit score damage if they fail to pay/go bankrupt.

BTW, Those of you grousing about the contract breaking probably forgot that when the owners signed up for a mortgage, they probably signed a contract or two saying they would pay their mortgage on a set schedule.

#153 Kothar on 05.25.20 at 9:57 pm

If it’s ok to not pay rent…..then it must be ok to not pay tax. Same idea.

#154 Ben on 05.25.20 at 9:58 pm

Ah, I remember the days of when landlords would boast about their tenants “paying their mortgage.” Now it seems like landlords are subsidizing their tenants, in more ways than one.

Moral of the story: if you’re horny for real estate, invest in a REIT and let the professionals handle things.

#155 BS on 05.25.20 at 10:01 pm

Last week here in BC restaurants were allowed to open. This Sunday I took a walk around downtown to see what things looked like now the lock down has ended. Not much different. I saw a total of 3 restaurants open out of about a hundred I walked past.

Who would have thought a business with such huge overhead like retail rent would not start up on day one of being allowed. My guess is they have no workers. Why would someone work when they can get the same money sitting at home. This free money for everyone is going to be an absolute disaster for the economy. There will be bankruptcies everywhere and when the free money runs out the jobs won’t be there to go back to.

#156 Al on 05.25.20 at 10:04 pm

Trudeau is re-writing provincial rent legislation from his podium without seeking approval from our elected representatives

#157 Buzz on 05.25.20 at 10:05 pm

@Tim123

Exactly right. We own our own home, easily affordable for us with 80% equity (2m shack in Vancouver), and we evaluate all risks when buying expensive assets. I know what the risks are when I buy a stock, or an ETF, or a bond fund. The reason why I haven’t invested in real estate and never will is because I believe the real risks in real estate (illiquidity being the main one, and non-paying tenants the other) is far higher than any potential return. The “leverage” that people keep speaking of works well until it doesn’t but I can also leverage buying stocks or buy options if I really want that risk. The problem is people don’t understand risk and just buy into the real estate industry’s mantras. Real estate to me is like the hot potato—try not to be the last one holding on to it, because you will be burned.

#158 the Jaguar on 05.25.20 at 10:05 pm

@#145 Mike on 05.25.20 at 9:29 pm

Gee whiz…you may have noticed that some people in Alberta are in complete agreement with you ………..

#159 Jimers on 05.25.20 at 10:09 pm

Government’s primary ‘responsibility’ it to protect Rights, they have only a lower ‘duty’ to protect safety. I feel it is an absolute atrocity that Courts have closed and The Bill of Rights has been cast aside. Are we no longer a nation of laws?

#160 Bart on 05.25.20 at 10:40 pm

Why I’m terrified of renting my place out. Talk all the shit you want about Airbnb, but 95% of guests are awesome, respectful and great to deal with. And they are gone after a short period of time. If they suck, bye bye and bad review for you. Everyone is talking about a tenant review system which is basically what Airbnb already does for short term guests? If you had a review that followed you wherever you went you’d be a lot less likely to be some skid drop kick who ruins someone property. (Cause they are just some rich “landlord” who doesn’t deserve for you to pay rent or take care of the home you live in…)

#161 Cha Gheill! on 05.25.20 at 11:10 pm

#9 Son Choosing Schools
The best advice would be to ignore the rabble offers of admission and advise your son to apply to Queen’s ;)
(Kidding – congrats and well done, parent-unit)

#162 Ms Fool on 05.25.20 at 11:19 pm

@# 97 Sean

That’s a very sad prejudice from your part. This ‘keep your rent’ thing has nothing to do with money or how humble one job is. It’s a problem of ethics and responsibility. My salary is lower than what the CERB gives, and my rent takes half ot if. As of this day, I have always paid my rent on time.
It isn’t about choosing between food and rent, it’s about doing what is rigth and planning your budget, so you can meet your obligations. What is killing this country is entlitement.

#163 Gooblygoo on 05.25.20 at 11:20 pm

A landlord for many years and never had a bad tenant but had to deal with the residential tenancy people regarding a friends place… brutal process….. my dad did though and my brother and i simply threw him out and put his stuff on the street.. he said it was illegal and i said so was the missed rent.. … problem solved

#164 BMO the facts on 05.25.20 at 11:24 pm

thanks Garth for the post!

I could not believe what you posted about BMO and was going to call you out.

But first I thought I better do some research and get the facts right. Just in case you’re correct.

So I went to the mortgage calculator web site put in 300,000 @2.5 percent for 25 years and first years interest is $7,300 or $3,650 for six months.
So it’s like $50 really??

So go to BMO web site here’s the Link and quote

https://www.bmo.com/main/personal/covid19-bmo-financial-relief-program/#faqs

How much will my refund be?
The amount refunded will vary based on the mortgage product, mortgage balance, interest rate and your deferral period.

For example, if you have a conventional mortgage of $300,000, at an interest rate of 3% and 25 year amortization, for a 6-month deferral period your refund could be $53.

So you are correct. But does not make sense when compared to the mortgage calculator.

So what boils my blood is I am a good citizen did not ask for CERB and I did not defer my mortgage and they reward the bad boys? Should they not be sending me $50 and say thank you for being a good customer?
WTF
So I wrote my Bank I want my $50 I will keep you all posted on the results.

#165 Nonplused on 05.25.20 at 11:29 pm

#8 akashic record on 05.25.20 at 2:18 pm
“Is reducing salary also a form of stealing, because chances of finding other job during the pandemic is as likely as a successful eviction?”

Nope, because nobody’s forcing you to work. However if it was retroactive or the employer refused to pay the full amount already earned I would call that stealing.

#166 Ronaldo on 05.25.20 at 11:32 pm

#27 Landlord on 05.25.20 at 3:13 pm
Things are only going to get worse. Property taxes are going up significantly. Hydro rates are going up. Government will take more money to make up for the budget shortfalls. More tenants are going to stop paying rent. It is foolish to be a landlord. Sell your property and invest in a REIT and avoid all the headaches.
——————————————————————-
Whose going to buy it knowing they cannot evict the tenant? You’re going to have to endure the headaches. Landlords are royally screwed. Still, there will be a crapload of condo’s and other rental properties coming up for sale as a result of this governments policies. Watch the prices start tumbling.

#167 mick Mclean on 05.25.20 at 11:36 pm

Pay Your Rent
The number one priority for anyone is shelter. Even food is secondary as Toronto is full of food banks. Plus you’re receiving 2 grand a month which is like $500 more than the average senior gets a month. Try stiffing your cell and internet provider and see how that works out for you.

#168 Ronaldo on 05.25.20 at 11:37 pm

#29 cc on 05.25.20 at 3:17 pm
Garth, between rent and food, which do you think is more important? Because this is a choice people are facing. That’s why it’s important for them to know they cannot be evicted. They can use their money to buy food. To live.
——————————————————————-
Then I say, let the government pay their rent. They are paying for everything else. The individual who owns the property also has a mortgage to pay as well as repairs and maintenance. He/she are not in the business of providing free housing to the public. No different than those owning commercial real estate.

#169 Yogi Bareall on 05.25.20 at 11:39 pm

#41 YVR Renter on 05.25.20 at 4:18 pm

The outside of downtown GTA schools aren’t top tier, avoid, he’s got other great options. Rotman is excellent, anything McGill is good, (but it’s so darn cold in January)”

So passe advice. Post-pandemic the places in demand will be less crowded ones such as Thunder Bay, and Winterpeg and Tuktoyyuktuk. Unfortunatley, your network will mostly consist of black bears and polar bears.

#170 Tedfiftyfour on 05.25.20 at 11:39 pm

#54 Keep Your Rent
You can illegally advise and rant to folks all you want to not pay rent but in essence you are leading them into a bull trap. All unpaid rent will become due with interest. Unpaid arrears will be 7 years on credit Reports if they go to ball busting collectors. The loss of rents to landlords will end up on the door step of CRA as losses against income which will materialize in Millions of less tax collected. Tenants will eventually be evicted and future landlords will want proof you paid during civid period, if you didn’t Pay good luck with that application. No free ride nobody owes anyone else a living.

#171 Ronaldo on 05.25.20 at 11:49 pm

#49 Rah Rah on 05.25.20 at 4:38 pm
What happens if I sell my place and the new owners want to move in? Do the tenants have to move out?
—————————————————————–
I believe that the new owner must give the current tenants the required notice to move out but if they refuse, not different than the good doctor in Vernon I suspect. I would not even consider buying a property that is rented.

