The whiff

Because the world has too few taxes, Toronto just created a new one. Like Van, there’ll soon be a vacancy tax, mostly affecting condos. The average unit which in local political minds is underutilized will attract $6,500 a year in tax, atop property tax of about $3,000. Plus condo fees averaging $6,000 a year. That’s $1,300 a month in overhead, even without financing or utilities.

The local realtors, often tools but this time wise, argue it’s nuts. Sure, whack ghost landlords who buy units just to sit on them for capital appreciation (if many actually exist), they say, but when the state starts taxing because you don’t spend enough sleeps in your own dwelling, well, it’s Orwellian.

The industry suggests principal residences should be exempt, for example, or places which are empty because they can’t rent. After all, if T.O. wants to be a world class city, it should accommodate post-pandemic international business people who need a stable local pad for periodic accommodation. Not that the house-lusty, envy-riddled moisters will agree.

But wait. Some interesting dynamics are at work here.

First, there’s a big surplus of condos for sale. Listings have doubled in a year. Sales have plopped. Prices are down. In the core $1,200-a-foot has dipped to $950. (A prime DT listing yesterday broke the $750 mark.) That’s 20% off. The new tax will likely force more units onto the market, since being a landlord totally sucks (rent controls, no evictions). So, prices drop further and no new rental supply is created.

Meanwhile the vacancy rate, as mentioned here the other day, has tripled in a year. Things are way better for renters than they used to be – lots more to choose from, landlords desperate for tenants, and falling rents. In short, the vacancy tax is, well, just a tax. When politicians say there is a social good involved, their pants are on fire.

And, wow, look at those rents. Here’s a map showing how the’ve plunged in various Toronto hoods.

Source: Rentals. ca. Click to enlarge.

Rentals.ca and Bullpen Research show just how much of a wallop the slimy little pathogen has had on the amount landlords can charge. On average Toronto rents have collapsed 20% this year. Says analyst Ben Myers: “”It is unlikely that even the most bearish market watcher would have predicted a 20 per cent annual decline in average rents in the former city of Toronto. We expect the market to continue trending downward for the next four to six months nationally but start a slow recovery in the second half of 2021.”

And it’s not just Toronto. Rents are falling in most places. No wonder. Tourism and short-term rentals are kaput. Restaurants, bars, clubs, business and sporting events are shuttered – places where a lot of renters work. Immigration levels have crashed by 70%. University students went home to mom’s place. So did the downtown WFHers. Worse, governments have sanctioned non-payment of rent through no-eviction edicts, while capping rents and allowing landlord-tenant boards to be hobbled by the virus.

“The rental market in Canada has done a 180-degree turn from extremely hot to extremely cold, with November 2019’s average rent of $1,918 per month up 9.4 per cent annually, compared to this year’s decline of 9.1 per cent,” says the report. “The national figures are heavily influenced by what is happening in the Greater Toronto Area, where rental rates for condominium apartments have plummeted year over year.”

It’s a perfect storm a-brewin’.

Thousands of newly-completed condo units are coming to market. Covid is getting worse every day, and seems on track to make for an awful January. The odds of a more profound and extended lockdown are growing – fewer service industry jobs, fewer renters. Travel bans and crashed tourism. Also more work from home and an exodus to the burbs. Plus now an idiotic vacancy tax which will increase listings, decrease rentals and help nobody, while removing $50 million a year from citizens.

Anyway, do you smell it? Yep. A whiff of opportunity.

Things will not always be as they are. The vaccine will transform society over the next couple of years (despite the knuckle-draggers in the steerage section of this pathetic blog). The virus will fade. Downtowns will restore. Office towers will eventually repopulate. The arenas, clubs, galleries, restaurants, high-end stores, museums, markets and funky hoods that make cities magnets for humans will attract once again. Travelers, business conventions, sports teams and artists will be back. The reasons people were willing to pay big bucks to live in the middle of this cacophony of humanity will become obvious. And many will look back on the winter of 2020 as a unique moment.

So, here’s the forecast: moaning, gnashing with intermittent lamenting and periods of wailing followed by clearing and, yes, FOMO.

About the picture: In age, they are 16 months apart.

121 comments ↓

#1 Reasonable on 12.18.20 at 1:06 pm

Things still seem a bit crazy in Vancouver.
I just noticed a headline saying that CPP Investments Net Assets Total $456.7 Billion. The Feds have spent almost this much in one year. Crazy.

#2 Flop... on 12.18.20 at 1:14 pm

“After all, if T.O. wants to be a world class city…”- Thor Turner.

////////////////////////////////

Might as well just have poured acid in MF’s eyes…

M46BC

#3 Catalyst on 12.18.20 at 1:28 pm

Am I supposed to feel poorly for the world renowned international business traveler with a pied-à-terre in the core and now has to fork over a few K more? This will not have any impact on those people. NYC and many others also doing the same type of tax.

If anything it is a signal that the rich will pay for covid and I am glad at least the full brunt won’t be on incomes or equity investors. Why shouldn’t real estate investors pay their share?

All homes not your primary residence should be triple property tax imo. I know you will disagree with this on the premise that successful people shouldn’t be punished but you also say house ownership isn’t a right. Why don’t the rich just rent a spot when they need it?

#4 Faron on 12.18.20 at 1:30 pm

#231 Another Deckchair on 12.17.20 at 9:56 pm

Faron:

Thanks for your thoughtful response. I think we are mostly on the same page in that we see the problem as utterly massive, yet I see it as solvable and necessarily so. Maybe you do too. My hackles get up when people like nonplused say it’s impossible because they either have a vested interest in no change or have been surrounded by people and opinions who have that interest and thus spout off untruths.

I also have solar on my sailboat :-). I intend to put solar on my workshop as a means to test out self-installation of an off-grid system and the feasibility of wiring a structure for 12 volt to mitigate the conversion costs to bring the power up to 120V AC.

Regarding the battery blog post: I think you may find it useful to go back and read the comments section that follows it. The points are that the idea of needing a battery capable of meeting the US energy needs for several days is simply too extreme. Another poster indicated that a national battery would be possible with another technology. And, as you mentioned, this is all discussed with tech that is now approaching 10 years old (admittedly, storage hasn’t moved too far since then and resource limits wont budge)

I don’t think anyone who is actually tackling this problem at the province or national scale (i.e. not you or I) sees a single storage technology as the solution. There will be many and diverse technologies that will work better in some places and other technologies for other locales. If anything, it might make our system more resilient.

#5 Overheardyou on 12.18.20 at 1:53 pm

This is one of those rare times when they show green as negative. I wonder why they don’t use that for house prices…

#6 Reality on 12.18.20 at 1:56 pm

I I think it is great that they’ll be more condos on the market after all they’re just sitting there they’re helping nobody but greedy investors.
Vacant homes in any neighbourhood help nobody, they don’t help the stores, they don’t help the community in any way if they don’t want to rent them out, then they shouldn’t own more than a principal residence, isn’t this how we got into this mess in the first place.

#7 Guelph Guru on 12.18.20 at 2:03 pm

We elected our rulers. So this is what the majority wants I guess.
It was pointed here some time back. The problem is demand. Dont understand how increasing supply will solve anything?

#8 Lee on 12.18.20 at 2:06 pm

And then a new and badder virus will arise and it starts all over again.

#9 Sunny Alberta on 12.18.20 at 2:08 pm

Garth always says RE is local. I assume in this post Garth is saying the opportunity is in TO specifically. In other words opportunity doesn’t apply in Alberta for the foreseeable future. Thoughts anyone?

#10 Dominoes Lining Up on 12.18.20 at 2:11 pm

I can’t help but see a rental problem leading to lower house prices.

#11 One born every minute on 12.18.20 at 2:14 pm

Website crashes as BC Recovery Benefit opens for applications
_______________________________________
Surprise, surprise. The government couldn’t have anticipated that giving away truckloads of cash would be so popular? Of course not … they are already used to feeding at the money trough.

Yet you trust them implicitly to make decisions about your wellbeing! The irony never ceases to amaze me!

#12 Adee on 12.18.20 at 2:18 pm

Housing is a public good, privately ‘owned’ for a period.

Governments encourage housing be built for people to live in.

Empty housing as a store of wealth serves no purpose in a society with unaffordable housing.

Of course they should tax it do discourage the practice …

#13 IHCTD9 on 12.18.20 at 2:18 pm

Looks like Toronto is entering desperation mode:

No shocker there after StatsCan’s latest intraprovincial migration numbers (the worst in Canada). Anyone blame the kids for gtfo of Toronto? Not me, it’s a no brainer. Too expensive, too crowded, and wages that don’t come within a hundred miles of covering the cost of a standard issue Western quality of life.

It’s pretty much a fact at this point in time, if you were born in Toronto, and your entire social circle exists there, fate has dealt you a bad hand. What used to be an advantage, is now a disadvantage because to get anything resembling a decent quality of life requires you to move away from your power and security base, or become a 1%’er.

Just for perspective, about 2.5% of Torontonians are 1%’ers…

#14 Calgary rip off on 12.18.20 at 2:23 pm

@#Sunny Alberta:

Jobs arent exactly plentiful that pay for the amount required to live here. If you bought a place before 2005 chances are you are ok for housing costs as your job if you have one still will pay enough. Even so while oil is in the sands north of Calgary, the politics required to get it to market are ridiculous.

Then there is the issue for what you are getting. Rents are about the same as a mortgage and the zoning is lousy. Houses are about 8 feet apart. Good luck if a house catches fire. I pray every night to Jesus that I survive driving to work, and that my house doesnt burn down by some smoker or otherwise inattention to detail. The housing quality is reasonable, however they are basically shacks on a prairie. Whats left is to focus on intangibles, yet like everywhere else there is a focus on material possessions and status rather than doing fine with what you have.

Advice: Dont come to Calgary unless your job is rock solid, you will need $120K a year to live comfortably, rental or mortgage owner.

Additionally, the mentality is mostly dumb here. Driving is lousy, and despite dumb policies, people repeatedly vote conservative here. The current pandemic is nothing new as I spend most of my time trying to get away from people. Its not that I dislike people, I just dont like the problems they present most of the time. My 18 year old daughter is more blunt: When coming home from the bakery where she works, she tells of people harassing her, one lady asked her “just honour the coupon anyway for a special exception.” My daughters thoughts? “I hate people”. Alberta is BS central. Probably BS in Vancouver and Toronto but more expensive.

