Giving up

The kids are pissed. Rightly so. This may not end well for T2.

A final straw might be this week’s announcement that Ottawa will hand over $5,000 to anybody who wants it – and owns a house – for a quick reno. Windows. New furnace. Insulation. New doors. If it looks vaguely ‘green’, it qualifies. And, no, this is no loan. It’s a gift. Five grand. Stick out your hand. And it’ll go on for seven years.

Of course, the timing could not be worse. First, there’s a reno bubble going on, thanks to the pandemic. Building materials are precious. Prices have exploded and shortages abound. The supply chain broke. Home Depot’s shelves have been thinned. Plumbers are driving Mercedes and drywallers show up in Teslas. Lumber futures have been insane. You can’t find a panel box or a duct elbow in half the country. So announcing a free-cash-for-reno program at this time is, well, irresponsible. More demand. No more supply. Prices and costs explode further.

But that’s just the irritating temporary stuff.

The main dig is this: why is the government rewarding and subsidizing people (700,000 of them) who already own real estate? This ‘Greener Home Grants Program’ is about to put $2.6 billion more in the hands of the socially elite. Are politicians totally tone deaf? How could Justin be so dumb as to send out this message to his Millennial voting base, many of who are anguished over the property wars?

This pathetic blog has hashed out, parsed, vivisected  and vexed over the Covid-induced house eruption for months now. We all know what happened. The pandemic scared people into seeking more space and personal security. Lockdowns and WFH drove moisters from the cities into the burbs and the sticks and made them think remote careers were suddenly possible. Insane emergency interest rates crashed mortgages as low as 1.5%. Hundreds of billions in government support payments pushed savings higher, created a pool of $100 billion in bank accounts and helped fuel house lust. Meanwhile, in a glorious blaze of self-interest, greed, myopia and opportunism, realtors everywhere embraced the worst trade tactics ever. Under-listing. Offer days. No condition bids. Blind auctions. And market-pumping brags.

The result has been destructive and sad. Real estate costs a third more to purchase than a year ago. Housing values in once-affordable smaller centres have gone urban. Young two-income couples have been shut out of the market, or stretched dangerously to enter it. FOMO and speculation have spiked wildly. Central bankers cluck and caution but do nothing. Ottawa’s landmark pandemic budget ignored it all. Meanwhile the wealth divide grows and a generational war smolders. And now, a $2.6 billion subsidy for the landed gentry. Epic.

Romy Bowers spent a dozen years in the bowels of BeeMo, learning risk management and treasury operations. Then she joined CMHC six years ago on the risk side and now is in charge of the federal housing agency. She replaces Evan Siddall, whose departure proved being a cowboy – and an honest man in Ottawa – is career suicide.

This week Romy, just weeks into her new role, apparently gave up. The pandemic, she told a hearing of MPs, has “deepened the divide between the haves and the have-nots” so the goal of Canada providing affordable housing for citizens is “more difficult”. As in, ‘ain’t happening.’

It’s not, of course. The government’s job isn’t to build millions of homes, then turn them over to middle-class people who can afford to buy. That’s been a decades-long fiction, promulgated mostly by the Dippers.

What government can do is stop giving money to people who don’t need it. Politicians can also reduce demand by eliminating the ability to raid RSPs for down payments, end the silly shared-equity mortgage plus raise minimum down payments for insured home loans. The central bank can stop artificially depressing interest rates with its expensive bond-buying program, then move its benchmark rate up as the pandemic fades. Parents can stop feeding house lust and pushing prices higher by sucking equity out of their homes to give to adult children who then jump into bidding wars. Cities and regions can crash home building costs and increase supply by gutting ridiculous codes and regs and cease hoovering developers and builders. And local politicians can stop pushing real estate costs up with empty-house levies. Maybe it’s even time to reconsider the taxless status of unearned real estate gains. That would only be fair, when no other asset is exempt.

By the way, in order to claim your free $5,000 in reno money (apply here) you must have an energy audit done by a certified adviser. There aren’t enough now, of course. So Ottawa has announced $10 million in new spending to ‘train and mentor’ two thousand more.

We are out of control.

About the picture: “Long term reader here (circa Squirrel-Stew era) and enjoy my daily reading of your blog and grateful of your efforts to keep myself and others in the steerage section from sailing into the rocks,” writes Pat. ” I thought you might like to share this photo of my canines with the other Blog Dogs.  While Nina and Skipper prefer to walk naked in the forest, they agreed to don the required red scarves while they participated in a charity photo scavenger hunt.  The photo is taken on Vancouver Island and they sit amongst red cedar and fir that so far, has not been poached to make 2×4’s.  Both are rescues (Mexico and Texas) and we are confident that they enjoy their new lives here on the West Coast of Canada.”

150 comments ↓

#1 Millennial 1%er on 05.28.21 at 12:56 pm

I feel your frustration, Garth :(

#2 Wrk.dover on 05.28.21 at 12:58 pm

Garth, can you install a heat pump here for me?

No one else available to ask.

#3 Patrick on 05.28.21 at 12:58 pm

Worth keeping an eye on this UK situation. Over 73% vaccinated, but numbers are inching up with this Indian variant as reported by many media outlets. Not only cases, but hospitalization as well.

https://www.theglobeandmail.com/world/article-daily-covid-19-cases-in-uk-hit-highest-level-in-six-weeks/

Let’s hope this is explainable with either unvaccinated or immunity not taking hold yet in vaccinated.

#4 Sail Away on 05.28.21 at 1:00 pm

Haha. The Sail Away residence can definitely use a heat pump to replace our old oil furnace. Sure, we could afford it on our own… but it’s awfully nice of Justin to assist us poor, struggling, wealthy corporate presidents.

Thanks J! And Chrystia!

#5 Prince Polo on 05.28.21 at 1:00 pm

Thanks for trying. This warning will mostly fall on deaf ears. Let me use some math…a run-down $1.1M dump in 2021, if sold in 2046 will fetch $106M (assuming a “paltry” 20% per annum increase). Sounds totally reasonable……*faints*

#6 Doug t on 05.28.21 at 1:04 pm

T2 and his ilk must be as dumb as a sack of hammers – I truly do not understand how this country puts up with all of the BS that keeps flowing from Ottawa – as a country we are so lost – we all know what happened to the Titanic

#7 T on 05.28.21 at 1:05 pm

I propose 1 more solution.

Leave

#8 Sail Away on 05.28.21 at 1:05 pm

The SA conglomeration of companies is now hiring technicians for our newly-launched Energy Guide Evaluation branch.

#9 Fart in a Jar on 05.28.21 at 1:10 pm

Garth,

Let’s face it.

Politicians are the real real-estate pumpers.

They know what they are doing.

It drives the economy numbers.

It makes citizen happy because “their houses are worth more”.

That’s why they took risk out of banks with CMHC at such high values.

It lets them reassess and increase property taxes, making home owners the juiciest tax revenue source for politicians.

You focus on “the rich” as those T2 will tax to pay for spending, but that’s just a distraction he talks about to make people look the wrong way and not see what’s really going on.

While everyone is listening to politicians talk about how they will clamp down on the evil 1%, the reality is they are fully focused on clamping down on the 70% of Canadians who own RE, by increasing house values so they can charge higher property taxes indiscriminately. It is sneaky, but lovely play.

What I’m getting at is this. Cut a break to those real-estate field-working folk hosting open houses and trying to make payments on their AUDI, which by the way to add insult to injury is ranked 20th for reliability in fatherland Germany, a below average ranking with 142 problems per 100 vehicles.

Let us focus on the politicians, who are clearly playing the real estate game here to make the Canadian economy look like it is doing something, tax the vast majority of Canadians more, with the most indiscriminate tax there is – property tax, completely not linked to earnings or income. Just a simple “Your house is now worth 30% more, pay 30% more taxes ASAP, or else!”

#10 Dan in Nanaimo on 05.28.21 at 1:12 pm

So if the government can keep printing money… why do we need to pay taxes ?

#11 crowdedelevatorfartz on 05.28.21 at 1:14 pm

Another 2.6 billion lumped on top of the rest of the burning pile of cash…..
What the hell.
The Millenials and their grandkids can pay this festering sore of debt back over the next 75 years…
Thanks Kids!

#12 Jack gitties on 05.28.21 at 1:15 pm

Could you do a blog post on the tax implications of permanently leaving Canada. My wife and I are immigrants from Ireland (because of the housing bubble – I know right!) and are considering leaving Canada.

The delusion & debt here is much worse than Ireland in 2006. 17 out of my high school class of 120 were insolvent by the age of 30. One of my classmates died of cancer from Radon levels in his house being 20,000 times normal because he ‘won’ a bidding war by forgoing inspection. His fiancee also died of cancer within a year. One of my father’s work colleagues committed suicide during the crash. But the speculation and delusion there was nowhere near as crazy as Canada right now.
The max house price to income ratio that Dublin ever reached was 9. Even Markdale is higher than that right now.

