Wrinklies

Abdullah (“call me Ab, please”) has a problem. His folks. Like a lot of GenXers these days.

It’s complex dealing with wrinklies, especially in a world where up is down, safe is risk and the virus is neverendum. The cost of living is galloping higher. Incomes are not. Health care is under siege. Getting old sucks in the best of times. And these are not those.

This is Ab’s story, and his question for us:

New-ish reader (a year now) with a question on how to advise my parents (aged ~75). In terms of income/assets – as a couple, they have one federal government pension (50k year) as well as the CPP/OAS. About $300k in savings, own their current townhouse valued at $650k and a vacation property overseas where they will spend 4 months per year.

They would like to move to a bungalow, but given that house prices are inflated, I think it may be a better play to sell their townhouse and rent at least for the short-term if not long-term. Please tell me I have learned something from this pathetic blog and am steering them in the right direction?? – The Prodigal Son

Yes, you have learned well. There are powerful reasons why Mom & Dad should punt the townhouse, eschew real estate and rent new digs. But, you may ask, what about our galloping housing market – does it not make sense to hang on to any property for future gains which look assured because buyers are crazed?

Answer: not if you’re 75 years old, have limited assets, an inadequate income and don’t feel like trotting up and down all those stairs in a townhouse. The benefit of a good property market comes when you sell into it, not buy. These oldies are blessed that in 2021 they can put their place up for sale and likely get a dozen desperate Millennial, FOMO-infested couples to make absurd bids on it and mortgage their butts into the decades to come in order to hand over bags of money. A time to sow. A time to reap. So, reap.

Now, the math.

Selling for $650,000 and adding in existing assets will give this couple close to a million to invest. A nice, not-too-scary, middle-of-the-road, well-run portfolio that should kick out about $57,000 a year, or $4,750 a month. They can rent a very nice new place (small house, maybe, or two-bedroom upscale condo for sure) for three grand a month – and no property tax, hefty insurance, maintenance or condo fees. That would leave $21,000 a year ($1,750) to add to income. Still not enough to gouge into OAS payments, if split between them.

Now, the hard part. How do you talk a couple of paleo people (as we affectionately refer to Boomers) who have always owned real estate and never invested in financial assets to become renters and the owners of a significant investment portfolio?

Try this, Ab.

First, explain that by selling high and renting new they’ll likely end up living in a way nicer place. A spacious condo in a suburban setting, for example, would ditch the stairs, eliminate yard work, snow removal and other chores, offer heated indoor parking and maybe amenities like a pool. All good stuff as time takes its toll.

Second, buying a bung in this market is nuts. They’ll end up in a stressful bidding war, likely paying too much, fighting with vicious moisters in bike helmets, draining off their precious liquid assets and facing big closing costs (especially in a place like Toronto). A really, really, really bad idea.

Third, selling, renting and investing will hike their annual income by about 40%. That’s a lifestyle game-changer. Instead of fretting over the cost of veggies in the grocery store, or doing without essential items, like lots of nice booze or a pooch, they can enjoy every day more fully.

Fourth, financial security. It’s vastly more important than housing security. You can always find a roof. You cannot rent income. If you convince them to go this route, Ab, your folks will have almost a million in liquid accounts sitting there to support them in the future if assisted living is required (highly likely), to throw off a life-long and tax-efficient stream of income, and to fund an estate for the family, if that’s a priority. A bungalow cannot do all those things.

Finally, they need to dump the offshore place. If they want to travel back to the old country for a month or two, fine. Stay in an inn, a hotel, with family, or Airbnb. Don’t finance a property for 12 months which you stay in for just a hundred days. And don’t assume at age 75 you’ll be trekking across the ocean much longer. Especially in the endless Days of Covid.

Remember this too, Ab. Your parents once made wise and protective decisions, despite what you may have wanted. Now it’s your turn.

142 comments ↓

#1 crowdedelevatorfartz on 03.19.21 at 2:00 pm

Yep.
Dump the condo and the cottage.
Invest in a B&D portfolio and hunker down.
This RE market is insanity for buyers.

#2 TurnerNation on 03.19.21 at 2:01 pm

“I know what you’re thinking. “Did he post two posts or only one?” Well, to tell you the truth, in all this excitement I kind of lost track myself. But being as this is GF, the most powerful financial weblog in the world, and would blow your returns clean away, you’ve got to ask yourself one question: “Do I feel lucky?” Well, do ya, punk?”

– FLOP what’s this HRR.UN – AUSTRALIAN REIT INCOME FUND – yield 6.55%

– Kanadians are locked up in Quarrantine Kamps even after a negative tests; and fined for CV infractions , at once. Meanwhile the real criminals roam freely; life, in a UN Smart City:
CRIME MAR 18, 2021 – 2 people injured in 4 separate shootings throughout Toronto Wednesday
TORONTO.COM 0 COMMENTS BY AARON D’ANDREA
…..
…..
Business: I focus on the business side of this. Will we as tax slaves get to view the contracts our govt has bounds us to with the salespeople of the drug companies? Any long term ramifications or gotchas?
( Remember, we are cattle to our rulers; to be herded and our feeding, breeding and movements/travel to be strictly controlled, all for great profits of course”)
..
“Pfizer’s COVID Vaccine Could Become Most Lucrative Drug in the World
Pfizer’s vaccine is already the second-highest revenue-generating drug in the world. Once the pandemic ends, the vaccine maker plans to hike prices.
By Megan Redshaw – Childrens Health Defense.

One analyst speculated that Pfizer could be targeting a price 3 to 4 times higher than the $19.50 the company currently charges the U.S. government — or even up to $156 per dose.

As initial demand for its COVID vaccine subsides, the company could make significant profits by charging higher prices and implementing routine booster doses for new variants of the virus, Pfizer CEO Albert Bourla told analysts, big banks and investors during the February earnings call.

During the Barclays’ Global Health Conference, D’Amelio said the company doesn’t see this as a one-time event, but “as something that’s going to continue for the foreseeable future.”
Pfizer has already launched a study of a third vaccine dose to address variants, called for annual boosters and told investors to expect a revenue stream similar to flu vaccines.”

#3 Brett in Calgary on 03.19.21 at 2:02 pm

“Your parents once made wise and protective decisions, despite what you may have wanted. Now it’s your turn”

Amen.

#4 Squire on 03.19.21 at 2:05 pm

Ab, don’t let them buy a bungalow. Bad idea…. listen to Garth. This is their best option and comes with much flexibility

#5 BC Renovator on 03.19.21 at 2:12 pm

My parents, same boat. Own a home on the North Shore valued over $3m. Minimal savings and investments. But owning a home is the end all and be all to them. Must be a generational thing with these Paleo’s?

#6 UmiouiuS on 03.19.21 at 2:14 pm

“You can always find a roof. You cannot rent income.”

I just loved this phrase, Garth. A keeper.

#7 Ponzius Pilatus on 03.19.21 at 2:17 pm

155 JB on 03.19.21 at 12:22 pm
You can not trust China ever, ever, ever. They lie, manipulate, steal and purloin technology for their own goals. They want to rule the world plain and simple. They do not have a legal system over there and don’t want the rest of the world to have one either.
———-
If you feel so strongly about China, you and all the others who share your view, should put your money where your mouth is.
And should stop buying Made in China.
And let’s see what that does to inflation.
And, BTW, “everybody wants to rule the world”

#8 Phil on 03.19.21 at 2:19 pm

Ab;
Your parents seem to have done OK so far, why do they suddenly need advice from you?
Do they have any mental deficiencies?
If not, maybe you should mind your own business…or is there an ulterior motive?

#9 Ponzius Pilatus on 03.19.21 at 2:20 pm

Just so a commercial for a Kioti tractor.
Made in South Korea.
Looks like the Swiss Army Knife of Tractors.
Priced reasonably.
What you think, IHTCD9?

#10 Sail Away on 03.19.21 at 2:30 pm

Ab did not clarify whether his parents requested his advice.

If not, Ab should probably back his nosey butt right out of their business.

#11 SW on 03.19.21 at 2:35 pm

Very sensible message.

We sold my mother’s bungalow in January for a large pile of cash (large for round here, that is, well over asking).

She’s now living in a retirement home just down the street from me. Very happy, feels safe and has financial security, basically forever. At 90 she’s having as good a time as she can, considering the overall situation.

I don’t have to worry about her falling when there’s no-one around, something going wrong at her house, or how to get her yardwork done. (I’m no spring chicken either).

Rule of 90 implies no house at all by 90 years old, I think.

#12 IHCTD9 on 03.19.21 at 2:35 pm

#158 Faron on 03.19.21 at 12:48 pm
#136 Nonplused on 03.19.21 at 2:56 am

diesel itself is a lubricant, whereas gasoline is a solvent.

The chemist in me has to inform you that they are both solvents. i.e. when I rebuild the winches on my boat, I use diesel to clean the parts. Solvent. I think you are getting confused by viscosity here.
______

I think you are technically correct, diesel is well known as a great solvent for breaking loose seized parts, and dissolving grease.

But old school injection pumps and injectors rely solely on the diesel they move for lubrication, so it must have at least a little ability or this plan would never have worked. Also, accidently putting some gas in a diesel engine tank will eventually cause galling and even seizure of the pump and injectors if run for very long due to a net lowering the fuel’s lubricity.

I’d agree it’s a better solvent than a lubricant.

#13 Finally on 03.19.21 at 2:40 pm

DELETED

#14 crowdedelevatorfartz on 03.19.21 at 2:42 pm

@#7 Purloined Patents
“And should stop buying Made in China.
And let’s see what that does to inflation.”
++++

China is already moving manufacturing to Vietnam, cheaper labor ….

Lets watch the trade wars escalate as the two Michaels are sentenced to rot for decades in prison.

Be interesting to see if Canadian companies that are owned by Chinese money will be sold off.
Could real estate be next?

A purging if you will.

Time will tell.

Personally I buy German tools and Japanese vehicles.
They seem to last longer than the warranty..

#15 Northshore guy on 03.19.21 at 2:48 pm

Ab, have your parents tried to put townhouse on market? A family friend of ours had a townhouse they thought was worth 800k, when they listed it sold for 1.2m
Anyone not selling and then renting is missing a historic opportunity (prices will come down in couple of yrs, it can’t last forever)
Listen to Garth, at 75 they need cash flow, real estate can be rented

#16 Dan on 03.19.21 at 2:51 pm

I would rather pay more, higher inflation than support communists, marxists, ruinous policies from any country, government.

