Covid diary for 14.8.20. Have you noticed how the pandemic has come to define every single aspect of life? This is now a virus blog, despite its waggy tail and wet nose. Oh well. Here’s some recent stuff you should know…
Over the hurdle
TD is the latest bank to drop its key 5-year, super-duper, clients-only five-year fixed mortgage rate yesterday. Down to 2.24%. But if you make eyes at [email protected], or bow slightly and ask sweetly, you can get the cash for less than two points. As we’ve been telling you lately, the cost of money has gone totally, seriously insane. Fivers are widely available at 1.97%, or even a few basis points lower. Depends on your smile (behind the mask).
Realities: this is unlikely to happen again in your lifetime, unless the virus completely eats Texas, Trump declares martial law and we fall into a continental depression. Second, you should lock in. Going variable to save three dollars a month when the cost of money is essentially free (given inflation’s progress) is hubris. Bad idea. In fact there’s logic – as was spelled out here a few days ago – in securing a decade-long loan at 2.5%, so long as you don’t move within the first five. Half a decade from now the virus will be a memory and CBs will be doing all they can to gently hike rates as they ready for the next disaster.
Another reality: cascading rates at the banks have made the federal mortgage stress test a little less stressful. It used to be at 5.19%, now eroded to 4.79%. This is the number at which borrowers must qualify in order to get their insured money, regardless of what crazy-low rate the bank is offering. The latest drop is twenty bps, which means buyers with a hundred grand income and 10% down can carry about $8,000 more debt. Not a lot, for sure. But every little bit helps fuel the FOMO now smouldering through the burbs.
By the way, the difference between the stress test rate and the on-the-street cost of a home loan is now about 2.8%. That’s huge. It means, essentially, borrowers have to prove the can carry the financing at more than twice its actual cost. The real estate cartel says this is absurd. And yet sales/prices keep going up, even in a pandemic. Just imagine if there was no test at all. Realtors would move from Audis to Lambos and be even more insufferable.
Did the virus just infect your RRSP?
So Covid threw a lot of people out of work, resulting in more than eight million taking the CERB pogey. For most, this was not their fault since politicians turned off the economy and therefore had a responsibility to cushion the blow. But it did underscore the fact families in the bottom half of the income/net worth scale have almost no financial reserves. They panic over one missed paycheque, so six months of virus unemployment is catastrophic. Many carry gobs of debt. This is why almost a million families stopped making mortgage payments. Soon both the CERB and loan deferrals will end. Pow.
But what about the years to come? Does it still make sense, despite the bug, to be squirreling money away for retirement? In your RRSP?
Maybe not.
Writing in the Financial Post this week, money guy Dale Jackson raises valid points. First, understand how RRSP tax breaks happen. This plan favours the well-to-do. The more you earn, the bigger the prize. The size of the tax break increases with income and marginal tax rate.
So, if Covid stole your income for most of 2020 to date, putting money into a retirement plan may give you a much smaller deduction than waiting until 2021 or thereafter when your job is restored. Also remember earned RRSP room never goes away. It accumulates – so a basic strategy has always been to save it up for higher-income years, to offset the capital gains on investments, or cancel out some of the tax when you take a commuted pension, for example.
If the virus hit your household, take some of that CERB cash and stick it into your TFSA in nice growthy ETFs . No tax deduction, of course, but no tax payable either when you withdraw income in retirement impacting benefits like OAS.
By the way, remember that virus payments are taxable. So you could save some, put it into an RRSP next spring when the world is less nuts, using the tax break to offset the money owing on your CERB. Or transfer some from the tax-free account to the retirement account, getting a tax break for contributing money you already owned, to pay the bill. Thanks, Justin.
Condos: going down with the CERB
Months ago when the bug arrived we told you condos would take the hit along with Westjet. And here we are. Listings are rising, sales faltering and per-foot pricing dropping. The fear (often irrational) is that communal living in a single building is germy and dangerous.
Besides, with office towers empty and millions working remotely, the meme spreads that downtowns will be hollowed-out shells for decades, while the condos clustered around them turn into swanky pigeon roosts. This is typically extreme. By this time next year those offices will be populated and streets busy. People will still want the convenience, location and uncomplicated life condos provide – but pay a premium for low-rise (where elevators are optional) while the spires go cheap.
Here are some interesting words on the Van scene from local analyst Dane Eitel, who is boldly forecasting a 30% price plop in 2022 from the high set two years ago. As in Toronto, inventory is growing faster than sales, and a buyer’s market is quickly forming – the opposite to what’s going on with suburban single-family homes.
“Still to come,” he says, “is monstrous amounts inventory to be introduced to the market from the presales. Worth mentioning is the end to the evictions ban will likely be occurring in September. While the CERB is also seemingly coming to an end, and those whose are still without work who qualify for EI will be getting less money and some simply will not qualify. None of this bodes well for the demand sector of the Condo market.”
The biggest hit, however, isn’t a threat to condos only. All real estate will be challenged when the following occur in sequence: CERB payments end. The mortgage deferral era is over. Bond yields and mortgage rates creep higher. Taxes rise to help cover massive Covid spending. The US election turns into crisis. Unemployment lingers. And remember, “The economic impact of the first shut down is still in its infancy, imagine a second shutdown and the long term effects that would hold.”
Of course, nobody listens to him. Or me. So the next hundred days will be Biblical. You know, the brimstone part.
About the picture: Toby the one-year-old poodle hurtles towards the “Garth Street” exit on the LINC – what owner Scott (in the back seat) and other locals in Hamilton call the Lincoln Alexander Expressway. “He is very smart,” says Scott. But can he signal?
104 comments ↓
EVERYONE, I’ve had a change of heart!!!
COME TO COTTAGE COUNTRY YOU WONDERFUL PEOPLE!
Come.
From.
Away.
We NEED U. We LUV U!!!
Oh, and I am sorry for my past behavior.
When does mortgage deferrals end? Are they going yo be extended?
1. Back in the day, Karens were called by another name. Busybodies. It was socially frowned upon and considered bad etiquette.
This is another lesson we have forgotten.
2. I’m thinking that all these kids that are buying (married or ‘shacking up’, with both sets of parent’s money backing them in case they stumble) are gambling on the promise of UBI. If the two have incomes and their parents backing them, then UBI on top would pay a nice chunk of that mortgage they are gambling on.
Where they and their UBI will be in 10 years is anybody’s guess.
State of the Toronto Condo Market right now.
https://imgur.com/a/pFqrVIr
The music will start once the deferrals end.
#1 Cottagers COME FROM AWAY!
I think there will be one angry hillbilly troll when it sees this. :P
If you have 200,000 of unsecured credit and don’t own a home, just blow it ! You will never have a house anyway, so why have good credit
Trouble with the neighbours crowdie…..
https://www.cbc.ca/news/canada/british-columbia/bad-neighbour-wall-battle-1.5685737
Question: Why don’t the gov’t / banks just switch from mortgage deferrals to interest only mortgages for six months or a year for those who can actually show they are in financial difficulty? Surely with interest rates so low, these folks could at least come up with the interest portion and this would help keep people in their homes until they get their jobs back.
