Get over it

Sean and his squeeze have six university degrees between them. Investible assets total $900,000 and household income is three hundred grand. Plus two government DB pensions. And they’re so unhappy. Bitter. “We cannot find a house to raise our two children in that is commensurate with what we think we have earned,” he says.

From Victoria he wrote a 1,600-word email (six degrees, remember?). The blame for their massive misfortune is heaped somewhat upon politicians, a bit on non-citizen investors and mostly on people like me. Boomers. Wrinklies. Selfish oldsters standing between young people (who have six degrees plus needs) and what they deserve.

First, there’s fiscal irresponsibility. Boomer fault.

Young families like mine are going to be left holding the bag.  Who, exactly, is going to pay for the heart surgeries, joint replacements, chemotherapy, and expensive drugs when healthcare, the biggest expenditure amongst governments, is financed by current tax dollars?  Hint: it isn’t the person paying little tax in retirement!

Second, undeserving old people won the housing lottery. Otherwise they’d be total losers.

Canada has become a Potemkin economy where selling real estate to one another isn’t just the real national sport, it’s the basis for our economy, and where working people, whether in the trades or professional classes, are getting shafted to keep the old, who had a lifetime to prepare for retirement, living in a style they otherwise would never have access to.  The notion that your house is a retirement plan basically says you’re going to make your kids pay for your own inability to plan and make good decisions.

Finally, Sean is being screwed because his elders are selfishly sucking off his gen’s future.

I have worked hard, created value, and been successful.  If that’s not enough to warrant being able to afford a decent home, then what is?  It seems the only troubled future for real estate in this country affects those who don’t own any.  Everyone else takes on massive risk trying to get a place to live to raise their family and gets to finance the idiotic decisions of oldsters who get to live in a style they can only enjoy due to the next generation taking on massive debt.  How is this not a massive natural Ponzi scheme scheme?

Now, let’s check the latest numbers. As mentioned here a few days ago Canadians took on $17 billion in extra mortgage debt in one month, April. We owe $1.69 trillion on real estate (a trillion is a thousand times a billion). New mortgages surged 41% in the first 90 days of this year. The average amount borrowed has swelled to a record high. Sean’s right. It’s “massive risk.”

Even the lending guys agree. “Too many people are panic-buying and getting in over their heads,” says high-profile mortgage broker Rob McLister. All it would take, he says, is a 10% price correction for a lot of recent 5%-down buyers to be wiped out. “In fact, they’d owe roughly 6.3% more than their home is worth in that scenario. If they tried to sell and got their asking price (doubtful in a falling market), they’d be left with almost 11% less than they owe on their mortgage. If they didn’t have other resources to pay that difference, they couldn’t sell. It’s that simple. They’d be stuck in a home they don’t want.”

Could this occur? Of course. Any increase in interest rates would hasten it, or an economy slowdown, or a fourth Covid wave. Then, “a meaningful percentage of underwater borrowers is within the realm of possibility.”

New buyers have blindly swallowed this mounting and historic level of risk by telling themselves, ‘the government won’t let real estate fall’ with artificially low rates, 40-year mortgages or maybe even a debt jubilee. All false. We’re in a classic asset bubble which will, like every other one in history, end. In tears. Prices can certainly inflate more, but without massive gains in household income (not happening), a tumble in borrowing costs (impossible from here) or big tax cuts (ha!) the outcome is obvious. When over 90% of people cannot afford real estate at current values, it is completely irrational to expect sustained gains.

As this pathetic blog detailed last week, more and more wise owners are selling, as the myopic kids keep buying. It’s classic mania behaviour. In time the decline will arrive. Then, as in the US in 2006, housing values will fall precipitously and few will have the guts to jump in. We want what goes up and eschew what goes down. Understand human nature and you will invest with brilliance. Succumb to it, and become Sean.

Only in Canada, a rich and privileged land, would a young couple with high incomes, almost a million in savings and fat, life-long, government-sponsored pensions whine and moan about being denied and victimized. If you ever doubt we have lost our way, or poisoned our children, behold this.

About the picture: “This is Ollie, our $2,500 Covid Canine,” write Bryan and Karen. “He’s our only deviant from the plan since the madness began. Love your blog, been reading from your days in newsprint.”

242 comments ↓

#1 Sara on 06.20.21 at 10:03 am

The “Boomer” hate is really getting out of hand to the point where young people openly express their hope that the older generation will die off sooner rather than later.

What’s with the assumption that everyone born between 1946 and 1965 had identical life experiences and were personally responsible for the current housing crisis (not to mention the climate crisis)?

Ageism is the only “ism” that is still socially acceptable, and yet also the only “ism” that every single person will eventually get the joy of experiencing. Good luck young people, your turn to be hated is coming.

#2 Alberta Ed on 06.20.21 at 10:11 am

After working/taking chances/paying taxes/saving/investing/raising kids (and dogs) for 40+ years, my heart bleeds for these pathetic whiners. Here’s a suggestion: rent.

#3 Prince Polo on 06.20.21 at 10:15 am

As a “loser” renter, I mostly blame mortgage holders for succumbing to FOMO and signing on the dotted line. Nobody forced them to take the $1M+ mortgage nor to spend 10X+ annual income.

#4 canuck on 06.20.21 at 10:16 am

Did you write them back and ask if they wanted some cheese with that whine?

#5 Habitt on 06.20.21 at 10:20 am

Wow. The entitlement is too much. Sean needs to get a grip and realize he won the lottery being born in this country. Sheesh

#6 baloney Sandwitch on 06.20.21 at 10:21 am

Why do these young people assume that the previous generation did not work hard and went through their own hardships? Who educated them and raised them?

Anyways as you pointed out most of the mania is being driven by young people’s FOMO panic buying driven by low priced credit. Rather than taking his frustrations out on the much maligned “boomers” – look at the fecklessness of his own generation.

#7 Concerned Citizen on 06.20.21 at 10:26 am

With all the facts presented, I’m assuming this couple is in their late 30’s or early 40’s. If so, they’ve done extremely well for themselves to be making $300K and have $900K saved already. Bravo.

From where I sit, they have the resources to afford a very nice detached family home even among this real estate craziness. I understand their frustration at the price they’ll have to pay, but it certainly appears to be well within their means. If they are alarmed, imagine what a median household that makes a third of what they do must be feeling.

Sean is right though, the boomers have been exceptionally greedy. They’ve created asset bubbles in order to finance their retirement, off-shored millions of jobs, put the country into massive debt, polluted the country/planet, etc. And guess who will have to pick up the bill for all this? That’s right, future generations.

So the greedy boomers get all the benefits, and coming generations get the bill. Sean has every right to be pissed.

#8 Doug in London on 06.20.21 at 10:26 am

Sean and his squeeze have six university degrees between them. Investible assets total $900,000 and household income is three hundred grand. Plus two government DB pensions.
————————————————————–
Well I wouldn’t say they’re struggling, it’s not like they’re living paycheque to paycheque. Most of us would love to have their troubles. While I understand their frustration with not being able to buy a house, it’s not like it’s their only option. The economics simply don’t support it right now. Better off to keep renting and pocket more money in those investible assets. The good news is this Core Development company may increase the supply of housing for rent. Will buying a house in overpriced Victoria ever be affordable again? I have absolutely no idea, but renting isn’t all bad. The roof needs replacing, the water heater just gave up the ghost, or other repairs are necessary. Hey, the expenses are coming out of someone else’s pocket, and not mine.

#9 Concerned Citizen on 06.20.21 at 10:39 am

#1 Sara

“The “Boomer” hate is really getting out of hand”

**********

I certainly don’t hate boomers, but there’s no doubt that as a generation they’ve been exceptionally greedy and short-sighted. The reality is that life is much more difficult economically for the average young person today than it was for the average boomer. Those are just the cold, hard facts. And it didn’t necessarily have to be that way, but that’s the world that boomer policy makers created.

Now were there boomer voices that spoke out about these policies? Of course there were, lots of them.

#10 Tarot Card on 06.20.21 at 10:42 am

Thanks for the blog Garth
My first thought was how can government employees make so much, so I had to check …. Drum roll there is about 9,000 pages with 10 people per page making over 100,000. In BC, Wow!
To be so young making and saving so much money.
You should be grateful

I wonder why they are so angry at my generation for building this country.

I think back to my parents in the 50s with a $15,000 mortgage at 6 percent and they both had to work second jobs, they called it moonlighting ha ha, to meet the payments and raise two kids. My father did not own a new car until 1965

For me I worry about the future debt of this country
But I also believe the young unselfish people will find solutions to this mess rather than complaining and pointing fingers

Well if they want to help the country rather than ranting I give you the challenge to write a letter of solutions, who knows maybe Garth will print it and Trudeau will read it.

My solution have covid bonds to pay off the debt 50 year low interest rate and make large corporations and rich people buy bonds as a percentage of income
Eliminate RRSPs and raise the TFSA.
To be really bold eliminate Personal income tax and only have GST, the more you spend the more you pay.

The sun is shining and I am grateful for life in Canada.

#11 KLNR on 06.20.21 at 10:42 am

lmao, wealthy gov employees whining how bad they got it.

#12 Damifino on 06.20.21 at 10:44 am

It fascinates me that anyone in today’s world needs to have it explained that a trillion is in fact a thousand billion. Or a million million. The innumerate lack all sense of scale. That’s how T2 can get away with a criminal level of undebated spending.

All “illions” sound kind of the same, don’t they?

#13 KLNR on 06.20.21 at 10:45 am

@#1 Sara on 06.20.21 at 10:03 am
The “Boomer” hate is really getting out of hand to the point where young people openly express their hope that the older generation will die off sooner rather than later.

What’s with the assumption that everyone born between 1946 and 1965 had identical life experiences and were personally responsible for the current housing crisis (not to mention the climate crisis)?

Ageism is the only “ism” that is still socially acceptable, and yet also the only “ism” that every single person will eventually get the joy of experiencing. Good luck young people, your turn to be hated is coming.

that ageism seems to go both ways when it comes to boomers and millennials. every generation has a proportion of folks born bitter apparently

#14 Prince Polo on 06.20.21 at 10:53 am

I forgot to add that I am embarrassed for my generation (“woke” Millennials), as a lot of us equate success with home ownership. Too bad the six degrees between Sean and squeeze didn’t teach any critical thinking – only emotions and whining.

Is there a direct correlation between number of degrees and amount of whiny entitlement? If so, I shall stop at two…

#15 alexinvestor on 06.20.21 at 10:53 am

The fundamental question is whether you think housing should be managed like HK or Singapore. The Canadian government has had a very haphazard approach to this.

If it’s laissez-faire HK, then really it’s their fault because they didn’t take enough risks back several years ago. Contrast that to my cousin-in-law with 0 degrees, but when he came to Canada, leveraged and bought as much as possible, and now is a winner because he is deep in the money on a few houses.

If housing should managed like our healthcare system, well perhaps they had a right to complain. Either system has advantages and disadvantages.

#16 Edward Bear on 06.20.21 at 10:56 am

My eyes roll whilst entitled smug ‘geniot’ Sean rolls in dough. (A few other impolite pejoratives come to mind)
He hath waterfalls behind his ears and may take the proverbial ‘flying leap’ at a rolling donut. Ending six decades with an average home in Calgary paid for, we raised two mature, pleasant, unentitled independent offspring with partners and kids. We have a comfortable life, nothing extravagant. We have been as happy as we decided to be. We literally had bugger all when we started, like most people. Six degrees? Who paid for that ? Every house looked impossible to own in the mid seventies and eighties. Mortgages 13% and up. Every stick was paid for with two decent incomes, long work hours, side gigs and community and school volunteering, saving and diligence during more oil busts than booms. We juggled to have quality family time.
Quit blaming everyone else in the world, stop whingeing and grow up.

#17 VanIsle Retiree on 06.20.21 at 10:57 am

Sean:
First, as I recall, most of us wrinklies didn’t try to buy a house until we could actually afford it. And it wasn’t a retirement plan.
Second, it wasn’t us who created the spiralling cost of housing over the last year.
Third, you are welcome for the years of education we paid for (although critical thinking skills appear to be lacking in some programs). And enjoy those DB pensions that your kids will be paying for.

#18 Millennial Realist on 06.20.21 at 11:01 am

Yet, you continue to insultingly call us “moisters”, Garth. But the only real “moisters” in the years ahead will be Boomers with soggy diapers and medical bills that we will have to pay for. While Boomers mellow out in the golden ticket homes that they lucked out on in spite of all the other dumb economic realities they foisted on later generation.

Born on third base, most Boomers could not even hit a single in today’s economy.

Do you Boomers really think you are going to get full CPP and other benefits while we have to spend and lose so much more money on the climate disaster you are leaving behind?

So funny. So cute. So tragically self-absorbed and ignorant.

Be part of the change, Boomers.

Or be run over by it.

#19 Dolce Vita on 06.20.21 at 11:06 am

Now Victoria wants to cancel Boomers.

I think it should cancel itself.

#20 Barb on 06.20.21 at 11:24 am

All those years in uni created Sean’s slanted view of his life in Canada…

Poor me, he says.

Those socialist professors sure left a mark.

#21 Dolce Vita on 06.20.21 at 11:28 am

Canada VAX going into high gear?

Re-ran numbers for 32M Cdns 70% ALL vax’d by AUGUST 1.

This many DOSES/DAY needed for that from today onwards:

532K

Last couple of days: 400K, 500K*.

Yesterday was a sh!te vax day at 184K. As you know, Canada dire straits vaxing ONLY occurs on weekdays (like ESSO, Every Sat Sun Off).

Vaxing ratio of 1st vs. 2nd dose, because of Delta fears, has changed gears again AND nicely done Provinces/Territories:

1:4

———————–

*Expect the unexpected in this Pandemic.

Never.

Say.

Never.**

———-

**Unless you’re from Victoria.

#22 Dr V on 06.20.21 at 11:30 am

I’m not sure how I, a boomer, have contributed to the current extremely high RE prices. I’ve only owned 2 homes, spent about $250k on my current home – a new build 19 years ago. Shortly after I bought a share in a
rental of about the same value which I also still own.

While you hope to get some price appreciation, I always figured to just sell the PR and buy a smaller place when this one started to feel a bit too big for us.
So it doesn’t matter so much when we sell, the markets either up or down and you move within it. Same plan whether the house is worth $400k, or $1.4M.

Now the rental, we may sell that if we decide we’d prefer the lump sum instead of the income stream.

#23 dosouth on 06.20.21 at 11:38 am

wow….all those degrees and still in Canada? Huh…go figure. No other nation would listen to the whining, just push them aside and keep on moving ahead.

Heck maybe a couple of years in the NWT/Yukon would help them appreciate being able to even consider living on the island. You know, like earning what you have. My father said if you have to talk about how good your are….. you aren’t. IMHO

#24 Wrk.dover on 06.20.21 at 11:47 am

Only in Canada, a rich and privileged land, would a young couple with high incomes, almost a million in savings and fat, life-long, government-sponsored pensions whine and moan about being denied and victimized.

_____________________________________

My favorite third world destination, Jamaica obviously has less public debt/capita and way less personal debt/capita, relatively none for most. Many live in what most here would consider squalor. When I ask young men there, what they would do with a several hundred USD windfall, the answer is usually “buy zinc Mon!”.

This means purchase some metal roofing to get out of the rain on rented land with.

Yeah it gets cold here, but people want too much!

If I was Sean and his wife, I would never show up for work again at this point, and the kids would not be raised in squalor either, with all that asset invested and rationed out properly. Eventually the vested portion of the DBP’s would assure a little help in the golden years.

If you can’t beat the system here, join it. Go rural and live happily ever after, self sufficiently, an little. I know, I have done what I say. Well. For decades. With no degrees.

But more, more, more, will prevail for Sean.

#25 Dolce Vita on 06.20.21 at 11:48 am

I hate to say this but I will.

For the last 6 years the country has been run by GEN X Trudeau et. al. (a.k.a., amateur hour).

6M Boomers cast votes in 2015 of 17.7M voters.

About 11M of them GenX and under.

—————-

Look in the mirror Victoria Sean.