By the way, Trudeau and Liberals, NDP, Green Party are all increases your inflation via carbon taxes so we will have much higher inflation, taxes, cost of living anyway.

#17 allovertheplace on 03.19.21 at 2:54 pm

I don’t get the generational argument in the context of Boomers having more house lust than others, both older and younger.

If anything it’s the millennials that are the problem in this regard – they’re the ones buying at inflated prices in super-leveraged scenarios. They seem to have taken the lead of their parents but removed any requirement for their wants to align with economic fundamentals.

But I’ve been wrong before. I was silly enough to think ‘Pave paradise, put up a parking lot’ was a warning for that generation. Turns out it was an instruction manual to be followed!

#18 YVR Renter on 03.19.21 at 2:54 pm

Where do you rent a nice place for $3000/mth? It’s definitely not Vancouver. Sign us up, we’ll move.

Most of Canada. So move. – Garth

#19 alexinvestor on 03.19.21 at 2:55 pm

You also have to factor in taxes on the 57K. Accounting for income splitting between the two, taxes from 30K income (per person) to 60K might not make selling worth it, unless they believe house prices are going to drop.

If they wanted money to spend, just take out small fixed mortgage when needed. Take advantage of other people throwing cheap money at you.

Portfolio income is not taxed at source. The annual tax payable on an investment portfolio generating dividends and capital gains is very low. Your solution is to take on debt to get spending money? Do you work for a bank? Would you give a mortgage to 75-year-olds with minimal income? A reverse mortgage at 6% to eat their estate? Sheesh. – Garth

#20 Faron on 03.19.21 at 2:55 pm

#163 Sail Away on 03.19.21 at 2:11 pm

#160 Faron on 03.19.21 at 12:55 pm

Nearly hit, huh? But they weren’t, like, hit.

I sometimes forget you have no regard for human life. And, you are right. Near misses involving toddlers while numbskull robot cars stealthily roam the lot are NBD. But maybe this is a bigger deal:

https://abcnews.go.com/Technology/wireStory/us-sends-investigators-probe-michigan-tesla-crash-76527077

Hey, didn’t kill our heroic police person, just dinged his car a tetch. I guess NBD either.

Fun fact, in hundreds of thousands of miles of driving, wanna guess how many cars I’ve borked into?

#21 yvr_lurker on 03.19.21 at 2:57 pm

If I were them I would sell the overseas place, as when you visit you can always rent, and visiting will be more challenging due to age, COVID etc. However, I would not sell the townhouse at this stage. Rents will go sky-rocketing forward once the immigration taps are turned on to full, and there are always renovictions to deal with and moving at their age every few years will be a pain. I’d find some way to get a small side job to supplement income if needed. My neighbour down the street who was a journalist and is retired tutors kids in English for $50 an hour….

Yay, Send ’em to work. Great retirement strategy. (The loonies are out in force today…) – Garth

#22 I got lucky ... on 03.19.21 at 3:00 pm

After my mother passed away my father had enough of living alone in his house in Van. Sold the shack for a great profit (he bought in the early fifties) and moved into a retirement community that was close by his old place so his great neighbors still came to visit. He was glad he did and so was I. Made a lot of new friends there too … happy till the end … hope I do so well …

#23 suburban coyote and pup on 03.19.21 at 3:01 pm

Who are you Turner Nation? Garth is he your alter ego? I enjoy the posts almost as much as our long suffewring host’s….

ONf56

#24 Faron on 03.19.21 at 3:10 pm

#12 IHCTD9 on 03.19.21 at 2:35 pm

#158 Faron on 03.19.21 at 12:48 pm
#136 Nonplused on 03.19.21 at 2:56 am

diesel itself is a lubricant, whereas gasoline is a solvent.

The chemist in me has to inform you that they are both solvents. i.e. when I rebuild the winches on my boat, I use diesel to clean the parts. Solvent. I think you are getting confused by viscosity here.
______

I think you are technically correct, diesel is well known as a great solvent for breaking loose seized parts, and dissolving grease.

But old school injection pumps and injectors rely solely on the diesel they move for lubrication, so it must have at least a little ability or this plan would never have worked. Also, accidently putting some gas in a diesel engine tank will eventually cause galling and even seizure of the pump and injectors if run for very long due to a net lowering the fuel’s lubricity.

I’d agree it’s a better solvent than a lubricant.

Good points. I imagine that additives to gasoline make it perform worse as a lubricant as well.

I can’t be bothered, but the answer would be found by isolating any deviation in a viscosity normalized shear stress (or something like that, garbled terms there). If either fluid shows substantial non-newtonian weakening with increasing stress, that would be the loser. That’s the glaciologist in me. Ice behaves that way.

#25 Sail Away on 03.19.21 at 3:16 pm

#20 Faron on 03.19.21 at 2:55 pm
#163 Sail Away on 03.19.21 at 2:11 pm

Nearly hit, huh? But they weren’t, like, hit.

———-

I sometimes forget you have no regard for human life.

———-

??

But nobody was hit. Their lives are still extant.

You got issues, bro. Not the least being lack of self-control resulting in defamatory accusations as above.

#26 ogdoad on 03.19.21 at 3:16 pm

Ownership. Feeling of possession. Make something of YOURs better. Their view is ’75 is not that old so why not take on another garden’ i.e. become emotionally attached. Revolution will come along with the realization the EA always ends in pain and life can be navigated quite pleasantly without it.

Curious to discover how this one ‘plays’ out – got a pair of garden gloves on it.

Og

#27 Keith on 03.19.21 at 3:22 pm

@ #2 TurnerNation

“Will we as tax slaves get to view the contracts our govt has bounds us to with the salespeople of the drug companies?”

Good question. Sail Away, as a contractor to government how much protection do you get under FOI laws to prevent disclosure of terms that could help your competitors?

#28 Faron on 03.19.21 at 3:26 pm

W/re those telling Ab to bugger out of his parents’ business. Did you ever consider that some families have close relationships where any generation can seek advice from any other or like generation? Crazy concept. And I’m sure Ab’s parents would take it upon themselves to tell him to bugger off if that’s how they felt.

#14 crowdedelevatorfartz on 03.19.21 at 2:42 pm

@#7 Purloined Patents

Personally I buy German tools and Japanese vehicles.

And what, pray tell, of Austrian tools?

(Sorry ponz, when the set-up for an alley-oop comes along, it must be played).

#29 Penny Henny on 03.19.21 at 3:26 pm

Keep the townhouse. Having to do the stairs every day will keep up their mobility and keep them young.
Haven’t you heard the saying that if you don’t use it you’ll lose it.

#30 cuke and tomato picker on 03.19.21 at 3:28 pm

I feel they should sell their place in Europe and they can
invest the money and then they can use the money to (A)
go back to the same place and rent or (B) go any other place in the world. This idea of having a place to go to for 4 to 6 months a year is a limiting feature. Owning a place that you are obligated to go to every year prevents you from seeing the rest of the world.

#31 binky barnes on 03.19.21 at 3:30 pm

Friday afternoon with a beautiful Spring weekend forecast. I think I will have a couple of cold Klonenburg Blanc and work on my ode to the PM PM. In case you missed it, the other day I declared (after some input from my fellow blog-dogs) that henceforth our leader, Mr. Justin Trudeau, shall be known as the Prime Minister Prime Minister (or PM PM for short). He has proven himself to be the Prime Minister of Prime Ministers.

Now, I need words that rhyme with: integrity, wisdom, leadership, foresight, integrity (he has this in spades, so I think it appropriate to use it twice), hunky and machismo.

BB

#32 Dolce Vita on 03.19.21 at 3:32 pm

#2 TurnerNation

“One analyst speculated that Pfizer…even up to $156 per dose.”

——————-

The analyst should speculate less.

There is another mRNA vax other than Pfizer or Moderna coming (June in the EU) that does not need space vacuum temps to be stored at, just a refrigerator at +5 deg C:

CureVac

Can be produced by mini-factories anywhere (already developed with Tesla):

https://www.tesmanian.com/blogs/tesmanian-blog/tesla-and-curevac-create-printer-to-produce-covid-19-vaccines-and-customized-drugs-for-diseases-such-as-cancer

https://www.biopharma-reporter.com/Article/2020/07/03/Tesla-building-RNA-microfactories-for-CureVac

Refrigerator temps:

https://www.bizjournals.com/boston/news/2020/11/12/curevacs-covid-vaccine-has-one-key-advantage-over.html

Effective against the Variants:

https://economictimes.indiatimes.com/news/international/world-news/curevac-says-preliminary-trials-show-covid-19-vaccine-effective-against-variants/articleshow/81214340.cms

Cheaper than Pfizer, €10 per dose vs. €15 for Pfizer:

https://www.euractiv.com/section/coronavirus/news/eu-could-pay-over-10-billion-for-pfizer-and-curevac-vaccines/

THUS it is unlikely Pfizer will be able to get away with any such price gouging.

——————–

Luckily the analyst was not quoted as saying “I think that…” for I would have told him/her to:

Think Less.

[CureVac 1 of my No Brainer Pandemic Human Nature single stock vax picks, should start to shoot up once the EU gives it the go ahead in June…they will, it is a German company with 405M doses on order vs. Pfizer’s 300M]

Probably why Pfizer now is producing in overdrive, exceeding delivery quantities…they know the better competition is coming, time is short for them to continue gouging countries per dose (like Canada).

#33 Paddy on 03.19.21 at 3:33 pm

#21 yvr_lurker on 03.19.21 at 2:57 pm

“I’d find some way to get a small side job to supplement income if needed”……

Uh bro did you read his parents are 75 years old???….If I were your parents, I would be scared…”hey mom and dad, looks like you gotta go back to work to supplement your living”…..tabernac

#34 Wrk.dover on 03.19.21 at 3:33 pm

#24 Faron on 03.19.21 at 3:10 pm

Gasoline has the way lower flash point / much more evaporative.

Diesel fuel even feels oily when it is on your hands.

So yeah, Non Pulse is finally right about something!

Oh yeah, gasoline spilled in a drinking well is non residual, it can be pumped clean. (Long story about a doing a somersault with a car on that lesson learned.)
Diesel fuel would ruin a well.

