The haves

Up or down? Better or worse? Should we party or turtle?

The numbers seem bewildering. Seven in ten own real estate, which is going insane. The personal savings rate has not been this high since I had black chest hair (thick, manly, be envious). Stock markets and financial assets are galloping. Portfolios plumping. The US economy and corporate profits are on the verge of a melt-up.

But whoa. Most of Canada’s in a serious Covid lockdown. Household debt is growing by a fresh $10 billion – per month. The average family can no longer afford the average house. And here’s the latest Misery Index: extreme. The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency – unable to pay regular bills.

This is the worst in half a decade and represents a fat 10% jump from four months ago. Of the 53%, a third are already pooched – zero money left at month’s end.

Says the debt agency: “The anxiety Canadians are feeling about making ends meet – or already unable to do so – tells us we may eventually see an avalanche of households falling behind on payments or defaulting on loans, mortgages, car payments or credit cards.”

By the way, of those surveyed here are some ugly facts:

  • 25% have taken on more consumer debt during Covid
  • 20% are depleting savings to pay regular bills
  • 14% are using Visa & MasterCard to make bill payments. 10% are using a LOC or bank loan to do so.

Now, how do we possibly square this with Ottawa having just sent the better part of $100 billion directly to people during the pandemic? Or $108 billion sitting in personal savings accounts? Or detached house prices in both Toronto and Vancouver averaging $1.7 million? Or a cottage Bill was looking at in the Kawarthas with electrical problems being listed at $995,000 and selling this week for $1.5 million? Or, of course, puppies costing $5,000?

Because we have cleaved. The people doing okay – WFH, on salary, employed, saving in the pandemic, buying houses, building equity, growing assets – are living in an alternative universe from the rest. In that other world a huge mess of people are out of work, mostly in the retail, food service, hospitality and tourism sectors. A disproportionate share are young, women and minority. The Third Wave lockdowns in Ontario, BC, Alberta, Saskatchewan and Quebec are making it worse. Big job gains we saw in the winter are being erased again. These are the people who apparently will never own a house or retire secure. We are building two Canadas.

There’s no easy fix for this. But rest assured the federal government will try, starting with the budget in ten days. The ‘have/have not’ disparity will be the impetus for more public spending and higher taxes.

The right-wing CD Howe Institute this week is calling for a 2% jump in the GST, reform of public pensions, dumping first-time homebuyer help and lowering corporate taxes – along with subsidizing both wages and child care costs for lower-income families.

Most of the big banks are calling for cold water to be thrown on the dumpster fire called the real estate market. Lefties in the Libs and NDP want no-cost pharmacare and a UBI so nobody has to worry about paying their cell bill ever again. Accountants are telling clients to prepare for a higher capital gains inclusion rate plus a new tax bracket for the over-$400,000 income crowd. Some people want speculation and capital gains taxes on residential properties. US-based tech giants and social media platforms are preparing to be whacked.

Of course the budget on the 19th will be geared for an election later this year once the vaccinations have rolled out fully. If the T2 gang wins, the 2022 plan will be the one you need most worry about – if you inhabit the Have world. There is no way the status quo remains unchanged in that scenario, with federal finances shattered by pandemic spending, tax revenues curtailed, public debt on its way to 100% of the economy, real estate unaffordable and structural unemployment upon us.

Prudent people who wish to pay their fair share and no more need to understand this. And act.

First, shelter assets. Canadians have not used 80% of the RRSP room they’ve earned, for example. Not only can you chop taxable income with a contribution, but you effectively remove those assets from anything Chrystia the Impaler comes up with – at least for years. Ditto for TFSAs. On average we have filled less than half the potential amount granted. Worse, the bulk of these funds are sitting in savings accounts and GICs paying less than inflation. Fix that. Third, open an RESP for your kids. Invest the max each year and get a grant. This is the easiest 20% you’ll ever make.

Worried about higher capital gains taxes? Then realize gains now. Any change in the inclusion rate (currently 50%) is unlikely to be retroactive. This goes for investment real estate as well as financial assets. In fact, given the certainty of higher taxes and the unsustainability of the property market, is there a better moment than now to bail on real estate? Sell high. What a rad concept. If you think that over the long term government will allow hundreds of thousands in taxless, unearned profits on a house while so many people can’t pay for food, you’re dreaming. That ship sailed when Covid arrived.

Consolidate. Shelter. Keep your head down. Yes, live quietly among the masses.

Maybe they won’t notice.

About the picture: “This is Islay,” says blog dog Brock, in BC. “She is a 3 year old Eurasier. Queen of her castle in the backyard, for now. She is also a victim of this housing market. Her castle is being put up for sale by the landlord and we most likely will be evicted with the new buyer.”

167 comments ↓

#1 Prince Polo on 04.08.21 at 12:17 pm

Chrystia’s got a choice to make a la https://www.poetryfoundation.org/poems/44272/the-road-not-taken

Will she:
i) empty her last jerrycan of gasoline on the housing madness
ii) use the hammer of Thor to h’m’r some financial sense into us pathetic plebes?

#2 Ponzius Pilatus on 04.08.21 at 12:23 pm

About the picture: “This is Islay,” says blog dog Brock, in BC. “She is a 3 year old Eurasier. Queen of her castle in the backyard, for now. She is also a victim of this housing market. Her castle is being put up for sale by the landlord and we most likely will be evicted with the new buyer.”
———————-
Sorry to hear that, Brock.
This crazy housing market affects humans and animals alike.
Good luck!

#3 IthoughtWeWereSmarter on 04.08.21 at 12:27 pm

Nice pooch! Speaking of pooch:

I just want to give your blog readers a real life example of where this can go.
We bought our 1st GTA house (townhouse condo) in late ’91 and we sold it in mid ’99 for $5k less than what we paid for it!!! No exaggeration!
We watched as places the same as ours started dropping 20-25% for the first 4 yrs we owned it. I heard much worse examples at the time.
Yes, the interest rate was 6% when we sold but right now, it costs more to sustain costs then it did in the late 80s when rates were over 10%. And right now, money is free!!
I knew a friend that started a Real Estate company in the late 80s with 3 other guys.
By mid 90s, they had to fold and were all broke, and each of them got divorced within a couple years. They were all in non-real estate jobs as well, following this.

#4 IthoughtWeWereSmarter on 04.08.21 at 12:28 pm

meant: sustain housing costs

#5 Sail Away on 04.08.21 at 12:32 pm

Yep, prep your parachute now- there will be no time to do it after engine failure.

#6 Millennial 1%er on 04.08.21 at 12:33 pm

More taxes doesn’t mean anything to me because I will be soon leaving this country to one with respectable salaries & respectable housing prices.

I’ve been left behind by my government, and now I have to pay the bill too. I think not. I think it’s time I leave it behind myself.

FANG + TN status here I come

#7 45north on 04.08.21 at 12:34 pm

There’s no easy fix for this. But rest assured the federal government will try, starting with the budget in ten days. The ‘have/have not’ disparity will be the impetus for more public spending and higher taxes.

the federal government is the problem

the federal government’s deficit raises the values of assets and the cost of living. The rich get richer and the poor get poorer.

#8 Ponzius Pilatus on 04.08.21 at 12:43 pm

#3 IthoughtWeWereSmarter on 04.08.21 at 12:27 pm

I knew a friend that started a Real Estate company in the late 80s with 3 other guys.
By mid 90s, they had to fold and were all broke, and each of them got divorced within a couple years.
———————
A family friend of us went through the same thing.
She was lucky, she got her old job back and her marriage survived, barely.
—————————-
I know I’m lucky that we bought a house at a time when it was affordable, and we are are sitting on a nice chunk of “unrealized gains”.
Feels tempting to sell and lock in the gains.
But I’m worried about an economy that is too concentrated on RE.
And about the future of my children.

#9 KLNR on 04.08.21 at 12:44 pm

The right-wing CD Howe Institute this week is calling for a 2% jump in the GST, reform of public pensions, dumping first-time homebuyer help and lowering corporate taxes.

corporate taxes need to be raised not lowered.
trickle down economics has never worked, never will.

#10 crowdedelevatorfartz on 04.08.21 at 12:44 pm

Good advice for the people with unused RRSP and TFSA room.
A few of us “haves” with maxed RRSP’s and TFSA’s are still looking around for tax avoidance opportunities because….. while I dont mind paying my fair share of taxes….
I have a hard time paying exorbitant taxes for Trudeau’s re-election promises.

Any other suggestions for the greedy “ants” that have prepared for the worst ……oh wise one who shall be named Garth?

#11 Felix on 04.08.21 at 12:49 pm

When it comes to dogawful mutts, it’s much better to be a “have-not”.

#12 Stone on 04.08.21 at 12:58 pm

The people doing okay – WFH, on salary, employed, saving in the pandemic, buying houses, building equity, growing assets – are living in an alternative universe from the rest.

———

I think you forgot an important and very influential segment.

The ladies who lunch.

Walking through Yorkville, prior to the pandemic, you would see them everywhere. Wealthy, bored, and with bank accounts with more digits than your telephone number (area code included).

#13 Millennial Realist on 04.08.21 at 1:00 pm

I think Jeff Rubin this week made the most plausible assessment of what is to come:

1. Massive tax increases

2. Massive service cuts

https://www.tvo.org/video/our-debt-overload-economies

The generational and class disparity must be fixed.

Boomers, be part of the change.

Or be run over by it.

#14 KLNR on 04.08.21 at 1:04 pm

@#3 IthoughtWeWereSmarter on 04.08.21 at 12:27 pm
Nice pooch! Speaking of pooch:

I just want to give your blog readers a real life example of where this can go.
We bought our 1st GTA house (townhouse condo) in late ’91 and we sold it in mid ’99 for $5k less than what we paid for it!!! No exaggeration!

friend of mine bought at the very top in north TO in ’89.
15yrs later his house was finally back up in value to what he paid – 800k.
Of course currently his humble abode is worth 4x that.
He still lives there.

#15 The Woosh on 04.08.21 at 1:06 pm

Prudent people who wish to pay their fair share and no more need to understand this. And act.

——————————————

Pay more in taxes. That’s okay by me. I don’t even know what to do with all the money coming in. How many new Mercedes SUVs can I buy in a year. 2 is enough for me. Maybe get a Maserati. Oh well. Sigh.

#16 TurnerNation on 04.08.21 at 1:06 pm

I’d bet on a sever consumer recession 2020-2024 in Kanada
Pick any two:
– Rising interest rate.
– Tighter credit regs.
– Selling ahead of Capitals gains tax on Principle residence.
– 20+% unemployment due to cripping rolling Goverment shutdown Sanctions.
– 65% of employees in Ontario, are considered “Essential”. 35% will get the UBI
– Job Losses in New Green Deal:
“The Globe and Mail reports in its Tuesday edition that three-quarters of the Canadians employed in oil and gas could lose their jobs as the country pursues ambitious climate targets, according to a new report from TD Economics

— The Economic Shutdown will continue..until. Our rulers play the long, long game. UBI chatter:

https://globalnews.ca/news/7743174/basic-income-canada-pbo/
Posted April 7, 2021 11:48 am

————–
— But what did our Glorious Leader T2 tell us about this already?

First learn from history. 2016.

“Today, we are gathered here to contemplate whether we are in the early stages of a fourth industrial revolution. What a breathtaking possibility that is,” Trudeau said.” @ the WEF.

“Before addressing the forum, Trudeau met privately with Ben van Beurden, chief executive officer of Royal Dutch Shell, the oil giant. He was also scheduled to meet Wednesday with famed financier George Soros, as well as executives from Facebook and Microsoft”
https://www.cbc.ca/news/politics/justin-trudeau-arrives-davos-world-economic-forum-1.3411041

– So..the future is global techno-state

https://www.aiworldgov.com/
The 3rd Annual AI World Government provides a comprehensive two-day forum to educate federal agency leaders on proven strategies and tactics to deploy AI and cognitive technologies.

#17 KMac on 04.08.21 at 1:11 pm

“Chrystia the Impaler”, Garth, you’re killing me!

#18 WTF on 04.08.21 at 1:12 pm

Fed Government could incinerate CMHC. Probably the most effective way to put the risk onus on the lenders. Instead of the taxpayer.

That would require leadership, and pushback from the banks, consequently wont be implemented. Such is politics these days.

#19 Doug t on 04.08.21 at 1:23 pm

Come on CF just blow the wad – DEBT JUBILEE B*TCHEZ

#20 Jules on 04.08.21 at 1:51 pm

@Millennial 1%er
I pursued a similar opportunity 6 years ago but my advice is not to limit yourself to the US. I’m now working and living in Switzerland with an even higher salary and less taxes, surrounded by beautiful mountains/lakes that rival Canada, and a society where pretty much everyone earns a living wage. Good luck!

