'No evictions' warriors storm TO mayor's condo
Peter and Janey bought an investment condo, pre-con, three years ago. “For capital gains, of course,” the suburban blog dog says, “but also for some steady retirement income. Three more years, and I’m done with the grind. The monthly cash flow is a big piece of our plan.”
Or not. Covid happened. Who knew what that would mean?
The tenant, a young female social worker, stopped paying rent in April when the local health authority curtailed its operations. She’s back working now, but decided to continue withholding the monthly. Because the province passed a law banning evictions during the pandemic and the Landlord/Tenant board is AWOL, Pete’s SOL. No income. Five hundred grand tied up with zero steady return. Condo fees, property taxes and insurance totaling over $800 a month. And he’s told it could be two years before he can legally boot her freeloading butt out the front door, given the bureaucratic backlog.
“You know I am so disgusted that I’d like to sell,” he says, “and in this market I could make money. But I can’t even find a buyer b/c of a tenant who refuses to budge. The people saying landlords are lazy, greedy, rent-collecting leeches should stand in my shoes. Every day I lose money.”
In Ontario the Ford admin is close to formalizing a law (Bill 184) that would allow landlords to bypass the Landlord and Tenant Board through a negotiation process. Tenants could be directly offered a rent repayment plan, without one being mandated by the government after an obligatory hearing. If they don’t accept an expulsion could be forced. An eviction later deemed to have been unfair could result in a penalty/reward equal to a year’s rent. Says the government: “When rent is overdue, we want to encourage landlords and tenants to work together to come up with repayment agreements, making it easier to resolve disputes — rather than resorting to evictions.” Common sense. Radical.
Of course, a lot of tenants (now living for free) want nothing to do with this, insisting every case must go into the long queue snaking its way through the system. Hundreds of them rallied before the legislature this week. Then they went and stormed the condo building where the mayor of Toronto lives. They climbed on walls and chanted, “Can’t pay, won’t pay!” and “John Tory eleven floor, you can’t hide for class war!” plus “Hands off our homes!”. The cops pushed back. Ugliness ensued. The protestors claimed police brutality and pepper spray. The fuzz said no way.
Well, this is just the start of fundamental changes to cities, condos and the sad future of amateur landlording.
The virus has crashed Airbnb, for example, unleashing thousands of new units onto the rental market, as well as starting to swell listings. In less than a month, for example, rentals have almost doubled in Toronto (from 4,000 to about 7,500). That’s giving renters more choice and forcing rents down – by about 10% since Covid started. Already, pre-pandemic, four in ten owners of ‘investment’ condos were in negative cash flow, so lower incomes just make t worse.
Source: https://
Meanwhile more than twenty thousand new condo units are coming to this one market, the result of a years-long construction boom triggered by Millennial house-horniness and a desire to be part of the downtown vibe.
But wait. The core’s now a ghost town. People have to mask up when they ride the streetcar, run to the store for avocados or get a new tat. Bars are empty. Patios, too. The office towers stand vacant, and social distancing means it takes ages to await a lift and get up to your concrete box on the 48th floor.
Finally, credit is tightening. Condo buyers can’t borrow money for down payments anymore, even if they’re not asking for mortgage insurance. Banks aren’t dumb. They know half the condos in urban areas have been purchased by specuvestors who seek to carry debt with rental income – and that now the formula’s not working. It’s too much risk.
So, this is the reality for Pete and Jane. They have a non-performing asset which cost them half a million bucks and now bleeds ten grand a year. They can’t collect the rent owning. They have an acrimonious war on their hands with the tenant. They can’t sell since they cannot offer vacant possession to a buyer. And they’re cast as social pariahs, rentiers, victimizing downtrodden working people. On top of that, the unit they own could well erode in value as the virus swells rental inventories, depopulates the urban centre and scares off citizens terrified of elevator cooties and sticky garbage room door handles.
Plus, if P&J do see their rental income resumed once they get rid of the squatter, every dollar will be added atop their retirement incomes and taxed at the marginal rate. No break, as with investment income which flows in the form of capital gains or dividends.
“This,” he says, “was the worst decision of our lives.”
But the social worker’s happy. And, unlike the landlord, she has a DB pension.
244 comments ↓
I don’t get why so many become amateur landlords for the cash flow, when you are cash negative in the best case scenario.
The virus has crashed Airbnb
_______________
In Toronto this is true. In Muskoka quite the opposite. Rentals in cottage country are hot as people vacation close to home. Expect a surge in demand for rentals near ski resorts, snowmobile trails in the winter.
Peter while she’s at work go in take her fridge. Leave note maintenance issues. Don’t respond for some while.
Everyone I know thought I made a mistake for selling my waterfront 2×2 in 2016 instead of renting it for $2300 / month when I moved out of Toronto. $2300 wouldn’t cover all the expenses, maintenance fees alone were $800 / month. But everyone was telling me I was missing out on appreciation.
I handed over my proceeds to a very reputable PM who manages my portfolio. Everyone I know couldn’t understand why I did that given the ‘risk’ of markets. My portfolio is up substantially.
It’s good to be proven right. At the same time I feel for anyone mislead by the real estate cartel.
Even moreso, I’m happy I escaped Toronto when I did. Toronto is a nice enough city, but it’s not without major challenges around traffic and infrastructure.
Now everyone I know is trying to unload their investment condos with a plan of moving that money into financial portfolios or vacation properties as far away from the density of the GTA as possible.
UNBELIEVABLE.
https://www.cbc.ca/news/politics/margaret-justin-trudeau-we-charity-1.5643586
Seen elsewhere. Resetting the world economy was to just keep us safe right?
….
It’s just a mask
It’s just six feet
It’s just two weeks
It’s just non- essential business
It’s just non-essential workers
It’s just a bar
It’s just a restaurant
It’s just to keep from overwhelming the hospitals
It’s just until the cases go down
It’s just to flatten the curve
t’s just a few inmates
It’s just to keep others from being scared
It’s just for a few more weeks
It’s just church. You could still pray
It’s just until we get a vaccine
It’s just a bracelet
It’s just an app
It’s just for tracing
It’s just to let people know you’re safe to be around
It’s just to let others know who you’ve been in contact with
It’s just a few more months
It’s just some more inmates
It’s just a video
It’s just a post
It’s just an email account
It’s just for protecting others from hate speech
It’s just for protecting others from hurt feelings
It’s just a large gathering but for protests
It’s just a few violent protests
It’s just a little microchip
It’s just a blood test
It’s just a scan
It’s just for medical attention
It’s just to store a vaccination certificate
It’s just like a credit card
It’s just a few places that don’t take cash
It’s just so you can travel
First, and most importantly: thank you Garth for keeping this comments section alive and for your posts and for at least tolerating my trespass here.
#193 Re-Cowtown on 07.09.20 at 9:48 am
“…climate computer models have been shown to be flawed.”
Duh, every model is flawed otherwise it would actually be reality. Modellers know this and address the issues in every study they publish. Another flawed model/modeller? Your and my brain, yet we seem to navigate the world alright. We project with enough accuracy to not get killed when we cross the street. Other flawed models? Oil and gas exploration geophysical models yet they don’t fail to lead to oil. Others still? CFD models (based on the same set of equations that govern atmospheric circulation) that help Lockheed Martin design supersonic jets. When I make dumb statements here about things I only understand at an elementary level, I expect to get called out and regularly do. It’s called discourse. It hurts the ego, but helps me and maybe everyone in the long run. I’m happy to return the favour.
This seems political to you because $$$ has made it so. Exxon, the Koch brothers and many others have spent a lot on active disinformation and lobbying campaigns. Do you think it’s a coincidence that two of the most climate change denying nations also happen to house massive oil, gas and coal industries?
This is funny ‘ People have to mask up when they ride the streetcar, run to the store for avocados or get a new tat’.
Garth should do a blog dog survey on who has tats. Not this blog dog for sure. Never.
Another possible creepy aspect of small box skyscraper living is ‘off gassing risk’ from plumbing pipes. Keep the toilet seat down if you live in one of those condo units. Hong Mei House is an example.
https://www.cnn.com/2020/02/12/asia/hong-kong-coronavirus-pipes-intl-hnk/index.html
Wiki says ‘Before 1981 condominiums made up less than ten percent of homes built in Canada’.
Maybe it should have stayed that way.
What’s really scary is that the largest portion of Canadian GDP, by far, is real estate — which is twice as big as the next largest industry, manufacturing.
does nobody have a guilty conscience anymore.
I could never live somewhere knowing I was screwing someone over.
Why not just change the locks and kick them out. It’s a landlord tenant issue police will not interfer .
NB kicked this off earlier. https://www2.gnb.ca/content/gnb/en/corporate/promo/covid-19/news/news_release.2020.05.0285.html. Somehow there hasn’t been any press about this. Maybe NB’ers pay their rent? My guess if there had been a problem, the corona broadcasting corporation would be on it?
from the q&a
> The Residential Tenancies Tribunal has a strategic plan to target all cases of non-payment of rent as of June 1 by reaching out to both parties to discuss the details of their case and mediate an agreement. Only cases where an agreement is not reached will the landlords have the option of proceeding with an eviction. Depending on the volume of cases and availability of sheriff services, unfortunately, we may experience some delays in comparison to our normal service delivery times.
#3 Grunt on 07.09.20 at 2:41 pm
Peter while she’s at work go in take her fridge. Leave note maintenance issues. Don’t respond for some while.
————————-
Similar to what this family finally did…
https://www.yorkregion.com/news-story/9959075-kleinburg-family-finally-evicts-nanny-who-refused-to-leave-home/
Comment moderating will be fun today. How Garth has a drink.
Hahahahahaa
just wait until this recession lingers for another year or two. and people REALLY can’t and won’t pay.
The amount of selfishness and lack of accountability (by the renters) is appalling. This is probably why there will never be a significant increase in number of 1%ers. The race to the bottom begins
It’s a shame Peter and Janey didn’t start reading greaterfool a decade ago. They might have learned something about diversity. No, not that kind. I mean the all-your-eggs-in-one-basket kind.
I understand why people want to own their own homes regardless of how poor an investment it may be. I’m not sure why anyone wants to own someone else’s home.
That’s for professionals able to apply economy of scale and hire dedicated management. Dabblers beware.
Half a million squatted upon… indefinitely. Pathetic.
I’d blackball every one of these deadbeats. Can’t pay? That’s one thing. Can and just won’t? Holy entitlement, Batman. I hope these people are in for a shock the next time they try to rent a place, or seek credit. (but the way it’s going, nobody will be held responsible) Glad I don’t own rental property with deadbeats living in it, anyway.
“This,” he says, “was the worst decision of our lives.”
But the social worker’s happy. And, unlike the landlord, she has a DB pension………
I just laughed out loud at work over the last two lines….thanks for the comedy my man!
StatCan, also turned Mother Hen (Impacts of COVID-19 on Canadian families and children), asked Cdns basically:
howz it been workin’ out?
Results read not so bad to me. My favorite question StatCan asked was (see link for response):
“Having less patience, raising your voice, scolding or yelling at your children”
Hint: 14.7% said “Not al all” (a.k.a., Sprinklers of faerie dust, Unicorn Riders On the Storm or just too much Ganja to remember).
https://www150.statcan.gc.ca/n1/daily-quotidien/200709/t001a-eng.htm
————————–
As an old fogey and back in the early 80’s recession that Social Worker would have been called a Low Life.
But in the New Trudeau Canada (shove money down throat, suspend all virtue, Parliament and laws towards that end) the Low Life becomes:
A ‘No evictions’ warrior
What the heck has happened to you Canada?
As loathsome as these keep-the-rent folks are, the fact remains that for years landlords were illegally evicting tenants under false pretenses and nobody seemed too bothered by it. Not to mention the many landlords that collect rent under the table to evade taxes. Or the landlords listing their unit in foreign languages, in foreign countries, favouring a specific demographic thereby contravening Canada’s anti-discrimination laws. Well, the shoe is on the other foot, and now it’s the tenants’ turn to be unethical slimeballs.
It’s unfortunate that good people on both sides are caught in the crossfire between slumlord owners and professional tenants.
This is why you shouldn’t become a landlord unless you’re willing to play hardball with difficult tenants. Which of course is why landlords have a bad rap.
I did the landlord gig and found out it wasn’t for me. The moment there was a bit of friction with the tenant (nothing major even). I didn’t like it one bit. Cash flow was break even and capital gains dried up. Which means any unexpected repairs or tenant troubles are pure losses.
“But the social worker’s happy. And, unlike the landlord, she has a DB pension.”
Laughing all the way to the bank.
Capitalism! hah
Australia is extending mortgage deferrals for deadbeat borrowers by another 4 months, until January. Expect Canada to do the same. Perhaps Peter and Janey will take advantage. Then nobody, landlord or tenant, pays anything. Win/win!
https://www.abc.net.au/news/2020-07-08/banks-extend-loan-deferrals-four-months-coronavirus-restrictions/12432114
Mortgage deferrals are not payment holidays. The money is added to the debt, and amortized. Nobody should defer unless it is a crisis. – Garth
Trudeau yesterday:
“Our government took on debt to prevent Canadians from having to go too far into debt.”
(insert Twitter emoji “face with head-bandage”) from punching myself in the head after reading that.
More common sense from real experts:
http://balancedresponse.ca/open-letter/
Here are those experts:
Robert Bell, MDCM, MSc, FRCSC, FACS
Former Deputy Minister of Health, Province of Ontario
Former President and CEO, University Health Network, Toronto
David Butler-Jones, MD, MHSc LLD(hc), DSc(hc), FRCPC, FACPM, FCFP, CCFP
Canada’s first Chief Public Health Officer and former Deputy Minister for the Public Health Agency of Canada
Jean Clinton, BMus, MD, FRCPC
Clinical Professor, Psychiatry and Behavioural Neurosciences, McMaster University
Tom Closson, BASc, MBA, FCAE, PEng
Former President and CEO, University Health Network, Toronto
Former President and CEO, Capital Health Region, British Columbia
Janet Davidson, OC, BScN, MHSA, LLD(Hon)
Former Deputy Minister, Alberta Health
Former CEO, Trillium Health Centre
Martha Fulford, MA, MD, FRCPC
Infectious Diseases Specialist
Associate Professor, McMaster University
Vivek Goel, MDCM, MSc, SM, FRCPC, FCAHS
Professor, Dalla Lana School of Public Health, University of Toronto
Former President, Public Health Ontario
Joel Kettner, MD, MSc, FRCSC, FRCPC
Former Chief Public Health Officer, Province of Manitoba
Onye Nnorom, MDCM, CCFP, MPH, FRCPC
President, Black Physicians’ Association of Ontario
Associate Program Director, Public Health and Preventive Medicine Residency Program
Dalla Lana School of Public Health, University of Toronto
Brian Postl, MD, FRCPC
Dean, Rady Faculty of Health Sciences and Vice- Provost, Health Sciences, University of Manitoba
Former President, Winnipeg Regional Health Authority
Neil Rau, MD, FCPC
Infectious Disease Specialist and Medical Microbiologist
Assistant Professor, University of Toronto
Richard Reznick, MD, FRCSC, FACS, FRCSEd (hon), FRCSI (hon), FRCS (hon)
Professor of Surgery and Dean Emeritus, Faculty of Health Sciences, Queen’s University
Susan Richardson, MDCM, FCRPC
Professor Emerita, University of Toronto
Richard Schabas, MD, MHSC, FRCPC
Former Chief Medical Officer of Health, Province of Ontario
Former Chief of Medical Staff, York Central Hospital
Gregory Taylor, MD, FRCPC
Former Chief Public Health Officer of Canada
David Walker, MD, FRCPC
Former Dean of Health Sciences, Queens University
Chair, Ontario’s Expert Panel on SARS, 2003
Catharine Whiteside, CM, MD, PhD, FRCPS(C), FCAHS
Executive Director, Diabetes Action Canada – CIHR SPOR Network
Emerita Professor and Former Dean of Medicine, University of Toronto
Trevor Young, MD, PhD, FRCPC, FCAHS
Professor of Psychiatry
Dean, Faculty of Medicine and Vice Provost, Relations with Health Care Institutions
University of Toronto
However, despite all these people, I’m sure all you fraidy cats out there will come up with “but the virus” excuses.