There will be the culprit to all your travails.

#26 Doug t on 06.20.21 at 11:55 am

When I was 33 and married with a 2 year old we struggled to pay our bills – we had a corner store with a kind owner that let us “run a tab” so we could get some groceries when we ran short – we rented for years until we got ourselves into a better financial situation, was not easy and took time – poor Sean he has it so hard

#27 Chimingin on 06.20.21 at 11:55 am

“We cannot find a house to raise our two children in that is commensurate with what we think we have earned.”

I almost fell off my chair laughing. Reminds me of the old Goofy cartoon where he’s heard singing, “Oh, the world owes me a living…”

You start at the bottom, then you get to ‘here’. Maybe Drake was onto something after all…Lord knows these silly young people need a good shaking. The world owes you nothing.

#28 Sara on 06.20.21 at 11:57 am

#18 Millennial Realist on 06.20.21 at 11:01 am

Do you Boomers really think you are going to get full CPP … ?

===============
Are you aware that CPP is a pension plan, not a welfare cheque? In other words, it is directly proportional to the contributions that you make over a 40 year career. You aren’t paying for Boomers’ CPP. They already did.

And are you aware that millienials (not Boomers) will be receiving an ENHANCED CPP? The current maximum CPP isn’t much, so be happy yours will be significantly better.

Oh, and don’t forget about those wonderful TFSAs (thanks Garth you old Boomer), that millenials (not Boomers) have been gifted. You still have a lifetime of contribution room and growth to look forward to.

#29 Slim on 06.20.21 at 11:57 am

Want some cheese with your whine, Sean?

#30 G on 06.20.21 at 12:00 pm

Happy Father’s day everyone.
If you can, have you remembered to called or seen your dad today?

#31 NSNG on 06.20.21 at 12:01 pm

We are a nation of cowards. When the time comes to make hard choices based on decades of cowardly actions, expect a cowardly response.

#32 Cici on 06.20.21 at 12:01 pm

#1 and #3 – Sara and Prince Polo

I totally agree with both of you.

However, I do understand his frustration at having invested a good portion of his actual life and personal finances to become a high-earning, productive asset to society, only to learn he can only afford to raise his children in a run-down, overpriced and dilapidated slanty semi, for example.

Now, while that is not the actual boomers fault, and the real blame should be laid where it is actually due (policy, money printing and FOMO, etc.), I think we have to be realistic: most people’s life goal is raising a family in a suitable single-dwelling home that they own that is priced commensurate with their salary and earnings, and I doubt that will change anytime soon. If that dream dies, so will the EFFORT to achieve it.

This guy is surely not alone in his frustration. I think we are creating a dangerous precedent in certain cities of this country where young doctors and lawyers and other high-income individuals can barely afford the same home that their much lower-income neighbours were able to easily afford 10 years earlier.

And I say dangerous because I think a lot of young, bright talent will leave Canada in frustration. Now, this guy will probably stay here because he has the DB pension, but maybe not if he sees more earnings potential and less tax consequences combined with a better standard of living elsewhere. What about the gal that graduates from medical school next year, but can barely afford to rent a condo in say, Vancouver, while paying off her tuition debt over the next ten years. Will she stay and happily cheer on and applaude while the former hairdresser turned RE speculators continue to cash in on windfall, tax-free flipping gains? Or will she leave to a more affordable jurisdication where she can afford the quality of life that motivated her decision to become a doctor, leaving the big-city speculators to whine and cry when they can’t find suitable medical care and are waitlisted for critical, urgently needed surgeries?

Because, less face it: the standard of living even for high-income earners is going down. FOMO will continue, aided and unabated by Bank of Mom, but will all of the recipients of that free-cash lotto become highly productive members of society, or will they enjoy the free RE ride and continue to ride it rather than producing anything of instrinsic value?

#33 Michael in-north-york on 06.20.21 at 12:02 pm

What exactly keeps him in Victoria? My family has a lot less in assets and a much lower combined income, yet we bought a house without any difficulty. Just not in Victoria.

#34 Indigirl on 06.20.21 at 12:06 pm

You went easy on this fellow, Garth.

#35 NoName on 06.20.21 at 12:10 pm

…he wrote a 1,600-word email…

That’s what probably 600 more words in that email, than what have in my vocabulary.

What did a biffalo sad his son when he went to collage?
Bison.

#36 Dr V on 06.20.21 at 12:18 pm

Further to Sara’s comment @28, if you are self-employed, you get double whammied on the CPP contributions. if you are approaching retirement, check your past contributions to see if contributing to 65 is worth it. If you have a business corp., you may be able to receive dividends only, and use up a few zero contribution years.

Fartz – you listening?

#37 Shawn on 06.20.21 at 12:19 pm

Sean is an example of someone who feels entitled without realizing it. Who cares the number of degrees he has – is that suppose to justify his entitlement? How about those DB plans they each have? How many hard working Canadians have no such thing? If don’t like it move elsewhere.

I am not a boomer but I understand what Sean does not – life is unpredictable and unfair – get use to it fella.

#38 K on 06.20.21 at 12:21 pm

Hey Millennial Realist ! Do some research regarding geological time scales on this 4 billion plus old planet . We are in the later stage of a 10 thousand year interglacial period. The Roman Empire was about half way through. So in about 3 thousand years from now , except for the equatorial regions, we will live through a 90 to 100 thousand year Ice Age….then another 10 thousand years of warm ….and then another Ice Age….Get it ? Plastic is a much bigger environmental problem.

#39 Cliff on 06.20.21 at 12:21 pm

I was thinking of the time when we had baby bonuses of $6 / month. When we adopted our baby son, they deducted the cost of the clothes he was wearing from his first baby bonus check. That pretty much sums up the life Boomers lived under as they paid their ways towards retirement through work, saving and yes, investing in their houses. What cowards you and your wife are Sean! Shame on you.

#40 NSNG on 06.20.21 at 12:24 pm

One thing I will say. With six degrees subsidized at a rate of 60% by taxpayer money and a government job, they have managed to become the next generation’s “the problem”.

#41 Quintilian on 06.20.21 at 12:26 pm

Oh the poor boomers had it so bad “back in the day” when interest rates were so “high”.

Some of you forgot to tell us how hard it was to walk to school bare foot in the snow uphill both ways.
Sheesh.

Come on, boomers, can you not make an argument that is non sequitur and cogent.

#42 VGRO and chill on 06.20.21 at 12:31 pm

Boomers won the generational lottery, especially in Canada. No major war (no draft). Consistently rising standard of living throughout their lifetime, rising life expectancy. Environmental issues not that obvious (until now), so they were able to privatize the profits of destroying the environment, and socialize the costs, pushing them onto future generations. Incredible advances in technology, medical science, etc. All very much available to the average person. Immense asset appreciation due to falling interest rates from the 1980’s to now.

If you think about what makes someone feel they had a good life, it is simple: things always getting better. Constant improvement. A static amazing life, while objectively great, does not feel great. Improvement is what feels amazing. Boomers have had this.

I don’t resent boomers for being born into favourable circumstances.

But I do think it’s kind of sad that many of them don’t have the awareness to realize it, and think their success was a product of their own personal genius.

Millennials on the other hand, face a different life. We will have to deal with and spend more than our fair share to deal with climate change, and other environmental issues. A globalized world pits workers in competition with each other all over the globe, thus manufacturing jobs are pretty much gone. Unions are ravaged. Pensions weakened nearly across the board. Academic inflation means good jobs are available, but they require greater intelligence and certifications than before. The average joe’s prospects dwindle. Opiates numb the pain – diseases of despair, they call it.

And while we struggle to enjoy just a fraction of the quality of life Boomers had, we get made fun of by them for enjoying a latte, or some avocado toast to make us feel better about our dismal prospects.

Thanks Boomers. We will learn what we can from you, and believe me, it has nothing to do with the advice you gave us.

#43 Peter Pickles on 06.20.21 at 12:32 pm

Sean – if you feel what you can afford with 900k in assets and 300k in income is not “what you deserve” I can’t have any sympathy for you. You can afford a house that will comfortably accomadate two children, even in Victoria. You just sound envious of the people living in larger houses around the corner.

To the people saying this is somehow Trudeau’s fault – well Sean sounds like a prototypical conservative voter to me. Envious, entitled, obsessed with status, looking to take his neighbours down because he feels he deserves better for his “hard work and success.” Hmmm.

#44 crowdedelevatorfartz on 06.20.21 at 12:44 pm

What’s with the water in Victoria?

Endless “victim” mentality to go with the university degrees.

As for the 6 degrees between them.
Pfft.
If a Bachelor of Arts (basket weaving minor)
A Bachelor of English ( quite a struggle in an English speaking country).
Or a Bachelor of History ( doubtful with the Boomer blaming/whining).
Unless those degrees were STEM related…. a waste of 4 years +
As for the “Defined pensions”.
One may assume they both work for the govt ….?

Thus I understand the sense of entitlement and the endless moaning.

Life is hard.
Get over yourself.

#45 Sail Away on 06.20.21 at 12:46 pm

Silly people. An entitlement mindset and playing the blame game is immature behaviour. Everybody is healthy and well-fed and prospects are good? Be thankful, that’s rare in world history.

Being probably 7-8 years older than Sean and having similarly made our way in Canada for the last 15 years, our family has managed success beyond our wildest expectations. It’s there for the motivated.

Foolish man. The Tralfamadorians would cover their eyes.

#46 crowdedelevatorfartz on 06.20.21 at 12:46 pm

@#25 Dolce

Careful
The Mills and Gen Z’s dont want to hear the truth.
They want the world to be a Safe Space.

#47 the Jaguar on 06.20.21 at 12:49 pm

Happy Father’s day to all those dads out there. Good day for a post.

All this naked envy and resentment. It’s appalling but supports my twin theories of “Big Lies and Unspoken Truths’. The boomers aren’t responsible for any current malaise except for whatever flotsam jetsam of their own making washes up on their beach. Markets, competition, and the advance of technology around the world created globalization, and Alan Greenspan was the one who opened up the credit markets to keep consumer spending going when disposable income was reduced as jobs disappeared. He was born in 1926. Not a boomer. The first VW Beetle arrived from overseas in 1949. First Honda in 1969 when many boomers were still in short pants or losing their lives in Vietnam.
The times we are born into and what we do with the opportunities we have in life (or don’t) is up to us. Just ask Jimmy Pattison. Or consider the Mannix family. Here’s a little insert on them: ” Fred Mannix borrowed 200.00 from a stranger to buy team of horses and an earth scraper and then went on to have a hand in building some of the most formidable construction challenges and infrastructure projects on the continent, including the St. Lawrence Seaway, the Trans Canada Highway, the James Bay hydroelectric project, the Toronto and Montreal subway systems, the Columbia River development including Grand Coulee Dam, the Cold-War-era Distant Early Warning (DEW) radar lines built in Canada’s high Arctic and multiple pipeline , oil and gas, mining, highway and industrial projects. ”
Fred was a farm boy from Manitoba. He found success the old fashioned way. He earned it.

The unspoken truth is that the boomers were lucky enough to be born into interesting times. Some want to blame them for their own lack of smarts, drive, ambition or lack of initiative. Their sense of entitlement is bigger than our federal deficit. If vengeance is what you’re after, always remember that living well is the best revenge. Best start working on that.

#48 DUFFER on 06.20.21 at 12:53 pm

“We cannot find a house to raise our two children in that is commensurate with what we think we have earned.”

Six degrees and you still don’t know that you have only really “EARNED” what you can actually afford.

I weep in pity.

#49 Stormy Daniels on 06.20.21 at 12:54 pm

Happy Father’s Day, Garth!

(Please note, Michael Avenatti will not be available for a while, so you can contact me directly to arrange payment, fyi)

#50 crowdedelevatorfartz on 06.20.21 at 12:54 pm

@#18 Millennial Delusionist

“Born on third base, most Boomers could not even hit a single in today’s economy.”

+++

Riiiiiight.

Most of the people I see working in govt are young, university educated parrots.
Prattling on about “synergies and efficientcies” when they are anything but efficient or co-operative”

I “career changed” 9 years ago into a company that was looking for a manager/sales guy.
Early 50’s and needed a change.
What the hell.
You only live once.
I’m earning the best money of my life with the sales bonuses and profit sharing.
I’ll do it for another 5 years max and then pull the pin with a juicy amount of money stashed away for retirement ( no pension other than CPP and OAS )
Most of the crew are in their 50’s .
NONE of the kids we hire last more than a few weeks.
Can’t hack it.

Perhaps you brainiacs will figure it out when the financially bereft ( Trudeau?) govt in about 5 years starts hacking and slashing govt workers because….. it’s broke.

I’ll have a very profitable company for sale about then.

:)

#51 Nan on 06.20.21 at 12:55 pm

So a few things:
1: a part of this guys savings and salary come from his outsized salary made partly possible by taxes levied on real estate.
2: I am not aware of any branch of government that has created real incremental value in Victoria beyond the new admirals overpass. That thing is bad ass. Unless he worked on that project, his self importance is probably overblown.
3. The guy is probably tired of talking to lesser people with greater net worth and no degrees. I see this all the time and it is a real problem. You can’t have a society full of c class humans filling seats as realtors and property speculators with all the assets while those of us who truly work hard ( my wife and I also have 6 degrees between us but only one of us works for government) and think about what we are doing are left out in the cold. No rational, fundamental driven person has bought a house since 2015. At anytime since then the numbers haven’t made sense. So in effect stupidity and/or financial illiteracy and or FOMO are the only things driving purchases in the city- if you are aware of what you are actually doing you probably won’t do it.
4. On top of that in order to get a nice house, this guy will probably need to put 400k down on a 1.6 m house AT least. That 900k doesn’t look so good and for those savers/ investors out there, the feeling is that the government is stealing your hard saved money and giving it to some undeserving loser by act of government (I.e allowing property prices to skyrocket) I identify with this one for sure.

#52 Sail Away on 06.20.21 at 12:55 pm

#42 VGRO and chill on 06.20.21 at 12:31 pm

And while we struggle to enjoy just a fraction of the quality of life Boomers had, we get made fun of by them for enjoying a latte, or some avocado toast to make us feel better about our dismal prospects.

———

V, we’ve been here 15 years and enjoy a fantastic quality of life as do many other immigrants in our circle. If not your case, perhaps look inward?

Forget the generational blame. It’s all a continuum and there are probably more opportunities now than ever before.

My 20 and 21 yo kids who have tripled their TFSAs in the last 2 years (with some guidance, granted) are quite optimistic.

#53 I’m stupid on 06.20.21 at 1:02 pm

It seems to me that this couple can afford to buy a house it doesn’t want to pay for one. I want a Ferrari but don’t want to pay for one either. Can I start a go fund me page because I deserve one. It’s my right as a car enthusiast to have one.

I’ll even send you pictures of me driving my Ferrari if you donate more than $100.

#54 David Greene on 06.20.21 at 1:03 pm

Geez, I sincerely hope this isn’t the only motivating factor in becoming a doctor. Is it yours?

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

#32 Cici on 06.20.21 at 12:01 pm

….What about the gal that graduates from medical school next year, but can barely afford to rent a condo in say, Vancouver, while paying off her tuition debt over the next ten years. Will she stay and happily cheer on and applaude while the former hairdresser turned RE speculators continue to cash in on windfall, tax-free flipping gains? Or will she leave to a more affordable jurisdication where she can afford the quality of life that motivated her decision to become a doctor

#55 Don on 06.20.21 at 1:05 pm

#14 Price Polo
Critical thinking? I couldn’t have said it better.
Having 6 degrees doesn’t mean squat if you have no financial acumen. I know a lot of highly educated people in that category. I am a Gen Xer, Between me and my wife we too have 6 degrees ( finance). We put our two kids through one of the most expensive private schools in Canada, now one is at a private university in the USA, just sold my house in March for over $386k over asking. Now we are going to wait for a pullback before buying again. people have to stop whining and learn to think. Every senior, college-level has to be taught finance 101. Stopping here. Two lines over.