Borrowers should be aware that variable rates have monthly compounding versus fixed rates which have semi annual compounding, so effective rate is a little higher on variables.
Re the condo market debacle: People’s Republic of China has made some statements of concern recently tying ‘rebellious protestor types’ in Hong Kong as
having fallen under the “influence” of western universities and western thinking. All this ‘protesting’ that is common place on north american campus’s is not looked on very favourably by the PPC. One wonders if the number of foreign students in Canada will dry up going forward, which would have an impact on condo purchases, especially VanTown marketplace. Also, while many think a Hong Kong exodus of Canadian passport holders might bolster the marketplace, the reality is that most of those holders already own property here. Wife/kids live in while husband works overseas. A bit of a generalization with roots of real truth.
“The US election turns into crisis.”
How could that be so?
Whats the worry?
Interesting post as always. Regarding the end to the evictions ban comment. Is that for BC/Vancouver only, or is the thought that evictions will resume across Canada? Because September is just around the corner. Seems odd that the ban might be lifted just as colder temperatures can be expected to occur. Cue the meme ‘heartless landlords’.
Lots of Toronto license plates up in Pbo with high end vehicles full of groceries, supplies and many pulling trailers with toys like boats, seadoos, and the like. Many of those toys for sale online too. Prob more to come by next spring. Also hearing more stories of houses/retirement condos and year round lake houses selling to buyers from GTA and southwestern Ont like London/Kitchener. But we don’t and never did bite.
Condos: going down with the CERB
Months ago when the bug arrived we told you condos would take the hit along with Westjet. And here we are. Listings are rising, sales faltering and per-foot pricing dropping. The fear (often irrational) is that communal living in a single building is germy and dangerous.
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Laughable with all of the retirees sitting in a CONDO that they have lost money on. Many of them selling their safe homes to pocket extra money then they move to Germville. Have fun closeted up in the next wave boomers. Next group to lose is the CONDO investor owners. They are going to sink the ship when all of them come on the market.
#7 Steerage on 08.14.20 at 3:58 pm
Trouble with the neighbours crowdie…..
https://www.cbc.ca/news/canada/british-columbia/bad-neighbour-wall-battle-1.5685737
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Haha. Hate crime- they hated each other.
“Be greedy when others are fearful” said a wise man WB.
Slowly building positions in some tasty apartment REITs that I don’t already own. Some diversified REITs are trading at 30-50% of BV. Yes pls and thank you for the divis
…but…but… aren’t the viruses on the wet nose?
1) My sibling in the US is a commercial and residential RE appraiser. His business is booming. He’s just performed his first foreclosure appraisal in eons. He previously worked as a federal bank examiner. His comment— “Wait until after the election. All hell is going to break loose.”
2) Number One son was supposed to fly home from Montreal tomorrow where he is studying at McGill. He got a call from one of his friends today telling him he was exposed to CV. Friend was swabbed to work the orientation. Friend is 100 per cent asymptomatic and also 100% CV positive. Number One son is postponing his trip back to Lotus Land. My comment— wait until the Fall. Things are going to get very interesting.
Great post, Garth. Thanks.
F57AB
Oh we also have great dog (and kiddie water) parks, beaches/lakes, artisan pizza store/breweries, chip trucks and just a few Tim Hortons…seriously can’t swing a cat and not hit one (not that we do.) For those in Ont feeling frozen out of other fearful areas we welcome cottagers and house hunters. Just expect to wait for any trades as most are busier then ever. Happy Friday.
https://twitter.com/deitaone/status/1294365610986614792?s=21
Your boy buffet getting some pet rock exposure
If the Democrats win big in November be prepared for a painfully slow recovery, just like under Obama, but this time with unhappy markets.
No evidence of that, as the markets already anticipate a Dem win. – Garth
#14 Sail Away
Murphy, that guy is nuts (one of our own missing some vital neurons).
Sad to say CBC missed the boat on the article title since the guys first name was “Reno”.
Add an “o” to his surname and you have Pilgrim in English (think John Wayne).
Toronto Rental Market Hit by 82% Spike in Apartments for Rent
https://wolfstreet.com/2020/08/13/toronto-real-estates-latest-problem-is-soaring-rental-inventory/
Garth, the damn virus has caused the mess we are in.
Talking about it and its economic and financial impact does the make your Blog the “virus blog”; rather, you are reflecting REALITY. And giving good advice, analysis along the way.
Years from now when it’s all over (I hope) you’ll go back and read what you wrote and say “I did the right thing.”
Have faith in yourself as I do.
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Speaking about faith, the Little Economy that Could (and Does) digging itself out of the Manufacturing hole. StatCan today said:
“Manufacturing sales rose by a record 20.7% to $48.7 billion in June, following an 11.6% increase in May.”
Manufacturing about 30% of GDP.
Upbeat for sure; though, June 2020 vs. June 2019 Manufacturing Sales are still down by:
-15.6%
At least Canada can hear shovelling noises as it digs itself out of that hole.
Overall :
https://www150.statcan.gc.ca/n1/daily-quotidien/200814/t001a-eng.htm
By Province:
https://www150.statcan.gc.ca/n1/daily-quotidien/200814/t003a-eng.htm
And by Sector, ALL are negative vs. last year save Food*, Wood and of course Beverage and Tobacco:
https://www150.statcan.gc.ca/n1/daily-quotidien/200814/t002a-eng.htm
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*Cdns are still eating, a good thing (mangia, mangia)
Reason to be OPTIMISTIC Canada.
So we are in the most acute crisis that the vast majority of the world population have ever experienced, including here in Canada. Millions are unemployed, more to follow, businesses are shutting down, economies are shrinking and we have no clear milestone when this will end.
Meanwhile, the housing market is breaking all the previous records and S&P is nearing its all-time high. How is this sustainable and where is the connection to the reality? No matter what all the nice graphs and economic indicators show us, how can this end well?
I am fighting to get myself out of a hole I fell into. It is going well so far and I expect to be even shortly. Then I will slay my naysayers. I picked up some very strong companies on the cheap during March … PM mining co’s.
I also brought Preferreds. I have done well by them, REITs on the other hand are a problem – I don’t like return of capital as a distribution. I struggle with JE but their re chaptalization plan seems sound. I bought their rights offering – hopefully it works out.
I am far from done. Let me submit an observation frm a Swedish doctor
https://drmalcolmkendrick.org/2020/08/07/how-bad-is-covid-really-a-swedish-doctors-perspective/
Of course there are those who disagree – like most health officials.