#21 Dr V on 04.08.21 at 1:52 pm

“Yes, live quietly among the masses.”

Great advice. Do not look or act rich. You become a
target for every salesperson, financial “advisor”,
panhandler, and the biggest thief of all, the taxman.

About when I turned 50, I noticed a difference in the way people approached me. I’ve got hort hair, glasses,
and am trim by Canadian standards. If I put a tie on for dinner, people assumed I was the maître d. WTF? Shopping? They would almost lock the doors after I walked in.

I guess people thought I was a “woofie”.

I now keep a stanfield in the F-150 if in case I have to go in for something.

#22 TurnerNation on 04.08.21 at 2:08 pm

Severe recession and UBI coming.
This isn’t going away until the UBI is forced. 2022-23 .
ECONOMIC LOCKDOWNS.

Hamilton projected to be in lockdown until the end of June …https://www.thespec.com › covid-hamilton-latest-news
By Joanna FrketichSpectator Reporter. Tue., April 6, 2021timer4 min. read.

This is in addition to such extensions as:
– Burlington Council Unanimously Approves Extending COVID-19 Related Bylaws to Dec. 31, 2021 (Ontario)
– Lethbridge mask-wearing bylaw could be extended to Dec. 31, 2021 (Alberta)
– Edmonton’s mandatory mask rule extended to Dec. 31, 2021 (Alberta)

………..

Continued…the global techno state

— Yea Silicon Valley. These guys. Mainstream link. We are the global product. Into the Blockchain we go. We are global assets to be harvested.

https://www.newsweek.com/2021/04/16/can-blood-young-people-slow-aging-silicon-valley-has-bet-billions-it-will-1581447.html
Can Blood from Young People Slow Aging? Silicon Valley Has Bet Billions It Will
BY ADAM PIORE ON 04/07/21 AT 10:55 AM EDT

…………..
— Ah-ha here comes the revenue streams

#GlobalNews
Booster shot protecting against COVID-19 variants could be ready by year’s end: Moderna
3,750 views•Apr 7, 2

#23 PanemicPete on 04.08.21 at 2:11 pm

“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency – unable to pay regular bills.”

MNP, a company who makes money off of the indebted.

Leaves me wondering….Are they trying to Scare up business?

#24 Crusty Crustacean on 04.08.21 at 2:12 pm

I use my visa to pay bills all the time. If I could buy a car with my visa, I would.

I pay it off every month, and the CC company still gives me those sweet, sweet points…

#25 AJ Berg on 04.08.21 at 2:15 pm

2nd largest country in the world and we can’t find a space to build….Something is not right!
Anyone with an ounce of common sense should see that gov’t isn’t working for them.

#26 I’m stupid on 04.08.21 at 2:16 pm

I had an idea.. if the govt wants more tax revenues why don’t they put in policies that make it difficult for the construction industry to get paid in cash? What about a 13% rebate on HST for homeowners doing work?

As it stands I’d say 30-50% of renovation/landscaping construction work is done in cash. If you can get that cash taxed it would be billions of dollars of extra revenue.

Just a thought but I’m stupid.

#27 IHCTD9 on 04.08.21 at 2:17 pm

The Trudeau Liberals will do jack – as per usual. It’s too bad that talking a good game while doing nothing is sufficient to get elected in Canada. I guess we’ll learn the hard way.

Mr. T is bang on that Canada is now being divided into the asset-rich, and the asset-less. The prosperous and the poor. Too late for many, and it could last as long as our stunned slack-jawed leadership and the BOC wants it to.

Time to think outside the box, what is happening is societal/civilizational evolution on a global scale. People and capital moving freely across borders and oceans looking for prosperity, stability and ROI. Canada may not end up being a place where low/middle class earners can prosper anymore. The old rules are toast, the future is Global, and you’re up against the world now. This reality is tough to swallow on a national scale, but for the bold; opportunity knocks.

#28 alexinvestor on 04.08.21 at 2:28 pm

The government will not implement a RE capital gain tax that is material in any sense. They are not stupid enough to turn every single homeowner into one-issue voters.

#29 Howard on 04.08.21 at 2:29 pm

Just wait until Mills and Gen-Z corner the voting block. Won’t happen in time for this next election, but it will surely begin the election following. This is why I do think a capital gains tax on PR is inevitable, particularly on those who sell within 2 years of purchasing. It’s the 4th Turning and there will be signficant changes, some good and some bad. For political and economic watchers it will be very interesting decade.

#30 Dolce Vita on 04.08.21 at 2:36 pm

“Yes, live quietly among the masses.

Maybe they won’t notice.”

——————-

Says he, Overlord, living in a mansion, low profile but beloved National Blogger hoping no one will notice him in Lunenburg whilst he introduces Roman inspired architecture to the DT, renovates anything in sight all the while rubbing shoulders with common folk such as greenhouse floriculturists.

Ya, high hopes. Down low, Garth style.

Great Blog Garth and agree on the budget, 2023 will be the year of weeping and gnashing of teeth where 2022 are giveth and then taketh away, heavy on the taketh.

#31 Guelph Guru on 04.08.21 at 2:41 pm

This years budget I think will be mild if an election is likely. Lot’s of warnings and suggestions but no definitive action.
The risk is the currency loosing value. As long as others are ready to accept our currency for the imports, we are ok.

#32 VGRO and chill on 04.08.21 at 2:50 pm

#3 IthoughtWeWereSmarter on 04.08.21 at 12:27 pm
Nice pooch! Speaking of pooch:

I just want to give your blog readers a real life example of where this can go.
We bought our 1st GTA house (townhouse condo) in late ’91 and we sold it in mid ’99 for $5k less than what we paid for it!!! No exaggeration!
We watched as places the same as ours started dropping 20-25% for the first 4 yrs we owned it. I heard much worse examples at the time.
Yes, the interest rate was 6% when we sold but right now, it costs more to sustain costs then it did in the late 80s when rates were over 10%. And right now, money is free!!
I knew a friend that started a Real Estate company in the late 80s with 3 other guys.
By mid 90s, they had to fold and were all broke, and each of them got divorced within a couple years. They were all in non-real estate jobs as well, following this.

——-

In the 80’s, good friends of my parents sold their Calgary home to a dollar broker. They went underwater, AB has no recourse legislation, so boom. It still makes my brain feel funny, selling a house for $1.

#33 Armpit on 04.08.21 at 2:54 pm

“Seven in ten own real estate, which is going insane.

“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency”.

Okay, Blog Dogs…. quiz question of the day.

What would be the percentage of Real Estate owners “just $200 or less each month from insolvency”.

Time is ticking….

#34 Barb on 04.08.21 at 2:54 pm

The end of the middle class in Canada.

#35 Ken on 04.08.21 at 3:01 pm

Is there a ‘boom’ in new housing construction? I remember the late 1980’s when people were camped overnight at new home sales trailers…is that going on now, or is this just a resale phenomenon?

#36 Concerned Citizen on 04.08.21 at 3:02 pm

For the cause of the K-shape, cleaving recovery, look no further than the world’s central banks. Even now they’re printing money to the tune of trillions of dollars a year with which to buy asset prices. They’re still buying like mad even though asset prices are far higher than pre-COVID, and there are blatant signs of excess everywhere you look. Not to mention real, street-level inflation is climbing rapidly.

Why is no one in the media asking them why they continue to do this? Probably because the journalists are part of the have group, and don’t want to upset the apple cart.

The jobs of the have nots will come back when the economy can safely re-open. Money printing has no bearing on how soon that can happen.

” The US economy and corporate profits are on the verge of a melt-up.”

Sounds good, except when you consider a melt-down preceded the melt-up. The economy has still not recovered its pre-pandemic level, nor have corporate profits. Meanwhile, stock prices have surged well past pre-pandemic all-time highs – which were themselves extremely expensive. We’ll need to see a decade of goldilocks earnings to justify current valuations on a fundamental basis (of course, we don’t need any justification in this everything bubble world of the central banks).

I repeat – there is very little fiscal policy can do to deal with the growing inequality when the Bank of Canada is hell-bent on printing money for rich people. It’s like taking on an F-15 with a pea-shooter.

#37 Brad on 04.08.21 at 3:05 pm

Hmmm. Budget time in just over a week. My prediction, expect it to be nice and juicy. With King Trudeau and Queen Freeland being in a minority they will need the support of another party, if not it will be election time. They do not want to be going into an election after bringing the hammer down. Expect smiles, roses, reaffirmations of everything being all good and manageable and more big spending. Good luck to all we are going to need it.

#38 Brian Ripley on 04.08.21 at 3:08 pm

My MOMENTUM Y/Y RATE OF CHANGE for Vancouver, Calgary, Toronto Single Family Detached Prices and the TSX Real Estate Index is up with March data: http://www.chpc.biz/housing-price-momentum.html

Toronto, Vancouver and Calgary single family detached price momentum remained aloft on the Covid 19 rally with Toronto retail house buyers pushing prices back up towards a breakout above the “irrational exuberance” of 2017.

Notice that the TSX Real Estate Index buyers are underwhelmed by the retail buyers on the street.

Single Family Detached Houses and the TSX Real Estate Index have increased in price over ​the last 10 years by:​

126% in Vancouver
28% in Calgary
145% in Toronto
58% in TSX Real Estate Index

​​Back in 1Q 2007 the TSX Real Estate Index plunged with the global troubles and 18 months later on the above Y/Y momentum chart, investor momentum found itself at the “Get Me Out level” (down 40% Y/Y).

​Now, 12 years after the crash into the March 2009 low and the imposed statecraft of ZIRP and NIRP that followed, anxiety is growing about energy sector downtrends and imported price inflation from a weakening CAD/USD.​

#39 Dolce Vita on 04.08.21 at 3:08 pm

Perusing CND Twitter and TV from Italia as of late.

A lot of bitching and whining to say the least.

You have ON as the bitch and whine capital of Canada (Toronto Sun), BC realizing they are no longer the Norse Valhalla Gods that they thought they were (Gov lies about variant cases 10 fold – but good with that & the Orca’s are talking about relocating to Alaska) and in AB, Kenney’s mind over Covid’s matter (matter so far winning).

——————–

As you all know, MISERY LOVES COMPANY.

My Region in NE Italia, FVG, comprised of 4 Provinces (reverse of ON geo segmenting):

Pordenone (capitol is the City of Pordenone), Udine, Trieste and Gorizia.

FVG is in a soul sucking ZONA ROSSA.

ONLY 1 of the 4 is a ZONA BIANCA, Pordenone (why they call us Italia’s Swiss, everything is clinical, clean, uber eco, well run and on time, well behaved and quiet – no S. Italia histrionics here even the S. Italians that have relocated here because of lots of jobs, have become Swiss…imagine THAT for a moment AND the Most Liveable City in Italia…no kidding).

So I could be travelling around locally with but a mask (probably not necessary but like my compatriots will still wear one) and even make my weekly passeggiate to Venezia (Zona Arancione), have celebrated Easter with family but OH ***expletive*** NO.

Because of the other 3 ***expletive*** Provinces I remain shackled in a Devil’s Region of useless ***expletive*** people that cannot follow some SIMPLE health directions.

-DV Papillion

———————–

I think I miss Canada for the bitching and whining so I threw in to feel a part of things.

#40 george on 04.08.21 at 3:08 pm

been yapping to anyone that would listen since last yr than Canada doesnt have a clue– they would look at me as if i had 2-heads. They dont do that anymoe;

good policy, no?

https://www.ctvnews.ca/canada/small-business-owner-decries-unfair-pandemic-restrictions-shares-video-of-busy-toronto-mall-1.5379068

and our govt continues to turn a blind eye;

https://ottawa.ctvnews.ca/renfrew-ont-house-sells-for-1-million-over-the-asking-price-1.5378183

gl to your children/grandchildren in finding affordable housing. Elections HAVE CONSEQUENCES FOLKS

#41 Greg Francisco on 04.08.21 at 3:10 pm

Barb, the end of civility and suckers paying for others for decades in Canada. The UBI, other socialism, social programs, social benefits, free government money will be worthless enjoy it while you can moochers.

#42 Blacksheep on 04.08.21 at 3:11 pm

“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency”
——————————–
All due respect Garth, but this is somehow a tragic surprise?

What this really translates to is:

‘53% of the people that have nothing better to do than answer poorly paid online polls, are $200 away from insolvency’

https://paidsurveyinfo.com/canada/paid-surveys-canada/

Fortunately, this type of highly skewed information does not represents the average Canadians financial situation because they are too busy working to take part in such biased nonsense…

#43 Don Guillermo on 04.08.21 at 3:15 pm

#34 Barb on 04.08.21 at 2:54 pm
The end of the middle class in Canada.
^^^^^^^^^^^^^^^^^^^^^^^
Since the middle class is mostly responsible for the most incompetent government this country has ever seen …. don’t care, let them eat cake and disappear.