#15 The Woosh on 12.18.20 at 2:26 pm

“ Plus now an idiotic vacancy tax which will increase listings, decrease rentals and help nobody, while removing $50 million a year from citizens.”

————————————————

That just makes you sound pissed ‘cause you’ll be paying taxes on your Toronto condo. Come on…consider it as a charitable donation…same value as a donation to WE charity!

No impact here. But a stain on the city’s desperate leadership. – Garth

#16 IHCTD9 on 12.18.20 at 2:27 pm

#8 Lee on 12.18.20 at 2:06 pm
And then a new and badder virus will arise and it starts all over again.
——-

Pretty much. 8-10 years from now, some other shtf event will occur. This seems to be historical.

No matter though, I look forward to the 8-10 year run of good, because the 2-3 year intermissions of bad haven’t really been causing me much grief thus far.

#17 Dolce Vita on 12.18.20 at 2:29 pm

This from a country that is 1/3 the land mass of BC.

A 1 bedroom avg size is about 85 sq.m. or a little over 900 sq.ft. in Italia.

CAD Avg Price Italia (Numbeo):

Apartment (1 bedroom) in City Centre 947.13
Apartment (1 bedroom) Outside of Centre 723.07
Apartment (3 bedrooms) in City Centre 1,689.83
Apartment (3 bedrooms) Outside of Centre 1,214.48

Yes I understand Purchasing Power Parity (e.g., The Economist’s What does a Big Mac cost around the World) but when I read the avg. rent in Toronto is $1900 (probably a 1 bedroom) I have to ask:

Is there something wrong with Canadian rent pricing?

A country with a near infinite land mass (compared to wee little Italia) costing THAT much to live in?

World class you mean N. American class…big tall phallus symbols jutting into the sky, people stacked on top of each other like sardines, more asphalt than piazzas, water bodies you wouldn’t swim in, messed up in the head people that need their own private habitat (clear separation of jogging, biking, skating paths like you have in supposedly “laid back” YVR) etc.

Costs are out of control in Canada if you ask me, WAY out of control. So if they drop that’s a good thing. Amateur Landlords, Specuvestor’s finding that UP is not always the case.

You win some. You lose some. Too bad. Too sad.

————————-

Is artificial pricing (a City empty home tax) the way to fix that?

I don’t think so.

The more you meddle with a market of any kind, the more gerrymandering will be the result. It seems to me you have a lot of that going on in large Cdn cities for RE pricing already.

Still Canada you have to ask yourselves is it really worth paying all that money to live in a crowded congested city like Toronto when you have so many open, beautiful, unfettered spaces in the country to live in?

Just how many Costco’s, Sports Bars, H&Ms, “arenas, clubs, galleries, restaurants, high-end stores, museums, markets” etc. do you need nearby to make you happy?

How many?

#18 Jimmy Zhao on 12.18.20 at 2:33 pm

Governments are rapacious for tax revenue.

They have a lot of civil servants to pay and who are also expecting taxpayer funded fat pensions for life.

#19 Faron on 12.18.20 at 2:39 pm

#17 Dolce Vita on 12.18.20 at 2:29 pm

Apartment (1 bedroom) in City Centre 947.13
Apartment (3 bedrooms) in City Centre 1,689.83

Just curious, which city? Milan? Genoa? There are “Winnipegs” of Italy too I imagine.

Just how many Costco’s, Sports Bars, H&Ms, “arenas, clubs, galleries, restaurants, high-end stores, museums, markets” etc. do you need nearby to make you happy?

How many?

Negative numbers of Costcos, sports bars, superstores, etc. etc. A few of each restaurants, museums and markets.

Canadian RE is delusional. Utterly delusional.

#20 45north on 12.18.20 at 2:39 pm

Reality

I think it is great that they’ll be more condos on the market after all they’re just sitting there they’re helping nobody but greedy investors.
Vacant homes in any neighbourhood help nobody, they don’t help the stores, they don’t help the community in any way if they don’t want to rent them out, then they shouldn’t own more than a principal residence, isn’t this how we got into this mess in the first place.

you ain’t seen nothing yet. There is a risk that the vacancy tax will create more vacancies. Each building has its own tipping point. The point where condo fees go delinquent. Where special assessments go unanswered. Where condo boards dry up.

I served on the community association for 40 years. Mistakes are remembered for a long time.

#21 Apocalypse2020 on 12.18.20 at 2:45 pm

Breaking News

Epic Cyber Attack Underway

https://www.cnn.com/2020/12/17/politics/us-government-hack-extends-beyond-solarwinds/index.html

This will completely undermine the world as it is.

More to come…..

PREPARE

#22 Ponzius Pilatus on 12.18.20 at 3:01 pm

This just in:
The ladies and the kids like what our Prime Minister is doing.
As Canadians head to a unique holiday break, the perceptions of voters on the performance of the prime minister have become more positive. When Research Co. and Glacier Media asked Canadians about federal political leaders earlier this month, 55% said they approved of the way Justin Trudeau is handling his duties.

This month’s numbers represent a five-point increase since our previous survey in September, when speculation about an early election was rampant. Trudeau’s approval rating is highest among women (58%), Canadians aged 18 to 34 (63%), Atlantic Canadians (60%) and Ontarians (59%).

#23 Jim on 12.18.20 at 3:02 pm

Regarding you reference to the “slimy little pathogen,” the first adjective may not accurately describe it’s surface, which is spiky so it can attach to cells. The second adjective is OK, but it’s smaller than “little.” Like, sub-micron small which is why it’s so hard to contain.

#24 zoey on 12.18.20 at 3:08 pm

Many ( including me ) voiced their opinions about knocking down mom and pop shops , old buildings and basically anything in a developers path to build boxes. The city of Toronto didn’t care they get more taxes, the developers ran amuck putting up horrible curtain wall ( glass ) condo’s that will be a huge financial burden as they age. And lets not forget the realtors that would sell you an outhouse if they could. Well I’m loving this turn of events, let them crash, go empty and get taxed up the wazzoo. The city facilitated the development , they are culpable…to bad City Of Toronto, boo hoo.

#25 The Limited Sage on 12.18.20 at 3:08 pm

It appears there’s a very simple way for these condo investors to forgo paying a vacancy tax… Rent it or Sell it.

#26 SOMETHINGS UP! on 12.18.20 at 3:14 pm

“The reasons people were willing to pay big bucks to live in the middle of this cacophony of humanity will become obvious.”

Or will they instead embrace the tranquility and peacefulness of the country and ask themselves …. what were we thinking living in an overpopulated, crime-ridden, polluted big city?

#27 Inequity on 12.18.20 at 3:14 pm

#6 Reality

greedy investors? lol, this whole site is filled with people who are looking to get a ROI, or as you say greedy.
Think of all those people who aren’t willing/able to save up the deposit to buy a place and there for need to rent. Without the greedy investors they won’t have a place to live except maybe the mom and dad hotel.

#28 Ponzius Pilatus on 12.18.20 at 3:20 pm

#17 Dolce
Just how many Costco’s, Sports Bars, H&Ms, “arenas, clubs, galleries, restaurants, high-end stores, museums, markets” etc. do you need nearby to make you happy?

How many?
———————————
The answer, my friend, is blowing in the wind.
The answer is blowing in the wind.
————————-
Btw Tom Cruise is filming Mission Impossible 7 in Italia.
What’s the scoop.
He’s not happy with the Italian Cru, it seems.

#29 KLNR on 12.18.20 at 3:29 pm

Heading out to the country abode for christmas holidays.
While I’m still allowed at least.

#30 TurnerNation on 12.18.20 at 3:39 pm

Retail: this is about science right? Anyone here believe ever that they’d see a day with government ordering business closed? Sticking by my prediction of UBI in Q1.
CV is being used to re-make the world. Our health no so much.

“The Globe and Mail reports in its Friday, Dec. 18, edition that allowing big-box retailers such as Walmart and Costco to remain open to sell non-essential goods while shutting down other stores that sell the same items is “irrational and unfair,” a lawyer for Hudson’s Bay Co. argued before the Ontario Superior Court on Thursday… HBC argued on Thursday that the fact it does not sell some groceries is not a rational basis to make a distinction between the department-store chain and others such as Walmart. HBC lawyer Jonathan Lisus argued, “Hundreds of chain big-box retailers and discount stores are selling on a completely unrestricted basis, the merchandise that Hudson’s Bay sells.” HBC is part of a coalition of nearly 50 retailers — including Canadian Tire, Indigo Books & Music, Sephora Canada and Staples Canada — that called on the province earlier this month to lift store-closing rules.
© 2020 Canjex Publishing Ltd. All rights reserved.
…………

Really simple guys. This global re-make is simply over control of our Breeding, Feeding and Movement/travel. As farm animals. This is about the global ‘green agenda’. You’ll see in every city that the downtowns are being made more ‘pedestrian friendly’, cars and gas cars are to be phased out; and travel severely limited (papers pleeze). Already we see this in Kanada. No Greyhound, few Via; few flights.

They told us this Day one of the New System rollout in March: #stayhome, right?

There no more news only predictive programming:

“Canadians may face travel restrictions for years if coronavirus vaccine not available for everyone”
https://globalnews.ca/news/7525384/coronavirus-vaccine-poor-nations-canada/

#31 Timmy on 12.18.20 at 3:46 pm

The Feds should be putting more into building rental apartments instead of forgoing this and allowing debvelopers to build units bought primarily by speculators and amature landlords. This just causes rental prices to be higher. I hope things crash. Housing should be a right, not an investment. If you want to invest buy stocks or invest in a business.

#32 Stone on 12.18.20 at 3:51 pm

#10 Dominoes Lining Up on 12.18.20 at 2:11 pm
I can’t help but see a rental problem leading to lower house prices.

———

Problem? I don’t see problems here. I only see sweet sweet opportunities.

#33 Burnaby Boy on 12.18.20 at 3:54 pm

#17 Dolce Vita : In my Burnaby hood which is being “developed” a 900 sq ft apartment went for $900/month. Now these walkups are being demolished for high rises which have smaller apartments and higher rents. But we call it progress.