#56 Mattl on 06.20.21 at 1:05 pm

Uh, they have 900k banked, 300k income and two DB pensions and they can’t afford a home in Vic? Mortgage on 750k is 3k a month, add in property takes and they would still be under 4k a month. 250-400k down and they can get a pretty nice home today. And if they have 900k they could have entered the market anytime in the past 10 years.

What a baby.

#57 VladTor on 06.20.21 at 1:08 pm

Use new masks only!

https://rationalground.com/dangerous-pathogens-found-on-childrens-face-masks/

#58 Earlybird on 06.20.21 at 1:09 pm

#Concerned citizen
Totally agree with your great comment, and the generational shaft to the younger generations!
They can well afford a beautiful detached home with land…I must assume they feel entitled to private island….and are pissed about it.
My god, first world problems…..

#59 Mattl on 06.20.21 at 1:16 pm

#40 – I was thinking the same. He also has the benefit of splitting that 300k income in half, likely pays 10-20k less tax then a single income earner. Those two pensions will require 3mm plus in funding.

Imagine being such a drain on his fellow citizens and thinking he is owed even more.

#60 JR on 06.20.21 at 1:16 pm

What’s the problem?

$300K of income, gov’t DB pensions, and a net worth of $900K.

Here. I looked for 3 minutes of Realtor.ca. Here’s a beautiful first home, near the University, near a pretty little lake. $860K is a lot, but you are doing good and can afford it.

https://www.realtor.ca/real-estate/23192370/152-2345-cedar-hill-cross-rd-oak-bay-henderson

What’s the problem?

Ohhh… I see. You want to buy this house for $400K. But due to everyone else’s greed (because your not greedy Sean), you will have to pay market price (with sub 3% interest).

Quit crying about how it’s everyone’s fault but yours. And stop reading this blog, and go for a walk!

#61 KLNR on 06.20.21 at 1:18 pm

@#43 Peter Pickles on 06.20.21 at 12:32 pm

To the people saying this is somehow Trudeau’s fault – well Sean sounds like a prototypical conservative voter to me. Envious, entitled, obsessed with status, looking to take his neighbours down because he feels he deserves better for his “hard work and success.”
Hmmm.

bingo

#62 Km on 06.20.21 at 1:20 pm

He isn’t wrong, or whining. We all heard them tell us that those who are expecting to keep the gains on their housing as retirement should not lose that, health care is being paid by all those whose housing cost more than half their income be it mortgage or rent. Need a doctor in BC? Good luck with that, I was told I needed to move to get access to a family Doctor when I was pregnant as the area I was in was senior oriented and they get first in line. I understand that as health issues are generally worse when you are older however where was I supposed to get check ups while I was pregnant? Why do seniors get to defer house taxes in Vancouver seeing as they own some of the most expensive real-estate ever? The city of Vancouver is absolutely broke, I know my spouse is a contractor for them. We are told to move if we do not it like it yet people gasp if you say that a senior should sell if they cannot afford the taxes. Yes all these younger generations are jumping in and helping inflate the bubble yet why would they not at this point after being told and shown that the government will make an effort on one hand then do the opposite with the other? He is like most of us, pointing out what is going on and asking why. It is just fact that the boomer generations had the best of it which is great for them however telling the rest of us who are holding the bag we should not be upset makes no sense.

#63 Earlybird on 06.20.21 at 1:23 pm

#32 Cici
Now, while that is not the actual boomers fault, and the real blame should be laid where it is actually due (policy, money printing and FOMO, etc.), I think we have to be realistic: most people’s life goal is raising a family in a suitable single-dwelling home that they own that is priced commensurate with their salary and earnings, and I doubt that will change anytime soon. If that dream dies, so will the EFFORT to achieve it.

This is a really interesting thought Cici…..if that dream is not a possibility anymore, the effort stops, and we are starting to see this and the negative impact this will have.

#64 Keith on 06.20.21 at 1:27 pm

Victoria is heaven on earth for enough people in Canada that it will always be expensive and desireable. A small liveable city, full of government workers and contractors, a naval base, a university and a college and a significant private sector tourism business.

A small city with a provincial museum, an art gallery, a couple of symphony orchestras and an opera company. Tie that with the most temperate climate in Canada and half the rainfall of Vancouver and you have a retirement destination nationally and internationally.

Sean can’t get a house in the Uplands. No one in any occupation, from doctor to janitor can have the lifestyle they would have had in the seventies. You can do all the right things in life, but timing matters too. Graduate in a recession? Companies used to recruit the few engineering graduates, now engineers go all over the world to get started in their field, and try to work their way back home. It’s been going on since the eighties.

Every generation has natural advantages and disadvantages, if you look at things properly. Be grateful for your advantages and use your six degrees to work around your disadvantages. 300k a year in Victoria, and whining. Shame on you.

#65 Marc Roger on 06.20.21 at 1:28 pm

All, happy Father’s day.
Garth, I’ll send you a happy email one of these days.

#66 Faron on 06.20.21 at 1:31 pm

#120 BillyBob on 06.20.21 at 12:30 am

Nope. I was finishing up a BBQ on the north end of Thetis about then and about to embark on a v. slow 1 km walk with our geriatric basset hound back to the car. Didn’t see a model Y on the trail.

Hard no on meeting up for reasons that should be clear at this point.

Have fun in the sim amd when you get behind the yoke IRL.

#67 Pasha on 06.20.21 at 1:34 pm

All Garth needs is a cigar and a Peugeot. These two have the entitlement and attitudes of Columbo villians. Just, wow!

#68 Kentaro on 06.20.21 at 1:34 pm

Okay, so Sean comes across as an insufferable, out-of-touch, douche.

However, if an affluent, entitled dbag like Sean can’t afford a decent house, then what hope do his peers, who make an average salary, have? At what point does it make more sense just to leave Canada for greener pastures? A lot of the younger generation are coming to this conclusion. Canada is not the country we grew up in.

And, Boomers, yeah, you worked hard. Everyone did and everyone still does. You at least had the chance to own a home and get ahead through hard work. If you had to start your careers now and go up against the younger working generation you’d have your ass handed to you. You’d be lucky to get an interview in this environment. You worked hard… in a vastly easier system compared to today.

#69 JSS on 06.20.21 at 1:40 pm

Look for rental options.

#70 Boom Boom Boom on 06.20.21 at 1:43 pm

Everyone hates the Boomers.

Isn’t it enough already that Covid hates us the most?

#71 Cliff on 06.20.21 at 1:50 pm

Quintilian, yes we did have hard times raising our families and providing for the future. We did face interest rates close to 20%, jobs that paid for work done rather than degrees accrued, children that weren’t government subsidized, unfair wars that took our brothers and sisters and killed them, cars we repaired in our driveways because they weren’t new and we paid for them ourselves instead of having them gifted to us, lousy politicians, sun cycles that warmed and cooled our worlds every decade, stock market gains and total collapses that enrichened and then impoverished us. At one point the value of my house was cut in half and I had to regain those ill gotten gains over the next several decades. Thing is – we didn’t complain. It was just life. What were you doing during that time? Living high compared to us when we actually did walk to school. Frankly, we spoiled you losers and now we’re paying the price because we have to listen to your ignorant, whiney bleatings about how hard it is for you. Grow up.

#72 DON on 06.20.21 at 1:50 pm

#33 Michael in-north-york on 06.20.21 at 12:02 pm
What exactly keeps him in Victoria? My family has a lot less in assets and a much lower combined income, yet we bought a house without any difficulty. Just not in Victoria.
********
Sounds like its about the location and lifestyle they thought they could obtain based on their combined incomes…Oak Bay Lifestyle.

Cici brings up a good point about brain drain as the situation is at a irrational tipping point. There are lots of choices for them in the US and abroad.

As for housing…will the Bank of Mom be largely unaffected by a decline in prices and the loss of a gifted down payment? How levergaged are the parents? Boomerang!

#73 Millennial 1%er on 06.20.21 at 1:55 pm

Was helping a friend move in to his place the other day. He recently bought a condo, with help from his parents (for about how much I got an end townhouse a year and a half ago). There was another owner beside his condo that had a sold sign outside of it. During a conversation with her, she said “yeah, market’s crazy right now and it’s a good time to get out. This was a great investment property”. Curiously, she and her children were spending time there. She probably lived in it for a year to avoid the capital gains tax. Her kids were telling me about how excited about the fact that they were about to get a new pool. Writing this, I realize how comical it is. Young fools get loads of debt so the wise elderly can get their kids pools.

Going through my day by day & reading this blog makes me notice things I wouldn’t have noticed otherwise. Where are we headed? It feels like all my peers don’t understand the risk that you bring upon yourself with a literal half a million dollars in debt, or more. Many are cosigned or have”gifted” downpayments (under the table loans) with their parents as well. Can the parents afford the hit?

Some escaped by buying 1 – 2 years ago. Some became millionaires by having their parents buy properties through them in 2014-16. And some are going to get screwed.

The craziest thing is that not a lot of my friends have 6 figure jobs. Some are even going back to school.

Scary times. May god help us all.

#74 WTF on 06.20.21 at 1:56 pm

Where to start?

You want a house? STFU and BUY ONE! 900K and household salary in the 1% presumably in your 40’s, with a job you cant lose unless you commit murder in the lunch room. Unbelievable. If there ever was a definition for “first world problems”, dude you have the affliction.

Even your boomer parents who clearly accommodated your self indulgent whining as a child must be annoyed listening to your tiresome, narcissistic, baseless, accusations.

Kind of annoys me that this renting boomer’s taxes are helping to pay your salary and pension. Get some perspective, and grow up.

In my world government employees should be an endangered species. Much could be privatized.

#75 curmudgeon on 06.20.21 at 1:59 pm

good article…Sean may have some solid points, but his outlook is one of a victim…he is not wrong, he is just not going to be a winner with that attitude…i will admit, i have taken a good chunk of his attitude as my own lately…it is very easy to look at yourself as a victim…i have in many ways…over this past year, many of us have been “victimized” in many ways…but it doesn’t matter, cause no one really cares…great reminder…thanks

#76 Dolce Vita on 06.20.21 at 2:01 pm

Off topic Garth.

Italia Serie C Team 1 – Wales Premier League 0

Baci d’Italia.

——————–

Boomer’s didn’t kill Canada.

Their spawn, and spawn of spawn, well on their way to doing that.

#77 catzndogz on 06.20.21 at 2:02 pm

Not exactly sure what kind of house Mr. Sean has in mind. The entitlement odor is strong…maybe Oak Bay waterfront? Buy a small house and enjoy life, quit feeling sorry for yourself. You will never be a baby boomer – that’s a fact. They too will be gone one day, and you will take their place. Or, get a couple more degrees.

#78 rknusa on 06.20.21 at 2:04 pm

I do not think they are necessarily complaining about there position but rather the thought of someone in their position having to tap into most of their wealth to simply house their family, it is obscene

I am sure they are also fearful of the prospect of this market going south where they lose their downpayment and are saddled with a house worth less than their mortgage for a decade or more

I am facing the same frustration and fears as I move back to Canada and try and figure out where and how I am going to live in this crazy market

#79 rknusa on 06.20.21 at 2:08 pm

it just ain’t worth it

from John Pasalis, President of Realosophy Realty

When thinking about what might trigger a decline in home prices, there are generally two broad categories — a fundamental trigger and a behavioural trigger.

A fundamental trigger would be something like a traditional recession where job losses actually lead to a decline in household income, leaving some households unable to cover their mortgage expenses and forcing them to sell their home.

A behavioural trigger is simply a change in beliefs and attitudes about the market. A good example of a behavioural trigger was the rapid change in beliefs that led to the decline in house prices in the second half of 2017 after a booming housing bubble that peaked in the first quarter of 2017.

Going back to our original question, what type of a behavioural trigger might lead to a decline in prices tomorrow?

Now that the frenzy in the market is gone, as sales have started to decline and prices have stopped rising as quickly, buyers have more time to think and consider their next steps. If too many buyers actively looking at homes start to think “it’s not worth it,” because they can’t rationalize paying $1.2M for a home that would have sold for $900K a year ago, then we may find ourselves in a similar situation as 2017 where sellers outnumber buyers.

I believe that these will be the key factors influencing the future direction of our housing market over the next twelve months.

#80 Speculator on 06.20.21 at 2:14 pm

Isn’t the bank of mom & dad the boomers? We have both generations to blame. One for FOMO one for funding it

#81 TurnerNation on 06.20.21 at 2:16 pm

Why would anyone pay to live here? Smart money should be fleeing – at least into a Balanced Port.

Late last night I walked along an empty shopping area street. The signs in the windows are frankly right out of a B-grade Dystopian move.

The signs order:

– Stand 6 feet apart!

– No Mask no Service!

Fair Comment/Fact: if a customer walked in, trashed the store, came at the staff, then the police would be called and the person banned.
– Or if the same customer walked in with a smile on their face, then the police would be called and the person banned.
Umm maybe I’ll just order delivery instead of stepping into these small businesses. Mission Accomplished.


— Here’s a video from Centrepoint mall in TO. This guy purposely follows someone and gets up close in her face while proclaiming also a big threat. While berating her and taking his evidence photos.
My god what hellish post-national state are we living. We fell into WW3 that cold winter week of March 2020.
I have seen the enemy. And it is us.

https://www.reddit.com/r/NoNewNormal/comments/o448a7/dude_gets_mad_at_woman_not_wearing_a_masktoronto/

#82 Ballingsford on 06.20.21 at 2:17 pm

I have a hard time believing Sean’s story.

If it’s true, he really believes he’s an entitled millenial. When does it end.

#83 S.O on 06.20.21 at 2:22 pm

The forever victim…..

#84 Please ... on 06.20.21 at 2:22 pm

#40:
You know how many years it takes them to pay back all those subsidies? They probably pay almost 100k in taxes each year, so a couple?
And you people really think these government jobs are useless? They provide no service whatsoever? If they didn’t exist, these people with 6 degrees would be in the street? I very much doubt that.
You know what having some government services rather than private services does? it insures that for 30 or 35 years, these people will constantly pay 30% taxes, save 10% for retirement and never claim EI. It is guaranteed income for the government
Oh but i am sure the reason why other people that complain don’t have 3 degrees is because they found it unethical to profit of the taxpayers’ money.

#85 Fiendish Thingy on 06.20.21 at 2:26 pm

Sean should be able to afford a decent SFH in Victoria area- take about $300k from the investment nest egg for a down payment and they should be good to go.

If he’s willing to relocate, that same down payment and income would get him an ocean view, possibly ocean front home in North Nanaimo.

#86 Freedom First on 06.20.21 at 2:27 pm

#1 Sara

Perfectly Put!!!

Freedom First

#87 crowdedelevatorfartz on 06.20.21 at 2:29 pm

Well.
You can all thank Trudeau for the ramp up in housing prices.
I wonder what will happen to housing prices and rentals if he’s re-elected and follows through with his plan to bump up the immigration numbers .
500,000 more people looking for homes?
1,000,000 ?
Sky’s the limit when you’re a social justice crusader.
:)

#88 Linda on 06.20.21 at 2:33 pm

#1 ‘Sara’ – right on! Not to mention it is very telling that ‘Sean’ talks about ‘the kind of house we deserve’. Let me guess – a starter type home, let alone a fixer upper type of abode, is not what Sean thinks he ‘deserves’. Heaven forbid one not immediately get the full on top of the line luxury model, complete with every possible extra to show the world they have ‘made it’ & not incidentally rub in their apex success into the faces of all those whose opinion is apparently the reason they must have ‘what they deserve’ in the first place.

#89 ppsez on 06.20.21 at 2:36 pm

Happy International ATM Day

#90 He who goes BOOM on 06.20.21 at 2:42 pm

Two things:

1) The selling price of a home is….wait for it…determined by what the BUYER will pay. A seller can ask for three times what it’s worth, but the BUYER makes the call on the selling price. The current BUYER generation is setting the prices, not boomers. FOMO and lack of basic financial knowledge are a huge problem.