#44 a backbone?!?! on 04.08.21 at 3:22 pm

wow! maybe folks getting fed up? are we there yet? nice to see specialists speak up and good on the media

https://bc.ctvnews.ca/show-your-work-calls-grow-for-greater-covid-19-transparency-in-b-c-1.5378841

#45 Canadian Expat on 04.08.21 at 3:22 pm

Garth

Any advice on what to do to prepare for a Canadian non-resident who one day wants to move back to the motherland?

As always, thanks for the helpful advice!

Cheers
Canadian Expat

#46 SoggyShorts on 04.08.21 at 3:31 pm

#42 Blacksheep on 04.08.21 at 3:11 pm
“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency”
——————————–
All due respect Garth, but this is somehow a tragic surprise?

What this really translates to is:

‘53% of the people that have nothing better to do than answer poorly paid online polls, are $200 away from insolvency’

https://paidsurveyinfo.com/canada/paid-surveys-canada/

Fortunately, this type of highly skewed information does not represents the average Canadians financial situation because they are too busy working to take part in such biased nonsense
**************************
Interesting. Looks like $0.50 per survey which is probably way less than minimum wage, closer to $5 an hour and would explain the high fail rate.

The “$200 from disaster” has always bothered me.
I mean, I’ve been there, and it sucked, so I picked up a couple of extra shifts at my crappy job and kept an emergency stash after that. That was when I was 16, and my idea of an emergency was not having money for party supplies.

A single 8-hour shift at minimum wage pays $120 so anyone “$200 from disaster” could increase their safety net by 100% by working the weekend. But at McDonalds, not filling out surveys in PJs

#47 Linda on 04.08.21 at 3:37 pm

I sure hope Islay isn’t sitting on top of ‘the castle’ that is being put up for sale! Can’t blame the landlord for selling though – obviously taking today’s blog advice to sell high.

Speaking of today’s blog stats, I’m a tad stunned that folks are using credit cards to pay their bills. I have to presume they do not have RE so can’t obtain a HELOC or take out a mortgage at current historic low rates to fund their lifestyle. I’m also presuming banks won’t loan these folks $, despite presumably providing them with credit cards! Because in the financial suicide stakes using credit cards to fund ones lifestyle is one of the quicker ways to wipe out any chance of becoming debt free, though it is still marginally better than taking out payday loans.

#48 Linda on 04.08.21 at 3:41 pm

#24 ‘Crusty’ – I hear you, but I believe the folks in todays grim example are not using credit cards the way you are. Most likely they are just making the minimum payment & adding to the balance owing each month, until that limit is reached. Not the way to get out of debt, for sure.

#49 Ponzius Pilatus on 04.08.21 at 3:43 pm

#43 Don Guillermo on 04.08.21 at 3:15 pm
#34 Barb on 04.08.21 at 2:54 pm
The end of the middle class in Canada.
^^^^^^^^^^^^^^^^^^^^^^^
Since the middle class is mostly responsible for the most incompetent government this country has ever seen …. don’t care, let them eat cake and disappear.
—————–
Not sure what you mean.
Trudeau was voted in by women and the young ones.
You want most of the women to eat cake and get fat and disappear?
BTW, what does Don stand for?
DON, like DON Carleone, or like Don, short for Donald.

#50 Don Guillermo on 04.08.21 at 3:46 pm

#45 Canadian Expat on 04.08.21 at 3:22 pm
Garth

Any advice on what to do to prepare for a Canadian non-resident who one day wants to move back to the motherland?

As always, thanks for the helpful advice!

Cheers
Canadian Expat
************************************
In 1997 I went non-resident. I hired an international Canadian tax consultant for advice. He instructed me on everything required to legally go non-resident (somewhat complicated) and exactly what to do to repatriate (very simple once original instructions were followed). Good luck!

#51 Dolce Vita on 04.08.21 at 3:47 pm

Bitching and whining aside, be grateful Canada.

VAX picking up:

252,291 jabs yesterday, a RECORD.

[Apr 3 was 348,227 day before was 45K, day after 53K – Easter Accounting]

Means the Finish date (32M ≥ 15 yrs old, incl vax’d to date) 1 & 2 doses @ above rate:

Nov 19, 2021

[progress, up until yesterday that date always in 2022]

Same above jab rate, Herd Immunity at 80% achieved on, and yet again progress:

Oct 5, 2022

10.15M doses received from Mfr, 6.99M doses into arms, 3.16M doses UNUSED, ONHAND.

And for me a victory, more SINGLE dosing. Ratio of double vs single doses:

8.4:1

Used to be < 7 not even a month ago. Seems Cdn common sense not AWOL. Good news and probably why ALL DONE date finally in 2021 for the first time.

Oh ya, sources of your VAX:

European Union = 10.15M – 500K
COVISHIELD Verity/SII (Code for AstraZeneca HELOC from Covax India) = 500K
VAX HOG USA* = "cheques in the mail since Mar 18"
VAX HOG UK* = nothing, empire no longer exists, SOL Canada our former colony.

MISINFORMATION sources for the above data:

CTV Vax Tracker
Gov Canada Vax Tracker
Statista

*https://i.imgur.com/mcgInFZ.png

———————–

VARIANTS

JUDGE for yourselves, draw you OWN conclusions (Apr 5 peak daily = "Easter Accounting", blackout day before):

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

NOT exponential and trend lines are y=x^4, 4th order polynomial. Cumulative cases past 44 days:

+2009%

Chin up Canada, much to be grateful for (before you get fleeced in 2022, 2023 by tax peoplekind).

ZONA BIANCA coming soon enough Canada.

#52 Jim on 04.08.21 at 3:51 pm

“The average family can no longer afford the average house. ”

Average families are not buying houses. It’s offshore money. Fact. The “average” house in Van is over 2 million.

The average detached is $1.7 million in Van and 98% of buyers are local. – Garth

#53 Don Guillermo on 04.08.21 at 3:52 pm

#49 Ponzius Pilatus on 04.08.21 at 3:43 pm
#43 Don Guillermo on 04.08.21 at 3:15 pm
#34 Barb on 04.08.21 at 2:54 pm
The end of the middle class in Canada.
^^^^^^^^^^^^^^^^^^^^^^^
Since the middle class is mostly responsible for the most incompetent government this country has ever seen …. don’t care, let them eat cake and disappear.
—————–
Not sure what you mean.
Trudeau was voted in by women and the young ones
^^^^^^^^^^^^^^^^^^^^^^^^^^^
LPC. NDP & Green voters all responsible, will pay the piper and should.

#54 Don Guillermo on 04.08.21 at 4:10 pm

#49 Ponzius Pilatus on 04.08.21 at 3:43 pm
e women to eat cake and get fat and disappear?
BTW, what does Don stand for?
DON, like DON Carleone, or like Don, short for Donald.

*************************************
Almost forgot. I’m going to run with Donny G. Seems to work. Cheers CEF :)

#55 Sail Away on 04.08.21 at 4:11 pm

Govvie $ regulation aside, it’s hard to beat living in our pleasant hamlet on the island:

-Hundreds of km of MTB trails
-Ocean at the doorstep with endless remote beaches, marine parks, activities
-Skiing an hour away
-1/3 cost of living of Vancouver 20 minute seaplane ride away
-RE 1/8 cost of Van
-15 min bike or 6 min car commute to the office
-direct access to BC interior’s incredible hunting/fishing/horsepacking

So we’ll see how things go. The US parachute can be deployed anytime but we have no intention at this time of getting rid of our place here.

#56 None on 04.08.21 at 4:16 pm

Hey Garth,

You convinced me to buy REITS this summer. I’m up around 30% since then. If not that I woulds have bought bonds. Basically thanks for the extra $2,000 in my TFSA.

I believe in you. I believe housing is due.

#57 Stone on 04.08.21 at 4:16 pm

Consolidate. Shelter. Keep your head down. Yes, live quietly among the masses.

Maybe they won’t notice.

———

I completely agree with that. If you’re going to shine like the sun, do it on a blog as an anonymous member of the peanut gallery. Unless you outed yourself on that same blog. Well, in that case, you’re SOL when they come for you with pitchforks and burn you at the stake.

Today is a momentous day. You all know how much I love a balanced and diversified portfolio. Why wouldn’t I? It slathers me from head to toe in wondrous cashflow. Well, today, my B&D is all grown up. Can you believe it? 3 months and 8 days. That’s all it took for it to get to an epic 10.22% ytd. You read right. 10.22%. Double digits. Keep going! So proud of you, B&D. Big hugs!

#58 Dolce Vita on 04.08.21 at 4:17 pm

#22 TurnerNation

On the “booster” shot agree and WORSE than you can imagine.

Everyone assumes Pfizer, Moderna good for variants, HIGH EFFICACY. No published clinical trial data for variants, night and day different than some Doctor and their 20 patient observation (like the UK likes to bandy about which is BS and they know it), typically in the 10’s of thousands = clinical data.

How did Moderna and Pfizer get their fabled 95% efficacy, by clinical trials NOT and BEFORE the variants.

Don’t believe me?

Watch for 1.5 minutes…so much for vaccine efficacy numbers:

https://youtu.be/K3odScka55A?t=164

[YouTube, Vox, “Why you can’t compare Covid-19 vaccines”, above video url at about 3 min mark, may take time to load]

So WHY a Pfizer, Moderna BOOSTER?

Because, and Google Search on your own, Pfizer & Moderna need to modify mRNA vax to that of variants, THAT’S WHY (and they have admitted it, have to hunt way back for it, but articles there).

“Booster” code for old Covid genetic code different enough from variants, need another vax for them.

As for me in Italia, I would rather be jabbed with (after the video you will know why):

J&J
Novavax (coming June to EU, same trial period and countries as J&J, better efficacy than J&J – why I bought shares in them last year)

-FWIW

THE truth shall set you free.

#59 Blacksheep on 04.08.21 at 4:19 pm

Jim # 52,

“The average family can no longer afford the average house. ”

Average families are not buying houses. It’s offshore money. Fact. The “average” house in Van is over 2 million.

“The average detached is $1.7 million in Van and 98% of buyers are local. – Garth”
—————————————
Using averages may work for the rest of the country, but clearly does not apply when attempting to quantify the wealth in Vancouver, regardless from where it came.

This is evidenced by the fact Van is the luxury / super car capitol of North America.

Not Manhattan, L.A. or Texas.

https://globalnews.ca/news/2447804/metro-vancouver-the-luxury-car-capital-of-north-america/

#60 KLNR on 04.08.21 at 4:26 pm

@#53 Don Guillermo on 04.08.21 at 3:52 pm
#49 Ponzius Pilatus on 04.08.21 at 3:43 pm
#43 Don Guillermo on 04.08.21 at 3:15 pm
#34 Barb on 04.08.21 at 2:54 pm
The end of the middle class in Canada.
^^^^^^^^^^^^^^^^^^^^^^^
Since the middle class is mostly responsible for the most incompetent government this country has ever seen …. don’t care, let them eat cake and disappear.
—————–
Not sure what you mean.
Trudeau was voted in by women and the young ones
^^^^^^^^^^^^^^^^^^^^^^^^^^^
LPC. NDP & Green voters all responsible, will pay the piper and should.

LOL

#61 BIG B on 04.08.21 at 4:28 pm

Hopefully in the next MNP they ask some other questions. Do these people rent or own a house? How many vehicles do they own and how old are the vehicles? Boats, campers, atv’s? Yearly inclusive trips to the Caribbean? What is their annual household income? Have they been disciplinded with their money or have they been keeping up with the Jones’s for years?

#62 OttawaRetired on 04.08.21 at 4:40 pm

Capital gains tax on primary residence, is unlikely. If it comes about, it will likely start on housing over $1M, and be incremental.
Too many wrinklies and Boomers bought houses 30-50 years ago, it’s not their fault fools are willing to pay $1.3M for them.
Not every generation found housing affordable. My grandparents never had the money to own, nor did a lot of their neighbours.

#63 crowdedelevatorfartz on 04.08.21 at 4:45 pm

Is Bonnie Henry going to Lock BC down ?
Stay tuned 2pm today……

#64 Old Ron on 04.08.21 at 4:48 pm

The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.

Truedeau should stop supressing interest rates. They won’t go crazy high, but a 3% or 4% – 5 year mortgage will cool off the housing market just a little bit.

#65 Smartalox on 04.08.21 at 4:59 pm

Talking with a neighbour who recently received a shot of Pfizer vaccine as part of a happy surprise. He stopped in at the local Shoppers Drug Mart, and learned that the immunization clinic there had extra doses of Pfizer vaccine defrosted, but multiple appointments were missed or otherwise unfilled. He got his shot, and called us to let us know too – but by the time we arrived at the store the excess doses were all gone.