The biggest red flag for me is the amount of fraud happening- mortgage fraud, CERB fraud, medical fraud (there is a market for fake vaccines and Covid treatments) many realtor sales tactics are outright fraud too.

No banks here will fail. I just don’t want to see the suicide funerals, the silence when housing is mentioned at a family gathering, the school kids with empty lunchboxes… Once in a lifetime is enough.

#13 morrey on 05.28.21 at 1:19 pm

We are out of control. And common sense.

BUT: My wife has decided that we will apply for the 5K and use it to upgrade the Heating Boiler with a more efficient modern boiler. We have an “in” so the inspection is a non-issue. Free money. Free lunch. Free huey.

PS: Government-funded rebates and credits are often available for upgrading to either a heating boiler or a heat pump system.

#14 crowdedelevatorfartz on 05.28.21 at 1:19 pm

@#8 Sail Away
“The SA conglomeration of companies is now hiring technicians for our newly-launched Energy Guide Evaluation branch”

+++

I have a surly, opinionated kid that may be interested in applying.
He would have to commute from Victoria.
We call him “Chavez” behind his back but he answers to Faron.

#15 TurnerNation on 05.28.21 at 1:24 pm

Inflation:
The Globe and Mail reports in its Friday edition that small businesses are planning sizable price increases as their input costs rise sharply, the latest sign of inflationary pressure as the economy recovers from the pandemic. The Globe’s Matt Lundy writes that over the next year, companies plan to raise their prices by an average of 3.3 per cent, according to new survey results from the Canadian Federation of Independent Business. That is the highest reading since data collection began in 2009. Larger companies are passing on higher costs, too
© 2021 Canjex Publishing Ltd. All rights reserved.


— Latest on the global Economic Shutdowns.

-7 million Australians under house arrest because 12 people tested positive using an amped up PCR test. Malaysia shut down anew. Covid = Control.

– Photo of a Kanada Covid Compliance Officer. https://i.redd.it/kgcu5mud6r171.jpg

.Australia’s Victoria state to enter COVID-19 lockdown after fresh outbreak (Reuters)

.Malaysia to impose total nationwide lockdown from June 1-14 as Covid-19 cases hit new record (straitstimes.com)

–Haha ever been to Toronto, Montreal – and now Halifax? All (former) First World Countries must go.

.Glasgow: The city that has been locked down for nine months(bbc.co.uk)


— CHAOS is the goal, starting with children of course. We are living under Mass Hysteria, a new global Religion.
For only 2 more weeks.

Most Manitoba schools to continue remote learning as other COVID-19 restrictions extended (cbc.ca)
The province is extending existing public health restrictions until June 12. That means no indoor or outdoor gatherings with people outside your household. The rule applies to playgrounds, golf courses, parks, sports fields and campgrounds.

https://twitter.com/Roman_Baber/status/1398066957736366084?s=19
Roman Baber MPP @Roman_Baber
We must fight to Open Ontario Schools!
This Tuesday, June 1, Ontario’s kids are on strike. They will not log in & we will support them as they demand to #OpenOntarioSchools!

#16 jal on 05.28.21 at 1:28 pm

Look how easy it will be to get $5,000
https://www.nrcan.gc.ca/make-your-home-more-energy-efficient/23443

#17 alexinvestor on 05.28.21 at 1:30 pm

But increasing house prices means that loans will have to keep increasing, and the banks will make even more money, and the stock market will keep growing and growing … the fact that financials are 30% of the TSE should be a huge red flag (compared to the S&P at ~10% !). It’s approaching Hang Seng levels despite the fact that there’s land everywhere in Canada.

At some point RE is probably going to crash and bring down everyone … but as someone said in the long run we are all dead anyways.

#18 Classical Liberal Millennial on 05.28.21 at 1:31 pm

Time to replace our two front windows? Thanks JT!

#19 kommykim on 05.28.21 at 1:34 pm

I remember a few years ago when BC Hydro would give out rebates for adding insulation to your attic. The catch was that, in order to qualify for the rebate, you had to have a home energy assessment done first. This would cost around 50% of what the rebate was. Those so called “assessors” made out like bandits.

#20 S.Bby on 05.28.21 at 1:35 pm

$5,000.00 The possibilities are endless.

#21 Faron on 05.28.21 at 1:41 pm

Similar program was put in place in ’09. Obvs a very different time in terms of home prices in the US. My friend found work doing the audits and moved on to a career in HVAC. I’m sure he’s repaid in taxes all that was spent by the feds. Trudeau’s program may have flaws (although is radically mischaracterized here) but it represents direct stimulus into the economy. Larger projects will cost more than $5k and thus will push consumption and thus growth of the real economy and help get velocity of money up. Take this over more CB printing hands down.

Sail Away: BB now 13% off highs. Must have been some bad corp news hitting the fundamentals, right?

#22 Faron on 05.28.21 at 1:43 pm

#14 crowdedelevatorfartz on 05.28.21 at 1:19 pm

It’s Che. Get it right. Spruce or Trey also work.

#23 Ed on 05.28.21 at 1:46 pm

I wonder if I can qualify for the 5k for my sailboat? Need a new spinnaker and using wind power is greener than any heat pump. I do live on her for half the year.

#24 Kiril Peev on 05.28.21 at 1:49 pm

Great post Garth!

The government should get out of the housing business.

The country with the most land per capita has a housing supply problem. Absolute insanity and mismanagemnt. Let developers build.

Tax free gains creates alot of incentives for speculation. As you mentioned it’s one of the only assets given this special status.

#25 Love_The_Cottage on 05.28.21 at 1:52 pm

The kids are pissed. Rightly so. This may not end well for T2.
___
I agree the timing isn’t good with housing and renovations a red hot part of the economy right now. But the kids are concerned about the environment so I think they’ll prefer this option to the party that couldn’t even agree at their convention that climate change was real.

#26 greaterfool on 05.28.21 at 1:56 pm

RE is just too big to fail. T2 is buying votes from those homeowners. He will have something new in few weeks aiming at young voters, to buy from them. He doesn’t care who is going to pay, it won’t be him.

RE party will continue, but the longer it goes like this, the worse the end will be. I feel like Canadians now are like teenagers having a party, we need an sane adult to supervise, but “cowboy style and being honest is career suicide in ottawa…”

#27 Billy Buoy on 05.28.21 at 1:59 pm

Mr. T please go to Ottawa and slap some sense into mama’s boy.

My god what a complete tool.

There will be 15 million right behind you.

#28 NSNG on 05.28.21 at 2:00 pm

I will say it again. T2 is passive-aggressive and he hates Canada. It probably goes back to his childhood and all the comments he heard about his dad. Every time people learned what his name was I’ll bet he got an earful. That planted a nasty black seed in his gut.

Maybe we should ban nepotism in politics for this reason alone. (cough cough Mulroney cough)

#29 Faron on 05.28.21 at 2:03 pm

I’ll add that the teensiest bit of effort to reign in O+G subsidies both direct and indirect as well as offshoring of corp profits could easily pay for the home energy efficiency program.

#30 Yuus bin Haad on 05.28.21 at 2:06 pm

Feeling down? I hear Jagmeet’s handing out free hugs

#31 Paterfamilias on 05.28.21 at 2:10 pm

I cannot resist the temptation any longer. I am going to come out of retirement and be retrained – as a certified energy advisor. It’s a brand new occupation, so who will ever be able to judge my competence ?

#32 Ponzius Pilatus on 05.28.21 at 2:10 pm

I’m with Faron.
If homeowners use this grant to upgrade their old inefficient furnaces it will be better for not just the owners. But also for the environment.
As for Trudeau’s electability being affected by this move.
He may be many things,
but stupidity is not one of them.
70% of Canadians own homes, so this will prove quite popular.
I’m sure there are some goodies for the renters coming too, just in time for the election.

#33 willworkforpickles on 05.28.21 at 2:19 pm

So what’s 5g’s for some energy conservation per house and home as far as government largesse and vote buying goes.
How about another 5 or 10 or 15 thousand $$ freebie for energy efficient bullet proof glass to replace the existing windows in every home.
Bullet proof glass is getting very expensive now. Government intervention can provide the big fix…all before only the richest of the rich can afford it.

#34 oops on 05.28.21 at 2:22 pm

Multiple people have the word ‘fart’ in their name.

No wonder why other countries actually laugh at Canada.

#35 kommykim on 05.28.21 at 2:23 pm

Many things in this $5600 grant program are just lame. Take windows for example. They’ll give you $125 or $250 PER ROUGH OPENING depending on the replacement window’s U-factor. But a bay window with 3 window units installed in one rough opening is eligible for only one grant. Lame.

#36 jimmy zhao on 05.28.21 at 2:25 pm

I predict that some Realtors will train to become ‘certified energy advisors’. I also predict that some of them will ask homeowners for cash kickbacks in order to push through dubious energy renovation claims.

just sayin’ I know a little bit about human nature.

#37 8102 on 05.28.21 at 2:26 pm

When I wayched the Prime Minister announce this latest “Grant” I was in disbelief.

