Corey’s in crisis. Life was all plotted, the way lawyers like it. Predictable path: career first, then wife, then house. Clause by clause. Motion, discovery and deposition.
Alas, she split. So at 41 he has the means and motive, but no opportunity. Naturally (as all troubled lawyers do) he wrote me:
“I make $200k plus a bonus (last year gross comp was $320, year before $254). Right now I rent, at a cost of $2900 for a condo in Toronto. No car, TFSA is $90k in growth etfs/some individual stocks and RRSP is $170k, 80/20 equity/fixed. I had intended to buy real estate with someone but now I have $330k in cash sitting there. Do I buy a place on my own? The semis I am looking at are around $1.2mm. Mortgage plus tax would be about $5000 with $240k down payment. If I don’t buy now might be too late in a year or two the way things are going, am at bit of a crossroads. Your advice would be appreciated!”
Well, counselor, there must be a reason to drop a quarter million dollars on something, absorb a million in debt and almost double monthly living costs. Is buying half a house in Toronto worth that kind of investment or financial sacrifice for a single, jilted, guy?
The only reason he’s vexing: FOMO. Buy now or buy never. Recency bias – what just happened will go on forever. Soon slanty semis will be $3 million. Everybody knows that.
Well, Corey needs to consider the alternative to a house he doesn’t need. If he hangs on to his $590,000, continues to add a hundred grand a year and adopts a more predictable portfolio, in ten years he should have $2.64 million. By age 61 that becomes $6.67 million, providing an annual retirement income of $425,000 for life, while basically retaining the principal amount.
Now, he’s going to be a well-off guy whatever the outcome. Unless of course, he marries and divorces. Or has three kids who all want to be dentists and expect him to finance it. But buying a house (or part of one) that he doesn’t need at the very moment when prices have never been higher and knowing the costs of his seven-figure mortgage will only increase in the future seems, well, criminal.
This also begs the question many people ask now – is it ever a bad time to get real estate?
This blog has oft offered this advice: buy a house if you need one and doing so will not gut your finances nor imperil your family. Corey doesn’t need four bedrooms and three bathrooms. He fails the first test.
There are compelling reasons not to buy, based on a person’s personal situation.
Primarily (of course) is when you can’t afford it. Real estate costs a fortune in most places and the overhead just starts there. Add on closing fees, insurance, condo charges or maintenance, property taxes, financing charges, renos and the staggering costs of selling. If this sucks off too much net income (like 40%) the ability to save for retirement, kids’ education or unforeseen events disappears. That is risk, and danger. It’s gambling.
Also consider the debt. Canadians have borrowed 41% more than last year and now owe $2.1 trillion. Interest rates are at historic lows with but one direction in which to travel. Debt servicing charges will rise. A lot. And interest paid on residential mortgages (unlike investment loans) is not deductible from taxable income. Nor are property taxes (as in the US). All costs associated with a house are financed in after-tax dollars – the substantial upfront cost of the principal residence exemption from capital gains tax when you sell. Today, when guys like Corey contemplate a $1,000,000 mortgage on one side of a house, you can see the risk.
Think about this, too: change. Mobility. A flexible life. Real estate can be a comforting anchor for the sedentary and unadventurous, but a deadweight upon ambition. Owning property which prevents relocating for a better career is a drag. Markets can turn, of course, with real estate becoming illiquid (seriously, kids, it happens) and a wealth trap. Marriages and relationships can tatter, making jointly-owned housing a financial quagmire. Life is full of surprises.
Despite the stigmatizing of renters these days, leasing instead of owning can bring immense liberty. The freedom to move for opportunity. An escape from increasing property taxes, condo fees, repairs or maintenance. Quick mobility. The ease of new experiences when relocating to a new hood, city or even country is unencumbered by marketing and selling property. No realtors. Plus, it’s cheaper. Almost always property owners subsidize their renters. That means tenants have an enhanced ability to save, invest, be liquid and build a financial defense against uncertainty. Especially lawyers making big bank.
So, buy if you need and can afford. But never be so fatuous as to mistake real estate as the goal of life.
About the photo: “Since being introduced to your blog a year ago, by a colleague and friend, I haven’t missed a day reading it. It is insightful, entertaining and amusing,” writes Franky, sucking nicely. “I’ve suggested to my 2 children, ages 20 and 24, that they could benefit from reading it as well. No success on that front but I still pass along what I can. The picture here is of Mieke. She is an 11-year-old Border Collie crossed New Zealand Herding Dog. She is super smart and has done it all from herding sheep to dog agility. She currently resides in Cranbrook BC with my daughter.”
138 comments ↓
A fellow “loser” renter here. Seems to me that $2900/mo is more advantageous than $5000/mo.
Unfortunately, real-estate-at-any-cost-itis has swept the land. So it is likely that Corey just wants The Bearded Sage’s blessing to jump into the mortgage ownership game so that he doesn’t have to admit to being a loser renter at the lawfirm’s upcoming Holiday party. What would the partners think? The horror!
My bank stocks thank you in advance for not thinking with your head.
Corey.
Get another house.
Get married.
Work crazy hours to pay the bills.
Second wife leaves because you’re always at work.
Lose that house( are your still paying the mortgage on the first one?).
Rinse and repeat.
OR
Invest and tell no one..
Rent a nice place.
Tell anyone you’re dating that you like renting and may rent forever.
If they still stick around….
Well, I missed out on Happy Charturday by this much.
Uncle Garthie, is talking about renting being an o.k option, let’s look at the wild rental price swings south of the tripwire.
I was busy yesterday reading my government worker orientation package.
Thanks for letting me know it’s not o.k to grab a co-workers booby…
M46BC
———————————————
Top 10 U.S. Cities by Fastest Growing and Declining Rent Prices.
“When considering a rental property usually the price, among other factors, determine if the option is a yay or nay.
During 2020 with telework mandated for many across the nation, many Americans opted for new surroundings, free from the restrictions they once had. As such, various U.S. cities experienced increases and decreases in average costs of rental properties, such as two-bedroom apartments. As our visualization shows, these percentages varied widely across cities from April 2020 to April 2021.
Based on city average rent price trends for two-bedroom apartments from April 2020 to April 2021:
Although Las Vegas, NV tops the list with the biggest increase in rent pricing at 45.60% ($1,997), it does not top the list as one of the most expensive two-bedrooms.
Scottsdale, AZ tops the list as the most expensive rent prices for a two-bedroom at $3,125 (a 36.80% increase).
Seattle, WA experienced the largest decrease in rent pricing at 26.30% ($2,884) but was still not among the most inexpensive two-bedrooms.
Lexington, KY and Fort Wayne, IN only experienced average decreases in rent pricing (17.70% and 14.50%, respectively) but were still amongst the most inexpensive two-bedrooms at $976 and $839, respectively.
The average percentage that most rent prices increased by was 30.3% and the average percentage rent prices decreased was by 16.8%.”
https://howmuch.net/articles/top-10-us-cities-by-fastest-growing-or-declining-rent-prices
The following numbers are from the Bank for International Settlements (BIS)
Total credit to the non-financial sector (core debt), % of GDP (as of the end of the 4th quarter, 2020)
Greece – 345.6
Canada – 359.7
https://stats.bis.org/statx/srs/table/f1.1
The following BIS chart shows Canada’s total credit to its non-financial sector (core debt), as a percentage of its GDP from 1990 to the end of the 4th quarter of 2020:
At the end of 2006 it was 219
https://stats.bis.org/statx/srs/tseries/CRE/Q.CA.C.A.M.770.A?t=f1.1&c=&p=20204&i=6.10
HE’S A LAWYER.
Just sue EVERYBODY!
Like this dude:
https://www.youtube.com/watch?v=QhjBlPucpd0
#46 Doug Rowat on 06.12.21 at 7:37 pm
#49 Nonplused on 06.12.21 at 8:02 pm
After the current woke crowd’s racism phase there will be an inevitable desire to push equality of outcome. It is possible to counter this with Capitalism’s primary selling point; the merit based equality of opportunity it should provide.
Inheritance fundamentally undermines the myth of equality of opportunity.
Inheritance is increasingly becoming the most important factor for success in our economy\society; I think that disparity of wealth (and lack of quality jobs/good opportunity) is leading society leftward.
With Fairness being one of the most basic universal moral values, people will come to the conclusion that the current system is “systemically” unfair. That Inheritance = Cheating.
Over a certain amount perhaps $10 Million, most in society will support a significant inheritance tax
As Nonplussed illustrates, you already acquire enough advantage simply by having a childhood of privilege, with such advantages there should be no need for lump sum inheritance in our merit based society.
Fairness one of the most basic universal moral values.
https://en.wikipedia.org/wiki/Moral_foundations_theory
Regarding risk, I would re-state that a large Quantity of Capital has a certain Quality inherent to it.
$1 Millon is some money.
$10 Million is wealth.
$100 Million is power.
Always a good blog!
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
Some might be interested from the June 11 show
-New study shows puppies are born able to understand and communicate with humans
-Your brain replays new skills at superspeed during rest periods to boost learning
https://www.cbc.ca/radio/quirks
@#3 Floppie
“Thanks for letting me know it’s not o.k to grab a co-workers booby…”
+++
Govt H.R. employee orientation package Clause 12, paragraph 3 , subsection 2.3 emphatically states
“It’s only ok if you’re the same gender and unexpectedly run into each other at a sporting event”
Corey…. Buy bitcoin in small amounts every paycheque.
Leave it at that.
crowdedelevatorfartz on 06.13.21 at 10:00 am
@God
“Now that my rainbow has been culturally appropriated, am I allowed to use floods to express my wrath again?”
++++
Our profuse apologies for stealing your “thunder”.
We’ll use environmentally friendly, waterproof paint next time.
===================================
Oh sure. They call it waterproof paint but try putting it down when it’s raining.
Phfft! False advertising is what I say. :)
Cheers, R
Gotta love Toronto, a place where Lawyers slapping 300k/year sweat bullets over affording a semi.