Same story after the financial crisis. Millions of GTA condo oversupply. Then they just disappeared as if somebody bought them.
The fact is hard assets like property will continue to rise in value backed by the government against a currency that will continue to erode in value.
There is nothing better than your own yard, double garage and driveway to sprawl out on and create memories and raise a family.
#229 Re-Cowtown on 07.09.20 at 2:35 pm
#203 Ace Goodheart on 07.09.20 at 11:33 am
#193 Re-Cowtown on 07.09.20 at 9:48 am
“Pre- Global warming hysteria (1960’s to early 1980’s) the CO2 residence time was estimated to be around ten years, which means that excess CO2 is scrubbed out in the blink of an eye and is irrelevant to Global Warming. French nuclear tests in the 1960’s support the ten year residence time with nuclear isotopes.”
Sorry Cowtown. That’s about as bad as Ace.
Whoa. This sounds like a disaster in the making. We could see a drop in condo prices approaching 50% imo. Would not want to be a landlord in this day and age. Been there done dat. Had do deal with lots of deadbeats but at least was able to get rid of them. Never again.
I know of another investor who had up to 30 units accumulated over the past 20 years who told me he would have been better off to just buy reits. Same thing without the problems. And this is with interest rates the lowest ever. He figures his return on investment is not much better than 3%. A good example of a one asset strategy.
CERB ending in September says #206 SimplyPut?
Had bad feeling about September months ago. The globalists openly state they want a reset and ‘new (Ab)normal. Bankers coming to fleece us, lined up sheep.
Here it was back in May:
#1 TurnerNation on 05.31.20 at 1:11 pm
Phase 2. September is harvest season. Time for the Crown bankers to harvest the Crown lands. Get off your land.
#110 TurnerNation on 06.07.20 at 9:17 am
September is Harvest season. Hold on.
I don’t get it. As per Globe and Mail, real estate is the best investment in the world. Prices are going up, sales going up and not even a pandemic can affect real estate. Toronto is immune to anything even earthquakes.
Change the locks when she’s not home.
Move her stuff into a storage locker, hold it for ransom on the unpaid rent.
If she squawks, tell her to take it up with the rental bureau.
I’m all for right to safe affordable housing but when and on what basis did this turn into a right to FREE housing or optional rent? Add in longterm mortgage/loan/tax pyt deferral and anger at having to pay accrued interest and uprisings (plus hot temps) and it’s social/financial chaos. Good job. Now extended CERB (pre future UBI) incentivizing prob millions to stay home longterm. Is this the best or only solution? What’s next? Exemptions from any tax incr incl consumer and collect CERB (aka future UBI) free of clawback? And no cuts to public services. Our PM and Morneau and their peers have experts to ensure incomes are protected and taxes minimal (to put it tactfully) so let’s it’s a higher consumption tax but even then I wouldn’t be surprised if they’ll try to avoid it too. So guess who’s paying for all this? An early election will be waste of yet more tax payer money. Land of the free indeed. Wave a flag (not your phone). Local chip trucks/bakeries back and free of fearful apocalypse types. Cottagers and weekenders welcome (north east of GTA).
@#10 kingston boy
“I could never live somewhere knowing I was screwing someone over.”
++++
It’s a shame our Prime Minister doesn’t feel the same way…
The mid/long term solution is quite simple , have the government buy all of the rental condos at assessment price then run them with the usual efficiency ( see BC Housing). Some may call this nationalization though Singapore actually builds condos and calls it Public Housings and it works. I see no real way out otherwise out of this conundrum. The Canadian governments got out of building public housing and we see the results.
#20 As loathsome as these keep-the-rent folks are, the fact remains that for years landlords were illegally evicting tenants under false pretenses and nobody seemed too bothered by it. Not to mention the many landlords that collect rent under the table to evade taxes. Or the landlords listing their unit in foreign languages, in foreign countries, favouring a specific demographic thereby contravening Canada’s anti-discrimination laws. Well, the shoe is on the other foot, and now it’s the tenants’ turn to be unethical slimeballs.
——————-
This is precisely my sentiment on this. It is completely unethically opportunistic not to pay your rent if can, but there have been so many occassions in the recent past when the landlords have been screwing people over as well. And of course, Garth can’t help but throw out his snide comment on people who he surmises have DB pension plans. How about commenting on the lack of oversight and clear route to corruption with
https://www.washingtonpost.com/business/2020/07/06/sba-ppp-loans-data/
“Almost 90,000 employers (in the US) also appear to have received money despite not saying how many jobs they would save”.
Seems very noteworthy to me.
Why would alleged fraud amongst employers in another country be noteworthy on this topic? – Garth
Neither a renter or a landlord be.
https://www.pinterest.ca/pin/580964420652713265/
The successful landlords I know in Vancouver are very well off. They own at least eight properties, they don’t work a day job anymore, and they have been through the tenant horror stories. None of them actually manage their properties, they contract that work out. The scut work of advertising, choosing renters, dealing with issues they are happy to leave to others. Something you do while building the business.
Major cities are lousy for cash flow. Cash flow is better in the hinterland, but capital gains are lower. No free lunch. The key to the success my friends have had is that they have the ability to add value in their real estate. They bought property below market value back when that was possible, or with owner financing with terms that made sense, and they did their own renovations – add a suite or two, fix a cosmetically trashed house.
Many of the levers of real estate investment success they enjoyed are gone – relatively affordable homes, renovating without permits, price increases driven by 30 plus years of declining interest rates. At that it was never easy. One of my friends lives on his line of credit to this day – all of his cash flow gets invested because his rate of return is that good.
Garth’s advice for most of us on approaching real estate rings more true than ever. If you want to invest outside principal residence, buy a REIT. Amateur land lording is full of pitfalls and potential financial heartache. Even worse when the government is the source of the problem.
“”We know now that Justin Trudeau handed almost a billion-dollar contract to a charity that not only had close ties to the Liberal Party, but which paid his family almost $300,000,”
++++
Trudeau’s THIRD conflict of interest faux pas and the pot smoking CERB leaching sheeple think he’s great.
Nothing to see, move along, nothing to see here folks.
It’s awful that people act so entitled and horrible. Agree with #20 Howard, both parties use tricks to treat each other inhumanely. Amateur landlord greed gets the best of them and they illegally evict someone from their home to collect more cash flow. Tenants now refusing to pay rent despite being able. What’s worse, losing your home or income due to complete disregard for the other? The shoe is on the other foot now.
Why don’t people just treat each other how they would like to be treated.
#1 Swanson on 07.09.20 at 2:33 pm
I don’t get why so many become amateur landlords for the cash flow, when you are cash negative in the best case scenario.
_____________________________
Unless you’re really good at crunching numbers or have lived the amateur landlord experience and can pass on the lessons, it’s difficult to persuade a newbie from making the same mistake.
There are some who’ve made money or broken even but the vast majority are in negative cash flow every single month, they just don’t want to admit it.
#30 – you must have some skin in the RE game.
Here’s a thought!
Maybe there should be, if there isn’t already a registry where all dead beat tenants are registered and the only way to get your name removed is to make up the short fall in rent or at least a amiably compromise between the two parties.
#28 Ronaldo on 07.09.20 at 3:37 pm
Whoa. This sounds like a disaster in the making. We could see a drop in condo prices approaching 50% imo.
and
#37 Keith on 07.09.20 at 3:56 pm
—
Agreed. As much as I hate to say it because I think corporate investment in residential should be a crime or at least heavily regulated, there may be a time when REIT’s swoop in and vultch whole condo developments at 60 cents on the dollar. That would be a good time to buy residential REITs. Now may already be a good time. When the mortgage holiday ends and folks can’t afford their house, they are going to have to rent somewhere…
The tenant, a young female social worker, stopped paying rent in April when the local health authority curtailed its operations. She’s back working now, but decided to continue withholding the monthly. Because the province passed a law banning evictions during the pandemic and the Landlord/Tenant board is AWOL, Pete’s SOL. No income. Five hundred grand tied up with zero steady return. Condo fees, property taxes and insurance totaling over $800 a month. And he’s told it could be two years before he can legally boot her freeloading butt out the front door, given the bureaucratic backlog.
In the past, the value of condos has gone down, but landlords could still collect their rent. It sounds like a significant portion cannot collect it now. As Peter and Jenny say “this is the worst decision of our lives”.
Your picture shows a confrontation between police and tenants and as you say this is just the start of fundamental changes to cities, condos and the sad future of amateur landlording.
“troubled times they had come, to my hometown”
Bruce Springsteen
As Trudeau and Morneau said,”the Canadian government
Went into debt so Canadians don’t have to! Let’s hope
they know when to stop spending….
Why would alleged fraud amongst employers in another country be noteworthy on this topic? – Garth
——
Because it would add balance to the clear continual focus on this blog of only going after the small bit players who are exploiting CERB, not paying their rent when they should, and of slamming those whose jobs come with some form of hated pension plan. This is not to say that I in any way support the idea of those who collect CERB and who are working full-time under the table, and those loathsome creatures who could pay their rent as their jobs have not been affected, but choose not to owing to the fact that there are no consequences at this stage. However, making some effort to expose the corruption of those higher up the food chain who run businesses (some with political connections) who are unduly collecting $$$ with no oversight. This is ripe for corruption and abuse as well. Although the article focuses on the US, I would not surely think it is happening here in Canada on perhaps a lesser scale. So if we are talking about people taking advantage in this situation, there are others farther up the food chain who perhaps should be examined. What about the Gov’t not forcing the airlines into giving refunds like in other countries is a clear-cut example.
Tenants keep your rent.
Landlords keep your distance.
No Covid evictions. Not now. Not ever.
https://twitter.com/ParkdaleOrg?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
Peter,
Don’t despair, hold out until this mess is over and sue the beejesus out of the tenant for breach of contract which should get you awarded damages as a consequence of the breach. Hell, if you got a lawyer friend, have them file a suit against the city for punitive damages as but for the city and province’s actions, the consequences you are undergoing could have been avoided.
On second thought….why wait and sue. Just wait till your tenant goes to work and change the locks. Worried what you are doing is wrong? Let the absentee Landlord/Tenant board decide. LoL.
#38 crowdedelevatorfartz on 07.09.20 at 3:58 pm
“…the pot smoking…”
—
CEF, you seem obsessed with pot smokers having mentioned it several times in recent posts. I, personally, hate the stuff and am not a fan of the rise of the crappy head-shops, but I wonder why it’s such a big deal for you. Sincerely. This isn’t a call-out, I’m curious.
It wasn’t necessary to stick it to them with that final comment about the DB pension. You’ll get yours when JT taxes capital gains and dividends.
#6 TurnerNation on 07.09.20 at 2:48 pm
It’s just an email account
It’s just for protecting others from hate speech
It’s just for protecting others from hurt feelings
—————
believe it or not, it’s already happening. Started in 2018 to “protect again hate speech”….now everyone has to have their real names on social media.
https://www.hrw.org/news/2018/02/14/germany-flawed-social-media-law
P+j should buy a thousand or so of these babies:
https://flukerfarms.com/hissing-cockroaches/
They’re only a couple bucks each.
Fill the closet, bathroom, fridge, and especially the bedroom.
Personally, I’d pump a few hundred into her mattress and cut in several exit points to enable these little buddies to “cuddle up” at night as they are mostly nocturnal.
Leave for extended vacation directly thereafter.
I don’t know why real estate losers get to whine so much. Equity losers are expected to suck it up in silence. Real estate investment has risks. It is a risk, a very heavily leveraged risk.
Sounds like Peter and Janey have a future eating PB&J sandwiches, that sucks.
The social worker has spent her entire education being schooled in marxist thinking that private property is an evil and unjust idea, and therefore nothing inherently wrong with stiffing the landlord.
Not really different than say stealing someone’s car, but they somehow rationalize it.
It’s a short term thing, and will come back to bite the tenants later in life, like a criminal record or bankruptcy, easy to find on a Google search if the landlord files an action using their full legal name in some public body like a court that can be searched. Good luck getting a good rental again.
Private real estate is going to be pooched by high taxes, one way or the other. It’s an asset that can’t flee the country.
With the money printing that’s going on now, Gold makes more sense, some in physical form. Buy and hold, a 2x capital gain will come at some point in the future…the simple mathematics of money printing. Go for a small position in Bitcoin if you understand it (keep the keys) and can buy and hold for a few years.
On the earnings side, try and find something to do that you can either export out of the country or export yourself out for a portion of the year. Set up bank accounts in multiple countries and try and work with family that you can trust across borders.
How do you think the average west side Vancouver home is purchased for $5M buy people claiming $60k/yr in income?
How is the DB pension part relevant? Please stop shaming people who have them. Raise up, don’t drag down.
Hardly a shaming. She is stealing their pension, when they’re funding hers. Seems relevant. – Garth
#46 yvr_lurker on 07.09.20 at 4:21 pm
Well said.
I’ll add that if a mortgage holder is getting a holiday, then that should be extended to renters to an equal extent. As Garth noted, banks are supported by the gov’t in giving these holidays partially to enable passing down the freeze of capital exchange that is a hallmark of COVID lock-downs. This only means that the rent amount is deferred, not eliminated. A renter who can pay certainly should, but if that renter’s landperson is seeing a mortgage holiday, then they have much less leverage ethically speaking to demand rent from a tenant. They still have some, but much less.
I like the idea of mutual circumvention of eviction tribunals wherein renters and rentees mutually coming to a workable plan. Eventually, the rent does have to get paid. I agree with Garth there.
Frankly, like the “Defund the Police” folks, the “Keep Your Rent” people may have an angle, but their messaging is massively alienating to those they most need to influence. They need marketers. Maybe all those soon to be out of work Realtors (TM) can apply their skills?
Landlords who defer mortgages end up with more debt. Tenants who do not pay their rent never will. Get a grip. – Garth
This is like Plato’s chained, watching shadows on the wall. I’ll play along.
If not for small landlords, i.e. condo for rent investors, which have been around for more than 30 years, no new rental housing might have been built, as very little was until very recently. Might we argue the inverse? Point one.
Two, bought long ago, well maintained and located condos have low fees, taxes, and tightly run administrations, and bring fat rent.
Its work, but what isn’t. And houses get bought and rented too!
