Ced is 59, single, makes sixty grand a year, saves like a hopped-up beaver, lives in a ridiculously-priced city that shall remain nameless (Vancouver), has rented for his entire life, reads this blog but has recently started to feel FOBH.
“I save 20% of my gross pay every month. Don’t owe a penny to anyone. Recently gave up my car and walk everywhere. I don’t buy anything I don’t absolutely need, except the odd trip to escape the country when I’m allowed. I will get a modest DB pension, and now have $600,000 between RRSPs and TFSAs in a B&D portfolio.
“As a wrinkly, I stopped caring about what people think a long time ago, and have accepted that the societal bias against me as a renter will never go away. But now I have it.”
That’s Fear of Being Homeless. It’s like FOMO, but scarier. “Some of us aren’t interested in avoiding missing out,” Ced says, “we just don’t want to end up on the street. I expect that is also a lot of what is driving people to snorfle up RE – nothing focuses the mind like the prospect of camping under the Burrard Street Bridge. The ongoing press about RE just fans those flames and worries for many who didn’t buy already.”
Exactly so. The media is shameless about its coverage of the housing market. Stories are uncritical, non-analytic, emotional, ill-researched and usually rely on a single source. When it comes to the property market, you can bet it’s realtor, Re/Max or the headline-hungry Phil Soper over at Royal LePage. The MSM has fed FOMO just as much as those sleazy agents who post “TOO LATE” on the signs of sold listings.
Hey, here’s another one. Published today:
Canadian home prices increased in June to mark the largest 12-month gain on record as prices climbed in all 11 markets, says the Teranet National Bank composite price index. The index was up 16% from June 2020, beating the 14.2% rise of June 2017 that preceded the introduction of macroprudential measures designed to restrain home prices. Prices were up 10% or more in an unprecedented 90% of 32 urban markets and up 30% or more in 42% of these markets.
Ced’s beef is simple. He’s lived a good life as a renter with no debt, savings equal to ten times his income plus freedom and flexibility. No property taxes. No big insurance premiums. No water bills. No strata fees. No barriers or delays if he wants to move. No realtors, showings or commission plus HST. Perfect for a single dude heading into the post-work glow. So why does he have FOBH?
Media, for sure. The irresponsible industry, without a doubt. And the trifecta is completed by government shills – politicians who have figured out that feeding house lust is a pathway to power. Thus, we have no capital gains tax on houses, tax-free RRSP down payments, homebuyers credits and grants and a mortgage the government will share with you. Plus in-the-ditch mortgage rates and state-sanctioned 20x leverage. And do renters get any similar financial relief? Nope. They’re just pushed by culture and public policy into the real estate feeding frenzy.
“Believe it or I not I believe in free markets,” adds Ced, “I just don’t see anything free about a market in which the government’s bias and interference is always towards promoting home ownership, turning itself into a pretzel to support what continues to look like more and more like an RE Pyramid scheme. Do you have any predictions? Will this end well?”
No, actually. I do not.
And did you catch the latest Re/Max “news”?
According to the RE/MAX 2021 Housing Affordability Report, one in three (33%) Canadian homebuyers are exploring alternative options to help them get a foot into the housing market. These include renting out a portion of a primary residence (21%), pooling finances with friends or family to purchase a home (13%) or living with like-minded neighbours in a co-op/shared living arrangement (7%).
The house-floggers found that 42% of Canadians believe high prices are a barrier to ownership. So besides shacking up with or renting to dodgy people you don’t know, the company suggests seeking out “hidden gem” cheapo neighbourhoods in a place like Cape Breton, or an urban hood with lower-prices homes, such as Toronto’s Regent Park. Seriously. With debt oozing from your orifices. And don’t forget the bear spray.
Sure, if he’d stretched to buy property years ago Ced would have equity, no savings and the comment section would attaboy him. But the point of life is not a house. Nor is it group think. Or the oppressive monolithic sameness that’s brought us to this point of wealth inequality and social stigma, in a nation of people reamed with stuff and no money.
Walk tall, pal. You will prevail.
About the picture: “Hi Garth, long time lurker who gladly accepts your offer for pooch pics,” says Barry. “Ozzy is a Pomeranian/Chihuahua mix aka Pomchi. He looks like a mini Australian Shepherd with his long blue merle coat so hence “Ozzy”. Cute and cuddly but very ferocious when anyone or thing gets close to his Pommy Mommy. Here is is outside the Duke Point ferry terminal, here in Nanaimo. His blue merle extends to the backside of his tongue! Who knew?”
146 comments ↓
To hell with renter Cedric, he’ll be fine.
What in the hell is going on with that tongue?
Ced could move to PEI or NS and rent there without worry. He could also move to BC’s interior and get a decent rental. Why stick around CityOfVan?
Ced is going to be just fine. He’s in a great position. His portfolio gives him options. Hell, if he got the boot out of his place tomorrow and could not find a place to live, he’s got the cash and the credit (probably) to live in a nice hotel for 2 or 3 months while he figures things out. How many people can say that?
He’s also got a TON of options for retirement, many of which could see him retiring in a tropical paradise somewhere overseas, eating good food, enjoying the great outdoors, warm ocean waters, and living life to the fullest at a fraction of what it costs to live in Canada.
#166 Damifino on 07.20.21 at 3:19 pm
#159 Quintilian
You are wrong on this. The universe has many secretes. God reveals these secretes to philosophers and poets. You cannot learn that in technical institutions. We can use software to design and robots to build things.