#35 Kevin on 03.19.21 at 3:34 pm

I like this advice, but I understand Ab’s situation. My guess is that they value housing security more than financial security, and won’t sell or move unless it’s a place they OWN. Good luck convincing them, Ab, it’s going to be an uphill battle IMHO.

#36 Flop... on 03.19.21 at 3:36 pm

#2 TurnerNation on 03.19.21 at 2:01 pm

Well, do ya, punk?”

– FLOP what’s this HRR.UN – AUSTRALIAN REIT INCOME FUND – yield 6.55%

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

Hey TN, I saw the word “punk” then I scanned closer because I thought there was a possibility someone was talking to me and the the very next word was Flop, and I knew we were in business.

Got the below description of the fund off the interwebby thing.

I don’t manage my Southern Hemisphere Portfolio, it is set to the default 60/40 position, because that’s apparently what they do if you go out for a carton of milk and don’t ever return to the country.

I recently spent some surgery rehabilitation time doing a Financial Facelift, which included rolling over all my money down south into the one fund with the best credentials, returns and customer service, I hope to benefit from this but if something goes wrong, it will make it easier for my wife to take over my finances.

The returns are mid year to mid year, but I think I saw the 10 year annual return was 8.something, so I don’t mind staying away from doing any portfolio hackery, south of the equator, anyway.

Someone was talking about checking their portfolio daily the other day.

I only check this one 3 or 4 times a year, until recently I was still feeding it monthly, I just leave it to do it’s thing in the Oven Of Financial Time.

I think there was a time, back when I was travelling a lot more, I didn’t check it for 3 or so years.

My Northern Hemisphere Portfolio, I also gave a COVID facelift to, taking control of my TFSA, dumping 1.75% mer mutual funds for a 70/30 all in one fund, it’s ETFs bundled into a mutual fund with a mer of roughly .75%, got some other European and U.S stuff to keep the beaver pelts in check.

Not ideal for the ETF driven crowd on here, the 1% chop to the mer should help, but I didn’t mind going to the bank once or twice a year, namely because, once again it stopped me from doing any portfolio hackery, but also probably held back returns, but my returns matched my lowly goals of not losing money and grow the pile slowly over time.

I still only check this probably once month, when limited volatility, once a fortnight, when there is increased volatility.

I understand why people do it, it’s just not for me.

It’s not that I don’t care, the money is all earmarked for use a much later date, I just do what’s best for me and that is not obsessing over returns in which there is a lot of tarmac between myself and the finish line.

What else?

Oh yeah!

Since reading your posts on here the last year or so, I no longer carry I.D…

M46BC

———————————–

“Australian REIT Income Fund is an equity mutual fund launched by Harvest Portfolios Group Inc. The fund is managed by Macquarie Private Portfolio Management. It invests in public equity markets of Australia. The fund invests primarily in publically listed Australian real estate investment trusts and companies engaged in real estate industry in Australia. Australian REIT Income Fund is domiciled in Canada”

#37 yvr_lurker on 03.19.21 at 3:38 pm

If you can make a few extra bucks to supplement your income while retired (likely all under the table) why not try if you have some skill. Neighbour is in early 70’s and told me has a side-gig of doing language tutoring now on zoom as many parents don’t want their kids to fall behind. He has the skiils from his career. He was doing F2F tutoring before Covid when he retired he told me. I don’t know what he pulls in, but at 50.00 per hour if you have even a modest 5 hours per week you will have an extra grand a month all under the table. Many people have different skills from their careers that they can use as a small side gig if needed to top up income.

I see the above as less radical than selling your home (when the situation is not so dire), and then deal with being prone to huge rent spikes, moving every few years, renovictions, etc….

#38 Dolce Vita on 03.19.21 at 3:43 pm

#10 Sail Away

Not bad advice, I 2nd it.

——————–

Garth, I think you inadvertently used your financial wizardry to make the parents estate much easier to monetize for Ab.

Just ‘sayin.

#39 Quintilian on 03.19.21 at 3:44 pm

Ab:
Your folks are holding on to a lotto ticket with an expiry date.
CASH IT IN NOW.

#40 Bezengy on 03.19.21 at 3:44 pm

#9 Ponzius Pilatus on 03.19.21 at 2:20 pm
Just so a commercial for a Kioti tractor.
Made in South Korea.
Looks like the Swiss Army Knife of Tractors.
Priced reasonably.
What you think, IHTCD9?

—————————-

If I may. I’ve owned have a Kioti LK 3054 for 20 years. Never had a issue. Great machine. A couple of points about tractors. One, a tractor without a bucket is only half a tractor, and if you have a bucket you better have a tractor with some weight to it. Like 3500 lbs minimum. Any bigger though and you can’t tow the thing around easily.

———————————

As far as the 75 year old parents. I’d say that depends where they want to buy. If they can get a little place outside the city at a reasonable cost, and it makes them happy then why not. Might keep the old couple alive a few years longer too just by keeping busy, who knows. As for the foreign property, sell it ASAP.

#41 Dave on 03.19.21 at 3:44 pm

I agree that real estate assets are now overvalued, but it is stressful trying to find a nice rental. Many apartments are too old and small, and if you are going to rent out someone else’s condo or house, you are dealing with amature landlords who may decide to sell because of a hot market or because they need to raise money, etc. It is nice to have predictability as you get older and not constantly worry about whether you are going to get a 90 day notice.

#42 Grateful in Victoria on 03.19.21 at 3:45 pm

Let them buy the bungalow. Sounds like their retirement income without investment is 80K or more. That is higher than the median.
The important thing to remember is how they spend their time. If they want a house with garden and NO STRATA COUNCIL, it is their right.
We downsized to a condo at retirement because we travelled a lot and have boat. You could never get all of the neighbours to agree on anything so strata life is not fun.
So we sold and bought a 3 bedroom a few years ago and did a complete reno. My husband was in his early 70s then.
We still love it. Did I mention – NO STRATA.

#43 HalalInvestment on 03.19.21 at 3:45 pm

One point is missing… AB and his wrinklies will probably be reticent accepting interest in investement… True that mortgages are also interest based but in AB’s community interest in mortgages are more accepted than interest in investments… how do you stay then DB in this case?

Easily. – Garth

#44 Faron on 03.19.21 at 3:47 pm

#25 Sail Away on 03.19.21 at 3:16 pm

#20 Faron on 03.19.21 at 2:55 pm
#163 Sail Away on 03.19.21 at 2:11 pm

Nearly hit, huh? But they weren’t, like, hit.

———-

I sometimes forget you have no regard for human life.

resulting in defamatory accusations as above.

Hardly defamatory, but I see you are reading up on Dominion. You are essentially arguing here that a driver (human or software) cannot be held accountable even in near-miss cases that were only near miss by luck. With hapless toddlers. Wow.

Def have issues with callous strongman fanbois.

#45 Sail Away on 03.19.21 at 3:48 pm

#27 Keith on 03.19.21 at 3:22 pm

Sail Away, as a contractor to government how much protection do you get under FOI laws to prevent disclosure of terms that could help your competitors?

————

My firm’s public contracts are entered into through the publicly competitive qualification/proposal/award process. Deliverables and scope of work are all identified in the contract, so those would be available to any FOI request, but directly from the gov agency, not us.

No member of the public could get any information directly from us since that would breach confidentiality, but, as mentioned, all terms are laid out in the public contract that would be available through FOI request.

#46 JB on 03.19.21 at 3:50 pm

#161 crowdedelevatorfartz on 03.19.21 at 1:32 pm

@#155 JB

“Sure we could learn quite a lot from the Chinese Democratic System and their extremely fair, clear and balanced approach to handing out judgments based on only real facts.”

+++

Apparently they have a 100% conviction rate !
Amazing!
2 hour trials and 100% success rate.
Canadian drug dealers in China take note.

https://www.cbc.ca/news/world/canadian-death-sentence-china-1.5677675

Dont waste your money on Lawyers….you’re already guilty.
……………………………………………………………………
You were guilty as soon as they needed an excuse to convict anyone. Tit for tat. Sort of Ping Pong.
……………………………………………………………..
On another note: Holy $hit, did you see that beat up Ford Ranger in the pic? Shades of Smoking Man cruising around out there. But alas I did not see a one finger salute out the window or a Trump 2020 bumper sticker. RIP Smoking Guy.

#47 IHCTD9 on 03.19.21 at 3:51 pm

#9 Ponzius Pilatus on 03.19.21 at 2:20 pm
Just so a commercial for a Kioti tractor.
Made in South Korea.
Looks like the Swiss Army Knife of Tractors.
Priced reasonably.
What you think, IHTCD9?
————

I actually know a guy who owns one. 50 hp, hydro trans, nice FEL. Great looking machine and sounds healthy. I’d buy one.

Mahindra (Indian) makes some nice tractors too, and are developing a great reputation for bang for the buck. You can still buy a gear drive transmission from them, some dogs don’t like new tricks (ask HONDA, they still sell all the foot shift semi-auto quads they can make). Designed and built in India, using Japanese Diesel engines, and final assembled in the the USA, great pricing. They’ve been at it for a long time, and they’re doing it right.

#48 IHCTD9 on 03.19.21 at 3:59 pm

#24 Faron on 03.19.21 at 3:10 pm.

…isolating any deviation in a viscosity normalized shear stress …substantial non-newtonian weakening with increasing stress…
—— –

Er… Have you considered a career at Cummins?

#49 TurnerNation on 03.19.21 at 4:12 pm

As I’ve noted for what is the Blockchain? It was built for us. To store our DNA, our tracking, our control.
Here is comes, control over our Feeding:

Already Monsanto took control over seeds. Making them patented, good for one year’s use; under contract and penalty of law. What’s next?
If you do not already know, March 2020 was the kick off of the New System. Planned for decades; finally rolled out globally:

“Farm of the Future: AI+Blockchain & De-Extincted DNA Library
https://www.youtube.com/watch?v=fu6_EAs-S8w

As new $314M AgTech facility promises Blockchain + AI to track food from seed to shelf, other companies are creating DNA libraries to use CRISPR gene modification to combine kangaroo with “de-extincted” mammoths to produce the “perfect” lab-grown meat. These, according to the technocrats, are the farms of the future — and understanding the agendas behind them is imperative if you wish to be able to feed your family in the future”

————

Dystopia. Children are the main target of this New System. They must never again know normalcy.
At it goes without saying that all (former) First World Countries must be brought to their knees, financially and culturally. Locked up in comfy home-prisons. In Grey-Red warzones.