#34 ElGatoNerodeYVR on 12.18.20 at 4:23 pm

The empty home tax is exactly that ,if home empty; if rented to someone at arm’s length no tax to pay. It will not generate a lot of money but it will push more units on the rental market. (not all as some will pay,other will fake it ), enough to make people think twice about speculation for a while. I don’t see the problem here, works quite well here in Vancouver from that perspective.
I still think that here in Canada we have a decent middle ground between taxing successful people and allowing thm to profit at society’s cost – more of the later when it comes to speculators IMHO so room to grow in taxing pure speculation, non-value added profit. After all even in stocks if you day or swing trade it is considered income not capital gains.

#35 mike from mtl on 12.18.20 at 4:41 pm

#24 zoey on 12.18.20 at 3:08 pm
… old buildings and basically anything in a developers path to build boxes. The city of Toronto didn’t care they get more taxes, the developers ran amuck …
////////////////////////////////////////////////////////////

Exactly. Though RE mania is not a uniquely Canadian disease.

All this construction, churn, and activities around RE switching hands; the cities, banks and governments love it!

Think of the prospect

>Selling low value land like a low rise or parking lot to a developer (taxes)
>Construction of said cement tower (permits, jobs)
>Sales of units of air (sales tax, municipal tax, insurance, mortgages)
>Maintenance (jobs, permits, sales taxes)
>Best of all, never ending and increasing property taxes.

So effectively turning say 10 000m2 of low-value taxable land and structure to vertical ‘high value’ 400 000m2 taxable area. Occupied or not.

#36 Deja vu on 12.18.20 at 4:44 pm

Bonjour-ho! I posit a financial question for the blog dogs.

I’m looking for advice on what to stuff my TFSA with. What ETFs would you recommend for a balanced and diversified portfolio? For reference, I have a tfsa with TD direct invest with about 20k cash and ultimately want to automate regular contributions over the long haul and max it out over the next few years.

#37 Wait There on 12.18.20 at 4:46 pm

OK Justin

As thousands of Canadians face CERB repayments, Trudeau says not to stress

https://globalnews.ca/news/7531041/coronavirus-cerb-repayment-justin-trudeau/

Since when can the Prime Minister simply waive what is owed to the CRA? Say it isn’t so.

So this year CRA came after me because I was having some cash flow issues and was late to pay my tax instalments based on last year’s earnings. I PAID LATE PENALTIES AND INTEREST and the CRA came after me for it. I faced stress and was struggling so why did I have to pay when it was a case of COVID messing my business up.

What is up with this country. I will make an HONEST mistake in my tax return next year so I won’t have to pay.

#38 Love_The_Cottage on 12.18.20 at 5:01 pm

Plus now an idiotic vacancy tax which will increase listings, decrease rentals and help nobody, while removing $50 million a year from citizens.
______________
Not sure where you came up with $50 million when you know that isn’t going to be the case. Taxing empty places is virtually unenforceable. $5 million will be more like it. We’ve got a lot of problems in this country. This tax doesn’t make the top 100.

#39 Another Deckchair on 12.18.20 at 5:04 pm

@4 Faron on 12.18.20 at 1:30 pm

Sure, I see it as solvable. The biggest issue with 99% of the population, is that they don’t see that they’ve got to be part of the solution.

The politicians are kicking the can down the street – to actually implement really meaningful adjustments means they’d be booted out of office and their replacements would just revert things back to the norm.

You do talk about renewable energy, and get upset at Nonplused when he puts infrastructure in the pot as not being renewable. So do I; I view it all together; reduce energy usage, reduce the infrastructure at the same time, because if you increase the infrastructure requirements…

(and, yes, that link to dothemath.com is old, and I view that the guy writing it is there to get us to think, not to propose a solution)

#40 Andrew on 12.18.20 at 5:05 pm

Not sure I see the problem here, Garth. The international business travellers are always free to rent instead (you know, that thing you’ve spent years telling full-time domestic residents to do!).

Empty homes serve no purpose. They add no value to society, and just make it harder for the majority of people to have a decent shelter. At least my equity shares help businesses produce goods and services…

#41 willworkforpickles on 12.18.20 at 5:09 pm

To think things are going to improve any in the months and years ahead is just cheery optimism. Adapt to the reality we are in now and hoping it doesn’t grow worse in the months and years ahead as/is the best possible case scenario. Hope that its years and not just months before the economy and near future pandemics grow worse…and they will. Its the new norm all this… and its here to stay.

#42 Ponzius Pilatus on 12.18.20 at 5:23 pm

Condo insurance is going uppa in BC
—————————

Complexes, called strata housing in B.C., of fewer than 25 units have seen increases in premiums of 10 to 15 per cent because of a lower number of claims, Gioventu said, but larger properties were much worse off.

“Buildings that are over 100 units, which are going to be all of our essential city buildings, most of them saw increases of anywhere from 100 to 400 per cent,” he said.

“Many of these strata corporations are now going into their reserve funds to try and pay for their insurance this year because it’s either that or 30 to 40 per cent increases in condo fees.”
——————-
Eventually, they will have no reserve funds.
Who’s gonna buy them then?
Get out while you can.

#43 HONEST John on 12.18.20 at 5:29 pm

#38 Wait There on 12.18.20

What is up with this country. I will make an HONEST mistake in my tax return next year so I won’t have to pay.
___________________

Good for you! We need more HONEST Canadians like you …. in addition to the 40% who pay NO tax at all… and the other large percentage that choose NOT to pay any taxes by NOT claiming income. (You know who you are! )

#44 Faron on 12.18.20 at 5:52 pm

#40 Another Deckchair on 12.18.20 at 5:04 pm

@4 Faron on 12.18.20 at 1:30 pm

Yes, it’s much easier to kick the can down the road especially in a country that is dependent on cheap fuel for its cold climate and vast distances and is also dependent on selling fuel to the globe.

Nonplused also speaks about throwing all the toy windmills in the garbage. That is an inexcusably naive view, so I can’t take much of what he says seriously.

The report I’ve been linking to over the past couple of days makes it very clear how hard this will be and just how huge of a landscape impact is required with the tech we have now. Just glance at the executive summary that covers a lot of what is discussed here but more thoroughly and professionally:

https://environmenthalfcentury.princeton.edu/sites/g/files/toruqf331/files/2020-12/Princeton_NZA_Interim_Report_15_Dec_2020_FINAL.pdf

Have a good weekend. If you are on the wet coast, I hope you get out sailing.

#45 Diamond Dog on 12.18.20 at 5:55 pm

#41 Andrew on 12.18.20 at 5:05 pm

Immigration is way down this year, though. Not just immigration (border restrictions) but international students and work visas. I’m not sure of the numbers yet but immigration will easily be less than half of last year, work visas something like 10% of last years numbers and student visas down 60% and rising? I’d have to look online to get the numbers but combined numbers might total 300k or more. Cities are going to feel that.

Couple this with a vacancy tax during a pandemic and one might quickly ask if such a tax is appropriate. It’s not like landlords and builders could have seen this coming. Sure, its a lesson on risk for landlords on being too speculative but the timing of it is poor. The federal government created rising vacancy rates through border controls, why are provinces now trying to cash in on it, wait, during a pandemic? Rents are dropping, vacancies are dropping through no fault of landlords and now governments want to pile on with a vacancy tax? Now?

No doubt condo prices will drop too. Maybe that’s the “social” end game for government, create cheaper rents for the pent up demand for immigration to come but this kind of “wealth re-balancing” if one can call it that, will come at a price.

#46 Up It Goes.. on 12.18.20 at 5:56 pm

While condo prices slowly fizzle in Vancouver and TO, every – and I mean every – other market in Canada has seen skyrocketing prices.

Spring will be way worse than anyone has ever seen – bully bids, unconditional offers, hold for offers after 1 day of a listing – the absolute worse anyone has seen. It will make 2016 and 2017 look like a joke.

Anyone who sat on the sideline waiting for the invisible ‘mortgage deferral cliff,’ the torrent of job losses, and fear of declining assets to kick in will be kicking themselves for not buying. The economic impact of the virus has not and will not materialize.

Canadians are financially better off now – and will continue to be protected by the feds who repeatedly tell everyone daily ‘we got your back.’ Heck, the PM even told everyone yesterday not to worry about the CRA letter informing them that they have to pay back their CERB because its Christmas! And more goodies and bailouts coming with a Spring election.

As has accurately been said over and over again here, the feds will do everything to protect the 70% of Canadians that own and vote – and the feds showed us that during the pandemic. No person and sector was left behind – all those supposed over leveraged people $200 bucks away from bankruptcy got $2000 every month.

For every landlord that had to cut her rent a couple hundred bucks in TO or Vancouver, there are 100 owners that saw their house appreciate in the 6 figures.

Interest rates will remain at emergency low rates for another decade – just as they have been at ’emergency lows’ for 11 years since the Great Financial Crisis. Inflation will kill the savers, the financially prudent and those on fixed income. That over-inflated $1 million starter home will be $1.5 million in a few years. Impossible you say – just look at the last 11 years to see what was deemed to be impossible every year and what the average house price was 11 years ago.

#47 Spanky on 12.18.20 at 6:07 pm

#280 Stoph on 12.18.20 at 12:43 pm
#149 Spanky on 12.17.20 at 6:10 pm
I’d like to see a statistical breakdown of who actually dies from COVID by age. Haven’t seen one yet. If someone has a link please post it as I can’t find one.

—————————————————————–

Alberta releases decent stats of its cases:
https://www.alberta.ca/stats/covid-19-alberta-statistics.htm#severe-outcomes

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

Good stuff! Thanks for the link. If you look at the data I’m probably not that far off the mark; vaccinate the old folks first and the death rates plummet. Over 70 makes up the lions share of deaths, hospitalizations and ICU’s

If you’re under 60, you have very little to be concerned about, and your concern factor plummets for every decade below 60.

Vaccinate the old folks first. Bend the death rate down. With a plummeting death rate we can re-open the economy and put an end to the fear that infects us all.

#48 yvr_lurker on 12.18.20 at 6:09 pm

Good move by the city council in Toronto. When things begin to normalize, rents will start on their trajectory zooming off the stratosphere again in the major cities as before. Well-heeled speculators, both local and foreign-based, holding companies with murky ownership, bought up tons of units over the past decade sitting idle in Coal Harbour and downtown Vancouver. I realize they are having trouble now, but it is likely temporary as “pandemics will pass” according to our moderator. Pay up or rent it out.

#49 S.Bby on 12.18.20 at 6:16 pm

#34 Burnaby Boy

That’s Corrigan’s legacy. I voted for Hurley because of Corrigan’s development policies.