Here is fun for those that like stats with commentary https://www.globalresearch.ca/swiss-doctor-covid-19/5707642
It’s weirdness with the asymetrial fire being directed our way. This WW3 is for our minds. Or couching this in Boomer-esque terms They’ll stone you just like they said they would’. Or, keep wearing your Freedom Masks in the hope freedoms will be restored (hint: no)
Quote from an unknown – or forgettable – site:
“The pandemic lockdowns are a complicated issue, and that is absolutely deliberate. The point of 4th Generation psychological warfare is to present the target individual or population with a hard choice – a no-win scenario. You are damned if you do and damned if you don’t. I often equate this to the key moves in a difficult chess game; your primary goal is to create a dual threat and force your opponent to sacrifice one piece over another in order to escape with the least amount of damage. Do this a few times and you have won the long game.
There are multiple aspects to the global pandemic which seem engineered to push our society to make “sacrificial decisions”. We can choose to sacrifice the lives of those that are susceptible to the virus, sacrifice our economy, or sacrifice many of our freedoms with the promise that the economy and lives will be protected. The easiest choice is always to give away a little more freedom. We’ll get it all back eventually…right?
Of course, we don’t actually get to “choose” anything when we play along with this game. 4th Gen warfare is meant to eventually take IT ALL from the target population while making people think it was their choice to give those things away.”
It’s not that condo purchases are being shunned because of covid-19 concerns. The slow down in condo sales is really a canary in a coal mine indicator of the diminishing pool of qualified greater fool buyers left out there with today’s gasbag prices regardless of low rates.
As the remaining qualified approved buyers still in the hunt continue to react like other frenzied buyers have… caught up in the vacuum of reckless bidding wars FOMO obsessed …their numbers ever so are declining as evidenced by fewer condo sales where dwindling numbers are chasing after detached homes now with less competition for them currently.
Condo avoidance over covid is a myth perpetuated by homeowners with an agenda.
Condo sales will roar back to life in the coming correction.
A false overheated market illusion currently persists as a result of frenzied bidding wars carried out by a non sustainable relatively smallish pool of buyers.
Those caught up in reckless FOMO mania.
No evidence of that, as the markets already anticipate a Dem win. – Garth
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Despite Biden’s lead, when asked who their neighbors are supporting, voters put Trump on top: 39 percent think the folks next door are going for the president, while 34 percent say Biden. More Republicans (67 percent) think their neighbors will back Trump than Democrats believe theirs will support Biden (56 percent).
https://www.foxnews.com/politics/fox-news-poll-voters-pick-biden-yet-more-think-their-neighbors-back-trump
Fox News. Righto. – Garth
My Sales, Listings, Absorption Rates and Months of Inventory charts are up with July data:
http://www.chpc.biz/sales-listings.html
http://www.chpc.biz/mar-moi.html
Relative to July 1, 2019 Census estimates:
Ottawa currently has the biggest ratio of potential buyers.
Vancouver has the smallest ratio of buyers.
What is the effect on semi-detached and rooming houses in Scarborough?
Which street? – Garth
Buffett’s company today disclosed ownership of a new 21 million share position in Barrick Gold ( trading symbol GOLD / Nyse) and the disposition of many billions in US banks.
My guess is he saw low rates affecting his bank holdings and is hedging somewhat by buying a gold producer.
But maybe he just sees Barrick as another well run company coming into potentially a strong earnings period that he wants to own a piece of.
Would be interested in others’ thoughts here.
Just based on my own periodic checking of condo rental listings in the downtown core, it would certainly seem that condo prices are due for a meaningful pullback. But at the same time it has become clear that you cannot apply logic to the GTA housing market and past predictions haven’t seemed particularly accurate. And then you have the SFH market in Toronto and the surroundings, which just continues to makes no sense.
“Of course, nobody listens to him. Or me. So the next hundred days will be Biblical. You know, the brimstone part.”
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The bearded mystic oracle, lone voice of reason crying out in the Canadian financial wilderness has spoken! Woe unto all Canadians who fail to heed his prophetic words. Ye shall pay the price for your foolishness! And to all the wise ones, the ones who heeded the wise words of the Lunenberg sage, blessed shall ye be. The time is nigh o land of financial illiterates. There is little time before darkness falls over the land. Wake up and heed the words of the lone voice of reason, oracle without peer, gratuitous giver of advice, mystic financial tea leaf reading prognosticator without equal, former Minister of National Revenue of this fair land, parliamentarian denouncer of corrupt politicians, NYT best selling author, Harley riding badass, lover of canines, near future recipient of the Order of Canada and lastly, all round jolly good fellow!
Westjet was mentioned as being in trouble. Couple weeks ago i flew Westjet from Vanc. to Edmonton for a funeral. The domestic terminal at YVR was a ghost town. I waltzed in with carry on, scanned my boarding pass at security, got temp. taken, proceeded to security, no line up at all…bada bing. Jet was less than half full, had 3 seats to myself. No line up at the car rental, no wonder why hertz is bankrupt.
Funeral was at small town in west central Alberta. They just changed the rules to allow 100 people to gather, so we had a masked social distance proper service. The lady at the newish hotel sad it was only 10% occupied, mostly due to lack of oil and gas workers. Noticed most of the pump jacks in the fields were idle, they had bumper crops locally but most of Alberta farms were devastated by heavy rains and hail.
Gotta love those prairie people, remind me of newfies, unlike the smug hypocrites infesting much of BC. Tempted to move there, nice homes for 200k. Other than talk about the deceased, the mood at the reception was that Alberta was toast, talk of rising crime and property taxes, long unemployed educated kids and a massive resentment to the ROC. Flew back from an empty Edmonton airport on a half full jet to an empty YVR.
On the Westjet safety pamphlet they had a drawing of plane flying into a mountain followed by one of a passenger with his head tucked between his knees. Like that will do a lot of good. Buckle up and prepare for impact.
I think this explains some of the craziness in recent spending patterns. Although the data is for the US, I think it also applies to Canada.
https://wolfstreet.com/2020/08/14/fired-up-by-stimulus-money-debt-deferrals-americans-went-shopping-but-where-how-life-has-changed-during-the-pandemic/
“Spending was supported by stimulus money that included the extra $600 a week in federal unemployment benefits. A study found that two-thirds of the people who received unemployment insurance made more from UI than from working, with about 20% of them doubling their pay.”
“Millions of people have entered into debt-payment deferral or forbearance programs and skipped making payments on their mortgages, credit cards, auto loans, and student loans. Others, protected temporarily by eviction bans, skipped making rent payments. This money not-spent on debt and rent was then spent elsewhere.“
#7 Steerage on 08.14.20 at 3:58 pm
Trouble with the neighbours crowdie…..
https://www.cbc.ca/news/canada/british-columbia/bad-neighbour-wall-battle-1.5685737
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Yes, but this in Canada, North America
It’s all about ME ME ME, I’m ALLOWED (aka entitled) to have a loud radio, ya know, fills the devoid between the ears and all that.