– British Airways to continue work-from-home plan after (bbc.co.uk)

– Teachers must now wear goggles or face shields, Peel District School Board says (cp24.com)

LOCKDOWN WORLD – Signs I’ve seen point this until 2025, at least. Kind of obvious that CV-21, 22-23, will be in play next winter.

-Ottawa to move into provincial Red zone on Friday (ottawacitizen.com)
-Paris goes into month-long lockdown as COVID-19 variant rampages (reuters.com)
-New lockdown in Chile enforced by the military. Thousands of soldiers on the streets and permits required to leave home. (m.youtube.com)
-Poland announces nationwide lockdown amid COVID-19 surge
-B.C. Supreme Court upholds provincial ban on in-person religious services(globalnews.ca)

#50 Dolce Vita on 03.19.21 at 4:17 pm

One FINAL salvo on the AstraZeneca bloodclot fiasco.

I chastised Gov UK & AstraZeneca that knew and said nothing.

Now how would I know that?

Well, Gov UK has a Medicines Agency like Italia’s AIFA or the EU’s EMA, the:

Medicines and Healthcare products Regulatory Agency (MHRA)

Online. The BBC or none of the World’s MSM frenzied bothered to look. It was all there.

————

In fact, PFIZER probably JUST AS GUILTY IF NOT MORE (in the reticence dept) with

35,325

“Yellow Card” citations from the MHRA (being a football mad nation, they use the same infractions system). From General to SEVERE disorders (as in FATAL).

Use Google Translate, good explanatory article:

Adverse reactions of the Pfizer vaccine. Take the “yellow card”

“https://www.ilgiornale.it/news/cronache/reazioni-avverse-vaccino-pfizer-scatta-cartellino-giallo-1931993.html

Don’t use Google Translate:

COVID-19 mRNA Pfizer- BioNTech vaccine analysis print, 16-Mar-2021 [MHRA]

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/970504/COVID-19_mRNA_Pfizer-_BioNTech_Vaccine_Analysis_Print.pdf

Quickie Précis…

– 27 Fatal Cardiac
– 13 Fatal Gastrointestinal
– 120 Fatal “General”
– 2500 Blood disorders
– 893 Ear disorders
– 1489 eye disorders

etc., 64 pages

————————

So unfair treatment of AstraZeneca (their own fault and of Gov UK for not stating ahead of time) and

Expect the above to hit the MSM soon enough. Hey, the got bent out of shape for about 20 or so bloodclot stories EU wide (2 fatal in Italia)…imagine if the above is picked up by the World MSM.

PS: Find the AstraZeneca stuff at MHRA on your own:

https://www.gov.uk/government/organisations/medicines-and-healthcare-products-regulatory-agency

————

PS: Turner Nation

Conspiratio done right.

#51 espressobob on 03.19.21 at 4:18 pm

Freedom is a space few ever get to know.

Chasing the things in life mom and dad thought were important turned out to be juxtaposed in modern times.

No wonder so many are confused…

#52 Stone on 03.19.21 at 4:24 pm

For Ab’s parents, flush the real estate. There’s no cashflow derived from it. Turn that home equity into something useful like a balanced and diversified investment portfolio that will provide nice and steady cashflow. It’s like turning a frown upside down. Imagine they sold both properties and then had an 8.29% ytd return like I do for 2021. Personally, tastes like a really sweet deal.

Rub tummy!

#53 Brian Ripley on 03.19.21 at 4:26 pm

REAL PRICE OF TSX Real Estate & Gold Indexes, ie: Nominal Prices divided by Bank of Canada $CAD Commodity Index – Chart: http://www.chpc.biz/real-price-of-gold–re.html

In February 2021, the CAD$ Commodities Index (CCI blue solid plot line) remained above the well defined downtrend channel with the rebound rally in Crude Oil after the CCI bounced off the April 2020 Covid 19 low.

The fly in the ointment for Canadian gold bullion buyers could be the rising USD/CAD ratio that will dampen enthusiasm for precious metals and other commodities.

But gold miner’s profitability depends on the nominal price of gold but also the cost of getting the metal out of the ground. As the cost of mining drops (fuel, and industrial materials), the real price of the mining product rises even in the absence of a nominal price rise.

Gold mining share prices rise as the real price of gold rises. In the 1929 stock market crash, Homestake Mining the representative gold miner of the day, outperformed the DJIA for at least 4 years.

#54 ElGatoNerodeYVR on 03.19.21 at 4:30 pm

First why the panic ? There people are easily making 80-90k per year so that is plenty for 2 with no mortgage. If they spend more than that they have a massive spending problem ,especially since they do not live on Canada 4 months of the year.
I don’t think these people should do anything else other than maybe sell the overseas property if the concerned junior doesn’t want it and invest in chair lifts and such mobility helpers. If the place is rundown a lateral move to another townhouse would be OK.
Nobody wants to be stuck at 75+ in a rental potentially having to move often in their 80’s ,let’s be real here.
When you have that amount of income and no mortgage readjusted spending is the way to go.

Great idea. Wait for a health and emotional crisis to sweep the family into a morass. I see that far too often, and the outcome is often awful. Prepare. – Garth

#55 Mdme Guillotine on 03.19.21 at 4:33 pm

Don’t remember the last time I made a comment.

I feel compelled to say how much I enjoy and appreciate the comments and information provided by TurnerNation.

… and Garth, are we now clear on the respective qualities of concrete as opposed to cement?

#56 crowdedelevatorfartz on 03.19.21 at 4:36 pm

Goodness.

Did I say 2-5 years for China to “reclaim” the sovereign country of Taiwan?

Might be much sooner than that the way the saber rattling rhetoric keeps building…

https://www.reuters.com/world/china/taiwan-says-china-bolstering-ability-attack-blockade-island-2021-03-19/

#57 Dirty Dan on 03.19.21 at 4:43 pm

> How do you talk a couple of paleo people who have always owned real estate and never invested in financial assets to become renters and the owners of a significant investment portfolio?

82-75 = 7 years left to live

300k / 7 = 42k/yr + 50k/yr = 92k/yr…

Seems like they’re OK regardless of what they do.

And if one requires assisted living at $6,000 a month for five years? – Garth

#58 ElGatoNerodeYVR on 03.19.21 at 4:46 pm

Great idea. Wait for a health and emotional crisis to sweep the family into a morass. I see that far too often, and the outcome is often awful. Prepare. – Garth
================
At the same time though only 300k in savings at 75 tells us they either are not good financial planners or had life circumstances beyond their contro.
I would be concerned to have people that age (my parent’s age really) having to rent and live off investment returns just so they can spend a little more .
More often than not they blow through the newly found wealth in little time ;better to be locked into a house.
I am glad that my parent’s are holding onto their place and living within their means by choice ,if they need more I would be more than happy to pitch in and I did offer so.
Rental is definitely not the way to go so late in life given current rental circumstances.
I do respect your opinion, ust so happening I have a slightly different one;everyone has their own life experience and circumstances so dialogue is always welcomed in my book.

It’s interesting how everyone justifies their own life experiences by trying to tell others to repeat them. – Garth

#59 bdwy on 03.19.21 at 4:51 pm

#29 Penny Henny on 03.19.21 at 3:26 pm
Keep the townhouse. Having to do the stairs every day will keep up their mobility and keep them young.
Haven’t you heard the saying that if you don’t use it you’ll lose it.
—————-
my off grid island neighbour kept humping it up the steep trail behing our cabins into his 90’s. it served him very well i think.

#60 Linda on 03.19.21 at 4:53 pm

Excellent advice for ‘Ab’ to present to the parents. The overseas place is a bit trickier. Is it located in ‘the old country’ & are there suitable digs for rent if it is sold? If it is just a fun in the sun spot with plenty of affordable & suitable rentals on offer then yes, sell that sucker. One thing about traveling while older is that long trips tend to be more taxing. More importantly, getting travel health care insurance coverage becomes more difficult & definitely becomes much more expensive once age 75+. I trust ‘Ab’s’ parents ARE purchasing said coverage when they travel? Because if not, they most certainly should. True story: my Mom was in hospital & across from her bed was a lady who’d come to Canada to visit her children/grandchildren. Home country didn’t have travel health insurance & sadly, the family was completely unaware they could have purchased travel health insurance for their mother through Blue Cross in Canada. The lady had a stroke while visiting in Canada – completely unexpected as she had been in excellent health. Her family was on the hook for over $500,000 Canadian in health care costs with more to come as their mother was still unable to walk/speak when we met her – these were ordinary folks, no one had $ lying about to cover the tab. Would have cost maybe $300 at the time for a month of complete coverage had they purchased health insurance for her prior to her visit.

#61 Faron on 03.19.21 at 4:56 pm

#34 Wrk.dover on 03.19.21 at 3:33 pm

#24 Faron on 03.19.21 at 3:10 pm

Yeah, it’s true what you say. The point I was initially making had to do with my experience of Diesel as a solvent and that viscosity and lubricity aren’t necessarily the same thing. NP was distinguishing saying gasoline is solvent, diesel is lubricant. I think we all agree it’s not so simple.

I’d love to hear your car somersault story. Garth would probably find it infinitely less dull than lube-talk.

#62 Long-Time Lurker on 03.19.21 at 4:59 pm

More Matrix Madness!

>Steady now, steady now. Upsee-daisy, upsee-daisy, upsee-daisy. Standing tall.

US President Joe Biden ‘doing fine’ after aircraft stumble

A White House spokeswoman told reporters President Joe Biden is “doing 100% fine” after he stumbled while boarding Air Force One.

https://www.bbc.com/news/av/world-us-canada-56462824

>The custody battle.