#172 WhatsHisFace on 05.26.20 at 12:00 am

#33 Mike in Airdrie on 05.25.20 at 3:44 pm

“I have the solution to her problem…just move in with the tenant. Don’t shower, hang out in your underwear and fart lots. You can’t be evicted.”

Trust me… That doesn’t work. Tried that with my girlfriend 20 years ago and we are still together!

#173 Ronaldo on 05.26.20 at 12:08 am

Just a thought but if you fail to pay your Sears or Visa bill the credit bureau is advised and it affects your credit score. Why couldn’t a landlord be able to do the same thing?

#174 Ronaldo on 05.26.20 at 12:15 am

#65 Sail Away

We did have one young engineer propose that he wanted to save vacation time, so he’d use some sick days instead, haha. Nope.
——————————————————————-
I have an even better one. I once had a secretary who didn’t care about taking coffee breaks and suggested that she accumulate the 30 minutes per day and take it in time off instead. That would have been an extra 17 days per year. Nope, but nice try anyway. lol.

#175 Ponzius Pilatus on 05.26.20 at 12:25 am

#100 BrianT on 05.25.20 at 12:02 pm
The latest is that now even grifter Fauci has publicly admitted that the fatality rate for this virus is even less than that of the flu for the under 60 population. Just mindboggling.
—————–
Any idea how many people in Canada are older than 60?
Use your mind (if you have one) and do some research before you get all boggled up.

#176 BrainSurgeon on 05.26.20 at 12:33 am

#85 AGuyInVancouver on 05.25.20 at 5:47 pm
#43 27 going on 50 on 05.25.20 at 4:20 pm

Alberta and Quebec around around 35% of the population, so it isn’t a huge surprise if they have 50% of the mortgage deferrals, judging by the current state of things…
_ _ _
There’s a big difference between 35% and 50%.

I’m guessing it’s about 15%.. But hey, I’m no rocket scientist!

#177 alf on 05.26.20 at 12:41 am

#151 Pay your rent on 05.25.20 at 9:48 pm
#19 ace goodheart
High five ur buddy for me he did the right thing my hats off to him and all u tenants not paying rent, you will all get your day. No pay no stay. I wish I had this doctors cel number I would gladly drive to Vernon and move the witch out when she leaves to get her alcohol
Landlords deserve all their rent! Just a bunch of jealous renters/losers out there!
—————————

How do you feel about blacks?

#178 alf on 05.26.20 at 12:43 am

#151 Pay your rent on 05.25.20 at 9:48 pm
#19 ace goodheart
High five ur buddy for me he did the right thing my hats off to him and all u tenants not paying rent, you will all get your day. No pay no stay. I wish I had this doctors cel number I would gladly drive to Vernon and move the witch out when she leaves to get her alcohol
Landlords deserve all their rent! Just a bunch of jealous renters/losers out there!
—————————

Getting all Animal farm up in here.

#179 NSNG on 05.26.20 at 12:43 am

Maybe garnishee laws need to be toughened and quickened

#180 Ponzius Pilatus on 05.26.20 at 12:58 am

During the hyper-inflation years of the early 1980s, the Guberment sent mortgage relief payments to mortgage holders.
Bill Bennet and the right wing Socreds were in power.
So what’s different now?
A Liberal Guberment?

#181 morrey on 05.26.20 at 1:16 am

my gawd. it’s worse than i thought.

#182 Valley of Kings and Slaves on 05.26.20 at 1:28 am

What’s the difference between ‘rent’ and ‘taxes’ in this scenario… why bother paying anything… how far does this rabbit hole go??

to date I’ve heard — your current housing is a “right” , internet access is a “right” … 10 days of paid sick leave (but only for ’employees’) is a “right” —- is running water??? electricity ??, garbage collection?, roadways, transportation, police, fire, medical, food, clothing, pets,,,, companionship… booze…drugs…

where does this stop…

at this point the only thing that hasn’t gotten money tossed at is bird watchers…. very nice people I’m sure.

This is gonna be a long year….

#183 Sail Away on 05.26.20 at 1:41 am

And… SpaceX launching astronauts to ISS shortly. Didn’t some blogdogs assert SpaceX and Elon are failures?

Weird that they’re so crazy successful. What a topsy turvy world, eh? Oh, and 400 low-earth internet satellites. Didn’t people say that would never work? My head is exploding.

https://www.google.com/amp/s/www.cbc.ca/amp/1.5582478

#184 Nonplused on 05.26.20 at 1:45 am

Garth, I can’t believe you still aren’t deleting “Keep Your Rent”. What if I made a name “Poach Your Food” and advocated hunting animals without a tag and stealing farmer’s potatoes? Or maybe even poaching their livestock? It’s the same thing. You should add another rule that advocating illegal or dubious activities will not be permitted.

In fact I think I will do just that to see if you delete it.

#185 fishman on 05.26.20 at 1:53 am

Over at the coffee clutch morning gabfest we trade war stories of tenants. Or we used too till this shutdown. One of my favourites came from a mortgage broker that had a first on a house in the valley. The owner stopped paying. Now in B.C., with a lawyer, everything by the book,file on time, third party server, jump all the hoops, the resident can drag occupancy out 11 months. So finally we get to the day of reckoning. Bailiff knocks on door, broker along as a witness. By this time the power ,water & sewage have been shut off & there’s half a dozen crackheads crashing. Place is bad. Among the garbage & bodies a voice pipes up. “Don’t sign anything, I’ve got my lawyer on speed dial.”

#186 Poach Your Food on 05.26.20 at 1:59 am

Folks, with Covid it is now reasonable to hunt all the deer you want without a licence. Used badminton nets instead of angling to harvest fish, and don’t bother paying for a licence. Raid your neighbors garden for vegetables. Unattended cattle are yours for the taking, especially on crown land. Heck even shoplifting is now ok. Don’t just “Keep Your Rent”, take what you want. Also motorcycles and cars a fair game. And stereos and game consoles. Heck steal the neighbor’s kid’s bike for your own kid. It would make a nice present. While you are at it take the trampoline too.

(Obviously this is sarcasm designed to mock “Keep Your Rent”, but there is a slippery slope here if we abandon the rule of law, and I don’t think you should be accepting comments from people advising how to destroy the rule of law. PS I think maybe I’ll start yet another thread “Landlords Keep Their Furniture”. Sure, you can’t evict them, but seeing as fair is fair why not take all their possessions while they aren’t home and have a big ol’ garage sale?)

“Keep Your Rent” is a criminal and you should not post his/her/Karen’s criminal advice. Just because enforcement is not currently available doesn’t mean what he/she/Karen is posting should be allowed on your site. I’m not even sure why they bother posting here. They aren’t one of us.

#187 tim123 on 05.26.20 at 2:10 am

#157
@Buzz

Exactly right. We own our own home, easily affordable for us with 80% equity (2m shack in Vancouver), and we evaluate all risks when buying expensive assets. I know what the risks are when I buy a stock, or an ETF, or a bond fund. The reason why I haven’t invested in real estate and never will is because I believe the real risks in real estate (illiquidity being the main one, and non-paying tenants the other) is far higher than any potential return. The “leverage” that people keep speaking of works well until it doesn’t but I can also leverage buying stocks or buy options if I really want that risk. The problem is people don’t understand risk and just buy into the real estate industry’s mantras. Real estate to me is like the hot potato—try not to be the last one holding on to it, because you will be burned.

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

I think people believed the Real Estate Industry that would push the line that real estate can never go down. It can only go up was how most all Canadian’s thought of real estate. They thought the stock market was risky but real estate was a sure thing to riches.
I think seasoned investors will be more cautious and as you stated, you realized the risks which is the smart thing to do. Garth was right that real estate was over priced and out of kilter with reality and all of those home and garden shows and house flipping shows was bad for people to see because they imagined that they needed that stuff when in reality they didn’t.
I knew about black swan events because i invest in the stock market so I am cautious to have a balanced portfolio. I had no idea that the coronavirus pandemic would be the cause of the upcoming real estate crash.
I did know about the coronavirus in mid-December just from watching TV and I figured that it would cause a correction in the stock markets but nothing like this.
It turns out the stock market is the place to be with the Fed pumping liquidity into the system (although it is a little high right now so a mini- correction could be in order in the short term). Real Estate is going to be in for a rough ride over the next two or three years.