Afterward, my neighbour went online to learn more about the vaccination that he’d received.

He learned that his dose had been manufactured in October, 2020 (prior to Health Canada authorization) and was likely one of the first doses that Pfizer shipped to Canada.

It was also set to expire on April 30, 2021.

That’s not the expiry date for the thawed vaccine, that’s the expiry date for the vaccine, if stored and transported in the manufacturer’s required conditions.

The European Union allows for a six-month shelf life for medical devices and pharmaceuticals. Beyond that, additional testing is required.

I don’t know how many of those initial Pfizer doses have been used already, but what is the betting that in the next few weeks, the country will be gripped by a scandal in which some number of critical vaccines EXPIRE IN STORAGE as the roll-out waits for seniors to book vaccination appointments online.

#66 Flop... on 04.08.21 at 5:02 pm

Looking to move to the U.S?

There’s a map for that…

M46BC

——————————————————

Mapping the Highest Paid Professions in Each State.

“Money doesn’t buy happiness, but it can make your life easier. That’s why a lot of young people immediately think about future earning potential for a given career path. This map can help frame the choices by identifying the most highly paid occupation for every state in the U.S.

* Dentists in Massachusetts and pediatricians in Pennsylvania boast the highest median salaries anywhere in the country, with both making $208K per year.

* At the other end of the spectrum, a project manager in the Virgin Islands can expect to make only $172.2K per year. That’s still significantly above the median wage for all workers across the U.S.

* A lot of occupations in medicine rank as the highest paid, including anesthesiologists, dentists and physicians.

* The highest paid professionals in each state usually earn at least $200K, with only 4 states or territories falling below $200,000.

There are a couple clear takeaways from our map of the best paying jobs in the U.S. First, medical professionals dominate the rankings across several states. Looking at the map, there are a lot of states like Arizona, New Mexico and Indiana where family medicine physicians take the top spot. Anesthesiologists, dentists and pediatricians also do extremely well. For example, the median pay for a dentist in Idaho is $204.9K even though the state is largely rural outside of Boise. But apparently you don’t have to go all the way through medical school and become a certified physician to make the big bucks. Nurse anesthetists, who assist an anaesthesiologist but may not be doctors themselves, pull down well over $200K in a few states, including Oregon ($206.6K), Montana ($205.9K) and Wisconsin ($208K). 

One surprise in our map is actually what’s missing. There are a lot of places where chief executive is the highest paid role, like Florida ($206.8K) and Minnesota ($207.4K). The highest paid CEO in the S&P 500 personally made $211M, which is an astonishing sum of money. However, there aren’t any states where financial professionals make the most money. In New York, HR managers make the most money ($207.9K). Finance is no doubt a lucrative career, but it’s certainly not the most profitable.”

https://howmuch.net/articles/best-paying-occupation-in-each-state

#67 Kitty Kaboom on 04.08.21 at 5:08 pm

CMHC Stress Test changes up to 5.25 vs 4.79 effective June 1…. not a huge change but as they say… start small…

Now if I could only get out and buy curtains for the new abode… >:)

#68 VladTor on 04.08.21 at 5:20 pm

Garth, as usual very good article! Thank you very much.

BUT!
1. ….I had black chest hair (thick, manly, be envious)… I don’t trust you! Personally me, I need photo evidence. Can you in your post (better when photo evidence will be release on Friday,13) instead dog picture show us color photo evidence your “black chest hair”. Thank you in advance.

2. …Most of Canada’s in a serious Covid lockdown….

May be need instead full lockdown use Texas experience.

Read this: Texac fully opened already a month and cases dropping. Other US states with full lockdown have increasing cases.

Here is the link to full story —> https://www.zerohedge.com/covid-19/dr-fauci-cant-explain-why-texas-covid-cases-keep-dropping-despite-reopening

3. ….reform of public pensions
Please, couple your words (opinion) – what they discussing or what they possible going to change from yours point of view.

4. Other ideas about RE ridiculous (like dumping first-time homebuyer help). Any party will not suggesting radical reforms in this area (Like closing CMHC and more). B’s of that … If the T2 gang win… they win now for sure. Last time they gave freedom with Cannabis, this time – free money. That’s why.

In economy we need “Canada Perestroika”. It will possible with new created party with new ideas about improving life all Canadians and first of all with radical changing in RE industry. Old parties not interesting in any changing. They waiting when crash happens and will blame on Covid.

Finally, yours post very informative and I appreciate yours efforts.

#69 Sail Away on 04.08.21 at 5:27 pm

#64 Old Ron on 04.08.21 at 4:48 pm

The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.

———

You must be aware that the whole interwebz thingy works from almost any country for posting comments, right?

There are at least a dozen regular blogdog contributors who are already doing the permanent or temporary expat thing. It’s real, easy to do, and in many cases financially beneficial.

#70 Oh Cannabusiness! on 04.08.21 at 5:31 pm

Is it just me, or do others also find it amusing that not too long ago cannabis was illegal, yet now it is an essential service while under lockdown?

Unlike alcohol, cannabis withdrawal is no biggie and even if it were, there are (as there has always been), many ways to obtain it outside the controlled, regulated, legal system. I get mine delivered to my mailbox from the same MOMs that were operating before “LEGALization”.

Personally, I believe cannabis should never have been illegal in the first place (the history as to how it got to be that way is quite interesting). It should have been decriminalized rather than made “legal” – big difference – but the federal government would not have made money that way.

#71 Habitt on 04.08.21 at 5:31 pm

When the poor and undesirables get mad enough Madame Antoinette gets to meet mister guillotine again. These people need respect and if necessary our support. That’s where the real shit work gets done. In the good old days tptb would have em run into machine guns and everyone had god on their side.

#72 yorkville renter on 04.08.21 at 5:32 pm

Not sure how we have 70% home ownership and 53% less than $200 from insolvency… with the biggest gains in R.E. happening now, why would they barely hang on?

#73 S.Bby on 04.08.21 at 5:33 pm

Real estate blind bidding will be going away soon. No more irresponsible blind bids driving up house prices unnecessarily.

#74 Oh Cannabusiness! on 04.08.21 at 5:34 pm

Last line of my prior comment should have been: It should have been decriminalized rather than made “legal” – big difference – but the provincial and federal governments would not have made money that way.

#75 efficientsense on 04.08.21 at 5:36 pm

How to save $200/month:
-cut cable/tv
-cut netflix, disney+, crave, etc
-cut land line
-change to voice/txt only for cell phone service for entire family
-find cheaper internet service provider
-eat takeout less often

#76 Graeme on 04.08.21 at 5:36 pm

How would they remove the principal residence exemption? Would it just be done and everybody counting on it gets hosed? A flurry of selling would ensue no? Or only gains after a certain date? Based on… assessed value at that time? It sounds like a mess no matter how you slice it.

#77 yorkville renter on 04.08.21 at 5:37 pm

#64 Old Ron –

If rates hit 4% the market will be over.

$1mm at 2% = $4235
$1mm at 4% = $5460 – $1000+ more a month, almost 25% more

#78 cramar on 04.08.21 at 5:52 pm

It is not just Canada that has this growing wealth divide between the “haves” and “have nots.” Look at the U.S. Same thing! Look at the world. Same thing! Why do hundreds of thousands want to get into the U.S. from Central America? Because it is better to be a have not in the U.S., than a have not in Guatemala. Similar situations all over the world—in Africa, in Asia, Arab countries. Have nots trying to get to where they can “have” something.

The middle class is being eviscerated! The world is going back to the middle ages when the masses were peasants, and the small minority had wealth. No middle class. Look at the rise of the billionaires!

“Despite the pandemic, it was a record-setting year for the world’s wealthiest—with a $5 trillion surge in wealth and an unprecedented number of new billionaires.”

https://www.forbes.com/sites/kerryadolan/2021/04/06/forbes-35th-annual-worlds-billionaires-list-facts-and-figures-2021/

Now 2,755 billionaires, up 660 more than a year ago!

Is it any wonder the masses, who vote in governments, want a piece of the pie and not just crumbs?

#79 Entrepreneur on 04.08.21 at 5:53 pm

The panic and the race is on. Which group is going to win? Wonder who that could be?

#59 Blacksheep…about the website…and the expensive cars bought with cash.

Just follow these expensive cars from the dealer to ICBC to address. Collecting data.

If dealer doesn’t keep a record, they should be a law against that. Where did that money come from?

Us Canadians have laws to follow and we know why to keep our system running But when first-time buyers cannot buy the system is not working for us.

The Government is not working for the people that live within borders who are taxpayers.

Everyone have an emergency tent, RV, just in case you are next to get the boot.

Sad!

#80 crowdedelevatorfartz on 04.08.21 at 5:55 pm

@#54 Donny G
“Almost forgot. I’m going to run with Donny G. Seems to work. Cheers CEF :)”

++++

No worries.

I’m shocked that Perturbed Ponzeirelli hasn’t adopted one of my magnificent monikers for him.

A Cantonese conundrum as it were.

#81 Dumb and Dumber on 04.08.21 at 6:03 pm

Ha Ha. Ya gotta’ love idiots – all the way to the bank!

#82 Ministry of Truth on 04.08.21 at 6:08 pm

#2 Ponzius Pilatus on 04.08.21 at 12:23 pm

Don’t tell me about it , I’m dealing with it real time…
A town house in the middle of fXXXXng nowhere is $3500, 600 over asking gone with 20 multiple offers to lease ? Watch all of this , I’ll be out soon, you need to find other idiots! When nothing left behind you guys will be screwed dearly! Another fXXXXng place listed for 3800 and gone for 4100 ? can you believe all of this ? 80 % of Canadians makes 40K yearly and rents are 3-4K? after taxes ? After all we have free hell care ! yeah i m looking forward to it ….

#83 Km on 04.08.21 at 6:11 pm

I just read an article mentioning how the current government will not tax gains on housing. If the BOC intends to keep rates low as well what really is there that will bring it down if two of the main drivers are not going to be fixed.

#84 jess on 04.08.21 at 6:12 pm

how the haves stay whole
what a maneuver
https://www.occrp.org/en/daily/14173-south-africa-s-gupta-family-used-lawsuit-to-prevent-confiscation

#85 Garth's Son Drake on 04.08.21 at 6:22 pm

Sell high? Then what? Use gains to rent high?

What a genius idea of increasing the stress test. That is all they can come up with? Keep the younger people needing a house to live in far, far away. How dare young families think they can leverage to get in. Raise that entry bar some more.

I have a better idea. Instead of a test – raise the interest on all real estate lending to 5.25%. Supply issue fixed over night without even putting a shovel in the ground.

And don’t even get me started on BC’s epic policy failure of relaxing restrictions only to have the worst wave now slamming us……..and still dragging their feet. Where is our premier? Hello?

Too costly to shut down? Well it is shutting down anyways with people who I personally know of becoming very sick in hospital!!!!!!!!

We are about to experience a lot more costly outcome thanks to zero leadership.

#86 jal on 04.08.21 at 6:28 pm

At last commentators are realizing
A “Binocular Society”
The ‘have/have not’

#87 Hang it or bang it on 04.08.21 at 6:28 pm

Pretty obvious the wheels are coming off.

This is hyper-inflation.

Let the games begin.

#88 Airport Director on 04.08.21 at 6:33 pm

The Kelowna Airport has had it bad. 90% in pax.

Had to fire the younger staffers who thought they secure employment.

In other news the airport director is a getting a 40K per year raise.

Make is 200k. Gravy if you can get it.

Heck the entire city is getting a fat raise.

These are the different universes you are talking about Garth. It is real.

#89 Your Best Friend on 04.08.21 at 6:40 pm

Ontario going into lock down. Quebec tightening big.

BC and the dippers? Smoking some of that BC bud.

Maybe they will wake up by the weekend to the fact that things have gone off the rails. Until then, keep toking.

#90 Reximus on 04.08.21 at 6:52 pm

the one thing about this vax rollout / rationing plan is how there is no room for some folks who really need a shot sooner than later cant get one.

my buddy is a single dad of two who is 54 (cant get AZ), lives a block from a hot spot (so he cant get to a clinic that way) and has two kids who BOTH got a letter from their respective schools that they have had a close positive contact in their classes and they need to self-isolate two weeks.

If they do transmit to him, they are all pooched because he cant do anything until he gets better including shopping for food etc. There really should be a way for someone like him to get jabbed, but there isnt.