#10 SOMETHINGS UP!! on 06.13.21 at 10:57 am
Corey…. Buy bitcoin in small amounts every paycheque.
———-
There ya go. Probably best to make sure the amounts are really small… as in indistinguishable from zero.
Peter Foster: Mark Carney, man of destiny, arises to revolutionize society. It won’t be pleasant | National Post
https://nationalpost.com/opinion/peter-foster-mark-carney-man-of-destiny-arises-to-revolutionize-society-it-wont-be-pleasant
Economic Shutdowns. See the Headlines are designed to get into your HEAD. This WW3 is for our minds. There no longer is the news, only predictive programming.
Look it’s summertime and in Ontariowe it’s Too Dangerous to eat inside, or step inside a gym or barber shop. Sick people everywhere!
The State of Science. This ain’t going away soon…
.Fears that restrictions could be in place until spring [UK] (telegraph.co.uk)
.China Returns to Its Strict Covid Limits to Fight a New Outbreak (nytimes.com)
.German Parliament extends pandemic emergency (zdf.de)
.Italy halts AstraZeneca vaccine for under-60s (reuters.com)
.Manitona is overwhelmed.
Population : 1.3 million
Hospitalisations : 197 (0.015% of the population)
ICU patients : 45 (0.003% of the population).
https://www.gov.mb.ca/covid19/index.html
—
–Dolce look at the latest Consp. Theory German media is calling out.
https://www.bild.de/politik/kolumnen/kolumne/kommentar-zum-intensivbetten-betrug-unsere-angst-darf-nicht-missbraucht-werden-76698320.bild.html
Numerous clinics deliberately reported fewer free intensive care beds than they had – in order to collect money from the taxpayer
Every German felt this when he heard that our hospitals were on the verge of collapse. The idea of struggling for breath on overcrowded hospital corridors is oppressive.
This fear was the main argument for the lockdowns.
Corey will pay almost $70k tax on his $200k salary. Bonus is taxed at 50%, so first thing to do with bonus is max RRSP ($26k) then with remaining bonus money (if any) top up TFSA.
So with take home of about $130k, plus any remaining
bonus, he needs to save about half in order to be near
that $100kpa total savings goal.
Or he could blow a bunch of that on the semi. so 7 truefacts, $250-300kpa doesn’t mean so much in Toronto.
So my suggestion for him is to work and save for a few years, then sell his share, GTFO, move to Hicksville and set up new country lawyer practice and enjoy life so much more. Oh and get a dog.
Also can he set up a personal law corp for himself? Any advantage to that?
Every lawyer I know in small town BC is busy. Don’t know about Ontario.
#7 truefacts on 06.13.21 at 10:36 am
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
—
I earn $0 if that’s any consolation. I rely on Trudeau and Biden’s advanced experience in market manipulation to deliver returns. They are the gift that never stops giving. Lol.
#10 and #13:
——–
I’m with #13 that owning zero bitcoin is probably best… but for sake of argument lets just pretend you have a conviction in bitcoin. You still need to diversify.
Champions of bitcoin (I am not one of them) either regard it as “like gold” or “like currency”. Lets treat each separately.
If you think its “like gold” then you should hold it the same way you would hold any other precious metal. No serious person would go all-in on precious metals, let alone resources of any kind! Maybe 5% as a hedge in a diversified portfolio. Even the “permanent portfolio” (Browne 1999) only suggests 25%.
If you think its “like currency” then you should use it the same way you would use any other currency. No serious person would go 100% to cash! Maybe 60/40 equity and bonds, with geographic and sector diversity. Whether they are CAD, USD or BTC denominated, doesn’t really matter to the “bitcoin is a currency” viewpoint.
So to #10, buying a bit of bitcoin in every paycheque is not a real strategy. It’s either as crazy as saying buy a gold coin every month, or as useless as saying open a savings account.
Not to say you cannot have gold and cash as part of a blended portfolio, but no sane person would go all in on either approach and expect to get (and stay) rich.
A buddy of mine works in a logistics function for one of the major grocery stores in Canada. He tells me that prices for groceries are going to rise dramatically as we come out of the pandemic. We have not seen anything yet compared to what is coming. Companies want to try to recoup from losses during the pandemic and they want greater profitability going forward. Simply put, he says that they are greedy and they feel that they can get away with it in part because of the pent up demand. The likelihood of people using their increased savings to pay off debt are probably slim to none.
And it is not, obviously, just the retailers but all throughout the supply chain their suppliers and other key players will want to raise prices. On the other end, we are already starting to see higher restaurant prices for those places that are open.
I am certainly not an economist but given the likely rise in interest rates we will see in the near to mid term plus rising costs because of efforts to recoup losses and increase profitability, there has never been a better time to get out of debt and to be liquid with a balanced, diversified portfolio. I also believe that once government programs are removed, the unemployed are going to return to low paying jobs with very little chance of higher wages. Employers may not be able to afford raises because they were forced to carry more debt to survive, their costs are going to be higher, and the employers know that there is not going to be the backstop of government support to enable employers to thumb their noses at their former employers.
I really believe that many in this great country are headed for years, if not decades, of financial hardship thanks to their irresponsible fixation on a single, all-in on real estate strategy. As stated in earlier posts, it is unlikely we will see much of a fall in house prices (indeed perhaps none) but people looking for a good rate of return on their “investment” may find that they are net losers when all costs are factored in.
He should just buy a detached house if he makes that kind of money. And a dog. He should find good woman soon too if he plans on being a dad before he gets too old.
Why? – Garth
#69 NSNG on 06.13.21 at 1:52 am
People need to understand that the only reason pipelines are being shut down is because “uncle” Warren Buffett, a major supporter of the democratic party, owns trains and oil cars.
———-
1. Recognize that uncle Warren owns an oil- transporting railway that will likely benefit from pipeline shutdown
2. Buy Berkshire stock and return 41% in the last year, 30% YTD
Happy to help.
Does this Lawyer not have any hedge against inflation or hyperinflation at his age of 41 years old. Midlife actually. What would you advise him to do to preserve the value of his cash of 330k.
Inflation is 4% annually. Hyperinflation (50% a month) will never occur in Canada. – Garth
#7 truefacts on 06.13.21 at 10:36 am
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
**********
According to Statistics Canada, the median household after-tax income for non-senior families was $93,900 in 2019.
https://www150.statcan.gc.ca/n1/daily-quotidien/210323/dq210323a-eng.htm
I can’t find median home values, but I believe the CREA pegged the average house price at $716K earlier this year.
Garth, I fail to see why you’re so confident interest rates will rise. Look at what the central bankers do, not what they say. Look at Japan’s experience, for example. There is simply too much debt out there – the economy would implode if central bankers finally grew a pair and made money cost something again. But alas, we’re in this grotesque debt situation because central bankers kept real interest rates negative for 12 years and counting. This leads to obscene wealth inequality and the asset bubbles (real estate, stocks, bonds) we see today. There is a direct cause and effect at play.
They clearly want to inflate away as much debt as possible before the masses wake up to what is being done to them. U.S. inflation came in at 5.1% last week – and yet the Fed still isn’t even thinking about thinking about even tapering (to say nothing of stopping outright) its obscene $120B a month of bond and MBS purchases. They wont stop no matter how bad inflation gets, because they know they’re staring a depression in the face if they don’t. Look at the rate of debt growth compared to economic growth since 2009 – the only reason we didn’t enter a depression post-2009 is because debt has been growing faster than the economy. Obviously that can’t go on forever, but as we’ve already seen, it can go on for a very long time.
So a slanty semi going for $1.5M in Owen Sound in a few years? Never underestimate the central banker money printing operation. Of course by then the homelessness problem will be that much worse, but rest assured the central bankers will take no responsibility.
Re. the Victoria BC chatter the other day.
What’s next for our cities. Opined many times here that all of the future spending in our cites will go toward the Poverty Industry; that is the groups, NGOs getting rich. Millions spend per capita. Fat contracts handed out. 2600/mo for a tent??
https://www.npr.org/2021/05/25/999969718/high-cost-of-los-angeles-homeless-camp-raises-eyebrows-and-questions
May 25, 202112:55 PM ET
But the high public cost of LA’s first sanctioned campground — more than $2,600 per tent, per month — has advocates worried it will come at the expense of more permanent housing.
According to a report by the city administrative officer, the new East Hollywood campground costs approximately $2,663 per participant per month. That’s higher than what a typical one-bedroom apartment rents for in the city, according to the website RentCafe. While the per-tent cost covers services, meals, sanitation and staffing,
…..
Guys the hospital capacity! Why we locked down right?
Bike lanes!!?
.Manitoba hopes to spur COVID-19 vaccination through a lottery offering nearly $2 million in cash and scholarships
.Amid ‘diminishing demand’ for first COVID-19 doses, Alberta unveils three $1-million vaccine lotteries to spur uptake
https://www.cbc.ca/news/canada/calgary/downtown-calgary-strategy-business-case-1.6062043
. In total, the [Calgary] wants to spend $1 billion over the next 10 years on everything from incentivizing office tower conversions to building more bike and pedestrian infrastructure, investing in arts and green spaces and more. It hopes to have help from the province and Ottawa for some of the costs.
—
The latest Science from around the world:
https://www.trendsmap.com/twitter/tweet/1403452965726437379
FRANCE SUSPENDS ITS 11PM CURFEW SO SPECTATORS CAN WATCH NADAL-DJOKOVIC
#60 Ian Darye on 06.12.21 at 9:27 pm
The problem with the can’t beat them join them motto is Warren Buffet and many companies like him has special share options and can sell anytime way before things go bad.
The little pathetic shareholder is always left holding the bag. Warren Buffet and others like him got rich on the little shareholder which is always at a disadvantage.
———
First of all, there are 2 ‘t’s’ in his name unless you speak of Jimmy’s less-famous cousin.
