In the bag

Five months before Covid crashed into us, the nation had an election. Remember that? It was Trudeau vs Scheer, with the Bloc and Dippers as sideshows and Mad Max uselessly sucking off about 300,000 votes from the Tories.

The results (in order of popular vote):

Cons 34.3%
Libs 33.1%
NDP 16%
BQ 7.6%
Greens 6.5%

So Jag backed Justin and Trudeau became prime minister. The Tories ate Scheer and O’Toole took over. The Greens lost Liz May and are disintegrating with a weird new leader. Now we’ve had two years of minority government, a once-in-a-century pandemic, a deep recession and burgeoning recovery and a federal deficit that was $19 billion in 2019 and $354 billion in 2020.

When the last election happened the average national house price was $508,000. That crashed to $497,000 during Covid and today is $688,000. The increase in one year is 38% and it’s 35% since we voted. In a lot of places – mostly secondary markets – the jump has been far more. Suburban and rural homes far distant from urban cores now trade at city prices.

This has led to anger, disruption, generational warfare and fed the disruptive social narrative currently ripping the country. On one hand, a majority of families who have benefitted from the escalation. On the other, a huge cohort of younger people who are locked out. Household debt has inflated wildly, thanks to cheap rates (caused by Covid) and housing frenzy.

  Governments seem not only unable to tame the real estate beast, but are actually unwilling. This Tweet by Lib MP Adam Vaughan (Parliamentary Secretary to the housing minister) on Friday caused another social media crapstorm:

For avg..Cdn homeowners..in fact the vast majority..the principle in a home is the bedrock of their financial stability..no govt should hurt one group to help another..nor do we need to..speculators are a different story..govt policy should not protect investments over people

In other words, he suggests the feds will take no action to corral prices because real estate has become “the bedrock of financial stability” for the “vast majority.” Too bad, kiddos. You can rent. By all means let’s protect the unearned, windfall 38% one-year, tax-free gain of others, and shut you out.

So here’s the point. There’s an election coming. Count on it. Parliament rose for its summer break last week and is unlikely to resume siting on September 20th since we’ll be in the middle of a campaign. Will real estate be a big issue? Does that huge group of under-40 voters who supported the Libs last time care most about (a) the deficit, (b) First Nations, (c) sexist soldiers or (d) the fact they can’t get a house?

It’s (d), of course, rightly or wrongly. If that’s the case, what choice do these people have? The Liberals have allowed property prices to inflate as never before while making mortgages harder to qualify for. The shared-equity mortgage is a joke, and taxing foreigners 1% of property values won’t bring house prices down by a dime. The Tories also want to hurt non-Canadians who are a non-issue and bring back the Harper-era 40-year mortgages that helped inflate real estate by creating more demand. The NDP are just nuts, thinking ‘the government’ can build houses and give them to lower-income people while ignoring the middle class.

In short, there’s no champion. No vision. And no politicians who truly have the guts – as Adam Vaughan admitted – to reduce existing homeowner equity by jacking mortgage rates, increasing minimum down payments or start taxing those fluffy out-of-thin-air profits.

But politics in Canada is not about solutions. It’s all about blame. Parties are not voted in. They’re voted out. We don’t support. We punish.

When T2 was elected a house cost $433,000 nationally. Now it’s $688,000.  A detached house in Mississauga was $757,000 when Justin was elected and now sells for $1.3 million. Average prices across Vancouver were $641,000. Today that number is $1.17 million. Detacheds average $1.8 million. Toronto prices crossed the $1 million mark this year and a SFH averages $1.4 million. In 2012 the price-to-rent ratio of the average GTA house was 20. Now it’s 36. Wage growth, meanwhile, has been about 2% annually. No wonder people buying have had to absorb Herculean debt.

So this week a note came in from a high-flying couple in YVR. He’s a senior airline pilot. She’s a doc. They make $650,000 a year and have $900,000 in savings. They rent a house worth $3 million (for $5,000 a month) and really want to buy. With $700,000 down, that would cost about $11,000 a month. Understandably, they balk. He asks me…

My question to you is this: why do our politicians not care about affordability for every day Canadians? If my wife and I are scratching our heads and feeling like we will rent for ever, how would the average guys feel? Surely buying a house would seem completely insurmountable. Also, not every family can afford to pay $5k in rent each month, so are cities like Vancouver just going to become ghost towns? Is there anything we can do as citizens (aside from voting and sharing your blog) to help nudge this country along in the right direction?

With the pandemic ending, three-quarters of Canadians vaxed, life normalizing and the economy reopening, you can be sure the Trudeau Liberals think this election in a few months is already in the bag.

Do you?

About the photo: “This a picture of our rescue dog Danny, from the Minnesota-Wisconsin Collie Rescue organization,” write Colleen and Kris. “We were fortunate to receive this classic canine as a young pup over 12 years ago, and his gentle disposition has proven to be a most loyal and faithful companion to us during our time together. He has recently passed on but many happy memories and photos remain. Like you, we are getting ready to share our home again with another rescue dog, as life is too short not to enjoy some 4 legged, furry therapy.”

200 comments ↓

#1 Sail Away on 06.27.21 at 10:45 am

“you can be sure the Trudeau Liberals think this election in a few months is already in the bag.

Do you?”

———-

I do. It seems the population majority think T2 has done a great job. While sacrilegious to some of us, debt and money on governmental level is not part of their world.

Besides, who are the cons even putting against him? Schmoodle or something? Yawn

#2 crowdedelevatorfartz on 06.27.21 at 10:54 am

“But politics in Canada is not about solutions. It’s all about blame. Parties are not voted in. They’re voted out. We don’t support. We punish.”

++++

Sadly.
Thats the way I have voted in the last 3 elections.
The antichrist of elevators ………antivotes

#3 Prince Polo on 06.27.21 at 10:57 am

To the doctor and pilot – it really isn’t any more complicated than $5000 << $11000. Just tell all your friends that you bought for $5M so they don't think of you as losers.

I predict that it will be a Photo-op Minister Socks majority since Canadians by-and-large, don't really care about swallowing the medicine that this country so desperately needs.

#4 Cheese on 06.27.21 at 11:01 am

Do you hear the people sing?
Singing the songs of angry men?
It is the music of the people
Who will not be slaves again!
When the beating of your heart
Echoes the beating of the drums
There is a life about to start
When tomorrow comes!

#5 Doug t on 06.27.21 at 11:07 am

Sadly yes

#6 Steerage on 06.27.21 at 11:13 am

He wins…post national wokeness..truly depressing

#7 Yukon Elvis on 06.27.21 at 11:17 am

People vote for their own self interests. Whoever offers the most free stuff will win. And no one will offer more free stuff or incur more debt to provide the free stuff than the Libs. Until the system collapses under the debt load the Libs will win.

#8 Pricedoutmillenial on 06.27.21 at 11:17 am

Liberals or Conservatives didn’t matter. Both contributed to the biggest bubble in real estate. They could have reined in the bubble but did not act for reasons of their own. Now we have painted ourselves into a corner. It will be interesting to see how campaigns shape up for the parties. As a millennial voter, I will go through the policies of the parties with a fine comb and weigh it against their track records of delivering. I haven’t made up my mind yet on whom to vote. Not voting out yet.

#9 Brian Ripley on 06.27.21 at 11:24 am

“Household debt has inflated wildly…” Garth

My chart of Canadian Household Debt, GDP, Foreign Direct Investment and Balance of Trade is up: http://www.chpc.biz/household-debt.html

10 Year Change in Canadian​ of:
Household Mortgage Debt: UP 61%
Total Household Debt: UP 50%
GDP: UP 16%
Net Trade: DOWN 68%
2020 FDI Out vs FDI In: UP 843%

The widening spread between total household debt and household mortgages means we are borrowing even more to maintain lifestyle.

Foreign Direct Investment OUT higher than IN over the last 24 years means Canadian companies are investing outside of Canada to get a better return on Capital and Labour. For every $1 of investment coming in to Canada, $1.40 leaves (full year 2020 data).​

The chronic negative Canadian Balance of Trade means that OUR debt obligations continue to provide more stimulus to offshore than onshore producers.​

Justin Trudeau & the Liberals have been in “power” since 2015. If we look at the chart we can see that our debt, trade and investment negatives were set well before.

Tax Reform would solve lot of systemic problems:
http://www.chpc.biz/history-readings/tech-talent-and-real-estate

Before Covid hit, I published the post above on NOV 30, 2019 and at that time the CBRE report “Scoring Canadian Tech Talent” noted that the:

“High-Tech sector GDP growth = 3x the pace of the overall economy over last 5 years.”

It’s time for a generational change.

#10 Steel City Kid on 06.27.21 at 11:25 am

In answer to the question, I don’t know who will prevail in this needless and premature election, and I don’t know who to vote for — every party full of bad ideas re housing and the economy. For now I am electing to silently protest by not buying real estate. I like to think that if more people did the same, just say ‘no’ to taking on ridiculous debt, that things might level out, but perhaps we have passed a point of no-return on Canadian real estate.

#11 Dogman01 on 06.27.21 at 11:27 am

While I agree with Lib MP Adam Vaughan that; “no govt should hurt one group to help another. Nor do we need to.”

Identity Politics parade and the “new racism” has been carried forward by the Liberal’s and is reaching the point where it is encouraging acts of arson:
Churches being burned down in BC
https://www.ctvnews.ca/video?playlistId=1.5487301

If this is not “Terrorism”, it certainly must fit the definition of a “Hate Crime”.
Our MSM, usually so quick with the breathless hyperbole and identity division, is subdued.

Pretty sure Identity Politics is being promoted to distract from the wealth inequality, general declining standard of living, Price Inflation, especially on basic shelter and no corresponding wage Inflation or jobs.

Eat the Young financially but give them some righteous “causes” to distract.

Worst government ever….

#12 willworkforpickles on 06.27.21 at 11:28 am

#68 Diamond Dog…from yesterday’s post.
“So, if interest rates go up what happens? Valuations fall and money starts to flee the market place. Thus, investors believe rates won’t go up because its an economy killer if the Fed raises rates which they won’t do because it will kill the economy, the #1 reason why rates have stayed in the basement for the last 13 years.”
………………………………………………………………………………………………………..

So you believe as many do that rates must and will remain low as they will kill the economy by raising them.
You and others are right that raising rates will disrupt the economy accordingly with regard to how high rates go but incorrect that they won’t be raised because of the economic fallout.
It boils down to debt and the extremity the debt to GDP ratio has been pushed to in the last 13 years.
Aside from current spending levels inflation builds with the more negative un-repayable debt that gets added to national figures requiring more (new) infusions now to service it.
The Fed is playing with fire these days as inflation builds more so now than in the last 13 years and relies on faked CPI inflation rate figures to keep the inflation beast in check.
This won’t go on for too much longer as the Feds efforts to keep a dis-inflationary environment going is about to fail.
The stock market in all of its history has only ever risen in dis-inflationary times and never during inflationary stretches and is why the fed lives behind the current lie changing/fixing/avoiding real inflationary numbers.

The house of cards the Fed is now holding up gets shakier each qtr and more now than ever with the current relentless rise in real inflation…the side effects of runaway spending like not seen before (even in the last dozen years)…real inflation numbers they will soon be unable to hide.
The Fed will be left with no choice but to raise rates as 10 year bonds turn negative in a true non fiction rising inflation environment they will be made to face up to and acknowledge.

#13 Peter Pickles on 06.27.21 at 11:29 am

So long as the alternatives don’t offer a compelling solution to our current housing debacle, the liberals know they can do nothing and still win.

No party ever won by crashing the economy. Realistically this is what affordable housing for us would look like right now.

#14 Joe on 06.27.21 at 11:29 am

When the 1%ers get rich off stocks and markets no one complains. When everyday folk get rich off real estate that’s a no no.

They’re taxed. You ride free. Maybe things should be equal, right? – Garth

#15 Cpdlc on 06.27.21 at 11:34 am

If O’tool had any love for Canada he would have resigned as leader months ago. He must realize he can’t win against Trudeau.

#16 crowdedelevatorfartz on 06.27.21 at 11:36 am

Some dismal info from todays Lower Brainland.
Regular gas $1.70.9 per liter
Supreme gas $1.95.9 per liter.
Temp at 8:30am 31.5 cell with 45% humidity.

#17 Joe on 06.27.21 at 11:39 am

Haha – Garth you’re funny. The rich pay tax. Hahahahah

You said 1%ers. You bet they pay – the income tax rate is 54%. – Garth

#18 Ponzius Pilatus on 06.27.21 at 11:46 am

#16 crowdedelevatorfartz on 06.27.21 at 11:36 am
Some dismal info from todays Lower Brainland.
Regular gas $1.70.9 per liter
Supreme gas $1.95.9 per liter.
Temp at 8:30am 31.5 cell with 45% humidity.
——————-
Dismal?
Just drive less, or ditch the F-150.
But you’re right about the heat.
But in Phoenix it’s 50.
We’re off to Steveston, always a little windy, that keeps it bearable.