#188 Young Boomer on 05.26.20 at 2:22 am

After many yrs of owning/renovating houses in AB, we decided to rent when we became empty nesters. When we moved to BC we couldn’t believe the favourable rules for renters. There is no way I’d be a landlord in BC!

#189 Seven Deadly Sins on 05.26.20 at 2:30 am

#7, Not 1st

How does banks cutting the dividend give anyone a break? The banks are not insolvent. The Trudeau government is insolvent. Are you suggesting the TD Bank give away profits instead ? Trudeau may attempt confiscation. Everybody talks about that after reading into the loan requirements of Liberal insiders placed on Boards of Directors and sweetheart stock deals which effectively nationalize private equity.

There are options, the T2 crowd can continue to give away money until the bond holders cry foul. But then the gov can continue to issue and buy the bonds themselves. This will crater the $C but Butts cares little for that, he’s paid in USD by the Eurasia Group, an American NGO. Trudeau has had millions dumped into his ‘Foundation’ by the Windmill Lobby.

Amateur landlords take note. Air B&B announced last month that 177,000 ‘units’ are stressed and 68% of those ‘hosts’ cant pay the mortgage without rental income. When the Deferral Period ends we can expect to see a high proportion of those units come to market as forced sales.

Deferred status will also end on all the many thousands of houses owned by the newly ‘Forever unemployed’ as businesses closed due to Corona will never reopen. This fall should be a real estate bloodbath.

Those commercial leases in dead malls that are paying 25% will also feel the collection pinch as they are supported by personal guarantees and homes will be lost, count on it. Newly vacant commercial buildings with hundreds of tenants are going black when the wage loans dry up. This country runs on SME, there are in fact very few large enterprises outside of resources and energy , which Trudeau/Butts have already killed off. The SME sector will see millions more jobs go dark, ergo, no mortgages, no buyers, only sellers.

In fact people, I recommend you all wait until years end when this is all very obvious. Don’t try to catch a falling knife. Court ordered sales must be conducted in a timely and ordered fashion, many in 30 days.

These will be like the TEXAS Tax Sales of 1930’s days gone by. Get your Stink Bids ready and offer 25% of asking or less. court ordered, divorce, transfer, death, estate, trust wind up, debt sale, etc etc etc .

Things are going to get worse, much worse. The whitewash of reporting nothing will be sandblasted by the facts as they come and the dispossession economy has people sleeping under bridges as they were in the 80’s.

#190 Seven Deadly Sins on 05.26.20 at 2:37 am

Woops, forgot to add the article showing what is already happened and how it’s getting worse, to whom aqnd how quickly things are unfolding. Soon thousands will be homeless.

https://vancouversun.com/news/storefronts-impassable-due-to-garbage-human-waste-and-open-drug-use/wcm/fcd992a9-dcc1-45eb-abb5-664b387ca2f2/

#191 KNOW IT ALL on 05.26.20 at 3:53 am

IT’S A RESULT OF HELPING THE LITTLE PEOPLE OUT!!!

Instead of being understanding and respectful to the landlords who provide you a place to stay, instead of giving them what their owed to keep a roof over your head you STAB THEM IN THE BACK!

It’s no surprise why you can keep throwing money at a problem and it just gets bigger. That’s why the poor will always be just that – it’s all about the mentality.

RICH DAD, POOR DAD

#192 Stan Brooks on 05.26.20 at 4:07 am

Tsunami of inflation coming.

https://ca.finance.yahoo.com/news/significant-stimulus-needed-rebuild-economy-173020073.html

#193 Howard on 05.26.20 at 4:40 am

#112 ElGatoNerodeYVR on 05.25.20 at 7:29 pm
Howard on 05.25.20 at 5:11 pm
#30 ElGatoNerodeYVR on 05.25.20 at 3:20 pm

Can you please identify which policy/policies of the federal Conservatives are extreme right?

Actual policies, not Liberal/CBC brainwashed talking points.
_———–
A few things come to mind really quick : 1)The neverending prolife saga. They abortion discution comes up from within the party every single time and every leader has to issue a disclaimer.
2) Raising the retirement age to 67. Have these people try to find a good paying job past age 50 in the real world?
3) Let the free market decide .. comes up every election time. Free markets need regulations and government oversight ( not interference like the left does ).

——————————–

The CPC doesn’t have an abortion policy. Private citizens can discuss abortion all they want.

Raising retirement age is prudent given the aging of the population and rising sovereign debt. Baby Boomers seem to be doing just fine hanging onto their jobs while Millennials and Gen-Z bear the brunt of unemployment.

In which sector does the CPC propose purist free-market policies? I’m not aware of any.

Maybe you need to think for yourself rather than allowing the Toronto Star and CBC to tell you what to think.

#194 SoggyShorts on 05.26.20 at 4:53 am

#152 Faron on 05.25.20 at 9:52 pm
#129 Shirl Clarts on 05.25.20 at 8:20 pm

#123 Howard on 05.25.20 at 7:57 pm.

BTW, Those of you grousing about the contract breaking probably forgot that when the owners signed up for a mortgage, they probably signed a contract or two saying they would pay their mortgage on a set schedule.
*********
No no no no no.
When BOTH party’s agree to alter a contract there’s no problem.
When one party decides to steal from the other, that’s a problem.

You can’t possibly think that those are the same.

I do like your suggestion though. I see nothing wrong with banks giving renters loans to pay rent and handling the transactions as a third party.

#195 BillyBob on 05.26.20 at 6:35 am

#12 MF on 05.25.20 at 2:29 pm
So,

Home “owners” are allowed to have their mortgage interest forgiven and that’s okay, but a renter who has seen their income reduced and gets the cold shoulder from their “landlord” is okay to be left out in the cold? Not all renter landlord relationships are healthy. Some landlords are outright hostile.

I think the mortgage deferrals should only be for principe residences, and the interest should accumulate. If we are to treat housing as an investment then we should remember all investments have risks.

Is real estate now different? No it’s not.

If landlords don’t understand the risks of having a tenant before getting into the game than that’s their problem. They took the risk they should face the consequences. After all, they had no problem taking the rental cash and zero interest rate policy guaranteed capital gains now did they?

MF

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

It is one thing for a bank to forgo $50 of interest voluntarily. It’s not like owners had a “keep the interest” movement. Mortgage deferrals are done as legally contracted agreements with terms agreed by both parties. The exact opposite of just deciding not to pay your contracted rent. Your illogic is bizarre.

Thing is, you’re utterly transparent. The origin of your schadenfreude is so obvious.

You couldn’t get into the property market. Missed the boom completely for being too conservative. You blame everyone else (CHMC, interest rates, other people who did buy) but yourself. You’ve tried to convince yourself as much as anyone else that you love your rental condo.

So now you’re delighted to see property owners suffering at the hands of losers exploiting an extraordinary temporary situation. To the point of attempting to justify illegal, immoral acts. Yes, there are immoral landlords but one illegal act does not justify another.

You’re just spiteful: if you can’t have something, those that do have should suffer. Your true colours are clearly showing, MF.

You’re like a petulant child who feels wronged, gleefully watching their imagined tormentor being punished.

The thing is, as the crisis abates the landlords will have the last laugh. Justice may be delayed but it won’t be denied. Sure, some landlords will lose everything, and some pathetic losers will cheer for that. But the majority of owners will still own, and the likes of you will still have to rent from them.

I don’t think the longterm prospects are good for all the “rent keepers”. Unfortunately ALL renters will pay for their loser mentality eventually as landlords adjust. I expect the standards for renting are going to tighten up enormously in the future.

Ok, time for my daily prayer of thankfulness for not having to pay into to the decline of rationality and rule of law in Canada.

#196 MCSteve on 05.26.20 at 7:06 am

My grandmother was widowed in the early 1970’s. She had a small 1950’s vintage semi in Richmond Hill. Her home from the time she left Cape Breton Island with her 7 children in the 1950’s. She rented the basement out so she could keep her house. At one point in the late 1960’s, she had a deadbeat tenant who stiffed her for 3 months rent and she was falling behind in the mortgage. She didn’t want to say anything until the kids found out they bank was pressuring her. 4 of her 6 sons (my father and uncles – all 6 feet and 200 lbs in their 20’s at the time) decided to evict this “gentleman”. It took 3 hours and all his stuff was on the lawn and back rent was partially paid.

Times were simpler back then…

#197 NoName on 05.26.20 at 7:16 am

#183 Sail Away on 05.26.20 at 1:41 am
And… SpaceX launching astronauts to ISS shortly. Didn’t some blogdogs assert SpaceX and Elon are failures?