And, if anyone thinks they have a very nicely positioned portfolio, or timed this just right, I wish them well. Because this pandemic is like the market, more shadows on the wall I fear, we, I, only play along. This is it, I dont think I’m being fatalistic.
The core’s now a ghost town. People have to mask up when they ride the streetcar, run to the store for avocados or get a new tat. Bars are empty. Patios, too
Yorkville has been packed every night for the past two weeks… patios, exotic cars, loitering, ice cream, gelato.
packed.
Downtown where my office is? ghost town.
#42 Beetman on 07.09.20 at 4:02 pm
Here’s a thought!
Maybe there should be, if there isn’t already a registry where all dead beat tenants are registered and the only way to get your name removed is to make up the short fall in rent or at least a amiably compromise between the two parties.
———————————————————
A blacklist? LOL I wouldn’t want to be anywhere near that legal battle…
I feel sorry for the guy who bought a condo to try and profit off renters, but for every free-loading unethical person like that social worker renter, there are 10 stories of landlords who screw tennants, outrageous rents, refusing to make even minor repairs, refusing to paint in suites, etc. so it works both ways. If the govt actually continued to build rental housing instead of turning it over to greedy speculators to build and sell condos, renters would be in a much better position.
#9 BCpaul on 07.09.20 at 2:50 pm
What’s really scary is that the largest portion of Canadian GDP, by far, is real estate — which is twice as big as the next largest industry, manufacturing.
-Hopefully this will force a much needed shift of investment and GDP % away from real estate into something more productive.
Some industry or business out there has a large opportunity coming up. Which one is the million dollar question.
MF
#56 AM in MN on 07.09.20 at 4:50 pm
With the money printing that’s going on now, Gold makes more sense, some in physical form.
—
did you ever heard of tungsten rods? just read what is involved in buying and selling back bar or coin. They were xraying every time before they buy them back, for more than 10yrs that i know and is around ?? (70 if i remember correctly) per bar. Diamonds are even worce than metal…
You better start chequing, here is how without xray. that magnet is from hard drive. Magnet is a funny thing…
https://www.youtube.com/watch?v=foELQ7T8_90
https://www.usnews.com/news/health-news/articles/2020-07-09/who-acknowledges-coronavirus-can-be-airborne-indoors
Corona virus can be airborne indoors. So much for your masks “can” prevent the spread. Hahahaha. What now? Full hazmats suits to go shopping?
Also hate the knock on DB pensions. Check out this article that explains the well-funded effort to dismantle them:
https://www.google.ca/amp/s/www.nytimes.com/2018/03/05/opinion/investor-class-pensions.amp.html
Middle class jobs with pensions are a GOOD thing we should all strive for.
@#50 Faron.
“but I wonder why it’s such a big deal for you….”
++++
Not so much pot as the legalization and the explosion of it’s use.
I smell it every where now.
I smoked pot from a very early age until my mid twenties.
The stuff now is mind boggling and Trudeau made it EASIER for people to get high on stronger stuff?
The dumbing down of the population seems to be in high gear (pun intended).
Trudeau pandering to the kiddie vote.
Nor does pot improve work ethic…. quite the opposite.
Toss in Universal Basic Income and an entire generation will be, stoned, fat and playing video games.
#52 n1tro on 07.09.20 at 4:35 pm
This is a prickly and complicated topic. On one hand free speech is important. People have to be able to share ideas. On the other hand, it has limitations.
When free speech becomes abusive or violent it’s now something different and needs to be censored.
We’ve seen radical views on these social media platforms popping up everywhere. There have been violent acts committed as a result. Garth mentions the garbage he has to sift through daily in the comments all the time as well.
I don’t have the answers, but I caution looking to that other poster for any insight as well.
MF
Comments are getting hard to read.
So many miss the point. The issue isn’t what to do about landlords not getting rent, or tenants not paying it.
The only issue is why in the h3ll is government getting involved.
If landlords could still evict, guess what would happen: tenants would pay rent. They’d get roommates. Negotiate discounts. Sell a few items. You know…capitalism and all.
Dear Sheeple, government caused this, and yet 98% of you expect government to solve it.
Now can you see what you’re missing?
Yes!
https://nationalpost.com/news/im-glad-i-signed-it-jeet-heer-argues-harper-magazines-free-speech-letter-advocates-for-basic-anodyne-principles
Re YVR Lurker
Because it would add balance to the clear continual focus on this blog of only going after the small bit players who are exploiting CERB, not paying their rent when they should, and of slamming those whose jobs come with some form of hated pension plan
Here here! This blog is so unbalanced it is a joke. Garth deletes posts that he doesn’t agree with and he continually focusses on a small minority of freeloaders who are screwing landlords without mention of how renters have been getting shafted for years. Instead of demonizing people with pensions–a common tactic of the right–we should be asking why more of us don’t have them. The fact is that average workers have seen their rights erode steadily as well as their incomes since the ’70s/
#56 AM in MN on 07.09.20 at 4:50 pm
Just maybe some people go into social work to help others? Are we back to the McCarthy era here now where everyone is labeled a “marxist” the second they disagree?
Bitcoin is a heavily manipulated a none-currency used mostly by criminals for money laundering and tax avoidance. Hard pass.
Gold as a currency is wholy flawed. There isn’t enough gold around for when dollars lose value, and not enough room to store it when dollars gain. Huge wipsaws in economies occur. Huge inflation, no inflation, huge inflation, no inflation etc. This fantasy of gold being anything useful is just something frustrated and uneducated people peddle.
Gold stocks as a ploy are different, but produce the same pridictable results. Huge jump during an initial part of a crisis, then 5-10 years of decline.
Fiat, for all it’s flaws, is the best we’ve got. Just like capitalism. Get used to it.
MF
“But wait. I thought this was all going to be over by now.”
– Marie Antionette
Has anyone else noticed a W forming in the markets?
I tried earlier today to reply to bulldozer boy under the name “charmed”, nothing happened so I’m still Wrk.dover here in the dog park.
My solar electric grid tie toy in NS has a 13 year payback, at full billing. Math works on any level of consumption/with matched capacity installation.
Electricity is 15.8 cents plus HST plus monthly base rate.
When power increases, 13 years decreases, maybe solar gear increases at the same time while currency craps out, Bruh.
Plan B is buy enough stock to cover your power bill with divvies. Solar wears out shares don’t. Yet. No tax on free power, divvies are not so free.
Do your math, then do the right thing. (get all in now)
Oh the joys of socialism.
The young social worker is nothing more than a victim of the “patriarchy” so not paying rent is nothing more than just compensation for her suffering.
She is actually owed more and if you continue to vote in socialist you’ll get to find out what else she is entitled to.
She may desire a child and she would like the equivalent of $60,000 a year to raise it on your nickel. After all it is only fair that you pay for her desires especially if no one wants to step up to the plate and marry her and pay.
Get used to it folks.
You are evil and therefore you must pay them off because they have decided that they are good and you owe them.
Rather than allowing the indiscriminate almighty dollar to run the show they have decided that the show is subject to their rules which are arbitrary according to their “feelings”.
They are not accountable or responsible. All the fault lies with the “patriarchy” and it is time for you to pay.
Bend over it’s tax time and they will be coming fast and furious.
RE “lso hate the knock on DB pensions. Check out this article that explains the well-funded effort to dismantle them:
https://www.google.ca/amp/s/www.nytimes.com/2018/03/05/opinion/investor-class-pensions.amp.html
Middle class jobs with pensions are a GOOD thing we should all strive for.”
Agree, but most right wingers are too ignorant to realize this. Ironic that this is a financial blog and he gets this wrong.
Investments go up, investments go down. Not everything is a slam-dunk forever. It’s always a gamble.
In my opinion and experience the renters and landlords in this case are both thieves. The tenant that does not want to pay rent should live in a communist place where they tell where you got to live and with who you have to live with. Try to complain there, you will disappear a warning to others what will happen if you don’t like it.
The landlord like many took advantage of ridiculous interest rates, mortgage rates 2%,, 2.5%, 3% for years now where GIC holders which lend indirectly are getting ripoffed big time losing to taxes, inflation to these real estate, highly indebted Canadians who would brag about making alot of money renting out and flipping condos, houses with little work and effort.
The real winners here is the banks, lenders covered by CMHC and other insurance backed government programs and real estate industry, mortgage brokers etc.
I am using my $300 Canada Fed money to pay property taxes so that local governments can pay salaries and top up pensions.
I think the policies of Justin and his merry band of experts stink. First thing, interest rates should higher and end this MMT charade quickly.
I hike trails around victoria – I often see slugs on the path, slow, slimey, gross, kinda like these people that don’t pay their way and ruin other people’s lives
Remove the front door and windows. That might get her to move on or pay the rent.
Poor reflection on social workers as well. These are the people trying to show other people how to live? By being a freeloader!
“mortgage holiday” for the want – to – be …..
Its coming, wait for it …
JUBILEE for the well connected elites and their highly specialized enablers who wrote the rules and regulations
Landlords who defer mortgages end up with more debt. Tenants who do not pay their rent never will. Get a grip. – Garth
—
Good point, I overlooked that part. I’ve argued and outlined a plan before in that rent “deferral” should be seen as a loan with interest and fees where they apply payable to the ll. Sounds like Ford’s bill is headed in that direction. Maybe future lease agreements will hint at such a structure.
Landlords who defer mortgages end up with more debt. Tenants who do not pay their rent never will. Get a grip. – Garth
——————————–
Right, but if a mortgage deferral is available to homeowners and landlords, then some sort of LEGAL rent deferral programme should have been made available to renters, in which the renters would be bound to pay up eventually (just as mortgage deferral recipients will have to pay up).
I realize this idea is complicated. The government would have to set up some sort of enforcement for those who defer rent to ensure they eventually pay their landlords, and it would be a massive bureaucratic nightmare. But in the name of fairness and equality of opportunity it would have been the right thing to do.
It just doesn’t sit well with me that homeowners AND specuvestors were given legal means, forced onto the banks by the government, to shirk their payments with zero penalty (aside the minuscule extra interest) but renters were not accorded the same opportunity.
Those who deferred their mortgage payments could have used that money to make a killing in the stock market, and I am sure many did just that. Renters had no equivalent deferral programme allowing them to do the same (not legally, that is).
Maybe landlords just need to get a real job.
Owning something isn’t actual work worthy of remuneration.
CED, IHTC yesterday’s posts 153,158
Re: Marshall Plan
I contemplated if I should even respond to your ignorant and condescending posts.
Have you ever heard of Wirtschaftswunder”?
To make my reply short and save time and blogspace, I’ll just direct you to the following
https://en.wikipedia.org/wiki/Wirtschaftswunder
https://en.wikipedia.org/wiki/Wirtschaftswunder
And yet another reason to live under the line with a fat cushion from long term gains so you are not paying any taxes…
I’m not paying for ANY “entitled” Government worker’s DB pension who is so classless not to abide by a rental contract.
EVER.
Nat, pensions are really bad financially managed promises that rarely works out for pensioners paying for 20, 30, 40, 50 years etc. I don’t want to be dictated by a pension plan administrator, union or some other bureaucracy, government agency about my financial future, finances as real big in the hundreds of thousands of dollars. I have seen many and many more examples of pension plans by unions, government and agencies that are big money balckholes.
What was wrong with having a good savings mentality, good savings account rates and GIC rates. This was to compensate for good savings habits and good attitude toward thinking of the future, prudent, responsible, forward thinking Canadians.
If they really where interested in giving decent interest rates of 5% or more to individual Canadians and their families with so many plans to help us today, RRSP’s, TFSA’s, RESP’s and non-registered accounts we would all have encouraged and done better money decisions and not be in so much debt.
We used to have a very high savings rate which is how much of our net income was saved per year of at least 15% to as high as 18% if i am remembering correctly. RRSP’s and TFSA’s maxed out getting at least 5% would compound very nicely and in 25, 30 years easily each member of a family could have $600,000 to $1,000,000.
The problem is how would all the pension plan administrators, plan managers, pension plans keep making a boat load of money on poor workers and pensioners promising high pension payouts, $4,000 to $5,000 a month after 25, 30 years from retirement with only $500, $600, $700 a month pension contributions out of a workers paycheck.
Unrealistic high paying promised pensions were shaky from the very start and were given to pay lower wages, salaries starting back decades ago to pay lower wages, salaries, benefits with a promise they knew could never deliver.
Those of you whining about Garth’s mention of this deadbeat’s DB pension can go pound salt. All civil servants are in a very privileged position and should never, ever forget it. So shut up. I say this as a former civil servant and current small business owner. “My taxes pay your salary!” I am not a landlord, but if I was in this situation, I would definitely do everything possible to make her life a total misery.
How on earth can a “social worker” not see the hypocrisy in what she is doing? Just goes to show that nobody has any morals anymore, not even the people who are suppose to be enforcing them.
I feel the rule of law is slipping away in the west. But what will replace it? It is generally accepted that the rule of law and property rights were what allowed the west to prosper so much faster than the rest of the world did. What will happen if nobody can collect what’s owed them anymore? The lenders and landlords will certainly withdraw their services and the impact of that could be far greater than the shut downs. This is another monster let loose from Pandora’s box by covid.
So let’s see what monsters we have so far:
CERB
Business bailouts
Small business closures
Depression style unemployment
Keep your rent
Mortgage delinquencies
Credit card / car loan delinquencies
Protests and street violence
Political upheaval
Massive government deficits
Accelerated change to office habits stranding office space
Cottagers stay away and other social deteriorations
School closures
Scouts/sports/etc. cancelled
That’s probably enough for today. I am sure there are more. I need a drink.
#68 Doug t on 07.09.20 at 5:55 pm
I hike trails around victoria – I often see slugs on the path, slow, slimey, gross, kinda like these people that don’t pay their way and ruin other people’s lives
—————-
Yo bro, quit hating on the gastropods. Did you know they have a body length penis?
https://www.mentalfloss.com/article/91588/10-slippery-facts-about-slugs
Of all the condo addicts, the amateur landlords are the most pathetic. Strangely, that includes a lot of Doctors.
I guess, they don’t teach basic finance in Med Schools.
8 chimingin on 07.09.20 at 6:20
Yeah I’m pretty sure civil servants pay taxes too there champ.
MF
Peter and Janey:
Time to play dirty….crazy glue the lock on the door for starters and harass, harass, harass.
Make it as uncomfortable as possible on the lowlife and hope you have insurance to cover the damages when the lowlife destroys the place before moving out.
When dealing with pigs, sadly you have to be one….it’s the only thing they understand.
SOWEEEEEE
#71 Rather than allowing the indiscriminate almighty dollar to run the show they have decided that the show is subject to their rules which are arbitrary according to their “feelings”.
They are not accountable or responsible. All the fault lies with the “patriarchy” and it is time for you to pay.
Bend over it’s tax time and they will be coming fast and furious.
———————–
I fear that you must have eaten your daily lump of coal. Posts always on the same theme with the slant to soured marraiges or relationships. Perhaps someone has a cuddly labrador to lend you to bring some cheer.
#73 Faron on 07.09.20 at 6:02 pm
Landlords who defer mortgages end up with more debt. Tenants who do not pay their rent never will. Get a grip. – Garth
—
Good point, I overlooked that part. I’ve argued and outlined a plan before in that rent “deferral” should be seen as a loan with interest and fees where they apply payable to the ll. Sounds like Ford’s bill is headed in that direction. Maybe future lease agreements will hint at such a structure.