#19 Leftover on 06.27.21 at 11:47 am

No fan of T2 but I think (hope actually) that he wins this round. That will at least kneecap the NDP and open the sanity door a crack.

Biggest issue for the Liberals next term will be the bond market and rising rates; Vaughan notwithstanding the masses are in for a haircut.

#20 willworkforpickles on 06.27.21 at 11:50 am

A year or two of still low/slowly rising rates can be expected but only within that approximate time frame before rates really move.

#21 Joseph R. on 06.27.21 at 11:52 am

“Does that huge group of under-40 voters who supported the Libs last time care most about (a) the deficit, (b) First Nations, (c) sexist soldiers or (d) the fact they can’t get a house”

————————————————————–

Wealth inequality will be the biggest issue for the next election, which will be a call for a wealth tax, maybe even an inheritance tax. The massive government investment in the economy, through Canada Emergency Wage Subsidy (CEWS), exacerbated this issue.

I expect Trudeau to lose wide support in the Vancouver area due to his purchase and building of the Transmountain Expansion Project.

#22 Sail Away on 06.27.21 at 11:59 am

Another unexceptional male athlete ‘becomes’ a woman and is now NCAA champion. Good career move.

Riddle me this: if genetically screened, which gender would this person be factually and in actuality? Bizarroworld I tells ya.

https://www.ctvnews.ca/mobile/sports/eligibility-rule-keeps-transgender-runner-out-of-u-s-olympic-trials-1.5485499

#23 Flop... on 06.27.21 at 12:01 pm

Pretty sure this story originally came out a month or so ago.

Saw it doing the international rounds in the papers the other day that I check in on for 5 minutes a day.

You know, just to make sure that only Canada is struggling, and there is no positive happenings in the world…

M47BC

—————————————–

“How this Canadian city became North America’s third least affordable real estate market.

Toronto and Vancouver tend to get the most attention when it comes to high home prices. They recently ranked first and second on a list of North America’s least affordable real estate markets from Oxford Economics. But they have company.

Hamilton, Ont., has quietly become the third least affordable — even more expensive than U.S. cities known for high home prices like New York and Los Angeles.

The rise in home prices in Hamilton is largely due to people being priced out of Toronto, looking for more affordable options — a trend commonly known as “drive till you qualify.” Housing supply that hasn’t kept up with immigration is another factor.

A new research paper by Smart Prosperity Institute found Ontario added 80 per cent more residents in 2015-20 relative to 2010-2015, but 2,598 fewer homes were built in Hamilton census metropolitan area (CMA).

“Hamilton is extremely well-positioned as a destination of choice to grow by almost 40 per cent from 584,000 to just over 820,000 people over the next three decades,” said Mike Collins-Williams, MCIP, RPP, chief executive officer, West End Home Builders’ Association.

“This forecasted growth brings both challenges and opportunities for our region and it is absolutely critical that we plan for the necessary supply of housing to ensure Hamilton rises to the challenge and we don’t price the next generation of Hamiltonians out of housing that suits their full life-cycle needs.”

https://ca.style.yahoo.com/how-this-canadian-city-became-north-americas-third-least-affordable-real-estate-market-190115267.html

#24 Ed on 06.27.21 at 12:01 pm

Who ever promises the most free stuff. O’Toole has shown to be a tool and has alienated his base hoping to attract never-con voters….good luck.

After 65 years never missing an election I will choose to abstain this year.

#25 None on 06.27.21 at 12:01 pm

There is no political solution to housing at this point. Only rising interest rates that a government can’t control will fix things. No political party would survive reducing home equity by 50% – which is what is needed.

Of course, governments will try to mitigate things by creating 40 year mortgages so that will kick the can even further down the road.

#26 Debtslavecreator on 06.27.21 at 12:06 pm

This country is run by radicals
Many top politicians are affiliated with the WEF criminal cabal
There will be no huge RE crash – it will crash in real terms as your overvalued loonie becomes the northern peso
The level of corruption and fraud is much higher than you know
It’s on display by many of your so called health authorities who are ignoring and deliberately falsifying data on vaccine injuries

This will all be coming out within the next couple of years
Canadstan

#27 Tarot Card on 06.27.21 at 12:09 pm

Good morning from Sizzling BC
Thanks for the Blog Garth

I have been very disappointed in our political parties and lack of leaders for years. I have no solutions except to change how we govern ourselves.

I am seriously thinking of forming my own political party
BBC, Block BC
I have no intentions of being a separatist, what I want is a voice for BC citizens in Parliament.

My goal is to change how the federal government spends money. Really ! Instead of national programs
I propose every riding receives money directly in block funding and has a board of governors to administer the money.
This way the citizens determine the priorities of the money in the community . This is exactly how we fund First Nations. Money is sent directly for the bands to administer.

But wait does the provincial government not receive transfer payments? but wait don’t we have city governments. Are you confused who funds what?

I challenge everyone who reads this blog to propose solutions then maybe we can persuade Garth to have a poll and find the best solutions for Canada to tell our leaders this is what we want.

Have a great week everybody!

#28 Sail Away on 06.27.21 at 12:16 pm

#18 Ponzius Pilatus on 06.27.21 at 11:46 am

We’re off to Steveston, always a little windy, that keeps it bearable.

———-

Isn’t that a long walk for you car-less unfortunates?

Wear good shoes, carry water, and above all, have your wife schlep the heavy stuff.

#29 Stephen Darroch on 06.27.21 at 12:17 pm

Garth, you better remove any negative writings about Adam Vaughan or there will be consequences. I am well pocketed by the CMA to make your life miserable.
And don’t bother going to the police—They will have you charged for defamatory libel.

REMOVE THE NEGATIVE COMMENTARY NOW OR ELSE!

#30 Kaiser on 06.27.21 at 12:18 pm

I believe that it’s too late to change anything in Canada. The people will vote for their own demise now – the one who offers the most “free stuff.” So yes, a Trudeau majority is incoming.

O’Toole is going to be eviscerated from both sides. He is running as a Liberal-Lite due to some (wrong) political analysis that this is the only way to beat Trudeau. This just means that actual conservative Canadians will find him repellent and stay home or vote PPC or separatist while the left will still brand O’Toole as an evil racist and most will believe it.

Trudeau’s censorship bill (interestingly never mentioned here on this blog) will ensure that dissent against the government narrative is criminalized or at least prevented. This will enshrine Trudeau not just the next election, but the one after that too.

Look for:
– A big increase in Alberta/Western separatist vote (which just peels off CPC votes). Would not be surprised if they win one or two rural ridings.
– A big increase in PPC votes (which again just peels off CPC votes), who will probably surpass the green party in national vote share, and Max might get his seat back.
– And Trudeau wins a majority with another record low vote %, by capturing the urban Toronto/Montreal/Vancouver vote plus (naturally) a total sweep of Atlantic Canada.

#31 tbone on 06.27.21 at 12:21 pm

Libs with a majority .
Lazy people that dont want to work and get free money
from the gov will help to vote them in.

#32 Capt. Serious on 06.27.21 at 12:23 pm

There is no other party to vote for, so it’s Liberal by default for me until some other party puts itself together. I don’t love many Liberal policies, but I can’t get behind any of the other parties. If the Cons jettisoned the Reformers and offered something that looks like conservative government spending policy, I’d be interested. Greens = amateur hour. NDP = lunatics.

#33 Overheardyou on 06.27.21 at 12:24 pm

Perhaps politicians don’t have the guts to fix the housing market due to the negative implications of the wealth affect it’s having on the economy. Although they can’t ‘control’ market greed or fear once it arrives either

#34 Flop... on 06.27.21 at 12:25 pm

Probably went Australian time on this one, and went a day too early.

Anyway, looking for 5 other people on here to invest in buying this property.

We can each have 10,000 sq ft of living space, should be enough, right?

The other 5000 sq ft can be communal storage space.

If you hear a pinging noise from off the roof at 2am in the morning, don’t worry, I’m a light sleeper and might just be up on the lighthouse hitting golf balls to take my mind off of all things that trouble me…

M47BC

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

#7 Flop… on 06.26.21 at 10:40 am
I read crappy papers in the U.K, of course I’m not going to try and stock pick…

M47BC

—————————————————

‘What a waste!’ Canada’s largest house – a 65,000 sq ft behemoth complete with two pools, a boat garage, waterfall and LIGHTHOUSE – sits decaying and unfinished after forestry mogul owner was forced to abandon it during financial crash

* “Canada’s largest house is a 65,000-square foot mansion that’s abandoned and decaying on the shores of Lake Temiskaming in Northern Ontario

* It features a waterfall, small golf course, two swimming pools, indoor boat garage, squash court and an observation lighthouse

* The Peter Grant Mansion, named after and built by the forestry mogul of the same name, was last listed in 2010 as costing $25million

* Much of its interior was finished, although its walls have now been vandalized, and many of the building’s windows are broken

* It is unclear who the current owners are, but little has been done aside from the installation of security cameras.”

https://www.dailymail.co.uk/news/article-9722987/Canadas-largest-house-abandoned-65-000-sq-ft-mansion-boat-garage-lighthouse-more.html

#35 Wrk.dover on 06.27.21 at 12:30 pm

Canada aye?

A least in Jonestown, you could get a free glass of
Koolaide.

#36 Damifino on 06.27.21 at 12:31 pm

The Liberals have allowed property prices to inflate as never before while making mortgages harder to qualify for. The shared-equity mortgage is a joke, and taxing foreigners 1% of property values won’t bring house prices down by a dime.
————————————-

Therefore, I would ask why “that huge group of under-40 voters who supported the Libs last time” has any reason to do the same again in October.

Isn’t the NDP a better bet for them? Jagmeet’s singular campaign plank is that he’s the only one standing up for the little guy. The Dippers wouldn’t have to eat many Liberal seats to hold them to another minority. Like maybe fifteen or twenty.

For example, Newfoundland is an unmitigated economic basket case. They currently hold 6 Liberal and one NDP seats. Maybe it’s time to flip that around?

Okay, call me a dreamer (but I’m not the only one). It’s the faint hope I cling to these days.

Go Jagmeet!… in a limited sort of way, that is…

#37 Ponzius Pilatus on 06.27.21 at 12:43 pm

#28 Sail Away on 06.27.21 at 12:16 pm
#18 Ponzius Pilatus on 06.27.21 at 11:46 am

We’re off to Steveston, always a little windy, that keeps it bearable.

———-

Isn’t that a long walk for you car-less unfortunates?

Wear good shoes, carry water, and above all, have your wife schlep the heavy stuff.
————-
My daughter has the Audi now.
She’s works from home right now.
And in autumn is back to Uni,
Rents walking distance from classes.
The car is more of a family car.
I’ve got a monthly transportation pass (bus, sky train, sea bus) for 58 buckeroos.
And if we need, we Uber.
We walk the talk, my friend.

#38 Millennial Realist on 06.27.21 at 12:44 pm

Yes, the Libs will win supported by NDP and Green. For the next decade and more. It’s our only chance to actually deal with the climate emergency we face.

Boomer-Cons are toast, history. Bye bye Erin and Max.

#39 some guy on 06.27.21 at 12:46 pm

It seems like Quebec is the only population in Canada that knows how to make the politicians work for them. Everyone else is too distracted by American politics to pay attention.

#40 G on 06.27.21 at 12:55 pm

Some might be interested. article link
(I’m not holding my breath waiting. But great if they can finally do it.)

Could a Canadian company’s new project finally make fusion power a reality?
https://www.cbc.ca/radio/quirks/could-a-canadian-company-s-new-project-finally-make-fusion-power-a-reality-1.6071064

#41 IHCTD9 on 06.27.21 at 12:55 pm

Not sure it matters a whole lot who wins. Trudeau will keep spending to no good end, Tool wants to double down on CCB, Jag is a lunatic.

The BOC will not raise rates until it has to, and it has to when the FED, BOJ, and ECB raise theirs – that is a long, long way off. By then, Canada will be so mired in debt, there will be no way to effectively deal with it – we’ll all be hitched to it like a trailer, and we’ll go where it takes us. From there the cuts will begin, either that, or we’re on to some kind of reset and a new global currency.

#42 the Jaguar on 06.27.21 at 12:59 pm

Kenneth Whyte wrote an interesting piece in yesterday’s NatPost that referenced a 25 year old book called ‘About Schmidt’. ” ( I edited a bit out).