CONSTITUTIONAL LAW, FREE SPEECH, INTERNATIONAL, SOCIETY
March 19, 2021

Father Arrested After Continuing To Call His Child “She” After Court-Ordered Gender Transition Treatments

There is an extraordinary case out of British Columbia where a father referenced as CD was arrested after he continued to refer to his biological 14-year-old daughter (known as AB) as “she” and his “daughter” after he transitioned to a male gender….

https://jonathanturley.org/2021/03/19/father-arrested-after-continuing-to-call-his-child-she-after-court-ordered-gender-transition-treatments/

Wrong blog. Go away. – Garth

#63 Carla on 03.19.21 at 5:05 pm

Excellent post today, Garth. I especially agree with the last three paragraphs. As someone who uprooted our family to migrate to Canada (which we now call home), we have indeed made protective financial decisions to simplify our lives (even selling our old home in the old country at a loss, just so we could liquidate it and use the money for our living in Canada).

Our lives are infinitely better here in our new home (despite the weaknesses in government policy).

Thank you for all that you do for the blog, and your readers.

#64 crowdedelevatorfartz on 03.19.21 at 5:09 pm

“And if one requires assisted living at $6,000 a month for five years? – Garth”

+++

Both parents in their 90’s

One requires 24/7 help ( private room, feed, bath, bed) $6000k/month
Other requires minimal help ( private room, food) 4000k/ month.

They have enough in pensions and savings to keep them going til about 105.
Not many parents do.

#65 Dolce Vita on 03.19.21 at 5:15 pm

Quick update as I see the variants the only thing that can delay, derail FALL economic recovery in Canada, a return to prosperity and “normal” soon thereafter.

————–

Canada Variant World – kept at bay so far*.

+462% cumulative cases in the past 26 days, 800→4539.

Trend Line a 3rd Order Polynomial, nowhere near Exponential, closer to Linear. Hospital/ICU beds not filling up.

https://i.imgur.com/T7a2zDP.png

————-

*Some concern though for Sask, BC with variants:

SK [385 total confirmed and presumptive variant cases in Regina]

https://regina.ctvnews.ca/385-total-confirmed-and-presumptive-variant-cases-in-regina-sask-reports-87-new-covid-19-cases-1.5350660

BC [cases up by more than 530%, to 996, compared with March 1]

https://www.vancouverisawesome.com/vancouver-news/variant-strain-covid-19-cases-in-bc-jump-significantly-3553435

——-

Hang in there SK and BC, stamp out the UK variant like they did.

#66 Howard on 03.19.21 at 5:20 pm

Garth, requesting your opinion on this in a future blog post:

Canada’s hot housing market a trade-off to stave off a ‘bad recession’: Poloz

https://www.bnnbloomberg.ca/canada-s-hot-housing-market-a-trade-off-to-stave-off-a-bad-recession-poloz-1.1579136

#67 No Debt on 03.19.21 at 5:25 pm

The greater fool has been found, and it only took 5 days. MIL croaked with Covid pneumonia on Dec 29th 2020 which left us with having to liquidate the estate. 1-1/2 storey wartime house in east end Hamilton that by all rights should have been reduced to a hole in the ground was put on the market March 11th for $440k (I want some of the drugs the appraiser uses) and brought in 8 – 10 walk throughs per day over 4 days of showings. Sold sign was slapped on the pig on the 16th for a cool half million “as-is” with a 30 day close.

The “kids” that bought the place have no idea what they have just done to themselves.

#68 NOSTRADAMUS on 03.19.21 at 5:31 pm

AB’S, HONEY (MONEY) POT!
Wow, to be so lucky to have a good son like ABBY looking out for mom and dad at 75. Garth, you’re a financial advisor and as such, he is obviously leaning on you to sway the old folks over to cashing out. At 75 their days of wants and needs are minimal, especially with a paid for house. Echoing a previous comment, in the unlikely event they find themselves running a bit short on cash, put a small mortgage on the house, live off the cash, while they watch their house appreciate in value. This is a win win situation, no stress, no crazy tenants next door, no moving every couple of years. As to who will give them a mortgage at 75 years, no problem, let Abby, the concerned son, man up and cosign the loan at one of the 5 big banks. And, I am not talking about a blood sucking reverse mortgage. I am talking a conventional mortgage Now, that’s what I call a good son. Ab, you are going to have to be patient. And that is all I have to say on that, for now.

#69 Dolce Vita on 03.19.21 at 5:34 pm

And there are some Commenters that say to not read the comments or do away with them (though, they Commented).

Are you kidding me?

And deny some more than a smile moments such as these tonight (well, for me in Italia):

Most of Canada. So move. – Garth

…Do you work for a bank? Would you give a mortgage to 75-year-olds with minimal income? A reverse mortgage at 6% to eat their estate? Sheesh. – Garth

Yay, Send ’em to work. Great retirement strategy. (The loonies are out in force today…) – Garth

Easily. – Garth [in response to “how do you stay then DB in this case?”]

—————–

There are some of life’s daily pleasures I will not do without, and this Blog and Garth’s retorts are couple of ’em.

#70 Annek on 03.19.21 at 5:45 pm

Today’s summary totally makes so much sense. Garth, you are always so logical , and practical. However, if I tell this to most people, both old and young young alike, they will not believe it. “ Houses always go up “ they say. “ You can never lose with housing.” “Garth has been proven to be wrong with respect to housing.” With most Canadians, ( except for those who read this blog) they make decisions with their guts and not their heads.
So they buy houses.
These same people will re-elect Trudeau.
I am waiting for housing to turn around and be able to say” I told you so.” But , it has been too long.

#71 Annek on 03.19.21 at 5:59 pm

8 Phil on 03.19.21 at 2:19 pm
Ab;
Your parents seem to have done OK so far, why do they suddenly need advice from you?
Do they have any mental deficiencies?
If not, maybe you should mind your own business…or is there an ulterior motive?
————————-
Ab, I salute you. You care about your parents!
Phil, you have absolutely no idea what can happen to people when they age. I know, because I have seen it in my job.
Firstly, a townhouse is the worst place for a senior. At one point, they will not be able to do the stairs. Then they live on one floor, making a room a bedroom on the main level.
They cannot go downstairs to do laundry, so the kids have to come in to do it.
Outdoor maintenance becomes difficult.
Ability to drive can be compromised , so they become isolated, relying on others for transportation.

Renting in a condo or apartment , where there are lots of seniors , is a great solution. No stairs where seniors can fall. Activities in these buildings provide exercise, especially if there is a gym or pool. As well, a building where there are other similar ethnics provide socialization and support. Beats a nursing home.
So one must rethink, as one ages, and not be forced to downsize as a result of a major medical event. Be smart.

#72 DON on 03.19.21 at 6:00 pm

I think AB is being practical.

If they do as Garth says they can sit back and enjoy the rest of their lives. A hobby job like yvr suggested is always a good idea – keeps your mind exercised but having to rely on that can become troubling under certain aging circumstances. Then again they could get a couple of trips in before that too becomes less appealing. Sell it all high invest for income flow and sit back and enjoy.

Then again my grandfather lived in his home until 92 years of age. To each their own…some memories are priceless. Then again if my grandfather could have made a cool 600k off his 10k city lot house he would have sold it in a heartbeat. That’s a no brainer. Moving ain’t that hard.

#73 Thrive & Live in a Small Place on 03.19.21 at 6:03 pm

This is when the rich get richer
That is why so much real estate is getting dumped onto the market. Let some other poor sucker pay the taxes, costs, repairs, replacements, levies, fees. How much space do people need? Many can thrive/ live in a small place.

#74 GAV on 03.19.21 at 6:17 pm

#42 Grateful in Victoria on 03.19.21 at 3:45 pm
Let them buy the bungalow. Sounds like their retirement income without investment is 80K or more. That is higher than the median.

Thank you Grateful!

Finally someone has stated the most obvious. 80k for 75 year olds is pretty damn good. And in addition, you have listed some the many social benefits of owning.

Well done.

#75 BlogDog123 on 03.19.21 at 6:21 pm

Yes, the geezers should rent as their primary home… No need to worry about the water heater or stove breaking down and chasing repairmen… And if they get really old/sick it’s quicker to move out of an apartment than selling a house.

Also, if they do go back to the old country, not an issue leaving the rental apartment unoccupied, don’t really need the son mowing the lawn, unoccupied house break-and-enters or checking up on the place too often…

#76 Penny Henny on 03.19.21 at 6:31 pm

#30 cuke and tomato picker on 03.19.21 at 3:28 pm
This idea of having a place to go to for 4 to 6 months a year is a limiting feature. Owning a place that you are obligated to go to every year prevents you from seeing the rest of the world.
///////////

What if possibly they like to go back there every year??

Stop trying to think of everybody through your eyes.

#77 Second opinion on 03.19.21 at 6:33 pm

As someone whose parents did this in 2016 and have since been evicted twice due to landlords having to sell I would think twice about this. Stable housing, especially as you age is important and unless they are renting from a professional land lord there is a chance this doesn’t work so well. Especially if the plan is to buy if house prices decline and that doesn’t happen. Just consider the need to have a stable roof over your head as you age.

#78 Tarot Card on 03.19.21 at 6:37 pm

Thanks for the blog Garth
Always a tough decision. It’s always amazes me how you make things sound reasonable, I told my wife we could easily sell now after two years and walk away with 200,000 profit. In Nanaimo house are 50 to 100,000 over asking.
Just crazy.
But you forgot one thing in all this equation the emotional attachment to a house that’s so hard to overcome. And it’s gets harder as we age. Even my mother told me I will have to carry her out feet first. Ha ha tough ole gal.

First thing my wife said where will we move to?
Which is true gotta live somewhere and we happen to love were we live and rents are crazy as well.

Here’s on answer not even you Garth can counter.
So my wife said so what if housing drops 50 percent everyone will be in the same boat.

And please do not say there aren’t enough lifeboats.
Ha ha have a great weekend Garth!

#79 glenn wood on 03.19.21 at 6:39 pm

The oldies won’t take the advice because it is too overwhelming for their small world. Best outcome is for them to stay put. OR the son could bamboozle them into selling and looking for a bungalow which will never materialize forcing them to rent. Helping oldies to make good decisions is very challenging.

#80 Mattl on 03.19.21 at 6:43 pm

#67 No Debt on 03.19.21 at 5:25 pm
The greater fool has been found, and it only took 5 days. MIL croaked with Covid pneumonia on Dec 29th 2020 which left us with having to liquidate the estate. 1-1/2 storey wartime house in east end Hamilton that by all rights should have been reduced to a hole in the ground was put on the market March 11th for $440k (I want some of the drugs the appraiser uses) and brought in 8 – 10 walk throughs per day over 4 days of showings. Sold sign was slapped on the pig on the 16th for a cool half million “as-is” with a 30 day close.