Second, if your own investing record is such that your returns are better than Mr. Buffett’s, you have every right, nay-obligation to your financial future, to go your own way.
Thanks for your erudite views.
#19 Sail Away on 06.13.21 at 11:56 am
1. Recognize that uncle Warren owns an oil- transporting railway that will likely benefit from pipeline shutdown
2. Buy Berkshire stock and return 41% in the last year, 30% YTD
Happy to help.
I prefer to dance with the devil than dance with the devil.
For lack of a better term, I don’t want Buffett’s ‘karma’ rubbing off on me. He is not a good ol’ boy. Anybody who is that rich and still has to cheat to win is not right in the head.
If you do the math on his salary and what he currently has saved up for his age, one gets the sense that he is actually spending quite a lot of his massive income. So for that reason I would say to continue renting. It doesn’t seem that he has done a budget and looked at what he spends his money on, to see how much it would be constrained if he bought.
Poor Corey, don’t follow the herd, dude.
We are on the cusp of massive generational and economic change that will only push down the values of real estate.
Boomer retirement healthcare will have to be paid for with taxes, there’s no other way.
Experts estimate health care costs will increase by 3-6 times current levels within the next twenty years or so.
One example:
https://www.newswire.ca/news-releases/health-and-long-term-care-costs-are-an-overlooked-factor-in-retirement-planning-edward-jones-study-884235616.html
The population replacement rate is only about 1.5 per couple. The future tax base is shrinking, thanks largely to the elitist economy that has been created by the Boomer generation, and as a result the unaffordability of ordinary family life for younger generations.
But the current housing bubble will discourage more newbies coming to Canada. This may change in a decade, but lots more will change by then, too. So the extra $ for senior healthcare will have to come from the pockets of current citizens for the most part.
Add in the environmental reckoning and the costs of that, barely started, and the picture is very big and slowly getting clearer.
Taxes, taxes and more taxes.
The old ways, the old days, are done.
Be part of the change.
Or be run over by it.
FOMO might just become Fear. Listings for SFH in my precinct are up 55% and many of those are re-listings of shacks that didn’t sell a couple of months ago.
All of the people I know, from millennial’s to retirees, are sitting on their hands. Even the RE agents in my world admit to having sold their “investment” properties with no intention of getting back into the market.
I like the life of a Turkey analogy Ryan posted on Saturday.
RDSP.
We are all getting older and after all the years of working and planning for the future sometimes we find ourselves not being able to do the work anymore. The years have finally caught up with my body and fortunately or unfortunately, depending on how you look at it, I have qualified for the disability tax credit and therefore the RDSP. I’m not looking for pity as I have saved and invested all my life and will be financially stable until the day I die. I am just looking to maximize the production of my portfolio while reducing the tax obligations. How does the RDSP fit into the picture?
Renting, Owner sold, had to find new place.
Looked at 20 places over 6 weeks from $2500-$ 3200. A select few we liked. Admittedly we are picky, still see some we viewed weeks ago sitting. Incentives starting to be offered. Listings piling up.
Yesterday Filled out the paperwork for a view 1100 Sq ft. Going to ask for a rent reduction once the credit check goes through. (We have another comparable in the wings if required.)
Back to the new abode numbers.
Assessment value. 1.4 million
Price to Rent ratio 31
Price to income 16.6 (Assume 84k)
For sale: Same building/floor plan right beside the rental, currently listed for 1.8 million. Were that to be an accurate “selling price” The numbers are more horrifying.
Price to rent 47.3
Price to income 21.42 (assume 84k)
We could afford to purchase outright or finance, the numbers don’t work. Instead, Gonna let that 60/40 continue to grow. Waiting patiently for sanity to arrive.
#25 Sail Away on 06.13.21 at 12:08 pm
#60 Ian Darye on 06.12.21 at 9:27 pm
The problem with the can’t beat them join them motto is Warren Buffet and many companies like him has special share options and can sell anytime way before things go bad.
——
First of all, there are 2 ‘t’s’ in his name unless you speak of Jimmy’s less-famous cousin.
——-
This Jimmy?
He’s worth almost a billion, it must come with the name :)
https://www.youtube.com/watch?v=BPCjC543llU
#26 NSNG on 06.13.21 at 12:13 pm
For lack of a better term, I don’t want Buffett’s ‘karma’ rubbing off on me. He is not a good ol’ boy. Anybody who is that rich and still has to cheat to win is not right in the head.
———–
Cheat? Uncle Warren?
Would it be asking too much to request proof of such a lowdown, low class, dirty accusation?
#51 crowdedelevatorfartz on 06.12.21 at 8:13 pm
Hmmmm
Once again, the Mandarins in Ottawa are completely oblivious to the economic ramifications of ignoring the US govt.
The pithy amount of non consequential Parliamentary seats afforded to Western Canadian voters means…BC is an election backwater to the Ottawa majority seat mindset.
https://nationalpost.com/news/world/canadas-4-2-billion-cruise-industry-risks-being-permanently-decimated-by-proposed-u-s-law
A multi billion dollar economic kick in the teeth if this US Law becomes permanent.
Which I suspect it will.
Bye bye Cruise ships and the Billions of $$$$$….Billions of $$$$$….. the foreign tourists spend….. because Trudeau stuck to his Covid rules and wouldnt budge.
No Cruise ships until 2022 sez Trudeau?
I guess all those covid testing kits languishing in govt warehouses are too precious to use?
God knows , after 1.5 years of Covid I could count the amount of people I know that have been tested at about 5….
Perhaps the govt tax money shoveled out of the Federal dump truck into the Deficit bonfire will be even less in the next few years?
Not to worry, the rainbow crosswalks will always get a fresh coat of paint.
—————————————————————
You forgot to mention how this will help Canada meets its CO2 emission targets – plus Vancouver’s and Victoria’s image will no longer be tarnished by these boats once the industry completely bypasses these cities.
Successive federal governments have been painting themselves into the corner with consecutively worse and worse real estate policies for two decades or longer. As a result of these policies Canadian society is becoming very polarized but it must be said that many other countries are in the similar boat. However, Canada is the only country that provides the benefit of tax-free gains on the primary residence. Thus, everyone is doing whatever it takes to get on to the ownership bandwagon. If the one is not owning the property paying the rent to landlord feels as the landlord is getting rich on the renter’s expense, and all of that is tax free courtesy of Canadian government.
With all of this said I was wondering if there is a possibility for the government to implement the policy and allow income tax write off for the rent or portion of it. Canadian home ownership as a percentage of total is already at historic highs and not too many people(renters) would get the opportunity to claim rent (portion of it) against the income. In essence taxes collected on rental income would be offset (most likely not all of it) for the benefit to the renters claims against the income taxes. I am not sure if it would cost the government too much but it would appear as a fair policy based on the fact that property gains are tax free.
#7 truefacts
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
——-
Yes I would imagine this blog attracts higher income earners. Do you remember school? The brighter kids got good grades and the not so bright failed? Now replace grades with money and you can understand where I’m going with this.
Sure there may be exceptions but generally smarter = more money. Plus if you’re making 50k a year there is no way you can save or invest anything so you’re definitely not coming here. I don’t want to sound insensitive but it’s the truth.
#33 Sail Away on 06.13.21 at 1:27 pm
Cheat? Uncle Warren?
Would it be asking too much to request proof of such a lowdown, low class, dirty accusation?
-He’s the son of a senator.
-He’s very influential in the democratic party.
-He owns trains and oil cars.
-The democratic party is shutting down pipelines.
Do the math.
Great post about living a great life Garth! You covered all the bases. I would add more, but my handle says it all.
Corey, you are sitting pretty, don’t ruin it again.
Freedom first
#20 Ballingsford on 06.13.21 at 11:50 am
He should just buy a detached house if he makes that kind of money. And a dog. He should find good woman soon too if he plans on being a dad before he gets too old.
Why? – Garth
*****
In case his semi-neighbor is noisy, rude, unfriendly, etc., and they don’t keep up their property.
My chart (May data) that COMPARES PRICES in $CAD and $USD for Single Family Detached Houses in Vancouver, Toronto and Calgary with FX and Crude Oil Notations is up:
http://www.chpc.biz/canadian-housing-in-usd.html
Clearly yes, there are times to avoid buying a house, because there are a lot of moving parts to establishing value.
In May 2021 a single family dwelling in the hot metros of Vancouver, Calgary and Toronto came in at 18% cheaper if purchased in USD as opposed to CAD.
They were 28% cheaper in February 2016 and at the March 2009 Pit of Gloom, prices were 21% cheaper in USD.
Keep your eye on the FX, Crude Oil and commodity markets… and the housing rental market:
http://www.chpc.biz/6-canadian-metros.html#Rentals
Toronto apartment 1 and 2 bedroom apartment rents are still over 18% less costly Y/Y in Toronto.
I’m 44 years old and I have used a lawyer once (actually paralegal did it for free) when I bought my house 16 years ago. Besides that I never have had use for a lawyer most things can be done without them it’s funny that people keep using lawyers and paying their high fees.
@6 Dogman01
“Inheritance is increasingly becoming the most important factor for success in our economy\society; ”
Cripes, where did you read that?
Oh, you mean smarts, not money obviously (usually people on this blog mean money). Apologies.
” I think that disparity of wealth (and lack of quality jobs/good opportunity) is leading society leftward.”
Oh yeah, ok, you are talking about money.
I think disparity of wealth is a problem in this “5 second soundbite” world we live in than it was back in your parents generation (and many before that) where one saved for a rainy day, and actually put money away.
I see no reason why saving and investing for the future won’t work for todays kids.
I know, I know, nobody wants a room mate or 3, or to use a bike and bus rather than having a car or two, (at least one a Tesla, natch) and a good iPhone and data plan, Netflix, skip-the-dishes platinum card, and of course all the swag.
Yeah, yeah, I know. Nobody wants to read on “how to cycle to get groceries, 2 kids in a bike trailer, because there’s no money for a car” and “City Bus 101 with kids” and “clothesline drying for idiots” or, after a bit of money has come in “how to live with only 1 car in the family”.