“The lead character, Schmidt, is a retiring corporate lawyer who looks with dismay at his daughter and prospective son-in-law, not because they aren’t gainfully employed …..”
“They are intelligent, the two kids, but in the narrowest way. They know their work. They know the financial aspects of existence. Beyond that, they have no interests and no conversation that doesn’t involve purchases, workouts, and maybe spectator sports. They are mercenary and vulgar, educated peasants, a new generation of what Mencken called the booboisie. ”

I smiled as I read this because it’s even more true 25 years later. Trudeau got elected on ‘style’ versus ‘substance’. Neither Scheer or O’toole radiate any level of ‘charisma or style’, so even if they had great ideas and worked their butts off, it wouldn’t attract the interest of that growing segment of voters that are representative of the comments above.

The other thing that hurts the prospects for Conservatives getting elected is the two polarized factions within the party. Until the Conservatives can cut loose from the red neck, bible thumping, anti abortion element in their own party they won’t attract the interest of socially progressive financially conservative minds. Those people will vote the safer ground, not wanting to be associated with extreme views. There is no better example of this than Kenney’s situation in Alberta. Absorbing the Wild Rose Party to form the United Conservative Party was just courting trouble. Political parties are like people – Tribal, through and through.

In the contest for hearts and minds you need to know your audience. The Conservative Party Leader needs to be someone youthful,energetic , good looking, with laser- like intelligence.

Oh shoot, you had him. But he’s back working for Onex Corporation now, isn’t he?

#43 zee on 06.27.21 at 1:05 pm

hi

I hope JT losses, i am not voting for him.

As for real estate, Garth, this is what everyone keeps telling you, the Govt will always come to rescue and protect Real Estate from going down! There are many just like the clown Adam Vaughn in Politics!

#44 crowdedelevatorfartz on 06.27.21 at 1:05 pm

@#38 Millennial delusionist
“the Libs will win supported by NDP and Green. For the next decade and more. It’s our only chance to actually deal with the climate emergency we face.

Bwahahaha.
You voters are so cute.
Naive, but cute.
Your “progressive”, apologist, climate change “fixer” owns the pipeline being built to send Alberta tarsands crude to BC…..
Or did you conveniently forget that part?

#45 SoggyShorts on 06.27.21 at 1:09 pm

#62 Mean Guy on 06.26.21 at 9:38 pm
#55 Nonplused
I was answering Soggy who insists renters have done better than homeowners in the last 5, 10, 15 or 20 years
——————–
Nope, I never said that.

1.You said that in the last 5 years RE did better.
2. I said not everywhere.

That’s it. Create as many strawmen as you like, take as much of my posts out of context as you wish, but those are the facts.

#46 Millennial 1%er on 06.27.21 at 1:12 pm

I strategically share conservative talking quip clips from youtube to specific friends of mine attempting to convert them. I don’t like the conservatives, but I HATE the liberals.

Every morning I wake up, I go to reddit.com/r/canada and upvote every bad optic for trudope and downvote every bad optic for erin the tool. Helping Canada one meme at a time.

#47 Idiocy on 06.27.21 at 1:14 pm

A large part of the Canadian population is financially illiterate and have RE as their largest investment.

They understand little of economic policies and the implications thereof.

Of course they will vote for the government that “gives them the most” without a thought to how that “giving” will be paid for.

I am just hoping to be able to sell my development lands before the bills come due.

#48 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.27.21 at 1:20 pm

“Now we’ve had two years of minority government….” — Garth

“Minority” government? Are you sure?

I thought Justin Trudeau was the new Dictator of Kanada with the ability to print and spend unlimited amounts of Kanadian paper money and to ban free speech in Kanada.

Imagine what could happen if he gets a “majority.”

#49 Barb on 06.27.21 at 1:22 pm

“The NDP are just nuts…”
—————————–

It has ever been thus.

#50 Stoph on 06.27.21 at 1:23 pm

Trudeau will win.

The kids want government to champion all of society’s social ills including housing unaffordability. Government debt doesn’t matter (yet) because they can just print more – remember MMT?

Trudeau will promise whatever people want to have and then go on to do whatever he want to do. It matters more what politicians say than what they actually do.

It’s kind of like a job interview or promotion. You can’t hire the candidate who gives the wrong answers, regardless of their performance, so you’re left with the candidate with the best performance who gave the right answers.

#51 Damifino on 06.27.21 at 1:25 pm

#24 Ed

After 65 years never missing an election I will choose to abstain this year.
——————————

That’ll show ’em.

#21 Joseph R.

I expect Trudeau to lose wide support in the Vancouver area due to his purchase and building of the Transmountain Expansion Project.
———————————-

Except, of course, in Vancouver Center where it will be Liberal Hedy Fry for all eternity.

#52 My Body My Choice on 06.27.21 at 1:25 pm

Ironic how the person who got the most popular votes in the previous election (Scheer) has no power – upside down clown world.

Also ironic how many of the groupies, normies and muppets who voted Trudeau 2.0 now won’t ever be able to afford a house in Canada, ever. Hah! Actions have consequences and Trudeau voters (and the rest of Canucks) are being punished.

I like Max and the PPC but won’t vote for them. I already went through splitting the right with Reform back in the 90’s and 2000’s and don’t want to go through it again.

Only the Cons have a chance to unseat our globalist dictator.

My biggest issue in the upcoming election? Give me back my damn freedom. Give me back my rights. Give me back my country.

#53 X on 06.27.21 at 1:26 pm

Doubtful, but hoping for an early warning shot rate increase early next year.

North America will be well on its way to recovery at that point.

#54 Sheila Morris on 06.27.21 at 1:27 pm

“politics in Canada is not about solutions. It’s all about blame. We punish.” What can I say? To answer your question, there is not one single person who will run in this next election, a honed State person. We have not had one of those for a very, very long time. Since I am non partisan, it will be a very difficult decision to make where my vote will go.

#55 TurnerNation on 06.27.21 at 1:29 pm

What’s really going on. Peel back the layers. Turn off the CBC (Corona Broadcasting Network) and CP24 (Corona Propaganda 24/7). Don’t be scared by the shadows dancing on the walls of your cave.


How many times have I used the words Rollout, and Tight Timelines? OUR GOVERNMENTS are under contract.
Hence the big ad campaigns, at taxpayers expense natch.

https://www.ft.com/content/c474f9e1-8807-4e57-9c79-6f4af145b686

or
https://archive.is/njiwH

AstraZeneca, which has promised not to profit from its Covid-19 vaccine “during the pandemic”, has the right to declare an end to the pandemic as soon as July 2021, according to an agreement with a manufacturer.

The UK pharmaceutical company, which is developing a vaccine candidate with Oxford university, has said it would provide doses on a cost basis for at least as long as the pandemic lasts.

However, a memorandum of understanding between AstraZeneca and a Brazilian manufacturer, which has been seen by the Financial Times, defines the “Pandemic Period” as ending on July 1 2021. The period could be extended but only if “AstraZeneca acting in good faith considers that the SARS-COV-2 pandemic is not over”, it says.

—-
—–
Are you now surprised? There is no more government. We have NO opposition in Canada voting any differently to the ruling junta’s regime. They are all Lockstep.
If they value their jobs (else get canned for ‘holiday travel’ or something lame)

On the Economic Shutdowns in Ontariowe. Stage 2…when will it get to 4,5? Think 2022-2023 or maybe…never

.’It’s a reasonable ask:’ Fitness centres push to be included in Step 2 of reopening (barrie.ctvnews.ca)

Science in Kanada: Seen on Twitter, some fact and or opinion.

“ONTARIO, Waterloo Region not moving to Step 2 June 30 to coerce people to jab.”

“Waterloo Council voted unanimously to extend the mask mandate. Many citizen speakers challenged them to provide science or evidence masks stop viral transmission – no response.”

#56 wallflower on 06.27.21 at 1:37 pm

“a weird new leader”

totally

I typically donate to this Green Party because I am a massive supporter of multi-party voices in the mix (not necessarily a supporter of any particular party).

This time, no can do. Leader is too weird.

#57 ritenote on 06.27.21 at 1:38 pm

I’m not so sure the Liberals have it in the bag.
Sensing a lot of discomfort among traditional Liberal voters this time.
As a longtime Liberal supporter, I can’t see my way to voting Liberal, mostly due to fiscal policy.
Unfortunately we, like many others perhaps, now feel we are not represented politically in this country.
Can’t even find a party to side with in order to vote “against” something.
Strange thing is, I’m hearing exactly the same words from traditional Conservative voters…
Could be a strange one this time.

#58 BC Renovator on 06.27.21 at 1:39 pm

“In short, there’s no champion. No vision. And no politicians who truly have the guts – as Adam Vaughan admitted – to reduce existing homeowner equity by jacking mortgage rates, increasing minimum down payments or start taxing those fluffy out-of-thin-air profits.”

______

Nice Piece Garth. My Q- Politicians can Jack rates?

#59 Mehling on 06.27.21 at 1:41 pm

Hi Garth, my dream is that you run for the Tory leadership.

I just finished a brilliant book that speaks to your (and Doug’s post yesterday) teachings.

https://www.amazon.ca/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

It’s recommended by Howard Marks and I suspect Mr. Buffett may add it to his book recommendation list.

So many valuable lessons.

#60 NSNG on 06.27.21 at 1:43 pm

It’s getting so bad now foreign buyers have decided they want to be foreign renters.

HAHAHAHA!

#61 Sail Away on 06.27.21 at 1:43 pm

#37 Ponzius Pilatus on 06.27.21 at 12:43 pm
#28 Sail Away on 06.27.21 at 12:16 pm
#18 Ponzius Pilatus on 06.27.21 at 11:46 am

We’re off to Steveston, always a little windy, that keeps it bearable.

———

Isn’t that a long walk for you car-less unfortunates?

Wear good shoes, carry water, and above all, have your wife schlep the heavy stuff.

———-

My daughter has the Audi now.
She’s works from home right now.
And in autumn is back to Uni,
Rents walking distance from classes.
The car is more of a family car.
I’ve got a monthly transportation pass (bus, sky train, sea bus) for 58 buckeroos.
And if we need, we Uber.
We walk the talk, my friend

———

Got it. You claim moral climate hero no car status, but you have a… car? The same one you had before becoming car-less?

I no longer eat agricultural meat but am having a 20-oz ribeye tonight because it removes a little more meat from the industry. T-bone tomorrow. If only everybody could become a meatless climate action hero like me.

Can you give me a ride to the butcher?

#62 Sheila Morris on 06.27.21 at 1:45 pm

I want to say just how “snobby” Canada has become. This snobbiest is hidden….behind the back causing a lot of off handed beliefs against a person whom is not known to another most of the time. If I were 30 something, I would be living in Norway. There is not one good reason why a person who rent, is a loser…not – a – one. So people who go around bragging about their “not having worked for” riches, ought to think what they are doing to society and to this finite earth. There has not been one mention of “sustainability”. Let you all become billionaires and fight among yourselves.

#63 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.27.21 at 1:48 pm

The results (in order of popular vote):

Cons 34.3%
Libs 33.1%
NDP 16%
BQ 7.6%
Greens 6.5%

— Garth

If you dig a little deeper, you will find that the Libs, NDP, BQ, Greens, and even about 1/3 of the Cons, are now basically the same on all of the most important issues.

This indicates that Prime Dictator Justin Trudeau sort of has a mandate from the voters (~ 86.1%) to do all sorts of bad things to the country of Canada.

Watch and learn how people deliberately voting wrong can destroy a good place like Canada.

#64 Concerned Citizen on 06.27.21 at 1:49 pm

“For avg..Cdn homeowners..in fact the vast majority..the principle in a home is the bedrock of their financial stability..no govt should hurt one group to help another..nor do we need to..speculators are a different story..govt policy should not protect investments over people”

This is a hopelessly naive and ignorant view of public policy. The central bankers and government have just spent the last 1+ year hurting one group (renters, asset poor folks, the young) to heap a windfall on others (owners, asset rich folks, boomers).

I remember when the government and central bank played the role of adult in the room to rein in speculation. Now they’re the major speculators. And when everyone else recklessly speculates, it means you need to recklessly speculate if you want to play the game (buy a house, etc.). I don’t understand why more Canadians aren’t outraged at the current state of affairs.

Oh well, prepare for a mass exodus of skilled young people from the country in the near future. I see loads of comments to this effect everywhere I look. I’m sure some of it is bluster, but I don’t doubt a lot will follow through. What other choice do they have, with the policy makers going out of their way to make this country as hostile to young people as possible?

#65 NSNG on 06.27.21 at 1:49 pm

#16 crowdedelevatorfartz on 06.27.21 at 11:36 am

Some dismal info from todays Lower Brainland.
Regular gas $1.70.9 per liter
Supreme gas $1.95.9 per liter.
Temp at 8:30am 31.5 cell with 45% humidity.