Someone put the hockey back on the tv soon, otherwise people might start having ideas and questions. That’s bad.
#14 Sail Away on 08.14.20 at 4:15 pm
Haha. Hate crime- they hated each other.
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Friend of yours that neighbour from hell?
#15 The younggreek on 08.14.20 at 4:16 pm
Slowly building positions in some tasty apartment REITs that I don’t already own. Some diversified REITs are trading at 30-50% of BV. Yes pls and thank you for the divis
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There are some good counter-arguments at the link that explain why the discount may be justified.
https://www.reddit.com/r/CanadianInvestor/comments/fohlgf/reits_are_trading_below_book_value_some_at_50_of/
Not sure what real estate area you’re talking about but Ontario is booming. Every condo I go see in GTA has 4 offers and sells over asking even when asking price is market value not under value. Precon towns in Barrie sold out in a day. High rise condos in Vaughan Abdeja District sold out in a day. This is insanity. Anything and everything is selling. Condos. High rise. Low rise. Towns. Semi. Detached. Toronto. Barrie. Hamilton.
To all you anti gold people lmbo.
https://www.theglobeandmail.com/investing/investment-ideas/article-warren-buffetts-berkshire-hathaway-adds-barrick-gold-stake/
Buying into a mining company is not acquiring gold. – Garth
So I would like to sell my house, prices are going crazy around me and I would walk away with a sizeable amount of cash, but not sure where I should go? Tried renting a few years ago and did not like it, so purchased in a dip in 2018 and have made a sizeable amount since then. But I was almost priced out of the market last time, until things calmed down. I also was able to close quickly and go in no conditions which allowed me to get a sweet deal but I’m a bit gun shy to do a repeat, but lured by the thought of some quick cash to squirrel away. What should I do?
#32 Idiocy on 08.14.20 at 5:23 pm
Buffett’s company today disclosed ownership of a new 21 million share position in Barrick Gold ( trading symbol GOLD / Nyse) and the disposition of many billions in US banks.
My guess is he saw low rates affecting his bank holdings and is hedging somewhat by buying a gold producer.
But maybe he just sees Barrick as another well run company coming into potentially a strong earnings period that he wants to own a piece of.
Would be interested in others’ thoughts here.
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The old sage is getting, well old.
Just wondering, did any of you blogdogs ever made any money following his advice?
#34 In Garth, Not God We Trust on 08.14.20 at 5:24 pm sez, with an extremely lusty look in his eyes:
“Of course, nobody listens to him. Or me. So the next hundred days will be Biblical. You know, the brimstone part.”
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The bearded mystic oracle, lone voice of reason crying out in the Canadian financial wilderness has spoken! Woe unto all Canadians who fail to heed his prophetic words. Ye shall pay the price for your foolishness! And to all the wise ones, the ones who heeded the wise words of the Lunenberg sage, blessed shall ye be. The time is nigh o land of financial illiterates. There is little time before darkness falls over the land. Wake up and heed the words of the lone voice of reason, oracle without peer, gratuitous giver of advice, mystic financial tea leaf reading prognosticator without equal, former Minister of National Revenue of this fair land, parliamentarian denouncer of corrupt politicians, NYT best selling author, Harley riding badass, lover of canines, near future recipient of the Order of Canada and lastly, all round jolly good fellow!”
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Ah! Mark Carney! I knew it was a mutual admiration society!
Buffet’s Berkshire takes stake in Barrick Gold. Another person who said it was a bad investment and it’s worth more to leave in the ground. I guess one of his financial experts said the writing is on the wall for the major economies. Wait for September when the big financial boys come back from vacation. I predict a 10-20% pull back in equities…at least.
After a 50% gain, so what? – Garth
“But can he signal” hahaha, that is so funny. And the back seat passengers. That was too funny!
More interesting is that Warren Buffett is dumping all his bank or finance companies.
Just what is he expecting????
>Louie Gohmert update. He tested Covid positive around June 29th so this would be his 17th day of illness. He doesn’t go into details but looks to be in pretty good health. He says he took Hydroxychloroquine, Zinc and Azithromycin. This is Dr. Vladimir Zelenko’s Covid treatment protocol. He also says he took vitamins and used a nebulizer — without going into specifics.
>In comparing Gohmert and Bolsonaro, I would say that Gohmert had fewer and milder symptoms and recovered quicker. I suppose that the zinc had a stronger positive effect than just HCQ alone. The vitamins and nebulizer also have to be factored in.
—
#4cminewswire #LouieGohmert #HCQ
2020 AUG 12 Senator Gohmert; COVID 19 Some Wanted Me to ‘Just Die’; HCQ Saved Me
Aug 13, 2020
Gary Green
Remarks: Senator Louie Gohmert, R-Texas, CAUGHT Covid-19 when asked how he was doing now he said I got the hydroxychloroquine, azithromycin, the z-pak, and zinc, and vitamins, steroid nebulizer, and I’m telling you, it made a huge difference, a huge difference. “So, I’m doing so much better than I would have expected.” FULL STORY HERE: https://www.4cmitv.com/2020/08/13/202…
https://www.youtube.com/watch?v=xrBPvwGQDSs
The Buffet thing is pretty funny.
Think about all the people who’ve been having a good chuckle at all the silly gold bugs who think they know more than Warren Buffet. How do they square this with their worldview?
I’ve already seen “Gold mines are not Gold” but that’s a total dodge and everyone here knows it. Buffet has in the past gone out of his way to describe the foolishness of the entire process of digging gold out of the ground just to put it in another hole again.
And someone who owns a big chunk of a mine wouldn’t be thinking about having an option to get access to the finished product, right?
One way out of this conundrum is to just accept that billionaires aren’t offering you free advice for your own good.
Garth:
I do. Or, well, I read you. I’m often informed and sometimes I even agree with what you write.
So, I take it now is not yet the time to be greedy w/re condos? Is there a rule of thumb expressed in, say multiples of $ per square foot, where a condo beats a SFD? Does one ever?
Current factor in Victoria is 2ish (condos cost about 1/2 in terms of $ per built square foot). I’m guessing that number is rising as SFD prices grow and condos are becoming abundantly available.
Oh we also have great dog (and kiddie water) parks, beaches/lakes, artisan pizza store/breweries, chip trucks and just a few Tim Hortons…seriously can’t swing a cat and not hit one (not that we do.) For those in Ont feeling frozen out of other fearful areas we welcome cottagers and house hunters. Just expect to wait for any trades as most are busier then ever. Happy Friday.
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Sounds very similar to my city: Peterborough, ON. Great place to live, as both a retiree or with a young family.
BB
Can’t understand why Canadian reits having recovered that much whereas commercial real estate hasn’t corrected at all and over course residential is going nuts. I know fomo is affecting residential but why haven’t commercial real estate values reflected reit valuations?