I’m remarried for just over 2 decades; I think all the kids/step kids are doing fine. My partner and I don’t want any inheritance, and the kids/step kids are “getting it”.
Maybe because they are bright and motivated, not lazy.
Find the on-line PDF of “The Millionaire next door” and read it, and see if the conclusions are different this time than it was when the book was written.
#19 Inflation
“A buddy of mine works in a logistics function for one of the major grocery stores in Canada. He tells me that prices for groceries are going to rise dramatically…Companies want to try to recoup from losses during the pandemic…”
It would never occur to me that groceries lost much, if anything, during this past year, being one of the few sectors that never had to shut down. Maybe a look at the big groceries’ balance sheets might be instructive.
I don’t doubt that they would be eager jack prices, but not necessarily for the reason your buddy cites.
@#34 Stoph
“You forgot to mention how this will help Canada meets its CO2 emission targets – plus Vancouver’s and Victoria’s image will no longer be tarnished by these boats once the industry completely bypasses these cities.”
++++
True.
But the cruise ship terminal in both Van and Vic just spent millions upgrading the docks so that the ships didnt need to idle their engines and pollute.
They now have shore power to connect the ship to .
Unfortunately there may be no Cruise ships to “plug in”
https://www.portvancouver.com/about-us/faq/reducing-emissions-with-shore-power-2/
The key phrase here is ‘need’. People frequently equate ‘want’ with ‘need’. ‘Corey’ may want a house – sign of success, having ‘made it’ etc. – but with the money he is earning he could easily rent whatever house digs he wanted to put on a show. No need to commit to huge debt.
Also, used to be that bigger was considered better. However a rather large percentage of Canadian households comprise of one or two people. I like space myself, but a well designed/laid out smaller space can provide more than enough elbow room. Easier to maintain too. Where is the market demand for well designed, smaller houses that one would think would be a big hit, especially with anyone trying to downsize from a space that requires a ride on vacuum cleaner? Note I’m talking SFH, not a condo box in the sky. Dirt, not monthly dues. One would think some enterprising builder would see an opportunity…..
About the photo:
Mieki looks like a nice dog.
And she seems to appreciate Native Art.
I assume you’re not implying that qualifying for the disability tax credit is the only application criterion?
The application is more complicated than that. So are the rules.
If you do decide to sign up, do it quickly, as at your age, you still might qualify for some of the RDSP grant portions. And BTW, I believe that, to some extent, the grants are retroactive for some people.
While I definitely don’t recommend using their services, I suggest checking out the text at RDSP.COM . It’s a pretty good website. At least, better than CRA’s info. on the subject which is here:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/registered-disability-savings-plan-rdsp.html
==================================
#30 heloguy on 06.13.21 at 12:28 pm
RDSP.
We are all getting older and after all the years of working and planning for the future sometimes we find ourselves not being able to do the work anymore. The years have finally caught up with my body and fortunately or unfortunately, depending on how you look at it, I have qualified for the disability tax credit and therefore the RDSP. I’m not looking for pity as I have saved and invested all my life and will be financially stable until the day I die. I am just looking to maximize the production of my portfolio while reducing the tax obligations. How does the RDSP fit into the picture?
#36 I’m stupid
****
That was insensitive. Not everyone on this blog makes over $200,000 + a year. Some people have to start somewhere.
#41 CJB “it’s funny that people keep using lawyers and paying their high fees.”
Not a Lawyer but know a few. This may hep with the why?
One is Criminal Defense Law and I quote “its amazing how much money people will pay to stay out of jail”
He seems to be doing very well……
@#34 Stoph
“You forgot to mention how this will help Canada meets its CO2 emission targets – plus Vancouver’s and Victoria’s image will no longer be tarnished by these boats once the industry completely bypasses these cities.”
LOL drop in the bucket. Go to China and check out their zillion coal plants.
Did you here that ice is melting on Pluto? Is that fro our SUVs too?
An increase in solar warming is heating up the whole solar system.
Human cuases is a lie. You can check the facts a NASA.
Suckers
Re: Lawsuit: Cruise ships bypassing Vancouver, Victoria
Not gonna happen.
Just anorher “pig squeak ” spouting off in Mormon Country.
Vancouver and Victoria are the crown jewels in any cruise to the North West.
Maybe Bellingham could substitute, with a visit to the Bellis Fair mall.
Real Estate is probably not a good investment these days, but then again we have been saying that for a decade. Sometimes you need to ride the trend.
Property taxes in Texas:
In Williamson County – Austin, Texas, with a property tax rate of 2.018%, a $200,000 home would amount to about $4,000 per year in property taxes. If a married couple earns a household income of $65,000, they may expect to pay $9,457 in federal income taxes each year. But after deducting their property tax expense from their gross income, they’d only pay around $8,671 in federal taxes. That’s a super easy savings of $786!
…there’s a formula for everything.
#6 Dogman01 on 06.13.21 at 10:31 am
#46 Doug Rowat on 06.12.21 at 7:37 pm
#49 Nonplused on 06.12.21 at 8:02 pm
….
With Fairness being one of the most basic universal moral values, people will come to the conclusion that the current system is “systemically” unfair. That Inheritance = Cheating.
Over a certain amount perhaps $10 Million, most in society will support a significant inheritance tax….
***************************
If you set the bar so high, who cares?
Sure, those inheriting 10m+ have a massive advantage, but so what? That’s a few people per year and has virtually zero impact on regular people’s lives.
As for what people support, often they have no idea what’s good for them.
If you ask every Canadian whether they support a 95% inheritance tax on anything over 10m to support fairness I’ll bet you get a majority.
I’ll also bet that within 6 months of implementation Canada will have exactly zero decamillionaires which will result in a massive net loss in tax revenues.
All of that will lead to almost zero extra opportunities for regular folk and would just bring us all down as a whole.
#4 Party on Garth
That was excellent, bookmarked it and how the MIGHTY HAVE FALLEN.
G7, Credit as a % of GDP:
Japan…………..418.9
France………….374.4
Canada…………359.7
UK……………….304.4
Italia……………297.4
USA……………..296.1
Germany………208.8
Another Biden budget $ Trillions giveaway and Italia right down there with the frugal Germans.
P-I-G-S they said where I = Italia.
Who’s laughing now huh Canada?
And with Super Mario Draghi in charge it can only get better for Italia.
Watching some G7 and talks about spending and you knew the only person that really understood what it all meant was Mario…why he was quiet.
#45 Linda
Agree.
Wants vs. Needs, the old conundrum.
We in the Western World, are moving up in Maslow’s Hierarchy of Needs.
Advertisers make big bucks converting “wants into needs”.
Go into any show room, and suddenly “I want granite counter tops” becomes “I need granite counter tops”.
Families are smaller than they used to be, but houses have become much larger.
Same with cars.
I am sad to hear about Corey’s divorce. However he is
young enough to to start over. I suggest he buy a house and make his goal to pay off his house as fast as he can
by carefully watching his spending habits. He should also
learn how to do all the things you need to do to keep everything in the house working well and being the most
attractive on your street. Pay close attention to detail inside and outside. We have owned 4 houses in our 50 years of marriage three on cherry acreages in the south Okanagan and no house payments for 41 years houses and land always went up. Living the charmed life on south Vancouver Island.
#15 TurnerNation
Hard to say if that conspiracy theory in Germany isn’t truthful after all.
It’s Bild, I visit their site every morning and to tell you the truth they’re pretty level headed, as most Germans are, despite you have to wear sunglasses to read their headline news content.
I believe there was a lot of overstatement Worldwide about dire straits medical in order to strike fear into the hearts of people and get them to take distancing, masks, etc. seriously.
I think it was the right thing to do to stop the spread but now as Covid in the rich nations dies off people are starting to ask questions, like you.
So they should.
#44 crowdedelevatorfartz on 06.13.21 at 2:07 pm
——————————-
Thanks for the link to the port authority. I had forgotten about their shore power upgrades.
#36 I’m stupid on 06.13.21 at 1:46 pm
Sure there may be exceptions but generally smarter = more money. Plus if you’re making 50k a year there is no way you can save or invest anything so you’re definitely not coming here. I don’t want to sound insensitive but it’s the truth.
////////////////////////////////////
I make the effort to try and have some sort of future despite never earning 50k a year.
I have saved and invested a portion of my wages every year since I was 18, before that my money was in the bank, probably earning something like 6% interest in late 80s/ early 90s.
I married someone that earns similar money, and started and has continued to feed her RRSP throughout the years since the mid 90s.
Both of our primary focuses has switched to the TFSA the last 6 or so years since I’ve been on this blog, the superannuation and RRSP still gets fed, or consolidated, and compounds, but we know we are playing small ball, and never lift our heads up too high to strike out swinging for the fences.
Living in a place like Vancouver on that sort of money meant we had to make decisions/sacrifices, especially since our main hobby is traveling in one mode or another.
We usually try for 3 budget holidays a year, two flying, one camping, to achieve this we have to watch what we do with our money in Vancouver.
Rent is the main expense, obviously, but after that things drop off pretty quickly with no kids and car payments, and settle on the lower rung of gas and groceries.
Eating out at expensive places is reserved for special occasions and when on holiday, before COVID Saturday lunch was the main eat out meal of the week to give the wife a break from the kitchen, and with all the ethnic eats in our hood, two people can get full as a fat lady’s sock for less than $25 each weekend.
Also try not to drive my truck on the weekends, walk to do errands and even pick up fruit and vegetables to get excerise, heavy items I try to multi-trip on the way home from work during the week.
I’ve had a $20 a month phone plan for as long as I can remember, last week as part of my new job I was given a newer edition iPhone with full data package and tomorrow I have to go and pick up a new iPad as well, so should be good for a while in that department too.