Weird that they’re so crazy successful. What a topsy turvy world, eh? Oh, and 400 low-earth internet satellites. Didn’t people say that would never work? My head is exploding.

It will work how long you don’t mind carrying pizza box size antenna in your pocket to access the spacely sprocket internet.

My understanding is that radio waves travel faster than a light through cable so I don’t see any time soon “regular” internet occupying that bandwidth.

#198 TurnerNation on 05.26.20 at 7:50 am

#133 not 1st – Covid surcharge? Yes every global scheme our rulers role out we end up paying for, forever.
There’s still a “Sept 11th” security fee on all airline tickets. 20 years later.( Say where is Isis these days? No longer being employed to scare us. They got something way better.) Add to that a “Covid cleaning charge”, and Carbon tax, add HST to all of it.

People must realize, the OLD system is GONE. The world was shut down to roll out the new system.
Highlights:
– property and land, landlord, rights to be slowly taken away.
– ditto travel rights.
– As much chaos and fake news as they can muster. We must be kept divided.

Evidence: in some countries today in order to leave your house you must apply for a QR code from the government.
– Our border is closed. Shades of the Berlin wall right? One side of the wall (USA) has an industrial powerhouse. The other side, Kanada, a failing real estate economy.
– Even if the Rental Tribunals opened tomorrow, years of backlog (and no rental income) would bankrupt most landlords.

That’s the goal: the Crown bankers are using the Crown Virus to take back Crown Land. Bank on in.

Going to the beach in Toronto? The police boat will be watching your every more. There’s no way the government will give back its power. Distancing is here to stay. It’s the greatest social and economic tool ever:
https://www.youtube.com/watch?v=uh1b_qDsAZo

The 2ND WAVE is here now…the 2nd wave of Communism.

#199 Jon swift on 05.26.20 at 8:03 am

“You mea my super risky business of housing notoriously flakey poor people was a losing venture, how could I ever have foreseen this outcome? Maybe I’ll buy some Bitcoin and weed stocks”

#200 Sky on 05.26.20 at 8:06 am

@ BS #155

” Last week here in BC restaurants were allowed to open. This Sunday I took a walk around downtown to see what things looked like now the lock down has ended. Not much different. I saw a total of 3 restaurants open out of about a hundred I walked past.

Who would have thought a business with such huge overhead like retail rent would not start up on day one of being allowed. My guess is they have no workers. Why would someone work when they can get the same money sitting at home. This free money for everyone is going to be an absolute disaster for the economy. There will be bankruptcies everywhere and when the free money runs out the jobs won’t be there to go back to.”

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

Get used to eating corporate and shopping big box. Mom and pops have been decimated. Restaurants deal in perishables (meat, veg, dairy etc). How can any small restaurant estimate how much food to stock when they have no idea what the demand will be in coronaphobia world?

“You can go out of business much faster with a partial or failed reopen than you can a temporary closure,”

“Only 26 per cent of businesses impacted by COVID-19 feel able to restart and operate profitably with the gradual easing of restrictions, according to a survey of 1,343 member-businesses of the BC Chamber of Commerce…”

https://www.castanet.net/news/BC/300933/Some-businesses-better-off-staying-closed-Chamber-president

Now throw in social distancing, masks, and lunacy like the pictures in this link…and you have the recipe for disaster.

“Public Humiliation: Cafes Make Customers Wear Stupid Hats to Enforce Social Distancing”

https://summit.news/2020/05/18/public-humiliation-cafes-make-customers-wear-stupid-hats-to-enforce-social-distancing/

#201 Howard on 05.26.20 at 8:12 am

#193 SoggyShorts on 05.26.20 at 4:53 am
#152 Faron on 05.25.20 at 9:52 pm
#129 Shirl Clarts on 05.25.20 at 8:20 pm

#123 Howard on 05.25.20 at 7:57 pm.

BTW, Those of you grousing about the contract breaking probably forgot that when the owners signed up for a mortgage, they probably signed a contract or two saying they would pay their mortgage on a set schedule.
*********
No no no no no.
When BOTH party’s agree to alter a contract there’s no problem.
When one party decides to steal from the other, that’s a problem.

——————————–

Yes but the government/CMHC effectively TOLD the banks to offer the deferrals. They didn’t have much choice.

The government intervened in private contracts in order to protect deadbeat owners and landlords who didn’t save for a rainy day. That’s the reality.

#202 jess on 05.26.20 at 8:19 am

tweaking wayward AI. an eye-opener for a lot of people who assumed all automated systems could run themselves. “

..” affected artificial intelligence, causing hiccups for the algorithms that run behind the scenes in inventory management, fraud detection, marketing, and more. Machine-learning models trained on normal human behavior are now finding that normal has changed, and some are no longer working as they should.

#203 jess on 05.26.20 at 8:19 am

https://www.technologyreview.com/2020/05/11/1001563/covid-pandemic-broken-ai-machine-learning-amazon-retail-fraud-humans-in-the-loop/?itm_source=parsely-api

#204 Howard on 05.26.20 at 8:25 am

#194 BillyBob on 05.26.20 at 6:35 am

A lot of petty insults there when all MF seemed to say is that the government should not intervene* to protect investors from investment risk. This goes for property investors are financial market investors alike. Why do landlords demand socialism when things go south for them?

*The government and CMHC effectively told the banks to offer the mortgage deferrals to anyone who asked, so it isn’t accurate to characterize this as simply a contract revision between private parties. The interest waiver might well have been BMO’s own initiative though.

#205 crowdedelevatorfartz on 05.26.20 at 8:27 am

@#108 TorontoCA
“Is anyone else a little concerned for how the coming economic depression/recession is going to hit CHMC?
You know, the taxpayer funded/backed body that insurers 90% of the residential mortgages in Canada?”
++++

I’m pretty sure that that has been the basis of most of the comments mentioning the Liberal govts endless spending spree for the last 2.5 months.
Every day Trudeau stands “under the tent” and announces another billion here, another billion there …..tossed into the pandemic wind as it were.
Unbelievable populist pandering to every conceivable agenda.
CMHA is but one of the nails in the Canadian fiscal coffin.
Responsible taxpayers everywhere are dreading the day we will ALL pay for this.
A 60 cent dollar by April 2021?

#206 TurnerNation on 05.26.20 at 8:31 am

^ Hey wasn’t Income Tax a “temporary” scheme to help pay for WW1? As I said all global scams we pay for, forever. Wars, Sept 11, Covid. Plus Carbon tax and HST.
At this point many will WELCOME communism. They will have lost their homes, rental properties, jobs.
They will welcome the free tiny monthly stipend. Free health care. Maybe a ‘smart condo’ to live in, the banks will nationalize their repossed Air B&B condos.
What’s not to like. The 2nd Wave…of Communism is here.
Oh well I start work in 1/2 hour :(

#207 crowdedelevatorfartz on 05.26.20 at 8:34 am

@#174 Ronaldo
” I once had a secretary who didn’t care about taking coffee breaks and suggested that she accumulate the 30 minutes per day and take it in time off instead. That would have been an extra 17 days per year.”
+++++

Reminds me of a co worker who had 7 kids and another on the way…
Went in and asked the boss for another raise because he couldn’t afford to live. When his boss said, “Maybe you should stop having kids?”
He replied, “It’s God’s will.”
“Then ask God for a raise…”

#208 Toronto_CA on 05.26.20 at 8:35 am

I’m getting more and more worried we’re in for a Depression instead of a great recession part 2.

The governments (outside of a very few) have mishandled this virus and their response so badly that, in my opinion, we’ve created an economic crisis out of thin air instead of a temporary and very solvable health crisis from a very, very bad flu season.

The numbers of unemployed are not good. As Garth has said since day 1, the real problem is the economic impact not the health impact. I know Sweden is not the media darling right now—but it has to be easier to get demand back up when you’ve never locked down than it will be to convince people it’s safe to shop and eat out and go to a cinema after putting the fear of death into them whenever they leave the house (with no vaccine or cure in sight).

Someone tell me I’m wrong, and we will have a sharp V shaped recovery in Q3-4 2020. Cause I am not seeing how that will ever be possible. Too much lockdown for too long a period. The overall damage is systemic and permanent now.

#209 Bytor the Snow Dog on 05.26.20 at 8:36 am

There have been ZERO Covid deaths in Windsor/Essex (Pop. 400,000) in the last ten days.