———————————–
The problem with the mortgage deferrals – well, aside from the morally hazardous government intervention into private bank-citizen contracts – is that they were given out to everyone who asked regardless of need. For some of the banks it was as easy as clicking a button in your account online “Do you want to defer your mortgage for 6 months?”.
The result is that affluent mortgage holders without any need to defer received a 6 month windfall to put in the stock market. The gains harvested would easily outpace any extra interest tacked onto the deferred mortgage payments.
Renters weren’t legally allowed to do the same – defer 6 months rent, put the money in the stock market, then pay up later.
Owners have equity invested and substantial expenses outside of financing. Plus deferrals add to debt and tarnish credit reports. Hardly a windfall. Renters have no equity at stake, no accommodation overhead and will never repay missed rent. There is no valid comparison. – Garth
#66 ‘Nat’ – totally agree. Don’t understand why the focus is on taking pensions away from people instead of getting the same deal for everyone. I’ve read comments about taxing all government worker pensions. Hate to break it to the ignorant, but pension income is taxed. All pension income. Even (gasp) CPP, OAS and GIS. Further, those that have additional work related pensions of whatever variety have their RRSP contribution room reduced by the value of their pension contributions. This is known as the ‘pension adjustment’. Depending on your pension, this can have serious financial consequences of a negative nature on your retirement income, especially if your counted on work related pension is gutted by politicians looking to be re-elected. Or just gutted by other means, as those who belonged to Nortel, Sears, Air Canada, Enron etc. can tell you.
As for the whole landlord & tenant kerfuffle, the old saying ‘two wrongs don’t make a right’ more than a little relevant. CERB & other government assistance was meant to ensure people could pay their bills until they got back to work. Insofar as I’m concerned, anyone who took that assistance & then refused to pay their bills should at the very least have to pay all that assistance back. I’ve no issue with helping others; what I object to is outright theft & especially the idea said theft will be paid for out of public money.
#232 Sail Away on 07.09.20 at 3:18 pm
#230 Faron on 07.09.20 at 2:37 pm
Tesla Dog Mode is the best. Although the pup did chew a hole in the passenger seat at the grocery store the other day. That’s kids for ya… At least he was comfortable.
I could send a hunnaband your way for another couple Echos if it would help?
—
Sure. I’ve long dreamed of having a yard full of cheap Tercels to pull parts from as the primary car ages. Should work for the ’05 Echo. You know where I work. Send the dollars there.
#61 SeeB on 07.09.20 at 5:11 pm whines:
“#42 Beetman on 07.09.20 at 4:02 pm
Here’s a thought!
Maybe there should be, if there isn’t already a registry where all dead beat tenants are registered and the only way to get your name removed is to make up the short fall in rent or at least a amiably compromise between the two parties.
———————————————————
A blacklist? LOL I wouldn’t want to be anywhere near that legal battle…”
————————————
It would be a short legal battle and an easy win for the landlords. Just the facts. Proper name, number of months rent not paid, balance owing. Easy to do, and facts aren’t libel nor slander. They’re just facts.
Blogdogs still debatting climate change?
What about abortion and same sex marriages?
Those trains have left long ago.
Time to step off the platform.
Meanwhile in Niagara region.
Home sales stats YoY for June.
New listings -1.6%
Number of sales +7.6%
HPI benchmark price +11.4%
Days on market +5.3%
https://www.niagararealtor.ca/sites/default/files/Stats%20Package%20June%202020%20-%20COMPLETE_0.pdf
King Justin, the teflon man, better have some sort of plan(s) in place or things might go off the rails in a big way later this year and into 2021. Here’s hoping he and his band know what they are doing.
BB
The Lanlord should try filing 2 complaints with the Ontario College of Social Workers to see if it’ll light a fire under her ass. Only consider dropping the complaints after she pays you money owed and moves out. Of course with her and not the landlord giving written notice.
Registered Social Workers must:
10) A social worker or a social service worker shall promote excellence in his or her respective profession;
11) A social worker or social service worker shall advocate change in the best interest of the client, and for the overall benefit of society, the environment and the global community.
https://www.ocswssw.org/wp-content/uploads/2018/09/Code-of-Ethics-and-Standards-of-Practice-September-7-2018.pdf
#67 crowdedelevatorfartz on 07.09.20 at 5:34 pm
Those are about my sentiments. I grew up in a house full of stoners and have a negative knee jerk reaction to weed. But, I also know a fair few wicked smart and accomplished stoners. Seems like a drug that’s harmless to some brains and really rough on others (like mine). Not unlike the COVID.
#75 Wrk.dover on 07.09.20 at 5:51 pm chortles:
“I tried earlier today to reply to bulldozer boy under the name “charmed”, nothing happened so I’m still Wrk.dover here in the dog park.
My solar electric grid tie toy in NS has a 13 year payback, at full billing. Math works on any level of consumption/with matched capacity installation.
Electricity is 15.8 cents plus HST plus monthly base rate.
When power increases, 13 years decreases, maybe solar gear increases at the same time while currency craps out, Bruh.
Plan B is buy enough stock to cover your power bill with divvies. Solar wears out shares don’t. Yet. No tax on free power, divvies are not so free.
Do your math, then do the right thing. (get all in now)”
————————————–
Nonsense. How much per KwH is either the taxpayer or ratepayer subsidizing your usage and installation? You and Barfy Train constantly evade this question.
#89 Greg, while I agree with a lot of what you’ve said, people are have shown they are hedonistic. Forcing employers to match contributions on pension plans (that unlike RRSPs, can’t be accessed early) is a better plan than hoping people figure it out for themselves. At least the pensioners will be off the government dole in retirement. Can’t say the same for many others reaching retirement soon.
People who sympathize with this social worker/loser and other rent strikers should ponder the consequences of a world where a large number of people, and a large amount of capital decide that the rental business isn’t worth it.
How is it relevant that the renter is female?
Even more so, how is it relevant that the renter is a social worker? This sounds like bias to me.
Also, sure, let’s have a deadbeat tenant blacklist. Actually there already is one if you know where to look. I’ve seen it years ago. But if we’re going to do that, don’t complain about it when tenants create a deadbeat landlord or property manager blacklist. Goose. Gander.
Care to see my pronouns? – Garth
the robinhood platform
https://www.nytimes.com/2020/07/08/technology/robinhood-risky-trading.html
===========
Never Before Have I Seen So Much Fake Unemployment & Jobs Data by the Bureau of Labor Statistics. Labor Department Nails It
by Wolf Richter • Jul 2, 2020 • 206 Comments
Labor Department today: People on state & federal unemployment insurance jumped to 31.5 million, worst ever.
Bureau of Labor Statistics today: 4.8 million jobs created, unemployment dropped by 3.2 million.
BLS under-reported unemployment by 13.7 million, based on data from the Labor Department. What’s happening is infuriating. Read and cringe.
https://wolfstreet.com/2020/07/02/never-before-have-i-seen-so-much-fake-unemployment-jobs-data-by-the-bureau-of-labor-statistics-while-labor-department-nails-it/
=========
https://www.motherjones.com/politics/2020/07/supreme-court-rules-that-trumps-accounting-firm-can-release-his-tax-returns/
#232 Sail Away on 07.09.20 at 3:18 pm
#230 Faron on 07.09.20 at 2:37 pm
Tesla Dog Mode is the best. Although the pup did chew a hole in the passenger seat at the grocery store the other day. That’s kids for ya… At least he was comfortable.
I could send a hunnaband your way for another couple Echos if it would help?
—————-
Sure. I’ve long dreamed of having a yard full of cheap Tercels to pull parts from as the primary car ages. Should work for the ’05 Echo. You know where I work. Send the dollars there.
—————-
Cool. I got your address from the front desk and am sending three wrecked ’05 Echos over. Told the driver to leave them in the front yard.
I’ve heard first hand that living in Toronto right now, just plain sucks. They transitioned from a cold winter to a … closed summer. No activities, distancing everywhere. You’re right Garth about cities not being desirable anymore. And Toronto seems to be the center of it.
#92
Lol now I jelly
#109 David Greene on 07.09.20 at 6:45 pm
Care to see my pronouns? – Garth
Ha! That’s good. Something tells me Garth doesn’t go by Zhe.
David, I thought the same thing, but I then considered that Garth is an author and knows the importance of colouring a scene with detail. And, benefit of the doubt should always go to the host.
Of course I know they pay taxes, mf. It was a quote. Don’t be even more annoying than you already are.
@#87 Ponzie Pastry
Soooooo.
Austrian strudel isn’t as tasty as claimed?
Linda, GIS, Guaranteed supplement is not taxed, it is completely tax free. There are also some provincial support or supplemental pension programs and social benefits for seniors, lower income Canadians that are also tax free. It is not true that all pensions are taxed. Some are partially taxed while others are not taxed at all.
There are certain public sector pensions and their agencies that are not taxed like certain military and others. C.P.P. and OAS is not that much maybe $1,500 a month max together and is fully taxable. I believe the average is $1,200 a month together C.P.P., OAS for most Canadians. It is not a highly paid out promised pension like many defined pension plans paid to government workers, $3,000 to $5,000 a month plus 2%, 3%, 4% annual increases.
Also, the comments I have read on this forum about taxing pensions a few times mentioned is not about income taxes paid on annual pensions but taxing the annual pension values which are not taxed. All the CBC and other public sector workers conveniently fail to mention that their annual pension values are not taxed as they want new taxes like wealth taxes and other taxes on capital, higher capital gains taxes, capital transfer taxes.
They never talk about taxing annually their own highly valued generous pension wealth values which in most cases would be are 50% or more worth less in value if it were not for the Canadians taxpayers dollars put in their overly generous government workers pension plans. This would also have a big impact of instead of receiving $4,000 a month pension for being a government worker they would only get $2,000 or $1,800 a month much less because the other 50% or 60% was not topped up, put in by Canadian taxpayers dollars in which most Canadians have to live on much less with C.P.P, OAS and maybe GIS. It is hypocrisy at the highest level on their part about this false debate on equality.
Many people are not that familiar with income taxes laws and what taxes and from what governments they are taxed from. Canada has a very high tax rate combining federal, provincial, municipal and other taxes, user fees etc. The highest tax rates combined income taxes, property taxes, H.S.T, G.S.T., other consumption taxes, health taxes, user fees like garbage fees etc. etc. could easily be in the 75% to 85% in Quebec, Ontario, BC, Newfoundland etc.
DELETED
#109 David Greene on 07.09.20 at 6:45 pm
How is it relevant that the renter is female?
Even more so, how is it relevant that the renter is a social worker? This sounds like bias to me.
Also, sure, let’s have a deadbeat tenant blacklist. Actually there already is one if you know where to look. I’ve seen it years ago. But if we’re going to do that, don’t complain about it when tenants create a deadbeat landlord or property manager blacklist. Goose. Gander.
—————-
Goosing the Goose is good for the Gander? If it’s good for Ganders to goose, should the Goose goose a Goose? If a Goose gooses a Gander, is the Goose now a Gander? If you gander at a Goose, have you goosed a Gander?
@#97 Howard on 07.09.20 at 6:27 pm
#73 Faron on 07.09.20 at 6:02 pm
Landlords who defer mortgages end up with more debt. Tenants who do not pay their rent never will. Get a grip. – Garth
—
Good point, I overlooked that part. I’ve argued and outlined a plan before in that rent “deferral” should be seen as a loan with interest and fees where they apply payable to the ll. Sounds like Ford’s bill is headed in that direction. Maybe future lease agreements will hint at such a structure.
———————————–
The problem with the mortgage deferrals – well, aside from the morally hazardous government intervention into private bank-citizen contracts – is that they were given out to everyone who asked regardless of need. For some of the banks it was as easy as clicking a button in your account online “Do you want to defer your mortgage for 6 months?”.
The result is that affluent mortgage holders without any need to defer received a 6 month windfall to put in the stock market. The gains harvested would easily outpace any extra interest tacked onto the deferred mortgage payments.
Renters weren’t legally allowed to do the same – defer 6 months rent, put the money in the stock market, then pay up later.
Owners have equity invested and substantial expenses outside of financing. Plus deferrals add to debt and tarnish credit reports. Hardly a windfall. Renters have no equity at stake, no accommodation overhead and will never repay missed rent. There is no valid comparison. – Garth
–
sounds like howard is a dirtbag renter
#111 Sail Away on 07.09.20 at 6:57 pm
#232 Sail Away on 07.09.20 at 3:18 pm
#230 Faron on 07.09.20 at 2:37 pm
Cool. I got your address from the front desk and am sending three wrecked ’05 Echos over. Told the driver to leave them in the front yard.
—
Dude, you offered a hunnaband!
But if you must, can you order them in blue, 3 door hatchback, manual tranny? Preferrably not in scrap metal cube form? And while I’m asking, can I take that sail boat, the 50 footer you mentioned, for a spin around Vancouver Island? I like adventure, probably more than the next guy, but 22′ of boat rounding Cape Scott sounds like a tough time.
Thanks
#110 Jess
Re: Fake unemploymemt data.
———-
Completely agree.
Probably the most politicized data there is.
No fact checking, and no accountabillity for accuracy.
Constantly adjusted, prone to errors.
In short, don’t quote it.
Unless, you’re the Prez.
#117 crowdedelevatorfartz on 07.09.20 at 7:08 pm
@#87 Ponzie Pastry
Soooooo.
Austrian strudel isn’t as tasty as claimed?
—————
This one I have to concede.
to comment # 106 Faron
” I grew up in a house full of stoners…”
So…. that explains your posts perhaps.
Second hand pot smoke issues maybe ?
Beetman on 07.09.20 at 4:02 pm
Here’s a thought!
Maybe there should be, if there isn’t already a registry where all dead beat tenants are registered and the only way to get your name removed is to make up the short fall in rent or at least a amiably compromise between the two parties.
…..
Good idea. But methinks that the privacy advocates would object. I feel that privacy protects criminals and good people suffer.
Citibank Slapped With $30 Million Fine For Leaving Hundreds Of REO Properties Vacant Past The 5-Year Limit
Federal investigators found more than 200 violations between April 4, 2017, and Aug. 14, 2019. However, Citibank states that the problem was limited to those 200 properties.
Federal banking regulations only allow banks with a two-year limit on possessing foreclosed properties. However, the rules stipulate that banks can apply for an annual exemption that can push their ownership of a property to as much as five years.
The OCC claims Citibank violated that rule by holding onto hundreds of foreclosures for longer than the five-year limit. The federal bank regulator also said in a statement:
The OCC found the bank engaged in repeated violations of the statutory holding period for OREO. These violations resulted from the bank’s deficient processes and controls in the identification and monitoring of the OREO holding period. In assessing this civil money penalty, the OCC found the bank failed to meet its commitment to implement corrective actions, resulting in additional violations.
look back
Citibank fined $30 million for holding onto foreclosures for too long
OCC fines bank for exceeding 5-year REO limit on hundreds of houses
October 11, 2019, 5:50 pm By Ben Lane
https://www.housingwire.com/articles/citibank-fined-30-million-for-holding-onto-foreclosures-for-too-long/
======
“The threat that forbearance will transition to foreclosure has regained power because the number of COVID-19 infections is increasing and the CARES Act unemployment insurance benefits will expire at the end of July,” the Atlanta Fed economists said in the Thursday report.