There are some guys on here that have lots of money and can do what they want, partly through being estranged from my parents virtually my whole adult life I have had to be able to fend and save/invest for my own future, I live with one eye on today, one eye on tomorrow, it keeps me off the streets.
In the drum solo by Phil Collins ” In The Air Tonight.” he gets to hit every drum he can get his hands on, the rich guys on here can afford to hit every drum in life, I have to skip a few drums, so I don’t make as much noise and the journey around is not as smooth.
That’s o.k.
You have to walk to your own beat…
M46BC
Lots of houses in the GTA for under $1mil.
https://www.realtor.ca/real-estate/23299966/20-stokewell-pl-toronto-bendale ($991k)
Corey buys this detached house, rents out the 2 bed basement apartment and cuts the mortgage down to below what he currently pays for rent. Corey will live in his 3 bedroom upstairs suite and joins the many families enjoying this neighbourhood and beautiful nature trail system. Once he’s established, all other life events happen. Hey, if he gets an offshore job, rent the upstairs and leave town for your contract position. Nothing wrong with that at all, I did it.
There are lots of ways to invest your money. A smart person always looks at the dividends, interest, or rent as a payment for owning an asset that will hopefully rise over time. It’s a no brainer if you look at investments this way, and do your analysis, you will never regret your asset purchase.
Remember, cash flow is KING, always!
What about the influx of people expected to come into Canada over the next ten years? How will this affect prices?
I agree with your advice Garth.
I think the guy is hurting, wants a love nest to attract mate #2. Like others said if he does that, rinse, repeat as he will be attracting all the wrong people just after a better life using his wallet.
Besides the mathematical financial dumbness you point out he will reduce himself to a marital prospect, no more, and at 41 he is no longer:
A Debutante at the Cotillion.
—————
Stay the course friend, listen to Garth and the many others here that have travelled your path before you and offer good advice on that as well.
I am curious…..if someone fills to max their TFSA and RRSP every year – but still opts to buy a larger home…..is that taboo to many?
I save every year and recently looking at farm land in Ontario.
I also am concerned that saving $6m until I am 80 is great for my future generations……but not as enjoyable for me. Where do you draw the line between living….and saving? I am not sure.
#37 NSNG on 06.13.21 at 1:48 pm
#33 Sail Away on 06.13.21 at 1:27 pm
Cheat? Uncle Warren?
Would it be asking too much to request proof of such a lowdown, low class, dirty accusation?
———
-He’s the son of a senator.
-He’s very influential in the democratic party.
-He owns trains and oil cars.
-The democratic party is shutting down pipelines.
Do the math.
———
I never have been good at wild-eyed, accusatory, conclusion-jumping, conspiracy math. My inbred neighbour Festus is an expert, though.
***wait a minute***
Festus?
There is nothing wrong with buying real estate. Just don’t buy real estate in Canada.
With about 195 countries to chose from, you can buy a nicer place, in a better location, with amore secure future, for 1/4 to 1/5 of what it costs to get something here. Wifey and I just closed on our second condo out of the country, and are going to Moscow in 2021 to look at buying a place over there next. We will own 3 places for less than it costs to buy ONE HOUSE here in Calgary, let alone Toronto……heh.
Take advantage of a golden passport country and get an extra citizenship or PR for the time when the SHTF here in Soviet Kanuckistan under our dictator, the prince of woke.
Bought in 1989 because I had just got married. Found the cheapest bungalow I could find that would put a roof over our head until the kids came. By 1996/7 the value had fallen 40%. I moved up in 2000 and have stayed here since, so I am ok. If you don’t own already, don’t own now! Wait. Prices will fall/stagnate and it will be years before they are back to this crazy level we are seeing now. Accounting for inflation…it will be decades! Been there…did that.
#36 I’m stupid on 06.13.21 at 1:46 pm
#7 truefacts
Sure there may be exceptions but generally smarter = more money. Plus if you’re making 50k a year there is no way you can save or invest anything so you’re definitely not coming here. I don’t want to sound insensitive but it’s the truth.
***************************
I disagree.
In the 3 years leading up to retirement last November at age 40, we spent $60k/y
roughly split:
$20K rent
$20K food
$20K vacations/toys
A couple earning 50K each should take home 80K so if they cut down on the vacations and toys they could save 30K per year which becomes 3m+ after 30 years.
@#51 Prattling Pipsqueaks’ Psilocybin Protest
“Vancouver and Victoria are the crown jewels in any cruise to the North West.”
+++
You are dreaming ( hallucinating?) right?
The Americans have wanted to rip up that archaic “Cabotage” Law for decades.
Trudeau’s refusal to allow US Cruise ships into Canada because of covid will play right into western States hands.
They’ve been salivating for decades at all those billions in tourist dollars that sail past to Canada…..
Not having to dock in Canada before continuing on to a another US port is the impetus to move all their “Cruising departure ” to Seattle.
Seattle to Alaska without the logistical pain in the a$$ of the current Canada/US Customs coming and going.
Imagine that.
Sounds like a win win for the Cruise industry to me.
And I’m sure more than a few related businesses in Vic and Van are crapping their collective pants right now.
sunday funnie
https://youtu.be/2UCZhU8uER8
#32 IHCTD9 on 06.13.21 at 1:00 pm
#25 Sail Away on 06.13.21 at 12:08 pm
#60 Ian Darye on 06.12.21 at 9:27 pm
The problem with the can’t beat them join them motto is Warren Buffet and many companies like him has special share options and can sell anytime way before things go bad.
——
First of all, there are 2 ‘t’s’ in his name unless you speak of Jimmy’s less-famous cousin.
——-
This Jimmy?
He’s worth almost a billion, it must come with the name :)
https://www.youtube.com/watch?v=BPCjC543llU
******************************************
I’ve been to a few of Jimmy’s shows over the years. My favorite was May 1997 at the Woodlands Pavilion near Houston. The outdoor venue is perfect for a Buffett event.
https://www.woodlandscenter.org/events
#55 Dolce Vita on 06.13.21 at 2:51 pm
#4 Party on Garth
And with Super Mario Draghi in charge it can only get better for Italia.
Watching some G7 and talks about spending and you knew the only person that really understood what it all meant was Mario…why he was quiet.
_________________________
OR perhaps he is just contemplating about how much time he will be serving once they find out what he has done … like many of his predecessors. Or whether the mob will get him first!
Garth, would you agree that with an inflation around 5%, a person who has a mortgage to pay at around 1.89% is making money just by having it?
My impression is, until we have these low rates and a crazy market (that’s for another year to be expected?) the debt is king. Think about it: you have to pay 2% on 1M debt, but your money are losing value much faster than you think. How much inflation we have until now in Canada? Is it 5.6%?
Let’s say you invest. If you get a return of 7% per year, minus taxes, minus inflation, how much is left?
Another thing I was thinking about… If we have a mortgage stress test that checks if the borrower can pay the mortgage for the money they take at 5.2%, and (somehow) they pass this test, why would we even be scared the housing will lose value?
Just a thought.
#50 Plantgoofy on 06.13.21 at 2:27 pm
@#34 Stoph
—————
Did you here that ice is melting on Pluto? Is that fro our SUVs too?
An increase in solar warming is heating up the whole solar system.
Human cuases is a lie. You can check the facts a NASA.
Suckers
________________
I can’t believe this comment was posted. He’s obviously a climate change denier. I thought this was a far-left, Biden loving! anti-conservative, anti-denier blog.
Lawyer dood – you’re rich. There , happy? Man, talk about happiness receptors being outta whack. You need a dopa-hit, rep? Look at your bank statement. Lol!!
Anywho, dood. Buy what you want, where you want i.e. Forever home now – So long as it fits within certain guidelines that YOU define – proximity to work, location, hot neighbors – you CAN afford it…c’mon man. No math on the bar exam? Haha.
Keep’em comin’, Garth! Lol.
Og
#45 Linda on 06.13.21 at 2:16 pm
Linda, it is very clear why we have McMansions everywhere, rather than more modest SFH accommodations, especially where land is at a premium, like larger urban centers It is the nature of the beast that we call real estate. In order to maximize profits, or even make a profit, the developer has to make a larger than necessary house. 6 bath, 6 bedroom and the like. And I have to buy a house that is much larger than we need. We only use about 50% of our house, but without the third level, I wouldn’t enjoy the awesome view that was the biggest selling point of the house and for which they can charge a premium. So it really comes down to economics as does so much in life!
#51 Ponzius Pilatus on 06.13.21 at 2:38 pm
Re: Lawsuit: Cruise ships bypassing Vancouver, Victoria
Not gonna happen.
Just anorher “pig squeak ” spouting off in Mormon Country.
Vancouver and Victoria are the crown jewels in any cruise to the North West.
Maybe Bellingham could substitute, with a visit to the Bellis Fair mall.
=======================================
What nonsense. The cruise ships’ destination isn’t “the North West”. No one goes on an Alaskan cruise to see Victoria or Vancouver. Their stopping there was merely a sidenote of an arcane law. The fact that it was lucrative for the Canadian cities was incidental.
No more law, no more stopping. Nice one, Canadian feds.
truefacts on 06.13.21 at 10:36 am
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
You are not out to lunch, there are lots of people who have accumulated wealth through good money management. Most millionaires are self made, not made by inheritance. People will never accept personal accountability.
“A buddy of mine works in a logistics function for one of the major grocery stores in Canada. He tells me that prices for groceries are going to rise dramatically…Companies want to try to recoup from losses during the pandemic…”
It would never occur to me that groceries lost much, if anything, during this past year, being one of the few sectors that never had to shut down. Maybe a look at the big groceries’ balance sheets might be instructive.
I don’t doubt that they would be eager jack prices, but not necessarily for the reason your buddy cites.
**********
A wait what moment..
Grocery stores always make money, even in recessions.
They will reduce quantities again. A bag of chips will be a quarter full. Bottles will get even smaller ‘conentrated’ new liquids with the promise it will clean the dirty fryer without having to scour all under the guise of environmentally friendly. A chocolate bar will reach 3.69.