It supposed to hit 40+ today. Never in my life have I seen the temp this high.

As for the gas, it is a new promotion. Regular gas for the price of supreme.

#66 Idiocy on 06.27.21 at 1:56 pm

to comment # 30 Kaiser

I think your the first paragraph of your post is correct.
The question is how to not lose or profit from this situation.
Any ideas ?

#67 Sunny Daze on 06.27.21 at 1:56 pm

Jag wins

Bloc romps in Quebec

Nothing is over

My 2 cents

#68 MONOPOLY MONEY on 06.27.21 at 1:57 pm

There is a STOCK market

And there is a REAL ESTATE market.

Like it or not Government is best kept out of both.

#69 Ponzius Pilatus on 06.27.21 at 2:01 pm

Another upset at the EURO.
The Check Mates beat the Dutchess.
Billy Bob is probably ecstatic now.

#70 Rogerhomeinspector on 06.27.21 at 2:07 pm

#25 None

I agree and believe as I’ve stated before this is the “plan”.

Politicians don’t want to actually make decisions but they will accept outcomes “beyond their control”. Interest rates will absolutely deflate this gas bag- rates will begin to rise in other developed nations and the argument will be that we can’t artificially lower rates at that moment because the dollar would be absolutely crushed.

The needed action and outcome will come about, but politicians have to wait for the right “black swan event” that “we couldn’t have anticipated”. Then they don’t have to make the decision.

#71 Ron and Cassandra on 06.27.21 at 2:08 pm

I think the party that loses the next election will be the lucky one.

The current Deficit is around 20% of GDP. Reducing it to something approaching pre Covid levels will push the country into a deep recession, even if the timetable is stretched over a few years.

Nobody wants to be the guy that takes the punch bowl away while kicking the drunks off the sofa. But that will be the role of the Conservatives when JT loses in the fall election.

#72 Idiocy on 06.27.21 at 2:09 pm

to comment # 32 Captain Serious

Are you serious ?

Your “default” is to vote for a party that has clearly exhibited its disdain for Canadians and the Canadian parliamentary system , has had multiple scandals, has bought off the press, has failed to act against rail blockages, espouses femimnism but fires strong female MPs from its ranks ,has spent Canada into a hole to buy votes and is led by a PM who has 3 ethics violation citations, a history of racist acts and personal scandals and poroged parliament to avoid an inquiry ?

That’s some “default” choice you have made there sir.

#73 Dolce Vita on 06.27.21 at 2:17 pm

Oh Garth, it’s:

(e) Keep shoving money down our throats for free.

Talk with mouth, hand on heart.

Vote with hand on pocketbook.

#74 Sheila Morris on 06.27.21 at 2:17 pm

#31 There is not any such thing as Government Free Money. The Government does not give back what it has already taken, mostly off the working men and women of this country. The Canadian Government has access to our taxes…that is what money they have, nothing more, nothing less.

#75 yvr_lurker on 06.27.21 at 2:18 pm

Housing inaffordabliity for young families without trust funds and the bank of mom has been a major issue in YVR now since around 2010 at least. The situation was very grim around the peak in 2016–2017 with both buying and renting, coinciding with Christy’s and her corrupt executives (Coleman etc) reign. At that time, it was common for right-wingers to just tell those serfs who are trying to get onto the property ladder to just move to Winnipeg or Halifax. Are you now just recognizing how dire it is? This is a long-standing problem, that has only gotten worse by the rapid increases in smaller places. Is this issue only now on the radar for those who have long told people to move to a town where you can afford it? Or is it a rallying-cry to drum up support from those under 40 to vote for the Conservatives? I can’t see it happening.

I don’t see at this stage any viable housing plan from any political group that will allow the next generation to have the same housing opportunities I had (with no family support). As much as I dislike Trudeau and the federal NDP, I would never vote for the conservatives.

#76 mj on 06.27.21 at 2:27 pm

Canada needs Max to win, but will never happen. If Justin wins a majority, say goodbye to your freedom, and Taxes will go much higher. I don’t think Erin is much better than Justin, but you have to pick the lesser of the two corrupt. Hopefully Erin could win at least a minority.

#77 okotoksmatt on 06.27.21 at 2:28 pm

DELETED (Anti-immigration)

#78 Idiocy on 06.27.21 at 2:29 pm

to comment # 63 TTU, HI , RO

I think your observations have a lot of merit.

The country is sliding dangerousy towards a nasty conclusion, aided and abetted by its own citizenry.
By the time they realize it, there will be no saving it.

Hard to believe Canadian people with children can countenance such an outcome, but they are.

Canadians don’t know much world history I gather.

#79 crowdedelevatorfartz on 06.27.21 at 2:29 pm

@#22 Sail Away
“Another unexceptional male athlete ‘becomes’ a woman and is now NCAA champion. Good career move.”

+++

Yep.
They didnt make the rules but can certainly take advantage of it.
Political Correctness vs reality.
Suck it up buttercups.
Its not unfair…its the new reality in all women’s competitions moving forward.
Next stop:
World Olympic weightlifting champ at this years Female Competition…..

New Zealand Gold Medalist.

https://www.cnn.com/videos/sports/2021/06/21/laurel-hubbard-olympics-transgender-new-zealand-intl-ldn-vpx.cnn

#80 Dolce Vita on 06.27.21 at 2:37 pm

WTF Canada?

This morning in Italia I woke up to multiple websites in Europe with this lead headline, in essence:

Canada burns down Catholic Churches.

BBC
https://i.imgur.com/U3RfldG.png

France 24
https://i.imgur.com/46aHKE1.png

DW
https://i.imgur.com/uTKOzHJ.png

La Repubblica
https://i.imgur.com/rRKz6io.png

…the list goes on. Even NYT and the Washington Post thru in this morning.

——————

Forgot (not really):

Italia 2 – Team Lederhosen 1 (best in their history they have ever played, they still lost)

Ciao, off to watch Portugal vs. Belgium in less than 30 min. Routing for my favorite: Lukaku.

———-

In the meantime, try not to burn anymore Catholic churches Canada.

You know, like the Taliban and ISIL did (do).

#81 Dolce Vita on 06.27.21 at 2:44 pm

#69 Ponzius Pilatus

Watching Italian TV about the upset.

They can’t believe it.

Neither can the Dutch:

“Wat een Afgang” (Dutch for WTF, not really)

https://www.telegraaf.nl/sport

Good for Czechia.

#82 Bob in Hamilton on 06.27.21 at 2:55 pm

“you can be sure the Trudeau Liberals think this election in a few months is already in the bag.

Do you?”

Yes…T2 will win a majority…it is just the nature of the country today in 2021.

#83 Annek on 06.27.21 at 2:55 pm

Will real estate be a big issue? Does that huge group of under-40 voters who supported the Libs last time care most about (a) the deficit, (b) First Nations, (c) sexist soldiers or (d) the fact they can’t get a house?

It’s (d), of course, rightly or wrongly.
————————————
Under 40 voters care most about:
a) The deficit: No. Because they are used to debt and living month to month with monthly car payments, cell phone payments, rent, mortgages, credit card bills
B) First Nations: yes. We are socially responsible for everything that happened in the past. Cancel Canada day.
C) sexist soldiers: not so much . Give it a 50:50 odds
D)Housing: yes they are angry . However, as mom and day tell them that houses always go up, they would like the government to make it possible to give them free money as a gift to make it easier to buy a house. Why not?it is just more debt for the government and look at all the debt that has been incurred by Trudeau to battle the pandemic. So what is a few more dollars thrown their way so they can join the home owners crowd.

#84 Conservative Millienial on 06.27.21 at 3:05 pm

#29 Stephen Darroch

Corruption has gotten so bad in Canada that lawyers representing the “non-profit, taxpayer funded” Canadian Medical Protective Association are threatening a financial blogger.

#85 Flop... on 06.27.21 at 3:06 pm

One month into my government job and it has been enough time to make me start drinking during the week again.

The Euro soccer tournament has me revisiting each beer I drink when I visit each country.

Most are extremely mainstream, but a bad beer is Europe is equivalent to two good beers in North America.

The lunchtime game features Belgium (Stella Artois) vs Portugal (Sagres)

This mornings brunch was washed down with Grolsch beer from the Netherlands and Czechvar from the winning Czech Republic.

Wife gets annoyed when we travel in these countries and the sparkling water is more expensive than the beer.

France is still in the tournament, so I will drink Kronenbourg.

Spain still going too, so Estrella Damm will get a workout

When in Italy and on Italian game day I switch between Moretti and Peroni, depending on the day and availability.

I like to get drunk and then try to guess how many I’ve had using Dolce Math…

M47BC

#86 WTF on 06.27.21 at 3:09 pm

#72 Idiocy”Your “default” is to vote for a party that has clearly exhibited its disdain for Canadians and the Canadian parliamentary system , has had multiple scandals, has bought off the press, has failed to act against rail blockages, espouses femimnism but fires strong female MPs from its ranks ,has spent Canada into a hole to buy votes and is led by a PM who has 3 ethics violation citations, a history of racist acts and personal scandals and poroged parliament to avoid an inquiry ?”

—————————————————————-
Well said, its much worse!

Read Wilful Blindness and draw your own conclusions. Methodically paints a horrifying picture of politicians at EVERY level including past and present Liberal PM’s/Senators ignoring or shutting down repeated warnings from CSIS and the RCMP regarding transnational criminal activity, Dependence on firehoses of suspicious cash seems to usurp law and order in this country.

A serious house cleaning is in order, while simpletons bicker about correct pronouns, no one is defending our borders from those who choose to profit from death and illegal activities. Priorities……..

#87 Prairieboy43 on 06.27.21 at 3:19 pm

Liberals will win zero seats Between Winnipeg and Abbotsford. Stamp it. Minority again. Stamp it.
PB43

#88 Anna on 06.27.21 at 3:23 pm

Old millennial here. Voted Liberal last time not because I was happy with the Liberals or JT but because I was horrified that the Conservatives had NO plan to tackle environmental issues. My vote will be with the Conservatives this time though, but I don’t expect them to win.

#89 Steerage LBQX6L9ERTY on 06.27.21 at 3:32 pm

#79 crowdedelevatorfartz on 06.27.21 at 2:29 pm
@#22 Sail Away
“Another unexceptional male athlete ‘becomes’ a woman and is now NCAA champion. Good career move.”

+++

Yep.
They didnt make the rules but can certainly take advantage of it.
Political Correctness vs reality.
Suck it up buttercups.
Its not unfair…its the new reality in all women’s competitions moving forward.
Next stop:
World Olympic weightlifting champ at this years Female Competition…..

New Zealand Gold Medalist.

https://www.cnn.com/videos/sports/2021/06/21/laurel-hubbard-olympics-transgender-new-zealand-intl-ldn-vpx.cnn
…….

She’s quite the stud…. you try snapping your arm in half going for a record weightlift!

https://www.the-sun.com/sport/3124817/laurel-hubbard-transgender-weightlifter-olympics-controversy/amp/

#90 G on 06.27.21 at 3:38 pm

Rebelnews .com has story today June 27 showing some polling numbers indicating the liberals could get a majority the third time round.

What I am hoping for doesn’t really mater much.
If you can have more control on what most people can easily see and not see online then…

Interesting times we live in to see the show unfold.

#91 Dolce Vita on 06.27.21 at 4:05 pm

#85 Flop…

My Math is excellent. Lost on some here – that need to take 1st Semester Business, Finance Math (that I taught & more advanced yet).

I like the way you drink beer. An equal opportunity kinda guy.

Rum & Coke outside of Italia. Spritz in Venezia. Wine everywhere else. What you pay $50 a bottle for in Canada costs about $8 here like a top of the line Prosecco.

—————–

1/2 time

Belgium 1 – Portugal 0

Lukaku playing like he has wooden legs – not the Inter Milan excellent player that he is tonight. De Bruyne horrible, keeps giving the ball away. CR7 playing like he would rather be on his yacht, cruise ship? in Ibiza (saw him there a few years ago, quite the party animal).

The big guns, not so big 1st half. Hazard scored for Belgium, WHAT a goal.

#92 Miss Anthropic on 06.27.21 at 4:06 pm

There is a real estate cartel operating in Canada that appears to be untouchable, above the law. Said cartel gets away with fudging numbers, blind auctions, misrepresentation of data, withholding data, insider trading… the list goes on. I have seen it personally or it’s been confirmed to me by members of said cartel.