2) Mr Turner, I have repeatedly heard people proclaim that “Trudeau won’t/can’t let interests rates go up”. Maybe it’s time to pen a column regarding interest rates, international markets and market pressures. Clue them in as to what actually causes rates to rise. I think most will be surprised to learn that if the USA raises rates Canada has no choice but to follow.

#91 Grateful in Victoria on 06.20.21 at 2:47 pm

Sean asks who will pay for heart surgeries, ….
Sean – the same people who subsidized your 6 degrees!!
They are called tax payers.
University is subsidized to the tune of 90 per cent in our great country.
So we the boomers paid for 90% of your six degrees.
Stop whining and pay your share.

#92 MaggieB on 06.20.21 at 2:48 pm

#21 Dolce Vita

I don’t know where you get your information, but my husband got his 2nd vax yesterday (Saturday), here in Victoria. Drove by 2 vax centres today going full bore. Not only vaxing Monday to Friday.

#93 NSNG on 06.20.21 at 2:50 pm

This is an interesting read. This guy was probably one of the earliest pioneers of modern-day talk radio. Especially in the US. This article was from 1985 but it is still relevant and mirrors what is happening on social media now. There are so many parallels in this story and shows that nothing really changes for humans, just the venue.

Alan Berg: Talked to Death

The talk show host made listeners deathly angry until he was taken off the air–forever

https://www.rollingstone.com/music/music-news/alan-berg-talked-to-death-71920/

#94 Quintilian on 06.20.21 at 2:50 pm

Cliff on 06.20.21 at 1:50 pm
“Frankly, we spoiled you losers and now we’re paying the price because we have to listen to your ignorant, whiney bleatings about how hard it is for you. Grow up.”

What venom you spew.

You should reserve the rancor for when this whole thing unwinds because the Seans aren’t the skate boarding illiterate warehouse workers who quietly accept their place in this modern feudal system you boomers have created.

Enjoy your undeserved monetary gain at our expense for now.

But it is a fleeting non lasting status.
If you are smart and deserving of the free money, you will get out soon.

#95 Faron on 06.20.21 at 2:54 pm

First, and most importantly, happy father’s day to the dads out there.

Older generations are not to blame for RE prices — not purchasers at least. Those who bought homes at one tenth to one 20th today’s prices stand to cash in bigly even with falling prices. But, to do so they will need buyers and there seem to be a dwindling supply of those. If a lot of supply starts hitting the streets due to demographics or some other force, then, well, prices could adjust quickly. However, notes like the above show that there is plenty of demand to soak up any excess listings.

W/re the example family buying today and finding themselves underwater. I never understood this view. It’s no different than being underwater on stocks, no? If you can afford the monthly and your time horizon is long, why should anyone care what happens between point a — purchase — and point b — eventual sale well down the line. Short term price fluctuations should only matter to flippers or the few people whose plans change and that forces a move. Everyone else should just chill, no? Better yet, chill and watch your prop taxes decline. The only case for worry I see is when the 5-year is up and you have to re-finance. If you are underwater then, then you may have a problem. But, as an American, 5-year mortgages are a strange beast.

Finally, w/re resentment at being a high earner and not being able to afford a purchase. That feeling is pretty universal right now. It’s not right to blame any home owner, they just played the game. But I think it is right to point fingers at whatever set of mechanisms has allowed Canadian RE to be the most expensive in the world. Even that just may well be statistical noise plus momentum/FOMO chasing feedbacks unfortunately.

#96 Faron on 06.20.21 at 2:59 pm

#86 crowdedelevatorfartz on 06.20.21 at 2:29 pm

“…social justice crusader”

Do you hope for different in this world? If so, do you think that alienating those who you see needing to change with language that they don’t relate to is going to make that possible? I’m just as guilty, but labelling people with the preferred labels used by the groups you identify with is absolutely unproductive. But, if you just want to bloviate with a side of offence, then by all means.

#97 wallflower on 06.20.21 at 3:04 pm

beautiful, huggable Ollie is a deviation – not a deviant

#98 Job#1 on 06.20.21 at 3:06 pm

Boomers: Born 1946 – 1965

The youngest boomers have fewer than ten years remaining in their working lives til “official” retirement at age 65. The narrative of the dispossessed whiners would have us believe that boomers are responsible for the astonishing RE price gains of the last few years. I doubt it.
Are boomers still climbing the property ladder? No.
If they’ve been paying attention, they are cashing out or downsizing in these times of peak house prices.

The demand therefore is being driven by the younger cohorts, insensitized to debt, and crazed by FOMO. Ignoring fiscal prudence, they overbid and waive all sensible offer conditions to acquire that which they feel entitled to. It looks to me that they have been the authors of their own misfortune, and are primarily to blame (government and BoC policies are also responsible) for current nosebleed house prices.

For anyone like Sean, enjoying such a level of financial affluence and so many other options to solve their housing needs, to complain about their predicament is beneath contempt. Society certainly does not owe you the rewards commensurate with your own image of self-worth. A fatuous demonstration and embrace of the victim culture that will continue to erode personal responsibility for who knows how long.

#99 Reformedsnorfler on 06.20.21 at 3:07 pm

Poor Sean. With a household income of $300,000 and DB pensions for life (indexed, I beleive, if BC gov’t employees), Sean and squeeze can put 20% on the average $997,170 Victoria home and still have hundreds of thousands in the bank. If anyone deserves sympathy, it’s the average Victoria household that earns only $89,078 in a year. I wonder what Sean thinks they’ve earned.

#100 R on 06.20.21 at 3:11 pm

Keep the Boomers out of this. The Millennials are doing it to the Millennials with FOMO and lack of basic financial acume. Besides, isn’t the number of govt employees with their Cadilac indexed DB pensions the real elephant in the room ? If you listen , you can just hear the parasitic sucking of all those DB Pensions on the tax payers

#101 Classical Liberal Millennial on 06.20.21 at 3:12 pm

Sean should be embarrassed to be so privileged yet so bitter. He has no idea what life is like for the average citizen, homeowner or not.

#102 Humbled ◇ Broke on 06.20.21 at 3:14 pm

Gasp … after reading this horendous human plight, well … I just choked on my third helping of organic avocado on hand-picked, whole grain toast.

Parliment, quick …. assemble!

We need a new law.

Garth, “How dare you.” (Apologies to Gretta.)

#103 NSNG on 06.20.21 at 3:16 pm

#83 Please … on 06.20.21 at 2:22 pm

#40:
You know how many years it takes them to pay back all those subsidies? They probably pay almost 100k in taxes each year, so a couple?
And you people really think these government jobs are useless? They provide no service whatsoever?

You have it backward. Maybe they have such high taxes because the government is taking money and subsidizing others.

If the government wasn’t picking winners then maybe their tax rate would be much lower and they would only be getting degrees that are much more practical, not buy one, get two free.

Secondly, I never said what they do is not a benefit to society. They sound like they work in the medical industry which is very beneficial. The issue with government jobs is the premium they are paid which is taxes taken from the lowly Starbucks cashier at a much lower pay rate. Is that ‘fair’?

#104 DM in C on 06.20.21 at 3:18 pm

GenX here. I’ve no dog in this race between Boomers and Millennials. We’ve rented and bought, lived in Atlantic Canada, now in AB.

The problem is with CHMC — they backstop the banks with our taxes. Put a cap on what they will insure (like it used to be), by location, and put the risk and onus back onto the banks WHERE IT SHOULD BE.

Then watch valuations and the market come back down to normal. It’ll hurt, yes, but it would help the kids and not have the Bank of Mom raid her retirement funds to perpetuate this ponzi scheme.

#105 IHCTD9 on 06.20.21 at 3:23 pm

“We cannot find a house to raise our two children in that is commensurate with what we think we have earned,”
——

^ Key sentence.

Yep, they can afford a house just fine – the problem is they can’t afford the mansion they think they deserve.

This guy is a pathetic loser.

#106 Rob on 06.20.21 at 3:28 pm

What do you think the cost is to build a house? 2×4= 20$, sheet of plywood 50$. Get your head out of the sand! Until government realizes taxes are the main reason EVERTHING is so expensive in this country & the woke generation realize that you can’t get everything for nothing, nothing will change until there’s blood on the streets.
The only people left will be the ones that saved before spending & have either no debt or reasonably manageable debt

#107 IHCTD9 on 06.20.21 at 3:28 pm

#86 crowdedelevatorfartz on 06.20.21 at 2:29 pm
Well.
You can all thank Trudeau for the ramp up in housing prices.
I wonder what will happen to housing prices and rentals if he’s re-elected and follows through with his plan to bump up the immigration numbers .
500,000 more people looking for homes?
1,000,000 ?
Sky’s the limit when you’re a social justice crusader.
:)
——-

Funny how that works with that SJW stuff eh? Put a bunch of activists in power, and suddenly well off folks turn into millionaires and everyone else rents for life.

I didn’t vote for it, but I’ll take it.

#108 Joe on 06.20.21 at 3:32 pm

Thankfully, and as you have stated Garth, that real estate will not crash so majority of folks – if not all – will be OK.

A 10-20% decline and adjustment would not be a ‘crash’ but would be debilitating. And quite possible. – Garth

#109 IHCTD9 on 06.20.21 at 3:32 pm

#84 Fiendish Thingy on 06.20.21 at 2:26 pm

…that same down payment and income would get him an ocean view, possibly ocean front home in North Nanaimo.
———

Indeed, and Sean evidently believes they deserve nothing less that that (at least). After all, they have 6 degrees and a 300k income right?

#110 Mean Gene on 06.20.21 at 3:34 pm

Six degrees of separation from reality.

#111 IHCTD9 on 06.20.21 at 3:45 pm

Sean, maybe you just chose the wrong path in life. I know a couple Millennial bros who got out of high school, and went straight into the trades. They built houses together and sold them, one at a time. Before they were 30, they both were married with kids, living in beautiful paid for homes they built themselves.

They have zero degrees, zero pensions, don’t have 900k in cash. They just did a sh!t ton of work, but instead of receiving 6 degrees for all that work, they got one fine @ss crib for their families to live in.

No complaining or finger pointing required.

#112 cuke and tomato picker on 06.20.21 at 3:49 pm

Sean check what things in your expenses each month are really necessary. Then cut, cut, cut spending so much that
when we look up the word cheap we will all see your face not mine. It can be DONE my children have done it they
learned from my wife and I. The examples you set are the examples you GET. It goes on for generations. Living
the charmed life in Victoria B.C. by SACRIFICING.

#113 P Sydney on 06.20.21 at 3:49 pm

@ConcernedCitizen and Sean: I’ve heard this tune a million times. “The Chinese” are this, “The Boomers are that”. And I always respond with the same thing. There is no “The [blank]”. There are only people. Many are generally good people with flaws, some are not so good people. But everyone has their own story, their own life experience. Don’t lump everyone into a group to dump on because you don’t like how things are working out for you. That’s just prejudice, pure and simple.

#114 Kurt on 06.20.21 at 3:50 pm

Everything Sean wrote is true. His mistake was thinking that life is “fair”. If he wants to live in the second most expensive city (well, over-grown town) in Canada, he should rent. Or he could, like, y’know, man up and move some place cheaper, like Calgary or Edmonton. Yeah, the world is messed up. Understand *how* it is messed up and place your bets accordingly.

#115 Bob in Hamilton on 06.20.21 at 3:51 pm

“Only in Canada, a rich and privileged land, would a young couple with high incomes, almost a million in savings and fat, life-long, government-sponsored pensions whine and moan about being denied and victimized. If you ever doubt we have lost our way, or poisoned our children, behold this.”

The new Canada…get used to it…it will get worse.

#116 Jake on 06.20.21 at 3:51 pm

What a pair of entitled whiners. They earned 6 degrees but none gave them the smarts to know that now is not the time to buy. Gees.

#117 Don't cry for me Argentina! on 06.20.21 at 3:54 pm

The year before I graduated B. Sc. Comp. Science many years ago, every graduate got a job. In fact, most got theirs before they graduated. A year later, with a recession bearing down, nobody was hiring. Interest rates were an apocalyptic 20%.

So what did I do? I went about enjoying life on a budget, travelled the world,…. biding my time for several years, and chose not to play the victim. I decided to play things safe and chose mostly civil service positions for the rest of my career.

Today, I have at my disposal an 8 figure bottom line at my disposal. I didn’t make this overnight. Nobody gave me anything except my parents who made sure I had a fighting chance. It wasn’t one thing I did or didn’t do.

If Sean is as half as smart as he claims, he’ll be just fine in due time.

Lessons :

Never give up.
The only sure thing is that things will change.
Slow and steady wins the race.
Enjoy your life today while you can! Tomorrow you may not be able to.

#118 IHCTD9 on 06.20.21 at 3:54 pm

#23 dosouth on 06.20.21 at 11:38 am

…My father said if you have to talk about how good your are….. you aren’t. IMHO
———

I got a bud who would say something similar:

“If you wanna know how good Sean is, – just ask him!”

#119 Kurt on 06.20.21 at 3:56 pm

#68 Kentaro on 06.20.21 at 1:34 pm
Nicely stated. I’m a tail-end boomer who lived through the transition from easy street to today, having to change careers in my 50s, and young people today have it (on average) much tougher than when I was their age.

#120 Thanks for the Wake Up Call on 06.20.21 at 4:04 pm

So this was a useful wake-up call.

When I wrote Garth a few weeks ago, I was at a real low point for a whole bunch of reasons. This turned into a rant which didn’t reflect well on me, and wasn’t helpful to anyone, really. What it has done and what these comments have done, is make me think about who I am and who I want to be. It’s not this ranting and angry person. I have a lot to be grateful for and need to spend more time appreciating that.

So whether or not the contents of my rent are/were valid or not, I’m going to do some work on myself to hopefully be a happier and less angry person.

Garth is right in one respect. Happiness isn’t a house. I’m going to put that thinking to work.

Happy Father’s Day everyone.

You are already on a better path. – Garth

#121 Brian Ripley on 06.20.21 at 4:08 pm

I realize that WFH (work from home) opponents think it will be a passing blip on the chart, but I published a post on the subject yesterday:
http://www.chpc.biz/history-readings/wfh-3-5-daysweek

…and there are some interesting data (credit and links to sources are all posted):

> Up to 25% of Workforce in Advanced Economies
can Work From Home 3-5 days per week. (McKinsey & Co)

> StatCan recent Labour Survey of Supplementary Questions returned a positive response of low 80% to low 90% in all provinces that “teleworkers reported accomplishing at least as much work per hour as they did when they were working outside the home”

> FlexJobs 100 Top Companies With Remote Jobs in 2021 (they are not all IT, sales or call centers, many are in Health services)

> And from the “The Ultimate List Of Remote Work Statistics for 2021 (by Jack Steward at FindStack Updated June 18, 2021)” his Key Remote Work Statistics in 2021:

– 16% of companies in the world are 100% remote.​
– 44% of companies don’t allow remote work.
– Better work-life balance is the main reason why people choose to work remotely.
– 77% of remote workers say they’re more productive when working from home.
– The average annual income of remote workers is $4,000 higher than that of other workers.
– 85% of managers believe that having teams with remote workers will become the new norm.
– 74% of workers say that having the option to work remotely would make them less likely to leave a company.
– The three biggest challenges associated with remote work are unplugging after work (22%), loneliness (19%), and communication / collaboration (17%).

So this is another reason why the exodus has been to sell the urban core and move to the suburbs and exurbs beyond.

No commute, better net income, ie: bigger cash flow to pay down a mortgage and more room for WFH kids and dogs.

And another protective barrier against the Delta variant which is now on the loose. (The U.S. went from 10% to 30% of Covid cases being identified as Delta in just this last week and mostly in the stupid red states.) – this was in my Twitter feed today from: https://twitter.com/DrEricDing
(Epidemiologist & Health Economist. Senior Fellow,
@FAScientists . Former 16 yrs @Harvard . Health, environment, & social justice. COVID updates since Jan 2020.)