#50 Long-Time Lurker on 12.18.20 at 6:26 pm

>More caveman climate change #1.

>Make that carbon tax sale Will Good: On Will Good’s One Minute of Propaganda.

Eastern Alps may have been ice-free in the time of Ötzi the Iceman
ENVIRONMENT 17 December 2020
By Krista Charles

Glaciers in the Ötztal Alps in Austria are currently melting and may be lost within two decades, but this might not be the first time humans have seen this kind of change. A new analysis reveals that glaciers in this region formed just before or perhaps even within the lifetime of Ötzi the Iceman, a mummified body found just 12 kilometres away in 1991.

Pascal Bohleber at the Austrian Academy of Sciences in Vienna and his colleagues drilled 11 metres into the Weißseespitze summit glacier, down to the bedrock, at 3500 metres altitude and collected two ice cores. They then used radiocarbon dating to analyse microscopic bits of organic material extracted from the ice cores and found that the glacier is 5200 to 6600 years old. Ötzi is thought to have lived between 5100 and 5300 years ago, and his body was found preserved in ice.

The glacier’s age means it formed during a time called the mid-Holocene warm period, when Earth’s climate was warmer than it is now. It is also dome-shaped, which Bohleber says is rare in the Alps and means that the ice has seen very little movement over time, meaning we can use it to study the climate when it formed….

https://www.newscientist.com/article/2263399-eastern-alps-may-have-been-ice-free-in-the-time-of-otzi-the-iceman/

#51 Long-Time Lurker on 12.18.20 at 6:28 pm

>More caveman climate change #2

Published: 17 December 2020

New glacier evidence for ice-free summits during the life of the Tyrolean Iceman

Pascal Bohleber, Margit Schwikowski, Martin Stocker-Waldhuber, Ling Fang & Andrea Fischer

Scientific Reports volume 10, Article number: 20513 (2020)

Abstract
Detailed knowledge of Holocene climate and glaciers dynamics is essential for sustainable development in warming mountain regions. Yet information about Holocene glacier coverage in the Alps before the Little Ice Age stems mostly from studying advances of glacier tongues at lower elevations. Here we present a new approach to reconstructing past glacier low stands and ice-free conditions by assessing and dating the oldest ice preserved at high elevations. A previously unexplored ice dome at Weißseespitze summit (3500 m), near where the “Tyrolean Iceman” was found, offers almost ideal conditions for preserving the original ice formed at the site. The glaciological settings and state-of-the-art micro-radiocarbon age constraints indicate that the summit has been glaciated for about 5900 years. In combination with known maximum ages of other high Alpine glaciers, we present evidence for an elevation gradient of neoglaciation onset. It reveals that in the Alps only the highest elevation sites remained ice-covered throughout the Holocene. Just before the life of the Iceman, high Alpine summits were emerging from nearly ice-free conditions, during the start of a Mid-Holocene neoglaciation. We demonstrate that, under specific circumstances, the old ice at the base of high Alpine glaciers is a sensitive archive of glacier change. However, under current melt rates the archive at Weißseespitze and at similar locations will be lost within the next two decades….

https://www.nature.com/articles/s41598-020-77518-9

#52 David Greene on 12.18.20 at 6:32 pm

Ponzius:

I keep reading this here. Would you be kind enough to explain what keeps pushing insurance prices up in general in BC? It’s not fewer claims, is it?

#43 Ponzius Pilatus on 12.18.20 at 5:23 pm

Condo insurance is going uppa in BC
—————————
.
.
have seen increases in premiums of 10 to 15 per cent because of a lower number of claims, Gioventu said, but larger properties were much worse off.

“Buildings that are over 100 units, which are going to be all of our essential city buildings, most of them saw increases of anywhere from 100 to 400 per cent,” he said.

“Many of these strata corporations are now going into their reserve funds to try and pay for their insurance this year because it’s either that or 30 to 40 per cent increases in condo fees.”
——————-
Eventually, they will have no reserve funds.
Who’s gonna buy them then?
Get out while you can.

#53 Hilroy on 12.18.20 at 6:41 pm

I was born and raised in Canada and can’t afford a home anywhere near Toronto – but some how a new citizen from a developing country CAN afford one. Maybe I should have pledged allegiance to a Monarchy like the newcomers do.

#54 Brian Ripley on 12.18.20 at 6:47 pm

“I intend to put solar on my workshop as a means to test out self-installation of an off-grid system” #4 Faron on 12.18.20 at 1:30 pm

Faron, check this out:

First item on the FAQ page: https://legionsolar.com/index.html

Legion Solar employs our game changing concept called Solar Regulator™, a technology to contain generated energy behind your meter where the utility company does not own, enabling you to generate your own electricity without restriction. As a result, you avoid having to pay for costs normally built into traditional solar systems such as resellers markups, professional installation, sales rep overhead, workers comp insurance, permits, regulatory other fees. We’ve designed Legion Solar to be lean and mean, where you’re paying only for the necessary items to get the job done making Legion Solar 300% more affordable than tradition solar systems.

#55 Brian Ripley on 12.18.20 at 6:51 pm

My monthly update on Housing Starts is up (City & Provincial)
http://www.chpc.biz/housing-starts.html

Housing Starts in Canada, (nation-wide since 1956) are DOWN 4% from last year and are UP 5% from 10 years ago but are DOWN 27% since their peak in 1976.​​

#56 Doug t on 12.18.20 at 6:54 pm

9 years ago my business partner bought a 2nd home in Victoria- I said “your crazy, markets gonna take a big correction” – wish I had bought one back then lol – BUT I said to my wife yesterday if we bought another house today I can almost guarantee it would double in 9 years – – cause apparently houses do nothing but go up over time

#57 earthboundmisfit on 12.18.20 at 7:02 pm

@37 Deja vu

Pretty simple: ZBAL, XBAL, VBAL or TOCM.

#58 Nonplused on 12.18.20 at 7:05 pm

#4 Faron on 12.18.20 at 1:30 pm
#231 Another Deckchair on 12.17.20 at 9:56 pm

Faron:

Thanks for your thoughtful response. I think we are mostly on the same page in that we see the problem as utterly massive, yet I see it as solvable and necessarily so. Maybe you do too. My hackles get up when people like nonplused say it’s impossible because they either have a vested interest in no change or have been surrounded by people and opinions who have that interest and thus spout off untruths.

I also have solar on my sailboat :-). I intend to put solar on my workshop as a means to test out self-installation of an off-grid system and the feasibility of wiring a structure for 12 volt to mitigate the conversion costs to bring the power up to 120V AC.

—————————–

I said nothing untruthful and I don’t have a “vested interest”. You are mind reading again and once again you’ve got it wrong like most mind readers do.

And I am not “against” solar and wind, I am against thinking they are more than they are, which is an intermittent power supply that requires massive overbuilding and massive battery storage of some sort to be independent, and then still a backup generator.

As for solar on the sailboat, that is actually a good application as is remote locations. Sometimes solar is cheaper than running a transmission wire for small loads like SCADA or those signs that tell you that you are driving too fast.

I have solar on my RV because we seldom camp where there is power. It works pretty good but the power draw is fairly low. Running the A/C that way is totally out of the question, there isn’t enough room on the roof for enough panels to do that. But if you go with all LED lighting and a small LED TV it will run those items and charge devices. But I still have to pack a generator for cloudy or cold weather (the heater fan is also a large draw), or if I am in the trees in which case I get close to no solar at all. At best I get 4 years out of a set of batteries but I am still running lead acid (AGM). I am told you can get 10 years out of lithium batteries but they are literally more than twice as expensive and I don’t trust it based on how long my cordless tools last.

So my RV is actually a good test bed for the solar proposals. I have found that one 100 ah battery is required for each 150 wat panel and that works ok when it is sunny if you dramatically reduce your power consumption. And I still have to pack a generator.

This explains why many campers skip the solar and just run a generator every day. They see the added cost of solar as a waste of money if they need a generator along anyway. But I like the peace and quiet, so I solared up. Also when it is sunny the panels do a better job charging the batteries because they charge all day long rather than trying to cram a lot of amperage at the battery like a generator does. Lithium batteries can take more amperage and thus charge faster but lead acid batteries like a slow and steady charge.

So if you have 40 panels on the roof of your house you need 40 batteries to disconnect from the grid, and that still won’t run the clothes dryer. If you go lead acid from Costco those 40 batteries will run about $6,000 bucks and you’ll be replacing them every 4 years. If you go lithium they will last 10 years they say but it will cost north of $12,000. This is in addition to the cost of the panels and installation.

As for the workshop, the way I would size the system is to calculate how much power you use in a day or 2 and buy enough batteries to supply that power. Then put up 1 panel for each battery. Don’t bother with the 12 volt system, inverters are pretty efficient. Go all LED with the lighting. And get a backup generator. You’ll also need a serious battery charger like the converters they put on modern RV’s (up to 75 amp) to take advantage of the generator, the piddly little 10 amp chargers they have in the generator take literally days to charge a large battery bank. I’d also use a plug to hook the shop wiring to the inverter so that you can take full advantage of the generator when it’s running rather than being limited by the battery charger. I’m assuming you will be going with a 2000 watt inverter and generator so that you can run most power tools.

Alternatively, you could hook to the grid if you don’t want to buy and maintain a generator but then we are right back to all of the arguments I’ve made that people find so distasteful. “Can’t do solar without the grid” I say. “Heresy” say the believers.

#59 MF on 12.18.20 at 7:05 pm

IHCTD9 on 12.18.20 at 2:18 pm

“ if you were born in Toronto, and your entire social circle exists there, fate has dealt you a bad hand. ”

-Lol.

What. On. Earth?

Yeah that’s why Toronto is consistently rated as one of the most livable cities on earth, I guess. Quality of life is good and there are jobs galore. Jobs and quality of life factor highly into that livability rating last time i looked.

Housing is expensive. Yes. But it is only one factor of many to consider.

You’ve been exposed to too much american propaganda i think. That’s my only logical explanation for that statement.

MF

#60 Linda on 12.18.20 at 7:35 pm

So JT is going to act like Santa & gift all those CERB recipients who received benefits in error a pass on paying them back? Do those of us who will end up paying for this largesse get a charitable donation receipt for our ‘share’? Because JT is being charitable on our dime.

Also was wondering about the ‘cake lady’ story. Says she got $18,500 in CERB. However the CERB site says benefits are capped at $500 per week for 28 weeks, which adds up to $14,000. So how’d she get more than that? Shouldn’t she at least be made to pay back the excess over the $14K limit?