I thought we are now throwing gas on a fire that is already raging out of control.

But then I thought, these guys don’t do anything without the Cold Calculations of their Political Advisors, so someone has convinced the PM that this is a good idea.

Either they know something we don’t or it is an epic mistake, on top of other epic mistakes.

Who knows, history will tell.

All I know is that I am just a passenger on a train going to a destination I have no control over.

#38 Andrewski on 05.28.21 at 2:27 pm

This report by The Canadian Press was first published May 28, 2021.

“The federal government says its preliminary deficit for the last fiscal year was $314 billion, an unprecedented figure caused by an equally unprecedented economic shock.

The early deficit figure for the 12-month period between April 2020 to March 2021 compares to a deficit of $21.8 billion over the preceding fiscal year.

The government says in its monthly fiscal monitor that the deep deficit reflects the extraordinary shift in economic activity and emergency spending in response to the pandemic.

The government said in its April budget that the deficit in the last fiscal year would be $354.2 billion, a far cry from the $28.1 billion the Liberals foresaw in late 2019 months before the first wave of COVID-19 in Canada.

The government will report its final deficit figure for the 2020-2021 fiscal year in the fall, which will include end-of-year adjustments as more information rolls on things like assessed taxes.

The Finance Department says other adjustments may include over $7 billion in measures announced in the budget and contained in the budget bill currently making its way through the legislative process in the House of Commons.

The fiscal monitor says program spending, excluding net actuarial losses, ran up to $577.6 billion, a $256.9-billion increase, or 80.1 per cent bump, from the $320.7 billion one year earlier.

The federal wage subsidy contributed almost $75 billion to the figure, and benefits for hard-hit workers through employment insurance, the Canada Emergency Response Benefit and its successor the Canada Recovery Benefit cost just over $118 billion.

Revenues were $299.5 billion, a $34.8-billion, or 10.4 per cent, drop from the previous fiscal year, driven by a decline in income and sales tax revenues, tax deferral measures, and a wider drop in economic activity.

The monthly fiscal monitor notes the drop is also due to declines in “other revenues,” which includes upfront expensing of the premiums paid by the Bank of Canada on its purchases of federal bonds, and lower profits from Crown corporations.

Public debt charges declined $4.1 billion, or 16.7 per cent, to $20.5 billion from the $24.6 billion in the previous fiscal year, reflecting what the Finance Department notes was lower interest on pension obligations and lower inflation adjustments on real return bonds.

As of the end of the end of March, the federal debt looked to top at least $1.13 trillion.”

#39 Jake on 05.28.21 at 2:33 pm

Wrong time to do this but with an impending election JT is buying votes.

#40 Luca on 05.28.21 at 2:33 pm

Isn’t this always the case that the worlds money is set up in a way to benefit the rich only? The rich get richer. Old adage.

#41 Very Daper Pathogen on 05.28.21 at 2:44 pm

The other two times they did this wasn’t enough, maybe it’s been done more than twice.

Justin apologized again yesterday but I’m still waiting for the apology where he says sorry I was in over my head, had no idea what I was doing so for that reason I’m resigning effective right now. Ford could go next and use the same statement. Then maybe Kenny could have a go.

Trudeau is going to England next month what can we offer for them to keep him?

#42 Timmy on 05.28.21 at 2:48 pm

Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.

#43 Dogman01 on 05.28.21 at 2:48 pm

#128 IHCTD9 on 05.28.21 at 12:27 pm

“it’d be real tough to get off and running without any help in Trudeau’s new Canada. I also think we ain’t seen nothing yet. The wealth divide is now a canyon, thanks to the Federal Liberals. 10-20 years from now, Canadian society will be cloven unlike any other country in the world – rich and poor. That’s it.
Folks who can’t get the resources together to own RE and build a significant portfolio, best make exit plans. There are few places in Canada left for you. For everyone who did: Congratz, you may be among the last to have actually lived the Canadian dream. ”

———————————————–

That Canada 150 tripe is just one of the trial balloons to put a positive spin on this new reality.

This was foresable in the 1990’s, Wage = Labour= People Supply. Iron Curtain came down, presto hundreds of millions more people selling labour. Then Globalization, welcome the Third World to the labour supply. All those people are just as smart as us (humans be humans) just a matter of time before the market\technology enables full access. Now that “work from Anywhere” has proven its merit the global wage arbitrage has a new life.

If you depend on wages in Canada (a high cost of living location) your time has indeed run out.

#44 Bezengy on 05.28.21 at 2:50 pm

All those homeowner’s projects that were going to get done anyway get another freebie from the taxpayer. I’ll sign up for small solar system. If it’s like the Ontario free windows deal a few years back only the well off homeowners will be able to take advantage of the program because it’s cash up front.

#45 TurnerNation on 05.28.21 at 2:57 pm

Yeah about that 5k energy grant. Nothing is for free.
See you can train to become an Energy Advisor. See where this is going….
https://www.nrcan.gc.ca/energy-efficiency/homes/canada-greener-homes-grant/23441
https://www.nrcan.gc.ca/explore-careers-energy-efficiency/23446

I posted many time here where I think this is going. You didn’t think you’d get that tax free capital gain for free did ya? Slow steps. Drip drip

#90 TurnerNation on 01.20.20 at 9:54 am
Attack on SFH. For years I’ve predicted that home Energy Audits are coming. The banks or insurance or govt would require them. That families would be forced into the street if their perfectly good house will not pass .

———-

Why, cause someone will have to pay for all of this.

Canada Revenue Agency estimates 30,000 self-employed people who received Canada Emergency Response Benefit may not have to repay (theglobeandmail.com)

#46 binky barnes on 05.28.21 at 2:58 pm

There must be some mistake here, Garth. The PM PM does not err in matters of fiscal policy: on that he is infallible. I am certain this new initiative must have been one of his underling’s doing. When the PM PM returns to the big chair bright and early Monday morning he will set things straight.

BB

#47 True Dough on 05.28.21 at 3:03 pm

Will there be criminal record checks of these energy auditors? Otherwise, homeowners are allowing people access to their homes . . .

#48 Freedom First on 05.28.21 at 3:05 pm

Binky Barnes, where are you?

Time to hear an inspirational post from you on our leader, the PM PM JT!

Freedom First

#49 Don Guillermo on 05.28.21 at 3:09 pm

#37 8102 on 05.28.21 at 2:26 pm
When I wayched the Prime Minister announce this latest “Grant” I was in disbelief.

I thought we are now throwing gas on a fire that is already raging out of control.

But then I thought, these guys don’t do anything without the Cold Calculations of their Political Advisors, so someone has convinced the PM that this is a good idea.

*************************************
https://financialpost.com/diane-francis/diane-francis-a-country-run-by-amateurs-who-hire-more-amateurs

#50 Sam on 05.28.21 at 3:12 pm

This will be really interesting – imagine this:

The US enacts some kind of UBI – money for the poor but no health care for the poor.

In Canada we’ll get subsidies for rich people. Health care for the poor but no money.

Interesting times.

#51 Joseph R. on 05.28.21 at 3:13 pm

#39 Jake on 05.28.21 at 2:33 pm
Wrong time to do this but with an impending election JT is buying votes.

—————————————————————-

The next federal election is scheduled to be on October 2023, a year and a half from now.

#52 Don Guillermo on 05.28.21 at 3:14 pm

#32 Ponzius Pilatus on 05.28.21 at 2:10 pm
I’m with Faron.
*******************************************

Quelle surprise!! Haven’t heard either of you disagree with anything Captain Apology has ever proposed.

#53 Ken on 05.28.21 at 3:14 pm

Look Mr. PM, there is a cinder smouldering in the dry bush. Why don’t you put it out with that large bucket of gasoline!

#54 Comrade on 05.28.21 at 3:17 pm

How could Justin be so dumb as to send out this message to his Millennial voting base, many of who are anguished over the property wars?
—-
Or stroke of a genius. Appeasing home owners while giving younger generations strong signal that we care about environment. Doubt this will make any difference in T2 voters base. His voters care more about identity politics and environmental issues than fiscal responsibility.

#55 Quintilian on 05.28.21 at 3:29 pm

#6 Doug t:

“T2 and his ilk must be as dumb as a sack of hammers”
They are in power.

What then can be said about their competition, who will not have a turn at the bat for at least another decade?

#56 Devil Anse on 05.28.21 at 3:33 pm

Cities and regions can crash home building costs and increase supply by gutting ridiculous codes and regs and cease hoovering developers and builders

____________________________________________

A local solution to a macro problem…never going to happen. Town council meetings have become warzones between NIMBYs and developers…new development permits are a sure way for incumbants to lose a municipal election.

#57 Dolce Vita on 05.28.21 at 3:35 pm

We are out of control. -Garth

I’ll say.

Used to be for decades if you racked up a huge deficit you’d get bounced out of Gov.

Now it’s how much money can you shove down Cdns throats gets you elected.

The country’s gone for dung Garth. It really has.