And this:

“The WHO on Tuesday also added another Covid mutation, the lambda variant, to its list of variants of interest… The lambda variant has multiple mutations in the spike protein that could have an impact on its transmissibility, but more studies are needed to fully understand the mutations…”
https://www.cnbc.com/2021/06/16/who-says-delta-covid-variant-has-now-spread-to-80-countries-and-it-keeps-mutating.html

My spouse and I got our 2nd Pfizer shot today, but we will not be travelling about this summer. If the Delta gets out of control in Canada, parents may have to change their ideas about sending unvaccinated kids, especially under 12, back to school in the fall.

#122 Cici on 06.20.21 at 4:10 pm

#54 David Greene

I’m not a doctor, but I do know that only the best and brightest get in. Some of my friends are doctors, and all of them are wholly devoted to the profession and work harder than most of us could ever imagine, especially those who work in emergency rooms, hospitals and large clinics. And the nurses too are incredibly dedicated and hardworking.

I never said they are only in it for the money. But I don’t think most of them take on some 7 years of incredibly expensive education out of charity and just the goodness of their hearts either. If the only incentive to becoming a doctor was doing good for the benefit of others, I’m sure most of them would find a more lucrative and less strenous way to achieve that philanthropic goal.

Because, after all, we really ARE living in a material world.

#123 BillyBob on 06.20.21 at 4:11 pm

#66 Faron on 06.20.21 at 1:31 pm
#120 BillyBob on 06.20.21 at 12:30 am

Nope. I was finishing up a BBQ on the north end of Thetis about then and about to embark on a v. slow 1 km walk with our geriatric basset hound back to the car. Didn’t see a model Y on the trail.

Hard no on meeting up for reasons that should be clear at this point.

Have fun in the sim amd when you get behind the yoke IRL.

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

Ah! Thanks. Well, none taken. I find grudges sad, but if they work for you that’s another way to go too. I’m often accused of being far too forgiving.

But this guy Sean sounds like someone you’d get along fine with though, amirite? Same place on the spectrum for sure. Maybe Garth can hook you up with him and you can both whip out your um, degrees and compare!

#124 macduff on 06.20.21 at 4:13 pm

Four months before I retire to another continent. Looking forward to living in a society that respects its elders, isn’t woke and isn’t eternally contrite for colonials sins.

#125 The Homemoaner on 06.20.21 at 4:15 pm

I felt that way in Victoria years ago, so I left. Got a mansion for 500k in another beautiful part of BC.

I’m ashamed to be part of your age group Sean. Grow up and relocate if your current situation is so awful.

#126 Doug t on 06.20.21 at 4:16 pm

#123 macduff

ICELAND ?

#127 WEXIT on 06.20.21 at 4:23 pm

If the 6 degree couple want to complain, go look in the mirror. It is subsiding education with your 6 degrees, and high public sector wages/benefits, and the government you vote for that got you into the mess.

If you want something, work for it. I know people hate the word “work”, but you get what you deserve.

#128 Shelia Morris on 06.20.21 at 4:24 pm

#1 Sara and others: So what about those of us born before 1946? Those of us that struggled to get any where. What about going through a divorce at 40 and having to re-educate at a rate of 11% repayment for a student loan. And, after graduation being told you are too old, what about that? What did I do? I went overseas and paid my loan off in three years. I was very lucky to work until 68. Upon my arrival back to Canada facing another recession, I have not been able to get ahead or live a decent life on my pitiful pension. Have managed to save 30,000 TFSA but banks will not take a chance on me only allowing GIC’s. I truly resent being called a “reject” by any of you with along your whining. You all sound like a bunch of greedy Canadians.

#129 Father's Daughter on 06.20.21 at 4:25 pm

Yes, please get over it. There is a price to pay for living in a certain Canadian cities. Many jobs are transferrable. For example, young medical doctor graduates will often refuse jobs outside of major centres (sometimes as close as an hour away), despite great compensation and lower COL, due to lifestyle reasons or personal preference. These are all decisions that we have to make given the current state of the housing market.
Perspective is a good thing. My husband grew up in a different country with very little. He complains about nothing lifestyle wise now as he is aware of the privilege of having much more now. Being able to go to the grocery store and not having to stress over prices is a privilege. Living (renting or owning) a decent place in a safe neighbourhood is a luxury that most in the world don’t have either.
They can still afford something in Victoria and should consider themselves lucky that they are priced out of a much bigger/flashier home that would lead to lifestyle inflation on all fronts.
Despite what people tend to think, there are lots of people who work very hard and will never have anything close to what these two have. They seem to have no clue, which is sad. It’s hard to have any sympathy here.

#130 Summertime on 06.20.21 at 4:29 pm

DELETED

#131 Gen Z on 06.20.21 at 4:31 pm

DELETED

#132 Summertime on 06.20.21 at 4:32 pm

#129 Father’s Daughter on 06.20.21 at 4:25 pm

Good luck trying to find idiots to pay the ‘price for living in a certain Canadian cities’.

I would pay nothing. Absolutely nothing.

I would not live there if you give me half the shack you live in for free.

#133 Summertime on 06.20.21 at 4:36 pm

#130 Summertime on 06.20.21 at 4:29 pm
DELETED

Canadian political correctness and brainwashing in full swing.

Which part of my post was offensive and to whom?

You insulted everyone. Buzz off. – Garth

#134 Ambi and Vasu on 06.20.21 at 4:37 pm

Our daughter is a millennial first gen Canadian, married and between them have just two degrees. She got married to her classmate just after her school and rented for a year. Bought her first house in the second year of marriage and now owns a million plus third home. Borrowed 8K for her first home from mom and paid all of it back within the first year. They kept their head down, never complained, never looked for a government handout, remained conservative and continued creating wealth and have now moved to the 1%.

Tell the 6 degree guy to stop complaining and stop shifting blame for his inertia, use his degrees and look for better options in life (there are hundreds out there, he has to try and find one most suitable for him and his family), move on and succeed. To work hard and succeed is much better than complaining.

#135 Sara on 06.20.21 at 4:46 pm

#128 Sheila. Huh?

#136 Faron on 06.20.21 at 4:48 pm

DELETED

Enough. Take it offline. – Garth

#137 Joe on 06.20.21 at 4:51 pm

Re: my previous comment #108
Hey Garth – if 10-20% crash in real estate prices is debilitating what if the financial markets balanced portfolios crash as much too – Will that be debilitating too?

People don’t buy financial assets with 20x leverage. No valid comparison. – Garth

#138 Sara on 06.20.21 at 4:52 pm

#95 Faron
“Finally, w/re resentment at being a high earner and not being able to afford a purchase. That feeling is pretty universal right now. It’s not right to blame any home owner, they just played the game. But I think it is right to point fingers at whatever set of mechanisms has allowed ”

Exactly. What a waste of time blaming and hating an entire generation of people. Like that will help bring down home prices. People with 6 degrees should be able to understand that.

#139 David Greene on 06.20.21 at 4:56 pm

ProPublica:

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

“….Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax

#140 Faron on 06.20.21 at 4:57 pm

Last comment before I finish up chores and get out into the glorious weather.

The social media sentiment w/re equities right now is very, very dour. All the punters are fearful. Monday will probably be a bit of a roller coaster, but at some point, if you have cash to invest, buying a dip may not be a bad plan.

I will humbly acknowledge wrongness if last week was the top before a major correction.

#141 Flop... on 06.20.21 at 5:02 pm

#60 Flop… on 06.13.21 at 2:59 pm

“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…”

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

I wrote the above note on here about a week ago.

Not gonna bash this guy in Victoria, he’s just gotta work out which drums in life mean the most to him.

The only degree I ever got in life was a burn…

M47BC

#142 Boomer/Xer on 06.20.21 at 5:11 pm

Of course Sean is choosing to live in one of the most expensive small cities in North America. Nobody is forcing him to live there. He should check out housing in Saskatoon or Winnipeg where he could buy a nice house for $500k. Ha – didn’t think so.

#143 Sara on 06.20.21 at 5:23 pm

@128 Shelia,

Reread your comment. I hear you. Sorry about your struggles.

#144 IHCTD9 on 06.20.21 at 5:29 pm

#81 TurnerNation on 06.20.21 at 2:16 pm

Here’s a video from Centrepoint mall in TO. This guy purposely follows someone and gets up close in her face while proclaiming also a big threat. While berating her and taking his evidence photos.
———

Holy, that dude is a lunatic. That Woman had a legit reason to not wear a mask, and he’s chasing her around the mall with his phone “high on self righteousness”.

Security handled that guy very well, excellent job. It’s obvious she was pretty shaken up being chased around like that. They kept him well back.

If that fat midget ever tried a stunt like this with Ms. IH while we were out, security had better run – because buddy would have exactly 2 seconds to stand down before he’d be getting that iPhone force-fed right down his ******* throat.

#145 Sara on 06.20.21 at 5:31 pm

It’s not all bad kids! Something younger people are lucky to have is a plethora of online investing platforms and the ability to easily research how to do their own investing. Thanks to the internet (I wonder what generation invented that?).

Boomers on the other hand got sucked into expensive mutual funds by the nice lady at the bank for most of their careers.

#146 Idealized on 06.20.21 at 5:47 pm

Doomers vs Boomers.
Wombers vs Zoomers.
Let the rock-em-sock-em boxers (of the canine variety) sort it all out.

#147 Joseph R. on 06.20.21 at 5:51 pm

#139 David Greene on 06.20.21 at 4:56 pm
ProPublica:

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

——————————————————-

Be careful.when reading this kind of “they don’t want you to know” reports.

When you own stocks, bonds, bitcoins or beanie babies, you don’t pay taxes on unrealized gains; even if the value of your assets go up, you only pay (capital) taxes after you sell. That is true for you and that is true for Jeff Bezos.

When you get wage paid, you pay income tax based on your salary, which is considered as a realized gain.

Jeff Bezos only pay taxes on the Amazon stocks he sells in order to keep his billionaire lifestyle, not on his 100+ billion dollar portfolio. He pays a capital gain tax at the sale of his stocks.

On the other hand, we have Real Estate. In real estate, your property taxes aren’t based on sale but a city’s Market Value Assessment: it is a wealth tax.

These type of “shocking ” report are meant for a public who do not differentiate between income and wealth taxes.

#148 Mostly Peaceful on 06.20.21 at 5:52 pm

Sean, stop acting like a spoiled dbag. You have a sizeable down payment and can easily carry a 1m mortgage, that means a 2m house is perfectly doable. Take a deep breath and put a lid on your fake victimhood, your argument is beyond ridiculous and by the way your 6 degrees cannot buy you the most important characteristic adults need to cope with life, it’ s called CHARACTER!

#149 Faron on 06.20.21 at 6:00 pm

Enough. Take it offline. – Garth

You know I’ve tried Garth.

#150 IHCTD9 on 06.20.21 at 6:01 pm

#141 Flop… on 06.20.21 at 5:02 pm
#60 Flop… on 06.13.21 at 2:59 pm

“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…”

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

I wrote the above note on here about a week ago.

Not gonna bash this guy in Victoria, he’s just gotta work out which drums in life mean the most to him.

The only degree I ever got in life was a burn…

M47BC
————

Good old Phil Collins. Way overplayed back in the day, but now – I appreciate why he was so popular.

We had to skip a few drums too. New vehicles, fancy house, cool vacations. We just didn’t have the cheddar to do those things on top of the priorities at the time. Up till now, we’ve never sounded as good as Collins – but with any luck, some time down the road we might. Or at the very least – add a few drums to the kit. :)

#151 VGRO and chill on 06.20.21 at 6:07 pm

#52 Sail Away on 06.20.21 at 12:55 pm
#42 VGRO and chill on 06.20.21 at 12:31 pm

And while we struggle to enjoy just a fraction of the quality of life Boomers had, we get made fun of by them for enjoying a latte, or some avocado toast to make us feel better about our dismal prospects.

———

V, we’ve been here 15 years and enjoy a fantastic quality of life as do many other immigrants in our circle. If not your case, perhaps look inward?

Forget the generational blame. It’s all a continuum and there are probably more opportunities now than ever before.

My 20 and 21 yo kids who have tripled their TFSAs in the last 2 years (with some guidance, granted) are quite optimistic.

——–

I’m in the top 10% of income earners in Canada, as a Millennial. If you evaluate life sheerly by how many zeroes are in your bank account, I am doing great.

But I was speaking about millennials in general:

https://www.businessinsider.com/millennials-less-wealth-net-worth-compared-to-boomers-2019-12

https://nymag.com/intelligencer/2017/07/climate-change-earth-too-hot-for-humans.html

#152 Aren’t future generations paying for current pension? on 06.20.21 at 6:08 pm

Hey Sean, using the same logic here is a question for you-we know the pension system is unsustainable long term.
Will you feel equally upset with yourself when you start drawing pension knowing it’s the future generations paying for it? Honest question..

#153 IHCTD9 on 06.20.21 at 6:13 pm

#123 BillyBob on 06.20.21 at 4:11 pm
#66 Faron on 06.20.21 at 1:31 pm
#120 BillyBob on 06.20.21 at 12:30 am

Nope. I was finishing up a BBQ on the north end of Thetis about then and about to embark on a v. slow 1 km walk with our geriatric basset hound back to the car. Didn’t see a model Y on the trail.

Hard no on meeting up for reasons that should be clear at this point.

Have fun in the sim amd when you get behind the yoke IRL.

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

Ah! Thanks. Well, none taken. I find grudges sad, but if they work for you that’s another way to go too. I’m often accused of being far too forgiving.

But this guy Sean sounds like someone you’d get along fine with though, amirite? Same place on the spectrum for sure. Maybe Garth can hook you up with him and you can both whip out your um, degrees and compare!
——

BB,

I was listening to this tune the other day, and I thought of you:

https://www.youtube.com/watch?v=QrM39m22jH4

Is that you in the left cockpit seat with the red solo cup?

#154 Sean is right on 06.20.21 at 6:17 pm

Boomers destroyed everything. We left the following generations with no real problems. Now as they live a gifted life they have to invent problems to be mad about.

#155 Wrk.dover on 06.20.21 at 6:21 pm

#111 IHCTD9 on 06.20.21 at 3:45 pm
Sean, maybe you just chose the wrong path in life. I know a couple Millennial bros who got out of high school, and went straight into the trades. They built houses together and sold them, one at a time. Before they were 30, they both were married with kids, living in beautiful paid for homes they built themselves.

They have zero degrees, zero pensions, don’t have 900k in cash. They just did a sh!t ton of work, but instead of receiving 6 degrees for all that work, they got one fine @ss crib for their families to live in.

No complaining or finger pointing required.

_________________________________

That reminds me of myself at that age. Couldn’t afford a temporary electrical entrance for the construction period, so I framed my house with a tiny chainsaw.

Unlike Sean, I took six months off from my double minimum wage income, and got ‘er done!

Still lovin’ every minute in it.

M67NS

#156 KLNR on 06.20.21 at 6:21 pm

@#134 Ambi and Vasu on 06.20.21 at 4:37 pm
Our daughter is a millennial first gen Canadian, married and between them have just two degrees. She got married to her classmate just after her school and rented for a year. Bought her first house in the second year of marriage and now owns a million plus third home. Borrowed 8K for her first home from mom and paid all of it back within the first year. They kept their head down, never complained, never looked for a government handout, remained conservative and continued creating wealth and have now moved to the 1%.

well, la-di-da to you.

#157 Mathew S Gibson on 06.20.21 at 6:24 pm

I don’t see much difference between Sean and the Booomers he admonishes, other than being late to the real estate party.

#158 When the Whip Comes Down on 06.20.21 at 6:28 pm

I’m wondering what this couple actually feels they ARE entitled to? I mean come on, with their income and assets they can easily come up with the dough to purchase and finance a home in victoria that is above the average. Seriously what do they feel they should be living in?

#159 espressobob on 06.20.21 at 6:35 pm

Bubbles always burst. The real estate sphere when it goes, I believe will bring major consequences, nothing like we’ve seen in our lifetimes.

Have no idea how that will play out, but an economy built on dilapidated properties is sure scaring the hell out of me…

#160 VladTor on 06.20.21 at 6:42 pm

Impact of COVID Vaccinations on Mortality:

Watch Canada 5:21 (we are one of the best around the world!)

https://www.youtube.com/watch?v=xSrc_s2Gqfw

#161 barnz0rz on 06.20.21 at 6:45 pm

300k a year and can’t afford a home. Where’s the money going then?