JT doesn’t want to be labeled a Scrooge for obvious reasons – folks won’t want to vote for him. But seems to me we can have our largesse cake & have it paid back too. Just ensure all those folks who shouldn’t have gotten the CERB pay it back via tax refunds. So if it takes 5, 10 or more years to pay it back no issue, since they aren’t being charged a penalty or interest, just not getting any refund until the amount received from CERB ‘in error’ matches the amount of refunds they would have received. Wouldn’t be difficult to do & would solve that pesky problem of those who spent the funds trying to find a way to pay them back.

#61 Garth's Son Drake on 12.18.20 at 7:43 pm

This is what you call an RE crash, Garth.

Listen, I hear it too. But by the time most people figure it out, recovery will be underway.

BC just opened up applications for our $1,000 per family Xmas bonus of cash brought to you by the NDP. Even though the site crashed due to so much excitement the money will be flowing. What are you guys getting in ON?

Fortis rebates are double. Replace everything.

But all of this ends come March, including the most important drug of all – the federal benefits that are keeping many solvent.

In a few weeks we should also have another pretty good dip buy.

Let the hangover begin.

#62 Nonplused on 12.18.20 at 7:44 pm

#262 Gravy Train on 12.18.20 at 9:06 am

Net metering is mandated by the government, so yes the utilities do have a gun to their head.

As I explained several times and in my most recent comment solar and wind cannot achieve widescale implementation until the storage problem is solved economically.

I also think we have a difference of opinion on what “scale” means. Coal plants can be built in the 100’s of megawatts and run day and night.

Here is a good link for you to peruse:

https://www.eia.gov/tools/faqs/faq.php?id=427&t=3

Solar makes up a whopping 1.7% of US power generation. It doesn’t scale. Wind is doing better at 7.1% but how many more of these wind “turbines” can they build? Hydro is still up there at 7% but I think all the dams that can be built have been built. And note that this is electricity generation only on this table. If you include all energy consumption including transportation, direct fossil fuel heating, industrial fuel consumption, and all the farmer’s tractors and the bulldozers building our roads, solar is irrelevant. And it always will be.

#63 crowdedelevatorfartz on 12.18.20 at 7:46 pm

@#21 Apocalypse 2020

Have you test driven the Apocalypse 2021 model yet?

#64 SoggyShorts on 12.18.20 at 7:47 pm

#238 MF on 12.17.20 at 10:43 pm
Canada offers loads of stability. We bicker and moan here about housing, but it is the only real negative to be honest. Every other country has the same problems as ours, only magnified x 10. And the weather is a lame complaint. The winter allows for us not to worry about tropical diseases. We also don’t get six months of rain and monsoons like some “tropical paradise”. California gets tons of sun but is on a fault line. And so on.

Life is good.

MF
***********************
Same problems magnified 10x, eh?
That sounds a little…made up.
Have you ever even lived anywhere else?

Also, the weather is not a lame complaint. A couple of rainy months at +20 beats 6 months of Alberta snow handily.

Don’t get me wrong, I’m super happy to have been born in a place with so many open paths to success, but Canada has some major flaws, and everything is quite expensive, not just real-estate.

The greatest lottery of my life was being born in a “rich” country, and I think it would be the greatest waste if I chose to spend what I’ve earned at rich prices.

No, I think something closer to the equator at a 50% discount sounds pretty damn sweet to me.

Life is good, but it can be so much better.

M40AB (retired)

#65 Long-Time Lurker on 12.18.20 at 7:57 pm

Zoolander 3. Script update.

Location: Bisor Company headquarters.

A momentous occasion. The record-breaking-rapidly-produced-and-minimally-tested vaccine that will save the world from the Wuhan Coronavirus becomes available. We take ourselves to Bisor Company headquarters where world leaders and other dignitaries celebrate.

Prime Minister Zoolander, Alvin Boula, Bill Fences and Vice President Mike Penny stand outside the vaccination clinic.

Alvin Boula, Bisor boss: “So I heard the American Medical Mafia removed their ban on hydroxychloroquine?”

Bill Fences, ultra-rich dork: “Yes. It looks like Joe Borden won so we can use it now to reduce his death count. If Donald Towers was allowed to use it and saved thousands or hundreds of thousands of lives he would have looked like a hero. Not good.”

Alvin Boula and Bill Fences walk up to Prime Minister Zoolander.

Alvin Boula: “So who’s going to try out the vaccine?”

PM Zoolander: “I’m not going to try it. You try it.” He points to Bill Fences.

Bill Fences: “I’m not going to try it. You try it.” He points to Alvin Boula.

Alvin Boula: “Are you crazy? Do as I say and not as I do.”

PM Zoolander looks around and sees VP Mike Penny and says: “Hey, let’s get Mikey. He’ll try it. He’ll try anything.”

Alvin Boula walks up to VP Mike Penny and says: “I’ve got this new vaccine to try out. Want to try it?”

Mike Penny, Vice President: “Chekz was good. So I’m game!”

#66 Long-Time Lurker on 12.18.20 at 7:58 pm

Pfizer’s CEO Albert Bourla hasn’t taken the COVID-19 vaccine his company developed alongside BioNTech yet and he told CNBC Monday that Pfizer executives will wait until it’s their turn to get a shot.

“As soon as I can, I will,” he said. But he added that he doesn’t want executives to “cut the line” and set a bad example.

“I’m 59 years old, in good health, I’m not working on the frontline, so my type it is not recommended to get vaccination now,” he explained.

However, Bourla said he would consider getting the vaccine earlier than recommended for someone of his age and health “just to demonstrate the confidence of the company.” This could encourage others to take the shot, he said.

https://www.msn.com/en-au/news/world/pfizers-ceo-will-wait-to-get-a-covid-19-vaccine-and-says-company-executives-wont-cut-the-line/ar-BB1bWKIR

#67 Reality is stark on 12.18.20 at 7:59 pm

There is no surprise here. It’s a tax. The government is starving for tax money. They will find creative ways to tax more from profitable sectors.
Fairness has nothing to do with policy. Settlements in family court should be 50/50 but they rarely are, they normally go 65/35. These settlements will remain unfair since the government doesn’t want to cut public cheques.
This is just the start. Taxes in England went ballistic and the job creators left. The job creators will leave here too.
There are few things Canadians enjoy more than taxes besides spending other people’s money.
We’ll let China steal the good paying jobs as they ignore intellectual property rights.
A big reset is on its way and the average citizen is about to become much poorer.
As far as taxes go, you ain’t seen nuthin yet.

#68 Neo on 12.18.20 at 8:12 pm

Hey Garth,

Here is the list of TRREB vacancy tax exemptions.

-Principal residences;
-Owners who are unable to rent the property due to market conditions;
-Snowbirds;
-U.S. citizens;
-Legal matters pertaining to court orders prohibiting occupancy;
-Commuters;
-Properties undergoing renovations or ownership changes during the calendar year;
-Owner or other occupier undergoing medical or supportive care; and
-If the owner is deceased and grant of probate or administration pending.

Quite the list there. There lobby is pretty influential. This thing might get completely neutered.

#69 Jake on 12.18.20 at 8:28 pm

This reminds me of 2010-12 USA real estate. Everyone thought I was nuts to consider a Florida property purchase. Heard all sorts of excuses… from the guns and ammo culture to no health care to land sinking into the ocean/Gulf. We are at the moment again now here.

#70 Apocalypse2020 on 12.18.20 at 8:31 pm

CYBER PEARL HARBOR

CYBER 9-11

Happening NOW.

First detected this past weekend, this is now EXPLODING.

“CISA has determined that this threat poses a grave risk to the Federal Government and state, local, tribal, and territorial governments as well as critical infrastructure entities and other private sector organizations,” the alert issued by the agency said. “CISA expects that removing this threat actor from compromised environments will be highly complex and challenging for organizations.”

https://www.cnn.com/2020/12/17/politics/us-government-hack-extends-beyond-solarwinds/index.html

“Post Cold War, this is one of the potentially largest penetrations of Western governments that I’m aware of.”

https://www.bbc.com/news/technology-55321643

“Ambassador John Bolton: Russia hack is ‘huge across the board, cannot underestimate its significance’ ”

“….much more serious…”

https://www.msnbc.com/mtp-daily/watch/ambassador-john-bolton-russia-hack-is-huge-across-the-board-cannot-underestimate-its-significance-98011717561

DO NOT WASTE TIME ON CHRISTMAS PLANS

PREPARE

#71 Nonplused on 12.18.20 at 8:43 pm

#68 Reality is stark on 12.18.20 at 7:59 pm
There is no surprise here. It’s a tax. The government is starving for tax money. They will find creative ways to tax more from profitable sectors.

————————-

Well, agreed. But sooner or later too many parasites kill the host. The way nature plays out though, the parasites never give up until the hosts are dead, and then the parasites die too.

This whole “survival of the fittest” thing was the greatest (and sickest) joke Dog ever played on the universe. So much suffering. Every mouth a slaughter house. I don’t know what Dog intends to be the eventual result, but why couldn’t he/she/it/they have just created that creature to begin with?

Anyway governments will continue to raise all taxes and get no more revenue. There is only so much money out there. Beating your slaves doesn’t make them work harder. Everyone that has properly raised a dog knows that incentives work better than punishment.

#72 Ustabe on 12.18.20 at 8:57 pm

Hey, Faron, I too run my RV on solar. My experience is considerably different than Nonplused has told you about.

My panels charge in low light, dull light, cloudy light or sunlight. Different levels of charge for sure but with a DC to DC controller the battery gets its juice in almost all situations.

My lead acid, deep cycle battery is 8 years old now and still tests out at 85% capacity. I do run a Noco battery trickle charger on it 2 or 3 times a year. The Noco’s (most of them) have a desulfation cycle over and above the bulk and float charge that most others do. That is the secret to long battery life, desulfation.

Longest road trip was 3 months across Canada and back. Multiple one month road trips into northern BC, the Yukon and NWT. Many times that on 3-4-5 day trips to the lakes available at the end of an abandoned logging road on northern Vancouver Island and all the while the sun powered our smoker, the blender, a small microwave, all lights, chargers, etc.

All on 60 watts of panel. With the advances in DC/DC controllers, battery tech, desulfation and etc I can’t see it not scaling up to whole house applications.