Too many self-entitled in the country running it and electing. It will catch up eventually to them but for now, continued fun and games.

#58 SoggyShorts on 05.28.21 at 3:50 pm

#51 Joseph R. on 05.28.21 at 3:13 pm
#39 Jake on 05.28.21 at 2:33 pm
Wrong time to do this but with an impending election JT is buying votes.

—————————————————————-

The next federal election is scheduled to be on October 2023, a year and a half from now.
************************
The next election will be whenever JT thinks he can win the most votes and that will be much sooner.

#59 Dr Plant on 05.28.21 at 3:54 pm

Another thing I can’t wrap my head around: why are taxpayers backstopping 90% (or so I’ve read) of the risk taken on by private mortgage insurers? Surely this creates a moral hazard. I think there should definitely be more risk-sharing on this front. Actually, come to think of it, private insurers should shoulder all of the risk burden that they take on.

#60 Dolce Vita on 05.28.21 at 3:56 pm

#3 Patrick

UK 1st/2nd dose: 73.8%, 46.5% (Gov UK Vax website today).

What Gov UK are saying is that the Indian variant is well, virulent, more so that their UK variant. It now accounts for:

75% of new cases.

Health Secretary Matt Hancock, today, says you need TWO DOSES to be protected against it. Even with that in Bolton, one of their hotspots, 49 with Indian variant Covid in hospital, 5 had received 2 doses:

10% will still get infected by the Indian variant, end up in hospital even with 2 doses – nasty new bug.

—————–

G&M misses the point:

Canada’s 1 dose strategy ensconced by DR. TRUDEAU leaves Canada VULNERABLE to the Indian variant. Hope it does not get out of control in Canada.

Read BBC instead:

https://www.bbc.com/news/uk-57275276

Tell G&M to go here for up to date UK vax info (and to read BBC):

https://coronavirus.data.gov.uk/details/vaccinations

#61 The Woosh on 05.28.21 at 3:59 pm

Thank you my fellow Canadians for helping me attain that ever approaching end goal of Ultra High Net Worth status. Without your tax payer subsidized incentive programs I would have to wait just a little longer to reach that coveted title. To think, I was already looking at replacing some windows, add attic insulation, replace the inefficient furnace, etc. and now I won’t have to pay for it all myself. Wonderful. Here’s a big thumbs up fellow Canadians in helping a poor wealthy guy achieve his goals of greater wealth!

Now I can get back to enjoying my life knowing you’re all helping to keep my money in my pocket. Panic attack averted! Sigh

#62 Reximus on 05.28.21 at 4:03 pm

so I got my 2nd AZ jab today weeks earlier than expected…thank you expiry dates!

#63 Ponzius Pilatus on 05.28.21 at 4:03 pm

Restaurants are open in BC!
Have reservation for 6 at my favorite Dim Sum restaurant in Richmond.
Will be fully vaxed end of June

#64 peter pickles on 05.28.21 at 4:04 pm

i doubt justin even knows one person that rents

#65 Ponzius Pilatus on 05.28.21 at 4:08 pm

#57 Dolce Vita on 05.28.21 at 3:35 pm
We are out of control. -Garth

I’ll say.

Used to be for decades if you racked up a huge deficit you’d get bounced out of Gov.

Now it’s how much money can you shove down Cdns throats gets you elected.

The country’s gone for dung Garth. It really has.

Too many self-entitled in the country running it and electing. It will catch up eventually to them but for now, continued fun and games.
————–
What about the fricking mess Italia is in!?
Without Germany bailing them out all the time, they would have long been bankrupt by now.
Jeez.

#66 Dolce Vita on 05.28.21 at 4:11 pm

#3 Patrick

RE: Indian variant.

Forgot to mention it has been reliably DOUBLING every week in the UK for about 5 weeks now.

Today, Public Health England data shows cases of the Indian variant have risen by 3,535 to 6,959 since last week.

They think they have it under control. I hope so. They have suffered enough with their own variant.

—————–

Some countries in the EU requiring:

Compulsory Isolation for travellers from the UK

per Le Figaro and DW yesterday. If the UK has it under control it is unlikely the EU would do what they are doing. For example:

“France to impose Covid quarantine on visitors from UK”

https://www.theguardian.com/world/2021/may/26/france-to-impose-covid-quarantine-on-visitors-from-uk

#67 Leftover on 05.28.21 at 4:13 pm

Tax policy matters.

It’s time to make sure that all net revenue (rent and capital gains) from secondary residences is taxed as regular income. Then remove the PR capital gain exemption, effective January 1st 2023 >> Motivation.

Liberals may have miscalculated by so clearly favoring house-owning boomers at Millennials’ expense. Many said boomers are appalled at what’s happened to their kids’ futures and will gladly support a party that taxes houses. We’ve made enough already.

#68 AM in MN on 05.28.21 at 4:14 pm

Welcome to Liberalism 101.

It’s always all about playing on the emotions of the stupid to get their votes, and then looking after the elite once they hold the purse strings.

In reality, this is just bus fare compared to the market distortions and wealth transfer of the BoC in giving free money to those who already have a lot of it, and putting the screws to those that don’t.

Try getting a small business loan in Canada, and then take a look at the profits of the big banks, all comfortably protected from market competition from the rest of the world.

#69 Ustabe on 05.28.21 at 4:14 pm

Gee, if only there was a fiscally conservative party whose policies went beyond Trudeau bad and that encompassed a wide swath of Canadian voters.

A party propelled by an articulate, charismatic and intelligent leader explaining these policies to the voters.

You know, an opposition party you wouldn’t have to plug your nose if you voted for them.

#70 S.Bby on 05.28.21 at 4:23 pm

#34 oops

and our dollar has the word ‘loonie’ in it.

#71 Faron on 05.28.21 at 4:24 pm

#52 Don Guillermo on 05.28.21 at 3:14 pm

And how many time have you agreed with Mr. Trudeau? Sounds like perfect polarization to me. Right?

There’s plenty I don’t like about Trudeau. I’ll make it clear next time such policy or behviour comes up. Lack of election reform and pipeline purchasing are past examples. We and SNC scandals are gross. COVID has been a bumble, but Iceland seems to the only country to have god that right.

In this case money is set to flow to tradespeople rather than large corporate entities. The money will begin to address climate change. I’d prefer support lower down the income ladder, but I’ll take this one. Plus we need new windows… :-).

#72 tbone on 05.28.21 at 4:47 pm

I want to replace my 14 year old high efficiency 2 stage variable speed furnace that is 96.5 % efficient with a new one that is the same efficiency as i dont want the modulating type which is one percent more efficient .
But i dont know if that qualifies for the grant because they dont answer the phone and tell you to call back another day

#73 Sail Away on 05.28.21 at 4:50 pm

#63 Ponzius Pilatus on 05.28.21 at 4:03 pm

Restaurants are open in BC!

Have reservation for 6 at my favorite Dim Sum restaurant in Richmond.

———-

Great, I’m in! Please send coordinates.

#74 Magnum P.I. on 05.28.21 at 4:50 pm

Have you guys seen the Wiki entry for Wuhan Institute of Virology lately?

The entry always had that note about 2015 where WIV and University of North Carolina successfully finally engineered a hybrid virus and gave a bat sourced coronavirus gain-of-function in combination with SARS to infect human cells/HeLa. Papers and documents are there and linked in the Wiki post. Previously no bat coronavirus was able to infect human cells, but they combined it with SARS to give it that gain-of-function in 2015.

https://en.wikipedia.org/wiki/Wuhan_Institute_of_Virology

What I find interesting is the addition of the recent 2017 and 2018 entries about finding genetic makeup of SARS in bats in 2017 and that paper about human transition already in 2018. These are recent additions, and when the outbreak happened, these were not there. I saved the PDF of the page, can’t share it with you here, but those posts weren’t there. 2017 was added first, then the surprise 2018 Chinese paper about transmission from bats to people. Both of these happen in Yunnan.

If you took a bat sourced coronavirus that was never able to cross into human cells, and hybridized and gave it a gain of function by joining it with SARS – would you stop at just that one coronavirus or do more versions of coronaviruses as continuation of that work?

In October 2014, the US government imposed a moratorium on federal funding of such research on the viruses that cause SARS, influenza and MERS and they stopped funding and allowing the activity. This 2015 published research between WIV and University of North Carolina was allowed to continue because it was started earlier (2013?) and allowed to be completed and published. Clearly WIV continued the work in the area beyond as noted by other posts, just without UNC.

Did they just stop at this one variant of coronavirus, or did they do others? We don’t know.

If you were conducting this experiment, would it be out of question to inject the hybrid new HeLa infecting virus back into bats to see how it behaves?

Could/would those bats be released back to see bat population transmission? Would these bats be sold off for extra scratch like some of the reports indicate was the practice?

That certainly aligns with the timeline here. 2015 WIV create a coronavirus-SARS hybrid that now infects human cells. They inject into bats. Bats get into wild. 2 years later they now find SARS variant in bats. 1 year later it’s getting into humans?