End the lockdown.

#210 maxx on 05.26.20 at 8:40 am

#6 forgotmyusername on 05.25.20 at 1:59 pm

……”But who knew there was so much stupid out there?”

Stupidity is underscored by the advent of re bidding wars, the crap people buy and overpay for, etc, etc

George Carlin said it best:

https://www.youtube.com/watch?v=8rh6qqsmxNs

#211 Do we haves all the fact on 05.26.20 at 8:40 am

The parting comments of Stephen Poloz as Governor of the Bank of Canada scare the daylights out of me. His confidence that the Government of Canada should continue to increase their money supply to avoid the possibility of deflation and a long depression in our economy is hard to justify without some evidence of how Canadian GDP will be expanded.

He seems convinced that Canada can tread a fine line between a deflation based depression where investment is replaced hoarding cash and hyperinflation where the value of the Canadian dollar all but disappears and interest rates soar.

As I mentioned the other day Argentina decided to gamble on a rapid expansion of their money supply in the 1980’s and in 2018 and the failure to stimulate sufficient economic growth resulted in hyperinflation.

In 2018 Canada exported $320 billion of goods and services to the USA and realized a $19.1 billion dollar trade surplus after years of trade deficits. Leading our exports were mineral fuels $85 billion, automobiles $52 billion, services $36 billion, agriculture $23 billion, machinery $23 billion and plastics $12 billion.

Well the oil and gas industry is currently on the ropes, the automobile and parts industry is contracting, and all other sectors will suffer if the USA decides to adopt a more protectionist stance. Domestically key sectors of our economy such as real estate, tourism, retail and small business growth offer little hope of expansion in the near future.

We desperately need concrete and imaginative strategies to protect and expand Canadian GDP in the coming years.
Every country will emerge from Covid 19 swimming for their lives and I am not convinced that Canada has even bothered to take a swimming lesson.

Confidence in the ability of our struggling economy to recover to pre-Covid 19 levels has to based on something more our historical relationship with the USA. These are changing times and those that rely on a belief that economies always return to normal operations might be in for a shock.

#212 crowdedelevatorfartz on 05.26.20 at 8:43 am

@#155 BS
“Why would someone work when they can get the same money sitting at home. This free money for everyone is going to be an absolute disaster for the economy. There will be bankruptcies everywhere and when the free money runs out the jobs won’t be there to go back to.”
++++

Yup.
I’m hearing from more and more small business owners who have stayed open during this disaster that staff are quitting and or demanding to be laid off due to possible Covid19 sickness, “I feel feverish. I have a cough, Lay me off”….
Most under the age of 30.
It will soon be the beginning of Summer….par-tay dudes, enjoy the 2k per month and camping,beaching, bbqing….

This Recession is gonna be a long , bitter slog with few jobs to come back to.

#213 Seven Deadly Sins on 05.26.20 at 8:44 am

Stink bids (in Hollywood) are typical behavior of what happens in depressions.

https://variety.com/2020/dirt/moguls/billionaires-beverly-hills-mansion-sells-at-36-discount-highlighting-luxury-market-jitters-1234615400/

But friends, don’t listen to the local media, they’re not telling you the whole story. Listings are flooding the market and information is being ‘managed’. Think of all the developers who are crapping their pants.

Don’t buy now, property will be 50% and more lower by year end. The Trudeau-Butts Depression will last years. Millions of mortgage holders cant pay. Properties will be sold to the highest bidder, and that highest bid might start a one dollar.

As reported (unusual honesty) today in the Vanc Sun, property values and rents are falling like a stone. there really are no buyers and hundreds of thousands of listings coming from the deferral tsunami looming.

Don’t react, sit back. This is going to be bloody. Just like the stock market crashed 50% the same will happen with RE. It might recover, buy it usually takes ten years or so. Wait for the puking capitulation, it will come.

#214 Wrk.dover on 05.26.20 at 8:45 am

#176 BrainSurgeon on 05.26.20 at 12:33 am
#85 AGuyInVancouver on 05.25.20 at 5:47 pm
#43 27 going on 50 on 05.25.20 at 4:20 pm

Alberta and Quebec around around 35% of the population, so it isn’t a huge surprise if they have 50% of the mortgage deferrals, judging by the current state of things…
_ _ _
There’s a big difference between 35% and 50%.

I’m guessing it’s about 15%.. But hey, I’m no rocket scientist!

—————————————————–

Um, if this costs $35. and that costs $50.

What is the percentage difference? Hint not 15%

So there is a big diff between 35% and 50% if you crunch numbers in all ways, not just in some ways, or in your case just one way.

#215 Wrk.dover on 05.26.20 at 8:55 am

#204 crowdedelevatorfartz on 05.26.20 at 8:27 am

Responsible taxpayers everywhere are dreading the day we will ALL pay for this.
A 60 cent dollar by April 2021?

———————————————–

Funny how the markets already price in the potential for eventual fixes, while the currency traders act like what future problem, you see a problem?

I would price the dollar at 60 cents sooner than later.

And the markets down 20% right now too.

But I’ve been worked over already.

Everyone else is next.

#216 belly rubs on 05.26.20 at 8:56 am

Landlording is small business.
3 rules of business:
– do your research, educate yourself
– remember you are dealing with people (people are weird and litigious)
– only conduct business if you can make a decent ROI

This case forgot second rule. Try an online business and minimalize interaction. For the Doc, now might be time to get permits and begin major reno/demo. Start with inspection and identify building issues, ie septic, old oil tank. Send out notices. (Ozone eliminates odors.)

Rant: I am a renter and I have little sympathy for renters. I would never be a landlord, bless their hearts. Oh well, governments drove up cost of living and over regulated everything so people can’t find a field and a starter home anymore, oops. I’m 100% self sufficient, and make only enough to qualify as basic income, thus no taxes paid and no cheques received—a non-participant, true north strong and free. I couldn’t point out Ottawa on a map, and I’m sure they don’t care who I am either.

#217 BrianT on 05.26.20 at 9:00 am

If you are a Trump hater because it is the “cool” stance to take here in Canada and you are also a landlord now you have a little taste of what the guy is up against. Does anyone actually believe a part time drama teacher is running anything? The guy is just doing what he is told to do-no different than Macron or lots of other puppets.

#218 TurnerNation on 05.26.20 at 9:05 am

We are living in a time of false scarcity. (As I always say, famines are man-made). “For your service” the stores have reduced hours.
– Canadian Tire always has only 3-4 checkouts open, Self checkout is closed. Long lines persist.
– Dollarama opens late, 10am, and closes early, 7-days a week
Has demand dropped? Fewer people living in the neighbourhood? NO. This is tactic to strain us.
Get used to long line ups.

Say what of all those empty sports stadiums, like Skydome? What will they be used for. One day will we be lined up there for forced jabs? They are conditioning us.
Once again the only Science being applied is that of mind control. This is not a public health exercise, it’s a re-training period. All social and cultural activities are banned – as the New System is rolled out.
Governments are changing laws by the day.
It was all planned out, now the execution which we are seeing. Re-making society.

#219 belly rubs on 05.26.20 at 9:07 am

Is this pandemic over yet?
Sorry, I’m on 160 acres. No neon death totals in sight.

Canada is big. Really big. So big I can turn an 18 wheeler in the driveway big. I hit a golf ball as hard as I could from a ridge line in the backyard and made it past the corn into the radishes. Whatcha all doin’ down at 49°? Stayin’ busy?

#220 cramar on 05.26.20 at 9:08 am

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm

Question for Blog Dogs who may know.

My son has been accepted to 5 business schools.
Rotman Uof T
Sauder UBC
and Mcgill
also 2 other business schools at U of T outside of Downtown.

Do any of you have advice for him? He is still undecided. He may be leaning toward Rotman.

————–

A couple of decades ago my son got a home-study degree in Psychology from UW via correspondence. This was the easiest way for him to get a degree while working. He then used it to get into the MBA program at the Ivey School of Business at Western.

Years later I heard the best business school in Canada was Rotman, so asked him why he did not go to the UofT. He said he wanted to, but they would not except his degree as worthy.

So conclusion is, if one can get into Rotman (and cost is not a factor), then GO! (But in long-run I don’t think Rotman would have given him any more success that what Ivey has given him.)