Restaurant prices are going up at the same time they are trying to get customers back. $58 dollars for two eggs benny and two coffees…normal family restaurant.
I think if you read between the lines that Corey is wanting to try to protect gains within the confines of personal real estate, rather than have them be exposed within an investment account for the family law system to generously give away to his ex.
#72 Mafioso
Sad that Garth doesn’t allow crybaby emojis’ here.
Face it Canada you have a Gov of Amateurs running the country.
PM Silverspoon that cries at the drop of a hat, a journalist for a Finance Minister, a Glee Club HS Junior Cheerleader wannabe for a Procurement Minister, an Interior Decorator for a Health Minister and a populace that is up to its eyeballs in debt but will elect anyone that keeps shoving money down their throats as if there were not tomorrow.
What could possibly go wrong?
#21 Sail away
Any chance you can give us a heads up on the next 41% gain. Does anybody invest other than 60/40.
#77 BillyBob on 06.13.21 at 4:11 pm
#51 Ponzius Pilatus on 06.13.21 at 2:38 pm
Re: Lawsuit: Cruise ships bypassing Vancouver, Victoria
Not gonna happen.
Just anorher “pig squeak ” spouting off in Mormon Country.
Vancouver and Victoria are the crown jewels in any cruise to the North West.
Maybe Bellingham could substitute, with a visit to the Bellis Fair mall.
=======================================
What nonsense. The cruise ships’ destination isn’t “the North West”. No one goes on an Alaskan cruise to see Victoria or Vancouver. Their stopping there was merely a sidenote of an arcane law. The fact that it was lucrative for the Canadian cities was incidental.
No more law, no more stopping. Nice one, Canadian feds.
————–
We’ll see.
At least you don’t have to worry about it.
So relax.
#31 WTF on 06.13.21 at 12:39 pm
For what it is worth … in the area I watch, MLS rental listings have tripled in the past four weeks.
Property taxes in Texas:
In Williamson County – Austin, Texas, with a property tax rate of 2.018%, a $200,000 home would amount to about $4,000 per year in property taxes. If a married couple earns a household income of $65,000, they may expect to pay $9,457 in federal income taxes each year. But after deducting their property tax expense from their gross income, they’d only pay around $8,671 in federal taxes. That’s a super easy savings of $786!
…there’s a formula for everything.
———————-
Be careful taking advice from anonymous internet posters. Federal income tax in this scenario would be $7,408. Adding the real estate tax to Schedule A would reduce the income tax by $371. Forgetting about the real estate tax and using the standard deduction would result in income tax of $4,502.
Christopher Mewhort, EA
[email protected]
#82 Bartman on 06.13.21 at 5:01 pm
#21 Sail away
Any chance you can give us a heads up on the next 41% gain. Does anybody invest other than 60/40.
———
Let’s explore, shall we?
Oil:
-absolute necessity
-most oil companies still 20% depressed from last year, but recovering
-transport via pipeline or train
-building new oil pipelines is nigh impossible
-existing pipeline infrastructure is long since paid off and operating at max capacity
-all railroads have lucrative oil transport contracts in place and oil transport is increasing. Existing rail infrastructure is long since paid off and building new rail lines is nigh impossible
Not a bad place to start. Avoid junior ventures at all costs- the big boys win this game.
#83 Ponzius Pilatus on 06.13.21 at 5:02 pm
We’ll see.
At least you don’t have to worry about it.
So relax.
==================================
lol worrying is not something I do much of. That’s for the business owners about to lose over 4 billion dollars to do. I just thought your rationale for why the US won’t do something that benefits the US was a bit dumb. Not everyone is quite as enthralled with Vancouver as you are.
Unless some serious horse-trading goes on behind the scenes to change things, there’s no way that scrapping the Passenger Services Vessel Act isn’t a win-win for the cruise lines. They didn’t stop in Victoria/Vancouver because they wanted to. That law was passed to protect US shipbuilding. Given that no cruise liners are built or registered in the US I doubt there will be much internal opposition Stateside, on the contrary as CEF said the American port cities can probably hardly wait. Go ‘Murrica.
And, the cruise-ship ban fits neatly with your beloved Liberals agenda. Can spin it as an environmental win, and screw the politically-expendable West in the process. Strategically what’s not to love?
Don’t worry, you’ll still be able to fly down to catch a cruise from whatever American city they’ll call at.
Just reflecting on the apparent reality that a lawyer making 300k per year has to stretch to afford a semi detached house..
#81 Dolce Vita on 06.13.21 at 5:00 pm
#72 Mafioso
Sad that Garth doesn’t allow crybaby emojis’ here.
Face it Canada you have a Gov of Amateurs running the country.
PM Silverspoon that cries at the drop of a hat, a journalist for a Finance Minister, a Glee Club HS Junior Cheerleader wannabe for a Procurement Minister, an Interior Decorator for a Health Minister and a populace that is up to its eyeballs in debt but will elect anyone that keeps shoving money down their throats as if there were not tomorrow.
What could possibly go wrong?
—————
Well, at least they are not crooks like your friend Matteo and his merry band of outlaws.
And at least they are doing it with our own money, rather than asking for handouts from Germany.
So who’s the cry baby?
Geez.
@#83 Ponzies Prevarications
“We’ll see.”
+++++
Well.
Seems the US is moving forward with the cruise ship legislation….
https://www.cbc.ca/news/canada/british-columbia/law-allowing-alaska-bound-cruise-ship-to-bypass-bc-economic-impact-1.6035738
The precedent has been set.
Boomer retirement healthcare will have to be paid for with taxes, there’s no other way.
Taxes, taxes and more taxes.
————————————————-
Now you are starting to ‘get it’ kid. Your taxes–and those of your millennial pals–are going to skyrocket to look after us Boomers.
Get ready to pay up kid.
#90 crowdedelevatorfartz on 06.13.21 at 6:17 pm
@#83 Ponzies Prevarications
“We’ll see.”
+++++
Well.
Seems the US is moving forward with the cruise ship legislation….
https://www.cbc.ca/news/canada/british-columbia/law-allowing-alaska-bound-cruise-ship-to-bypass-bc-economic-impact-1.6035738
The precedent has been set.
**************
Will the US ships still be able to travel the scenic route up the coast of Canada? Pretty boring criuse other wise. Better off flyibg to Alaska and going on a helicopter ride.
Number 83 p pilatus I believe that after 2022 cruise ship
passengers will demand to stop in Vancouver and Victoria
because they are wonderful places to see.
Saw this headline this morning and it piqued my budget travel antenna.
I’m done with Vegas, but I have a lot of family in The Bay Area, so maybe that might be an option at some stage.
Hopefully they add a few cities in Texas, Arizona and Southern California.
Why do I have to live in a cold, damp place and visit relatives in a cold, damp place?
Somebody move dammit…
M46BC
https://vancouversun.com/business/southwest-airlines-coming-to-bellingham-international-airport
Southwest Airlines coming to Bellingham International Airport.
Southwest Airlines will start flying out of Bellingham beginning in November to Las Vegas and Oakland, Calif, hoping to capitalize on an expected border reopening.
British Columbians have in the past used the Bellingham International Airport in Washington state, about an hour and a half by car from Vancouver, as a cheaper departure point to places such as Hawaii, Palm Springs and Las Vegas.
“Southwest service in Bellingham positions us just south of Metro Vancouver,” Southwest Airlines chairman and CEO Gary Kelly wrote in a letter to Southwest employees earlier this year.
“Following the reopening of the Canadian border, we expect a return of the value-minded travellers who already drive to this alternative airport to escape high fares and taxes — and that’s very, very typical for Southwest destinations.”
Dude, you slipped one noose. Don’t willingly put your head in another one again, house or woman.
Thank Dog this blog is emoji free,,
@#7 truefacts on 06.13.21 at 10:36 am
All these people seem to have HUGE incomes. Is there nobody who earns 50K/yr or something like that?
Is my perception of average income wrong or does this blog attract super high income earners?
Perhaps I’m out to lunch???
–
folks earning 50k don’t need help with the money they don’t have?
#93 cuke and tomato picker
For the love of Dog don’t let those floating landfills set foot in Canada again EVER – they dock, release the scourge to buy a T-shirt, deposit all of their garbage into our landfills, pollute the ocean, destroy marine life and come on let’s be serious, Victoria and Vancouver only look great if you have horse blinders on and look at a narrow window of ocean/mountains – unless people like pandora and east Hastings – give yer head a shake mate
#6 Dogman01 on 06.13.21 at 10:31 am
#46 Doug Rowat on 06.12.21 at 7:37 pm
#49 Nonplused on 06.12.21 at 8:02 pm
“With Fairness being one of the most basic universal moral values, people will come to the conclusion that the current system is “systemically” unfair. That Inheritance = Cheating.
Over a certain amount perhaps $10 Million, most in society will support a significant inheritance tax
As Nonplussed illustrates, you already acquire enough advantage simply by having a childhood of privilege, with such advantages there should be no need for lump sum inheritance in our merit based society.”
I think you missed my points. Those being:
There is already a significant inheritance tax as the portfolio is assessed for capital gains at time of death. Let’s say that runs 25% (50% tax rate at 50% inclusion).
Significant inheritance taxes beyond a certain point stifle motivation. If the government is just going to take everything you earn over the first $10 million let’s say, then that is when you retire.
There is nothing “unfair” about inheriting money or assets. If your parents left you with nothing, you should take it up with them, not my or anybody else’s parents.
Even though it is hard to understand how Gates, Bezos, or Musk can get so rich as they did, we kind of need these guys. Somebody has to build the corporations of tomorrow.
And let’s not forget that Gates, Bezos, and Musk are not the only ones who got rich off these companies. If they cannot pass assets down, they must be sold. But to whom? We are talking about once every generation liquidating near the entire corporate wealth of the nation with the government hovering the proceeds and then some other people buying the assets. Which people?