The “kids” that bought the place have no idea what they have just done to themselves.

———————————————-

Hold on, so this place was good enough for your elderly parents but isn’t good enough for a young family? Not sure I am following your logic.

And the mortgage on 400K is around 1500 bucks, I suspect this purchase won’t bankrupt them.

#81 Lead Paint on 03.19.21 at 6:44 pm

#25 Sail Away on 03.19.21 at 3:16 pm
#20 Faron on 03.19.21 at 2:55 pm
#163 Sail Away on 03.19.21 at 2:11 pm

Nearly hit, huh? But they weren’t, like, hit.

———-

I sometimes forget you have no regard for human life.

———-

??

But nobody was hit. Their lives are still extant.

You got issues, bro. Not the least being lack of self-control resulting in defamatory accusations as above.

—————— ———————

You don’t share Faron’s SJW religion, so in his mind you are subhuman. He’d cancel you in a second if he had a chance. You see he is protecting the victims of this terrible society you are clearly succeeding in, and don’t show shame or contrition, or acknowledge that your success is on the backs of women and minorities. You must conform to the new rules or be slandered to oblivion.

These are strange and dangerous times for free thinkers.

#82 Penny Henny on 03.19.21 at 6:46 pm

#46 JB on 03.19.21 at 3:50 pm
On another note: Holy $hit, did you see that beat up Ford Ranger in the pic? Shades of Smoking Man cruising around out there. But alas I did not see a one finger salute out the window or a Trump 2020 bumper sticker. RIP Smoking Guy.
////////////////

Awesome call. Respect!

#83 Reality is stark on 03.19.21 at 6:46 pm

Future looks good here.
World is awash in oil and we have lots that we can’t get to market. That should work nicely in our favour.
A government that loves inefficient deluded social justice warriors. Perfect.
Don’t forget the taxes, our mantra is more is better.
But that’s not the end of it.
They target you in family court. 50/50 is a farce and a lie. It’s all about equality until it’s time to play victim.
Sell your house this year and laugh all the way to the bank.
Eventually someone has to pay the piper.

#84 BM3RCT3P on 03.19.21 at 6:52 pm

5.7% of income on a 1,000,000 portfolio? Maybe, but not without some risk that’s for sure.

This is the everything bubble. I don’t care what asset you own, you sell it and you are going to be stuck moving to another over inflated asset.

Sitting in cash too scary because if inflation takes off and they lose control, you are pooched.

There’s no escaping this joke.

#85 Penny Henny on 03.19.21 at 7:06 pm

#59 bdwy on 03.19.21 at 4:51 pm
#29 Penny Henny on 03.19.21 at 3:26 pm
Keep the townhouse. Having to do the stairs every day will keep up their mobility and keep them young.
Haven’t you heard the saying that if you don’t use it you’ll lose it.
—————-
my off grid island neighbour kept humping it up the steep trail behing our cabins into his 90’s. it served him very well i think.
/////////////

bdwy I always respect what our input is, today too.
Having said that lose those lbs you’ve been putting on.
Respect.

#86 Penny Henny on 03.19.21 at 7:08 pm

“your input”

Someone hid my Y

#87 Drinking on 03.19.21 at 7:08 pm

#32 Dolce Vita

Interesting, thanks.
——————————-

Common sense blog today Garth, thanks.

#88 Tron Light on 03.19.21 at 7:10 pm

DELETED

#89 crowdedelevatorfartz on 03.19.21 at 7:12 pm

@#80 mattl

“Hold on, so this place was good enough for your elderly parents but isn’t good enough for a young family? Not sure I am following your logic.”

++++

Built at least 75 years ago.
Sounds like a bulldoze.
Elderly parents probably paid 5k for it decades ago.
It sells in 5 days for over asking.
Greaterfool bait.
And they got caught.
5 years from now after interest rates climb…..uppa uppa uppa……

#90 Happy Boomer on 03.19.21 at 7:13 pm

Well, suburban condos aren’t so spacious these days. And they are fraught with hazards like owners wanting to move back into them. Or noisy millenials partying next door. And inconveniences like being farther away from familiar haunts, shopping, and doctors etc. It can be a stressful change in lifestyle. You don’t want these hazards when you are 75, and downsizing is a dreadful task to undertake. If the couple is enjoying their lifestyle and overseas property on their current salary, why do anything now? That condo will still be worth a lot in 5 or 10 years time, and is a good hedge against the inflation as well.

If this couple finds the stairs too much for them, they could consider installing a stairlift.

#91 islander on 03.19.21 at 7:15 pm

Much as I agree with Garth’s advice regarding selling and renting, we need to consider the possible ulterior motives of many seniors’ (just trying to help) relatives’.
Please read this article on financial abuse of the elderly.

https://www.healthlinkbc.ca/healthlinkbc-files/financial-abuse-older-adults

#92 Faron on 03.19.21 at 7:18 pm

#81 Lead Paint on 03.19.21 at 6:44 pm

Dang it, where’s the eye roll emoji when you need it? The Pb is getting to ya man.

#93 Under the radar on 03.19.21 at 7:23 pm

9, good tractor , I went with a kubota . Not sure what your using it for , but a bucket is not enough . You will need some pallet forks and maybe a grapple .

#94 Longterm on 03.19.21 at 7:26 pm

#10 Sail Away on 03.19.21 at 2:30 pm

Ab did not clarify whether his parents requested his advice.

If not, Ab should probably back his nosey butt right out of their business.

***

I disagree.

Ten years ago parents were in the same boat but something like Garth’s playbook was completely out of their realm of experienece and thinking until I planted the seed as an option.

They mused on it and I explained in more detail and a few months later they listed their property sold it and rented a house and then I helped them set-up an investment portfolio. My dad passed away a few years later from a stroke and my mum, now 80, lives on with the landlord doing the work while she does what she wants with the income from her portfolio augmented by my dad’s pension, CPP, and OAS.

Had I not planted the seed and provided information and a helping hand she’d be cash poor, stressed out, and house rich while living hand to mouth.

#95 Job#1 on 03.19.21 at 7:26 pm

#81 Lead Paint

Amen.

#96 TheDood on 03.19.21 at 7:29 pm

For Ab, you’re not alone. Am dealing with the EXACT same situation. It’s a tough one to deal with. Especially old, stubborn ‘paleos’ as Garth calls them. I planted the seed a few years ago for my Mom to sell and rent, its taken up to recently for her to even consider the idea as an option, even with my siblings piping in and supporting the idea. At first she was horrified at the thought of it. Even now its touch and go, she just loves the old house, huge lawn, big garden, lots of sidewalks to shovel in winter…….sometimes they just don’t get it.

Good luck to you. Hope it all works out.

#97 Nonplused on 03.19.21 at 7:35 pm

#12 IHCTD9 on 03.19.21 at 2:35 pm
#158 Faron on 03.19.21 at 12:48 pm
#136 Nonplused on 03.19.21 at 2:56 am

“diesel itself is a lubricant, whereas gasoline is a solvent”

Diesel has lubricating properties, whereas gasoline does not, was my point. The are both technically solvents and can be used to clean but diesel is much safer due to being less volatile. Diesel is also a much safer way to start a campfire than gasoline also due to the lower volatility. Starting campfires with gasoline is just plain dangerous. So is cleaning stuff with gasoline. It’s too easy to make a boom.

It all has to do with the length of the molecules or how many carbon molecules there are. Gasoline is around C5-8, whereas diesel is more like C12 which makes it closer to fuel oil.

This, in addition to the lower rpms, is one of the reasons diesel engines last so long. It is also one of the reasons why diesels get better mileage, it is more energy dense than gasoline. Diesel engines use to provide more complete combustion as well, but I don’t think that is true anymore with modern gasoline engines.

#98 Nik on 03.19.21 at 7:36 pm

#9 Ponzius Pilatus on 03.19.21 at 2:20 pm
Just so a commercial for a Kioti tractor.
Made in South Korea.
Looks like the Swiss Army Knife of Tractors.
Priced reasonably.
What you think, IHTCD9?
————

I actually know a guy who owns one. 50 hp, hydro trans, nice FEL. Great looking machine and sounds healthy. I’d buy one.

Mahindra (Indian) makes some nice tractors too, and are developing a great reputation for bang for the buck. You can still buy a gear drive transmission from them, some dogs don’t like new tricks (ask HONDA, they still sell all the foot shift semi-auto quads they can make). Designed and built in India, using Japanese Diesel engines, and final assembled in the the USA, great pricing. They’ve been at it for a long time, and they’re doing it right.
———————————————

this put a smile on my face. 10+ years ago I used to work for Bosch that supplied fuel injection pumps to Mahindra in India. I was involved in pump calibration for new engine applications. I believe the engines were made in India back then. They had figured out a way to make good quality products for less. good to hear they are still going strong!!

#99 Km on 03.19.21 at 7:39 pm

Are Phil and Sail Away the same person? If not they definitely would be the only friends each other would have.

#100 Job#1 on 03.19.21 at 7:44 pm

I have some experience with the difficulties elders have with maintenance and emergencies necessitated by home ownership. They will have to fork over some of their income to service these expenses. I have also been made aware (after the fact) that they have been taken advantage of by unscrupulous tradesmen/contractors. Leave the headaches behind.
I did, and would advise selling, then renting. It has been working well so far…

#101 Millennial Realist on 03.19.21 at 7:48 pm

Good advice, Garth!

And a belated happy birthday to you – 82 is the new 62, live long and well, Paleos!

Enjoy the spring sunshine, everyone :)

#102 Drill Baby Drill on 03.19.21 at 7:48 pm

Very sage advice today blog God. It is really scary how uninformed most are today about economics. This is by design since I was a youngster in the late fifties early sixties the education system kept us woefully unaware of how the banking and finance world really worked.

#103 Nonplused on 03.19.21 at 7:54 pm

#29 Penny Henny on 03.19.21 at 3:26 pm

“Keep the townhouse. Having to do the stairs every day will keep up their mobility and keep them young.
Haven’t you heard the saying that if you don’t use it you’ll lose it.”