BTW, the lithium batteries my cordless tools run on are old…like at least 10 years on some and 5 plus on all the rest. The trick is to store them at 80% charge in the house, not in the garage or shop. Then in spring run them, one by one, til they shut down and give a full charge. They do not like being stored at full charge.

Most things work, if you want them to. If you want things to fail, well, generally they will.

#73 Spencer on 12.18.20 at 9:09 pm

An opportunity to rent or to buy?

#74 Faron on 12.18.20 at 9:16 pm

#59 Nonplused on 12.18.20 at 7:05 pm

#4 Faron on 12.18.20 at 1:30 pm
#231 Another Deckchair on 12.17.20 at 9:56 pm

I said nothing untruthful and I don’t have a “vested interest”. You are mind reading again and once again you’ve got it wrong like most mind readers do.

Sorry, I get confused sometimes about where your fount of untruths is aimed and or sourced. Of course, you hem and haw in such a way that you have plausible deniability. Your statements about the US election are a fine example of holding a stance against a blizzard of facts that disprove it. Reminds me evolution deniers and other archaic hold-outs. I can’t recall what your stance on global warming and climate change is, but I have a pretty good guess. Even if you personally think something is true, if it in fact is not, then you are spouting untruths. Do you get that?

Regardless, according to your table renewables are approaching 1/5th of electricity generation. Solar provides roughly 2.5% of electrical needs if you add in the small-scale sources footnoted in the table. Solar is being added most rapidly at approaching 180GW of capacity per year with wind about half that again. That will accelerate. If you are curious about the world’s belief in the growth of these technologies, have a look at the ETFs TAN and ICLN. Yeah, instead of holding XEG and being down double digit percent this year, you could hold renewable energy equities and have made a killing.

Your silly belief that these are toy technologies is grossly erroneous, but it aligns with your belief that you “need” a generator to go camping. Or that I would “need” a generator for my workshop. At least one of the world views that you and I hold will be left in the dumpster of history, maybe both. But I’m pretty sure mine will most closely reflect the next couple of decades.

#75 Faron on 12.18.20 at 9:21 pm

And to flog a dead horse, here’s the definition of turbine from the internet:
Wikipedia:

A turbine is a turbomachine with at least one moving part called a rotor assembly, which is a shaft or drum with blades attached. Moving fluid acts on the blades so that they move and impart rotational energy to the rotor.

or energyeducation.ca:

A turbine is a device that harnesses the kinetic energy of some fluid – such as water, steam, air, or combustion gases – and turns this into the rotational motion of the device itself. These devices are generally used in electrical generation, engines, and propulsion systems and are classified as a type of engine

Air is a compressible fluid, thus wind turbine.

#76 45north on 12.18.20 at 9:23 pm

nonplused

So if you have 40 panels on the roof of your house you need 40 batteries to disconnect from the grid, and that still won’t run the clothes dryer. If you go lead acid from Costco those 40 batteries will run about $6,000 bucks and you’ll be replacing them every 4 years. If you go lithium they will last 10 years they say but it will cost north of $12,000. This is in addition to the cost of the panels and installation.

In other words, it’s a hobby. Let’s do something we can do. Like limiting carbon emissions to what they are now.

#77 TurnerNation on 12.18.20 at 9:30 pm

Alphonse Kehaulic – Ontariowe’s premier again mentioned “28 days” today in a news quote.
8 = infinity sign you said. Looking so.

“$6,500 a year in tax, atop property tax of about $3,000.”

Ok let’s say a typical $500,000 kando in Toronto.
That about 2% of property’s value. And this just the start. Add on Karbon taxes and further increases.

All those people what say the global govt is coming for your property (rights). Ok. I had a feeling this was the year:

“#6 TurnerNation on 01.12.20 at 2:20 pm
Things will speed up SO fast in 2020-2021 to roll out the plans. Nobody will come to your door and take away your property no. They’ll just take 5-10% of its value away in Tax each year, and empty home tax, land transfer tax, capital gains on sales taxes (stay tuned!), carbon taxes. In a down market this would prove fatal.”

#78 Faron on 12.18.20 at 9:32 pm

#71 Apocalypse2020 on 12.18.20 at 8:31 pm

CYBER PEARL HARBOR

I’m not much for apocalypse ideation, but I think the US gov’t hack is going to grow in how disruptive it is and how its impact is felt. With 9 months to play, the Russians have had the chance to seed malware everywhere. Literally everywhere in government systems and in private tech ompany systems. If they were clever enough to pipe themselves in via SolarWind, they are clever enough to disguise what they have left behind. It will be almost impossible to scrub. This is huge. Trump is silent on it.

Markets also shrugged off a host of utterly crappy US economic data last week. And no stimulus package and a government shutdown. Meanwhile “everyone” thinks the markets are going to melt up in the near future. Next while will be interesting.

#79 Vanreal on 12.18.20 at 9:41 pm

These vacancy taxes drive me crazy. The commies in Vancouver brought it in a few years back. It serves no purpose whatsoever except take from the rich and give to the useless. It should be nobody’s business even if someone buys a thousand properties and let’s them collect dust. And yes housing is an investment people. A good one!

#80 hingadin on 12.18.20 at 9:45 pm

#76 Faron on 12.18.20 at 9:21 pm

And to flog a dead horse…

Air is a compressible fluid, thus wind turbine.

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

Actually, if the horse is to be properly flogged: air is by no means a compressible fluid. It is a mixture of gases.

But… it can be modeled as a compressible fluid using hydraulic formulas for a wind turbine…

Sort of similar to the physics joke: ‘First, assume the cow is a perfect sphere…’

#81 AlMac on 12.18.20 at 9:55 pm

Is the objective of the vacancy tax in TO to increase vacancies for more affordable rents, to keep property values from increasing to even more un-affordable levels, or both? If this tax is implemented, there must be a monitoring program to measure whether the objectives are met or not. Unfortunately, as here in BC, I doubt such monitoring will be put in place. It makes it just a tax grab otherwise.

#82 IHCTD9 on 12.18.20 at 10:01 pm

#60 MF on 12.18.20 at 7:05 pm
IHCTD9 on 12.18.20 at 2:18 pm

“ if you were born in Toronto, and your entire social circle exists there, fate has dealt you a bad hand. ”

-Lol.

What. On. Earth?

Yeah that’s why Toronto is consistently rated as one of the most livable cities on earth, I guess. Quality of life is good and there are jobs galore. Jobs and quality of life factor highly into that livability rating last time i looked.

Housing is expensive. Yes. But it is only one factor of many to consider.

You’ve been exposed to too much american propaganda i think. That’s my only logical explanation for that statement.

MF
— ———-

Sorry to offend bro, but you can take it up with StasCan, they’re the ones who “exposed” me to the fact that Toronto would be shrinking if it weren’t for international immigration. There’s just too many Torontonians leaving for it to be any other way.

Last time I looked, the “jobs galore” in Toronto barely break into the top ten MHI’s in Canada, and this; where homes are the the second least affordable in Canada.

As for quality of life, Toronto is the least happiest city in the entire country (sorry again). Want a link? Nah, you don’t.

Dude, I could take you a little more seriously if you personally radiated something of the good you staunchly cling to regarding the benefits of living in Toronto. But you don’t, you live in a little rented condo biding your days till such time that you can inherit your parents’ house. That sucks homie. Evidently, it ain’t just me that thinks that sucks either. Most of the peeps that agree with me are of your own millennial cohort.

#83 Wrk.dover on 12.18.20 at 10:04 pm

My roof solar was sized to replace a years consumption.

After a grant that basically covered HST and labor, it cost us 13 times one years power bill.

March through November it produced 90% of that goal.

Averaged out using 40% as it made it, gave grid back 60% at same time, pulling back 2/3 of that 60% each night.

Now eating up the 20% the grid has on account, while still having 4 months to make the last 10% of the annual goal.

Meanwhile the local hydro dam is on it’s seasonal abundant flow.

The local 1.5 megawatt GE turbines here are rated to produce max power at 11mph winds.

Not sure where NonPlused got the 50mph figure, Elbonia?

When the sun shines all summer, my excess power probably runs the neighbours inverter/air conditioners, reducing grid demand.

Each panel has an ID that is monitored to collect all this data. I know of what I speak of intimately.

#84 Wrk.dover on 12.18.20 at 10:08 pm

If electric power doubles in cost next year, I will have free power after 6 more years.

This is an investment site.

That is an investment.

#85 morrey on 12.18.20 at 10:46 pm

That’s $1,300 a month in overhead, even without financing or utilities.

if the condo is vacant.

Overhead is overhead. – Garth

#86 Steerage Science on 12.18.20 at 10:52 pm

The wonder and potential of mRNA vaccine therapies… roll up your sleeves to win

https://www.spectator.co.uk/article/why-mrna-vaccines-could-revolutionise-medicine

#87 Enough is enough on 12.18.20 at 11:13 pm

Garth, how about adding some additional helpful reminders for the steerage section.

For those that insist on writing novels, offer to write the foreword for them at a buck a pop… As long as they don’t post it here! I can’t tell you how many I skip over when they are too long, but my thumb is getting sore!

For those that want to hijack the comment section with off topic discussions to keep from getting bored please advise them not to post on your blog. Tell them to get a room. A chat room, that is.

Now flex those massive biceps and puff out that hair laden chest and let them know who’s blog it is.

#88 Two-thirds on 12.18.20 at 11:32 pm

Yes, tax the heck out of the rich, hopefully they leave and make things better for the rest. Or will they?

https://www.bloomberg.com/news/articles/2020-12-16/what-happens-when-the-1-move-to-miami-and-austin?utm_source=pocket-newtab

Tax, tax, tax – so fair and so good for fixing all ills!

#89 Slimy chicken on 12.18.20 at 11:36 pm

#61 Linda on 12.18.20 at 7:35 pm

So JT is going to act like Santa & gift all those CERB recipients who received benefits in error a pass on paying them back? Do those of us who will end up paying for this largesse get a charitable donation receipt for our ‘share’? Because JT is being charitable on our dime.

Also was wondering about the ‘cake lady’ story. Says she got $18,500 in CERB. However the CERB site says benefits are capped at $500 per week for 28 weeks, which adds up to $14,000. So how’d she get more than that? Shouldn’t she at least be made to pay back the excess over the $14K limit?

_____:::_____________________

I guess that “cake lady” outsmarted you all as I said she would in previous posts ( along with Alison Griffith!)