@#92 DON
“Will the US ships still be able to travel the scenic route up the coast of Canada? ”
++++
I’m not sure how that would work.
They might need a BC navigation pilot for the inside passage but they wouldn’t need to dock to pick them up and drop them off.
GPS could replace most of that formality.
Or they just cruise up the west side of Vancouver Island and then turn east when they pass the Queen Charlotte’s( Haida Gwaii) and cruise into the Alaskan Panhandle where all the glacier viewing starts.
The cruise ships would mostly do that part of the BC coast at night anyway after they left Vancouver, crank up the speed at night to get up Alaska as quick as possible.
Or arrive in Vancouver very early in the am to unload after running down the coast at night.
I’m sure they have people working out the logistics.
#71 Don Guillermo on 06.13.21 at 3:36 pm
#32 IHCTD9 on 06.13.21 at 1:00 pm
#25 Sail Away on 06.13.21 at 12:08 pm
#60 Ian Darye on 06.12.21 at 9:27 pm
The problem with the can’t beat them join them motto is Warren Buffet and many companies like him has special share options and can sell anytime way before things go bad.
——
First of all, there are 2 ‘t’s’ in his name unless you speak of Jimmy’s less-famous cousin.
——-
This Jimmy?
He’s worth almost a billion, it must come with the name :)
https://www.youtube.com/watch?v=BPCjC543llU
******************************************
I’ve been to a few of Jimmy’s shows over the years. My favorite was May 1997 at the Woodlands Pavilion near Houston. The outdoor venue is perfect for a Buffett event.
https://www.woodlandscenter.org/events
—-
Love it! That is a friendly looking venue :)
The next time war breaks out in the mid-east with Israel, the increase in spending, government debt and money creation during times of major war eventually can be expected to lead to gold (and silver) prices to rise.
Iran is committed to the ultimate destruction of the Jewish state (possibly nuclear to a degree) as is Israel in their own defence and will use nukes on Iran if necessary.
The pandemic can fade away for now but the issue with Iran and Israel will not just go away before a major showdown has occurred. A much bigger war is brewing than what’s been seen.
Large accumulations of gold are going on globally more-so than usual as if in preparation for something big before prices move.
The haters (of gold) will keep on hating. Gold isn’t overbought where actually virtually everything else is.
#90 crowdedelevatorfartz on 06.13.21 at 6:17 pm
@#83 Ponzies Prevarications
“We’ll see.”
+++++
Well.
Seems the US is moving forward with the cruise ship legislation….
https://www.cbc.ca/news/canada/british-columbia/law-allowing-alaska-bound-cruise-ship-to-bypass-bc-economic-impact-1.6035738
The precedent has been set.
———-
Good news.
Rather have the polite Asian tourists coming to BC than the obnoxious, arrogant mid western Americans.
Win, Win.
@#102 Smoking pickles
“Large accumulations of gold are going on globally more-so than usual as if in preparation for something big before prices move.”
+++
Mystery solved.
The International Dessert Mafia is hoarding gold.
https://blog.opentable.com/2019/stay-gold-15-restaurants-for-dishes-with-edible-gold/
#33 Sail Away on 06.13.21 at 1:27 pm
#26 NSNG on 06.13.21 at 12:13 pm
For lack of a better term, I don’t want Buffett’s ‘karma’ rubbing off on me. He is not a good ol’ boy. Anybody who is that rich and still has to cheat to win is not right in the head.
———–
Cheat? Uncle Warren?
Would it be asking too much to request proof of such a lowdown, low class, dirty accusation?
—————————————————
He’s a big money Dem who lives well off regulatory hurdles handed to his competitors. You don’t think he’s been financing anti-pipeline groups, through a hundred different channels?
After helping to get Biden and others elected to bring in the green new deal (which would help the regulated profits of NV Energy), his people had the nerve to suggest to the Texas legislature after the blackouts, that they should offer him a guaranteed profit margin of 9%(getting rid of their free market) and he would build 10,000MW of gas turbine power plants, because the wind and solar projects can’t keep the lights on.
There is no shame in someone who thinks that way.
He’s been a dirty back room political operator since he learned how to from his father. He learned well and practices well the true path to wealth, get the government to support your businesses and hurt your competition.
It’s too complicated to get into his links to every Treasury Sec. and the Fed.
Everyone has an opinion, but since Corey asked….
Aristotle said it best when he opined that we all seek happiness, we just all define it differently.
That being said, there are statistical analysis of happy people that can shed some light.
In general, people who are long term married with children are happier than those who are not. Those whose families attend church most weekends and eat dinner together are near the top of the list, especially after age 50 or 60 or so.
What would make you happy Corey?
My guess is you’ve spent a lot of time at work. I’ve known downtown lawyers who are expected to bill 10hr/day, which takes about 14 hrs of work. Has this made you happy?
You’d be surprised how fast the next 10 years can burn by and you become one of those well off single losers that pals around with workers half your age and is still trying to get ___ where you can, usually from girls 20 years younger than you. I’ve known more than my fair share over the years.
It’s not an accident that most of my close business relationships now are with men who have close families. We go to trade shows to do business, and go home to enjoy ourselves.
Perhaps consider starting your own firm so you can control your hours and the type of work you do? Focus on finding a good woman who you can spend the rest of your life with, and spend enough time with that she doesn’t run off. Not too late for a child yet either.
It’s all about priorities and happiness.
#66 Keith in Rio on 06.13.21 at 3:07 pm
There is nothing wrong with buying real estate. Just don’t buy real estate in Canada.
With about 195 countries to chose from, you can buy a nicer place, in a better location, with amore secure future, for 1/4 to 1/5 of what it costs to get something here. Wifey and I just closed on our second condo out of the country, and are going to Moscow in 2021 to look at buying a place over there next. We will own 3 places for less than it costs to buy ONE HOUSE here in Calgary, let alone Toronto……heh.
Take advantage of a golden passport country and get an extra citizenship or PR for the time when the SHTF here in Soviet Kanuckistan under our dictator, the prince of woke.
——–
hi Keith,
Good to have you back.
But sad to see you’re still pushing cheap housing in the Favelas.
This is Canada, G7 country.
Go peddle your stuff somewhere else.
Flop said…
I married someone that earns similar money, and started and has continued to feed her RRSP throughout the years since the mid 90s.
Both of our primary focuses has switched to the TFSA the last 6 or so years since I’ve been on this blog…
We usually try for 3 budget holidays a year, two flying, one camping, to achieve this we have to watch what we do with our money in Vancouver.
…. it keeps me off the streets.
In the drum solo by Phil Collins ” In The Air Tonight.” he gets to hit every drum he can get his hands on, the rich guys on here can afford to hit every drum in life, I have to skip a few drums, so I don’t make as much noise and the journey around is not as smooth.
That’s o.k.
You have to walk to your own beat…
M46BC
*********
Nice drum analogy )
Of course Flop, you know there are lots of metrics to measuring wealth. You listed a couple important ones.
M57BC
#104 CEFTZ
….edible gold?
The haters hate so much even the lovers have been dumping… the where-with and how-so so many are accumulating.
#65 Sail Away on 06.13.21 at 3:06 pm
I never have been good at wild-eyed, accusatory, conclusion-jumping, conspiracy math. My inbred neighbour Festus is an expert, though.
What can I say, I am an INTJ.
And I am not wild-eyed. :D
None are so blind as those who refuse to see.
I understand that you don’t want to bite the hand that feeds.
“Hyperinflation (50% a month) will never occur in Canada. – Garth”
Why is it different here?
“The Selfie Summit’ ? Trudeaus photography team did get some great shots of his new hair do and inappropriate suits.
https://www.cnbc.com/2021/06/14/g-7-summit-why-economists-and-activists-are-disappointed-over-pledges.html
#105 AM in MN on 06.13.21 at 9:55 pm
This made me look, so how can one find out who is hiring the mobs? I’ve heard about this type of activity before but didn’t think it would be in plain site.
https://www.demandprotest.com/. (Understood if this gets deleted)
Geeze, some even offer peaceful protests. Crazy.
Easy, cowboy. You might want to read this first. – Garth
@Turnernation
.Manitoba is overwhelmed.
Population : 1.3 million
Hospitalisations : 197 (0.015% of the population)
ICU patients : 45 (0.003% of the population).
https://www.gov.mb.ca/covid19/index.html
You see this is what I couldn’t understand. Why would a province with over a 1 million people need to send 31 people in ICU to Ontario hospitals when they only have 45 in the province on ICU. That to me is pretty fishy. Does that province only have one rural size hospital in total? Speaking of ICU, how can you have more people in ICU than you have in the hospital? That is the case in Ontario. That doesn’t make any sense whatsoever. Even accounting for the Manitoba ICU the Ontario ICU patients outnumbered Ontario people in hospitals.
Inflation is 4% annually. Hyperinflation (50% a month) will never occur in Canada. – Garth
Sorry Garth, the real inflation is already running closer to 10%. We don’t need to get to the nominal levels in the 70’s to real the relative pain because of the ridiculous inflation that has already occurred since the 70’s and real wages since the 70’s have only gone up marginally if that.
@#112 Candlelight
“Trudeaus photography team did get some great shots of his new hair do and inappropriate suits.”
+++
True.
With his greying beard he’s looking more and more like his college roomie (and hero) Butz.
Butz, the man who helped Liberal Preem Kathleen Wynn drive Ontario’s economy into the toilet.
Seems provincial political economics was too boring so he moved into federal politics.
Cape Breton’s perpetual welfare economy on a national scale.
First they tore down the statues.
Then they canceled the Nations birthday.
https://www.citynews1130.com/2021/06/13/cancel-canada-day-vancouver/
Whats next?
Change the Flag, the anthem, the country’s name?
500 squabbling “Nations” will figure it out for us.
Yep. That’ll be much better.
Me-thinks, the apologist woke crowd are getting a tad big for their britches….