The beefed-up unemployment benefits have kept forbearance rates lower than some of the most pessimistic forecasts of 20% to 30%, the paper said.
Instead, the forbearance rate was 8.6% of all active mortgages in June’s final week, Black Knight said in a Thursday report.
Economists are worried about a new round of layoffs if the COVID-19 resurgence forces states to reverse their reopenings. Federal Reserve Chairman Jerome Powell has warned that additional relief measures are needed from Congress to avoid “long-term damage” to the economy.
#72 MF on 07.09.20 at 5:44 pm
“Gold as a currency is wholy flawed. There isn’t enough gold around for when dollars lose value, and not enough room to store it when dollars gain”
Wow, where to start?
You don’t need to carry the gold coins with you, CB’s can back their paper with gold, or a basket of commodities. The US did this from 1913-1971, period of tremendous growth and innovation. Some argument that since then it’s been partially backed by oil…
The point is all pure fiat currencies fail, and the present ones will too. There is no political appetite now to turn off the printing presses. The failure also coincides with a destruction of private property rights and the rule of law, which are essential to “capitalism”. Garth’s blog today demonstrates a clear example of this destruction.
Without a moral foundation to the rule of law, such as “Thou shalt not steal”, the collapse will come.
Why do so many arrogant Canadians think that Canada will be different than Argentina, for example?
An unbacked fiat currency is just a wealth tax, but it is unevenly applied since those who understand it can game the system. Try reading “The Theory of Money and Credit” by Ludwig von Mises, then go on to “The Road to Serfdom” by F A Hayek.
History is full of masses of people engaging in destructive political movements, but not everyone goes down with the ship. Garth gives good advice on how not to be one that goes down, but I think he’s missing just how big the currents are moving under our feet right now.
Think and learn for yourself, this time is not different, lot’s of historical examples of what is going on right now, don’t drink the Kool-Aid.
Perhaps also to keep it focused, study the Argentine Peso from WWII until now, for faster and more dramatic examples of money printing, study the Russian Ruble after the fall of the Czar and the Bolivar after Chavez. Too many parallels, especially when you consider the political mood on the streets.
to comment # 58 Faron
I thought you committed a few days back to opining on matters where your “education” could give your comments some credibility or relevance to the issue being discussed.
Maybe you should stick to that commitment, you embarrass yourself at times and I’m not sure that you even realize it.
#86 SunShowers on 07.09.20 at 6:09 pm
Maybe landlords just need to get a real job.
Owning something isn’t actual work worthy of remuneration.
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What a warped way of thinking. Oh I see, so I work my butt off to earn enough to be able to by a property so that you can live in and I am not worthy of receiving a return on my investment such as rent. Pathetic.
That is why this country is going down down down because there is no shame anymore. No I won’t pay this or I won’t pay that. If they go back to work or in too much debt that they cannot pay give up your fake lifestyle and change. Do not bring your misery onto others. You live there so pay up. It is disgusting.
#75 Wrk.dover on 07.09.20 at 5:51 pm
I tried earlier today to reply to bulldozer boy under the name “charmed”, nothing happened so I’m still Wrk.dover here in the dog park.
My solar electric grid tie toy in NS has a 13 year payback, at full billing. Math works on any level of consumption/with matched capacity installation.
Electricity is 15.8 cents plus HST plus monthly base rate.
When power increases, 13 years decreases, maybe solar gear increases at the same time while currency craps out, Bruh.
Plan B is buy enough stock to cover your power bill with divvies. Solar wears out shares don’t. Yet. No tax on free power, divvies are not so free.
Do your math, then do the right thing. (get all in now)
——-
I was severely tempted to get on the train when McGuinty brought in the microFIT program that paid solar producers .80/kwhr (lol!). But the whole thing moved way too fast for my liking, and that .80 payout did not last long.
I still think on a grid tie system from time to time, but nothing is going to happen at the bogus rates we are paying now. Our cost/kwhr all in is about half what it was 10 years ago.
It will start making sense again when we’re paying the .30-.40 kwhr they say is coming…
#96 Billy Buoy on 07.09.20 at 6:27 pm
Peter and Janey:
Time to play dirty….crazy glue the lock on the door for starters and harass, harass, harass.
Make it as uncomfortable as possible on the lowlife and hope you have insurance to cover the damages when the lowlife destroys the place before moving out.
When dealing with pigs, sadly you have to be one….it’s the only thing they understand.
SOWEEEEEE
————————————————————–
You just better hope they don’t vacate early in the morning and leave the kitchen and bathrooms faucets running. Then you may have some serious problems when it comes to dealing with the insurance company.
Shame on that freeloading social worker.
@#131 Steven Nicolle on 07.09.20 at 7:31 pm
That is why this country is going down down down…
———-
old buggers have been saying this for generations.
This time its going to happen though right?
#60 yorkville renter the downtown core is awakening. On Wednesday night decent numbers on the patios of Bymark, Moxie’s and Jack Astors.
Duke of Devon patio remains closed.
#92 Nonplused yup congrats on getting it. Note, all of that is occurring globally not only here.
This is a global rollow.
#125 Idiocy on 07.09.20 at 7:18 pm
to comment # 106 Faron
” I grew up in a house full of stoners…”
So…. that explains your posts perhaps.
Second hand pot smoke issues maybe ?
____________________________________
#129 Idiocy on 07.09.20 at 7:28 pm
to comment # 58 Faron
I thought you committed a few days back to opining on matters where your “education” could give your comments some credibility or relevance to the issue being discussed.
Maybe you should stick to that commitment, you embarrass yourself at times and I’m not sure that you even realize it.
__________________________________
Hey Faron, looks like you’re living rent free in this guys head lol.
Have any of you noticed a shortage of $10 bills in circulation? They released the 4-headed commemorative ones a couple of years back and then the vertical ones.
Normally, when a new bill is issued the old ones are almost totally gone from circulation within 6 months.
I’m beginning to think that a near-cashless society is about to foisted upon us, like they did in India 2 years ago, where all large bills had to be turned in to the bank within a month or become worthless and cash withdrawals were limited to a very small amount per month.
I think that they’re holding back on mass-releasing those new vertical $10’s. Anyone who wants to have lots of cash on hand better start hoarding all of those new, vertical $10 bills that they can get their hands on.
In fairness, the couple will be able to sue the non paying tenant fairly easily in small claims court and extract the money they are owed. I’m not sure if they’d be able to claim against the DB pension, but who knows? If the tenant has a car they could probably collect that with a sheriff, garnish her wages, etc.
The process is the punishment!
It is the new paradigm.
Nat, you are not informed about TFSA’s, RRSP’s and RRIF’s. They can be easily accessed in or before retirement. What you are being confused about is LIRA’s, LRIF’s, LIF’s which are money transferred from a pension plan to a specific type of RRSP, RRIF called LIRA’s, LRIF’s, LIF’s etc. which have some restrictions based on the province or provincial pension laws you are in.
As for government workers pensioners that are retired , they are still on government support or dole as you call it because at least 50% or more of their overly generous government pensions would be much less if it was only from their own money directly from their own government jobs paychecks. This means means thousands a month less if they not subsidized by Canadian taxpayers dollars.
Every year all or almost all government workers pension plans in Canada and i bet worldwide are in pension deficits being always backed, paid and topped up by Canadian taxpayers and taxpayers. This is why pension funding is such a huge problem as they have made promises that were too generous and out of wack from the very start with what was the real affordable monthly pension and keep just hitting the taxpayer every year for more and more money no matter what interest rates are and what real estate, stock market values are or investments values in general.
More and more people over the decades and really bad today people have this entitlement mentality that they deserve it without earning it or taking responsibility for it. Pensions and all this welfare, socialism, social programs up the wazoo which includes highly, costly, unafforable subsidized government pensions, benefits etc. will bankrupt us.
Every person should have more responsibility for their retirement and financial goals, saving, investing, family and other finances. If people don’t want to be this way then we will be drowning deeper and deeper in debt as government imposed debt, pension obligations and other highly costly badly managed, wasteful government spending, social programs, trying to be everything to everyone is financially unsustainable and will bankrupt us all even those government workers pensions that seem so rock solid which will fail too.
#84 Howard on 07.09.20 at 6:08 pm
Those who deferred their mortgage payments could have used that money to make a killing in the stock market, and I am sure many did just that. Renters had no equivalent deferral programme allowing them to do the same (not legally, that is).
—————————————————————–
So did you max out your line of credit when then market hit a low back in March in order to make a killing?
Hindsight is 20/20… I too could have have made a killing had I invested in TSLA back when Sail Away was bragging about his stock pick.
So what’s the value of the opportunity that is presented to a mortgage holder by deferring their payment and investing it instead? The S&P is up 41% from it’s low back in March, so a perfectly timed investment of $2500 (~one month’s rent/mortgage payment) would net you $1000 – a tidy sum for sure, but not a killing in my books. Alternatively, they could have arrived late to the party and invested it on June 8 and be down 2.5%.
N1tro:
“Corona virus can be airborne indoors. So much for your masks “can” prevent the spread. Hahahaha. What now? Full hazmats suits to go shopping?”
And that’s why you wear a mask – to prevent expelling droplets into the air. It’s called “source control”.
#88 Ponzius Pilatus on 07.09.20 at 6:11
Have you ever heard of Wirtschaftswunder?
——-
Sure, that’s what Harry Potter says when he wants to turn you into a chicken. :)
That link you posted had a whole section on the Marshall plan.
Also, if it were not for the 1/4 million US GI’s in West Germany after the war, Stalin would have taken the whole country. No economic miracle then…
Garth, do I need to bring a magnifying glass or an atomic microscope?
92 Nonplused one exception to the lockdowns and that is Sweeden. Why? They’ve already agreed to the chip implants. That’s what this is all about. Masked genderless workers, linked to their smart phones. Transhumanism. Man as a machine – to be controlled.
“People in Sweden are having high-tech futuristic microchips implanted into their skin to help them carry out everyday activities and replace credit cards and cash. … Like glorified smartwatches, the chips help Swedes monitor their health and even replace keycards to allow them to enter offices and buildings.Apr 10, 2020”
— Don’t take my word for it listen to the smiling front man for all this, Musk:
“www.cnet.com › news › elon-musk-neuralink-works-monkeys-human…
Jul 16, 2019 – Video: Elon Musk’s Neuralink wants to hook your brain to a computer in 2020. But the long-term goal is to build a “digital superintelligence layer” …”
— But hey keep being distracted, staring at cell phone, while the noose tightens.
Owners have equity invested and substantial expenses outside of financing. Plus deferrals add to debt and tarnish credit reports. Hardly a windfall. Renters have no equity at stake, no accommodation overhead and will never repay missed rent. There is no valid comparison. – Garth
—————————————————
What does having equity in a home have to do with government intervening in private bank-customer contracts to force a temporary bailout of deadbeat homeowners? Because that’s really what it was. And all I’ve read about these deferrals, outside this blog, is that they don’t impact credit scores one iota. I see no downside. Who cares about the pittance extra interest? Even that’s being waived by some of the banks.
If mortgage borrowers get to shirk their payments and use the money to play the stock market – and do so legally and due to government intervention – then what’s wrong with renters shirking their payments to do the same? What’s the difference? In the scenario I described the rent deferral would be legal and repayments enforced, just as mortgage repayments will (hopefully) be enforced. If the government can intervene in bank-customer contracts, it’s not a stretch for people to demand the government intervene in landlord-tenant contracts. Such is the folly of out of control government meddling.
#124 Ponzius Pilatus on 07.09.20 at 7:17 pm
#117 crowdedelevatorfartz on 07.09.20 at 7:08 pm
@#87 Ponzie Pastry
Soooooo.
Austrian strudel isn’t as tasty as claimed?
—————
This one I have to concede.
–
IMHO, the apple variety is quite uhh, “wunderbar” – heh.
Gramps used to feed us kids “Rusks” with this chocolate “hagelslag“ on it. Also good.
#65 n1tro on 07.09.20 at 5:22 pm
https://www.usnews.com/news/health-news/articles/2020-07-09/who-acknowledges-coronavirus-can-be-airborne-indoors
Corona virus can be airborne indoors. So much for your masks “can” prevent the spread. Hahahaha. What now? Full hazmats suits to go shopping?
————
The whole point of wearing masks is to trap virus laden phlegm and saliva leaving one’s mouth, preventing it from becoming airborne and contaminating surfaces.
Masks are very effective at this and helping to prevent the spread. This is why we should all wear them while in public spaces.
#54 R on 07.09.20 at 4:41 pm
I don’t know why real estate losers get to whine so much. Equity losers are expected to suck it up in silence. Real estate investment has risks. It is a risk, a very heavily leveraged risk.
#####################################
Having losses on real estate is one thing. That tenant is
a thief no better than a break and enter artist or a thug in a alley!
If tenants aren’t paying rent, wouldn’t that negatively affect residential REITs in Canada? Garth?
Speaking of downtown Toronto on a closed theatre (the occupying forces shut it down) a large lit sign 20 x 20′ has a quote like “We just want you to wear a mask” and someone’s name underneath.
That’s what this is about. Compliance with the new world order. We are in the compliance stage. Every city has rolled out the same insane signs, floor and door marking, rituals and rules. You cannot transact commerce without compliance. All individual rights have been removed.
September I strongly sense will be the next stage. CERB ends, no jobs as the government has ordered you shut – you are ‘non essential workers’ to them. They already said this. The choices will be bread lines, rioting, or war draft? History repeats.
The world is populated with a serious “**ck you vibe”. Many occasions I have couch surfed. In the GFC back in 2010 I had my big downfall (comeuppance) and stayed at my brother’s ranch on Sturgeon Lake up in the Kawarthas for several weeks. It has never occurred to me to not pay my rent. My generation must be dysfunctional being a boomer I don’t feel I could stiff the landlord for what is rightfully his rent. I guess all these politically correct educated kidz have a “new code to live by”.
I have changed my way of thinking over the past 24hrs. I will vote Liberal the next election so that Trudeau will be saddled with the mess he has wrought onto all Canadians. Let him figure out how to get out of this borrowing mess let him wear this. What a colosul waste of Trudeau is.
People holding illiquid assets into retirement are bonkers. It’s not whether your idiot BiL lucked out, it’s the real risks you face.
#129 idiocy
I’ve embarrassed myself in two ways today. first in posting way too frequently and wasting Garth’s and my time and second in responding to an anonymous coward who offered nothing yet is trying to claim some kind of righteousnes in a conversation they have no stake in. I’d much rather flail with ideas openly and risk being told than seethe in the ignorant darkness that you have given us no other option than to believe you wallow in.
good evening
#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
How much per KwH is either the taxpayer or ratepayer subsidizing your usage and installation? You and Barfy Train constantly evade this question.
————————————-
You paid installation and HST. Period end of story.
It pays it’s own way from there.
And Dozer boy, be prepared for the gear to go up in price as CDN $ sinks (according to you)
WOW, Just thinking about this whole scenario with a condo purchase at near the peak, a global pandemic,a renter who does not pay, shut down of the rental board, soon to be arriving real estate crash makes me think that this couple Peter and Jane are really unlucky. The odds of these events happening in tandem are astronomical.