Did he not say they were ~75? A 50+ condo with an elevator is right around the corner either way. And maybe a nice swimming pool/hot tub/games room/pool tables/underground parking. You can buy one of those in Calgary for $240,000 (plus condo fees, which are substantial).

I’m actually not sure why Canadian retirees aren’t flooding to Alberta like Americans flood to Texas and Florida. Sell the house in Vancouver for $1,500,000 and buy a condo in Calgary for $240,000 seems like a no-brainer to me. That’s $1,260,000 into the portfolio right there. Should cover the condo fees no problem.

#104 Robert Ash on 03.19.21 at 8:01 pm

I got to admit it… I read this Blog to review Blinky B’s Comments… Get a laugh out of it every day, which is concerning in itself… Keep up the good work…

#105 Nonplused on 03.19.21 at 8:01 pm

#34 Wrk.dover on 03.19.21 at 3:33 pm

“So yeah, Non Pulse is finally right about something!”

I am often wrong but seldom in doubt.

“Diesel fuel would ruin a well.”

Not sure about that. We spill it all over the place and everything seems fine.

Anyway this is getting off subject. I know it started off about tractors, which are sort of housing related, but we have digressed. I know, I am just as much to blame.

#106 GAV on 03.19.21 at 8:02 pm

#92 Faron on 03.19.21 at 7:18 pm

6 posts so far today Faron.

Shouldn’t you be spending more time counting tree rings in a basement somewhere or something?
Does your employer know you spend so much time on this blog?

#107 Dr V on 03.19.21 at 8:05 pm

A lot of interesting opinions tonight, but Ab hasn’t given us a lot of details.

If assume no mortgage or other debt, these oldsters will pull in about $77k with the pension, 1 max CPP and 2 OAPs. $70k after tax with income split and oldster tax benefits. Equivalent to $100k job with pension
contribution.

They have $300k which at GTs 7% is $21kpa, tax advantaged which they could split between taking as income and re-investing for possible long-term care.

At 75 they could sell the vacation property anytime and
use the proceeds for some super-vacations. Or just enjoy it until the time comes.

As far as the townhouse, their call. How about a newer
one level mobile in a nice park with other retirees. Worked for my in-laws.

Lots of choices, few worries.

#108 Drinking on 03.19.21 at 8:13 pm

#91 islander

True, there all those who have no soul and only look after there self interest but I think that it is safe to say that most of us that read this blog are not like those. At least, I hope not! I could never do that…

#109 Nonplused on 03.19.21 at 8:15 pm

#40 Bezengy on 03.19.21 at 3:44 pm
#9 Ponzius Pilatus on 03.19.21 at 2:20 pm

“One, a tractor without a bucket is only half a tractor, and if you have a bucket you better have a tractor with some weight to it.”

Most people only need a half a tractor. I only use mine for mowing, snow throwing, and spraying. I don’t know why I would need a bucket. If I did, I’d just hire a Bobcat for the day. There are certain tools you need from time to time but it doesn’t make sense to own. Buckets, concrete and gravel trucks, wood chippers, pavers, and fence post pounders among them. And fondue pots, although everyone has one sitting on a shelf somewhere. And bread makers. We have one of those too.

#110 Faron on 03.19.21 at 8:20 pm

#106 GAV on 03.19.21 at 8:02 pm

It takes about 30 secs to respond to you goons. Thats about 3mins of my day. Last I checked our social democracy allowed a couole 15min breaks a day. Could be wrong.

#111 Sail Away on 03.19.21 at 8:26 pm

‘One of my next-door neighbors is a 90-year-old man suffering from Alzheimer’s.

Every single morning at 9 a.m. he knocks on my door and he asks me if I have seen his wife. Which means that every single morning at 9 a.m. I have to explain to a 90-year-old man suffering from Alzheimer’s that his wife has been dead for quite some time.

Now, I’ve thought about moving. I’ve thought about not answering my door in the morning.

But to be honest, it’s always worth telling him just to see that beautiful smile spread across his face.’

-Anthony Jeselnik

#112 Scott on 03.19.21 at 8:26 pm

Poloz is ex central banker governor Bank of Canada likes people working for free. I doubt he cares about Canada’s debt levels and wished they could just delete them, mortgages, lines of credits, car loans, heloc’s, home equity loans, student loans, etc.

#113 Polly Nomial on 03.19.21 at 9:02 pm

I think it may be a better play to sell their townhouse and rent at least for the short-term if not long-term. Please tell me I have learned something from this pathetic blog and am steering them in the right direction?? – The Prodigal Son

Better for who …. you? Of course it is. You may never see such ridiculous prices again in your life if you live to be your parent’s age. Not to mention cap gains benefit might be shortlived.

BTW, your parents are 75ish … there is no such thing as long term from here on in!

#114 Northshore guy on 03.19.21 at 9:16 pm

So many posts trashing renting Garth. Don’t these people realize they are 75.

My in laws bought a house at 65, now they have no money to enjoy life or show generosity. All goes to pay the mortgage and taxes and other nightmares that comes with detached houses. When they visit us I pay for everything, I had to ask my wife this time to ask them not to visit us anymore. It’s hard enough for me to run my family on single income. On top of this when they visit us they keep pushing us to buy. Whatever happened to live within your means. Buy when you can afford, and definitely don’t buy when you are 75 and market is crazy

#115 Wrk.dover on 03.19.21 at 9:18 pm

#61 Faron on 03.19.21 at 4:56 pm

I’d love to hear your car somersault story. Garth would probably find it infinitely less dull than lube-talk.

————————————

The barrel roll, after glancing up & off of a rockface to my right, followed by landing on all four wheels intact (until after the immediate next black ice induced spin) blows that story out of the water, but it’s even longer.

I drive like a Parson since they invented stunting laws.

Enough about alleged criminal activities…..

#116 Ponzius Pilatus on 03.19.21 at 9:19 pm

#102 Drill Baby Drill on 03.19.21 at 7:48 pm
Very sage advice today blog God. It is really scary how uninformed most are today about economics. This is by design since I was a youngster in the late fifties early sixties the education system kept us woefully unaware of how the banking and finance world really worked.
————-
Not so sure if anybody knows how the banking and finance world really works.
We only find our out every 10 years or so, when a major bank collapses, taking the whole finance world with it.
And then a few bankers get their wrists slapped, and the party continues.

When did a major Canadian bank collapse? – Garth

#117 drydock on 03.19.21 at 9:19 pm

Fifteen days to flatten the curve:
17 March, 2020
368
days ago.

#118 Winterpeg on 03.19.21 at 9:34 pm

Although I don’t have a source handy for this, there is research to suggest that the earlier seniors move to safer simpler accommodations, the better the quality of life is.
In health care and witnessing it through friends and my own family, an army of support is eventually required to provide the illusion of “independence” as seniors age. Better to face reality, cash out, and find comfortable safe living with minimal stairs to navigate, good prospects of socialization, and good health care nearby.

#119 Ponzius Pilatus on 03.19.21 at 9:55 pm

#116 Ponzius Pilatus on 03.19.21 at 9:19 pm
#102 Drill Baby Drill on 03.19.21 at 7:48 pm
Very sage advice today blog God. It is really scary how uninformed most are today about economics. This is by design since I was a youngster in the late fifties early sixties the education system kept us woefully unaware of how the banking and finance world really worked.
————-
Not so sure if anybody knows how the banking and finance world really works.
We only find our out every 10 years or so, when a major bank collapses, taking the whole finance world with it.
And then a few bankers get their wrists slapped, and the party continues.

When did a major Canadian bank collapse? – Garth
—————–
Not talking about Canadian banks.
They’re pretty well regulated.
Worked for 35 years in one of the major ones.

Thank you for confirming your comment’s irrelevance. – Garth

#120 Kato on 03.19.21 at 10:06 pm

#109 Nonplused on 03.19.21 at 8:15 pm
#40 Bezengy on 03.19.21 at 3:44 pm
#9 Ponzius Pilatus on 03.19.21 at 2:20 pm

Most people only need a half a tractor. I only use mine for mowing, snow throwing, and spraying. I don’t know why I would need a bucket. If I did, I’d just hire a Bobcat for the day. There are certain tools you need from time to time but it doesn’t make sense to own. Buckets, concrete and gravel trucks, wood chippers, pavers, and fence post pounders among them. And fondue pots, although everyone has one sitting on a shelf somewhere. And bread makers. We have one of those too.
_______________________

Depends on acreage and where it is in the country.

I have a 28-hp Massey and a 5-foot Buhler/Farm King snow thrower. Certain winters (like this one) when the wind is howling the drifts harden right away and the thrower has a hard time biting in. Without a bucket I’d have been walking. Loader is also useful for getting the tractor un-stuck.

The loader does make the tractor worse for cutting grass. I have an old 2-Wheel-Drive Kubota for that.

You are right about renting seldom-used items, though. If it’s used less than twice per year, let someone else store and maintain it!

#121 crowdedelevatorfartz on 03.19.21 at 10:07 pm

@#101 Millenial Additionalist

“Good advice, Garth!

And a belated happy birthday to you – 82 is the new 62, live long and well, Paleos!”

++++

Its a shame you can’t add.
I guess that explains the Millennial rush to get a mortgage….math is hard.

Garth was born in 1949.
He’s 72

#122 crowdedelevatorfartz on 03.19.21 at 10:11 pm

@#119 Perturbed Ponzie’s Painful Platitudes Perplex People.

“Not talking about Canadian banks.”

++++

It’s a Canadian financial advice blog…..
Were you talking about Austria again?

#123 crowdedelevatorfartz on 03.19.21 at 10:13 pm

HAPPY SPRING EVERYONE!
Winter is OH- VAH…

Next stop.

SUMMAH…..and , unfortunately rising inflationary concerns.

Oh well, at least it’s warm.

#124 NoName on 03.19.21 at 10:14 pm

#110 Faron on 03.19.21 at 8:20 pm

It takes about 30 secs to respond to you goons. Thats about 3mins of my day. Last I checked our social democracy allowed a couole 15min breaks a day. Could be wrong.

I don’t know where you are, but where i am is only one lunch brake, no coffee brakes mentioned, in eating periods and hours of work section…

#125 Bob Dog on 03.19.21 at 11:20 pm

A lot of angry folk over there on reddit canada housing. A GME style together strong call for petitions directed at the corrupt MPs that have destroyed the standard of living in the country for the benefit of corporations. Some references to guillotines among the calls for equality.

https://www.reddit.com/r/canadahousing/wiki/index/email-your-mp

Unless you were fortunate to take part of the sale of canada, you should partake in the growing discontent.