#48 Long-Time Lurker on 08.14.20 at 6:38 pm
Re: Covid, Bolsonaro, Senator Gohmert, Hydroxy
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Yawn…
The pandemic that pretty much everyone under 80 survives just fine and most don’t even know they were sick.
He could’ve just as well eaten lollipops and been equally fine.
Writing in the Financial Post this week, money guy Dale Jackson raises valid points.
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Don’t you mean bnnbloomberg? You’re favourite hangout? Where you have tea and crumpets with Adele and Drake?
https://www.bnnbloomberg.ca/rrsp-claim-might-not-make-sense-for-many-canadians-in-2020-1.1479617
Don’t worry. I like BNN too. =P
In both. – Garth
@#7 Steerage.
Campbell River .
What more can I say about an elevator deprived hamlet?
#151 TurnerNation on 08.14.20 at 3:07 pm
FLOP perhaps down under is a test bed at this time, if this is a correct picture from New Zealand. From a supermarket chain. The veil has dropped:
https://pbs.twimg.com/media/EfTLDFEUYAEIp7f?format=jpg&name=900×900
/////////////////////
Hey TN, I think this is just the authorities latest attempt at tracking me down.
I’m hiding in Vancouver in plain sight.
They would never suspect that I sold my house in Tasmania, and after traveling for 3 years, settle in a place with one of the most craziest real estate markets on the planet.
Why spend 50k on a house when you can spend 5 million?
They’ll never figure it out.
I’m probably safe in Hong Kong too…
M46BC
Said goodbye to the old neighbors this morning and hello to the new neighbors this afternoon. They seem nice. This will be their first time living on an acreage and they seem pumped. Anyway so this story is interesting for two reasons.
First, it indicates demand is there for suburbia if the price is right. Covid doesn’t seem to affect anybody out here unless we have to go to Costco. People walk their dogs, jog, kids ride their bikes. There are no sidewalks but there aren’t many cars either so every evening around suppertime the streets come alive. Neighbors pass on opposite sides of the street but everyone says “hello”. (Incidentally the new neighbors are Indian so whitey has clearly moved into the minority on our little culdesac. Not that that means anything other than the ‘burbs appeal to all cultures. Trump is right again.)
But the second and most important part of the story is that the old neighbors are on their way to the Cayman Islands, and it was mostly for tax reasons. That is another exodus that is underway, especially in New York and California. There is only so much people can take before they say “screw it, I’m outta here!”
We are at peak tax. Any attempt to raise taxes in one area will reduce economic activity in another. People who can leave, will. Or, people may just elect to work less hours. Once the tax rate goes over 50% the incentive to burn the candle at both ends goes down considerably.
Of course there are still capital gains taxes and wealth taxes to play with but those also are fraught with peril too. The reason capital gains inclusion rates are 50% and not 100% is because inflation. Taxing inflation seems unfair and discourages business investment. Taxing capital gains on primary residences is without a doubt just taxing inflation. A primary residence is an expense not an asset. And taxing wealth, well capital gains taxes already do that but at least the tax bill arrives once the numbers are in, rather than trying to arrive at a notional value for assets yet to be monetized.
It is a well known phenomena in economics that at a certain point raising tax rates reduces overall tax receipts. This is because of hooman nature. When the hooman decides he is being compensated unfairly the hooman will refuse to work. This behaviour has been observed in dogs and monkeys too. No treat no trick.
@#14 Sail Away
“Haha. Hate crime- they hated each other.”
++++
Some friends had the “neighbor from hell”
He’d yell, scream, etc. at his wife, kids, neighbors…anyone.
He’d call the cops at any imagined offence, music to loud, back yard bbq too loud, parked in front of his house on the public street.
He’d mow his lawn at 7am on a Sunday.
Just…..a…..prick.
A racist pig to boot.
Hated everyone, mocked everyone
After 10 years of it….. and the markets were way way up….
My friend listed with an East Indian realtor and said to me, ” I’m not selling to anyone that is white or can speak english…”
Reverse racism has a bit of karma.
@#23 Democracy is Mob Rule
“Toronto Rental Market Hit by 82% Spike in Apartments for Rent”
++++
WOW!
I be thinking Vancouver is headed in that direction as well.
About bloody time.
2.5 years into a 5 year fixed @2.94 400k mortgage.
Do I break and lock in for another 5 at 2%
I’m a bad, bad man.
I’ve thought about taking another route, so I don’t have to drive by the out of control COVID testing site.
Can’t do it.
Fear Of Missing Out And Having To Have The People On The News Tell Me What’s Going On.
Or FOMOAHTHTPOTNTMWGO for short.
The most striking thing, besides the insane amount of numbers lining up, waiting to be tested, is the vast majority I have observed appear to be under the age of 30…
M46BC
Toronto RE has officially gone nuts:
https://www.theglobeandmail.com/real-estate/toronto/article-15-bids-for-row-house-with-no-parking-unfinished-basement/
No one, not anyone, can say this went for “land value”.
There is no value to the land. You can’t remove the house (it’s attached to two other houses).
As the story says, it does have a shed and new patio stones (Home Depot stuff you could buy for about $500.00).
So the million dollar price makes sense (if you are insane or on some very hard drugs).
When I see stuff like this I just get very sad.
You say: “CERB payments end. The mortgage deferral era is over. Bond yields and mortgage rates creep higher. Taxes rise to help cover massive Covid spending. The US election turns into crisis. Unemployment lingers. And remember, “The economic impact of the first shut down is still in its infancy, imagine a second shutdown and the long term effects that would hold.”
If these things happen, Bond yeilds dont go up, they go down which means fixed mortgage rates continue to go down too.
I think that most of us can recognize that we just need to get through this winter. Kiddies in many regions are returning back to school this September; 3 to 4 weeks later with the Virus and flu buds there will be a spike, all hell will break loose once again. Spring 2021 will finally bring some normalcy; no matter what happens, it will take a few years to recover from this. Invest or prepare wisely!
Ace, saw your post about Aussie Auctions.
Dunno if it’s actually true or just urban myth, but people always seem to complain about phantom bidders.
Picture this, a big crowd gathers at the end of a cul-de-sac, under the midday sun.
The auctioneer gets things under way, things start off relatively affordable, the serious bidders start to assert themselves.
This non-descript guy in a baseball hat and sunglasses keeps driving the bidding higher, and when it’s high enough to all concerned, walks away, never to be seen again.
Was he serious as you?
Was he an authentic bidder?
Who knows if they now have mechanisms in place to avoid this.
Doubtful as explotation seems to be the name of the game by both the real estate complex and the governments.
Enjoy your house you just shelled out an extra 200k on…
M46BC
Just.
Stay.
Home.
https://www.orilliamatters.com/coronavirus-covid-19-local-news/cluster-of-11-covid-cases-traced-to-group-visiting-muskoka-resort-2629867
#58 crowdedelevatorfartz on 08.14.20 at 7:17 pm
@#14 Sail Away
“Haha. Hate crime- they hated each other.”