#221 Dharma Bum on 05.26.20 at 9:12 am

#68 R

New cottage industry. Tenant removal services, four guys and a truck?
——————————————————————–

VAMANOS Pest Control!

https://www.youtube.com/watch?v=DbBXN-Q85aA

#222 Tbone on 05.26.20 at 9:38 am

Why be a landlord and put your livelihood in the hands of a tenant that may or may not be a very good money manager .
Buy blue chip stocks and collect dividends or a good actively managed mutual fund or etfs

#223 no blog for old men on 05.26.20 at 9:45 am

@#208 Bytor the Snow Dog on 05.26.20 at 8:36 am
There have been ZERO Covid deaths in Windsor/Essex (Pop. 400,000) in the last ten days.

End the lockdown.
//////////////////////////////

nah, we’re in this together™

#224 YVR Expat on 05.26.20 at 9:50 am

Trudeau seems to be playing a Marxist tactic: keep the peasants happy. The hippies have been told they don’t need to pay rent, and the government will even pay you $2000/month to sit on your @ss and smoke weed all day.

If you have a small business – tough. Stay closed until there is a vaccine. Oh you have bills? Tough. You might go bankrupt for being forced to stay closed for over 3 months? Tough.

The government doesn’t care if you take risks and try to build a business, in fact, the government prefers it if you squat on someone else’s property and smoke weed all day.

Do you see who the government is catering to?

Interesting…

#225 TurnerNation on 05.26.20 at 9:51 am

Stunning. Amazon rumoured to be look at JC Penny – for its real estate. Ditto AMC Theatres. And poking around some BK grocery stores. This is a Global Corporate Takeover, as I posted in late March. The tech companies are our new rulers.

Communism the end of capitalism and contract, property rights? Don’t take my word for it…

https://www.bisnow.com/national/news/commercial-real-estate/sb-939-104525

Proposed Bill Allowing Retailers Out Of Leases Stuns Landlords

A proposed bill that would allow thousands of California businesses to walk away from their lease agreements may have some changes to it on the way.

#226 not 1st on 05.26.20 at 10:04 am

oops, guess the big 5 aren’t as sound as they thought and you aren’t richer than you think.

Scotiabank earnings dive 41% as record $1.85 billion set aside for bad loans

https://business.financialpost.com/news/fp-street/scotiabank-profit-drops-41-5-on-higher-loan-losses?video_autoplay=true

#227 not 1st on 05.26.20 at 10:08 am

The ONLY thing that will bring Canada out of this is the fact that Mulroney tied Canada to the US GDP 35 yrs ago. There is zero that Trudeau and his bandits will do to bring us out. Their debt binge is just about over.

He should move his cottage hideout to the Whitehouse lawn and thank Trump every day.

https://nationalpost.com/news/ottawa-lacks-financial-capacity-to-withstand-another-economic-lockdown-must-look-to-reign-in-spending-report?video_autoplay=true

#228 Sail Away on 05.26.20 at 10:11 am

#196 NoName on 05.26.20 at 7:16 am
#183 Sail Away on 05.26.20 at 1:41 am

SpaceX low earth orbit.

————–

It will work how long you don’t mind carrying pizza box size antenna in your pocket to access the spacely sprocket internet.

My understanding is that radio waves travel faster than a light through cable so I don’t see any time soon “regular” internet occupying that bandwidth.

—————

Don’t know. I’m not a genius like Elon.

He’s made all his other crazy ventures work, so I’ll wait to see where Starlink goes. And will invest in it at the first chance.

#229 jess on 05.26.20 at 10:11 am

sheeshing and making sure one uses ALL of its senses

https://www.thelancet.com/pdfs/journals/lanres/PIIS2213-2600(20)30066-7.pdf

differences in standards
https://in-housestaff.org/routine-infection-prevention-will-not-contain-covid-19-1683

#230 crowdedelevatorfartz on 05.26.20 at 10:21 am

@#216 ParanoidNation
“This is not a public health exercise, it’s a re-training period. All social and cultural activities are banned – as the New System is rolled out.”
++++

Time for your meds.

#231 jess on 05.26.20 at 10:39 am

so bubble transportation to take you to and from?Covid free junkets? Risk metrics /insurance $

self driving cars that use uvC after each rider ?
local tech for local business cheaper

Artificial intelligence2 weeks
The pandemic is emptying call centers. AI chatbots are swooping in

Covid-19 is accelerating job losses in an industry that was already automating work at a rapid pace.

Artificial intelligence
The pandemic is emptying call centers. AI chatbots are swooping in

https://www.technologyreview.com/topic/artificial-intelligence/
=================
“socially disadvantaged”Thirty-six per cent of our population is below the poverty line. There is lack of transportation. There is low literacy rates. There is lack of clean water supply.
– Dr. Teena Chopra, Detroit Medical Center

https://www.google.com/search?client=firefox-b-d&q=detroit+covid+cases

A doctor explains why Detroit’s COVID-19 cases are ‘pretty much exploding right now’

#232 Headhunter on 05.26.20 at 10:40 am

TurnerNation great work!

The “end game” is Trans-humanism. Everyone left will be Node in the Machine, in the Hive. Chipped DNA altered organic machines. Just go shopping you will see its not that far off.. Zombieville at No Frills.

Resistance is Futile-The Borg

#233 JB on 05.26.20 at 11:07 am

#166 Ronaldo on 05.25.20 at 11:32 pm

#27 Landlord on 05.25.20 at 3:13 pm
Things are only going to get worse. Property taxes are going up significantly. Hydro rates are going up. Government will take more money to make up for the budget shortfalls. More tenants are going to stop paying rent. It is foolish to be a landlord. Sell your property and invest in a REIT and avoid all the headaches.
——————————————————————-
Whose going to buy it knowing they cannot evict the tenant? You’re going to have to endure the headaches. Landlords are royally screwed. Still, there will be a crapload of condo’s and other rental properties coming up for sale as a result of this governments policies. Watch the prices start tumbling.
………………………………………………………………….
Is that after the banks have to repossess the thousands of defaulted income property condos? The banks may sell them back to the cities for pennies on the dollar and they can turn them into low income housing as everybody will be on UI sitting in their shiny glass windowed concrete cubical smoking JT’s free pot! Wow condo heaven or for the few owners left it will be CONDO HELL! How would you like to low income housing in your building?

#234 BrianT on 05.26.20 at 11:29 am

LOL-now the all mighty CDC in the USA has revised their expected death rate from the virus-.26%!! Which means 1 in 385 people infected will die from the virus. Not exactly Ebola.

#235 Yukon Elvis on 05.26.20 at 11:31 am

#224 not 1st on 05.26.20 at 10:04 am
oops, guess the big 5 aren’t as sound as they thought and you aren’t richer than you think.

Scotiabank earnings dive 41% as record $1.85 billion set aside for bad loans

https://business.financialpost.com/news/fp-street/scotiabank-profit-drops-41-5-on-higher-loan-losses?video_autoplay=true
…………………………………………..

Scotiabank stock up 4.94% today after that announcement. How about that ?

#236 MF on 05.26.20 at 11:31 am

The pandemic has done what most crisis do to the unfortunate people with mental health issues that might be bubbling below the surface.

Witness this pos:

TurnerNation on 05.26.20 at 9:05

Some are unsteady under the best of times, but this pandemic has seen this type of drivel splattered on this page day after day week after week since it began..under ramped up quantities.

I guess Social media is like human nature in general. Used for great good, but also for great bad.

This pandemic has actually pushed me back to the mainstream media.

MF

#237 Phylis on 05.26.20 at 11:41 am

216 TurnerNation on 05.26.20 at 9:05 am
…..
Say what of all those empty sports stadiums, like Skydome? What will they be used for…….

Same as the superdome. How about tent city or keep your rent people? Amenities and all, one stop shop. Tent not required.
Ouch.

#238 the Jaguar on 05.26.20 at 11:42 am

“Sooner or later we all sit down to a banquet of consequences” – Robert Louis Stevenson

“Being an old farm boy myself, chickens coming home to roost never did make me sad; they always made me glad.” Malcom X

I’m into these timely old quotes these days watching the shenanigans being pulled by everybody who thinks they can ignore reality. Lumpen stiffing their landlords when they took the CERB, thousands of people ignoring public safety directives by congregating in public parks and urinating and defecating on surrounding residential properties, thousands of Canadians racking up credit cards, credit lines despite years of being warned of that dangerous behaviour from Poloz, Siddall, their banks and financial advisors, etc.
And then our duly elected Woke government who wants to hand out money to anybody that can fog a mirror.
This is just history repeating itself like Rome burning after they decided to let in the Barbarians.
Guess the only thing to do is seek refuge on higher ground ( physically and morally), well out of the way of areas where it’s going to collapse into Armageddon.
It’s going to be so ugly in some parts of Canada, even in some quiet areas of the countryside where people just thought the money would keep coming from those who were doing the heavy lifting.
There will be opportunities though, including finding out who your real friends were and are………

#239 Faron on 05.26.20 at 11:43 am

#226 Sail Away on 05.26.20 at 10:11 am

I’m not a genius like Elon.