You could say she is having her cake… And eating it too!
Only difference is… She stiffed you all with the tab!
Now she’s laughing all the way to the bank.

#90 Boomer on 12.18.20 at 11:39 pm

It’s December 19th and I’m as happy as a pig in shit. I’m signing off for the year and I wish you all a very Merry Christmas. Finally, I don’t think the virus will pass this year or even next. I’m collecting dividends and sitting by the pool. It’s 90 every day here.

But, I do think that continued emergency rates will force more people into dividend paying companies and they are, as such, greatly undervalued. That’s my call for ‘21. Wish me luck. BTW, I don’t pay a dime in Trudeau Carbon Tax not being there. Leaving him in power only makes you miserable, not “ the rich”. And good luck with new “woke” meme.

When your PM arrests the owner of a BBQ shack but let’s his radical offenders burn and loot, you might be in the wrong country. Canada is a country with a trillion dollar resource and has to borrow to pay civil servants pensions? You people are stupid. BTW, I found a good children’s gift charity in Calgary. You should too. Trudeau might have killed our jobs, but not our love for the kids.

https://torontosun.com/news/local-news/hunter-defunding-cops-leads-to-90-homicide-spike-in-minneapolis

#91 Tyler Durden on 12.18.20 at 11:50 pm

Garth, where do you hear of these condo sale examples at such outrageous prices?

#92 Smarty pants on 12.19.20 at 12:17 am

#48 Spanky on 12.18.20 at 6:07 pm
#280 Stoph on 12.18.20 at 12:43 pm
#149 Spanky on 12.17.20 at 6:10 pm
I’d like to see a statistical breakdown of who actually dies from COVID by age. Haven’t seen one yet. If someone has a link please post it as I can’t find one.

___________________________

Spanky, I think you landed on the wrong blog. This one is reserved for know-it-alls and half wits. I think you were looking for the one for dim wits! That’s one arrow down and two arrows up.

BTW, have you tried that new fandangled thing called Google. I hear it is all the rage.

#93 Stan Brooks on 12.19.20 at 12:17 am

MF,

Toronto is working/labour camp class city in a country where labour is declining (due to outsourcing) and overtaxed.

Everything is very expensive when compared to income, there are no good paying jobs and not much to do expect to work.. at times when jobs are disappearing.

The whole Europe and many places in of US is more livable.
Most of my friends in Toronto are supper stressed when it comes to money and finances, all of their ‘wealth’ is in housing.

Your view of Toronto as the center of the universe is pathetic at best, travel around, there are many much more livable places.

I have said nothing about the politicians and the weather.

You sound like a failed pitch for a really poor place to live in.

Stop lying in order to attract attention, think about the poor souls who actually choose to believe you.

There is not a worse decision than deciding to move to GTA at this very moment/god forbid buying an overpriced shack there.

No amount of cheerleading will change the trainwreck this place has become.

You sound you like to desperately believe in your success and life choices/decisions.

Loosen up, get some sex and alcohol, life is good in many places and has been going on in millennia’s outside of GTA.

Watched some documentary on youtube about Toronto homeless shelters and working people who actually live there. Horrific advertisement for a place that pretends to be ‘rich’ Payday loans shops everywhere and people up to the eyeballs in debt.

Carbon taxes, now new property taxes and all that is good, of course. Rich people should pay, I agree. I rejoice every time a brainwashed 2 bit intellect start bragging, that means more Vaseline sales and I own that company.

Cheers,

#94 Nonplused on 12.19.20 at 1:19 am

#73 Ustabe on 12.18.20 at 8:57 pm

So, do you not understand that if you have the round 6 pole plug the towing vehicle is charging the batteries? From the alternator? Using gas? It is impossible to talk to you people.

#95 When Will They Raise Rates? on 12.19.20 at 1:52 am

#228 Sheesh on 12.17.20 at 9:34 pm

#209 When Will They Raise Rates? on 12.17.20 at 8:30 pm
I stand corrected, the number is cumulative.
…….
But does it change your position

——–

No, because the fact remains that even under military enforced quarantine measures, 2.8% still contracted Covid19 within 14 days which implies that Ford, Trudeau, et al cannot stop the spread, so why destroy lives, freedoms and the entire economy? It’s insane.

Look at North Dakota vs South Dakota. One implemented mask mandates and lockdowns, the other didn’t. No difference:

https://mobile.twitter.com/strauss_matt/status/1339999297815887876

#96 Jane24 on 12.19.20 at 1:58 am

Garth if you look at the last 15 years with SARS, MERS, Bird Flu and now Covid you will see that with modern global business and global travel there will always be another modern plague coming around the corner from China. This unfortunately will be the state of play for decades to come. If we ever get to a new ‘normal’ it will only last till the next deadly virus arrives.

So I disagree that big cities will ever have the appeal of the past. The world had changed too much to go back to the previous urban lifestyle. There will be some improvement in 2021 but never a return to city life as it was in 2019.

If I had Toronto or Montreal RE still left I would dump it now and buy in a small town. We spent years living in Galt (Cambridge) Ontario and had a very happy small town life with our small children. It really was a ‘never lock the back door’ lifestyle.

Currently we are looking for a French cottage in Brittany. $275,000 Cdn gets you a fully renovated 4 bed farmhouse with land and a pool in a small village. Let’s face it as a Canadian we all speak some French. Like Canada the virus there is all in the cities. When the next plague hits we will be sorted.

#97 Franklin Moore on 12.19.20 at 4:46 am

DELETED

#98 Under the radar on 12.19.20 at 5:42 am

The purpose built rental market has seen rents go down for rentals coming avaliable as vacancies rise and people shuffle around for “better” or cheaper space.
One of our buildings has remained full while the others have about 3 per cent vacancy.
The fallout is this , for those that rent now they are realizing monthly savings from a year ago of $150 per month and as a landlord I am happy for them. We get a little less .We don’t care buildings are paid for and when the city repopulates units which become empty will increase accordingly.

#99 Bezengy on 12.19.20 at 7:30 am

What I don’t get is why Toronto doesn’t just charge homeowners the correct amount of property tax on homes. Every time I see a house being sold I see property taxes anywhere from 25 to 75 percent less than they should be, even though the city has some of the lowest tax rates in the country. One press conference from John “show me the money” Tory and money just gets handed to them from all levels of governments. Just more vote buying, nothing more. Another 600 million this week alone. Insane.

#100 maxx on 12.19.20 at 7:30 am

@ #16

Agree with you both, underscoring my firm conviction that if you haven’t made your pile by now, an already tough time to achieve financial independence will only get increasingly difficult as this is no time to be employed by very nearly any type of business.

Those who’ve had the discipline, foresight and self-control to save will be fine.

I’ve been saving since the age of 15 because I don’t trust others to shape my circumstances. External policy has shown repeatedly that it springs from fickle, indulgent and wasteful regimes. On “pay days” I’m sometimes all of those, but it’s called “pin money” and is what’s left over when I’ve paid my family first by filling up all of the available pots.

Employment is tough and will become more so.

#101 Apocalypse2020 on 12.19.20 at 8:37 am

#79 Faron on 12.18.20 at 9:32 pm

CYBER PEARL HARBOR

With 9 months to play, the Russians have had the chance to seed malware everywhere. Literally everywhere in government systems and in private tech ompany systems. If they were clever enough to pipe themselves in via SolarWind, they are clever enough to disguise what they have left behind. It will be almost impossible to scrub. This is huge. Trump is silent on it.

____________________

EXACTLY

The scope of what will happen next will be like nothing before in the history of war.

PREPARE

#102 crowdedelevatorfartz on 12.19.20 at 9:15 am

@#97 Jane24
“Currently we are looking for a French cottage in Brittany.”

++++

Are you sure Brittany is a good idea?
After the wheels fall off the Brexit negotiations in less than two weeks?
I’m thinking the armada of British refugees fleeing a starving, destitute island called Blighty might overwhelm the French social services…..
The french govt might start seizing non resident housing for the thousands upon thousands of desperate, thirsty British pub patrons that need a place to stay.
My only recommendation would be to hide all your candy and leave the toothbrushes out…..the angry brit mobs wont touch them.

#103 Job#1 on 12.19.20 at 9:26 am

#88 Enough…!

If you don’t like it, just leave.
You have no standing here to limit what I may choose to read. As long as our host sees fit to publish, I will decide to scroll past or not.

#104 crowdedelevatorfartz on 12.19.20 at 9:39 am

@#88 Enough repeated.
” I can’t tell you how many I skip over when they are too long, but my thumb is getting sore!”

+++

You use your THUMB to scroll past the longer comments?
What type of simian dexterity is that?
Wouldnt it be easier to sit back and use your big toe?

#105 X on 12.19.20 at 10:03 am

I had wondered how this would effect estate transactions where the possessions can’t be sold or dispersed in a timely fashion. An empty house tax just because someone passed away and the property can’t change hands quick enough in they eyes of the city of Toronto, doesn’t seem right.

The city of Toronto already has the city land transfer tax as well.

That is 2 taxes Toronto puts on land owners that the rest of the province doesn’t.

#106 Brown guy Edmonton on 12.19.20 at 10:12 am

Holy, so a vacancy tax is Orwellian but mandatory vaccination to still be part of society isn’t?

That’s good to know.

#107 Gravy Train on 12.19.20 at 10:21 am

#63 Nonplused on 12.18.20 at 7:44 pm
“Net metering is mandated by the government, so yes the utilities do have a gun to their head.” Utilities recognize the benefits of rooftop solar power systems to their grid—even if you don’t:
• energy is produced at peak prices during the day with little or no energy produced at low prices during the night.
• grid transmission losses are eliminated when electricity is sent long distances.
• the cost of building more power plants and transmission lines is avoided.

https://e360.yale.edu/features/utilities-grapple-with-rooftop-solar-and-the-new-energy-landscape

#108 Dharma Bum on 12.19.20 at 10:21 am

The Toronto political gang of thieves and misfits have been racking their inferior brains for years about ways to increase revenue.

Short of the usual methods (increased parking fines, traffic offence fines, etc.), they were always essentially hog tied because raising property taxes to the level that they actually need to be at meant political suicide. No mayor had the guts to do it. Spineless cowards.

This empty house tax is a perfect opportunity to take advantage of a way to increase revenue while simultaneously painting it as an altruistic move to “help” the affordable housing crisis. What a crock.

The stupid (i.e., most Torontonians) will applaud it.