#91 Don Guillermo on 04.08.21 at 6:53 pm

#60 KLNR on 04.08.21 at 4:26 pm
@#53 Don Guillermo on 04.08.21 at 3:52 pm
#49 Ponzius Pilatus on 04.08.21 at 3:43 pm
#43 Don Guillermo on 04.08.21 at 3:15 pm
#34 Barb on 04.08.21 at 2:54 pm
The end of the middle class in Canada.
^^^^^^^^^^^^^^^^^^^^^^^
Since the middle class is mostly responsible for the most incompetent government this country has ever seen …. don’t care, let them eat cake and disappear.
—————–
Not sure what you mean.
Trudeau was voted in by women and the young ones
^^^^^^^^^^^^^^^^^^^^^^^^^^^
LPC. NDP & Green voters all responsible, will pay the piper and should.

LOL
**************************************
Wait ’til you pay the super tax on your GT3. You can calculate how many basement dwelling UBIers you’re supporting and can take them for a ride one at a time. Nice wheels though!

#92 Penny Henny on 04.08.21 at 6:54 pm

#57 Stone on 04.08.21 at 4:16 pm
Well, today, my B&D is all grown up. Can you believe it? 3 months and 8 days. That’s all it took for it to get to an epic 10.22% ytd.
///////////////

Hey assface, what took you so long. I passed 10 a month ago. Let me know when you pass 15.

#93 Investx on 04.08.21 at 6:54 pm

What about the Dividend Tax Credit?
Any chance that will be affected?

#94 The data is so bad we have decided to eliminate it to make it look better on 04.08.21 at 6:55 pm

Dr. Bonnie Henry just announced they will no longer sequence variants – bad media becoming too much? Time to hide to fix that bad press by shutting down testing.

What is next. Ending of contract tracing.

Looks like the new plan is to achieve herd immunity through everyone getting infected. I guess that is the only option when you can’t get vaccines. This extends to Justin who said the reason is because “Canada is exhausted.”

And the number of second doses is, drum roll: 87,000 – 10 weeks running now. Bravo, bravo.

And the number of people vacinated who have to report to high risk work who are now becoming severely ill from the variants they are no longer sequencing is…bigger drum roll….zero.

#95 Penny Henny on 04.08.21 at 6:56 pm

#64 Old Ron on 04.08.21 at 4:48 pm
The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.
///////////////

Speaking of, where is MF?
Not that I miss him.

#96 Penny Henny on 04.08.21 at 6:56 pm

Maybe the COVID got him?

#97 Sail Away on 04.08.21 at 6:58 pm

Since March 30, Canada has surpassed the US in new Covid cases per day per capita.

Canada: 1:5200
US: 1:5700

Texas has zero restrictions and have even lower new case count of 1:6500.

Huh. Must be Biden.

#98 ottawaRetire on 04.08.21 at 7:10 pm

#13 Millennial Realist on 04.08.21 at 1:00 pm

The generational and class disparity must be fixed.

Boomers, be part of the change.

Or be run over by it.
—————————————-
Boomers are the ones who allow you to live in your parent’s basement and eventually pay for your downpayment. Class disparity has always existed, everywhere, even in communist and socialist countries.
Get over yourself. Boomers are in charge and will remain so for many for decades.

#99 Sail Away on 04.08.21 at 7:10 pm

So helpful, those Americans. As promised, now delivered:

https://www.thestar.com/news/canada/2021/04/08/the-us-may-soon-have-a-vaccine-surplus-heres-what-that-means-for-canada.html

“Canada has received 1.5 million doses of AstraZeneca vaccines produced in the United States.”

#100 joblo on 04.08.21 at 7:11 pm

#43 Don Guillermo on 04.08.21 at 3:15 pm

agree 100%

#101 VladTor on 04.08.21 at 7:12 pm

#75 efficientsense
….-cut cable/tv
-cut netflix, disney+, crave, etc
-cut land line
-change to voice/txt only for cell phone service for entire family
-find cheaper internet service provider
-eat takeout less often
*******************
her other options:
-leave only cable internet. You can find and watch/download same Netflix TV online with/without registration – depends on web .

-sign for simple/cheapest cell phone plan. For instance I’m using Fido auto prepaid services. 10$ per month and if you don’t use this money, rest of them transferring on your account to next month. You can receive text/voices messages too. Call if you really need.

Don’t eat takeout at all. Take lunch with you at job or when you driving somewhere. Buy coffee/espresso machine instead Tim Horton’s. Will save per year hundred dollars.
Use Costco for food and Marshalls/Winners for other stuff.
Cook at home. If you never do it – try! Easy! On internet you can find detailed recipes with pictures/video.

And important! Keep record your daily expenses. ALWAYS take receipt and put down in book – make monthly balance.

#102 the Jaguar on 04.08.21 at 7:12 pm

@#105 Job#1 on 04.08.21 at 11:02 am
Nat King Cole. Class act. ‘A Blossom Fell’ would be my favourite .

+”What better way for gov. to deflect blame and criticism than to rely on the arms-length “bank cop” to do what needs to be done”.+

There’s some real insight in that statement. Except the ‘bank cop’ is nothing more than a paper tiger. In real life there are passengers and there are drivers. The ‘bank cop’ is a passenger. No more than ‘set design’ in an elaborate play based on a questionable screenplay.

It’s kind of like that old Russian saying about fakery ” We pretend to work and they pretend to pay us”. A similar lack of authenticity. What to do…. Burn them all at the stake, I suppose….

What a beautiful creature is Islay. So regal and dignified. Her expression says ” Why can’t everyone realize how special I am”?

#103 wallflower on 04.08.21 at 7:15 pm

#27 IHCTD9 on 04.08.21 at 2:17 pm
Your comments are interesting and it would be prudent for the Canada file to look at itself.
Are we Switzerland Gen2?

(Actually per the other commenter, Switzerland actually makes more liveability sense than Canada now and I know this because my son is there.)

Here in my smaller city Ontariowe, the east Indian students tell me they are hitting the wall and can no longer afford to be here. Fees and rent.

Newer immigrants I talk to wonder what were they thinking. Might be better back home, all in considerations. Family nearby, better lifestyle…

I predict our immigration gap is only going to widen – wherein our government sets target numbers and reality keeps diverging by larger and larger numbers.
This is why I say to those who pump real estate on the immigration theme: say what?

#104 Victor V on 04.08.21 at 7:29 pm

Chrystia Freeland is ready to go on a spending spree. But how is she going to pay for it?

https://www.thestar.com/politics/political-opinion/2021/04/08/chrystia-freeland-is-ready-to-go-on-a-spending-spree-but-how-is-she-going-to-pay-for-it.html

Read through the list of resolutions bubbling up at this weekend’s Liberal policy convention, and you’ll realize there’s a subtext: big spending is a virtue.

The party’s grassroots are looking for public transit, regional development, affordable housing, onshoring of manufacturing, high-speed internet, clean energy, infrastructure, high-speed rail and high-speed internet.

And then there are the big-ticket recommendations: pharmacare for all, and a universal basic income for all too.

They’re proposed in the name of improving the quality of life in Canada, post-pandemic and in the longer run too. Nary a mention is made of who will pay the bill.

#105 crowdedelevatorfartz on 04.08.21 at 7:31 pm

@#84 jess
https://www.occrp.org/en/daily/14173-south-africa-s-gupta-family-used-lawsuit-to-prevent-confiscation

=====

Excellent website.
Saving that one in my favorites…

#106 Ponzius Pilatus on 04.08.21 at 7:33 pm

#45 Canadian Expat on 04.08.21 at 3:22 pm
Garth

Any advice on what to do to prepare for a Canadian non-resident who one day wants to move back to the motherland?

As always, thanks for the helpful advice!

Cheers
Canadian Expat
————–
Interesting.
Quite a few expats coming home to roost.
I wonder why?
Canada not so bad after all.
Or needing social healthcare?

#107 Nonplused on 04.08.21 at 7:37 pm

“In fact, given the certainty of higher taxes and the unsustainability of the property market, is there a better moment than now to bail on real estate? Sell high. What a rad concept.”

I think if you own rental properties or a cabin now is definitely the time to sell, but those properties are already subject to capital gains taxes. The inclusion rate could go up, though.

I still don’t see a primary residence tax, although I note you have to report when you sell now even though it isn’t taxed. After mortgage interest, property taxes, maintenance, renovations, insurance, etc. and adjusted for inflation I don’t believe anyone really makes money living in a house they own (except for in YYZ and YVR). But if they are going to tax capital gains on primary residences all those things need to be deductible like they are for a business or rental unit.

Also it will be complicated when people have to move for one reason or another. If you sell one house and buy another, you really haven’t realized any gain. It is still just one house. The only exception is when people downsize or exit the market for good. Keeping all that fair will be complicated.

I don’t understand all this jealousy towards homeowners. I guess if you are driving through Belaire or Mount Royal it is easy to be jealous of the obvious wealth, but most of the people that own a regular house have to make mortgage payments for 25 years. That is stressful and difficult. Once it is finally paid off it needs a new roof and furnace. Probably a couple of hot water tanks and all new appliances along the way. Maybe new windows and siding. Owning a house is one hell of a way to make money.

And since owning a house is for many people the only retirement plan they have, taxing the house is like taxing RRSP money only they never got a tax deduction when they put the money in.

Taxation needs to above all be fair. It can’t target one group of people over another. The most fair taxes are on income and consumption (like the HST). If you don’t have any income you don’t pay any income tax, and if you don’t buy anything you don’t pay HST. But if you buy a brand new RV or even a used one at the dealer you do pay HST.

I also don’t get the “luxury tax” concept. The HST is already a “luxury tax”. The more RV (or car, or Sub Zero fridge) you buy, the more HST you pay already. A “luxury tax” is really just a progressive consumption tax. But what are the “luxuries”?? One could say a $40,000 fridge is a “luxury”. Or a $10,000 diamond ring. So why would a $100,000 RV incur a luxury tax when a $40,000 fridge does not? There is certainly an argument to be made that a $100,000 RV is not the luxury a $40,000 fridge is. So now we go down the rabbit hole of deciding which fridges are luxuries and which ones aren’t, and to what extent. Something like the HST is a better way to deal with it. The more you pay, the more HST. Done and simple. If the HST has to go up 2%, sure it affects everybody, but the rich will still pay more than the poor because the rich are the only ones buying Sub Zero fridges. And people buying Sub Zero fridges are almost certainly paying most of their taxes in the top income bracket already. I would venture to say there isn’t anyone paying $40,000 for a fridge that isn’t making well more than $400,000 a year, so they have already paid nearly $40,000 in taxes on the money they used to buy the $40,000 fridge. That’s a 100% tax rate right there. And then they pay HST.

We are at or beyond peak tax. There is nothing left out there to tax that isn’t taxed excessively already.

#108 VladTor on 04.08.21 at 7:37 pm

#91 Don Guillermo
….Since the middle class is mostly responsible for the most incompetent government this country….

************
Disagree! I worked as employee for last 4 election in row and can tell you next. 50% voters – pensioners and among them not too much middle class. Other 50% – young an somebody else (you know what I mean – can tell you more b’s Mr. Garth may delete this message).

So, some political party want to win. What need to do?

Just promise for pensioners (and keep promises – good for next election) for instance , to increase pension or give some money in addition to pension.
For young – same (already was done with Covid money) and promise increase first buyer help or help with education loan.
BINGO – you are winner! Party which promise more affordable program like this will be winner. Trudo will be winner now, – covid money already done. Need some other promises which will not cost too much.

Middle class not voting – they like sitting comfortable in chair and post messages in blog or response on newspaper article. Other reason – they are working and after job not too much of them visiting election room – tired. I know – I did same.

….let them eat cake and disappear. AGREE! They on this way.

Voting should be citizen responsibility and mandatory (but by mail like in USA) !!!!

#109 The Woosh on 04.08.21 at 7:43 pm

#67 Kitty Kaboom on 04.08.21 at 5:08 pm
CMHC Stress Test changes up to 5.25 vs 4.79 effective June 1…. not a huge change but as they say… start small…

Now if I could only get out and buy curtains for the new abode… >:)

—————————————

Ha…was just thinking the same thing. Curtains, of course. Maybe I’ll use the new Maserati to get them. I wonder if I have enough space in the trunk? I need a lot of curtains. So many windows to dress up. Sigh. Thinking hurts the brain. Thank goodness for all this money coming in…acts just like acetaminophen. I feel better already.

#110 Job#1 on 04.08.21 at 7:43 pm

#102 the Jaguar

I cannot disagree with you. However, whatever the origin of the power animating the paper tiger, that 5.25% qualifying rate is bound to have some influence on the market beginning June 1st.
I don’t know the extent to which the stress test actually affected RE when it was intro’d previously, but it sure had the realtors squawking.