We obviously don’t know. But timeline of other instances now included would align to that theory.

Also very interesting is the new note from a recent publication that confirms that even though Wuhan Institute of Virology is a BioSafety Level 4 lab, until the Covid-19 outbreak started end of 2019, all coronavirus research at the WIV facility was carried out in much lower BioSafety Level 2 and BioSafety Level 3 environments.

Of course this lower BSL level in which coronaviruses were being worked on in the facility only increases the chance of a lab escape.

#75 leebow on 05.28.21 at 4:52 pm

I’m ok with people owning houses, as long as I own everything outside those houses. They need to pay me, wherever they go.

#76 The West on 05.28.21 at 4:57 pm

It’s been out of control since the end of the government you were a part of. (Take some pride in that).

There are a couple of us cowboys down here that have been saying this for years in this comment section. An apathetic, uneducated general population who has been fed “the evils of prosperity” on their march through the institutions doesn’t even have the courage to face what’s happening. They simply refuse to believe it, let alone take any accountability for it.

How does this end with anything less than a bureaucracy who believes social engineering is the betterment of society?

This will go from comedy to tragedy a lot faster than people realize. It’s all “history” until it happens to us.

#77 Inequity on 05.28.21 at 5:03 pm

#42 Timmy

“Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.”

That’s where you are wrong. He didn’t buy it… we did.

#78 Patrick on 05.28.21 at 5:08 pm

#60 Dolce Vita

Dolce, how did this Indian variant spread around the world?

Did it walk over?

Did it fly on a trans-oceanic bat’s behind-the-ear-folded skin?

Or did it fly over here comfy and pressurized on a plane?

You can’t mess with nature. She’s smarter and faster than humans. After all, we’re just one element of it, she’s all of it.

However, we are so dumb we humans. We should have put a world wide stay-put order on this thing for 6 weeks back in January 2020. Instead we keep plugging up holes when it is way too late. Take the pain, shut it down. Ground all airplane traffic. Did we?

Remember the UK variant we learned about in December? Well, soon after we learned they knew about it since September and let the planes keep flying.

Makes you wonder if we really want to shut this thing down, or if as TurnerNation says, the politicians are intoxicated by the power and control they suddenly have.

While we’re sitting here focus on the Indian variant, guess what? Some other country is cooking a variant.
Where do you think the next “exciting” variant will come from? I’ll tell you where it certainly won’t come from…China.

#79 binky barnes on 05.28.21 at 5:08 pm

Binky Barnes, where are you?

Time to hear an inspirational post from you on our leader, the PM PM JT!

Freedom First

———————————–

See post #46 sir/madam.

And I appreciate that you draw some inspiration from my posts, but keep in my mind that my inspiration comes from the PM PM himself. He inspires millions and millions of Canadians daily.

BB

#80 Fart in a Jar on 05.28.21 at 5:09 pm

#34 oops

Multiple people have the word ‘fart’ in their name.

What’s the issue with farts? They are fun, funny, harmless, and just the thought of your nose being flicked by something that came out of my butt is…hilarious.

Are farts the only laugh that is at no one’s expense? I think so.

Enough. – Garth

#81 Kat on 05.28.21 at 5:13 pm

Interesting, my spouse is IN HVAC in Vancouver and does side jobs occasionally. Maybe doing this as a little side gig would be worth it. Might help pay our noise bleed rent until we can escape the province to move.

#82 Quintilian on 05.28.21 at 5:14 pm

#56 Devil Anse

“A local solution to a macro problem…never going to happen. Town council meetings have become warzones between NIMBYs and developers…new development permits are a sure way for incumbants to lose a municipal election.”

I think it is just a pillow fight for optics.

The developers, municipal politicians, MPs MLAs, Hillbilly Land Barons are one and the same in most of Canada

#83 I’m stupid on 05.28.21 at 5:20 pm

The new green initiative isn’t that bad. I posted here a while back about cash in construction and how much tax revenue is being unreported especially in the renovation/ landscaping industry. This new program will get a lot of that revenue back.

I personally was going to get my roof redone. I got a quote for $11000 cash. Well guess what now I’ll pay the tax. So I’ll pay $1430 in hst and the roofer will need to declare the income. Not all that bad in this liberal bizzaro world.

#84 islander on 05.28.21 at 5:21 pm

#12 Jack gitties
Yes – it’s called “death by house” .

If you think you’re immune, don’t bet on it!

#85 Shirl Clarts on 05.28.21 at 5:25 pm

#18 Classical Liberal Millennial on 05.28.21 at 1:31 pm
Time to replace our two front windows? Thanks JT!
^^^^^^^^^^^^^^^^^^^^^^^^^
It won’t cover the full cost.

If you want the full 5K, you’ll need to spend 40K of your own money first. Try all windows and Insulation.

I guess great news if you were planning to anyway, but lots of homeowners will not benefit from this.

This is a handout disguised as a green initiative. JT must think we’re all stupid.

#86 Penny Henny on 05.28.21 at 5:32 pm

#32 Ponzius Pilatus on 05.28.21 at 2:10 pm
As for Trudeau’s electability being affected by this move.
He may be many things,
but stupidity is not one of them.

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

Oh I’m pretty sure it’s one of them.

#87 George S on 05.28.21 at 5:36 pm

#28 NSNG on 05.28.21 at 2:00 pm wrote:
“I will say it again. T2 is passive-aggressive and he hates Canada. It probably goes back to his childhood and all the comments he heard about his dad. Every time people learned what his name was I’ll bet he got an earful. That planted a nasty black seed in his gut.”

I think you have “hit the nail on the head”
He is being especially bad to SK and AB who didn’t particularly care for his father.

#88 Ponzius Pilatus on 05.28.21 at 5:53 pm

#73 Sail Away on 05.28.21 at 4:50 pm
#63 Ponzius Pilatus on 05.28.21 at 4:03 pm

Restaurants are open in BC!

Have reservation for 6 at my favorite Dim Sum restaurant in Richmond.

———-

Great, I’m in! Please send coordinates.
————-
Sorry, Buddy.
Only Mandarin speakers are allowed in the restaurant.

#89 Flanneur on 05.28.21 at 5:56 pm

Thanks Garth, and Trudeau. I just signed up. We’ll see what happens.

#90 BK on 05.28.21 at 5:58 pm

#7 T. How does one leave? An average person that is???

#91 Don Guillermo on 05.28.21 at 6:10 pm

#71 Faron on 05.28.21 at 4:24 pm
#52 Don Guillermo on 05.28.21 at 3:14 pm

There’s plenty I don’t like about Trudeau. I’ll make it clear next time such policy or behviour comes up. Lack of election reform and pipeline purchasing are past examples. We and SNC scandals are gross. COVID has been a bumble, but Iceland seems to the only country to have god that right.

In this case money is set to flow to tradespeople rather than large corporate entities. The money will begin to address climate change. I’d prefer support lower down the income ladder, but I’ll take this one. Plus we need new windows… :-)
*************************************
OK, good to hear. We were planning upgrading our furnace this year anyways. Have had my eye on some new wheels for my 911. The 5K I save should almost cover it.
———————————————————–
And how many time have you agreed with Mr. Trudeau? Sounds like perfect polarization to me. Right?
__________________________________________
I’ve actually agreed with Trudeau on many of his proposals. Here’s a few examples of some favorites

-Lower the federal debt-to-GDP ratio
-Balance the budget in 2019
-Run short-term deficits of less than $10 billion in 2016 and 2017
-Ensure that the Access to Information law applies to the Prime Minister’s Office
-Invest $40 million each year to help employers create more co-op placements for students in STEM and Business
-Provide $100 million each year to support guns and gangs police task forces
– Maintain current National Defence spending levels, including planned increases
-Cover the cost of four years of post-secondary education for every veteran who wants one
-Invest $100 million each year to expand the circle of support for veterans’ families

I understand the top 3 were blown away by covid but Canada way, way underperformed compared to most (or all?) of the western world.

There too many more disappointments to list. Sorry BB.

#92 cuke and tomato picker on 05.28.21 at 6:17 pm

We plan to reno our bathrooms as soon as we get the 2nd
shot and and are assured that the construction firm we hire will also be totally vaxed so we might as well do our windows well we are at it.

#93 kommykim on 05.28.21 at 6:24 pm

RE:#78 Patrick on 05.28.21 at 5:08 pm
Makes you wonder if we really want to shut this thing down, or if as TurnerNation says, the politicians are intoxicated by the power and control they suddenly have.

=======================================

No. They are just slow & incompetent, and don’t want to be seen as over reacting. There’s no real conspiracy beyond politicians wanting people to think that they are smarter/better than the average Canadian.

#94 willworkforpickles on 05.28.21 at 6:30 pm

So why did they give this freebie away to the affluent now?
….so they won’t bitch as much when they give far more away to the poor later with subsidies, buying their votes ahead of the next election.