Real Estate has not crashed in a while but it is all but inevitable now.
I know a few things about a bad trade as I am a stock and options trader so the important thing is to minimize the damage. The couple need to get the renter out of the condo quickly before the real estate market crashes in the Fall. If they have to buy out the tenant, then it might be worth it because they can lose a lot on the condo value when the crash happens. Sometimes the best lesson you learn is when you lose money. Real Estate can go down, it just hasn’t in a long time but I assess a 100% probability of a real estate crash starting this fall.
#148 Wrk.dover on 07.09.20 at 9:00 pm
To further clarify I paid for the gear up front, in full.
When the rent thieves find no one will rent to them later on the complaining will be epic.
They can’t sell since they cannot offer vacant possession to a buyer.
..
Not really true. In BC:
Landlord’s Use of Property
There are two ways a tenancy can be ended if, in good faith, the buyer plans to occupy the unit or use the property for another purpose:
1) The buyer submits a written request to the seller to end the tenancy before taking possession of the property (service of notice cannot be a condition of sale). Then the seller (or existing landlord) gives the tenant a Two Month Notice to End Tenancy for Landlord’s Use of Property
2) Once the buyer takes possession of the property, they can serve a Two Month Notice to End Tenancy for Landlord’s Use of Property
https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/selling-a-tenanted-property
During Covid, nobody has to leave. No vacant possession. – Garth
Besides two of the common advantages of pension plans being:
1) matching contributions from the employer and
2) lower overall fees affecting returns by maybe 30% or more over a lifetime of work
I also thought of this one.
3) The plan only having to prepare for paying to the average age of death of the last beneficiary, with a small safety margin.
This table is a bit out of date
https://www150.statcan.gc.ca/n1/pub/91-209-x/2013001/article/11867/tbl/tbl4-eng.htm
So call it about 85, maybe 87 for safety. If there is a large age discrepancy, the payouts will drop. the pension plan will of course win some and lose some.
But the individual must be prepared to live for several
years beyond the average.
#155 Faron on 07.09.20 at 8:59 pm
#129 idiocy
I’ve embarrassed myself in two ways today. first in posting way too frequently and wasting Garth’s and my time and second in responding to an anonymous coward who offered nothing yet is trying to claim some kind of righteousnes in a conversation they have no stake in. I’d much rather flail with ideas openly and risk being told than seethe in the ignorant darkness that you have given us no other option than to believe you wallow in.
good evening
////////////////
Ah, see Faron, don’t worry, you learnt something.
Don’t bother with the chupacabra/ shapeshifter types on here.
If someone can’t come up with a name, stick with it, and be allowed to get pegged down on certain positions, so you know consistently where they are coming from, then they’re not worth your time.
You know these people must be real cowards in real life, they won’t even be somewhat accountable anonymously on a pathetic blog…
M46BC
#122 Faron on 07.09.20 at 7:13 pm
#111 Sail Away on 07.09.20 at 6:57 pm
#232 Sail Away on 07.09.20 at 3:18 pm
#230 Faron on 07.09.20 at 2:37 pm
Cool. I got your address from the front desk and am sending three wrecked ’05 Echos over. Told the driver to leave them in the front yard.
—————-
Dude, you offered a hunnaband!
But if you must, can you order them in blue, 3 door hatchback, manual tranny?
—————–
You bet. Regarding the cash: I’m just saving you the logistics, and I also know you eschew gauche materialism, so no temptation now toward impulsive consumerism.
#157 Wrk.dover on 07.09.20 at 9:00 pm
And Dozer boy, be prepared for the gear to go up in price as CDN $ sinks (according to you).
———-
Uhh, I think you’re getting me confused with some other poster there buddy.
No matter, if the gear goes way up, I don’t buy the gear. Pretty simple. In the meantime, I’ll enjoy the .13 cent subsidized hydro until 2023, and think about it again as warranted.
Who knows, maybe I’ll be the fortunate recipient of more Trudeau bucks and a new McGuinty style subsidy that’ll cover half the cost. It never seems to be very long in this country before our leadership gets the itch to hand out more money…
Got no idea where people are coming up with names of construction companies in Vancouver.
In the last couple of days here is some of the vans I have spotted.
Sol Construction.
Hackland Drywall.
Decent Painting Company
” Do you do a good job?”
No, but we are decent hacks and if anything messes up you are SOL…
M46BC
@#6 TurnerNation
I look for, and agree with all of your posts. Just sat on the couch with my husband and we laughed at this comment together. Reality is scary. You have to laugh I guess.
#143 Investx on 07.09.20 at 7:58 pm
N1tro:
“Corona virus can be airborne indoors. So much for your masks “can” prevent the spread. Hahahaha. What now? Full hazmats suits to go shopping?”
And that’s why you wear a mask – to prevent expelling droplets into the air. It’s called “source control”.
———-
Do you actually know the difference between spread of the virus by droplets or being airborne??
Answer this question….Do you wear a fabric mask and say “It’s all good, it’s all good” for chicken pox, measles, or leprosy?? No? Ask yourself why? I’ll give you a minute to think of your answer…
.
.
.
I hope most people can now realize that the good intentions protocol of making everyone wear masks indoors is made moot if covid-19 is airborne.
.
.
.
.
Airborne, if it isn’t obvious by now, means the virus hangs onto particles that are floating around in the air. Which means it is not a matter of “if” you are going to get covid, but “when”.
Maybe some people plan on walking around the grocery store with their masks (I’ll pretend airborne particles for some reason can’t pass through the mighty cotton fibers in fabric masks), have their eyes closed shut, and gloved hands covering your butt and plumbing to ensure no particles can get in any mucosal membrane.
@#148 IHCTD9
“IMHO, the apple variety is quite uhh, “wunderbar” ”
++++
The BEST pastries I’ve ever eaten were made by a friend’s wife.
He was Czech, she was Slovak.
My god that gal can cook, bake, whatever!
He had a mild heart attack at 50 and when I saw him recuperating at home he said, “I cant believe I had a heart attack at 50!”
I laughed and said, “I’d be dead at 40 if your wife was cooking for me…!”
Pastries to die for……literally.
#154 Drill Baby Drill on 07.09.20 at 8:48 pm
I have changed my way of thinking over the past 24hrs. I will vote Liberal the next election so that Trudeau will be saddled with the mess he has wrought onto all Canadians. Let him figure out how to get out of this borrowing mess let him wear this. What a colosul waste of Trudeau is
******************************************
It just doesn’t matter to him. This has been proven time and time again. His mother has said because he was born on Christmas day he was destined for greatness. He was recorded whispering to Sophie that he was put on this planet to do this. He and his family’s lives will never be impacted no matter what state this country is left in. This is called privilege and it has no race or colour, only birthright.
#149 T on 07.09.20 at 8:21 pm
The whole point of wearing masks is to trap virus laden phlegm and saliva leaving one’s mouth, preventing it from becoming airborne and contaminating surfaces.
Masks are very effective at this and helping to prevent the spread. This is why we should all wear them while in public spaces.
————-
Effective? Says who? Even the WHO won’t even say this outright. Read their website carefully and look at all the CYA (cover your ass) words they have around masks.
Ever watch the movie Outbreak (1995)? The scene where they realize that the one infected patient in an isolated room somehow infected another in a separate room through the air ducts? If that doesn’t tell you why a simple masks won’t do squat when it comes to airborne viruses, I don’t know how to explain this anymore clearly.
If you want prevent of an airborne virus, think of a physical bubble around everyone that is infected with the air being filtered 24/7 until they recover.
For faster results, gather all the infected in their bubbles and put them somewhere remote and call in a F-14 to drop a fuel air bomb.
@Greg first of all, you misread my comment.
Second of all, pensions aren’t topped up by taxpayers. The pension is held by a third party and is funded by the employee and the employer. It is a part of their compensation just like any retirement match. If it didn’t go towards the pension, it would go towards their RRSP retirement match or straight salary. At least try to understand what you bash.
Reply to 135
People who do not pay their rent or cannot afford to live where they are should get out. Yes the country will drop down because of free loaders like that and our leaders who have the job of turning our economy around with their old ideas. We have a chance right now to reshape the nation but we are stuck in the past. I blogged my thoughts on it all here.
https://afterwaiterextraordinaire.blogspot.com/2020/07/the-difference-between-1953-and-2020.html
#152 TurnerNation on 07.09.20 at 8:42 pm
Speaking of downtown Toronto on a closed theatre (the occupying forces shut it down) a large lit sign 20 x 20′ has a quote like “We just want you to wear a mask” and someone’s name underneath.
That’s what this is about. Compliance with the new world order. We are in the compliance stage. Every city has rolled out the same insane signs, floor and door marking, rituals and rules. You cannot transact commerce without compliance. All individual rights have been removed.
———————-
Uh no, wearing a mask is for your’s and others safety.
Your argument is like saying “they make us stop at red lights cause they want to control us man”
Actually they just want you to survive dude.
#109 Keith on 07.09.20 at 6:42 pm
People who sympathize with this social worker/loser and other rent strikers should ponder the consequences of a world where a large number of people, and a large amount of capital decide that the rental business isn’t worth it.
Let’s see…landlords list their rental homes and condos en masse flooding the market, thus lowering prices for regular people to purchase, eliminating the parasitic middleman.
High-rise/multi-unit apartment blocks will likely never be listed (according to you, nobody would buy them, right?). If landlords want to walk away from a these buildings (unlikely when they’re literally millions of dollars), local governments would love to exercise eminent domain on these abandoned properties. I’m sure these delinquent landlords will be compensated fairly :)
Wow, this sounds awesome! When can we start?
——–
#130 Ronaldo on 07.09.20 at 7:30 pm
Oh I see, so I work my butt off to earn enough to be able to by a property so that you can live in and I am not worthy of receiving a return on my investment such as rent.
Yes, that is exactly correct. No amount of “working their butt off” entitles a person to lord over the less fortunate a need as basic and universal as shelter.
The following quote is the story of a woman who lived through the Chinese Cultural Revolution in the 1960’s.
“I spoke with an elderly Chinese academic who had been forced from her classroom….. during the Revolution. She recalled forced self-criticism sessions that required her to guess at her crimes, as she’d done nothing more than teach literature, a kind of systematic revisionism in that it espoused beliefs her tormentors thought contributed to the rotten society. She also had to write out long apologies for being who she was. She was personally held responsible for 4,000 years of oppression of the masses. Our meeting was last year, before white guilt became a whole category on Netflix, but I wonder if she’d see now how similar it all is.”
https://www.zerohedge.com/political/remember-red-guards-you-cheer-woke-mobs
Her experience is eerily similar to what is being played out today in Calgary’s City Hall Chambers where Activists are forcing elected officials to sit through a “Wokeness Re-education”. Meanwhile, the business of the City is de-railed by new Activist demands for this “Wokeness Re-education Day Camp” to extend for not just a few days, but weeks, months or even a year (according to CTV News).
All major cities in Canada are now places to get out of FAST! Small town private life or urban isolated living is now in HUGE demand. Life is great out here away from all the moral cultural and faithless decay of city life. Back to nature, clean fresh air, well water, farmland scenery and great good old farm stock neighbors. We will never live in cities again.
Is the WE charity to get a non confidence vote and then win a majority government?
#38 crowdedelevatorfartz on 07.09.20 at 3:58 pm
Do they? Or are the purveyors of information paid to tell us that? Think Pravda, think Pravda.
https://www.youtube.com/watch?v=IQPsKvG6WMI
The short version of everything happpening right now in north america, it’s amazing really.
#118 ‘Greg’ – you are correct that GIS is not a taxable benefit – my bad. I believe however that payment of such benefits is combined with other taxable benefits such as CPP/OAS, as it is more efficient that way.
I do have to dispute your statement on the amount of pension income received by government employees. Some retired government workers may receive a pension in the amounts quoted; however, the issue I have with such statements is the belief that ALL government workers receive such amounts. Also, everyone who makes these statements always mentions the same high monthly payments. Funny how no one ever talks about the government retirees whose pension income is far less than those amounts. Apparently that isn’t believable or worth repeating.
As for the issue of the employer paying into the pension plan, can you explain why this isn’t an issue if the employer was a company such a Bombardier (heavily & repeatedly subsidized by the Canadian taxpayer) but it is an issue if the employer is some level of government? How is it o.k. to provide bailouts to private industry using taxpayer dollars – some of which would presumably also be used to pay the salaries & benefits of the employees of said company including their pensions if that is one of the employee benefits – but not o.k. to pay into a government employee pension fund?
https://calgary.ctvnews.ca/mobile/calgary-condo-prices-tanking-due-to-glut-of-options-for-buyers-royal-lepage-benchmark-broker-1.5017877
#141 ‘Greg’. Your statements regarding government worker pension plans is not accurate. Many plans were fully funded due to excellent market returns; the Covid crisis may have affected that but if the market recovers so too should the plans.
Also I checked out Bombardier. As the the mighty Google, it is estimated that since 1966 Bombardier received $4 billion with a ‘B’ in federal & provincial government subsidies AND an additional $11 billion with a ‘B’ in CDC funding which is – surprise – Government of Canada/taxpayer money. Bombardier has a unionized workforce whose pension plan is fully paid by the employer. Also their union recently negotiated a retirement incentive package for employees which would grant qualifying employees a $35,000 ‘golden handshake’. This as of 2018 & is in addition to the employer paid pension benefit. Your taxpayer dollars at work!
Hi Garth, thanks for all you do. I’m sorry the comments section is such a random cesspool. Some good, most meh, some atrocious (mine included!)
Please keep up the good work.
I’ve been very lucky with renter so far (I know it’s luck so I’m grateful). If I were this landlord, I wouldn’t change the lock- I’d just remove the door entirely. Let the tenant complain to the same deaf/dumb/blind board. I’m sure they’ll get to her complaint after they get to his.
#73 MF on 07.09.20 at 5:44 pm
…
Fiat, for all it’s flaws, is the best we’ve got. Just like capitalism. Get used to it.
MF
++++++++++++++++++++++++++
Captured and framed for future reference. Thanks for the laughs…
Guys, please. Let’s not forget.This is the best country in the world.
#46 yvr_lurker on 07.09.20 at 4:21 pm
Quote – “What about the Gov’t not forcing the airlines into giving refunds like in other countries is a clear-cut example.”
—————————————————————
Have you noticed Air Canada’s HQ is in Montreal? I admit the cynic within me now gets provoked easily.
A personal observation – we bemoan the offshoring of jobs to low wage jurisdictions and demand those jobs back. So what do we do? We import migrant workers to work lousy jobs at low wages. Owe Canada…
#120 Sail Away.
(((((((((((((((((((((((((((((((())))))))))))))))))))))))))))))))))
Shut up.
#5 Cpdlc on 07.09.20 at 2:45 pm
UNBELIEVABLE.
https://www.cbc.ca/news/politics/margaret-justin-trudeau-we-charity-1.5643586
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Wow, i fund such sanctuary reading Sir Gurners balanced ( and diversified…) wordsaidst the worldy problems.
-Trudea gives his Mother, Brother, wife $300,000 , that we know of. More to come on this one.