#110 NSNG on 06.13.21 at 11:49 pm
#65 Sail Away on 06.13.21 at 3:06 pm
I never have been good at wild-eyed, accusatory, conclusion-jumping, conspiracy math.
——–
What can I say, I am an INTJ.
And I am not wild-eyed. :D
None are so blind as those who refuse to see.
I understand that you don’t want to bite the hand that feeds.
——–
Buffett’s integrity is Berkshire’s greatest strength. And he’s operated under a microscope for 70 years.
Any proof otherwise? Opinionated allegation is a far different thing.
“full as a fat lady’s sock” hahaha, thanks Flop, funniest thing I’ve read in a while. Still laughing.
#ImStupid
“Sure there may be exceptions but generally smarter = more money. Plus if you’re making 50k a year there is no way you can save or invest anything so you’re definitely not coming here. I don’t want to sound insensitive but it’s the truth.”
I have been making 65k a year for the last 12 years and I currently have 480K in savings. I kept renting my small student appartment when I was done with school and buy only what I need.
“Inflation is 4% annually. Hyperinflation (50% a month) will never occur in Canada. – Garth”
Inflation is under reported, but even if we accept that it is 4% it will take 16 rate hikes just for it to become neutral.
A significant rise in cost of borrowing is unlikely for a decade.
That was funny. – Garth
#93 cuke and tomato picker on 06.13.21 at 7:03 pm
Number 83 p pilatus I believe that after 2022 cruise ship
passengers will demand to stop in Vancouver and Victoria
because they are wonderful places to see.
—————————
Agreed.
Tourists don’t care about local political issues.
Most come for the hospitality and the vistas.
And Vancouver and Victoria have that in spades.
@NEO #114. Your lack of understanding doesn’t make the situation less of a crisis. Manitoan doesn’t have to explain everything to you (And all the other not understanding). If you don’t understand something, please step aside and let those who do manage the situation without interfering.
@Turnernation
.Manitoba is overwhelmed.
Population : 1.3 million
Hospitalisations : 197 (0.015% of the population)
ICU patients : 45 (0.003% of the population).
https://www.gov.mb.ca/covid19/index.html
You see this is what I couldn’t understand. Why would a province with over a 1 million people need to send 31 people in ICU to Ontario hospitals when they only have 45 in the province on ICU.
There are 85 ICU beds in all of Manitoba. You do realize the ICU recovery rate is less than 50%, right? ICU is your last chance, and more than half admitted never make it out alive.
That to me is pretty fishy.
Again, please stay out of the way. Thanks
Does that province only have one rural size hospital in total?
How many ICU’s, in your expert opinion should a province with 1.3M people have?
Speaking of ICU, how can you have more people in ICU than you have in the hospital? That is the case in Ontario. That doesn’t make any sense whatsoever.
Even accounting for the Manitoba ICU the Ontario ICU patients outnumbered Ontario people in hospitals.
Why is this hard to understand? It makes absolute perfect sense w.r.t to Covid and how Covid presents. I am struggling to explain this to you because your take is so baffling I can’t even understand what you are thinking?
Please stop with silly conjecture. It doesn’t have to ‘make sense’ to you to be real.
#74 Sleeping at the switch
I can’t believe this comment was posted. He’s obviously a climate change denier. I thought this was a far-left, Biden loving! anti-conservative, anti-denier blog.
————————————————-
The climate has been changing since the beginning of time.
Go back 10,000 years. If Egypt there were large forests that are now deserts. I guess you did that too?
The Sun, Oceans, Volcanoes are far more EFFECTIVE at controlling/changing the climate than human activities.
Pollution is a big problem and that’s different.
Biden’s an idiot and is part of big gov and globalism approach.
I can think for myself.
Ive had an electric car… 3 of them for 8 years….you know the carbon break even point vs an ICE?? 200,000km. Then you likely need a new batt…most stuff we are told is crap. I’m an electrical engineer and know a little about power.
Enjoy the highest carbon tax in the world BS!
#107 Ponzius Pilatus on 06.13.21 at 10:30 pm
hi Keith,
Good to have you back.
But sad to see you’re still pushing cheap housing in the Favelas.
This is Canada, G7 country.
Go peddle your stuff somewhere else.
========================================
As someone who left their native country, why do you insult someone offering alternatives to your adopted one? Why the constant need to self-justify? The world is a smorgasbord, not just a plain salad. It’s not like Canada doesn’t have it’s own version of favelas. Ever been on a rez?
Your small-mindedness is amusing and a bit sad.
PS climate change “we are all going to die in 6 years” lol
Is the least of our problems on this dirt ball.
#73
>Garth, would you agree that with an inflation around 5%, a person who has a mortgage to pay at around 1.89% is making money just by having it?
Fully agree. There is no downward pressure on the housing right now, except for being extremely unaffordable, but that never really stopped people from buying anyway :) it might stagnate for a few years or retract a bit, but not much beyond that.
I see it as the time to load up on your debt. I believe the rates will stay very low for a number of years because let’s face our govt can’t afford to raise them. Not politically, not financially. So the debt will stay cheap… while real inflation will stay high
Load up on debt when rates are at the lowest point in history and destined to rise? Hopefully nobody is paying you money for advice. – Garth
#121 Quintilian on 06.14.21 at 9:50 am
“Inflation is 4% annually. Hyperinflation (50% a month) will never occur in Canada. – Garth”
——————————————
Garth’s correct.
#125 BillyBob on 06.14.21 at 11:31 am
#107 Ponzius Pilatus on 06.13.21 at 10:30 pm
hi Keith,
Good to have you back.
But sad to see you’re still pushing cheap housing in the Favelas.
This is Canada, G7 country.
Go peddle your stuff somewhere else.
========================================
As someone who left their native country, why do you insult someone offering alternatives to your adopted one? Why the constant need to self-justify? The world is a smorgasbord, not just a plain salad. It’s not like Canada doesn’t have it’s own version of favelas. Ever been on a rez?
Your small-mindedness is amusing and a bit sad
************************************
Pompous P is a master at stereotyping.
Uuggh, I trolled myself.
Just for fun, I recently checked out real estate prices in southern France.
I easily found dozens of estates, around 700,000 euro each ($1 million dollars C$), with large acreage, vineyards, landscaped gardens, 5 bedrooms, 3 bathrooms, everything luxurious, private.
Or you could buy a semi-detached in Toronto for $1.5 million and listen to your neighbour’s car alarm go off in the middle of the night for the rest of your life.
My advice to the lawyer: save your money for a few more years, then buy your dream estate in southern France and leave the rat race behind. (Oh, a learn a little French!)
You don’t hear much about Line 5 these days.
Could it be Governor Whitmer always knew the cancellation of Enbridge’s easement couldn’t possibly stop the flow of oil through Michigan?
Could it be she knew only the president could halt Line 5, and although Biden was quick to cancel an unfinished pipeline, he lacked the cajones to stop one that had been in effect for decades, would end thousands of jobs, and bring hardship to a politically critical state?
(That’s aside from the ramifications to Canada, but really, who cares about that in Michigan, or the White House for that matter?)
It seems like Gretchen tore a page out of John Horgan’s book. He vowed he’d use “every tool at his disposal” to half the expansion of the Trans-Mountain pipeline knowing full well he didn’t have so much as a rusty screwdriver.
But it sounded great, carried no political liability and bought precious time to outshine the Greens in the next election. Say what you will about John H, but that was brilliant footwork.
He did a similar thing with the referendum on the proportional vote. His heart clearly wasn’t it but he campaigned dutifully and it was easily defeated. Good thing since it might have allowed the Green more seats prevented his majority last October.
Garth,
I wonder if we are in a new world, though:
https://www.theglobeandmail.com/business/article-condo-developer-to-buy-1-billion-worth-of-single-family-houses-in/
When global companies can buy up all our real estate… does it really matter if local people can’t afford it? We are quickly going to have and have not. Soon all the detached houses will be owned by REITs and ownership will become an old dream
Seems to me a large corporate owner will be a better, more responsible landlord than a specuvestor/flipper. – Garth
Amusing and sad to watch the usual suspects switch to other commenters to badger/posture at/flex before after I stepped out of the crosshairs for a few days.
The Jaguar seems to be the only one with any integrity in the cohort who participated in the recent flare-up. She also is the only one who comments anything relevant/interesting.
Anyhow, back out of the crosshairs.
#134 Faron on 06.14.21 at 1:20 pm
Amusing and sad to watch the usual suspects switch to other commenters to badger/posture at/flex before after I stepped out of the crosshairs for a few days.
The Jaguar seems to be the only one with any integrity in the cohort who participated in the recent flare-up. She also is the only one who comments anything relevant/interesting.
Anyhow, back out of the crosshairs.
*************************************
Even when you briefly “step out of the crosshairs” as you say it’s still all about you. Cute.
Buy a house while you can! Buy one for your children and grand children if you can. The great global reset will mean corporations are going to be buying all single family homes and renting them out in the next 15 -30 years. Your kids will be enslaved to work the land(job/fake career) for the king(corporations) and pay lease fees and taxes to their master.
#44 crowdedelevatorfartz on 06.13.21 at 2:07 pm
@#34 Stoph
“You forgot to mention how this will help Canada meets its CO2 emission targets – plus Vancouver’s and Victoria’s image will no longer be tarnished by these boats once the industry completely bypasses these cities.”
++++
True.
But the cruise ship terminal in both Van and Vic just spent millions upgrading the docks so that the ships didnt need to idle their engines and pollute.
They now have shore power to connect the ship to .
Unfortunately there may be no Cruise ships to “plug in”
https://www.portvancouver.com/about-us/faq/reducing-emissions-with-shore-power-2/
………..
A lot of talk about nothing. One of the attractions of cruising is visiting different places along the way. Most people on a cruise ship leaving Seattle, want to visit Victoria….not bypass it. The cruise lines know this and make a point of stopping there. They will do so again in 2022…..just not this year.
About 194 of those 195 countries I mentioned are better choices than living in BC.