#126 will on 03.19.21 at 11:31 pm

Excellent advice.

#127 Dirty Dan on 03.19.21 at 11:48 pm

#57 Dirty Dan on 03.19.21 at 4:43 pm

>>Seems like they’re OK regardless of what they do.

>And if one requires assisted living at $6,000 a month for five years? – Garth

I believe Tom Segura addresses this in his talk:

https://www.youtube.com/watch?v=OZrZl8tBN9k

#128 Jane24 on 03.20.21 at 12:03 am

So Ab’s parents have $80,000 a year and no mortgage or big bills. Why should they disrupt their lives? They don’t need too. That is plenty to live on. Much more than the average person despite Canada’s very high cost of living. They have done very well. If stairs get too much in a decade then get a stair lift or plain residential lift. Why would they want the stress of strata living especially with the next Covid around the corner. Leave the poor things alone.

Plus points of owning a house outside of Canada for winter.
Cheap to buy and cheap to run.
You can AirBnB it.
You can home exchange it. I never pay for holiday accommodation, I just swap my holiday home.
Nothing beats having your own place with your own stuff in it for 4 months a year.

Now onto bitcoin and the other cyber stuff I don’t understand. For the fun of it I put some money in that I could afford to lose 6 weeks ago. Results as of today is that I am up 25%. I am charmed.

#129 NV Landlord no more on 03.20.21 at 12:44 am

Ab Has an interesting dilemma, that my husband and I can relate to. We (now in our late 70’s) sold our too big house, when the kids moved out (20 years ago) and moved to the lower rainland. We bought a one bedder condo, with a big long couch in case one of the kids needed to stay a few days, with a great view, great hiking trails, and beaches nearby too, as well as good hospitals, and transportation. BUT we have become lethargic. We love picking up the daily printed newspaper at our door, and savour that news for hours, then we check the internet. So we have become slovenly. We are thinking of buying a small house to keep (force) us to be active. BUT now, we lock our door and for four – six months we’re at the cottage with the boat, so that keeps us pretty active walking the beaches, hiking and biking with a whole different set of friends. In January we head off to Mexico for a month to our timeshare. Occasionally we spend a week or so in Nanaimo helping with grand-child care. What’s not to love? Why buy a house again?

We can feel the aging coming on too fast. Would a house delay that inevitable aging? We would definitely get a puppy again! Maybe it’s FOMO getting to us, or is it Covid? Intellectually, we would only be in a house for five months, or less, so why buy one? Doesn’t make sense, but I still look. It’s a housing “disease”.
Luckily, plenty of money, but it would still knock the balanced portfolio off it present stance. Sigh!

Thank goodness for this great blog. I never go to bed without reading it. Thanks Garth!

#130 Bdwy on 03.20.21 at 12:54 am

Built at least 75 years ago.
Sounds like a bulldoze.
Elderly parents probably paid 5k for it decades ago.
It sells in 5 days for over asking.
…..
Sounds exactly like a long time ago when we bought a dump in sketchy comm dr/ east van for 250k

And the MIL cried(in pain not joy)when she saw it.

Turned out ok. Im pretty handy. Looks new now. Dont think i could pick a better hood today for neighbours, kids friends, community, location in the city.

25 years is a long time.

#131 Bdwy on 03.20.21 at 1:11 am

I’m actually not sure why Canadian retirees aren’t flooding to Alberta like Americans flood to Texas and Florida. Sell the house in Vancouver for $1,500,000 and buy a condo in Calgary…

……
Maybe its the air out here…but lotuslanders can suffer quite severe symptoms from exposure to just the idea of living east of chilliwack.

Vertigo, hair loss, night sweats, excess gas and acute hotdogfinger have all been reported. Lets keep our Healthcare system from collapse. Get your condo in parksville if you really need one!

#132 Moh on 03.20.21 at 1:37 am

Thanks for the wonderful post! I credit alot of my success to this blog!

#133 Ponzius Pilatus on 03.20.21 at 1:45 am

Take that TESLA!
Picture of the cockpit of AUDI e-Tron RS
https://smartcdn.prod.postmedia.digital/driving/wp-content/uploads/2021/02/0215-drv-e-tron-rs-cockpit.jpg?w=800&crop=1&strip=all&crop=1&strip=all

#134 Ponzius Pilatus on 03.20.21 at 7:13 am

124 NoName on 03.19.21 at 10:14 pm
#110 Faron on 03.19.21 at 8:20 pm

It takes about 30 secs to respond to you goons. Thats about 3mins of my day. Last I checked our social democracy allowed a couole 15min breaks a day. Could be wrong.

I don’t know where you are, but where i am is only one lunch brake, no coffee brakes mentioned, in eating periods and hours of work section…
————————-
When I came to Canada, 40 years ago, we had a full hour of lunch and 2 -15minutes breaks.
All were taken away from your desk.
This is mostly gone now.

#135 45north on 03.20.21 at 9:09 am

Mdme Guillotine

and Garth, are we now clear on the respective qualities of concrete as opposed to cement?

my concrete story:

I remember the 60′s, Woodbridge was still farms. One summer job was in the flooring business. One job was to pour a floor at Mary Miles Meat Packing Plant. The crew was Italian. We had mostly finished the floor when somebody noticed a flaw in the concrete. The boss said to ignore it. Without saying a word, one of the workers waded through the freshly poured concrete, repaired the flaw and troweled his way back.

#136 On the sidelines on 03.20.21 at 9:23 am

There is something about the overseas place that you might ignore: there are overseas places where houses are not worth much, renting is not that easy because there aren’t many houses for rent, and maintenance costs nothing because there are no property taxes on the first property and no 6 months of winter to cause all this damage. Even in places like Italy or Greece you could find an ´overseas’ house that costs less than 100k and costs almost nothing to maintain. Also about renting a nice place for 3000$. People that have been living even in Montreal for more than 5 years would find absurd the idea of paying 3000$ in rent. You could rent a very nice place here for less than 1500$. And then out of the sudden prices skyrocketed in 2017-2018. Rents are regulated so the only way prices can jump is if renters move out without transferring their lease first. We were wondering what kind of people would rent a 1000 sqft apartment for 2000-3000$. Now we know: Vancouver and Toronto people.

#137 Sail Away on 03.20.21 at 9:29 am

#135 45north on 03.20.21 at 9:09 am

my concrete story:

The crew was Italian. We had mostly finished the floor when somebody noticed a flaw in the concrete. The boss said to ignore it. Without saying a word, one of the workers waded through the freshly poured concrete, repaired the flaw and troweled his way back.

———–

Was Jimmy Hoffa’s finger sticking out?

#138 Dharma Bum on 03.20.21 at 9:53 am

#8 Phil

Ab;
Your parents seem to have done OK so far, why do they suddenly need advice from you?
Do they have any mental deficiencies?
If not, maybe you should mind your own business…or is there an ulterior motive?
————————————————————————-

BUZZZZZZZZZZZZZZZ! Wrong.

I feel Ab’s pain.

I went through the process with my parents. At a certain point a well intentioned “child” can recognize the signs that their parents are getting old.

The fact that “they’ve done okay up until now” is irrelevant. The past does not dictate the future. Especially when it comes to the home stretch of life.

Shit gets real in a hurry. The momentum builds, especially in one’s ’80s.

60 is the new 50. 70 is the new 60. 80 is the new, uhhh…..80 is 80. You’re effed!

In my case (also immigrant parents), they of course stubbornly didn’t listen. Once the wheels fell off, I had to go into crisis mode. Dad went to hospital by ambulance and never left.

Mom is in an assisted living place that specializes in dementia.

I personally had to liquidate the house contents, junk the rest, clean out, and sell the house.

Life is such fun. Especially the end part.

#139 Phil on 03.20.21 at 11:07 am

#71 Annek on 03.19.21 at 5:59 pm
Ab, I salute you. You care about your parents!
Phil, you have absolutely no idea what can happen to people when they age.
—————————————
Annek I’m 75
I’ve helped two sets of parents though their final years.
I think I have a pretty good idea!

#140 Nonplused on 03.21.21 at 1:43 am

#120 Kato on 03.19.21 at 10:06 pm

Obviously your situation dictates the equipment you need. Apparently a lot of commenters on this blog have need of a lot more tractor than I do.

My snow blower also won’t do a great job on hard stuff, especially if I have driven over it. But I am not one to be fussy about a bit of packed snow on the driveway as long as I can get in and out. It does a fair job of getting rid of the drifts as long as I slow down and let it work. Since it is a governed engine, I just slow down when it is making too much noise. You can hear when the throttle opens up. Same with mowing.

#141 Nonplused on 03.21.21 at 1:49 am

#131 Bdwy on 03.20.21 at 1:11 am
I’m actually not sure why Canadian retirees aren’t flooding to Alberta like Americans flood to Texas and Florida. Sell the house in Vancouver for $1,500,000 and buy a condo in Calgary…

……
Maybe its the air out here…but lotuslanders can suffer quite severe symptoms from exposure to just the idea of living east of chilliwack.

Vertigo, hair loss, night sweats, excess gas and acute hotdogfinger have all been reported. Lets keep our Healthcare system from collapse. Get your condo in parksville if you really need one!

——————————-

Just the other day I was driving beside a Lambo, and the gravel hasn’t even been swept up. Must have been someone from Vancouver because it didn’t even have steel balls hanging from the hitch! (No hitch either, actually. This car was double neutered. Sounded loud and proud though, speeding along at the same speed I was going.)

#142 Exodus2020 on 03.22.21 at 10:44 pm

Sell the townhouse ? Ok so $650k added to the current savings can result in on average $4750 per month, but only $3000 of that is from the $650k contribution. Rent in a nice place will be $3000 per month so now at net zero. But rent will go up 4% per year if they stay put, and if they are in my situation and want to move to a new rental the rates go up 7% per year. So many unfactored calculations, plus the mental health effect of renting and condos, I have to go through 12 germ covered doors just to take a load of garbage out in my condo, have no kitchen space, place to hang laundry, or even enough space to stretch, luxury living at its best…. be careful what you wish for!