#162 Ponzius Pilatus on 06.20.21 at 6:46 pm

#76 Dolce Vita on 06.20.21 at 2:01 pm
Off topic Garth.

Italia Serie C Team 1 – Wales Premier League 0

Baci d’Italia.

——————–
The Italians continue to play boring, defensive soccer.
Just like Spain.
Die Manschaft put on a clinic against Rinaldo and Co.

#163 AB on 06.20.21 at 7:03 pm

Sean’s story sounds a bit manufactured. If true, I am truly sorry for him. Sounds a bit like some of my University professors from days ago. Many were decent fun loving humble people, but unfortunately , the majority were like him. Makes me wonder if he is a U of Vic professor. Quite the pompous ass.

#164 ogdoad on 06.20.21 at 7:06 pm

Dear Sean,

You depress me. If you are a real person and the info you gave up is true, then you are actually sick…with FOMO. Hug group can help. Booze too!

One – way too much time on your hands…if you have this much time to talk about how entitled you should be than you have enough time to make it work with your kids. Instead of showing them your true values – which are not cool! Grass is greener does not work. Whatever situation. Be the change, young padawan.

Two – you have read enough books to earn 6 degrees (the first must have been basket weaving….just a though). Time to broaden your horizons and read a little on how easily humans (you) are influenced. Especially to think that you deserve something…SHAME…thanks mom!!LOL

Three – if you’re so desperate, buy! What are you crying about? You have the money. Just stay in your house until you die!!! Done. Logical thinking was not part of the 6. Clear. Sitting at home and crying in a email, was…thanks, mom!!

These are the people who email you on a reg. basis, Garth? Dear Stars…what are we teaching our future? Honestly, if this is the sentiment of high earning/educated peeps in Canada then we’re talking generations to undo…Thanks America! Haha…

Og

#165 Lumber on 06.20.21 at 7:06 pm

Haha I had to go back and check that the title of today’s blog wasn’t “Privileged Wealthy Whiner…”

#166 Ponzius Pilatus on 06.20.21 at 7:13 pm

#87 crowdedelevatorfartz on 06.20.21 at 2:29 pm
Well.
You can all thank Trudeau for the ramp up in housing prices.
I wonder what will happen to housing prices and rentals if he’s re-elected and follows through with his plan to bump up the immigration numbers .
500,000 more people looking for homes?
1,000,000 ?
Sky’s the limit when you’re a social justice crusader.
:)
—————–
The current run on RE started in the early 2001, had a little hick-up in 2008-2009, and has gone gang busters since then.
And as Garth and the stats say, immigration is not a major factor in the run-up in housing.

#167 Lumber on 06.20.21 at 7:18 pm

Oh, and ‘Sean’ – suck it up and spend 30% of your gross income on housing like the rest of us. Should be able to find something decent that carries for $8000 /month…

#168 Fishman on 06.20.21 at 7:25 pm

Yes, Victoria. A lovely mayor, a lovely town. First elected municipal politician in Canada that wouldn’t swear allegiance to our noble & gracious Queen. Then of course removing Sir John A. with a massive noose around his neck at the break of dawn. Oh ya no Canada day this year. Unanimous votes from city council. I haven’t stopped there for years. After the city took over Fisherman’s Wharf from DFO, they went from half dozen employees to 130. And now no fishermen.Thanks for the update Sean. You cheered me up. There is a God.

#169 KLNR on 06.20.21 at 7:30 pm

@#162 Ponzius Pilatus on 06.20.21 at 6:46 pm
#76 Dolce Vita on 06.20.21 at 2:01 pm
Off topic Garth.

Italia Serie C Team 1 – Wales Premier League 0

Baci d’Italia.

——————–
The Italians continue to play boring, defensive soccer.
Just like Spain.
Die Manschaft put on a clinic against Rinaldo and Co.

so true, the bore-zurri.
Germany going to surprise everybody and take the title

#170 Out Of Work CEO, Will Travel on 06.20.21 at 7:36 pm

Sean and his generation do not have the total story. My now deceased Mother in law (now gone to her glory at 94) stayed away from most medical care. As a boomer I do not embrace long lists of expensive medications. I have not received any fancy or expensive new knee or hip. Most of the boomers I know take care of themselves and bend over backwards avoiding doctor’s offices. If Sean was a tad adventurous and considered moving to Texas or Tennessee or Arkansas he could pick up a nice home for under $100,000.

#171 Ballingsford on 06.20.21 at 7:40 pm

#120 Thanks for the Wake Up Call on 06.20.21 at 4:04 pm
So this was a useful wake-up call.

When I wrote Garth a few weeks ago, I was at a real low point for a whole bunch of reasons. This turned into a rant which didn’t reflect well on me, and wasn’t helpful to anyone, really. What it has done and what these comments have done, is make me think about who I am and who I want to be. It’s not this ranting and angry person. I have a lot to be grateful for and need to spend more time appreciating that.

So whether or not the contents of my rent are/were valid or not, I’m going to do some work on myself to hopefully be a happier and less angry person.

Garth is right in one respect. Happiness isn’t a house. I’m going to put that thinking to work.

Happy Father’s Day everyone.

You are already on a better path. – Garth
******
Good for you for posting that. You offended a lot of millenials with that posting and the rest of us dawgs are left shaking our heads. Is the 900,000K inheritance? Hope you don’t get into politics and get into a position to make legislation for the middle class. You are so out of touch with life.
I still think you are full of shit.

#172 Ponzius Pilatus on 06.20.21 at 7:44 pm

I come from a working class background and I met quite a few manual workers who were autodidacts and very educated, but also street smart.
Then I went to University and met educated people who had little street smarts, or money smarts.
My DR., for instance, is a poor manager of money, but when it comes to diagnosing what ails his patients, he’s one of the best.
The point:
Different strokes for different folks.

#173 perma doomer on 06.20.21 at 7:47 pm

Sean and partner have secure, well paying jobs and have been at it long enough to sock away $900k.

Pretty obvious Sean missed out on buying a house over the last 10 to 15 years when it would have been easy for them and is now all mad at their bad decision.

Perma doomer blogs and mindsets are very, very bad for your financial health Sean. Hope you have learned your lesson, but I think not.

#174 crowdedelevatorfartz on 06.20.21 at 8:02 pm

Not a lot of love for Sean today.

I guess the Boomer whine didnt resonate with the blogdogs.

#175 Salutations Sally on 06.20.21 at 8:06 pm

Ollie looks as if he’s having the time of his life!

#176 kommykim on 06.20.21 at 8:12 pm

RE:#68 Kentaro on 06.20.21 at 1:34 pm
Okay, so Sean comes across as an insufferable, out-of-touch, douche.
However, if an affluent, entitled dbag like Sean can’t afford a decent house, then what hope do his peers, who make an average salary, have?

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

Sean is one of those entitled douches who thinks he deserves to live in a mansion. People who have these grandiose expectations will always be miserable no matter how much stuff they have. I have ZERO sympathy for them.
It’s not the sellers that are responsible for the high prices, but rather the buyer’s and their idiot peers willing to pay stupid prices and participate in bidding wars.

#177 Mattl on 06.20.21 at 8:14 pm

114 Kurt on 06.20.21 at 3:50 pm
Everything Sean wrote is true. His mistake was thinking that life is “fair”. If he wants to live in the second most expensive city (well, over-grown town) in Canada, he should rent. Or he could, like, y’know, man up and move some place cheaper, like Calgary or Edmonton. Yeah, the world is messed up. Understand *how* it is messed up and place your bets accordingly.

—————————-

He doesn’t have to move anywhere, he can buy a middle of the road house in Victoria, you know the kind that two government workers would have lived in 10/20/30/40 years ago. Still have 500k, contribute 5k a month for the next 20 years and retire in his early 60’s with a paid for house, 300k pretax income.

Hardly messed up, his path forward is ridiculously easy. That 300k government income + DB pension is a taxpayer funded goldmine.

Buddy hit the lottery

#178 yvr_lurker on 06.20.21 at 8:18 pm

Only in Canada, a rich and privileged land, would a young couple with high incomes, almost a million in savings and fat, life-long, government-sponsored pensions whine and moan about being denied and victimized. If you ever doubt we have lost our way, or poisoned our children, behold this.
——————-

Beg to differ here. With their income and achievement, it is not unreasonable that in a more normal housing landscape that they should be able to purchase decent digs without too much difficulty or epic risk. In my view, this country has lost its way and regressed since the 1970s–1990s if it is unrealistic that for a couple like this to purchase something decent, even in one of our major cities. How is it progress in Canada if the ones who can get ahead now are those who are gifted huge sums or, through inheritances, take over the family house from the previous generation. Is this progress? Not in my view. Most people want to succeed on their own merits, and many are tied to major cities due to specialized, more interesting jobs that don’t exist in smaller communities. No need to moan, either pay your 54% marginal or head to the U.S. or overseas if you can where the tax rate is lower, and where the struggle is less.

On my block in KITS, two houses down from us a couple in their 30s were “gifted” a house from his family that he would never be able to afford on his own. It is great for them and they have a stable place to have a family. She is a school teacher and he is a journeyman carpenter, just starting out. Farther down the street is a couple who are in their late 80s living in a little bungalow purchased in the 1960s. She used to sell Amway and he was a transit driver. Lovely old couple who are still able to live in their house with some family support. The 300K per year earning couple with 900K savings could not afford buying one of these places, which would fetch north of 2.3M.

Is this progress? Not in my view. The deck is stacked against the generation starting out who are making their own go of it. Nobody can convince me otherwise, and I am nearing 60.

#179 Brunett43 on 06.20.21 at 8:22 pm

Six degrees of wtf. I always find blaming “others” is a sign of some degree of narcissism, as in it’s not me, its you! I could say I was lucky enough to purchase my first home in the mid 80’s but that game with working 2 jobs and paying 11.75% interest. Luckily, that home double in price in 3yrs. Now on my 4 th and final home, mortgage free, it’s called playing the game wisely.

My 25yr old son is one of those house horny people Garth talks about. But so far I’ve been able to convince him to save. He doesn’t “need” a house, but he does need to move out of mine and rent. I’ve repeatedly told him about this dog blog, I hope he’s paying attention.

#180 Concerned Citizen on 06.20.21 at 8:27 pm

#113 P Sydney

@ConcernedCitizen and Sean: I’ve heard this tune a million times. “The Chinese” are this, “The Boomers are that”. And I always respond with the same thing. There is no “The [blank]”. There are only people. Many are generally good people with flaws, some are not so good people. But everyone has their own story, their own life experience. Don’t lump everyone into a group to dump on because you don’t like how things are working out for you. That’s just prejudice, pure and simple.

**********

And if you had actually read my comment, you would know that is precisely what I’m not doing. I treat people as individuals first.

But the fact is, that as a generation, the boomers have been exceptionally greedy and have created and/or kicked the can on countless issues for future generations to deal with. That is not a prejudicial statement, but rather a statement of objective fact. I see a lot of denial from a lot of boomers on this…

#181 AM in MN on 06.20.21 at 8:28 pm

The bigger issue the country faces is the number of govt. workers pulling in upper 6 fig incomes, and exactly what value do they bring to the nation to justify the cost?

Degrees in revisionist history and gender studies don’t make the country more wealthy.

Who is going to pay all the defined benefit pensions, from govts. that owe $2T!

Wait for the interest rate hikes, they’re mathematical at this point, and will drive the house prices down. If you didn’t work for the govt. , you could live somewhere a lot cheaper than Victoria. A couple hours up the island and you’ve got 300 miles of good choices.

If you had real skills that had value to the private sector, that might be an option?

I will put in a good word here for the maligned boomers and seniors, of which I am not one by about 15 years. Many of them helped build the civic society we live in with a lot of volunteer hours in a multitude of ways.

That has created places where many people in the world want to come and live, and the RE markets reflect that. In a way, this is how the middle class of many years ago gets paid for its hard work. No one owes you a living in a nice city.

Why not go north and build a nice city out of somewhere rural, and stop moaning!

#182 TMAC on 06.20.21 at 8:29 pm

There needs to be a serious wake up call for some of these people. We have had it far too good for far too long and it shows.
Imagine being in the upper 1% of the working class with a pair of unicorn pensions and thinking you deserve more.

#183 millmech on 06.20.21 at 8:42 pm

#95 Faron
Just do not buy at these prices, renting rocks, I could easily buy my landlords house but why bother I get the same abode basically for what he pays in property taxes.
Portfolio spits out more than what I earn now so on cruise control in life, if I want a house I will buy a house, not worth it at these prices, only a fool would!
It is your generation that is doing all the damage with FOMO, you do not want to pay high prices, do not then, pretty easy if you ask me.
As for wage inflation our company broke through the $50/hr level to keep up with the other mills/plants offering up to $56/hr for trade rate, trying to keep pace with Chemtrade in North Vancouver.

#184 Bob on 06.20.21 at 8:45 pm

Honestly, I think Sean has a point. One of the hallmarks of our capitalist utopia is supposed to be social mobility. The idea that, no matter where you start, if you put in the effort, then you too can have the very best our society has to offer.

Sean has done everything he’s supposed to do. If he can’t buy a luxury house in the neighborhood of his choice, then who can? Who are these houses for? I think we ignore his complaints at our peril. He, and others like him, might just decide to leave.

#185 KLNR on 06.20.21 at 8:49 pm

@#166 Ponzius Pilatus on 06.20.21 at 7:13 pm
#87 crowdedelevatorfartz on 06.20.21 at 2:29 pm
Well.
You can all thank Trudeau for the ramp up in housing prices.
I wonder what will happen to housing prices and rentals if he’s re-elected and follows through with his plan to bump up the immigration numbers .
500,000 more people looking for homes?
1,000,000 ?
Sky’s the limit when you’re a social justice crusader.
:)
—————–
The current run on RE started in the early 2001, had a little hick-up in 2008-2009, and has gone gang busters since then.
And as Garth and the stats say, immigration is not a major factor in the run-up in housing.

when i bought my first Toronto slanty semi in 2001 folks were screaming a market crash was imminent lol.

#186 J. Canuck on 06.20.21 at 9:00 pm

Geez, six degrees between them and the best they can do is work for the government? My nose bleeds for them.

Shoulda got something useful that can actually help our society … I’m thinking a welder’s or electrician’s ticket.

#187 millmech on 06.20.21 at 9:05 pm

No more need for degrees now to feel included, everyone gets one, lol!!
https://www.msn.com/en-ca/lifestyle/smart-living/rex-murphy-cutting-honours-programs-and-keeping-smart-kids-down-proves-the-silliness-of-inclusivity/ar-AALd7El?ocid=msedgntp

#188 VICTORIA TEA PARTY on 06.20.21 at 9:08 pm

“IF YOU COULD READ MY WHINE”…

…(apologies to Mr. Lightfoot)…I’ve lived here in Victoria for the last 40 years.

Whining is the most potentially lucrative renewable resource here because Victoria is a government town; thousands of locals dine out on government pay with pensions to follow.

They’re not stupid as they believe in that old chestnut “don’t bite the hand that feeds you.”

Instead, and being smart, many whine. It’s not illegal, but it gets a bit noisy, background noise I’m thinking of.

In return, many engage in a sort of self-flaggelation routine; they always vote for their tax and spend oppressors (leftie governments), every time. And will continue to do so. That’s where their loot comes from!

But there is a darkside…taxes continue to skyrocket, consumer prices including rents and gasoline are going nuts upward, and so it goes.

SO…

…a suggestion: why not attempt to harness all that whine energy, turn it into electricity and invite those obnoxious, iffy bitcoin miners into town (they’re being deported from China) to “buy” that energy so they can continue their nefarious trades?

Just a thought.

Now, back to Sean, etc.,: you are NOW a member of Canada’s ONE PER CENT CLUB of Canada’s wealth accumulators.

And you can’t afford a house here? Go to Langford or maybe Coombs. Yeah, Coombs.

AND get over yourselves.

But keep whining.

That could come in handy…some day.