#111 Nonplused on 04.08.21 at 7:47 pm

#13 Millennial Realist on 04.08.21 at 1:00 pm
I think Jeff Rubin this week made the most plausible assessment of what is to come:

1. Massive tax increases

2. Massive service cuts

https://www.tvo.org/video/our-debt-overload-economies

The generational and class disparity must be fixed.

Boomers, be part of the change.

Or be run over by it.

—————————————

There is no “generational” disparity. If you think there is tell your mom to sell her house and give you your share of the proceeds now rather than when she dies. See how that goes.

Damn kids all figure they should have been born on the finish line. And display a mesmerizing lack of appreciation for what the older generations went through and sacrificed and worked hard to do something like own a house and feed their ungrateful millennium kids.

#112 Millennial Realist on 04.08.21 at 7:53 pm

We are seeing a deathly divide emerging in the support for conservative politics across Canada.

In Alberta, Kenney is being undermined by 17 alt-right wingers who say he is too ‘caring’ during COVID:

https://globalnews.ca/news/7744125/alberta-covid-restrictions-ucp-mlas-letter/

So, conservatives are losing support from the Derek Sloan types who want to turn Canada into a gun-toting, religious, racist plutocracy.

But…. other conservative supporters, Paleo Boomers, are desperately concerned about their own health and getting the vaccine so they don’t die too soon, and they are showing a willingness to switch parties on this basis alone. Justin feels their love.

Either way, conservatism as we have know it since the 1980s is fracturing and disintegrating in front of our eyes.

The years ahead will be Millennial and Gen-Z driven, with some Gen-X support, split between Greens, Liberal and NDP.

Change is coming, and soon.

#113 Nonplused on 04.08.21 at 8:06 pm

#26 I’m stupid on 04.08.21 at 2:16 pm
I had an idea.. if the govt wants more tax revenues why don’t they put in policies that make it difficult for the construction industry to get paid in cash? What about a 13% rebate on HST for homeowners doing work?

As it stands I’d say 30-50% of renovation/landscaping construction work is done in cash. If you can get that cash taxed it would be billions of dollars of extra revenue.

Just a thought but I’m stupid.

——————————————

What “construction industry” are you dealing with that gets paid “cash”? Tiny jobs. No respectable business does this. I suppose we could start trying to tax the neighbor’s kid for moving your lawn for $10 but at some point collection becomes prohibitively expensive. Since the kid probably doesn’t make $17,000 a year mowing lawns and shoveling sidewalks for the neighbors, his net tax is zero anyway, so there is no point trying to track it down.

There is a large “black market” out there, of people selling their cars privately or maybe taking $200 cash to unclog your toilet, or the retired people that sell their art at flee markets, but it just isn’t worth paying an army $80,000 a year each to track them down and fill out tax forms that result in zero tax revenue.

I mean, I have even read arguments that volunteer coaches and Scout leaders and other volunteers create an “untaxed” economy. Well sure they do but enough already! Are we going to start taxing unpaid Sunday School teachers?

#114 VladTor on 04.08.21 at 8:06 pm

I did mistake/errata in my #108 ….Voting should be citizen responsibility and mandatory (but by mail like in USA) !!!!

Very sorry! Need to read :
“Voting should be citizen responsibility and mandatory (but NOT (NOT!!!!) by mail like in USA) !!!!

#115 Stone on 04.08.21 at 8:08 pm

#92 Penny Henny on 04.08.21 at 6:54 pm
#57 Stone on 04.08.21 at 4:16 pm
Well, today, my B&D is all grown up. Can you believe it? 3 months and 8 days. That’s all it took for it to get to an epic 10.22% ytd.
///////////////

Hey assface, what took you so long. I passed 10 a month ago. Let me know when you pass 15.

———

I believe you. As for assface, I’ll have you know, it’s a very cute assface. Do you know how many people like to kiss ass? Lots! I’m super popular. And open-minded. Let your imagination wander.

You’re not B&D so who cares about your return. All you focus on is Kanaduh. And stocks to boot. An apparent one trick pony (easily replicated by VDY – why bother stock picking?). All these non-B&Ders with their anger management issues. They do provide virtual anger management sessions if you didn’t know. I’ve never understood all this anger. So many pissy people.

Am I the only one on a continuous happy cashflow and capital growth high? That’s ok. I don’t actually care how you feel. But keep hating because…life is short…and everyone needs a hobby.

Big hug!

#116 Millennial Realist on 04.08.21 at 8:10 pm

Oh, and did I mention….Mark Carney is speaking at the Liberal convention that starts tonight.

Wonder what he might be up to…..?

“A bold and urgent argument by economist and former bank governor Mark Carney on the radical, foundational change that is required if we are to build an economy and society based not on market values but on human values.”

https://www.penguinrandomhouse.ca/books/669023/values-by-mark-carney/9780771051555

#117 Faron on 04.08.21 at 8:14 pm

#97 Sail Away on 04.08.21 at 6:58 pm

First, some reading:

https://www.newyorker.com/magazine/2021/03/01/why-does-the-pandemic-seem-to-be-hitting-some-countries-harder-than-others

https://www.newyorker.com/news/dispatch/swedens-pandemic-experiment

Cool, maybe you should head to Tay-has to hang with your idol? I hear he needs help picking up chunks of rocket that were strewn across a wetland near his “spaceport”. I digress…

It’s unfortunate that Texas is dead average in terms of deaths and cases per capital/cent/mil/mill for the US and those averages are respectively ~3x and 4x what Canada has managed overall. Silly Canada and it’s caution. Silly rampant diabetes in texas/US.

Current daily case rates are 199 per million US wide, 100 Tex wide, 172 Canada wide. Good job Texas!
Current daily death rates are 2.44 per million US wide, 2.78 per million Tex wide and… 0.84 per million Canada wide. Good job Texas?

Sure, the game isn’t over, but it’s late in the 9th. Nice try calling it early though.

Oh, and seasonal effects. Wx in Tex is great right now. Nice time to be outside and enjoy what the state has to offer. In a couple months it will be smoking hot and people will be back crammed in buildings for AC (if the lights stay on). Maybe the vaxx will have enough traction by then. If not, there could be a plate of crow coming your way.

#118 Nonplused on 04.08.21 at 8:20 pm

#38 Brian Ripley on 04.08.21 at 3:08 pm

Single Family Detached Houses and the TSX Real Estate Index have increased in price over ​the last 10 years by:​

126% in Vancouver
28% in Calgary
145% in Toronto
58% in TSX Real Estate Index

——————————————-

So Calgary, being up 28% in 10 years, is at 2.8% inflation if we take that linearly, less if we fit an exponential curve as we should. If the CPI is at 1.5-2% and we can consider the other 0.8% to be caused by rebuilding the core to fancier homes then I think we can assume there is no bubble in Calgary. It is just inflation and development.

Vancouver and Toronto on the other hand…..

#119 Nonplused on 04.08.21 at 8:36 pm

#42 Blacksheep on 04.08.21 at 3:11 pm
“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency”
——————————–
All due respect Garth, but this is somehow a tragic surprise?

What this really translates to is:

‘53% of the people that have nothing better to do than answer poorly paid online polls, are $200 away from insolvency’

—————————————-

What surprises me about these sorts of statistics is the lack of historical context. I think my dad lived $200 away from insolvency (inflation adjusted, so it could have been $20) much of his life. Certainly his young adulthood. In the crash of ’82 he couldn’t pay the bills and he lost the house he built by hand. When there was work if he was too close to not paying the bills he worked 12 hour days or more. He’d bid lower for work just to have it. (He was a contractor.)

Folks, we have to stop this meme of how much better our parents had it. They did not. Not my dad anyway. He’s doing fine now but I don’t see any reason a guy with a Journeyman’s SAIT diploma is suddenly so much worse off than my dad was when he got his. Start watching Mike Rowe instead of “Keeping Up With The Kardashians”. Sometimes the reference point changes the view.

#120 The Woosh on 04.08.21 at 8:37 pm

#115 Stone on 04.08.21 at 8:08 pm
#92 Penny Henny on 04.08.21 at 6:54 pm
#57 Stone on 04.08.21 at 4:16 pm
Well, today, my B&D is all grown up. Can you believe it? 3 months and 8 days. That’s all it took for it to get to an epic 10.22% ytd.
///////////////

Hey assface, what took you so long. I passed 10 a month ago. Let me know when you pass 15.

———

I believe you. As for assface, I’ll have you know, it’s a very cute assface. Do you know how many people like to kiss ass? Lots! I’m super popular. And open-minded. Let your imagination wander.

You’re not B&D so who cares about your return. All you focus on is Kanaduh. And stocks to boot. An apparent one trick pony (easily replicated by VDY – why bother stock picking?). All these non-B&Ders with their anger management issues. They do provide virtual anger management sessions if you didn’t know. I’ve never understood all this anger. So many pissy people.

Am I the only one on a continuous happy cashflow and capital growth high? That’s ok. I don’t actually care how you feel. But keep hating because…life is short…and everyone needs a hobby.

Big hug!

——————————————

…and curtains. Everybody needs hugs and curtains. For the sake of those poor Canadian children who’ll have to pay off all this debt. The world needs more curtains. I feel my heart breaking every time I think of it. Sigh.

BTW Penny Henny…how do you know that Stone has a heart shaped faced. What you do on your free time, well, that’s your business. But still…face scrunch. Sigh.

#121 crowdedelevatorfartz on 04.08.21 at 8:40 pm

@#116 Millenial Delusionist

“Oh, and did I mention….Mark Carney is speaking at the Liberal convention that starts tonight.

Wonder what he might be up to…..?

++++

Errrr.
Building a base for Trudeau’s replacement might be his long term agenda.

Lets face it.
Carney will be a shoo in to lead the Libs if Trudeau screws up this next election.

Dare I suggest Trudeau barely squeaks in a majority after the voters deal with another 4 months of lock downs before a Sept-Oct election ( gotta have that next election before the next Fall flu season )?

Or, God forbid…another minority govt with the communist NDP holding the reigns….again?

Either way, Carney will be the man and O’Toole will be punted to make way for?????

#122 crowdedelevatorfartz on 04.08.21 at 8:43 pm

@#106 Pugnacious Ponderings

“Interesting.
Quite a few expats coming home to roost.”

++++

What I find interesting is no one wants to move to Austria….
Not even ex pat Austrians………?

#123 crowdedelevatorfartz on 04.08.21 at 8:47 pm

@#117 faronista

“I hear he needs help picking up chunks of rocket that were strewn across a wetland near his “spaceport”. ”

+++

Dont be too smug.

It wasnt just Texas that has been littered with SpaceX space junk…..

https://www.space.com/spacex-rocket-debris-found-washington-farm#:~:text=Debris%20from%20SpaceX%20rocket%20launch%20falls%20on%20farm%20in%20central%20Washington,-By%20Hanneke%20Weitering&text=A%20piece%20of%20debris%20from,stars%22%20the%20U.S.%20Pacific%20Northwest.

Nothing like a “hot water tank” from space landing in your field to make you cringe.

#124 cowtown cowboy on 04.08.21 at 8:50 pm

#12 Stone on 04.08.21 at 12:58 pm

The people doing okay – WFH, on salary, employed, saving in the pandemic, buying houses, building equity, growing assets – are living in an alternative universe from the rest.

———

I think you forgot an important and very influential segment.

The ladies who lunch.

Walking through Yorkville, prior to the pandemic, you would see them everywhere. Wealthy, bored, and with bank accounts with more digits than your telephone number (area code included).

#15 The Woosh on 04.08.21 at 1:06 pm

Prudent people who wish to pay their fair share and no more need to understand this. And act.

——————————————

Pay more in taxes. That’s okay by me. I don’t even know what to do with all the money coming in. How many new Mercedes SUVs can I buy in a year. 2 is enough for me. Maybe get a Maserati. Oh well. Sigh.—————————————————

Ahh, these two twatwaffles are from turanha, explains alot

As we like to say out here in god’s country,
All hat, no cattle.

#125 Shane Dickson on 04.08.21 at 8:56 pm

So a GIC a 5 year 3.5% to 3.75% in 2019 was not good enough. A 5 year GIC at 4.5% to 5% back in 2008 was not good enough. A GIC 5 year in 2000 to 2002 at 5.25% to 6.60% was not good enough. A 5 year GIC back in 1995 8.75% to 9.375% was not good enough. The problem is not the GIC but the rotten to the core governments, central banks, real estate industry etc. that are the biggest parasites.

GIC’s don’t charge you 0.5% to 1.25% annual fees and in TFSA’s are tax free, CPP, OAS, other benefits clawback free and incomes under $45,000 a year the first $20,000 a year at 65 years old is tax free. Many with disability tax credit, pension income tax credit, RRIF get another $7,500 and $2,000 a year tax free.