#95 the Jaguar on 05.28.21 at 6:33 pm

Doug’s up to bat on Saturday. He’ll be positively ‘vibrating’ on the excitement of Gretzky’s Rookie Card selling for 3.75 million. Broke a hockey card record, they say.

And he’s wearing an Alberta Oilers jersey. Not Leafs, not Habs, not Boston, not Chicago, etc.

Seems like an ‘association’ with Albertans has some pay offs, after all.

Lord have mercy, I can hear Bruce Springsteen’s Glory Days in my tired, run over by a bus, friday early evening mind……….

https://www.youtube.com/watch?v=6vQpW9XRiyM

Enjoy the hockey this weekend, all you sports fans…

#96 45north on 05.28.21 at 6:36 pm

Devil Anse

A local solution to a macro problem…never going to happen. Town council meetings have become war zones between NIMBYs and developers…new development permits are a sure way for incumbents to lose a municipal election.

In Ottawa, the New Official Plan is a well conceived brilliant piece of work. The driving force is intensification which is based on the need to be more energy efficient and environmentally friendly. Ottawa is not a very dense city – it’s easy to make it more dense. The Plan identifies special areas as transforming – this means high density. The special areas are located around transportation hubs which are where public transit routes intersect. The developers already own this land. Don’t think developers means only private developers, it also means the Federal Government. So the new Official Plan identifies areas as transforming and the owners are in agreement. Brilliant!

The professional planners in Ottawa have produced a plan which City Council endorses. NIMBYs will receive a polite hearing but there’s no war. Incumbents will do fine.

#97 Don Guillermo on 05.28.21 at 6:37 pm

I understand the top 3 were blown away by covid but Canada way, way underperformed compared to most (or all?) of the western world.
************************************

Oops, just realized Covid had nothing to do with the first 3 either. My bad!

#98 dr talc on 05.28.21 at 6:45 pm

This type of thing has been available in Ontario for a few years, but the rebate cheques came from Enbridge. It started with Wynn, who wanted all resales to have an audit, but that component was cancelled. It didn’t even have to be your PR as it does with T2’s version

#99 CPA on 05.28.21 at 6:47 pm

It is insane. 100% grant? not even 50/50 so that the homeowner has some skin in the game to make sure the bill is fair?
How out of touch with reality is this. The only saving grace is the July 31 deadline is too short to get everyone in.
…until there is outcry and it’s extended.

#100 crowdedelevatorfartz on 05.28.21 at 6:56 pm

@#71 Faron.
“Plus we need new windows… :-).

++++

And a few windows is all you will get.
$5000 gets you 3.5 windows…..

#101 crowdedelevatorfartz on 05.28.21 at 7:00 pm

@#72 tbone
“I want to replace my 14 year old high efficiency 2 stage variable speed furnace that is 96.5 % efficient with a new one that is the same efficiency as i dont want the modulating type which is one percent more efficient .”

++++

May I recommend the 100% efficient Austrian Furnace.
Full of hot air.
Endlessly blowing.
Almost no carbon emitted from either end.
Alas it is very noisy.
We call it the Ponzie.
Google it.

#102 crowdedelevatorfartz on 05.28.21 at 7:02 pm

@#888 Ponzie’s KungPow Predicament
“Only Mandarin speakers are allowed in the restaurant.”

++++
tsk tsk.
I believe thats illegal…..even in Richmond.

#103 Sail Away on 05.28.21 at 7:04 pm

#88 Ponzius Pilatus on 05.28.21 at 5:53 pm
#73 Sail Away on 05.28.21 at 4:50 pm
#63 Ponzius Pilatus on 05.28.21 at 4:03 pm

Restaurants are open in BC!

Have reservation for 6 at my favorite Dim Sum restaurant in Richmond.

———-

Great, I’m in! Please send coordinates.

———-

Sorry, Buddy.
Only Mandarin speakers are allowed in the restaurant.

———-

Dang, I’m just fluent in Cantonese.

#104 Nonplused on 05.28.21 at 7:29 pm

“Maybe it’s even time to reconsider the taxless status of unearned real estate gains. That would only be fair, when no other asset is exempt.”

Only primary residences are exempt. If it is a rental or even if you rent out the basement there are tax implications.

My contention is that a primary residence is an expense, not an asset. Once you count all the property taxes, mortgage interest, realtor commissions, roof repairs, renovations, new furnaces and appliances, and on and on, I find it hard to believe anyone has actually “made” any money owning a primary residence, at least outside of YVR and YYZ. I know I certainly haven’t. We had a good year here in YYC in 2006 when all the stock option money came in, but since then we are barely keeping up with inflation.

Speaking of inflation, that also should be factored in when calculating the tax on a non-productive asset.

And what do you do when someone takes a loss on their primary residence? I know it’s not common but it happens. Especially after expenses.

————————————

Anyway, as for this “Greener Homes Grant”, I find it hard to figure out how much is actually being doled out. It is certainly not the full cost of the upgrade. For example, for my house the most obvious upgrade would be the insulation in the attic, but since it is already R25 I would be eligible for $250. $600 if I can get the energy guy to say it is only R20. But I have to take it up to R50. I don’t know if that will even fit.

The windows are the next most obvious target but they are already double pane. Taking them up to triple pane would probably cost at least $50,000, but the grant is $125 per window, which in my case would make the grant $1984, so it is more of a coupon than a grant.

Upgrading the wall insulation is a non-starter because I have stucco. It’s already R15 or whatever 2×6’s works out to so there isn’t that much room for improvement short of gluing Styrofoam on the outside and then re-siding which I am not going to do.

I already did the furnace because the old one died.

So I don’t know how much of the money allocated to this program will actually be spent, other than on the salaries of the people who administer it and the new energy advisors. And I don’t know how many people have the money to retrofit their houses even with the coupon.

The proper way to address energy efficiency is through building codes and appliance energy standards. All the equipment eventually breaks and you can’t buy an 80% efficient furnace anymore. New houses already have to meet the higher standards when built. Eventually all the old houses will be rebuilt or renovated so that is when the new standards can be applied. But trying to retrofit a bunch of stuff before it reaches end of life is just a waste of money. It makes no sense to send a bunch of double pane windows to the dump just so you can put in some triple pane windows. There is an environmental cost to that too.

#105 rowdie on 05.28.21 at 7:31 pm

The $5,000 is just a voting strategy … guess we will all pay for this in the long through high taxes!! Enjoy while you can, more painful years to follow. When free money (fiat) is printed it initiates an explosion of inflation. The RE is feeling the heat right now, so if you haven’t sold your home by now, it is too late.

#106 Sandy Santori on 05.28.21 at 7:39 pm

You really want to stop out of control real estate prices. It is simple. There is one easy tool to do this. One, every $20,000 increase in your property value goes up, a 2% point increase in your mortgage rate until prices come down. The first 3% annual increase is exempt for only property prices at or less than $600,000. This should be implemented immediately to stop this monster from growing much more out of control.

#107 Dean Mason on 05.28.21 at 7:48 pm

I think besides raining in high real estate prices, we should look at annual equity, stock market values tax for December-31 every year. There should no be a capital gains taxes on equities, stocks, ETF’s, mutual funds etc.

There should be an annual income tax on stocks, equities, ETF’s, mutual funds etc. just like there is on interest, dividends, foreign dividends, interest etc. This would take speculation, high prices out of this market too.

#108 The Homemoaner on 05.28.21 at 7:49 pm

I had a new heat pump installed last year because the electric furnace was on its last legs and it cost a lot to run in a cold winter. But that was last year so I’m responsible for the entire bill. If I replaced it this year instead it the gov’t would have paid for half of it. So stupid.

#109 Nonplused on 05.28.21 at 7:52 pm

#32 Ponzius Pilatus on 05.28.21 at 2:10 pm
I’m with Faron.
If homeowners use this grant to upgrade their old inefficient furnaces it will be better for not just the owners. But also for the environment.

————————————

I got a $500 grant to upgrade my furnace. You know why I upgraded? The old one died and repairing it (heat exchanger was also cracked) was going to cost at least 50% of a new one. The grant was icing on the cake but I am pretty sure the furnace company just put an extra $500 on the bill.

There is no need for these government programs. The old stuff all has to be replaced eventually anyway, and doing so early comes with its’ own environmental costs.

There is another side to this as well. Try getting your roof repaired right now. Unless you want to pay emergency rates, booking times are at least 6-8 weeks. Heck it took me 5 months to get an arborist! The various installers and technicians are already as busy as hell and can’t hire due to CERB (they are even citing it when you crap your pants at an estimate), so all this grant money is going to go straight into the pockets of the companies doing the work. The increased demand will lead to higher prices, eliminating any benefit from the grants.

Why is CERB leading to such high rates? Well, as explained to me, they can’t hire anybody to do skirting and cleanup so the technicians have to do it. This means not only higher labor rates, but also that the technicians are spending more time on each job doing work that would have until CERB been assigned to a “laborer”. It also means the “laborers” aren’t getting the training they need to become “carpenters” or “plumbers”, but they are getting really good at video games. This means the “labor” shortage will continue well after CERB goes away, because we just missed a whole year of training for a whole cohort.