#189 The Woosh on 06.20.21 at 9:09 pm

Could this occur? Of course. Any increase in interest rates would hasten it, or an economy slowdown, or a fourth Covid wave. Then, “a meaningful percentage of underwater borrowers is within the realm of possibility.”

——————————————————

…or a mereorite strikes the earth, or a mosquito plague, or a highly evolved puppies from another planet invade us and get beaten back by vampires, or I get a hang nail that throws the economy into a bender.

Life’s so rough and unpredictable. I so feel for Sean and his squeeze. How about we help them out with a crowd funding event? Kind of like with Rick Mercer’s fake telethon for CIBC in the late 90’s to help out all those poor executives that needed to make payments on their Muskoka cottages or super yachts! Sigh…

#190 mark on 06.20.21 at 9:12 pm

I’d argue the problem isn’t what they think it is, sure boomers suck blah blah blah, but this couple have clearly acquired enough assets/resources to buy, which has taken a lot of effort, but parting with any of it has become a personal affront when weighed against the way gains have been gifted in the housing market.

I’ve struggled with the same thing myself, but you can’t sit around wringing your hands about it. You either have to be happy with the liquidity and resources immediately at your disposal or trade them for the house.

#191 Garth's Son Drake on 06.20.21 at 9:25 pm

Garth, shock waves are going through the financial system right now and the NIKKEI is melting down.

Where is Jerome Powell?

I think the money printer went offline. They need to add liquidity via the swap lines that are sucking louder than my cheap Canadian Tire shop vac without a muffler on it.

#192 Twoface on 06.20.21 at 9:28 pm

I see both sides. Boomers have taken things for granted for sacrifices their parents did (my grandparents, yes Im a millienial). They destroyed this planet with their over consumption, etc. At the same time, this couple should also stop complaining. 6 degrees! Who cares. I’m a SVP of sales making 500k a year plus bonuses no degrees. Straight out of high school. How? Worked my butt off. I live in a modest 1400 sqdt home, with one car garage in Milton. I drive a 2009 Honda civic despite my high income and status. Stop complaining. As for you, ‘boomers’ just admit it. You guys had it good.

#193 crowdedelevatorfartz on 06.20.21 at 10:00 pm

@#176 kommykim
“It’s not the sellers that are responsible for the high prices, but rather the buyer’s and their idiot peers willing to pay stupid prices and participate in bidding wars.”

+++

Greaterfools?

#194 Nonplused on 06.20.21 at 10:06 pm

Happy “Inseminating Parent” day everyone!

I’m not surprised the comments are over 180 already with Sean’s story. There is something in it for everyone. (To hate.)

But it does prove one thing if nothing else: The human brain is a relative engine not an absolute one. In other words we base what we “want” and “need” based on what our neighbors have more so than the absolute value of what we have. Sure, Canadian real estate is a mixed up mess, but Canada is still a pretty sweet place to live. If you ignore all the numbers, we have it pretty good here compared to most of the world. That’s why we can talk about Trudeau’s insane immigration targets of 500,000 people and nobody really gives much thought to how many people are leaving for greener pastures. Sure, some people leave, but it isn’t an exodus. Net migration is positive, even with the crazy house prices.

And if we have all these poor, downtrodden government employees banking $300,000/year, no wonder house prices are so high! We have to remember that when our parents were buying houses almost nobody was banking $300,000/year. $30,000/year was good money.

And it is not just houses. When the Mustang was introduced in 1967 you could get one for $4,000. Now you should bring $70,000 if you want the V8. It is arguably a much better car, but the houses are better and bigger too. They say “they don’t build them like they use to” and thank Dog for that.

So anyway using the old-fashioned multiple of 3-4 times earning, Sean could be looking to spend $900,000 – $1,200,000 on a house. Are you telling me you can’t get anything decent in Victoria for $1,200,000???? In Calgary that will get you a bungalow with a walkout basement, concrete roof, 3 car garage, and a view of the mountains on 2 acres 30 minutes from the mostly empty downtown core.

#195 Overheardyou on 06.20.21 at 10:06 pm

So that’s what all those degrees teach, to place the blame on others. Fascinating.

The fact that his judgement of others choices in life actually really annoys me the most. I wonder if he hates his own parents that much too.

#196 Father's Daughter on 06.20.21 at 10:12 pm

#190 mark on 06.20.21 at 9:12 pm
I’d argue the problem isn’t what they think it is, sure boomers suck blah blah blah, but this couple have clearly acquired enough assets/resources to buy, which has taken a lot of effort, but parting with any of it has become a personal affront when weighed against the way gains have been gifted in the housing market.

I’ve struggled with the same thing myself, but you can’t sit around wringing your hands about it. You either have to be happy with the liquidity and resources immediately at your disposal or trade them for the house.

————————————

I completely agree. Now that we’ve finally started to get our financial house in order after many years of not really paying attention, our TFSA/RRSP/RESP is coming together nicely and I enjoy watching my accounts grow. Although buying could be realistic for us, the thought of giving up our savings in exchange for a house isn’t something we’re willing to do in this market. Can’t always have it both ways, so for now, we’ve picked a side.
The freedom of being able to turn in the keys with two months notice isn’t something that’s easy to give up either.

#197 kommykim on 06.20.21 at 10:12 pm

#128 Shelia Morris on 06.20.21 at 4:24 pm
I was very lucky to work until 68. Upon my arrival back to Canada facing another recession, I have not been able to get ahead or live a decent life on my pitiful pension. Have managed to save 30,000 TFSA but banks will not take a chance on me only allowing GIC’s.

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

Sounds like you are well into retirement, so this probably won’t apply to you but others may get something from it:
Move your TFSA, RRSP, etc, investments to the direct investing arm of your bank or another brokerage.(You’ll have to force them to do the transfer to avoid tax issues) Then invest the money yourself into index ETFs after learning a bit about investing and balanced portfolios. The Canadian Couch Potato guy has some example portfolios. A few hours there will be more beneficial than the hours you’ll spend with a mutual fund salesperson at your bank every time you want to do something with your own money.

#198 kommykim on 06.20.21 at 10:22 pm

RE: #192 Twoface on 06.20.21 at 9:28 pm
I see both sides. Boomers have taken things for granted for sacrifices their parents did (my grandparents, yes Im a millienial). They destroyed this planet with their over consumption, etc.

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

This always makes me laugh. As if the current generation, doesn’t drive cars, consume food, have children, buy electronics, use electricity, generate sewage, etc… News flash: You guys are “wrecking the planet” too but just in a different way. There are twice as many people in Canada today than there were in 1960 so that means that a Millennial would have to consume less than HALF of what a Boomer did in the 60’s to do less damage to the planet. And guess what? With the exception of maybe fossil fuels, people consume WAY more stuff than they did in the 60’s.

#199 Kitty Kaboom on 06.20.21 at 10:37 pm

Sean is right. Don’t skewer the messenger — get angry with the message! (ps. DB Pension is good as gold).

#200 Ponzius Pilatus on 06.20.21 at 10:40 pm

#185 KLNR on 06.20.21 at 8:49 pm
@#166 Ponzius Pilatus on 06.20.21 at 7:13 pm
#87 crowdedelevatorfartz on 06.20.21 at 2:29 pm
Well.
You can all thank Trudeau for the ramp up in housing prices.
I wonder what will happen to housing prices and rentals if he’s re-elected and follows through with his plan to bump up the immigration numbers .
500,000 more people looking for homes?
1,000,000 ?
Sky’s the limit when you’re a social justice crusader.
:)
—————–
The current run on RE started in the early 2001, had a little hick-up in 2008-2009, and has gone gang busters since then.
And as Garth and the stats say, immigration is not a major factor in the run-up in housing.

when i bought my first Toronto slanty semi in 2001 folks were screaming a market crash was imminent lol.
————–
I have to admit that I was a screamer, too.
I just did not make sense.
I own a house now that appreciated 2.5, but I still don’t think it makes sense.
But, I can’t complain
It’s just crazy.

#201 Prairieboy43 on 06.20.21 at 11:31 pm

They are part of the problem. 30% pop works for governments. 1:3 ratio government labour to private sector labour. Century ago when Canada was growing, 1:10 ratio government labour to private sector worker. Now interest rates super low, government debt (because of people like this), is greater Trillion dollars. Now raise interest rates to normalization 5-7%. Budgets will be crushed. Services will be reduced (government labour). Tick Tock………………….Boom………

#202 B on 06.20.21 at 11:54 pm

@twoface

What industry and what do you sell?

#203 Summertime on 06.21.21 at 12:11 am

You insulted everyone. Buzz off. – Garth

Just different point of view. Nothing personal.

#204 KaleyCat on 06.21.21 at 12:18 am

Wow, didn’t we all have it tough, and wasn’t the other generation responsible. Somebody else was, that’s for sure.

Canada is socialist. Yes, the old folks will get their knee replacements. And yes, the young folks will get free schooling to grade 12 for their children, subsidized university, subsidized day care and huge child allowance cheque’s. The disabled will get help renovating their home to accommodate the disability, Air Canada will always get a subsidy and we’ll never actually get a pharmacare program.

Nobody said the system was fair, but it’s all we have, and every immigrant I’ve talked to assures me “it’s the best country in the world”. So let’s take our lumps and move on folks. Housing is a non-issue.

#205 VicPaul on 06.21.21 at 12:56 am

#10 Tarot Card on 06.20.21 at 10:42 am
Thanks for the blog Garth.

You should be grateful…[to Sean]

I wonder why they are so angry at my generation for building this country.

*********

Exactly! Just a modicum of appreciation for the contributions of the people, all people, who built our society…mistakes and all. We’re still working on it.

But that’s what they’ve been taught in our uni’s by post-modern/marxist leaning Humanities prof’s. Same type of intellectual arrogance that presumes history should be reviewed through the lens of present-day social mores. As if bad-mouthing/character-assassination of long-dead people (most of whom did some pretty constructive things too!) is a productive, “progressive” strategy.
Nuts, am I right?

M57BC

#206 VicPaul on 06.21.21 at 12:59 am

#155 Wrk.dover on 06.20.21 at 6:21 pm
#111 IHCTD9 on 06.20.21 at 3:45 pm
Sean, maybe you just chose the wrong path in life. I know a couple Millennial bros who got out of high school, and went straight into the trades. They built houses together and sold them, one at a time. Before they were 30, they both were married with kids, living in beautiful paid for homes they built themselves.

They have zero degrees, zero pensions, don’t have 900k in cash. They just did a sh!t ton of work, but instead of receiving 6 degrees for all that work, they got one fine @ss crib for their families to live in.

No complaining or finger pointing required.

_________________________________

That reminds me of myself at that age. Couldn’t afford a temporary electrical entrance for the construction period, so I framed my house with a tiny chainsaw.

Unlike Sean, I took six months off from my double minimum wage income, and got ‘er done!

Still lovin’ every minute in it.

M67NS

*********

…with a chain saw…niiice!

#207 Diharv on 06.21.21 at 1:28 am

What an idiot this Sean is. It’s his own generation shooting themselves in the foot. He can easily afford a decent place in Victoria. His problem is he probably thinks he deserves the mansion in Oak Bay.

#208 Shane Burnaby on 06.21.21 at 1:49 am

PS…for the $900,000 whiners. The $50 ++ grand the $9 hunny would easily spin off would easily afford you a luxury life in many fantastic places. 6 degrees will easily qualify you for a business visa.

6 degrees should have made you smarter than your email suggest. $1000 is a luxury beachfront pool villa in Thailand, Bali , Mexico …or even Eu adjacent….Montenegro, and so on. $250 will get you a very nice place ten minutes away. WTF are you doing? Do you not know of the new invention…”The Interweb”?

Can the whining. Get a life. Seriously…Texas is a third the price if that’s too of mind. 3000 SQ ft in Dallas for under $300 K. The US welcomes young smart people. Get off your as*. These guys are what happens when you work a civil service job. zzzzzzzzzzzz.

#209 dgb on 06.21.21 at 1:59 am

here’s some history for those who ‘know’ that the boomers had it sooo good…
we married in 1973…mortgage rate was 12.5% on our first home.. household take home income was $500(yes that is correct!)…mortgage payment was $177.15 monthly…from 1975 to 1990 mortgage rates bounced between 10.25%and 19.2%…our payment was over 1/3 of take home pay…the bank sent papers to sign that would change interest rate to 17.25%..we looked at the original agreement and it said it was fixed rate for the 10 yrs of the mortgage…did not sign nor return the papers..got another letter ….went to lawyer …original agreement we signed held up and we maintained the 12.5% …paid out on last payment date and changed banks…(watch your paper work people, brother did not and owed more after 10 years of making payments than his original mortgage amount!!!)The price of bread was 25cents, milk could be got from a farmer at $1.00 for a gallon of whole milk(with cream), vehicle gasoline was .55cents but I remember .32 in my teens…a decent good used vehicle could be had for around $500 and insurance was about the same..when I quit smoking they had just gone up from 52 cents a pack to $1.00 per pack…can you see?? or use your brain???….everything has gone up since then!!!! including your wages….so how were we any more blessed than you are now…stop your [email protected]#! whining and make a life for yourself! and quit blaming us boomers ….we NEVER had your lifestyle…holidays, smoking ,drinking, meals out, coffee out ,entertainment out, fancy vehicles(maybe even 1 for each person of driving age) you never think for a minute that the reason you cannot afford a home is your lifestyle…
I find it hard to believe that you earn $300,000 per year and only have $900,000 in investments…clearly you need to learn the difference between needs and wants…if you want a home, sacrifice some ‘wants’ to get one and adjust your lifesyle to afford that luxury instead…a home is only a roof and you certainly can afford to rent anyone you want…$5000 rent per month is only $60000 per year..what a home you could rent and not a care in the world you would have as long as you have a phone to summon the landlord when necessary..and no worry about property tax, or home insurance or a broken water heater or furnace.!! quit complaining and get out there and enjoy your time here on this earth and SAVE and INVEST for your future because you all seem to think that the govt. pays us after we retire…I get just over $600 for cpp which I paid into for 50 years…I sold my home 15 yrs ago and rent …I have some income from investments each year…I am okay but I worked for it …no one pays me to live!! and they will not pay you either…you also will have cpp which you are required to pay into..I have moved from canada and rent is $465 cad per month…life is good and I have found a place to enjoy it!!! but it was not my Canada sad to say…do what you have to but quit the whining!!!! and blaming!!! we are sick of hearing it…it is time that some of us tell our stories to open your eyes to reality!!! cheers!!!

#210 will on 06.21.21 at 2:16 am

i have to admit my first reaction was pretty contemptuous of this whiny couple with 6 degrees and 6 figures income and 6 figure portfolio. (that looks like 666 haha!). but now i recognize them as just being intellectually impoverished. tons of money but thinking poor. i’ve been there too. what they need is very simple: an education (but no more university degrees!). well maybe it’s not education they need but rather an initiation…

#211 SoggyShorts on 06.21.21 at 3:08 am

#192 Twoface on 06.20.21 at 9:28 pm
I see both sides. Boomers have taken things for granted for sacrifices their parents did (my grandparents, yes Im a millienial). They destroyed this planet with their overconsumption, etc.
*****************
Every sentence in your post should start with “SOME BOOMERS”.
Would you like to be lumped in with the participation-ribbon-entitled etc stereo-types?

“As for you, ‘boomers’ just admit it. You guys had it good.”
Again,”some
Millions of boomers in North America came over basically penniless and got their assess kicked by some or all of the 10 bear markets/recessions since they got here.

M41

#212 SoggyShorts on 06.21.21 at 3:09 am

#192 Twoface on 06.20.21 at 9:28 pm
I see both sides. Boomers have taken things for granted for sacrifices their parents did (my grandparents, yes Im a millienial). They destroyed this planet with their overconsumption, etc.
*****************
Every sentence in your post should start with “SOME BOOMERS”.
Would you like to be lumped in with the participation-ribbon-entitled etc stereo-types?
—————————————————————
“As for you, ‘boomers’ just admit it. You guys had it good.”
**************************************
Again,”some”
Millions of boomers in North America came over basically penniless and got their assess kicked by some or all of the 10 bear markets/recessions since they got here.