++++
Some friends had the “neighbor from hell”
He’d yell, scream, etc. at his wife, kids, neighbors…anyone.
He’d call the cops at any imagined offence, music to loud, back yard bbq too loud, parked in front of his house on the public street.
He’d mow his lawn at 7am on a Sunday.
Just…..a…..prick.
A racist pig to boot.
Hated everyone, mocked everyone
After 10 years of it….. and the markets were way way up….
My friend listed with an East Indian realtor and said to me, ” I’m not selling to anyone that is white or can speak english…”
Reverse racism has a bit of karma
*************************************
Here’s a sad story of a real neighbor from hell. 5 year old boy shot in the head execution style while riding his bike in his neighborhood. This happened last Sunday. MSM like NYTimes and WaPo were not interested in covering it. Said it was just a local story. I guess it didn’t fit their preferred race narrative. Their probably covering it now.
https://www.newsweek.com/heres-what-happened-cannon-hinnant-5-year-old-who-was-fatally-shot-head-1524924
I am not looking forward to work on Monday. The gold freaks will be out in full force with this Buffett news. Even though he bought AN EQUITY stake in a mining company! They will celebrate like it’s 1848.
re: #66 Don Guillermo on 08.14.20 at 9:03 pm
Just did a search on the NYTimes site. They’re covering it now. Finally ran it 3 hours ago.
Dane Eitel ”The biggest hit, however, isn’t a threat to condos only. All real estate will be challenged when the following occur in sequence: CERB payments end. The mortgage deferral era is over. Bond yields and mortgage rates creep higher. Taxes rise to help cover massive Covid spending. The US election turns into crisis. Unemployment lingers. And remember, “The economic impact of the first shut down is still in its infancy, imagine a second shutdown and the long term effects that would hold.”
Of course, nobody listens to him. Or me. So the next hundred days will be Biblical. You know, the brimstone part.
yeah the next hundred days will be biblical. Biblical in the sense of a clash of moral values. It looks like the days of wine and roses is coming to an end.
The government has done everything in its power to keep homeowners in the black. I wouldn’t be surprised if they offer money to help all the over leveraged somehow and making it so it doesn’t tank.
@#67 Don Guillermo on 08.14.20 at 9:03 pm
#58 crowdedelevatorfartz on 08.14.20 at 7:17 pm
@#14 Sail Away
“Haha. Hate crime- they hated each other.”
++++
Some friends had the “neighbor from hell”
He’d yell, scream, etc. at his wife, kids, neighbors…anyone.
He’d call the cops at any imagined offence, music to loud, back yard bbq too loud, parked in front of his house on the public street.
He’d mow his lawn at 7am on a Sunday.
Just…..a…..prick.
A racist pig to boot.
Hated everyone, mocked everyone
After 10 years of it….. and the markets were way way up….
My friend listed with an East Indian realtor and said to me, ” I’m not selling to anyone that is white or can speak english…”
Reverse racism has a bit of karma
*************************************
Here’s a sad story of a real neighbor from hell. 5 year old boy shot in the head execution style while riding his bike in his neighborhood. This happened last Sunday. MSM like NYTimes and WaPo were not interested in covering it. Said it was just a local story. I guess it didn’t fit their preferred race narrative. Their probably covering it now.
https://www.newsweek.com/heres-what-happened-cannon-hinnant-5-year-old-who-was-fatally-shot-head-1524924
/////////////////////
It is a local story. similar scenarios playout across america on a daily basis. check out the ‘read more’ section at the end of the article. america is one F’d up country. We should keep the border closed permanently lol
RE: #66 Cottagers STAY THE HELL AWAY! on 08.14.20 at 8:18 pm
Just.
Stay.
Home.
https://www.orilliamatters.com/coronavirus-covid-19-local-news/cluster-of-11-covid-cases-traced-to-group-visiting-muskoka-resort-2629867
////////////////////////////////////////
Not to belabour a point that I have tried to make several (perhaps many) times, but…..
Cottagers don’t stay at resorts………….because we have cottages. We sleep in our cottages…….because they are there. We have beds, bedrooms, showers (some indoors, some outdoors – darn mosquitoes always go for the most inconvenient places). We have COTTAGES. That is why we are COTTAGERS.
If we stayed at Muskoka resorts, guess what, we would not be cottagers (because we would not have a cottage to stay at, so we would be at a resort instead).
Cottagers also don’t spread COVID at local beaches…..cause we don’t go to them. We have cottages, with private beaches, and private waterfronts, and………..we swim there. Or off our docks. Or from our boats. Not at public beaches.
Because we don’t have to. Why use a public beach, when you have a private beach?
Repeat after me: Cottagers have cottages.
Say it again…
#67 Don Guillermo on 08.14.20 at 9:03 pm
Here’s a sad story of a real neighbor from hell. 5 year old boy shot in the head execution style while riding his bike in his neighborhood. This happened last Sunday. MSM like NYTimes and WaPo were not interested in covering it. Said it was just a local story.
I guess it didn’t fit their preferred race narrative. Their probably covering it now.
————
Such intellectually dishonest reporting. The video clip with that story talks about Chicago shootings, and ‘most of the victims were black’.
Uh huh. So were most of the perps.
Dear Garth,
Question regarding TFSA.
What should you do when your TFSA reaches 500k? I followed your advice and took on a lot of risk with my TFSA and bought all tech stocks. Now it is sitting there looking pretty.
But looking at it conservatively and put it in income generation assets, 500k generates about 25k tax free, which is way more than the 6k contribution room we have. Should I just do that and then use the 25k interest/dividend income per year to YOLO into risk stocks? Or keep them all in tech stocks as I have done so far?
@#61 Flop
“Or FOMOAHTHTPOTNTMWGO for short.”
++++
Jeeeezus!
An Aussie that can translate Hawaiian…who knew?
Speaking of Aussies.
Flop.
I hear there are excellent Aussie meat pies at a Kingsway market….. True?
@#67 Donny G
“Here’s a sad story of a real neighbor from hell.”
+++
Total agreement.
That P…..O…….S…… deserves life in prison.
And then some.
#40 Joe
Nothing personal joe but believe it or not, just a couple sentences like those in your message weather true or false is all it takes to send a greater fool into a FOMO tizzy.
Well Best Buy now or miss out!
https://www.cbc.ca/news/canada/calgary/lumber-wood-kevin-mason-dave-desormeaux-jayman-built-homes-1.5687201
@#69 Don Guillermo on 08.14.20 at 9:21 pm
This is the tip of the iceberg. Unprecedented violence in the USA which mainstream media is not reporting on…look at the nightly death toll and looting and burning going on in Chicago as an example. Apparently BL don’t matter in Chicago. And yet Calgary on the financial ropes can find $120,000 to produce 4 BLM murals in the city. Nenshi says ‘“I couldn’t care less what you think about that mural..’. We are circling the drain. The storm clouds are bigger and darker than ever before.