#93 Sara on 06.27.21 at 4:33 pm

If nothing can or will be done to lower house prices to affordable levels for the average Joe and Jane, then the least the Canadian government can do is to enact policies to help level the wealth gap between homeowners and renters. For example, making rent payments tax deductible (I’m sure they can think of other ways as well). Priced-out renters also need the opportunity to obtain a “bedrock of financial stability” since they have no house to do it for them.

#94 ogdoad on 06.27.21 at 4:33 pm

Hmm…lets see..how about recency bias? Socks has given weed, thrown money around like its free, says sorry so much that he anxious about something and has nice hair. Leader to lead the wusses to wussdom!

O’Toole appealing to working class families? Better get a little more exciting when you speak. That’s what we want, isn’t it Canmerica?

The Jagger is a true Canadian – If we want someone who whines a lot about frivolous issues and points blame like a good little beaver. Look around kiddoes and take the ‘promise not to blame in 24hrs’ challenge…you’ll fail!!!!! Haha

Green? The mayor of Whoville? Doesn’t fit within our MO…which is…right, nothing!

Lol!

Oh, Bloc – so, who are you going to identify with…France? Trust me, they don’t like you right now either…Too English..haha.

Great time to be alive! Happy Sunday!

Og

#95 The Totally Unbiased, Highly Intelligent, Rational Observer on 06.27.21 at 4:44 pm

TYPO in #63 above:

Should read, “and even about 2/3 of the Cons,” not just “1/3 of the Cons.”

Sorry. Humblest apologies. Didn’t mean to make the situation appear to be brighter than it is.

#96 R on 06.27.21 at 5:02 pm

First world problem, but if T2 taxes Canadian “under utilized” properties owned by Americans, the US will consider taxing “under utilized” US vacation properties owned by Canadians. I doubt T2 will give a Rat’s A$$, but it will be another example of unintended consequences.

#97 Quintilian on 06.27.21 at 5:04 pm

I will line up with the angels and vote for the least of the evils.
Vote Liberal

#98 islander on 06.27.21 at 5:17 pm

“Jack mortgage rates, increase minimum down payments and start taxing those fluffy out-of-thin-air profits”
You said it Garth.

Also in BC, reduce the property tax deferral eligibility – that should free up some space!

“Last year (2018), 57,305 seniors deferred their property tax, an increase of 13,179, or 21 per cent compared with 2016-17. The total amount of property tax deferred last year was $208.8 million.”

https://vancouversun.com/health/seniors/property-tax-deferrals-by-seniors-grows-53-per-cent-in-four-years

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant/senior

#99 kAC on 06.27.21 at 5:19 pm

#14 Joe on 06.27.21 at 11:29 am
When the 1%ers get rich off stocks and markets no one complains. When everyday folk get rich off real estate that’s a no no.

They’re taxed. You ride free. Maybe things should be equal, right? – Garth

——————————————————————-

Idiot friend:
I think investments like the stock market should be more heavily taxed because they only benefit the rich 1%

Me:
Do you have a pension plan at work?

Idiot friend:
Yes of course.

What is your pension fund invested in?

Idiot friend:
That’s different.

#100 Trojan House on 06.27.21 at 5:20 pm

It really amazes me that everybody will blame everybody else but won’t blame the people who actually make the decisions, rules and laws – the politicians. Every decision they’ve ever made has impacted the country in mostly negative ways. They only think linearly and have no understanding of when a drop of water hits a pond the ripples go out in all directions. In other words, a policy implemented for a single reason tends to affect a lot of different things that are unforeseen.

(Of course, I do not include Garth in the group of politicians, lol)

#101 SixFootSix on 06.27.21 at 5:26 pm

After more than a year of social distancing I will. come this election, be politically distancing, all of the choices make me ill.

#102 Work and Tumble on 06.27.21 at 5:33 pm

I’m sad to say I was such a proud Canadian! But with the politicians and resentment for being over taxed in Canada, I give up!
We worked so hard so our family could have it all, good private schools, holidays, stuff, well educated with little or no school debt. Good kids who are contributing citizens. So my mission has been a success and it’s time for me and my wife to get out.
We both came from very hard working parents, no road paved with gold here. I am happy to give a hand up and over the years I shared our good fortune.
I will not be working many more years and will continue to pay our share but I will not vote for the Trust fund boy blunder.

#103 Sara on 06.27.21 at 5:40 pm

#100 Trojan House on 06.27.21 at 5:20 pm
“It really amazes me that everybody will blame everybody else but won’t blame the people who actually make the decisions, rules and laws – the politicians.”

=========================
Yup. Easier to blame “the Boomers” apparently, than to hold our elected officials accountable. And if you mention that politicians called the shots, then it was still “the Boomers” fault for voting them in – as if politicians actually do what they say they are going to do and all “the Boomers” vote alike.

#104 Cancel Canada Day on 06.27.21 at 5:48 pm

DELETED

#105 Bob on 06.27.21 at 5:53 pm

I said it so many many times. No govt wants to piss off the majority of the electorate (70% of the population who own houses). Houses in Canada will never go down. So if you can get one now, get it.
I am 100% sure that the Bank of Canada will consider the indebtedness of the people as a major factor when deciding to rise rates. Considering that the mortgage default rate is now at 0.26%, I can see how Bank of Canada backs up if this rate will rise to, let’s say, 1%.
Also consider that the rate of the Canadian population rises by 1% every year, by bringing in new Canadians. So, no worries. Your house won’t go down. The rates won’t rise so you won’t be able to pay your mortgage. The most important thing for Bank of Canada, is for you to be able to service your debt.

#106 Doug in London on 06.27.21 at 5:54 pm

Who will I vote for? In the past I always liked the Liberals, and have often voted for them but not this time. The housing affordability problem is solvable, it requires 1)higher down payment requirements, 2)A real stress test and not the wimpy one we have now, 3)a ban on blind bidding, and 4)shorter amortization period limit. The problem is no one in this government has the spine to do what’s necessary. I’d like to vote Conservative, but they can’t get their act together. They’re more concerned with issues like abortion, getting rid of LGBT rights, and fighting the carbon tax which was originally a Conservative idea. They’re tone deaf to the issues real everyday Canadians are concerned about. I’ll probably vote NDP, at least they haven’t done anything dumb yet.

I’m reminded of a place I stayed where they had bikes for rent. They were all junk, some weren’t in working order, but I found one that was rideable after some minor repairs. The NDP are like that bike, the best of a poor quality lot.

#107 NOSTRADAMUS on 06.27.21 at 5:59 pm

MAO ZEDONG!
How revealing it is that T2, a man who hasn’t entertained a new thought since Chairman Mao planted it in his fathers head now serves as the party’s ideological guide and spiritual guru. An old financial truism ” People will believe the most preposterous stories, so long as prices go up”. Today, I’m much like a blind man painting a barn door. My analysis is broad brush, all over the place. I can’t envision up from down, right from wrong, good from bad,. I have lost all sense of placement. You can call me a dreamer, but I’m not the only one.

#108 Chris on 06.27.21 at 6:01 pm

I have never voted in my life (29) and consider myself libertarian, but I will go to the polls this summer and vote for the conservatives, I’ll vote for the NDP if it means that Trudeau and his communists don’t win another term.

#109 TheDood on 06.27.21 at 6:14 pm

#16 crowdedelevatorfartz on 06.27.21 at 11:36 am
Some dismal info from todays Lower Brainland.
Regular gas $1.70.9 per liter
Supreme gas $1.95.9 per liter.
Temp at 8:30am 31.5 cell with 45% humidity.
______________________________________

And used portable AC’s selling for $800-$900.

#110 Squire on 06.27.21 at 6:17 pm

No, things will not be back to normal. It only seems like that because summer is here.
This country is in trouble and Canadians are standing by allowing it to go down. The only one’s that can save us are the Americans. Sure, laugh but you’ll see…. All hail Sock Boy dictator. Soon I will not be able to post anything per Bill C-10.

#111 Billy Buoy on 06.27.21 at 6:18 pm

DELETED

#112 Comrade on 06.27.21 at 6:21 pm

Sadly yes. There will be elections, early in the fall before they lock us in due to theta variance or whichever Greek letter at the time. Even worse libs snatch majority this time.
While younger generations are bitter over housing, they vote based on ideology of climate change wokeness etc. So if liberals leave housing alone they get boomer votes and if they promise to tackle equality and climate change they get younger votes. Win win. Conservatives have to have really hard look at their recent leadership selection if they want to be relevant.

#113 Barb on 06.27.21 at 6:21 pm

Danny was such a handsome dog!

#114 Annek on 06.27.21 at 6:34 pm

This is worth considering:
Commentary, Aboriginal Futures, Brian Giesbrecht – June 6, 2021

The discovery of human remains at the site of a former residential
school has set off a firestorm that has already resulted in demands
for another national inquiry, and massively expensive forensic and
excavation projects. But maybe we should take a pause, and ask some
questions.

The Kamloops Indian Residential School operated as a residential
school from 1890 to 1969. Its peak enrollment was around 500 in the
1950s. Although there has understandably been an outpouring of
sympathy, it is not clear at this point how many of the bodies
detected were residential students. It’s also not clear that there was
even anything sinister about the discovery.

In fact, it is shocking that many people seem quite willing to accept
slanderous conspiracy theories about teachers and priests murdering,
and secretly burying, hundreds of children. There are many forgotten
cemeteries in Canada. It is far more likely that the deaths simply
reflected the sad reality of life back then. We should take a look at
the history.

Tuberculosis was a major killer, and it didn’t spare children. From
1890 until the 1950s it was responsible for many child deaths.
Influenza was also a particularly deadly disease for indigenous
people. The 1918 Spanish flu killed a disproportionate number of
indigenous people, but even ordinary influenza was particularly deadly
for them. Other diseases that have all but disappeared now, like
Whooping Cough, Meningitis and Measles, routinely took yesterday’s
children.

Disease took many from every demographic, but indigenous people
suffered most. They died mainly in their home communities, where the
Grim Reaper was always close by. Infected children entered residential
schools, and infected others. Many died.

In our comfortable times we forget how hard life was a hundred and
more years ago – Dickens’ world of chimney sweeps, and the Poor House.
Stories are now being written about Canada’s “Home Children”, for
example. These were mainly English orphans, and children from poor
homes, who were taken from their parents and sent by themselves to
Canada. Little children – some as young as seven – would arrive with
cardboard signs around their necks advertising their free labour.

Boys would be taken by farmers and used as labour, in return for
their keep. The girls would be used as domestic workers. Some received
good treatment – some were treated very badly. Many died alone and
forgotten. It is a coincidence that the number of “Home Children”
roughly equaled the total number of children who attended residential
schools – 150,000.

The Home Children are one example only of the sadness that was part
of the lives of all poor children who had the misfortune to be born in
those times. Indigenous children suffered more than most. This
historical snippet in no way mitigates the importance of the Kamloops
discovery. But we should consider the harshness of previous times,
before letting emotion overtake good sense.

The dead should be appropriately honoured, but we should be mindful
that some opportunists will exploit these dead children for financial
and political gain. The residential school story has now been
exhaustively told. Canadians have heard it – and we get it. We have
sympathized, and billions of dollars have been paid by people, most of
whom weren’t alive then, to people who mostly weren’t either.

Brian Giesbrecht, retired judge, is a senior fellow at the Frontier
Centre for Public Policy.

#115 Nonplused on 06.27.21 at 6:36 pm

#22 Sail Away on 06.27.21 at 11:59 am
Another unexceptional male athlete ‘becomes’ a woman and is now NCAA champion. Good career move.

Riddle me this: if genetically screened, which gender would this person be factually and in actuality? Bizarroworld I tells ya.

https://www.ctvnews.ca/mobile/sports/eligibility-rule-keeps-transgender-runner-out-of-u-s-olympic-trials-1.5485499

————————————

Hopefully this link works:

https://twitter.com/DJcalligraphy/status/1406384707990822912/photo/1?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1406384707990822912%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.themix.net%2F2021%2F06%2Fchampion-transgender-hurdler-cece-telfer-ruled-ineligible-for-us-olympic-trials%2F

If it does, it shows CeCe on the podium after a win. She’s the tall one in the middle wearing men’s boxer style shorts as opposed to the higher cut shorts the other women are wearing.

#116 Out Of Work CEO, Will Travel on 06.27.21 at 6:38 pm

Every young person I encounter (between 20 and 40) are not voting for the Liberals. Apparently the Liberals have gone way out there to the point it’s too far off the beaten path where most young Canadians feel they are represented. The Liberals have diluted their base and as a result do not connect with the young.

#117 Flop... on 06.27.21 at 6:44 pm

#106 Doug in London on 06.27.21 at 5:54 pm

I’m reminded of a place I stayed where they had bikes for rent. They were all junk, some weren’t in working order, but I found one that was rideable after some minor repairs. The NDP are like that bike, the best of a poor quality lot.