Win -Win.

John Tory is like a mafia Don.

Phoney as the day is long, but underlyingly ruthless.

#109 Dharma Bum on 12.19.20 at 10:39 am

#16 IHCTD9

No matter though, I look forward to the 8-10 year run of good, because the 2-3 year intermissions of bad haven’t really been causing me much grief thus far.
——————————————————————–

I often wonder how I would have reacted to this pandemic and the collateral damage it caused had I have been 30 years younger and in the earlier stages of my career and house acquisition and family rearing phase.

It actually creates a sense of temporary anxiety, followed by relief that those stressful days have passed and are no longer a factor, followed by profound sadness and empathy for those who are currently in that stage, followed by anger and resentment toward unqualified politicians arbitrarily shuttering businesses and destroying the lives of millions in the name of saving the lives of hundreds.

I am proud and pleased with myself for the accomplishments I have achieved over a lifetime. However, I have to face the fact that a lot of it was due to PURE LUCK because there were no disasters over the last 40 years that even came close to how this virus has pulled the rug out from so many young, hardworking folks who would otherwise have stood a chance of making it.

It’s a tragedy of unimaginable proportions. So, yeah, you and I are good. We are essentially unaffected by this situation because we were fortunate enough to have been able to insulate ourselves from its effects. Once it passes, we will be able to continue to take advantage of the economic uptick and further insulate ourselves from future disasters. We can make ourselves virtually bullet proof to economic fallout. Yes, because we worked hard and played our cards right. But mostly, we got lucky that circumstances even allowed us to ply our trades and mange our financial affairs as we saw fit.

Today, that opportunity has been snatched from millions.

What COVID-19 doesn’t kill, the government will.

I feel bad for those people.

#110 millmech on 12.19.20 at 10:41 am

This is why WFH will be dead in the water, having all your meetings being screened by the CCP and being disrupted if you are a threat in any way being politically or technologically. Just think of discussing proprietary information and it is being live streamed to a duplicate company back in China that now knows your every move.
https://thehill.com/policy/technology/530974-zoom-executive-accused-of-suppressing-online-meetings-for-china

#111 KLNR on 12.19.20 at 10:41 am

@#97 Jane24 on 12.19.20 at 1:58 am
Garth if you look at the last 15 years with SARS, MERS, Bird Flu and now Covid you will see that with modern global business and global travel there will always be another modern plague coming around the corner from China. This unfortunately will be the state of play for decades to come. If we ever get to a new ‘normal’ it will only last till the next deadly virus arrives.

So I disagree that big cities will ever have the appeal of the past. The world had changed too much to go back to the previous urban lifestyle. There will be some improvement in 2021 but never a return to city life as it was in 2019.

If I had Toronto or Montreal RE still left I would dump it now and buy in a small town. We spent years living in Galt (Cambridge) Ontario and had a very happy small town life with our small children. It really was a ‘never lock the back door’ lifestyle.

Currently we are looking for a French cottage in Brittany. $275,000 Cdn gets you a fully renovated 4 bed farmhouse with land and a pool in a small village. Let’s face it as a Canadian we all speak some French. Like Canada the virus there is all in the cities. When the next plague hits we will be sorted.

Fairly myopic POV Jane.
Sounds more like wishful thinking on your part.

#112 KLNR on 12.19.20 at 10:52 am

@ #83 IHCTD9 on 12.18.20 at 10:01 pm
#60 MF on 12.18.20 at 7:05 pm
IHCTD9 on 12.18.20 at 2:18 pm

“ if you were born in Toronto, and your entire social circle exists there, fate has dealt you a bad hand. ”

-Lol.

What. On. Earth?

Yeah that’s why Toronto is consistently rated as one of the most livable cities on earth, I guess. Quality of life is good and there are jobs galore. Jobs and quality of life factor highly into that livability rating last time i looked.

Housing is expensive. Yes. But it is only one factor of many to consider.

You’ve been exposed to too much american propaganda i think. That’s my only logical explanation for that statement.

MF
— ———-

Sorry to offend bro, but you can take it up with StasCan, they’re the ones who “exposed” me to the fact that Toronto would be shrinking if it weren’t for international immigration. There’s just too many Torontonians leaving for it to be any other way.

Last time I looked, the “jobs galore” in Toronto barely break into the top ten MHI’s in Canada, and this; where homes are the the second least affordable in Canada.

As for quality of life, Toronto is the least happiest city in the entire country (sorry again). Want a link? Nah, you don’t.

Dude, I could take you a little more seriously if you personally radiated something of the good you staunchly cling to regarding the benefits of living in Toronto. But you don’t, you live in a little rented condo biding your days till such time that you can inherit your parents’ house. That sucks homie. Evidently, it ain’t just me that thinks that sucks either. Most of the peeps that agree with me are of your own millennial cohort.

Lol, you two are insufferable.

#113 millmech on 12.19.20 at 11:03 am

MF
A trend coming to a city near you, plan accordingly.
https://ca.finance.yahoo.com/news/from-elon-musk-to-oracle-the-coronavirus-california-exodu231553156s-.html

#114 Faron on 12.19.20 at 12:01 pm

#81 hingadin on 12.18.20 at 9:45 pm

#76 Faron on 12.18.20 at 9:21 pm

Actually, if the horse is to be properly flogged: air is by no means a compressible fluid. It is a mixture of gases.

FFS, a pure gas, or a mixture of gasses at STP is well mixed and is, by definition, a fluid. I think you are confusing fluid for liquid. Air, as a compressible fluid, is well described by the navier stokes equations of continuum mechanics to the extent that we can tell one another what the state of the entire planet’s air will be to reasonable accuracy a week in advance. If the fundamental instability of solving those equations didn’t come into play we could forecast out much longer.

#115 IHCTD9 on 12.19.20 at 1:37 pm

#110 Dharma Bum on 12.19.20 at 10:39 am
#16 IHCTD9

No matter though, I look forward to the 8-10 year run of good, because the 2-3 year intermissions of bad haven’t really been causing me much grief thus far.
——————————————————————–

I often wonder how I would have reacted to this pandemic and the collateral damage it caused had I have been 30 years younger and in the earlier stages of my career and house acquisition and family rearing phase.
——-

Probably something close to how I reacted to the GFC. Lost my job, career, employer went bust, portfolio got slaughtered, in my 30’s with 2 little kids and still had a mortgage. It sucked, but things worked out fine, got a new job, a new career was hatched, portfolio went on to see big gains. My epidermis is a little thicker today during CV, but as you say, we’re more bullet proof now than we were back then. CV has been much less disastrous here at the bunker complex. Actually, as of this month; our portfolio has never been higher.

I don’t feel too bad for the Mils, to me they have huge opportunities now, and potentially even more coming down the pipe. Yes, many are screwed living in big cities where they sit and spin, but that’s their decision. Locally, the Mils have it made in the shade. Lots of young couples making a measly (by gta standards) 80-100k hhi’s paying a 2k mortgage payment. They’re doing awesome – better than any generation that came before them.

Luck plays a role for sure, but that’s gravy to pour over your good decision making IMHO. Mils are unique in that just about every couple is comprised of two educated decently employed individuals. All you have to do is plug that into the right place to put down roots, and winning is the result.

#116 Linda on 12.19.20 at 1:42 pm

About that cottage in Brittany, or some other warm country locale like Spain, Portugal, Italy etc. I understand the lure & of course, those photos/videos of that warm weather paradise are very enticing! However, there is one issue that isn’t being addressed & that might put the worm in the apple. Water. Specifically, the lack thereof. Not a few warm weather regions are under water stress as rainfall has been insufficient to replenish aquifers, which have been depleted in part by illegal wells. Water is taxed quite heavily in many Mediterranean countries, so to avoid tax residents often dig illegal wells. In many parts the water is now contaminated so the liquid is unsafe for consumption. When cruising properties on offer in water stressed regions, I’ve noticed not a few photos do show a pool – an empty pool, because the cost to fill it is astronomical & frankly they can’t afford to use potable water that is needed for other purposes. Like drinking it. Caveat emptor!

PS: Canada still has excellent water security. Unfortunately that makes us something of a target for countries whose water security is diminishing. Former USA governor Jerry Brown suggested earlier this year that American citizens could relocate to Canada to avoid water shortages. He further suggested that if Canada didn’t permit such immigration that Americans would just cross the border anyway. Something to think about.

#117 Alex on 12.19.20 at 5:30 pm

If you do not rent it, vacancy tax + mortgage.
If you rent it and tenant has no $ to pay the rent, mortgage still remains
Lovely options…unless you rent…and have no $ to pay the rent…getting a headache now

#118 Terence on 12.20.20 at 2:21 am

If everything reverts back to normal once people get the vaccine and once people start going back to clubs, and bars, and restaurants. Do the rents start to climb back up then? But we only seem to be having half of the anecdotal discussion here. 6 out of 10 restaurants have closed. Some commercial tenants are having to renew insurance policies that have gone up threefold. Won’t mayor Tory need to find more sources of revenue to make up for the lost tax base in years 2022, 2023, and 2024 based on immigration and tourism losses?

#119 Robert Bach on 12.20.20 at 11:53 am

Your perspective as an owner. The haves who get to make most of the rules. How can this market seem just when a decade ago it was about half of what it is today? The basic principle of pulling one’s own weight and not living off the labor of others I am not hearing in your lament. You invite a renter in to SHARE the load, not live off them or build YOUR equity. Rent should NEVER be more than the monthly building cost divided equally amongst it inhabitants. That is the most one can ask considering none of them build any equity in the process. The current norm is way out of balance.

#120 Robert Bach on 12.20.20 at 12:18 pm

For property owners who are currently crying foul that they need to pay mortgage with non paying tenants. How about deducting it from the equity percentage that they’ve built up over the years in paying rent for the building/mortgage? Oh, wait, those numbers have mysteriously been thrown out of the equation.

#121 Steven on 12.20.20 at 7:38 pm

I will definitely get the shot but I have to ask my oncologist first as I have an autoimmune disease and cancer. Even when they gave Pence the shot the doctor asked him if he had any history pertaining to these. Anyway my plan is to work from home doing a variety of things. I have been on disability for 3 1/2 years and have no plans on returning to restaurant industry. Being 61 I probably would not be considered anyway. On to better things and hopefully with the best I have felt in 5 years a new chapter. We will all get through this. Then the Roaring Twenties for a few years.