Most Canadians with interest income is going to pay very little income tax. The problem is Canada, our society, country are debt and very low interest rates junkies and real estate junkies and government, give me free government money junkies. One thing for sure, we will all be living in perpetual poverty and be financially and living in misery, losing with this Liberal, NDP, Green Party, communist, socialist, marxist, left policies.

Canada is done very soon. I give it 5 maybe 7 more years. Our Canadian dollar will be a 50 cents peso at best, maybe 45 cents in coming years. Your free government money, welfare, social benefits will be so much worthless, high inflation, high sales taxes, high rents, high electricity, gas, energy prices, high food prices, high property taxes, high insurance rates from home, auto, mortgage, life etc. high medical expenses, fees, high cost of living.

There is no free lunch, you can’t get get blood from a stone, there is no free ride. The only change will be is the value of your pocket will be worth change, pennies, peanuts. Welcome to a poverty, stricken life for your kids and family. Good luck Canada, Canadians. Laugh now while you still can. They will take that away too.

#126 Don Guillermo on 04.08.21 at 9:12 pm

#119 Nonplused on 04.08.21 at 8:36 pm
#42 Blacksheep on 04.08.21 at 3:11 pm
“The doomers at MNP have revealed 53% of us are just $200 or less each month from insolvency”
——————————–
All due respect Garth, but this is somehow a tragic surprise?

What this really translates to is:

‘53% of the people that have nothing better to do than answer poorly paid online polls, are $200 away from insolvency’

—————————————-

What surprises me about these sorts of statistics is the lack of historical context. I think my dad lived $200 away from insolvency (inflation adjusted, so it could have been $20) much of his life. Certainly his young adulthood. In the crash of ’82 he couldn’t pay the bills and he lost the house he built by hand. When there was work if he was too close to not paying the bills he worked 12 hour days or more. He’d bid lower for work just to have it. (He was a contractor.)

Folks, we have to stop this meme of how much better our parents had it. They did not. Not my dad anyway. He’s doing fine now but I don’t see any reason a guy with a Journeyman’s SAIT diploma is suddenly so much worse off than my dad was when he got his. Start watching Mike Rowe instead of “Keeping Up With The Kardashians”. Sometimes the reference point changes the view
******************************
Great post!

#127 Scott Peterson on 04.08.21 at 9:15 pm

How come my friends who moved and retired in Mexico, Brazil can get paid .6.5% to 7% and 7% to 8% interest rates on their deposits in their banks but the best rates in Canada are 2.0%, 2.1%, 2.15%, 2.25% out there these days April-8-2021.

In Canada, we are so being fleeced, ripped off by high housing costs, rents, taxes, energy costs, food costs, everything is so expensive, low, ridiculous interest rates on our money in the bank, financial institutions. We are really stupid and backwards in Canada.

Low risk = low rates. – Garth

#128 Sunny Daze on 04.08.21 at 9:17 pm

Feels like it’s all gonna rip.

Really trying hard for inflation.

Won’t get it.

Get ready.

#129 Old Ron on 04.08.21 at 9:24 pm

# 77 Yorkville Renter:

Disagree. You have no idea the desire to own Toronto real estate. They are like Meth addicts. They would find a way.

But it would cool things just a little and that frankly that is a good thing.

#130 crowdedelevatorfartz on 04.08.21 at 9:26 pm

Money Laundering Cullen Commission on Global TV 6pm Vancouver

Former police officer Barry Baxter commenting on his first weeks on the job in 2010 after watching Casino videos….

“People bringing in $400,000 in $20 bills is 20,000 x $20 bills….

Where do you get that kind of cash in a legitimate business?”

When he informed the News media,”We believed Money Laundering was an issue in BC……” back in 2010.

Minister of Gaming and Liquor ( former RCMP officer) Rich Coleman allegedly told him, “Don’t talk to the media…”

Stay tuned folks.

The Cullen Commission gets to interview Rich and Christy in the next few weeks…….. :)

#131 Doug t on 04.08.21 at 9:26 pm

#125 Shane

YUP – pretty much sums it up

#132 Stone on 04.08.21 at 9:27 pm

#124 cowtown cowboy on 04.08.21 at 8:50 pm
#12 Stone on 04.08.21 at 12:58 pm

The people doing okay – WFH, on salary, employed, saving in the pandemic, buying houses, building equity, growing assets – are living in an alternative universe from the rest.

———

I think you forgot an important and very influential segment.

The ladies who lunch.

Walking through Yorkville, prior to the pandemic, you would see them everywhere. Wealthy, bored, and with bank accounts with more digits than your telephone number (area code included).

#15 The Woosh on 04.08.21 at 1:06 pm

Prudent people who wish to pay their fair share and no more need to understand this. And act.

——————————————

Pay more in taxes. That’s okay by me. I don’t even know what to do with all the money coming in. How many new Mercedes SUVs can I buy in a year. 2 is enough for me. Maybe get a Maserati. Oh well. Sigh.—————————————————

Ahh, these two twatwaffles are from turanha, explains alot

As we like to say out here in god’s country,
All hat, no cattle.

———

You are absolutely correct. I have nothing. I’m a complete fraud. That’s right taxman/woman/peoplekind. Nothing to see, tax, or seize here. Please move on to those who have something…like the middle class. Look for the audi’s, the instagrammers, youtubers, realtors, politicians, blue collar workers, trucknut F150 owners, and onlyfans creators.

We walk among you but you don’t even realize what we are. Sometimes, it almost feels obscene.

#133 The Woosh on 04.08.21 at 9:34 pm

124 cowtown cowboy on 04.08.21 at 8:50 pm
#12 Stone on 04.08.21 at 12:58 pm

The people doing okay – WFH, on salary, employed, saving in the pandemic, buying houses, building equity, growing assets – are living in an alternative universe from the rest.

———

I think you forgot an important and very influential segment.

The ladies who lunch.

Walking through Yorkville, prior to the pandemic, you would see them everywhere. Wealthy, bored, and with bank accounts with more digits than your telephone number (area code included).

#15 The Woosh on 04.08.21 at 1:06 pm

Prudent people who wish to pay their fair share and no more need to understand this. And act.

——————————————

Pay more in taxes. That’s okay by me. I don’t even know what to do with all the money coming in. How many new Mercedes SUVs can I buy in a year. 2 is enough for me. Maybe get a Maserati. Oh well. Sigh.—————————————————

Ahh, these two twatwaffles are from turanha, explains alot

As we like to say out here in god’s country,
All hat, no cattle.

——————————————

What a mischaracterization. Such hurtful words. I may need to make an appointment with my shrink, naturopath, chiropractor, physiotherapist, barista, and nail primper! I’m not sure I’ll be able to get over it. Sail Away…be a dear and ship over some of that tasty organic water. It always helps to soothe the nerves! I may need to exfoliate. To think…an uncouth man child had the nerve to say I was wearing a hat! Gahhh! Sigh.

#134 Don Guillermo on 04.08.21 at 9:38 pm

#127 Scott Peterson on 04.08.21 at 9:15 pm
How come my friends who moved and retired in Mexico, Brazil can get paid .6.5% to 7% and 7% to 8% interest rates on their deposits in their banks but the best rates in Canada are 2.0%, 2.1%, 2.15%, 2.25% out there these days April-8-2021.

In Canada, we are so being fleeced, ripped off by high housing costs, rents, taxes, energy costs, food costs, everything is so expensive, low, ridiculous interest rates on our money in the bank, financial institutions. We are really stupid and backwards in Canada.

Low risk = low rates. – Garth
^^^^^^^^^^^^^^^^^^^^^^^^
Exactly. Currencies like the Peso can tank in a heartbeat. That’s why most higher end housing is priced in USD.

#135 Darren Brighton on 04.08.21 at 9:52 pm

Garth, it should be that way but risk in what. Today, Real estate to stock markets to bond values, everything now is being all propped up and manipulated, backed by governments, central banks and many other purposeful, wasteful local, regional, global corrupt organizations. like never before.

Unchecked, ridiculous, out of control government spending, social engineering policies, central bank super, massive money printing, QE, bond buying, interest rates manipulation, inflation and cost of living misrepresentation and purposefully understating inflation, high costs of living stats. We have at least 3% annual inflation in Canada today and a 2% on top of that compensastion of a low risk, low return for 5 year money, 5% GIC and a 5 year mortgage rates 6.5% to 7% mortgage rates should be in Canada right now. So low risk, low return still does not explain the very low interest rates today, low risk low return is not what is happening today.

There has not been a real hard real estate correction of at least 10% to 20% which happens usually every 7 to 11 years. Stock, equity markets did get hit a few times 20%+ but where massively propped up by central banks money printing, low interest rates for everyone to give dividends, share buybacks. This massive deception has been going on for a long time now, since mid 90’s at least and if the pandemic did not come about, it would be done the same way but just take a little longer.

#136 SHANE GALLANT on 04.08.21 at 9:55 pm

Why should we have to pay more taxes when the government abuses our money its Fraud!

#137 leebow on 04.08.21 at 9:58 pm

#127 Scott Peterson

In June 1998 some people were excited to invest in Russian GKO at 150%. And then Russia defaulted once again. Try to collect on that debt.

I understand there is a substantial gap between 150% and 0.1%, but that’s what you currently get for your dollar in risk free investments, which deposits are supposed to be.

#138 Mr Canada on 04.08.21 at 10:00 pm

Im a glass half full kind of person:

75% have taken no more consumer debt during Covid
80% have increased their savings to pay regular bills
86% are not using Visa & MasterCard to make bill pymts.
90% are not using a LOC or bank loan to make bill pymts.
…..44% of Canadian homeowners have paid off their mortgage…

#139 Bk on 04.08.21 at 10:01 pm

More young people than you think are starting to invest in financial markets. They see it as a way to catch up with the “haves” in order to maybe one day afford a home. Cancel that idea, higher capital gains rate….

#140 GreaterFool on 04.08.21 at 10:22 pm

remove tax exemption on primary property doesn’t make sense. The root problem is multiple properties, so the short term solution is to introduce a new tax on non-primary properties, increase both the carrying and exiting costs.

for longer term, Canadians have to shift their focus from trading properties, but the only working solution is like what happened in Japan in early 90s, or 07/08 in the states. Human beings only learn and remember in the hard way!

Government will not do anything real this time, R.E. market will be hot for another 1 or 2 years until CB has to raise the rate. If you need a home, don’t wait!

#141 DON on 04.08.21 at 10:26 pm

Is the Archegos methodology being used by other market gamblers?

#142 Two-thirds on 04.08.21 at 10:50 pm

If the capital gains tax is to be applied upon the sale of a house, is it likely that this could motivate owners to avoid selling?

If so, this could squeeze supply and increase prices, assuming flat demand (worse, if demand were to increase at the same time).

It has been suggested here before that Canadians would rather chew their arms off and eat cat food than give up their precious houses, so how many will choose to rent the place out or reverse-mortgage the house, rather than sell and “lose” some profits to taxes?

Or, they might sell for bitcoins, and take their chances with the CRA. Can the taxman seize cryptocurrencies?

Beware the law of unintended consequences, Mme. Impaler!

(especially when touching Canadians’ “sacred cows”)

#143 KNOW IT ALL on 04.08.21 at 11:19 pm

“If the T2 gang wins”

Who’s the contender trying to take the belt?

#144 SoggyShorts on 04.08.21 at 11:22 pm

#75 efficientsense on 04.08.21 at 5:36 pm
How to save $200/month:
-cut cable/tv
-cut netflix, disney+, crave, etc
-cut land line
-change to voice/txt only for cell phone service for entire family
-find cheaper internet service provider
-eat takeout less often

************************
Maybe. In my experience you can’t save your way to financial comfort let alone wealth.
As boomer as this is going to sound, I say the answer is to work more.

If $200 is going to make or break you the chances are that you are doing shift work and picking up some extra hours and maybe even getting 150% of your rate for doing the exact same job you normally do should be possible.
That’s where the real bank is made.

Salary workers get sick days and paid leave or whatever but hourly workers get time and a half for extra work.
If you’re getting hourly pay with no opportunity for overtime I think you should look elsewhere.
Or get a service industry job with tips.

#145 SoggyShorts on 04.08.21 at 11:31 pm

#132 SoggyShorts on 04.08.21 at 11:22 pm
Post covid, obviously.
But this $200 meme is much older than covid and I’m certain will persist long after.

#146 Smug Canadians on 04.08.21 at 11:38 pm

Based on history, I think we’ll see a drop of 30-40% in prices and it will take approx 15 yrs to come back. History is the best metric we have, especially with the crooks at CREA and TREB hiding numbers. Read up on the late 80’s early 90’s crash to see real numbers.
BTW Immigration numbers were not much different as a percentage either, so we can’t use that as an excuse.
Youngsters and foreigners will not know this, but it would be very prudent for them to know. You have to educate yourself and not let TREB/CREA shysters fog your vision!