#110 Redic on 05.28.21 at 8:00 pm

Garth, I second the request to do a post on the tax implications of exiti g Canada. Some nice places in Europe now have a lower cost of living compared to my current locale and there are job opportunities for me there.

#111 Faron on 05.28.21 at 8:01 pm

#100 crowdedelevatorfartz on 05.28.21 at 6:56 pm

Happy to do the rest of the windows myself.

An aside: look up “Willful Blindness” by Sam Cooper. Book about BC casino money laundering, the opioid crisis and BC real estate and connections on high. I’m reading it and thought you would like it. The notion that foreign capital hasn’t budged BC RE is quaint.

#112 Nonplused on 05.28.21 at 8:08 pm

#42 Timmy on 05.28.21 at 2:48 pm
Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.

———————

I don’t think he had a choice. He had to buy Kinder-Morgan out since they had already spent billions under previous approvals.

#113 Frank Sangua on 05.28.21 at 8:16 pm

Any green, environmental agenda is marxism. Wake up Canadians. Also, let’s say you do get $5,000 ecah year for 7 years which is $35,000 total if they don’t change the rules. You will pay at least 5,6, 7 times more just in capital gains taxes on your principal residence, house.

You get $35,000 with who knows what strings attached with this Liberal government and pay $150,000+ capital gains taxes. What a bunch of losers that 700,000 are.

#114 Nonplused on 05.28.21 at 8:22 pm

#92 cuke and tomato picker on 05.28.21 at 6:17 pm
We plan to reno our bathrooms as soon as we get the 2nd
shot and and are assured that the construction firm we hire will also be totally vaxed so we might as well do our windows well we are at it.

————————————–

That’s some pretty big spend.

#115 SOMETHINGS UP!! on 05.28.21 at 8:31 pm

“What government can do is stop giving money to people who don’t need it.”

Heck you talkin about??
Gimme my damn 5Gs.
I been overtaxed for decades…. time to get those dollars back!!!!

#116 Nonplused on 05.28.21 at 8:32 pm

#100 crowdedelevatorfartz on 05.28.21 at 6:56 pm
@#71 Faron.
“Plus we need new windows… :-).

++++

And a few windows is all you will get.
$5000 gets you 3.5 windows…..

————————————-

It’s $125 per window. They aren’t paying for the windows outright.

#117 Ponzius Pilatus on 05.28.21 at 8:39 pm

#103 Sail Away on 05.28.21 at 7:04 pm
#88 Ponzius Pilatus on 05.28.21 at 5:53 pm
#73 Sail Away on 05.28.21 at 4:50 pm
#63 Ponzius Pilatus on 05.28.21 at 4:03 pm

Restaurants are open in BC!

Have reservation for 6 at my favorite Dim Sum restaurant in Richmond.

———-

Great, I’m in! Please send coordinates.

———-

Sorry, Buddy.
Only Mandarin speakers are allowed in the restaurant.

———-

Dang, I’m just fluent in Cantonese.
————-
Told you,
Don’t waste time learning a dying language.
Are you also fluent in Latin?

#118 Nonplused on 05.28.21 at 8:39 pm

#103 Bob Dog on 05.27.21 at 10:51 pm
@Nonplused

BC, Washington State and probably Quebec are 100% solar powered for electricity via Hydro. A visit to Revelstoke dam is on my bucket list but its deep in the BC interior. Hours and hours drive away.

Generating electricity is not an issue. Storing it and transporting it is the problem.

https://www.bchydro.com/community/recreation_areas/visitor-centres/revelstoke-visitor-centre.html

————————————

Then why do we send them so much natural gas and oil products? Oh, you mean electricity. Yes, BC has a lot of hydro. But not enough to run their cars.

#119 Nonplused on 05.28.21 at 8:43 pm

#101 Faron on 05.27.21 at 10:05 pm
#91 Nonplused on 05.27.21 at 9:27 pm

I accept your analysis, but don’t forget energy that goes into refining and trucking gasoline around.

Another issue, of course, is the difference between point-source and distributed emissions. CCS is a long way off, but it aint happening from a tailpipe. Non CO2 emissions are better placed with remotely located natty gas plants thus improving human health immediately.

———————————–

Yes, energy is consumed moving petroleum products around too. And I am not against electric cars. Or solar. Or wind. We should try all the things. Eventually the winners will move to the forefront.

#120 Tyberius on 05.28.21 at 8:45 pm

“The main dig is this: why is the government rewarding and subsidizing people (700,000 of them) who already own real estate? This ‘Greener Home Grants Program’ is about to put $2.6 billion more in the hands of the socially elite. Are politicians totally tone deaf? How could Justin be so dumb as to send out this message to his Millennial voting base, many of who are anguished over the property wars?”
+ + + + +

Garth, haven’t you been reading TN’s posts? This is WW3 with ultimate goal to divide us into as many quarelling groups as possible:
– black vs white
– 99% vs 1%
– vaxxed vs unvaxxed
– homeowners vs renters
– gender 1 vs gender 2 vs gender n…
– right vs left
– far left vs centrist left
– essential vs non-essential
– etc.

It ALL makes sense, if that’s what the end goal is. Wakey, wakey folks!

#121 crowdedelevatorfartz on 05.28.21 at 8:46 pm

@#116 Nonplused
“It’s $125 per window. They aren’t paying for the windows outright.”

++++

ahahahaha.
They’re reimbursing the GST on the windows!

#122 The real Kip (Ret) on 05.28.21 at 8:59 pm

So you’re saying I can get $5k for Green Renos just for asking. You just gave me an idea. Thanks.

Hello Justin? Yea it’s me…

#123 Faron on 05.28.21 at 9:08 pm

#119 Nonplused on 05.28.21 at 8:43 pm

Eventually the winners will move to the forefront

Free markets do a great job allocating resources in the short run. When it comes the looking into the future, capitalism is like driving 120 at night from Banff to Canmore with only your fog lights on. I.e. lacks much foresight.

Winners in this case may need a high-beam nudge.

#124 Do we have all the facts on 05.28.21 at 9:15 pm

Are we out of control? Of course we are. Buying votes is totally out of control and must be stopped. Handing out grants to home owners whose net worth is inflating daily is a level of pandering that should be illegal. I wonder what the seniors living four to a room in underfunded nursing homes think about this latest giveaway?

Covid has extinguished responsible government in Canada. We have a Finance Minister that stated that it would be irresponsible not to add $400 billion in debt when interest rates are so low.

The normal state emerging from the Covid Crisis looks an awful lot like insanity.

#125 Ustabe on 05.28.21 at 9:21 pm

#112 Nonplused on 05.28.21 at 8:08 pm

#42 Timmy on 05.28.21 at 2:48 pm
Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.
———————
I don’t think he had a choice. He had to buy Kinder-Morgan out since they had already spent billions under previous approvals.

Last I looked Transmountain was profitable. That might have changed but I’m not going to look it up right now.

I can tell you that the man camps are full in northern BC, the twining proceeds at a pace.

#126 Ponzius Pilatus on 05.28.21 at 9:33 pm

#91 Donnie
Did you ever run a business?
Trudeau is doing what every prudent business owner should do,
When the economic environment changes, damn the budget and adjust to the new reality.
And BTW, I did not keep track, but I’m sure Harper broke a few promises, too.

#127 C8.R on 05.28.21 at 9:50 pm

#72 tbone on 05.28.21 at 4:47 pm
I want to replace my 14 year old high efficiency 2 stage variable speed furnace that is 96.5 % efficient with a new one that is the same efficiency as i dont want the modulating type…

There is likely a dip switch on the furnace circuit board (check the back of the owners manual) that can switch to single stage or fixed blower speed. Alternatively there are installation settings on most programmable thermostats that can switch to single stage operation as well. Check your manual, most set up menus are accessed by a special double button press and hold.

No need to spend 4 large on a furnace when someone when the necessary no how can change your systems operation in a few minutes!

#128 Funky on 05.28.21 at 10:04 pm

Out of control indeed!

#129 Leo Trollstoy on 05.28.21 at 10:36 pm

It sure sounds like the government wants real estate prices to go up

#130 Robert Ash on 05.28.21 at 10:38 pm

What concerns me, for the future, is there seems, to be a plan or program, that we just aren’t privy to, some, larger scale new world policy or collectivism, that the average voter need not participate in… That or all common sense has been arrested, for some inexplicable reason.

#131 Ken W on 05.28.21 at 11:07 pm

I love Justin, he is demonstrating great leadership when Canada needs it most. I wished he would have gone to 30k and not just a minuscule 5k. Take the money everyone, we can agree that “ Canada is Back” as Justin once said. He is keeping his word, and we should be grateful he is benefitting us all.

#132 Don Guillermo on 05.28.21 at 11:43 pm

#112 Nonplused on 05.28.21 at 8:08 pm
#42 Timmy on 05.28.21 at 2:48 pm
Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.