————

Too bad he’s already married. I bet you’d look good in a dress at his side.

#240 BrianT on 05.26.20 at 11:47 am

#234MF-stick with the MSM-that is your speed-there will always be a market for Pablum.

#241 not 1st on 05.26.20 at 12:02 pm

#233 Yukon Elvis on 05.26.20 at 11:31 am

Scotiabank stock up 4.94% today after that announcement. How about that ?

—-

Didn’t cut the dividend….yet.

Nor will it… ever. – Garth

#242 Lambchop on 05.26.20 at 12:19 pm

So according to Leger, fully 50% of Canadians believe that the government is “deliberately withholding information” about the covid.

53% of us believe in some form of conspiracy regarding the virus.

Maybe the comments section of this blog is not so far out there after all

#243 Sail Away on 05.26.20 at 12:29 pm

#237 Faron on 05.26.20 at 11:43 am
#226 Sail Away on 05.26.20 at 10:11 am

I’m not a genius like Elon.

—————

Too bad he’s already married. I bet you’d look good in a dress at his side.

—————

It’s good to see we’ve reached the level of true intellectual discussion.

#244 Tater on 05.26.20 at 12:30 pm

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm
Question for Blog Dogs who may know.

My son has been accepted to 5 business schools.
Rotman Uof T
Sauder UBC
and Mcgill
also 2 other business schools at U of T outside of Downtown.

Do any of you have advice for him? He is still undecided. He may be leaning toward Rotman.

Also does anyone think they will open in Sept.?
———————————————–

Really depends what industry he wants to go in after graduation. He needs to find out which industries/firms the graduates are clustered at and go from there.

Also, needs to find out how much support the school gives in the job hunt afterwards. Some put a big push on, others not so much.

#245 Damifino on 05.26.20 at 12:36 pm

Wow! Today the S&P 500 just rose above 3000 and exceed the 200-day moving average (also 3000). I knew it would happen but I would not have predicted it would happen so quickly. I wonder how that “Throwing in the Towel” guy who posted here several weeks back is making out.

Never sell into a storm. For the fourth time in my life that has been proven to be sage advice.

#246 Hookshott on 05.26.20 at 12:57 pm

#171 Ronaldo on 05.25.20 at 11:49 pm
#49 Rah Rah on 05.25.20 at 4:38 pm
What happens if I sell my place and the new owners want to move in? Do the tenants have to move out?
—————————————————————–
I believe that the new owner must give the current tenants the required notice to move out but if they refuse, not different than the good doctor in Vernon I suspect. I would not even consider buying a property that is rented.
…..
Correct, 2 months notice is required in BC and rent cannot be charged for the last month. This “eviction” is legal even at this time, as opposed to others where it is unlawful to evict. I found myself in this situation at a lousy time..had to move out by May 1. Made it work but much more difficult than normal…both finding a new place and finding people to help you move.

#247 ALFRED E. NEUMAN on 05.26.20 at 12:58 pm

All you A/R’ed landlords out there can stop worrying.

The BC Gov’t recently bought a Victoria Hotel for 18.5 million smackers to house your non-paying tenants.

Meals, cable, and room service provided, noa chargola.

And once we convince Turdeau to cover the transport costs of getting your departing socialists west, voila.

You are welcome. Next problemo, por favor?

#248 Bank earnings on 05.26.20 at 1:06 pm

To not first
A big Yawn, your post about bank earning is weeks if not months old, this story has been told and retold blah blah.
What you fail to understand is where the banks will be a year from now.
Anyway I am happy to collect near 7 percent dividends and opps the stock shot up today nearly 5 percent.
It’s people like you you think posting a big story gets attention when it’s a big Yawn.
Markets have already priced it all the next six months earnings this was no surprise and they actually beat street estimates.
Have a great day!

#249 Sail Away on 05.26.20 at 1:09 pm

Aw, Virgin fails their inaugural flight. Maybe Elon could offer advice. Wonder how Bezos is doing?

Is it possible that successful rocket science is harder than it seems?

https://www.google.com/amp/s/www.bbc.com/news/amp/science-environment-52802520

#250 TurnerNation on 05.26.20 at 1:13 pm

6 months ago if you had said police would be arresting people for sitting on park benches; that going out for a beer with another human would be illegal; that running your small business would become illegal..you;d be stark raving mad. And in every country too, not only here. There’s no way they would do that to us right?? We have freedom, we fought WW2.

So, what’s next?
The thing is these power hungry people aren’t going away. They will not back off. Imagine the worst…and hope for the best.
Already they have convinced us that every single human is a diseased bio-weapon, that WE are the problem not them. The battle always was for your mind.
Humans always forget their #1 predator…other humans. At their peril.

#251 Citizen # 22353921 on 05.26.20 at 1:15 pm

#23 Bob:
No, tenants don’t have the right to MY home. I paid for it, I am paying for the maintenance, insurance. If I need it for any reason, you get a notice to get out.

This “ALL YOUR STUFF BELONGS TO ME” attitude is why landlords will not be renting out their homes anymore.

#252 Sail Away on 05.26.20 at 1:17 pm

Tater, see Elon rocking it on all fronts? Impressive, eh?

Your Audi will soon be obsolete- best flog it if you can and buy a Tesla. Join the enlightened.

#253 Faron on 05.26.20 at 1:21 pm

#241 Sail Away on 05.26.20 at 12:29 pm

#237 Faron on 05.26.20 at 11:43 am
#226 Sail Away on 05.26.20 at 10:11 am

—————

It’s good to see we’ve reached the level of true intellectual discussion.

—–

Ha, yeah. As soon as I wrote that I realized I deployed that ol’ “why don’t you marry it.” Alas.

But, declaring someone a genius isn’t much more intellectual now is it? Last time I put thoughtful effort into responding to you I got nothing in return.

Anyhow, gotta go, I have some virtues to signal.

#254 RyYYZ on 05.26.20 at 1:22 pm

#54 Keep Your Rent on 05.25.20 at 5:04 pm
Tenants keep your rent.

Landlords keep your distance.

Tenants are stronger when we organize and refuse individual deals with the landlord.
===================================

Organized crime, it sounds like. You’re receiving a good or service and refusing to pay for it. Housing may be a right. Living rent-free in someone else’s property is not. Or, if it’s going to be, I guess rental properties will finally all be condo-ized. And then where these renters be? If they can’t afford rent after a month of lockdown, I’m guessing they’re probably not great candidates for purchasing property. Especially after their credit rating goes in the toilet for rent non-payment.

#255 Don Guillermo on 05.26.20 at 1:28 pm

Garth – great to hear you this morning on Danielle Smiths morning radio. I’ve been reading your blog almost daily since the beginning and listening to Danielle almost daily for years.

Anyone interested can pick it up on Danielle’s podcasts. It should be up later on today.

https://tunein.com/podcasts/News–Politics-Podcasts/Danielle-Smith-p736802/

#256 SimplyPut7 on 05.26.20 at 1:43 pm

#9 NEVER GIVE UP on 05.25.20 at 2:21 pm

Rotman

#257 MF on 05.26.20 at 1:59 pm

250 Sail Away on 05.26.20 at 1:17 pm

Yup. Even though I disagree with his view on the pandemic completely, I’m a fan of Elon.

MF

#258 Sail Away on 05.26.20 at 2:07 pm

#251 Faron on 05.26.20 at 1:21 pm
#241 Sail Away on 05.26.20 at 12:29 pm

#237 Faron on 05.26.20 at 11:43 am
#226 Sail Away on 05.26.20 at 10:11 am

—————

It’s good to see we’ve reached the level of true intellectual discussion.

—————

Ha, yeah. As soon as I wrote that I realized I deployed that ol’ “why don’t you marry it.” Alas.

But, declaring someone a genius isn’t much more intellectual now is it? Last time I put thoughtful effort into responding to you I got nothing in return.

Anyhow, gotta go, I have some virtues to signal.

—————

I apologize for my snarky response the other day. You did respond thoughtfully.