Help me Don Guillermo (Obi-Wan Kenobi ), please take me with you to Mazatlan.
Sálvame de la locura a mi, por fa vor……………
>This comment is also about foot-in-the-mouth disease.
#53 Sail Away on 08.14.20 at 7:04 pm
#48 Long-Time Lurker on 08.14.20 at 6:38 pm
Yawn…
The pandemic that pretty much everyone under 80 survives just fine and most don’t even know they were sick.
He could’ve just as well eaten lollipops and been equally fine.
—
Young people not immune to long-term effects of COVID-19, B.C. top doctor warns
BY MONIKA GUL AND HANA MAE NASSAR
Posted Aug 14, 2020 6:09 am PDT Last Updated Aug 14, 2020 at 7:39 am PDT
…B.C. Public Health Officer Dr. Bonnie Henry said catching the coronavirus isn’t turning out to be as fleeting as some younger people may have thought.
“We do know that for some people, and we don’t always know who, some of it has to do with the way our own immune system reacts and our genetic makeup. Some people have very severe illness and some people have long-lasting impacts, even with a milder form of the illness,” Henry said on Thursday, adding these long-term impacts are also being reported by people who haven’t been hospitalized.
“But the things that we’re hearing from young people is that fatigue, difficulty even sitting up, profound fatigue that lasts for a long period of time,” Henry explained. “For those people who do have pneumonia, difficulty breathing, shortness of breath that can last a long time.”…
…Meanwhile, some teens and young adults in parts of the world have experienced a “post-viral syndrome that can cause inflammation of the blood vessels,” Henry said, adding no cases have been diagnosed in B.C.
“We are learning more and we are learning that there can be long-term impacts that can be quite severe, even for young people,” B.C.’s top doctor warned.
The number of COVID-19 infections is currently growing more rapidly for people aged 20 to 40 years old, she said.
https://www.citynews1130.com/2020/08/14/young-people-long-term-covid/
If we must say the truth about Trump, it’s only fair to speak about…
https://www.politifact.com/article/2020/aug/14/looking-claims-Kamala-harris-descendant-slave-owne/
Ottawa Sun Poll. I voted for Calgary. Damn Trudeau screws us again.
YOUR CALL: Which Canadian team are you cheering for in the NHL playoffs?
Thank you, we have already counted your vote.
Montreal 0% (0 votes)
Calgary 0% (0 votes)
Vancouver 0% (0 votes)
None 0% (0 votes)
Total Votes: 0
Return To Poll
#71 Km on 08.14.20 at 9:25 pm
“The government has done everything in its power to keep homeowners in the black. I wouldn’t be surprised if they offer money to help all the over leveraged somehow and making it so it doesn’t tank.”
————————
The problem is that the government does not have any money save what they tax or borrow. We were at peak tax before covid, and we are probably at peak debt now. Of course we could see the central banks go to outright money printing but I think they know their history well enough to know what that brings, so it probably won’t happen.
We cannot collectively through our government afford things that as individuals we cannot. Sure, you can transfer some wealth around and “eat the rich”, but eventually you run out of other people’s money. It is short sighted.
Of course this means that there is no easy way out. When you are stuck in the mud there seldom is.
32 Idiocy on 08.14.20 at 5:23 pm
Buffett’s company today disclosed ownership of a new 21 million share position in Barrick Gold ( trading symbol GOLD / Nyse) and the disposition of many billions in US banks.
My guess is he saw low rates affecting his bank holdings and is hedging somewhat by buying a gold producer.
But maybe he just sees Barrick as another well run company coming into potentially a strong earnings period that he wants to own a piece of.
Would be interested in others’ thoughts here.
——————————————————
He might be making an indirect play on NAK (Pebble Mine) if GOLD is possibly considering buying them out after the Record of Decision is made in a few weeks.
#10 KNOW IT ALL on 08.14.20 at 4:07 pm
“The US election turns into crisis.”
How could that be so?
Whats the worry?
——————————————-
It’s entirely possible that neither side will accept the results if the other side wins
Market anticipating a Dem win and improving equity? If that’s says “going from great to really great” count me in. Except, the market loves Trump and hates change, loves gridlock and tax cuts more than anything. Nothing about current market behavior indicates a Dem-Backed shot-rocket. Unless of course you’re hedging you’re bets and mean to say that a Dem win will cause the Sea-change the communists would like to see and Biden – Kamala advocate, a meltdown? Please turn off the TV, if you hate Fox, you must really hate CNN. US politics be damned, what’s happening in Canada? What did Teudeau screw up this week?
The weird continues , no mention of markets propelled to new highs – running on fomo Robin Hoods and trillions from the fed .
Discussed here often. – Garth
most people in Canada are still asleep
when the majority figure that the government and media and health authorities are lying and that this is permanent
they will go into shock
#81 Long-Time Lurker on 08.15.20 at 12:08 am
#53 Sail Away on 08.14.20 at 7:04 pm
Yawn…
The pandemic that pretty much everyone under 80 survives just fine and most don’t even know they were sick.
He could’ve just as well eaten lollipops and been equally fine.
————-
Young people not immune to long-term effects of COVID-19, B.C….
————-
I find this passage particularly illuminating:
‘…Meanwhile, some teens and young adults in parts of the world have experienced a “post-viral syndrome that can cause inflammation of the blood vessels,” [B.C. Public Health Officer] Henry said, adding no cases have been diagnosed in B.C.’
To which I would add:
”after which, Ms. Henry proceeded to discuss economic triggers in Timbuktu, her views on space flight, and the Senegalese guinea worm, all of which are also well beyond her purview.”
#43 Ponzius Pilatus on 08.14.20 at 5:56 pm
Just wondering, did any of you blogdogs ever made any money following his advice?
————–
Hello Ponzie.
Yes, most definitively. A few weeks ago I mentioned it was a good time to buy Berkshire. It is now up around 10% from then.
Glad to help! Please let me know if you have other investing questions. I feel compelled to help you, Faron, Tater, etc. with this tricky business…
#86 Carlyle on 08.15.20 at 2:33 am
“It’s entirely possible that neither side will accept the results if the other side wins”
Biden will accept defeat if Trump wins.
If Biden wins, you can expect a long, drawn out battle from Trump, who will do everything in his power to remain in office despite having lost the election. This will include court challenges, “twitter” campaigns, lots of mud slinging against targeted individuals and likely he will refuse to concede and remain in office, until a Court finally removes him.
#82 Midnights on 08.15.20 at 12:27 am
If we must say the truth about Trump, it’s only fair to speak about…
https://www.politifact.com/article/2020/aug/14/looking-claims-Kamala-harris-descendant-slave-owne/
/////////////////
Thanks for playing, Sparky. Politifact has taken the article down, finally. The fact one of Kamala Harris’s African ancestors was raped by her Irish owner is not the slur you think it is, but it’s very revealing about you.