M41

#213 westcdn on 06.21.21 at 7:07 am

No matter what I do, there is someone better than me. I listen when I run into them – just the way it is. Experience matters. As a father I always tried to impart a feeling of confidence in my daughters. I wasn’t the greatest role model but I learned and moved on. I like to think I see a lot of me in the grandchildren.

Fathers matter. Daughters like me despite …

#214 Another Deckchair on 06.21.21 at 7:16 am

Hey @18 Millennial Realist:

“Do you Boomers really think you are going to get full CPP and other benefits while we have to spend and lose so much more money on the climate disaster you are leaving behind?”

This boomer agrees with something you wrote!

If climate change is real; like investing, the best time to start saving is now. Not 20 years from now.

We are all (all generations) good at justifying our little actions that all add up to bad news. It’s just that nobody wants to change; life today is too good.

I’ve a friend who once said “if I decide to not fly transatlantic to not produce that carbon, someone else will take my seat. Until the people at the top start mandating, nothing’s going to change”

#215 the Jaguar on 06.21.21 at 7:53 am

Reading #120 again this morning there is a certain recognizable cadence to the post.

#216 crowdedelevatorfartz on 06.21.21 at 8:10 am

@#215 the jag
“Reading #120 again this morning there is a certain recognizable cadence to the post”

+++

Apparently autistic savants like repetition.

#217 Dharma Bum on 06.21.21 at 8:39 am

Six degrees?

More like six degrees of separation. From REALITY.

Sean blames the boomers for his “predicament”.

I blame the Vikings.

It’s always the previous generations that cause problems in the present. Dontchya know?

#218 Sail Away on 06.21.21 at 8:39 am

#140 Faron on 06.20.21 at 4:57 pm

Last comment before I finish up chores and get out into the glorious weather.

The social media sentiment w/re equities right now is very, very dour. All the punters are fearful. Monday will probably be a bit of a roller coaster, but at some point, if you have cash to invest, buying a dip may not be a bad plan.

I will humbly acknowledge wrongness if last week was the top before a major correction.

———-

Just stop. You are consistently and significantly wrong.

#219 Dharma Bum on 06.21.21 at 8:44 am

#110 Mean Gene

I just saw MG’s comment. I guess he beat me to it.
Sorry.
My carelessness, ignorance, and laziness knows no bounds.

Carry on.

#220 Phylis on 06.21.21 at 9:00 am

You can get a degree in whining or a degree in winning.

#221 milly on 06.21.21 at 9:03 am

Garth, you say “an economy slowdown” can make the market fall, covid proved that false.

You say people fear what is falling, but covid proved that false too! People started the biggest buying frenzy ever as prices were falling. I don’t get it either, but there’s something else to this crazy market. Maybe the sentiment of housing only goes up is so strong in Canadian minds nothing can stop the demand.

#222 Neo on 06.21.21 at 9:55 am

https://www.cp24.com/news/scotiabank-arena-becoming-covid-19-vaccine-pop-up-next-weekend-10-000-doses-available-1.5478725

Hmmmm. This is exactly what Turner Nation predicted last year would happen…

#223 crowdedelevatorfartz on 06.21.21 at 10:00 am

Boomers gave us the internet.
Millenials gave us Door Dash.

They have nothing to whine about.

Or we’ll take back the internet and they can keep Door Dash.

#224 Trojan House on 06.21.21 at 10:37 am

If I had $900K in savings, I would be retiring.

#225 IHCTD9 on 06.21.21 at 11:08 am

#155 Wrk.dover on 06.20.21 at 6:21 pm

That reminds me of myself at that age. Couldn’t afford a temporary electrical entrance for the construction period, so I framed my house with a tiny chainsaw.

Unlike Sean, I took six months off from my double minimum wage income, and got ‘er done!

Still lovin’ every minute in it.

M67NS
———-

Yep “git-er-done” still works! I have a bro and a couple BIL’s who also built their own houses with their own hands. Some interesting stuff too.

One took an old wood shop, turned it into a bungalow, severed it from his original house, and sold. One step and he was mortgage free living in a very nice house on 100 acres.

Another cut down trees, milled them into timbers, and built an absolutely stunning timber-frame home on the edge of a lake north of 7. Beautiful, and the product of 6 years worth of free time and as cashflow allowed. No mortgage required.

Neither one of these guys had conventional employment at the time, and Sean’s household likely pays more in taxes than these two made in a year back then. But they had skills, resources, a big social network allowing access to even more resources, and they didn’t mind doing a sh!t-ton of work. They have a lot today, but they made it happen with little incomes.

#226 Esquaumpton on 06.21.21 at 11:17 am

Little sympathy here for this guy, I am a 29 yr old millennial and purchased a beautiful 3 bed 3 bath strata townhome this year across the bridge in quiet Esquimalt for $615k, away from Lisa Help’s “unhoused” utopia, yet still within walking distance of downtown Victoria. People with six degrees like to live behind the “Tweed Curtain” of Oak Bay here in YYJ though. I only have two myself so I stay in the hood. Increase your scope and you can find something, instead of blaming the world for your problems.

#227 Another Moister on 06.21.21 at 11:52 am

Dear Sean (of Victoria),

You entitled brat. You have no idea how good you’ve got it and still you complain. I bet 98.5% of working Canadians would love to have your financial position and income, but don’t, and likely never will.

Grow up. Go visit Dharavi and realize that your kingly privileges were only granted to you because of choices you didn’t make. Learn to appreciate that.

Sincerely,
Another Moister

#228 kommykim on 06.21.21 at 12:14 pm

RE: #95 Faron on 06.20.21 at 2:54 pm
Short term price fluctuations should only matter to flippers or the few people whose plans change and that forces a move. Everyone else should just chill, no? Better yet, chill and watch your prop taxes decline.

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

Sorry man, but that’s not how it works. The municipality adjusts the mil rate so that they always get their pound of flesh. Property taxes can, and will, go up every year even if house prices were to decline.

#229 IHCTD9 on 06.21.21 at 12:39 pm

#228 kommykim on 06.21.21 at 12:14 pm
RE: #95 Faron on 06.20.21 at 2:54 pm
Short term price fluctuations should only matter to flippers or the few people whose plans change and that forces a move. Everyone else should just chill, no? Better yet, chill and watch your prop taxes decline.

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

Sorry man, but that’s not how it works. The municipality adjusts the mil rate so that they always get their pound of flesh. Property taxes can, and will, go up every year even if house prices were to decline.
——-

These days it looks like the city has an additional way of carving flesh in the form of water and sewer fees. I never used to hear folks gripe about these costs.

I know a 50+ couple, no kids, both work all day, but they still somehow end up with a near 300.00 S+W bill every month…

#230 Love_The_Cottage on 06.21.21 at 12:51 pm

#229 IHCTD9 on 06.21.21 at 12:39 pm
I know a 50+ couple, no kids, both work all day, but they still somehow end up with a near 300.00 S+W bill every month…
_______
Only 3 ways that’s possible. Sprinklers programmed to water every day, a leak somewhere or both.

#231 Dr V on 06.21.21 at 12:52 pm

191 Drake – despite Asia taking a hit, FTSE100, S & P 500 and TSX are all up at the moment.

Be balanced and diversified, live long and prosper.

#232 My Body My Choice on 06.21.21 at 12:59 pm

181: AM in MN

“The bigger issue the country faces is the number of govt. workers pulling in upper 6 fig incomes, and exactly what value do they bring to the nation to justify the cost?
Degrees in revisionist history and gender studies don’t make the country more wealthy.
Who is going to pay all the defined benefit pensions, from govts. that owe $2T!”

————
I nominate this for post of the month.

#233 IHCTD9 on 06.21.21 at 1:01 pm

I had to google up “Oak Bay” MLS, with all the references made. A decent looking place there runs about 3.5 mil. That’s over 14k/mo. at 1.6%, and over 18k/mo. at 4%.

This does not look like a good place for a first time buyer to shop.

#234 James on 06.21.21 at 1:34 pm

#209 dgb on 06.21.21 at 1:59 am

here’s some history for those who ‘know’ that the boomers had it sooo good…
we married in 1973…mortgage rate was 12.5% on our first home.. household take home income was $500(yes that is correct!)…mortgage payment was $177.15 monthly…from 1975 to 1990 mortgage rates bounced between 10.25%and 19.2%…our payment was over 1/3 of take home pay…the bank sent papers to sign that would change interest rate to 17.25%..we looked at the original agreement and it said it was fixed rate for the 10 yrs of the mortgage…did not sign nor return the papers..got another letter ….went to lawyer …original agreement we signed held up and we maintained the 12.5% …paid out on last payment date and changed banks…(watch your paper work people, brother did not and owed more after 10 years of making payments than his original mortgage amount!!!)The price of bread was 25cents, milk could be got from a farmer at $1.00 for a gallon of whole milk(with cream), vehicle gasoline was .55cents but I remember .32 in my teens…a decent good used vehicle could be had for around $500 and insurance was about the same..when I quit smoking they had just gone up from 52 cents a pack to $1.00 per pack…can you see?? or use your brain???….everything has gone up since then!!!! including your wages….so how were we any more blessed than you are now…stop your [email protected]#! whining and make a life for yourself! and quit blaming us boomers ….we NEVER had your lifestyle…holidays, smoking ,drinking, meals out, coffee out ,entertainment out, fancy vehicles(maybe even 1 for each person of driving age) you never think for a minute that the reason you cannot afford a home is your lifestyle…
I find it hard to believe that you earn $300,000 per year and only have $900,000 in investments…clearly you need to learn the difference between needs and wants…if you want a home, sacrifice some ‘wants’ to get one and adjust your lifesyle to afford that luxury instead…a home is only a roof and you certainly can afford to rent anyone you want…$5000 rent per month is only $60000 per year..what a home you could rent and not a care in the world you would have as long as you have a phone to summon the landlord when necessary..and no worry about property tax, or home insurance or a broken water heater or furnace.!! quit complaining and get out there and enjoy your time here on this earth and SAVE and INVEST for your future because you all seem to think that the govt. pays us after we retire…I get just over $600 for cpp which I paid into for 50 years…I sold my home 15 yrs ago and rent …I have some income from investments each year…I am okay but I worked for it …no one pays me to live!! and they will not pay you either…you also will have cpp which you are required to pay into..I have moved from canada and rent is $465 cad per month…life is good and I have found a place to enjoy it!!! but it was not my Canada sad to say…do what you have to but quit the whining!!!! and blaming!!! we are sick of hearing it…it is time that some of us tell our stories to open your eyes to reality!!! cheers!!!
_____________________________________________
Bravo!

I am not a boomer and I am rather a early millennial. I got home last night from up north and had to show this to my father. He laughed and said who is this whining little @[email protected]$$% that thinks the boomers had it so easy. My father taught me hard work ethics when I was younger. He had a paper route, rode a dicky dee ice cream bike ( I had to look that one up after he told me ) plus worked at a drive through photo booth when he was a teenager ( I didn’t even know that was a thing). He paid he own education (University) and never owned a new car until he was in his forties. He made me work to pay for my education and only helped out one year when I couldn’t work the summer due to a illness.
He said this guy is making this much money and blames me for his own shortsightedness in saving, investing prudent spending.
We had a good laugh about how sad some of my generation is in blaming others for their own lack of ethics and having an instant desire for material items right away!

#235 oops on 06.21.21 at 1:43 pm

Sean,

Go explore the rest of the world then update on your new found epiphanies…there are people that will see through you like a pane of glass. Just what your soul needs, bro.

#236 kommykim on 06.21.21 at 1:59 pm

RE: #229 IHCTD9 on 06.21.21 at 12:39 pm
These days it looks like the city has an additional way of carving flesh in the form of water and sewer fees. I never used to hear folks gripe about these costs.

I know a 50+ couple, no kids, both work all day, but they still somehow end up with a near 300.00 S+W bill every month…

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

The new sewage plant for greater Victoria is a hungry beast. My property taxes have risen around 7-12% every year for the past 10 years. Plus, since they have no way of measuring your sewage output, they simply make an assumption and tack a sewage surcharge onto your water bill as well. So if you like to water your gardens, you’re going to pay big time. (Though they do adjust the sh*t surcharge for the summer)
Probably what annoys me the most is their water conservation policy. They put in water restrictions every year, whether it’s needed or not, which resulted in reduced water consumption which forced them to raise water rates to maintain the infrastructure. $300/month seems really high. I think my quarterly bill is $140-$200 or apx $35-50 per month for city water.

#237 Guy in Calgary on 06.21.21 at 3:18 pm

#68 Kentaro on 06.20.21 at 1:34 pm
Okay, so Sean comes across as an insufferable, out-of-touch, douche.

However, if an affluent, entitled dbag like Sean can’t afford a decent house, then what hope do his peers, who make an average salary, have?

————————————————————-

900k saved, 2 DB’s and annual income of 300k. He can afford a house, he just doesn’t want to pay. Either way it is his choice. The issue is the whining “I can’t afford a house.” Yes you can, you just don’t want to take the risk.

Tax payer funded jobs, tax payer subsidized education, tax payer subsidized pensions and still wants more. As a fellow millennial, this guy is absolutely insufferable.

#238 Sheila Morris on 06.21.21 at 7:42 pm

#197…Thank you for the information. I am definitely looking into you advice. Thanks so much.

#239 Nonplused on 06.21.21 at 10:04 pm

#213 westcdn on 06.21.21 at 7:07 am
No matter what I do, there is someone better than me. I listen when I run into them – just the way it is. Experience matters. As a father I always tried to impart a feeling of confidence in my daughters. I wasn’t the greatest role model but I learned and moved on. I like to think I see a lot of me in the grandchildren.

Fathers matter. Daughters like me despite …

————————–

IQ is hard. You can’t see it if you don’t have it. It isn’t like body building.

#240 Scott on 06.22.21 at 3:00 am

Was the comments section a little underwhelming lately GT?

Know just what to say to get em all fired up lol…

If this blog was my only insight in to generation’s perspective I’d think nearly all boomers consider all generations after them to be incessant whiners who think the world owes them a better life than their predecessors. I would think all millennials believe the majority of boomers to be entitled eco terrorists who looted the country, convinced all the kids to go to school and then criticize them for wasting their time and money on a degree that barely covers rent and the student debt payment.

Luckily in reality just about every boomer I know thinks kids these days have it far harder than they did as they recall working a summer job that covered school and living expenses for the upcoming year.

Most millennials I know acknowledge that our parents were much more likely to carve out a career that allows for a house and family but they also never met any one who went to cancun and Europe in the same year. They also probably ate out about twice a month instead of twice a week.

It’s extremely subjective to decide who had it more difficult but I think I’m lucky to have friends and family who choose to give the benefit of the doubt to the other.

One thing we can all agree on is we’re very fortunate and we’re all in the top 1% or so of the genetic lottery.

#241 Geppetto on 06.22.21 at 7:52 pm

Dear Sean the millennial with many degrees:

My wife and I also have six degrees between us! We bought our first house for $510k in 2015, with $120k down, and now have just $100k owing on our four bedroom on a leafy street in Pickering, ON, right by lovely Rouge Park. In these six years during which we have been paying down the house, we have also invested $300k and been raising three kids (ah, for whom we have also saved $85k in an RESP). How did we manage? We rented until we were 40, invested wisely, bought used cars, shopped at No Frills, wore boring clothes, ate at home, and travelled infrequently and on a budget (more fun that way). Also, we earn half of what you and your wife earn, you spoiled brat.

#242 J on 06.22.21 at 9:26 pm

Invested your golden years in a job your hate just for the high pay? And now you are whining about not being able to afford a home despite having a 300K household income?

As a millennial I must say you have just wasted your golden years chasing “stability” and “high-income”.

You got tricked into the system and played by the book written by those at the top.

6 degrees doesn’t guarantee you a perfect life.

Have fun being an EMPLOYEE working for the man until retirement. Hope you’ll enjoy that big fat pension the man provided you while realizing that you have achieved close to nothing in life.

Deal with it, loser.