#259 Jenn on 05.26.20 at 2:11 pm

Re: Keep Your Rent

I am not a landlord, but I sure pity those that are. It doesn’t matter if they are not great people, they own a place and you want to rent it. They somehow either worked their butts off to have a second place or inherited it from someone who worked hard to give it to them. It’s theirs which is the whole point. You have to pay what you owe. Ok, if Covid blindsided some and I’m sure it did, then fair enough, pay what you can, try to work with your landlord on how you will catch up when you get back on your feet. But, it sure as heck isn’t their problem you were living month to month and never put anything aside for a rainy day. Everyone has choices in this life and I see so many who spend all their $$$ every month and then cry foul that they are living pay cheque to pay cheque. I don’t vacation every year but the last two times that I did (3 years apart), we saved our money up and if we did have to put a little on credit cards, that was paid within 2 months of returning. We have worked very hard and my hubby was out of work for a year and it was hard but we lowered what we did (not a lot of eating out for a whole year, no vacation, very little extra) and did what we had to do.

I highly recommend that the landlords create a website where every other landlord in Canada can post which tenants didn’t pay their rent and were jerks about it. Those that did what they could to pay should be noted too or left off. And then when they finally get rid of their deadbeats who could have at least paid something but didn’t, they will have a really fun time finding a new landlord to take them when they see them on that list. There’s no running from being one of those idiots who kept their rent when maybe they could have paid some of it.

#260 Former Navy Chief on 05.26.20 at 2:11 pm

I can see that, no matter how frugally I may live, and how diligently I pay my bills, I’ll never be able to retire!

https://torontosun.com/opinion/columnists/goldstein-trudeaus-covid-spending-means-decades-of-debt-report

#261 Marco on 05.26.20 at 2:13 pm

#218 cramar
————————

Thank you for generous sharing. Could save years at McGill for my daughter.

#262 Mattl on 05.26.20 at 2:29 pm

#203 Howard on 05.26.20 at 8:25 am
#194 BillyBob on 05.26.20 at 6:35 am

A lot of petty insults there when all MF seemed to say is that the government should not intervene* to protect investors from investment risk. This goes for property investors are financial market investors alike. Why do landlords demand socialism when things go south for them?

*The government and CMHC effectively told the banks to offer the mortgage deferrals to anyone who asked, so it isn’t accurate to characterize this as simply a contract revision between private parties. The interest waiver might well have been BMO’s own initiative though.

————————-

Strange to make a big deal about a Covid relief effort that costs taxpayers nothing. What a bizzare hill to die on.

I mean we just spent 300 billion giving money to everyone, government is telling renters they can break rent agreements, BC is paying 500 per month to renters, 15 year olds are getting 2k a month to play frisbee, and we are supposed to care about banks deferring payments for homeowners?

Seriously, you have to be filled with homeowner envy to think this matters.

#263 Tater on 05.26.20 at 2:44 pm

#250 Sail Away on 05.26.20 at 1:17 pm
Tater, see Elon rocking it on all fronts? Impressive, eh?

Your Audi will soon be obsolete- best flog it if you can and buy a Tesla. Join the enlightened.
———————————————————–

Wake me up when Tesla has turned that 6.5bio cumulative loss into a profit.

But I am truly hopeful they don’t blow up those astronauts tomorrow. Luckily the rocket isn’t one of the Boca Chica specials.

Here’s some of the genius’s engineering:

https://twitter.com/Benshooter/status/1262910191160274944?s=20

Claims to have a neural net that’s learning from a fleet of cars. Apparently, none of them have ever seen a traffic cone. Lol.

#264 TheDood on 05.26.20 at 3:41 pm

#257 Jenn on 05.26.20 at 2:11 pm
Re: Keep Your Rent

I am not a landlord, but I sure pity those that are. It doesn’t matter if they are not great people, they own a place and you want to rent it. They somehow either worked their butts off to have a second place or inherited it from someone who worked hard to give it to them. It’s theirs which is the whole point. You have to pay what you owe. Ok, if Covid blindsided some and I’m sure it did, then fair enough, pay what you can, try to work with your landlord on how you will catch up when you get back on your feet. But, it sure as heck isn’t their problem you were living month to month and never put anything aside for a rainy day. Everyone has choices in this life and I see so many who spend all their $$$ every month and then cry foul that they are living pay cheque to pay cheque. I don’t vacation every year but the last two times that I did (3 years apart), we saved our money up and if we did have to put a little on credit cards, that was paid within 2 months of returning. We have worked very hard and my hubby was out of work for a year and it was hard but we lowered what we did (not a lot of eating out for a whole year, no vacation, very little extra) and did what we had to do.

I highly recommend that the landlords create a website where every other landlord in Canada can post which tenants didn’t pay their rent and were jerks about it. Those that did what they could to pay should be noted too or left off. And then when they finally get rid of their deadbeats who could have at least paid something but didn’t, they will have a really fun time finding a new landlord to take them when they see them on that list. There’s no running from being one of those idiots who kept their rent when maybe they could have paid some of it.
___________________________________

I echo your thoughts. We were in the landlord business for several years and looking back, what a relief to sell the properties and get out of that mess. I don’t think we ever made any money on our investment/rental properties, there was always something that needed fixing or replacing, excuses for late payment for rent, there was always something that forced us to reach into our own pockets, am so glad we’re not in that place any more.

It is very tough to find good tenants who look after a place like its their own and pay month after month without fail. If you find those, you do whatever it takes to keep them. We found the number of bad tenants we had to go through in order to find the good ones was always too many, and this hastened our exit from the landlord business. Too much trouble and worry. In hindsight, getting out of that mess was the best thing we ever did. Never again.

#265 TheDood on 05.26.20 at 4:05 pm

#194 BillyBob on 05.26.20 at 6:35 am
#12 MF on 05.25.20 at 2:29 pm

……

……Unfortunately ALL renters will pay for their loser mentality eventually as landlords adjust. I expect the standards for renting are going to tighten up enormously in the future……………

___________________________________________

I highly doubt it. You actually think landlords are going to end up winning the day here in Canada? Choosing to stay in that business is not the smart move. Get out now and free up that $$. There are better options.

#266 Sail Away on 05.26.20 at 4:39 pm

#260 Tater on 05.26.20 at 2:44 pm
#250 Sail Away on 05.26.20 at 1:17 pm
Tater, see Elon rocking it on all fronts? Impressive, eh?

Your Audi will soon be obsolete- best flog it if you can and buy a Tesla. Join the enlightened.

—————-

Wake me up when Tesla has turned that 6.5bio cumulative loss into a profit.

But I am truly hopeful they don’t blow up those astronauts tomorrow. Luckily the rocket isn’t one of the Boca Chica specials.

—————-

SpaceX is probably nowhere near as good as your rocket company.

#267 Last on 05.26.20 at 4:43 pm

Last!!!

#268 Penny Henny on 05.26.20 at 6:22 pm

#267 Last on 05.26.20 at 4:43 pm
Last!!!
/////////

NEVER!

#269 NEVER GIVE UP on 05.26.20 at 6:36 pm

A BIG THANK YOU !!!

To all who gave advice to my son!
Regarding what B school he should enroll in.

The way it looks to me is that a degree will open doors but the real paychecks come from performance in the workplace.

My eldest son has a CPA designation and a masters in accounting.
My 5th Child has a simple diploma from BCIT in computers and he works in New York making the same as the eldest at age 26! 200K+!

I am totally proud of the education system in Canada.
UBC sent my daughter to Harvard for the last 3 years as a Fellow to complete her PHD next year!

Meanwhile I never had a dime to support the first 5 kids after grade 12. They got it all on their own!

Sorry if it sounds like braggadocio but I went through hell and back to get these kids what they need while I raised them in poverty.

They have the work ethic after watching dad come back from nothing after a marriage and business failure!

I did not think it would turn out so well in the end. Over the years you Blog Dogs and Garth filled many an hour with uplifting, inspirational, pleasure filled reading.

Thank you all again!

#270 Abolitionist on 05.27.20 at 3:09 am

Re: #269 NEVER GIVE UP

Beautiful family story, thank you for sharing it.

#271 G on 05.27.20 at 10:19 am

Tell the owner to remove all the doors and windows which isn’t illegal, or at least it wasn’t. A friend did that years ago in Kelowna…it was the only way to get rid of the tenant who wouldn’t leave and it worked. This was long before covid so getting rid of tenants in BC has been tough for a very long time.