#147 Jim Ojabivick on 04.08.21 at 11:52 pm

My father retired early due to back problems in 2019. He was 55 years old at the time, worked very hard, 65 to 70 hours a week for 29 years with the same company. The only down time was during the 8 statutory holidays, 1 day his birthday was paid for and 3 extra days a year were paid on top of Christmas, Thanksgiving, New years because he worked at least 25 hours a week overtime per week. My mother worked outside the home but raised us, 2 brothers, 1 sister. She sure did save my father alot of money and was very economically smart with the family’s money. She was the money guide and math nerd in our family as she did all the income tax returns and knew many ways to reduce taxes, claim certain deductions, tax credits, HST/GST, sales, property tax credits etc.

They were smart to save, plan ahead and they $140,000 in staggered medium term GIC’s, term deposits maturing 2020 to 2026, $19,000 to $22,000 a year. The $42,000 in severance he received helped alot too. This money is what they use to retire, live on until he gets his early CPP at 60 which will be about $675 a month and his and my mom’s old age which will be another $1,300 a month by the time they are both 65.

Over the years, they planned well with maxing out RRSP’s, TFSA’s. He put aside a big RRSP, TFSA balance and spousal RRSP, TFSA for my mom. My mom is 54 years old at that time. They have a very good relationship with their local credit union here in Manitoba for 20 years now and got a 3.35% GIC locked-in for 10 years. They also got a promotion of a $1,500 gift card and a free joint life insurance policy for $25,000 10 year term because their GIC’s invested were such a large balance and long term. It is all compound, fully DGCM 100% guaranteed. They are very old school, cautious, safety, no debt, modest house paid mortgage in 11 years.

They know they will will get, grow by 39.03% in 10 years, $311,000 total compound interest. Alot of their friends, relatives are in the real estate game of buying and borrowing on maybe 3 to 4 properties over the years but my parents want to sleep at night and would rather have a simpler life for their family.

#148 Longterm on 04.09.21 at 1:27 am

#69 Sail Away on 04.08.21 at 5:27 pm

#64 Old Ron on 04.08.21 at 4:48 pm

The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.

———

You must be aware that the whole interwebz thingy works from almost any country for posting comments, right?

There are at least a dozen regular blogdog contributors who are already doing the permanent or temporary expat thing. It’s real, easy to do, and in many cases financially beneficial.

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

Yeah and then for some reason they feel the need to come to a Canada-oriented blog to either moan or brag. If you are going to leave then leave.

#149 Steerage Science on 04.09.21 at 2:14 am

And the next winner of the nobel prize in medicine goes to….

Kati Kariko Helped Shield the World From the Coronavirus https://nyti.ms/2PDO23b

#150 I’m stupid on 04.09.21 at 6:42 am

113 Nonplused

Landscaping is a big one. I’d say 70% is done in cash. The renovation sector has a high percentage of cash too. The only sector of the construction industry that does things legitimately is the new construction/ commercial construction but even within it a lot of companies pay their employees overtime with cash so they don’t need to pay the overtime rates in the collective bargaining agreements.

So I’ll break down how it works…

I’m the owner of a plumbing company and need my guys to work overtime because I’m behind on a job. If I pay the overtime rate it will cost me 1 1/2 times the hourly rate plus check off to the union plus benefits so 80-90 per hour. My guys may not want to work because the extra hours translates to very little after tax. So now I’m stuck.

If I pay the overtime in cash at $50 per hour for 30 guys 10 hours each it’s 15k per week that I need to pay. I can’t pay my guys cash because I can’t get it so I’m stuck again. So what do I do? Easy I get the cash from the landscapers. They bill my company for work that’s not done I write a check and they give me cash.

The landscaper deducts the raw material costs on his jobs and I deduct the work done from the landscaper.

You can argue with me on this but I’ll tell you it’s commonplace in the construction industry.

Think of all that tax revenue that wasn’t paid.

#151 J on 04.09.21 at 6:44 am

Since we are taking information about house sales why not apply 100 percent luxury tax to amounts over asking price on home listings. I bet we see a change after that. Make it retro-active. Might quickly bring blind auctions to an end.

#152 Baldor on 04.09.21 at 7:14 am

DELETED

#153 TimS on 04.09.21 at 7:28 am

@Garth… Should we be looking to realize capital gains now if we’re invested for the long term (15-20yrs)?
Have ZPR and VUN in my non-registered account and need to look for similar alternatives. Cheers.

#154 70% vs 53% on 04.09.21 at 7:41 am

How can 53% be $200 away from insolvent and include 30% who already are when 70% own house?

Owning a mortgaged house is a great way to not have money. – Garth

#155 Immigrant man on 04.09.21 at 7:46 am

The right-wing CD Howe Institute this week is calling for a 2% jump in the GST
———
I don’t think there is any right-wing in Canada. Not anymore. Just different flavours of left. Every political party or institution seems to want more taxes, more regulations, more taxes, more regulations.

How about this novel idea of just building more houses? Maybe some re-zoning? When you drive through GTA everything is so spread out. Modifying existing ones to be multi-unit. I hear the red tape and permitting costs in GTA for this are in 100s of k$, and that’s before any work is even done. And of course the interest rates, criminally low.

Are you sure you want to give even more money to the gov that is screwing up so badly?

#156 the Jaguar on 04.09.21 at 7:58 am

From this mornings National Post:

++A quarter of millennials have purchased homes in the past year as the pandemic has created a near-perfect window of opportunity for them to buy, says a new poll. The Bank of Nova Scotia poll, looking at the pandemic’s influence on Canadians’ interest in buying and selling, also found that close to 40 per cent of millennials aged 18 to 34 accelerated their plans to buy a home because of low interest rates. Low rates, bulked-up savings and the availability of remote work have made home ownership more attractive, even if affordability is decreasing, said John Webster, Scotiabank’s head of real estate secured lending. Millennials also want space, both outdoors and indoors, to accommodate the new work-from-home lifestyle, Webster said.++

So what’s the real story morning glory? Every other day I read the poor things will never obtain the pleasure of purchasing their first home and it’s the fault of the Boomers, but this appears to contradict those accusations.

Guess we’ll see if they are able to hold on to that new inflated asset if the landscape ahead goes out of focus..
Thank you Bank of Mom….

#157 crowdedelevatorfartz on 04.09.21 at 8:33 am

@#143 Know it all

““If the T2 gang wins”

Who’s the contender trying to take the belt?”

++++

The last few elections either municipal, provincial or federal have been exercises in the “anti elected”

The person in power is so loathed, the voters cast ballots for “anyone but the leader”..

Not so much a vote for the opposition, as a vote against the incumbent.
A classic “hold your nose and vote…” scenario.

I’m an expert in the nose holding dept.
I can spot nose holders a mile away and I think the next election won’t be so much a vote “for” O’Toole as it is “against” Trudeau.
Lets face it .
Harper was voted out…. and Trudeau was , unfortunately, birthed upon our nation..

The wonder boy has been staggering around in a minority govt ever since, still trying to learn how to speak.
If he does poorly in the coming election….
He’s toast.

#158 Phylis on 04.09.21 at 8:46 am

Thanks for the prompting, I need to switch my regular bills to the credit card and get an extra months grace and points. Pay it all monthly of course. Anyone have a list of typicals that can’t be paid by credit card?

#159 IHCTD9 on 04.09.21 at 9:05 am

#103 wallflower on 04.08.21 at 7:15 pm
#27 IHCTD9 on 04.08.21 at 2:17 pm
Your comments are interesting and it would be prudent for the Canada file to look at itself.
Are we Switzerland Gen2?

(Actually per the other commenter, Switzerland actually makes more liveability sense than Canada now and I know this because my son is there.)

Here in my smaller city Ontariowe, the east Indian students tell me they are hitting the wall and can no longer afford to be here. Fees and rent.

___

Yep, I know a young GTA Indian dude who’s 5 years in, and laying down 80-90+ hours every week. That’s the only way when you’re new, single, and make 20.00/hr in Toronto. How long will a guy work this much when the payoff is a used car, small apartment, and a little bit of money to save and send back home? He is also thinking about going back.

I think there is a lot of cultural pressure to own a home in several communities we draw immigrants from. What happens when newcomers realize there is a 0% chance for this to happen – and now, even if they move into the hinterland? Stack on a mountain of new post CV fees and taxes, and pretty soon a guy feels like he’s just here to support the system with near zero chance of earning the same lifestyle as the established Canadians all around him? He’ll resent being a beast of burden when he understands it’s probably for life.

Starting over in a new country/culture has always been a long road and a pile of work, but there’s also always been that promise of a Western lifestyle in a safe stable country. IMHO – that’s what we’re losing here in Canada, the hope and promise of a comfortable level of prosperity for individuals and their kids.

#160 Phylis on 04.09.21 at 9:08 am

#151 J on 04.09.21 at 6:44 am
Since we are taking information about house sales why not apply 100 percent luxury tax to amounts over asking price on home listings. I bet we see a change after that. Make it retro-active. Might quickly bring blind auctions to an end.
Xxxxxxxxx
Well let’s expand, to prevent listing prices of a trillion, you’re going to need to cap the upper end too and say tax the greedy list at 100% of list minus accepted bid. Maybe to be fair create a 5% window of no tax of he ask/bid.
You will know if it is a good idea if treb creb ect whines about the proposal. Ha ha.

#161 BillyBob on 04.09.21 at 9:44 am

#148 Longterm on 04.09.21 at 1:27 am
#69 Sail Away on 04.08.21 at 5:27 pm

#64 Old Ron on 04.08.21 at 4:48 pm

The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.

———

You must be aware that the whole interwebz thingy works from almost any country for posting comments, right?

There are at least a dozen regular blogdog contributors who are already doing the permanent or temporary expat thing. It’s real, easy to do, and in many cases financially beneficial.

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

Yeah and then for some reason they feel the need to come to a Canada-oriented blog to either moan or brag. If you are going to leave then leave.

———————————–

Nah.

I consider the world a buffet and countries as different entrees. A little bit of this, a little bit of that. Too much of any one food is boring.

And there is no “Canada-oriented” any more, we’re all interconnected now. Ship gets stuck wayyyy over in the Suez, your junk at Crappy Tire gets more expensive.

Post-national, baby.

#162 Dharma Bum on 04.09.21 at 10:13 am

When the SHTF, it’s very obvious to see who needs help.

The government will need to stop posturing, and actually help those that need it.

#163 Country Bumpkin on 04.09.21 at 11:11 am

Thank you Garth for your recommendations. We are worried about a higher capital gains tax coming down the pipeline and so today we realized our corporate capital gains and issued a capital dividend

#164 Don Guillermo on 04.09.21 at 11:29 am

#161 BillyBob on 04.09.21 at 9:44 am
#148 Longterm on 04.09.21 at 1:27 am
#69 Sail Away on 04.08.21 at 5:27 pm

#64 Old Ron on 04.08.21 at 4:48 pm

The number of people on this blog who claim to be leaving Canada is laughable. I am surprised there is anyone left to post comments. Don’t let the door hit you etc.

———

You must be aware that the whole interwebz thingy works from almost any country for posting comments, right?

There are at least a dozen regular blogdog contributors who are already doing the permanent or temporary expat thing. It’s real, easy to do, and in many cases financially beneficial.

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

Yeah and then for some reason they feel the need to come to a Canada-oriented blog to either moan or brag. If you are going to leave then leave.

———————————–

Nah.

I consider the world a buffet and countries as different entrees. A little bit of this, a little bit of that. Too much of any one food is boring.

And there is no “Canada-oriented” any more, we’re all interconnected now. Ship gets stuck wayyyy over in the Suez, your junk at Crappy Tire gets more expensive.

Post-national, baby
***********************************
Longterm: Many of us follow and comment on blogs from around the world. Give it a try. Don’t force CEF to rename you Shorterm.

#165 Tudval on 04.09.21 at 12:15 pm

Skimming through this blog once in a while, it seems to me most people believe everything they read. That’s the real tragedy. Sometimes even our policy makers believe in their own statistics or they just pretend they do. 53% are $200 from insolvency?? Maybe if their credit cards were cancelled and debts recalled. I’d think that describes 80% of Americans also.

#166 Sail Away on 04.09.21 at 12:27 pm

Re: Stone and Woosh

Oh snap! So catty.

#167 Al on 04.10.21 at 1:30 am

They’re gonna do what they always do, not much. 2 million is the new 1 million. We wont see already expensive 2019 prices ever again unless theres huge systemic job loss ( and no free money). The *fools* who bought at the peak in 2017 are laughing (at this blog).