We’ll chat again when Trump submits his DNA as ordered by the judge presiding over Jean Carroll’s defamation case.
Tangerine is offering up 5 year fixed mortgage money to me at 1.79% Or 10 year fixed at 2.29%. 25% prepayment options if you don’t like the free money ! What to do? Leaning towards taking the lower rate and save the
$19 500 difference over the 5 years.
The risk of buying homes – anything = in Ontariowe is that they extended the fictional ‘state of emergency’ into 2021 already. The clear timelines for the rollout I’ve been mentioning forever.
Last year the premier bellowed ‘We’re open for business’ – almost a licence plate slogan it became.
Flip what our leaders say 180 deg…we are Closed for Business – he shut down the province earlier.
Perhaps by 2021 the Certificate of Vax ID (COVID) system will be ready? Hey it’s in the name already will you look at that!
Another caste system are they planning – the clean vs. unclean? Believers vs. Heathens? In this WW3 we are made the enemy. Families, friends broken up – do you beleive or not the insane CV religion?
6 feet away enemy! Again ‘Distancing’ is a combat term – per Wikipedia – the rules make no sense. That’s not the point. CHAOS into a new system is the point.
Wasting no time they rolled out “Keep your rent” the first week after the media strikes against us. Asymeterical warfare, natch. . Public health, really??
All fun has been stripped from the New System: If you go to a rip club, a bar/club, church, or to the beach you WILL get CV and you will get it the next day. At big box stores or in boring offices, never.
Just remember the deck is stacked against us; all media, too; they are pumping out war propaganda to break us into 2021:
https://www.blogto.com/eat_drink/2020/08/brass-rail-covid-19-toronto/
No fun in the new system. We are at war you know.
They will never let us forget it.
As with soldiers staff are issued masks, gloves and weapons (spray guns). To be used on the enemy: us! We are all diseased. Into the camp de-lousing showers we go.
In the New System healthy people are sick. (But you require a test in order to know this.)
We are children now: marks on the group in order to line up and stand. Like kindergarten. Dependent upon the State for our Safety. CERB to live on. Our bodies belong to them.
I’ve passed this place… will keep on passing it…:
https://www.blogto.com/eat_drink/2020/08/toronto-bar-implements-2-seat-charge-all-customers/
“Bateman cited costs such as additional support staff to collect contract tracing info and manage waitlists, PPE (caps, face shields, disposable masks and gloves) for staff, physical distancing decals, which tear often and need to be replaced, increased cleaning supplies and an extensive patio build as the reasons for needing an income boost.”
^ The STATE controlling capitalism. Hmm what country have we seen this in before? China, Cuba, our elite rulers fawn over these places.
#12 Freebird
Also hearing more stories of houses/retirement condos and year round lake houses selling to buyers from GTA and southwestern Ont like London/Kitchener.
——————————————————————–
I’ve been seeing and hearing quite a bit of anecdotal evidence of this phenomenon.
I got the bug myself (the cottage bug, not the covid bug), and bought a lake lot up north. Felt right, and my gut told me the land price was a great deal.
Months after I bought (which was a couple of months pre covid), I found out about a large development of a former farm close by being turned into cottage lots. I checked it out, and sure enough they’re already for sale.
https://www.royallepage.ca/en/property/ontario/georgian-bluffs/lot-6-plan-16m67/13055907/mls271474/
This is huge for an area that was kind of a sleepy well kept secret (not a lot of typical cottage country tourist traffic).
My point is that I hired a builder, and he can’t even start on my place until a year and a half from now! He, and all the other local contractors and trades are BOOKED SOLID with new home construction projects in the region.
He told me that his, and everyone else’s contracting business just exploded (in a good way) when the covid scare hit. “Yup. There’s alatta Taranna people comin’ up here these days. I think in ten years it ain’t gonna be so quiet around here like it usetabe anymore”.
So, maybe the “covid flight” phenomenon’s actually a thing.
Happy to get in under the wire.
#73 Ace Goodheart there’s an unusual amount of chatter/propaganda coming our of ORillia and Barrie. higher parking rate for non residents, beach bans, and that article. But why. Why are they softening us up?
OHHHHH… a UN Smart City. The future of total control. Orillia. That place.
“The truth is no longer hidden; people are hiding from the truth”
City of Orillia and Bell partner on Smart City initiativewww.orillia.ca › Modules › News
May 15, 2018 – Bell has also announced pilot projects with two larger Ontario municipalities, the City of Kingston and the City of St. Catharines. In 2016, Council …
Orillia gets connected as it pursues Smart City vision | Simcoe …www.simcoe.com › community-story › 9084147-orillia-gets-connecte…
Orillia gets connected as it pursues Smart City vision. Community Dec 26, 2018 by Frank Matys Orillia Today. Waterfront Wi-Fi … Ontario government could have sought history’s advice on return-to-school… Opinion Aug 10, 2020 …
……………….
>> Same with Kelowna BC, same stories from there I noticed. Let’s see: UN Smart city.
cities-today.com › canadas-first-5g-smart-city-project-launched-in-kel…
Jun 3, 2020 – Canada’s first 5G smart city project launched in Kelowna … University of British Columbia (UBC) through a partnership with Rogers to study 5G …
“Toby the one-year-old poodle hurtles towards the “Garth Street” exit on the LINC ”
++++
At 120 kph…..
#81 Long-Time Lurker they are rolling out the young persons scare now as the numbers just do not support their campaign – old people + flu:
https://twitter.com/Milhouse_Van_Ho/status/1274705386872938499
“The distribution of covid-19 deaths by age group looks suspiciously like that for overall deaths (life expectancy).
Compare the green bars in the first chart to the green line in the second chart (the most recent I’ve found is 2011).
Let’s look more closely.”
What Dale Jackson really said was: “RRSP claim might not make sense for many Canadians in 2020”.
Note the word claim.
Assuming you are still in your income earning years, make the RRSP contribution before the TFSA (ideally make both), but if you are in a Covid, pregnancy or mid life crisis induced down year for income take the deduction in a later year when you are probably having your best income earning year ever.
It compounds just like in a TFSA but you get the juicy tax refund later without it costing anything.
The only downside is that it will count as income later on – maybe affecting OAS. But a couple can earn nearly $160,000 of earned income without losing a penny of OAS and nearly a
hit return too soon!
….and nearly a QUARTER MILLION before OAS disappears completely. And that’s just earned income!
Ace Goodheart
Repeat after me: Cottagers have cottages.
cottagers have cottages
seems simple enough
Looks like you gentleman have not been over to the world economic forum website. They have clearly marked fossil fuels as unsustainable and part of the great reset. I understand how monumental the suffering will be for many, as the 4th industrial revolution expands , but the nwo cares not about the short term pain but what they perceive a long term gains to the environment. Prepare for a monumental purge . Don’t forget stay home and stay safe . Peace and eternal love RC