———————

I don’t think he had a choice. He had to buy Kinder-Morgan out since they had already spent billions under previous approvals
*************************************

Oh, he had a choice. He decided to regulate KM out of town. KM happily took the $$ and reinvested in Texas laughing all the way. Canadian taxpayers are the dolts again!

#133 Don Guillermo on 05.28.21 at 11:46 pm

#126 Ponzius Pilatus on 05.28.21 at 9:33 pm
#91 Donnie
Did you ever run a business?
Trudeau is doing what every prudent business owner should do
****************************************
Hahaha, super funny, using Trudeau and prudent business owner in the same sentence. I’m sure even Faron is blushing.

#134 Tudval on 05.28.21 at 11:55 pm

Actually, as a homeowner, I am also pissed. It’s wasteful and unnecessary. As you point out, homeowners will pay inflated prices, so most of the benefit will go to contractors. 2010 revisited. I actually replaced my furnace and A/C last year, anticipating possible shortages and got a very good deal, probably thousands less than what I’d have to pay under the ‘new green deal’. But why do ‘kids’ have a problem? It’s not their money. Homeowners pay a lot of taxes and much of this grant will be returned to the government in the form of higher HST revenues because of said inflated prices to be paid by all renovators, whether they get the grant or not. + Income taxes to be paid by contractors. While the ‘kids’ don’t pay much in taxes anyway. I bet new Canadians coming in the next 10-20 years will pay more. And the debt, well, they’ll kick the can down the road just like everybody before them.

#135 NSNG on 05.29.21 at 12:31 am

The more insidious part of this is that it sends a signal. It is a signal to homeowners that, no matter what, in good times and bad, the government will have their backs.

It is also an incentive to buy and renovate a house. In normal or bad times that might be justifiable but not in times of a bubble market.

#136 Nonplused on 05.29.21 at 12:36 am

#125 Ustabe on 05.28.21 at 9:21 pm
#112 Nonplused on 05.28.21 at 8:08 pm

#42 Timmy on 05.28.21 at 2:48 pm
Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.
———————
I don’t think he had a choice. He had to buy Kinder-Morgan out since they had already spent billions under previous approvals.

Last I looked Transmountain was profitable. That might have changed but I’m not going to look it up right now.

I can tell you that the man camps are full in northern BC, the twining proceeds at a pace.

—————————————-

The original line was profitable. I am talking about the billion or so Kinder spent on studies and regulatory hurdles and design for the twin line, which at the time Trudeau bought out the whole thing was going nowhere.

Strange that the government can build a pipeline they won’t let private interests build, but so it is.

Maybe Line #5 and KXL are revenge?

#137 Nonplused on 05.29.21 at 12:40 am

#123 Faron on 05.28.21 at 9:08 pm
#119 Nonplused on 05.28.21 at 8:43 pm

Eventually the winners will move to the forefront

Free markets do a great job allocating resources in the short run. When it comes the looking into the future, capitalism is like driving 120 at night from Banff to Canmore with only your fog lights on. I.e. lacks much foresight.

Winners in this case may need a high-beam nudge.

———————————–

Driving at night from Banff to Calgary with only the fog lights is how we do it when it snows. But we know the road.

Letting the government pick the winners is sort of like asking a 6 year old what we should have for dinner.

#138 Sail Away on 05.29.21 at 1:10 am

The crux of the biscuit is… Tesla is only partially about cars:

https://youtu.be/x3aqWJO4Rso

#139 Michael in-north-york on 05.29.21 at 1:32 am

#41 Very Daper Pathogen on 05.28.21 at 2:44 pm

Trudeau is going to England next month what can we offer for them to keep him?
===

We will have to accept Johnson in exchange.

#140 Michael in-north-york on 05.29.21 at 1:44 am

#29 Faron on 05.28.21 at 2:03 pm

I’ll add that the teensiest bit of effort to reign in O+G subsidies both direct and indirect as well as offshoring of corp profits could easily pay for the home energy efficiency program.
===

IRS should urgently hire you as their new Commissioner. They’ve been making massive efforts against the corp profits offshoring, with very limited accomplishments. Now they can have a hope ..

#141 Exodus 2020 on 05.29.21 at 2:04 am

$5000 grants to the haves is the most idiotic divisive government handout, I’m one of the pissed!

#142 millmech on 05.29.21 at 8:18 am

https://willow.ca/en/home
See, now everybody can be a homeowner for $100.00. I am already on the waitlist as this will now Gamestop some of the best properties in Canada.
Way more pressure on house prices now.

#143 Phylis on 05.29.21 at 8:25 am

#127 C8.R on 05.28.21 at 9:50 pm
Hey, did you distribute the April numbers? We should be able to do coffee in a wee bit.

#144 Dharma Bum on 05.29.21 at 10:38 am

Hey – I just replaced windows last month!

Darn it.

Missed it by THAT much!

https://www.youtube.com/watch?v=ox-NkyEFTmo

#145 Dharma Bum on 05.29.21 at 10:46 am

#138 Sail Away

The crux of the biscuit is…
————————————————————————–

The crux of the biscuit is the Apostrophe(‘).

At least, that’ what I was taught:

https://www.youtube.com/watch?v=D9FBQ1O5F8k

Well, I told him right then
(Fido said)
It should be easy to see
The crux of the biscuit
Is the Apostrophe(‘)
Well, you know
The man who was talkin’ to the dog
Looked at the dog an’ he said: (sort of staring in disbelief)
“You can’t say that!”
He said:
“IT DOESN’T, ‘n YOU CAN’T!
I WON’T, ‘n IT DON’T!
IT HASN’T, IT ISN’T, IT EVEN AIN’T
‘N IT SHOULDN’T . . .
IT COULDN’T!”
He told me NO NO NO!

#146 Lumber on 05.29.21 at 11:09 am

How is the federal energy rebate program so much more terrible than the provincial rebate programs..?
https://www.bchydro.com/powersmart/residential/savings-and-rebates/current-rebates-buy-backs/home-renovation-rebates.html
https://www.efficiencyns.ca/residential/upgrade-the-comfort-of-your-home-for-less/?gclid=CjwKCAjwzMeFBhBwEiwAzwS8zEuMA_WM5pXzGUG2UoyefjYTZ49sMHGWpe4wK7BeVPDS9UyIDlJPCBoCQ84QAvD_BwE

#147 tkid on 05.29.21 at 12:34 pm

Trudeau is taking a page out of Harper’s playbook. Harper gave us a tax credit for renovations, and a sudden downturn in house prices reversed itself.

Now that housing is the main industry in Canada, Trudeau cannot afford to allow house prices to deflate or the economy will deflate as well. He doesn’t want to do a reno tax credit, or Harper will be talked about in the news. So he does a free-money-for-house-eco-projects, and gets to promote the environment, pump the economy, and get his name in the news.

This ain’t gonna end well, but the ending is a decade or more away.

#148 Nonplused on 05.30.21 at 1:20 am

#132 Don Guillermo on 05.28.21 at 11:43 pm
#112 Nonplused on 05.28.21 at 8:08 pm
#42 Timmy on 05.28.21 at 2:48 pm
Trudeau was stupid enough to buy thr. Transmountain pipeline. Never underestimate his stupidity.

———————

I don’t think he had a choice. He had to buy Kinder-Morgan out since they had already spent billions under previous approvals
*************************************

Oh, he had a choice. He decided to regulate KM out of town. KM happily took the $$ and reinvested in Texas laughing all the way. Canadian taxpayers are the dolts again!

————————————

Mark my words: Keystone XL and Line 5 will both be divested to American interests, Buffet or Kinder-Morgan perhaps. Then all regulatory issues will suddenly dissipate. We’ll still have Trans-Mountain and maybe Energy East if we get our heads out of our butts, but Canadian energy companies owning energy assets in the US is what is getting phased out, not the assets themselves.

This is what happens when a punter like Trudeau tries to mess with the big boys. He most definitely did not know what side of the toast his butter was on.

And how would it not be fair? We shut down Kinder-Morgan, bought them out, and then proceeded to build exactly what we wouldn’t let them, using the same drawings and easements (and workers, and pipe). Why shouldn’t they do us the same we did them?

The good news for Alberta is that the oil will eventually flow. Eventually. Alberta doesn’t really own the pipes anyway, never did, that’s more of an Ontario thing.

#149 letthemeatcake on 05.30.21 at 3:38 am

guess I’ll just send this one to my landlord … hope he uses it to finally do some repairs …
would love to see a 5k grant for student loans, or really for any demographic not currently experiencing massive asset appreciation. forgiving student loans would also pump money into the economy.
— millennial feeling the futility!

#150 Sail Away on 05.30.21 at 10:39 am

#149 letthemeatcake on 05.30.21 at 3:38 am

would love to see a 5k grant for student loans, or really for any demographic not currently experiencing massive asset appreciation. forgiving student loans would also pump money into the economy.

———-

Not a bad idea, meat cake.