-Lavalin , sheesh…
– Dumping Jodie Reybold, native female, where does his psyche reside?
– grabbing, groping, women.
– that nasty child relationship with a student , while he was a teacher in BC.
– Blackface….twice
-$300,000,000 or whatever to the Aga Knan, oh and that vacation.
Still i know people who adore his family etc etc. (Add reching sound here)
Now i know why the vulnerable ram the gates to his residence, armed? The corruption makes him an easy target.
Thanks Garth for everything good/sane re perspectives.
Garth! I love this post and I love the comment section! As wacky as some of the comments are, there always one or two that offer wisdom or a prediction of the future! Like me. Wasn’t it me that said that if people REALLY want to change the system, stop paying rent/mortgage/any form of debt? It was me! Me! Me! Me!
Now who wants to hear about my prediction on the future of senior citizens?
“Started from the bottom, now we’re here.” Drake
My second rule of business… I will inevitably have to deal with people. Non-payment should be addressed in the business’ contingency planning. My heart goes out to P&J. The solution may come through some form of rental insurance built into agreements with premiums added to rent. Renters could apply to build a score, and those who achieve higher ratings might get lower rents. It could work both ways. Just an app away…
The landlording industry probably needs income insurance, like with crops. Lots of slugs this year, all round. Corn looking good. Beets, meh. Everything is wonky on the solar level. Plucking zukes already!
#46 yvr_lurker
This is some lame whataboutism. Just because bigger problems exist somewhere, doesn’t mean smaller ones aren’t important or don’t deserve to be talked about and addressed. And it’s not your place to dictate our host’s agenda, or compel him to write about things you care about in a manner you approve of.
#85 Faron
There is precisely zero chance any deadbeat renter will be paying anything back. Mortgages have contingencies for non-payment. So do rental leases, that is until governments suspended them. I bet post-hoc evictions of deadbeats will be prohibited as well, adding insult to injury.
#78 Dave on 07.09.20 at 5:52 pm
RE “lso hate the knock on DB pensions. Check out this article that explains the well-funded effort to dismantle them:
https://www.google.ca/amp/s/www.nytimes.com/2018/03/05/opinion/investor-class-pensions.amp.html
Middle class jobs with pensions are a GOOD thing we should all strive for.”
Agree, but most right wingers are too ignorant to realize this. Ironic that this is a financial blog and he gets this wrong.
==============================================
Since you mentioned ignorance.
I don’t think anyone is against DB pensions. Of course any employee would love to have one. The issue is the unaccountability of governments who impose taxation on all citizens to pay for undeniably generous DB pensions even though only public employees benefit from them. I thought one of the principal socialist ideals was equality?
It’s facile to suggest that promoting fiscal responsibility in government pensions is an attempt to lower the bar, or that the fault lies with the private sector not raising it to match what government employees receive. There is no comparison to be made between private companies that need to profit just to exist, and governments with no profit motive, no requirement to balance budgets, and an infinite ability to tax and run deficits.
It’s always easiest to be generous with other people’s money, isn’t it?
My real estate boycott continues as part of my fight against genocide and bad economics.
Usury involves more than the lending of money. It is the renting of anything and from a biblical perspective usury is the renting of anything to your fellow countrymen or co ethnics. It was considered to be a death penalty offense and a violation of divine law. Secondly God considers the planet to be his private property. He does not want people screwing each other over when it comes to property for a capital gain or a percentage. Life is not a monopoly game.
The problem I have with government workers pensions and pensions in general is if you work for a company in the private sector with pensions which is a way much less of an issue these days but mostly government jobs which is highly unionized, you should have a choice to accept to be part of a pension plan or not.
It is rammed down people’s throat. Also, if you like pensions the employer being especially government should not be contributing to your pension. Since it should be your choice, you should pay out of your own pocket, finances to have your pension. The employer already pays you a salary. Any money you get from the government is essentially a bailout, subsidy call it whatever you want. it is free money you are getting at taxpayers expense.
I hate bailouts, subsidies, government waste etc. for anyone corporations, people, pensions etc. Those of us the majority that paid taxes from small businesses and employees of private sector jobs do not get a pension even a $1,000 a month to $5,000 whatever it is paid by daddy government. C.P.P, OAS, GIS is peanuts and paid mostly through general tax revenues, C.P.P. contributions is really a forced down payroll taxes disguised as a pension.
Why should most private sector workers pay for someone’s government workers pensions as government workers get paid much more, more benefits and have greater job security. We in the real world, private sector workers, small business have to fund our retirement with all are own money, taxed to death and don’t get any of your extraordinary benefits in retirement government workers do.
Als0, don’t think what I am saying about government pensions deficits and the government, us taxpayers paying at least 50% of your pensions is not true. it is, there is a reason for all the pension problems and deficits around the world. It is because it was a lie from the start, it was never supposed to payout such high pensions.
The only reason why you don’t want to believe the facts is because you are expecting a big fat pension check from some government or government agency or someone you know is or both.
Every worker in this country and others should have to pay for their own retirement completely and stop forcing your outrageous pensions on the other 70%+ of Canadian taxpayers. You should have to live on C.P.P, OAS and GIS if needed like the rest of most Canadians do. You are no special, better than the rest of us just because you worked in a government job. I am sick and tired of bailing out everyone else because you guys have this deep seeded entitlement mentality that you deserve a much higher, overly generous pension for life at our expense.
Your job should have nothing to do with what happens after you don’t work for the government or any employer. Your retirement should be your own full responsibility from day one. You get a more than decent salary, benefits and should have to use that money to fund your mostly 60 years to 65 years old retirement or any time before that.
#157 Wrk.dover on 07.09.20 at 9:00 pm sez:
“#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
How much per KwH is either the taxpayer or ratepayer subsidizing your usage and installation? You and Barfy Train constantly evade this question.
————————————-
You paid installation and HST. Period end of story.
It pays it’s own way from there.
And Dozer boy, be prepared for the gear to go up in price as CDN $ sinks (according to you)”
———————————————————————–
Are you lying or just mistaken?
“The rebate is $0.60 per Watt for eligible solar PV systems up to 25% of the total cost, or a maximum of $6,000. For most solar installations, the rebate will equate to approximately 16% of the total cost.”
https://www.solarassist.ca/rebates-and-financing
In addition, there are other programs to assist in NS depending on where you live.
Tractor Boy already mentioned the microFIT program here in Ontario.
There used to be several solar panel manufacturers and installers, as well as a large wind turbine factory here in Windsor Essex. All gone now. Why? Because the Ford government took the money out of it.
At least he did something right before he jumped the shark.
343 billions yearly budget deficit – federal only.
Continuous lies about ‘the debt’ as being ‘only’ 30 % of GDP and ‘can grow further’. Total public debt was in fact 90 % in 2019, before these additional 15-17 % of GDP which represent the current annual budget deficit.
https://tradingeconomics.com/canada/government-debt-to-gdp
At the end of the fiscal year the public debt will probably be 110 % of GDP.
Why all those lies? Because is convenient to ‘forget’ that provinces are also hugely in debt and that they provide essential services + account for portion of the taxation.
Most countries have federal government provided services, debt and taxation with minimum provincial/municipal debt and taxation. We have 2 level system and our ‘government’ debt and taxation is combination of provincial + federal.
Our private debt is one of the highest in the world.
Nobody has any savings.
Government bond yield are rising: https://ca.finance.yahoo.com/news/canada-turns-long-term-debt-181322998.html
and soon the only ‘buyer’ will be BOC.
in the meantime CERB is coming to an end:
https://ca.finance.yahoo.com/news/cerb-end-canada-coronavirus-024705321.html
But hey ‘house prices’ keep going up.
I have never witness such herd suicidal financial and economic stupidity. Is it the fluoridated water?
Save your money and assets while you still can.
Savers and retirees, load on lubricant.
Cheers,
#169 crowdedelevatorfartz on 07.09.20 at 9:59 pm
@#148 IHCTD9
“IMHO, the apple variety is quite uhh, “wunderbar” ”
++++
The BEST pastries I’ve ever eaten were made by a friend’s wife.
He was Czech, she was Slovak.
My god that gal can cook, bake, whatever!
He had a mild heart attack at 50 and when I saw him recuperating at home he said, “I cant believe I had a heart attack at 50!”
I laughed and said, “I’d be dead at 40 if your wife was cooking for me…!”
Pastries to die for……literally.
——
Haha!
Well, I’ll have to keep an eye out for some Slavic Strudels the next time I’m shopping!
DELETED
It amazes me that no one in the Prime Ministers Office warned Trudeau that the optics of him handing 915 MILLION dollars to a charity that paid his mother $250,000 in “speaking fees” and paid his brother $32,000 in “speaking fees”, and paid his wife ……
NO ONE in the PMO warned him that this might look bad?
Hell, even the CBC National was raking him over the coals last night.
Trudeau has proven time and again he lacks judgement.
Perhaps his vapid arrogance is even wearing his staff down.
“Half Pint Chrystia” to the rescue?
Well, even half pint Napoleon surprised his nay sayers.
#78 Dave on 07.09.20 at 5:52 pm
Middle class jobs with pensions are a GOOD thing we should all strive for.”
———
Sounds good. Let’s take the aggregate of every public sector DB pension and split it evenly amongst everyone who does not currently have one.
Ahh, equality!
#175 SunShowers on 07.09.20 at 10:49 pm
Yes, that is exactly correct. No amount of “working their butt off” entitles a person to lord over the less fortunate a need as basic and universal as shelter.
——-
Uhh, land lords do not take tenants by force…
You would rather the less fortunate live on the streets?
#201 IHCTD9
I see you are a smart ass but if that’s the case – pensions are their retirement investments so let’s just take everyone’s RRSPs and TFSAs and share evenly them with everyone! #equality
That is how silly you sound. Of course I don’t want that but it is the exact same thing.
prime opportunity for the cons to take power next election. hopefully they can get their shite together.
#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
“Nonsense. How much per [kWh] is either the taxpayer or ratepayer subsidizing your usage and installation? You and [Gravy] Train constantly evade this question.” When have I ever evaded the question? I state categorically every single time that you proudly-unteachable deplorables subsidize my solar panels by paying your carbon taxes! Thanks, you dumbass! :P
Even when things are normal it can take a long time to evict a renter for non-payment of rent. There are very few options for a quick eviction if the tenant knows the rules and all of the problem tenants do.
If you think that you are ever going to get anything out of a problem tenant after eviction by going to small claims court, you are dreaming. They won’t show up and you will waste time an money trying to get “blood out of a stone”
It was irresponsible of the government to suspend evictions and generate a multi year backlog of cases at the Office of the Rentalsman.
The big problem is that they have no assets or money and don’t care. The property owner has all the debt, assets and bills to pay and is screwed because everyone views landlords as bad guys that are gouging people to get rich.
I watch the duplex across the street with interest. Every few years the landlord has to completely remove and replace the entire inside surface of one of the units. You may think that a “blacklist” of problem renters would work but they just get someone else to rent the unit for them.
As for DB pensions, anyone can get one from a life insurance company. You just have to pay both sides of the premiums. If your job provides a DB pension, your employer pays “matching” premiums up to about 5% which is really just a bit extra salary and is calculated as such. Some jobs provide a DB pension as a “perk” but it is just deferred salary that would have been paid to the workers anyway. People that are living on CPP and OAS only in retirement must have planned it that way because there has been plenty of information out there for many years about saving and planning for retirement.
Government workers pay the exact same taxes as everyone else in the country. Since the salary rates are national, not regional, they may make more than the going wage in some areas but that means that they make less than the going wage in others.
@#203 Gnat
” let’s just take everyone’s RRSPs and TFSAs and share evenly them with everyone! #equality”
++++
The only difference being.
The private secor has paid 100% of THEIR money into RRSP’s and TFSA unlike the taxpayer subsidized public sector pensions.
Fair is fair.
The private sector pensioners will just take back the billions in taxpayer dollars used year in and year out to render public sector pensions solvent ( ie not bankrupt).
Tthen everyone wioll be equal.
Public sector pension will be paid 100% by public sector employee contributions as are private sector employee pensions.
#equality.
Pensioner Lives Matter
Does this exemplify the self absorbed world we live in?
https://mobile.twitter.com/PlanetPonzi/status/1281566799864242176
Perhaps She refused a seat. Let’s hope so.
A simple prerequisite that’s been echoed throughout the ages. “Become the change you want to see.”
10:57 pm
Is the WE charity to get a non confidence vote and then win a majority government?
______________
Maybe. Or, is it an exit strategy?
Or third option…Trudeau really is just that stupid and entitled.
@#204 kingston boy
“prime opportunity for the cons to take power next election. hopefully they can get their shite together.”
+++
That boat has sailed with the current dullards infesting the top spots in the Conservative Party.
“Missing” MacKay and Erin Who?
Perhaps if the “old boys” network of small “c” Christian zealots realized they have some excellent female candidates ….they might have a hope in Hell against “Mr. Billions and the Pot Socks brigade.”
WE can do it! Yes WE can!
An excellent opinion piece about WE
https://nationalpost.com/opinion/rex-murphy-who-cancelled-the-we-contract-and-why/wcm/3d778cea-e5a3-4c01-a746-84aa7a3026c1/
Bird dog update:
The informal training continues. Now we’re working on tracking sessions, long excursions with the pack and plenty of successful ‘hunts’. The excursions are getting pretty intense now with rock climbs, off-track bushwhacking and river crossings. No help given ever- the pup just takes his cues from the rest of the crew.
This pup has a serious undercarriage and good conformance: strong joints, big pasterns, thick pads, high toenails. That’s where he’ll make his living so the stronger the better. Good nose and a crazy strong chase instinct- the cat is not happy.
#203 Nat on 07.10.20 at 8:58 am
#201 IHCTD9
I see you are a smart ass but if that’s the case – pensions are their retirement investments so let’s just take everyone’s RRSPs and TFSAs and share evenly them with everyone! #equality
That is how silly you sound. Of course I don’t want that but it is the exact same thing.
===============================================
I’m pretty sure IHCTD9 was referring to government contributions to public pensions. In a socialist paradise shouldn’t they be equally distributed to all citizens pensions without discrimination?
#203 Nat on 07.10.20 at 8:58 am
#201 IHCTD9
I see you are a smart ass but if that’s the case – pensions are their retirement investments so let’s just take everyone’s RRSPs and TFSAs and share evenly them with everyone! #equality
That is how silly you sound. Of course I don’t want that but it is the exact same thing.
—
Looks like you forgot to read the part where I stated **public sector** pensions. You know, the ones most of us are forced to regularly bail out on top of having to finance our own retirements individually.
Let’s see… the last time the tax payer bailed out my RRSP was… uhhh, mmm – never.
“Hardly a shaming. She is stealing their pension, when they’re funding hers. Seems relevant. – Garth”
– So if the social worker had no DB pension or was only defrauding a nameless corporation, it would not be as bad?? ;o)
—————-
@ #89,141,195 Greg
Private-sector employees in my field (aerospace) have consistently had higher wages than equivalent public-sector positions, be it in operations, support, management or executive-level. We also fully contributed to our pensions, and had reduced RRSP contribution room. So why would we be “entitled” for getting the pension that was part of our contract??