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

NDP huh?

I hope you like riding a bike that has had the seat removed…

M47BC

#118 Chris L. on 06.27.21 at 6:48 pm

Garth, you keep hinting at needing more taxes to control house prices, but what will adding capital gains tax to primary residence actually accomplish? As all other costs to housing; nothing. It will simply mean reduce affordability, and reduction in selling, moving.

For the love of all things, address supply side. Man, take a drive. There is 92 percent unoccupied crown land in Canada, being used for trees. The other feeds cows with planted corn, beans, wheat.

Sell some of it. Ease government building requirements, allow ability to severe land from larger tracts. If you can’t find a place to build anything in Canada, you’re not trying.

Incentivize immigrants to move further North.

Tear down small houses in the core and build up. Approve creation of apartment buildings (REITS would be thrilled to build new apartments) and give people an option to rent for cheap family sized apartment units (4 plus rooms), or buy for cheaper by taking demand off housing generally.

Why am I the only one to talk about supply side? The demand is not the problem, never is. Address supply. Write the article Garth. Send it to your local, regional governments. The crisis is not demand side.

I’m moving to the US. At least they get on with demand…you want something, you can find it there, cheaper, quicker, everyone is selling something. Canadians are just lazy and apathetic.

#119 Nonplused on 06.27.21 at 6:57 pm

#88 Anna on 06.27.21 at 3:23 pm
Old millennial here. Voted Liberal last time not because I was happy with the Liberals or JT but because I was horrified that the Conservatives had NO plan to tackle environmental issues. My vote will be with the Conservatives this time though, but I don’t expect them to win.

——————————–

And the Liberals have one? All I see is some crayon drawings of pinwheels. And taxes. Taxes solve everything.

#120 crowdedelevatorfartz on 06.27.21 at 7:03 pm

37 cel and 37% Humidity in Burnaby at 4pm.
Hotter tomorrow.
Smash those heat records year after year.

Two more churches burnt.
Hopefully thats the end of it because it’s only a matter of time before that becomes an out of control forest fire on some of these Reserves.

#121 Ponzius Pilatus on 06.27.21 at 7:05 pm

#108 TheDood on 06.27.21 at 6:14 pm
#16 crowdedelevatorfartz on 06.27.21 at 11:36 am
Some dismal info from todays Lower Brainland.
Regular gas $1.70.9 per liter
Supreme gas $1.95.9 per liter.
Temp at 8:30am 31.5 cell with 45% humidity.
______________________________________
And used portable AC’s selling for $800-$900.
————————–
The same people who buy stock when every Dick, tom and CEF is buying
Reactive not proactive. FOMO MAN.
Ladies and gentleman, I give you the common homo sapiens, who has no common sense.
Sheeple, ready to be fleeced, anywhere and anytime.

#122 Sara on 06.27.21 at 7:05 pm

#105 Bob on 06.27.21 at 5:53 pm
I said it so many many times. No govt wants to piss off the majority of the electorate (70% of the population who own houses).
=================
You would be surprised at how many home-owners would not mind to see house prices decrease. I take it you are not one of them though.

#123 Km on 06.27.21 at 7:07 pm

@Annek
You are bang on right, this is exactly how most of my under 40 friends talk and feel as well. Debt is no big deal , government should help them buy and yes it sucks how much it costs however they have seen everyone make major money on housing the past decade so it must be the way to go and they will do it at all costs. He will win with his sunny ways regardless of reality.

#124 Sara on 06.27.21 at 7:09 pm

@Bob #105, Also keep in mind that the percentage of home-owning voters will inevitably trend downwards as home prices get further and further out of reach of the average young Canadian household. At some point (even if all home-owners want higher and higher prices), the governments that support high house prices will get voted out.

#125 crowdedelevatorfartz on 06.27.21 at 7:10 pm

@#115 Out of work
“Every young person I encounter (between 20 and 40) are not voting for the Liberals. Apparently the Liberals have gone way out there to the point it’s too far off the beaten path where most young Canadians feel they are represented.”

+++

One can hope but I dont see these self same young voters choosing a chubby, bald , white guy named O’ TOOLE over Jaggy.
God help us all.

#126 Father's Daughter on 06.27.21 at 7:13 pm

#115 Out Of Work CEO, Will Travel on 06.27.21 at 6:38 pm
Every young person I encounter (between 20 and 40) are not voting for the Liberals. Apparently the Liberals have gone way out there to the point it’s too far off the beaten path where most young Canadians feel they are represented. The Liberals have diluted their base and as a result do not connect with the young.
—————————————————————-

I’m seeing a lot of this too from my generation. People are done with the Liberals. They see their quality of life/opportunities going downhill. I am hearing a lot of bitterness. Sadly I fear that they might move on to NDP rather than Conservatives. Why the Conservatives couldn’t’ have found a better replacement for Scheer is beyond me. O’Toole is unlikable and will not connect with young either.
As #106 Doug in London says

Conservatives have given way too much attention to social issues that young people want nothing to do with (myself included)
Running out of options here.

#127 Sara on 06.27.21 at 7:15 pm

#111 Comrade

“So if liberals leave housing alone they get boomer votes …. ”

Only “boomer votes”? You mean no one under age 55 has benefited from the ever-escalating house market over the last 10+ years?

#128 Sara on 06.27.21 at 7:19 pm

#117 Chris, “Why am I the only one to talk about supply side? The demand is not the problem, never is.”

Of course demand is part of the problem. Raise mortgage rates and see what happens to the demand and to the supply.

#129 Leo Trollstoy on 06.27.21 at 7:28 pm

Controlling a market is easier said than done

Whether you’re a politician or not

#130 NOTHING SURPRISES on 06.27.21 at 7:28 pm

They rent a house worth $3 million (for $5,000 a month) and really want to buy – Garth
……………………………………………………………………………..

Why rent out a $3 million house for $5000/mth. = $60,000/yr. gross, when you could invest in ETF’s making 5%/yr. giving you $150,000 net.

Doesn’t make financial sense!

#131 Nonplused on 06.27.21 at 7:33 pm

#62 Mean Guy on 06.26.21 at 9:38 pm
#55 Nonplused

Who mentioned Garth?

—————————

I was trying to point out that home ownership vs. stocks is not an either/or proposition, you can do both.

As to whether it is better to own or rent, the tenure is important. Certainly over the last 20 years owners have benefited greatly from appreciation, whereas renters have gone nowhere. But things are very difficult to predict, especially the future, so if you do the calculation without including potential future capital gains renting can seem like a better choice.

I think the gains seen in the past 20 years or more may have introduced a “positive feedback loop”. The more that house prices rise, the more people want to buy one asap, which puts even more upward pressure on house prices and instills a “can’t lose” mentality.

#132 crowdedelevatorfartz on 06.27.21 at 7:34 pm

Well, well, well
Hong Kong’s transition back to Communist Chinese rule seems to be well under way.

I believe the Original “Special Status” agreement for HK between England and China was supposed to last for 50 years.
1997 til now….. 25 years.
Yep.
Everything is in place.
Protestors bainished due to state security Laws.
Media owners and journalists rounded up.
The Newspapers finances seized and the paper closed.
And now?
And former editors or Journalists attempting to flee are arrested for “Threatening State Security”

https://www.msn.com/en-ca/news/canada/hong-kong-s-apple-daily-editorial-writer-arrested-at-airport/ar-AALvir4?ocid=winp1taskbar

Methinks China has just about enough money, planes, missiles, ships and soldiers to start pushing out of the safe space they’re in.
After 150 years of kowtowing to the West……
If you think the “Ugly American” was a pain .
Just wait.

#133 Sara on 06.27.21 at 7:37 pm

#128 Leo Trollstoy on 06.27.21 at 7:28 pm
Controlling a market is easier said than done

Whether you’re a politician or not
================
Manipulating one isn’t.

#134 Ponzius Pilatus on 06.27.21 at 7:38 pm

#113 Annek on 06.27.21 at 6:34 pm
Here’s some info on your hero Brian Giesbrecht:

Brian Giesbrecht, retired judge, is a senior fellow at the Frontier
Centre for Public Policy.
Which is a Climate Change denying forum.
He’s also contributes often to The Epoch Times.

https://www.theepochtimes.com/author-brian-giesbrecht

#135 Bk on 06.27.21 at 7:42 pm

Can it not be said that renters were hurt to benefit owners?

#136 crowdedelevatorfartz on 06.27.21 at 7:46 pm

@#120 Ponzies Paleontologist Protohuman Prattle

“Ladies and gentleman, I give you the common homo sapiens, who has no common sense.”

++++
Interesting you should bring up the genus homo sapien.

As opposed to the “new” low browed, hairy, knuckle dragging, species recently discovered in China.

https://www.aljazeera.com/news/2021/6/26/dragon-man-new-human-species-is-our-closest-ancestor

I shall call it Ponzieman , an uncouth, unwashed, uninspiring, barely verbal, grunting man.

The similarities are frightening.

#137 Nonplused on 06.27.21 at 7:46 pm

#129 NOTHING SURPRISES on 06.27.21 at 7:28 pm
They rent a house worth $3 million (for $5,000 a month) and really want to buy – Garth
……………………………………………………………………………..

Why rent out a $3 million house for $5000/mth. = $60,000/yr. gross, when you could invest in ETF’s making 5%/yr. giving you $150,000 net.

Doesn’t make financial sense!

——————————-

First the house is “priced” at $3 million, nobody knows what it is “worth” until it is sold to a greater fool.

Second the house appreciated 37% last year (supposedly), which is a $820,000 dollar gain (assume the house started the year at $2.18 million). Of course since it is a rental there will be capital gains taxes. $820,000 + $60,000 = $880,000 > $150,000. Long live the bubble. Now all they have to do is sell.

#138 Kurt on 06.27.21 at 7:55 pm

#129 NOTHING SURPRISES on 06.27.21 at 7:28 pm

“Why rent out a $3 million house for $5000/mth. = $60,000/yr. gross, when you could invest in ETF’s making 5%/yr. giving you $150,000 net.

Doesn’t make financial sense!”

This is Garth’s point with this blog – people are speculating that houses will increase in price forever, and rationalize the poor (real or imputed) income that they get from them. Exploit their irrationality.

#139 crowdedelevatorfartz on 06.27.21 at 8:03 pm

Oh my.
Could “Rocket Man” be missing the “Right Stuff”?

North Korea’s News agency is reportedly commenting on Kim Jong Un’s weight loss.

https://www.reuters.com/world/asia-pacific/north-koreans-worry-over-emaciated-kim-jong-un-state-media-says-2021-06-27/

Could they be preparing the population for some very bad news?

Will his sister become the new Leader from Heaven?
The sister that looked like a well fed Crocodile when she grimaced for the cameras during the Trump summit?

https://www.cnbc.com/2021/03/16/kim-jong-uns-sister-warns-biden-administration.html

#140 Yukon Elvis on 06.27.21 at 8:07 pm

#113 Annek on 06.27.21 at 6:34 pm
………….

Thank you for the sane post. Nice to have someone inject sanity into the conversation now and then.

#141 crowdedelevatorfartz on 06.27.21 at 8:27 pm

@#79 Mean Goy
“Let’s quantify the losses and the number of people affected ok?”

+++

I’d say that most of the people in leaky condos are like you….they dont invest.
And why you lurk on an investment blog escapes me.
Most Leaky condo owners, rely on the sale of their “nest egg” to see them into retirement.

As for Nortel or Enron investors that were burned.
A great example as to why someone should be “Balanced and Diversified” as opposed to rolling the dice and risking it all on one “Nest egg”.

#142 Ballingsford on 06.27.21 at 8:32 pm

Who in their right mind would want to become the next Prime Minister with a $trillion+ inherited debt hanging off their shoulder.
Actually, if I was PM now, I’d try to lose the next election and wash my hands, and start fresh on civvy street.

#143 Ballingsford on 06.27.21 at 8:45 pm

#139 Yukon Elvis on 06.27.21 at 8:07 pm
#113 Annek on 06.27.21 at 6:34 pm
………….

Thank you for the sane post. Nice to have someone inject sanity into the conversation now and then.

****

Agree!

#144 Sara on 06.27.21 at 9:08 pm

#134 Bk on 06.27.21 at 7:42 pm
Can it not be said that renters were hurt to benefit owners?
=================
Absolutely. Adam Vaughan saying that “no govt should hurt one group to help another” while insisting that home owner equity be protected is to completely ignore that a growing number of middle income (and above) Canadians will never be able to be home owners if the status quo continues.

#145 KaleyCat on 06.27.21 at 9:20 pm

Calling a Con win. The libs went too far left while trying to squeeze out the NDP. Liberal voters didn’t vote for 100B deficits, but that’s what’s promised now. Free daycare? Nope. Where’s the pharmacare? FN issues? They’re only 4% of the population and they often block vote NDP.

Bloc will take more in Quebec, NDP will pick up the Green vote, and the Liberals will be looking for yet another Quebec based leader.

#146 Mattl on 06.27.21 at 9:20 pm

They’re taxed. You ride free. Maybe things should be equal, right? – Garth

———————————————
Advocating for more taxes?

#147 Job#1 on 06.27.21 at 9:20 pm

#133 Ponz. Pil.

So someone who might be wrong on a particular issue is therefore wrong on everything else as well. Or maybe you don’t like the messenger, so who cares what they say…?
Got it!

I’ll be sure to keep that in mind when I read your comments.

#148 Smart Alec on 06.27.21 at 10:00 pm

#130 Nonplused on 06.27.21 at 7:33 pm
#62 Mean Guy on 06.26.21 at 9:38 pm
#55 Nonplused

……But things are very difficult to predict, especially the future, so if you do the calculation without including potential future capital gains renting can seem like a better choice.

_____________________

You think predicting the future is difficult? Predicting the past is downright impossible!

#149 ImGonnaBeSick on 06.27.21 at 10:10 pm

I will either spoil my vote, politely refuse my vote, or vote Rhino party this election. I’m completely disgusted with the politics of this country and at least the Rhino party will repeal the Law of Gravity… maybe that’ll cause the bubbles to float away, it will make things interesting at least…

#150 Terry on 06.27.21 at 10:23 pm

Already planning to leave Canada for the great USA! The U.S. in alot of states have been fully open, no mask BS. etc…for months now! I’ve tripled my money with our Real Estate holdings in just 1.5 years! Getting ready to sell to next “Greater Fool” and I’ll get my price with a bidding war to boot! You Canadians are are insane with your bubble Real Estate prices. Sucks to be you and great for us as we start cashing out HUGE to get THE HELL OUT OF HERE! You are in SO much trouble Canada with all you public and private debt loads. We are not sticking around to see how things turn out. Thanks for the free and easy monetary gains…………yes a once in a lifetime gain! I know when it’s time to jump ship and leaving Canada with all our cash and wealth is now the right time to leave. Thanks for the free cash Kana-duh and good luck with your Real Estate CRASH in the not to distant future.

#151 Two-thirds on 06.27.21 at 10:28 pm

In the bag?

It should be. You do not OVERspend by almost half a trillion dollars to end up losing an election. T2 not only has the best hair of all candidates, he is the only one with visible hair!!

As for government policy, read carefully and act accordingly. Houses = good, Investments = you are own your own:

” For avg..Cdn homeowners..in fact the vast majority..the principle in a home is the bedrock of their financial stability..no govt should hurt one group to help another..nor do we need to..speculators are a different story..***govt policy should not protect investments over people***”

Investments should NOT be protected by government, according to this member of government. So, how can portfolios be safer from taxation policies than houses?

It seems our entire population have only one aspiration in mind, and it is not B&D portfolios, or B&D economy, or B&D budgets, but… bricks.

Who will pay for the mama of all Canadian deficits: those with mortgages or those with financial assets?

Liberal majority in the fall. And then… THE Fall (of this country).

Govern yourselves accordingly.

So pooched :(

#152 Tri state pat on 06.27.21 at 10:31 pm

If the government wanted to make the necessary changes needed they would have done so long time ago. Canadians are losing their standard of living. The have nots will eventually be crammed in Soviet Era style apartments with government subsidies. Those will be the lucky ones…

#153 Doug in London on 06.27.21 at 10:47 pm

@Flop, post #116:
You got any better ideas? I’ll vote for any party that actually has the balls to do something about this housing problem, failing that I’ll vote NDP. To word it differently, I’ll vote for APBL, any party but Liberal. Oh and yes, my bike has a comfortable seat, and so did the one I borrowed.

#154 Habitt on 06.27.21 at 10:56 pm

Prairie boy. Maritimes will vote Lib cancelling the con vote in Alberta. Quebec will elect enough Libs to almost cancel the Con vote in Ontario as Ontario will vote in twice as many Liberals. Manitoba and B.C. will elect more Liberals than any other party. Saskatchewan has 11 conservative seats. Do the math. Liberals will win. There is no one to vote for.

#155 AM in MN on 06.27.21 at 10:59 pm

Election is in the bag for Libs.

There is no functioning “conservative” alternative, so why not just vote for the real thing instead of the fake liberals?

It’s too late to change horses now, but the two main issues that need to drive a wedge for true voter choice are Green Energy financial suicide while trying to change the weather, and sound money, which is always a requirement for long term prosperity.

Conservatives used to reject financial suicide, but now they just go along with the rest of the mainstream.

Sound money and getting the government out of the housing business would fix the problem, along with opening up more land for development (it’s a big country!)

White guilt brought on by too much affluence left over from our ancestors will ensure another liberal victory.

#156 crowdedelevatorfartz on 06.27.21 at 11:01 pm

Hey!
China has a new Law protecting the History of the communist party from dissidents, protesters, vandals and “historical Nihilists” before their July 1st celebrations for the 100th anniversary of the Communist party.

A party for the Party as it were.

https://www.reuters.com/world/china/police-checks-patriotic-flowers-beijing-leaves-nothing-chance-ahead-party-2021-06-27/

If ‘Little Potato” asked them really really really nicely.

Do you think we could get them to pop off a few fireworks for Canada Day at the end of their show?

#157 Bob on 06.28.21 at 12:04 am

#123 Sara on 06.27.21 at 7:09 pm

No, I am not a home owner. I had the chance to buy a nice place 6 years ago and I didn’t, because I was reading blogs about how real estate in Canada is overpriced. Just for the record I don’t blame anyone but myself for not doing my homework and looking at what other sources have to say. Imagine, 6 years ago to buy that place I needed 500k mortgage. Today, to buy the same place, I need 700k mortgage. I regret it very very very much. Biggest mistake of my life. I am the greater fool for not have bought when having the chance. That’s why I post here once in a while my own thoughts that are not always the same with Garths, to see what other people say and think.
Now let’s see if this comment gets posted or gutted as many of my comments before that.

#158 Kaiser on 06.28.21 at 12:18 am

#66 Idiocy

You need to be well diversified and heavy with inflation hedges. Housing is one. Garth downplays it but does he own property? Hell yes he does. Gold is another, but don’t go overboard. Crypto can be one, but it’s super risky. What I would NOT want to be is stuck with nothing but a bunch of paper ‘maple-bucks’ and zero assets – you could really get caught with your pants down in that situation. At the same time, avoid debt if you can, as when the crunch comes, debt holders will be the ones to get hammered first.

#159 Damifino on 06.28.21 at 12:24 am

#144 KaleyCat

What a fabulous dream. And I thank you for it.

But a dream is what it is.

#160 DON on 06.28.21 at 12:31 am

Have to wait and see the state of affairs 6 weeks prior to the election. Trudeau appears to be in the driver seat…but things can change fast. The sooner he calls an election the better his chances. End of Summer…peak two shots.

#161 DON on 06.28.21 at 12:58 am

#70 Rogerhomeinspector on 06.27.21 at 2:07 pm
#25 None

I agree and believe as I’ve stated before this is the “plan”.

Politicians don’t want to actually make decisions but they will accept outcomes “beyond their control”. Interest rates will absolutely deflate this gas bag- rates will begin to rise in other developed nations and the argument will be that we can’t artificially lower rates at that moment because the dollar would be absolutely crushed.

The needed action and outcome will come about, but politicians have to wait for the right “black swan event” that “we couldn’t have anticipated”. Then they don’t have to make the decision.

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

Yup! The housing debacle is on shaky ground and suffering from its own weight.

Other countries have started to raise rates surprisingly.

#162 fishman on 06.28.21 at 1:00 am

I don’t know, but burning down old wooden historic churches doesn’t strike me as a positive development. Lil potato could have had Jody Wilson handle this file. Now lil potato got a hot potato with only his regular crew of sycophants to toss it to. Jody & her dad Bill got huge respect from natives across the land. The Wilson’s don’t play games. Now is the time when we need an incorruptible, intelligent Indian chief. Unfortunately for all of us lil potato talks out of both sides of his mouth. He blew off the one woman who could have helped him & our suffering country out of this jam. Lil potato is not a statesman. He’s a revolutionary. He reminds me of Che. Huge ego. Che led his poor Bolivian tin miners into the slaughterhouse then ran like a rat. Be wary, lil potato will do the same thing.

#163 Dr V on 06.28.21 at 1:02 am

121 Sara

“You would be surprised at how many home-owners would not mind to see house prices decrease. I take it you are not one of them though.”

I guess I am. It really doesn’t matter to me as my next
move is most likely within the same market. I’ll
probably either “right size’ or “down size” to something newer. While I hope for some gain, it really
isn’t that critical to my financial plan.

I also ponder whether homeowners have outdone investors. Here’s the great thing about investments. you can sell some of them, while keeping the rest. Try
that with a house.

So even though my house value has increase maybe 30% this last year, I don’t feel any wealthier.

#164 They've started swimming.... on 06.28.21 at 1:05 am

Well McKenna jumps ship….
https://nationalpost.com/news/mckenna-retiring-from-politics-creates-possible-opening-for-mark-carney

And here’s what her husband thinks of T2…. I wonder why he thinks that :)

Scott Gilmore
@Scott_Gilmore
·
May 5
Here’s the thing about this PM, he may be your guy, he may be better than the other guys, he may even be a nice guy, but he doesn’t genuinely believe in any of the things he claims, be it feminism, climate change, democratic reform, or this. He is an empty vessel. Caveat emptor.

#165 Move to the Mediterranean on 06.28.21 at 4:48 am

With so much income, this couple should save an enormous amount of money. Don’t waste it on some ugly shitbox in Vancouver. Instead, retire early and buy for less than you would pay in Vancouver an awesome villa on the Mediterranean, and make a vacation fund to finance plane tickets for family (if you have). Live the life somewhere in Greece or something, travel for a few days each month for cheap to awesome European destinations. Canada is not worth it. A pilot should know that much …

#166 Move to the Mediterranean on 06.28.21 at 5:42 am

And with a 650k income, you must get what, 300k at least cash? If you are a bit sensible and still have more than 5 years of work, you could afford both a nice villa (1 million abroad gets you more than you get with 5000$ per month in Vancouver and European citizenship), and an apartment in Canada so that you keep your ties.
I get it that we all want cheaper houses, but if someone with more than half mil income feels unfortunate, people should maybe stop and think. Seriously, is Vancouver that amazing? I’ve never been but the pictures are unimpressive and isn’t it fool of junkies? Please someone explain … I really don’t get the mania, but it is not ok for a pilot and a doctor to not afford to be homeowners!!!!

#167 Phylis on 06.28.21 at 7:47 am

#156 Bob on 06.28.21 at 12:04 am Turn that frown upside down Bob. You must be well positioned for a buying opportunity!

#168 crowdedelevatorfartz on 06.28.21 at 8:16 am

@#161 fishman
“Lil potato is not a statesman. He’s a revolutionary. He reminds me of Che. Huge ego. Che led his poor Bolivian tin miners into the slaughterhouse then ran like a rat. Be wary, lil potato will do the same thing.”

+++

100% correct.
A rat on a sinking ship.
31.5 cel at 5am this morning.
Today is going to break the thermometer.

#169 Catalyst on 06.28.21 at 8:24 am

The #1 reason the affluent (like this couple) should own real estate is they are in a high tax bracket and their $60k in rent each year, they need to generate $130k in pre-tax income. If you own, eventually the mortgage doesnt need to be financed with gross income (the worst way to get money). My advice would be to buy a $1.5-2MM place. Everyone’s eyes are always a little bigger than their incomes. $3MM is like 10x their net income. I find it funny how people always quote their gross income to impress themselves or something, it’s only what you take home that matters.

#170 crowdedelevatorfartz on 06.28.21 at 8:26 am

@#156 bob
“I regret it very very very much. Biggest mistake of my life. I am the greater fool for not have bought when having the chance.”
++++

Did you at least invest in a balanced and diversified portfolio?

#171 Lionel Hutz on 06.28.21 at 8:36 am

Lionel Hutz from the Simpsons. You may know me for the work that I’ve done to defend Homer and Marge Simpson.

Lawyers should never, ever use their position of authority to strong arm others into censorship. It’s against the fundamental values of democracy we hold dear.

It seems like criticizing Liberal politicians is met with threats of litigation, police harassment and/or jail time.

NDP you got my vote.