Garth, shame you took away the only guaranteed “tenant remover” in the Landlording Racket. Brother , “The Stank” is investable information. And why not? Body fluids is all it is. Sad Garth, a lot of people could use the help. If you could suggest a better way why don’t you? If you can’t, the let “Stanking” be your standard. A little pee – kaka on the porch and away they go. Where do you think the term “Stanking up the place” originates? It’s tried and true. Blue Ribbon .
Reading this landlord tenant stuff is like reading something in another language.
I have been running rental buildings since 2012 and I have never once had a problem with any of my tenants paying rent.
I don’t know what people are doing wrong.
My tenants always pay. I know them all quite well as they are long term folks. I have watched their families grow up. Their kids say hi to me when they see me walking down the street. More than one of them likes to cook me dinner.
Maybe just try to be nicer to people?
193 BillyBob on 07.10.20 at 6:01
Moot point. 100% of your post.
Government positions are available to all. They just have to apply, qualify, do the work, then retire with a pension if they want.
People going into the private sector for the higher salaries, or the ability to be your own boss make a choice. If that choice doesn’t work out as planned, it’s no one else’s fault.
That has zip to do with socialism or anything other than choice.
MF
84 PastThePeak on 07.10.20 at 12
Looks like you have no argument, like usual.
Who knows. Maybe in 2080 your gold bars will be worth 50 cents more then they are now.
MF
#214 Keen Reader on 07.10.20 at 10:07 am
“Hardly a shaming. She is stealing their pension, when they’re funding hers. Seems relevant. – Garth”
– So if the social worker had no DB pension or was only defrauding a nameless corporation, it would not be as bad?? ;o)
—————-
@ #89,141,195 Greg
Private-sector employees in my field (aerospace) have consistently had higher wages than equivalent public-sector positions, be it in operations, support, management or executive-level. We also fully contributed to our pensions, and had reduced RRSP contribution room. So why would we be “entitled” for getting the pension that was part of our contract??
——
Dude, no one here is saying you can’t have your government DB pension.
We just want you to pay for it yourself like the rest of us.
128 AM in MN on 07.09.20 at 7:22
Nice crystal ball there.
This time is not different than always. You (and I) aren’t living in any special time. We aren’t unique and we don’t know anything about anything.
Btw, 1913 was 100 years ago. Try running a modern economy with one that predates cars and aeroplanes.
Just because you don’t like central banks (and I think they have some bad policies too) doesn’t mean it’s still not the best system we have.
MF
I got a lot of responses to my “spinning ball” theory of CO2 building up at the earth’s north and south pole.
Very interesting reading. Many people don’t believe this is actually happening.
However, see here:
https://www.reuters.com/article/us-carbon-atmosphere/pole-to-pole-flight-finds-co2-piling-up-over-arctic-idUSTRE50T0AV20090130
If you google this issue, you do find quite a bit of evidence to support the assertion that CO2 levels are highest at the Earth’s poles.
You also find this:
https://www.cbc.ca/natureofthings/m_features/the-arctic-is-warming-faster-than-anywhere-else-on-the-planet
https://en.wikipedia.org/wiki/Polar_amplification
So there is some evidence of polar concentration of CO2, and also evidence that the poles are warming up faster than the rest of the planet.
Again, this does not mean that every observed change in a particular micro climate, can be attributed to global warming. It just means global warming is happening, which most people accept now anyway.
The missing link is whether changes in micro climates, can be directly attributed to changes in the temperature of polar regions.
After a couple of years, she’ll have accumulated a tidy down payment.
A couple of realtards we know had this very scheme on the drafting table about a decade ago. Their grand retirement plan, with at least a half-dozen rentals. The smirk on one of its faces oozed of that arrogant confidence of being on the “inside track” for being first in line with new pickings.
Hope they went all in on this……just what they and much of their ilk deserve.
#166 Flop… on 07.09.20 at 9:49 pm
Got no idea where people are coming up with names of construction companies in Vancouver.
In the last couple of days here is some of the vans I have spotted.
Sol Construction.
Hackland Drywall.
Decent Painting Company
” Do you do a good job?”
No, but we are decent hacks and if anything messes up you are SOL…
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My favorite is “Busy Boys”.
“When can you do the the job”
Sorry, but we’re busy.
Sweet deal for gig workers. $2,000 CERB up to $1,000 pulling espresso and no rent payments. Three friends sharing a condo, cracking $100,000 annual with marginal expenses. With the feds pushing this, this is the new norm. Landlords once they clear out a non-paying tenant, what is the new tenant willing to pay? What problem?
Congratulations ATCO who beat out two american companies for this big win!
https://calgaryherald.com/news/local-news/corbella-atcos-big-win-is-even-bigger-for-puerto-ricans
Jack Dorsey testing UBI… https://www.forbes.com/sites/angelauyeung/2020/07/09/jack-dorsey-donates-3-million-to-us-mayors-for-universal-basic-income-pilot-programs-in-15-cities/#7097bab28555
@ 219 IHCTD9
I paid my fair share, plus lost out on the higher private sector wages and reduced RRSP contribution room. My team members and I have contributed lifetimes-worth to this country, so I have no shame whatsoever reaping my benefits. Especially considering my dozens of friends and coworkers who died in operations… Signing-off now, got more contributing to do :o)
#213 IHCTD9 on 07.10.20 at 10:06 am
#203 Nat on 07.10.20 at 8:58 am
#201 IHCTD9
Let’s see… the last time the tax payer bailed out my RRSP was… uhhh, mmm – never.
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The last time RRSP’s and ETF’s, Bonds, Stocks got bailed out. Isn’t that now?
RENTER DOESN’T PAY
LANDLORD CLAIM A NEW BUSINESS EXPENSE/LOSS
LANDLORD REDUCES TAXES PAYABLE
WHO IS THE WINNER LOOSER
#164 Sail Away on 07.09.20 at 9:42
Regarding the cash: I’m just saving you the logistics, and I also know you eschew gauche materialism, so no temptation now toward impulsive consumerism.
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You misunderestimate me Sail Away. I don’t consider holding a balanced portfolio of equities and securities gauche at all. I’ll even give your bux back after a few years or when the TSLA bubble finally pops. Even if that’s 40 years from now when Elon hands the corp over to his kid and the wheels start to come off the company.
Let’s do 60% VVL and 40% XBB (VVL because it guarantees zero exposure to TESLA in bubble mode).
#217 MF on 07.10.20 at 10:31 am
193 BillyBob on 07.10.20 at 6:01
Moot point. 100% of your post.
Government positions are available to all. They just have to apply, qualify, do the work, then retire with a pension if they want.
People going into the private sector for the higher salaries, or the ability to be your own boss make a choice. If that choice doesn’t work out as planned, it’s no one else’s fault.
That has zip to do with socialism or anything other than choice.
MF
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Just a heads up MF.
BB’s post had zip to do with socialism…
Was chatting with an new acquaintance yesterday.
He told me that back in January – he was getting anxious about his outstanding truck loan $8,000K (he sensed bad times a coming back in October with the pre-Covid economy. He paid off the remaining balance on his mortgage, and has no HELOCs (Debt free). I congratulated him. Then he goes on to tell me he knows of 6 people who are trying to get mortgage/renewal and they are experiencing more scrutiny from the banks (aka landlords). Not as easy as it used to be.
He is trying to talk a younger family member (who has never experiences a substantial recession) out of buying a brand new dump truck (old one still works great) but it is all about look these days. The monthly payments worked out to be $4300 at the current low interest rates.
Then he proceeds to show me a picture of his former west coast fishing boat. Standard 4 person fishing boat (nothing special), sold it recently for a $6000 profit as the demand for boats increased recently. He laughed and said he should have lost a boat load of money.
I am in talks with my BIL to sell our fishing boat and buy another one when the fade wears off.
#195 ‘Greg’ – your reply makes for interesting reading. Based on your post, my understanding is that you object to paying any contributions towards public pensions; you also feel that as an employer you should not have to pay any contributions towards any employee benefit such as CPP or a work based pension plan.
The issue with any social ‘safety net’, be it OAS, GIS, EI, CERB etc. is that providing these services costs a great deal of money. Government workers are highly unlikely to require EI due to job security, yet they pay into EI the same as all other workers. So they are funding the social safety net by means of an enforced payroll tax they themselves may never be eligible for. Between 1998 to 2020, maximum annual EI premiums add up to just over $19,000. Those funds supported other Canadians. Call it a quid pro quo. Multiply that $19,000 by the estimated number of government workers & the contribution adds up to quite a few billion dollars.
I don’t disagree with the concept of each individual funding their own retirement. The problem with that however is that so many people do not save. For evidence, look to recent history where literally millions of Canadians didn’t have enough fiscal reserves to last two weeks! Frankly, if it were not for that ‘forced down payroll taxes disguised as a pension’ the cost of providing income via OAS/GIS to old age pensioners would be much higher. Or do you suggest we put them on an ice floe?
Frankly, I think we should make CPP the only pension plan & increase contributions to ensure that all Canadians receive the much vaunted ‘gold plated’ pension income in retirement. Just to clarify what that would entail, my pension plan contributions are more than triple the maximum annual CPP contribution rate. If your suggestion that plan contributions are fully funded by the employee was implemented, wages being paid to employees would have to be sufficient to fund their pension plan contributions. Pesky problem – you don’t want to pay towards anyone else’s retirement, but if you don’t pay enough wages to permit the employee to save for retirement you might have difficulty hiring anyone…..
#205 Gravy Train on 07.10.20 at 9:24 am snarks, again:
“#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
“Nonsense. How much per [kWh] is either the taxpayer or ratepayer subsidizing your usage and installation? You and [Gravy] Train constantly evade this question.” When have I ever evaded the question? I state categorically every single time that you proudly-unteachable deplorables subsidize my solar panels by paying your carbon taxes! Thanks, you dumbass! :P”
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The point, Captain Deflecto, is that you parade around here as a hypocritical proponent of the myth of “sustainable” green energy when you know if fact it is not. EVERYONE’S solar or wind installation was and or is supported by taxpayer or ratepayer funds of one sort or another.
No subsidy, no green energy.
Do us all a favour, dear. Be self sustainable. Get off the grid and truly RELY on your solar power for a year. Put your money where your mouth is, champ.
one of the perks of wfh, mid day hammock time.
man its beautiful outside.
#196 Bytor the Snow Dog on 07.10.20 at 7:23 am
#157 Wrk.dover on 07.09.20 at 9:00 pm sez:
“#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
How much per KwH is either the taxpayer or ratepayer subsidizing your usage and installation? You and Barfy Train constantly evade this question.
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You paid installation and HST. Period end of story.
It pays it’s own way from there.
And Dozer boy, be prepared for the gear to go up in price as CDN $ sinks (according to you)”
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Are you lying or just mistaken?
“The rebate is $0.60 per Watt for eligible solar PV systems up to 25% of the total cost, or a maximum of $6,000. For most solar installations, the rebate will equate to approximately 16% of the total cost.”
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The grant covered labor and HST period, and you have a learning disability.
The sun makes power! It pays for my energy needs, and then some.
Canary (old one) in the coal mine. Condos are toast in Calgary with semi-detached and houses to follow.
https://calgary.ctvnews.ca/calgary-condo-prices-tanking-due-to-glut-of-options-for-buyers-royal-lepage-benchmark-broker-1.5017877
SA, are you taking a little off the top? Do you figure the listing potential is baked in or are you waiting until July 22 for direction?
#234 Bytor the Snow Dog on 07.10.20 at 12:06 pm
#205 Gravy Train on 07.10.20 at 9:24 am snarks, again:
“#107 Bytor the Snow Dog on 07.09.20 at 6:38 pm
No subsidy, no green energy
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You are killing it Bytor! As always. (Secret admirer here).
Good thing for your consistency’s sake that the Canadian government and the Alberta government haven’t bought pipelines. Would hate to think the government is supporting a trillion dollar, well entrenched and creakingly archaic industry like the burning of a limited reserve of reduced algae. It would be really silly if they were at all forward looking to the day when coal is only used for smelting and oil only for advanced composites and polymers. And the days ahead when gas is only occasionally burned when the climate change induced heat waves require excess air conditioning or when the flood control pumps have to work extra hard because Richmond is flooding again.
231 IHCTD9 on 07.10.20 at 11:51
Meh.
MF
Well, Bloc leader Blanchet has called for Trudeau to step down from office during the WE investigation, saying “he cannot be considered to be qualified to do the job”
https://thepostmillennial.com/bloc-leader-trudeau-step-aside
Sooo, if Jagmeet gets on board, does Trudeau have to step aside? Would be hard for Jagmeet to bite the hand that feeds though.
Interesting times.
It seems like Canadians may actually have had enough of him. Lots of hate on twitter, which means nothing to me but seems to hold sway with public opinion.
@#241 Lambchop on 07.10.20 at 1:39 pm
Well, Bloc leader Blanchet has called for Trudeau to step down from office during the WE investigation, saying “he cannot be considered to be qualified to do the job”
https://thepostmillennial.com/bloc-leader-trudeau-step-aside
Sooo, if Jagmeet gets on board, does Trudeau have to step aside? Would be hard for Jagmeet to bite the hand that feeds though.
Interesting times.
It seems like Canadians may actually have had enough of him. Lots of hate on twitter, which means nothing to me but seems to hold sway with public opinion.
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love to see freeland take over.
#238 Phylis on 07.10.20 at 1:17 pm
SA, are you taking a little off the top? Do you figure the listing potential is baked in or are you waiting until July 22 for direction?
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I do not plan to sell Tesla stock… ever, really.
Will continue to buy more at dips, though.
Even the Liberals leader Justin Trudeau admitted that low interest rates is bailing him out and all government debt and obligations. Government pensions are government obligations so really savers, fixed income investors, bondholders are bailing out the entire fiscal train wreck of private debt consumers, businesses, corporations etc. and public, government debt.
This is why I don’t believe it is not by accident or coincidence that interest rates were pushed to the bottom of the barrel levels. It is all planned to keep their overspending and debt binge going which is the Liberal, NDP, Green Party, socialists way.
It only costs 1% or $6 billion interest a year on all that new $600 billion debt in just 4 years Federal Liberals, Trudeau, Morneau racked up, even at the modest interest rates before 2008 global financial meltdown of 4.5% to 5%, it would be $27 to $30 billion a year in interest on only the new national Canada debt of $600 billion.
On all the $1.20 trillion, it is $54 to $60 billion a year in annual interest. Remember, these are all simple annual interest calculations, compounded interest rates are much higher over many years, decades. They are getting bailed out in the $40 billion a year today ion cheap money, interest rates, but more like $60 billion a year in cheap interest rates saved and not paid.
Imagine if we were back to the 80’s and even early 90’s, late 90’s, 18%, 12-13%, 6% interest rates, ouch. They would be in the $75 billion to $150 billion a year in more interest payments. They are getting so bailed out big time it is a joke that they seem like they know how to run a country, society successful.
It is all smoke and mirrors, Liberals, NDP, Green Party, socialists etc. are all destroyers of a well prosperous run country, society with giving all the entitled, lazy, give me, give me without a care for the future.,
I just read in the Calgary Sun that half of Alberta’s doctors want to leave because of the UCP. iS that really true? Living the charmed life in Victoria BC.