#172 crowdedelevatorfartz on 06.28.21 at 8:40 am

@#163 They’ve started swimming.
“Here’s the thing about this PM, he may be your guy, he may be better than the other guys, he may even be a nice guy, but he doesn’t genuinely believe in any of the things he claims, be it feminism, climate change, democratic reform, or this. He is an empty vessel. Caveat emptor.”

+++

Perhaps Mckenna, couldnt stand the idea of another 5 years sitting as a bobblehead doll at the Trudeau Roundtable.
Or she couldnt handle listening to “Stutters” mutilate another speech.
Either way another gender equality appointee….. bites the dust because……it’s 2021.

#173 unbalanced on 06.28.21 at 8:41 am

A lot of people complaining about boomers tax free windfall on housing when they sell. If I borrow money to invest in stocks I get to write off a percentage. I buy a house and live in it for 30 years. Let me write off the costs associated with owning and paying off the house. Guess what…..government loses. Won’t happen. BooHoo

If you could write off the interest you’d also pay capital gains tax on the increased value. – Garth

#174 Ponzius Pilatus on 06.28.21 at 8:58 am

Did someone say Mark Carney?

#175 Polozified on 06.28.21 at 9:11 am

Andrew Scheer and [whoever is in charge of the Cons now] are proof that Canadian elections are not ALL about voting out.

There needs to at least be somebody to direct a vote-out vote to.

#176 unbalanced on 06.28.21 at 9:27 am

I would pay tax on the increased value. I would write off so much, I would have it down to no gains. Just ask a smart businessman for advice. I know many wealthy people who get tons of refunds and write offs every year after year.

Love your name. – Garth

#177 Sail Away on 06.28.21 at 9:56 am

#175 unbalanced on 06.28.21 at 9:27 am

I would pay tax on the increased value. I would write off so much, I would have it down to no gains. Just ask a smart businessman for advice. I know many wealthy people who get tons of refunds and write offs every year after year.

——–

You speak without knowledge; your words lack insight.

But what the heck. Don’t let that stop you.

#178 crowdedelevatorfartz on 06.28.21 at 9:59 am

@#173 Political Peril
“Did someone say Mark Carney?”

+++

Ahh yess.
Mark Carney. The Mandarin from the East Atlantic.

One wonders how long Little Potato will last when Carney is sitting at the Roundtable offering sound, rational, expert advice on the economy and other issues.

Another minority Lib govt with Carney sitting in the wings waiting…..
If that happens.
Trudeau wont last a year ….

#179 Sail Away on 06.28.21 at 10:18 am

#167 crowdedelevatorfartz on 06.28.21 at 8:16 am

31.5 cel at 5am this morning.
Today is going to break the thermometer.

———

This is when humans are most deadly. Our weird hairless bods and endless sweat glands let us run down furry prey in the heat. Get to it.

#180 Classical Liberal Millennial on 06.28.21 at 10:26 am

Aren’t mortgage rates out of politicians’ hands?

#181 IHCTD9 on 06.28.21 at 10:28 am

If Trudeau wins (especially if majority), I think I will finally put a severance proposal in front of city council. My kids might need the help. Two lots that will sit until needed, and if they’re not, Liberal policies will likely have doubled their value at that point. Winning!

If T2 gets a majority, and it is youth and Women who give it to him again, we can safely assume a giant chunk of Canada has absolutely no clue how re prices get inflated, so it’s going to go right to the max.

Might as well hoist the mainsail and get another couple free rides if so.

#182 unbalanced on 06.28.21 at 10:50 am

I speak without knowledge. My words lack insight. I do know something. I retired at 53. Hmmmmm!

#183 Blobby on 06.28.21 at 10:59 am

I look forwards to an election where political parties blame everyone other than Canadians for property prices.

Cue the “foreign buyer taxes” and other such nonsense which doesn’t absolutely nothing than stir up xenophobia

#184 crowdedelevatorfartz on 06.28.21 at 11:42 am

@#178 Sail Away
“This is when humans are most deadly. Our weird hairless bods and endless sweat glands let us run down furry prey in the heat. Get to it.”

++++

I’m not sure I’d describe Ponzie as “Furry Prey” but…. I’m in!

#185 jess on 06.28.21 at 11:47 am

https://toronto.ctvnews.ca/dream-home-becomes-nightmare-for-ontario-family-who-passed-on-home-inspection-1.5481307

25000+ get vaccinated seems to have “crowded out” the noise of the anti-vax bullhorn
===============================
By Philip Ball
7th July 2014
https://www.bbc.com/future/article/20140708-when-crowd-wisdom-goes-wrong
https://www.investopedia.com/terms/w/wisdom-crowds.asp

…”None of the sides want to cooperate with the Sweden Democrats, a right-wing populist party that is considered extreme.

On Monday, Sweden’s Social Democratic government was brought down in a vote of no confidence. The pivotal process leading up to this outcome was the withdrawal of support by the socialist Left Party (Vänsterpartiet), which had previously given Stefan Löfven’s administration its external support.

The Left Party took away its backing after the government insisted on passing legislation which would have abolished Sweden’s system of setting rents by collective bargaining between landlords and the Tenants’ Union (Hyresgästföreningen). The system would thus have been replaced by market rents unilaterally set by landlords.
——————————————–
quant crisis 2007
collapse of bear Stearns
imploded Freddie and Fannie Lehman brothers
as the housing bubble burst
collapse john Meriwether’s fund jwmp.
Flash crash may 2010 apple traded for 100k per share
Debt in Europe beginning with greek crisis

dodd-frank
uncoventional policies by the fed reserve

#186 jess on 06.28.21 at 11:48 am

By Philip Ball
7th July 2014
https://www.bbc.com/future/article/20140708-when-crowd-wisdom-goes-wrong
https://www.investopedia.com/terms/w/wisdom-crowds.asp

#187 Sail Away on 06.28.21 at 11:55 am

#181 unbalanced on 06.28.21 at 10:50 am

I speak without knowledge. My words lack insight. I do know something. I retired at 53. Hmmmmm!

———

Sorry, maybe a little too harsh.

But… I often hear about these supposed ‘corporate loopholes’, although never with an explanation. Can you describe the write-off scenario that provides profit without taxation? There is a deep and abiding presumption among many non-business owners that corporations somehow rack up massive untaxed piles of cash that flows free to the owners.

If you are a business owner, you know this is absolutely not the case. Any tax strategies available are aimed at reducing double taxation, since gains and transfer to shareholders are all taxed as well.

#188 TurnerNation on 06.28.21 at 12:00 pm

Never saw this coming eh! Endless revenue streams.

https://www.marketwatch.com/articles/moderna-ceo-covid-vaccine-booster-shot-51624646804?mod=mw_quote_news
The Covid-19 Booster Market Just Keeps Getting Bigger, Moderna’s CEO Says
Published: June 27, 2021
————
As noted here we are being tested/farmed for our DNA. Gentics. Control over our breeding.
https://www.ukcolumn.org/video/pcr-testing-and-the-genome-beast

But you knew this already – July 2020:

#31 TurnerNation on 07.19.20 at 3:54 pm
A couple of months ago I told you what the Blockchain really is for. (And why Iceland’s CV testing firm is a Genetics company. Our tax farm farmers will control our feeding and breeding, as in a real farm)

#138 TurnerNation on 11.12.20 at 12:38 am
See elsewhere…what must be stored at -80c?
google search: how to freeze DNA.
Umm what is in that. For our health Comrade?
” DNA material used in a short time frame may be stored at -20C. DNA stored long term should be in ultra-low freezers, typically at or below -80C which should prevent the degradation of nucleic acids in the DNA.”
Now you know why they had us mail in our DNA, why Iceland’s ‘CV testing’ firm is a genetics company.

————

#189 Chris on 06.28.21 at 12:17 pm

Wife and I are 40 with two youngings (6 and 2). I’ve never made more than $100k/year and wife is a stay-at-home mom (mutual decision). We have over $700k in cash and diversified investments, earning around $10k per month. We don’t own and currently rent a 1-bedroom (GASP!) for $1k/month.

An opportunity came up to work in Japan for several years. The question became- should we ‘upgrade’ to a 2-bedroom for >$2k in a different school zone, or move to a house in Tokyo for several years? Not owning hard-assets and being liquid, it made sense to pursue. Wife is Japanese and kids are bilingual.

Who knows- we may decide to remain in Japan, though there are ugly tax implications for doing so. However, I’m not positive affordability for working-class families in Canada will improve five years hence.

#190 cto on 06.28.21 at 12:39 pm

but, but, but Garth!,
whom,…who we vote for in this great land??? NDP????
They are likely the only ones dumb enough to bring in suicidal measures to bring down housing $$$ for the people.
The con’s will just follow in lock step with the Libs as the Libs did with the cons.
The bank of canada will sit on their hands, until its time to quack along with the Feds in late 2024…remember 2008? rates were supposed to start climbing back to normal in around 2010, Ha!

#191 SoggyShorts on 06.28.21 at 1:00 pm

#156 Bob on 06.28.21 at 12:04 am
#123 Sara on 06.27.21 at 7:09 pm
No, I am not a home owner…. Imagine, 6 years ago to buy that place I needed 500k mortgage. Today, to buy the same place, I need 700k mortgage. I regret it very very very much. Biggest mistake of my life.

**************************
Don’t feel bad, it was just a huge gamble you didn’t make.
Are you sad every time you see the winning lotto numbers because you didn’t buy a ticket?

I was in Alberta the last 6 years and if I had sunk 500K into a house that went down in value instead of putting that into my investment portfolio I’d be devastated looking back too.

Garth’s whole point (if I may sum it up) is that a balanced PF has way less risk and volatility than sinking everything you have into one house on one street in one city.
Yeah, RE in GTA/GVA have been really great investments with 20x leverage recently, but where the rest of 75-80% of Canadians live the gains were much lower, and in entire provinces they were negative.

Over the same period, everywhere, 100% returns on a reasonable portfolio without leverage was nothing to sniff at either.

#192 vancouver help on 06.28.21 at 1:03 pm

Hi Garth,

I thing the libs have it in the bag with all that free money give away they if you ask any young person and they not only think that the free money is a good idea but that’s its forever.

My guess is that once the libs get another 4 years that’s when the fun starts as they have a plan but no one sees it coming, you own nothing and you will be happy.

#193 Yuus bin Haad on 06.28.21 at 1:04 pm

Purple is the new Green

#194 Planetgoofy on 06.28.21 at 1:15 pm

Trudeau is the worst thing that ever happened to this country. Democracy soon to be dead. He is a full on traitor!
https://youtu.be/w88dDSEo29k

#195 Squire on 06.28.21 at 1:33 pm

#141 Ballingsford on 06.27.21 at 8:32 pm
Who in their right mind would want to become the next Prime Minister with a $trillion+ inherited debt hanging off their shoulder.
Actually, if I was PM now, I’d try to lose the next election and wash my hands, and start fresh on civvy street.
————————————————————–
One would think this is the logical thing to do but, we’re dealing with a smug, narcissistic arrogant petite pomme de terre.

#196 Sail Away on 06.28.21 at 1:43 pm

#188 Chris on 06.28.21 at 12:17 pm

Who knows- we may decide to remain in Japan, though there are ugly tax implications for doing so.

———

I don’t see any ugly tax implications.

Japan and Canada have a tax treaty in place, and Japan’s income taxes are lower than Canada.

There would be deemed disposition on cap. gains for your existing holdings when you change country of tax residence, but that’s essentially a wash since both countries charge capital gains tax. Are you concerned about triggering cap gains and bumping into the highest tax bracket for exit tax?

#197 Wait There on 06.28.21 at 1:48 pm

I still don’t get it. Everybody is driving newer autos, we supposedly have record household debt but at the same time we supposedly are sitting on 230B of excess cash. So what is real?
Then 70% of the population own homes. So most people owe a lot but are sitting on a pile of cash?
But wait, most are also one paycheck away from not meeting the bills at the same time.
Numbers add up or do they?

#198 Leon on 06.28.21 at 6:36 pm

Re senior pilot and doctor
Where have you been the past decade. I say decade because it takes at least that time to establish a lucrative practice and probably more to be senior pilot.
You should have bought yrs ago.. what was the wait
AND.. buy a friggen home for 2 million. Lots of nice ones here in Burlington.

#199 Doug in London on 06.28.21 at 8:14 pm

@Wait There, post #196:
I’ve wondered the same thing, it doesn’t make sense to me either.

#200 Idiocy on 06.28.21 at 10:06 pm

to comment 157 Kaiser

Thx for you suggestions.
I have not had any personal debt for over 50 years. In that way, I have been a real idiot.
No leverage.
Never owned a house, only land and commercial buildings.
Have a LOT of cash at the moment, no idea of what to do with it.
What inflation hedges do you suggest ?
TIA
Idiocy