———————————
Who do you suppose designs the software?
*************************************
It’s probably a team of potters, basket weavers and drama teachers.
Good rebuttals yesterday on the tax conversation. I will admit that I have no experience in start-ups and very very little in small businesses.
So since so many people here since to have been exposed to the financial side of small businesses why do you think that a say 1-2% tax on top revenue outside of retail would be such a disaster ?
Those of you that have these businesses how much are you paying today in taxes as percentage of top revenue and what would make you consider to be disgusted and walk away ?
I will aso say that a manufacturing business with 90% COGS so 10% GM probably will not last long no matter the taxes.The SMB’s I was exposed to had 50% to 100% plus in GM.
The FOBH ‘Ced’ is experiencing is not surprising given his age. Lets say ‘Ced’ works to age 65 before retiring. The cost of living in Vancouver is high, mainly due to the high price of housing. If ‘Ced’ retires & is now on a fixed income his concern about the cost of living from a rent perspective is not out of line. Rents may not have kept pace with the cost of purchasing but they have gone up. Used to be one could rent a decent 1 bedroom place in most urban locales for about $800 per month. Those days are long gone. So ‘Ced’ worries the cost of rent upon his retiring may be more than his fixed income could support. His possible fixes are 1) get into low income housing – good luck with that given his savings & the lengthy waiting lists; 2) leaving Vancouver & moving to a less expensive locale, which means leaving any support systems – family, friends, medical access etc. that he current has in place; 3) moving to a literally less expensive locale. Presumably he’d want to retain access to an ocean & a decent climate. So if he can’t find anywhere within B.C. that might mean his leaving Canada altogether & becoming a member of an expat community where his Canadian income allows him to live in comfort.
Good on ya Ced – the pathetic masses in this pathetic country drank the koolaid and keep supporting the Pyramid with pillars of sand – there will be a day of reckoning
Cedric is in a tough spot as obviously buying a place would be financial suicide at this age; on the other hand the FOBH is real and will just increase with age and the reduction of rental places as the economy reopens.
All I can say is to keep the course for now but do the research and maybe a relocation to say Edmonton might work out, apartments are cheap there when there really is no other choice and get too old or sick from moving from basement apt. to basement apt.
Ced should be congratulated for living a sensible life in a very expemsive part of the world and making sure that he isn’t going to be a burden on the taxpayer. Clearly a smart frugal guy, and people like him deserve something that’s rare – secure tenancy.
The Homeowner’s grant in B.C. is a break on property taxes available to people who own their principal residence, which costs all B.C. taxpayers nearly 900 million per year. Ced, and the renters out there should be seeing a similar amount from the province invested in co op style housing, where he would pay a means tested rent for clean, safe and secure housing. It’s how it’s done in some of the most liveable cities in the world.
Ced should be paying a reasonable percentage of his income in a secure tenancy, enabling him to lighten up on his 20 percent of his gross income savings rate, and spending some of that cash in the local economy – creating local jobs and local tax revenue.
His FOBH may well have to do with his current rental situation, if he is saving 20% of his pretax income he may have been renting his unit at what today is a well below market rent. No doubt, he fears renoviction and the prospect of paying current market rent at a much higher price. He deserves a better fate.
talk about worrying about nothing.
He’s already won.
Happy renter here as well. Sounds like Ced’s retirement income will be close to, possibly surpassing his working income, so why the fear? There will always be places to rent, renting will be cheaper than owning for the forseeable future, and if his story is true he has perfect credit. As Garth says media hype is the only explanation.
Cedric. If you find yourself homeless just go to the nearest cop shop and throw a brick thru the window. Wait for a bit and the cops will show up and give u a room and feed you. When they let you out just do it again. You will never be homeless. You can eventually end up with permanent room and board, cable, wifi and three nutritious meals per day. You will make new friends too. And free meds if u want them. Just think positively. It’s all good.
Addendum. People are already commenting as though renting were somehow precarious. I have been in the same rent-controlled apartment in downtown Toronto for 15 years. Even if I were forced to move due to sale and demolition of my building, at current market rates rent would still be only 20% of my gross salary. In older rental markets like NYC, tenants live in their apartments for 40 years or more. The bias towards owning is very strong even among blog dogs.
Great post showing an average bloke can save and have a decent retirement. Hope the young people listen. Thanks Mr T.
Anyone earning a lower wage live should not live in one of our high priced cities, surely it is better to live with a low wage job in Cape Breton than in Toronto.
There is a poverty trap, that when you are so busy dealing with day to day crises of poverty you can’t look up see a big picture and afford the risk of a new plan.
A $60K Job is simply not worth living in an expensive city but enough to provide resources for options.
“A man must always live by his work, and his wages must at least be sufficient to maintain him. They must even upon most occasions be somewhat more; otherwise it would be impossible for him to bring up a family, and the race of such workmen could not last beyond the first generation.” Adam Smith
Sure sounds like the position of most Canadian wage earners…note how low the Canadian Birth rate is…..
“Carney says he fully supports Prime Minister Justin Trudeau’s government and is not ruling out running as a Liberal candidate at some other time.”
https://www.bnnbloomberg.ca/carney-says-climate-commitments-preclude-running-in-fall-election-1.1631066
Maybe he slides in post the election win as you mentioned as a possibility Garth.
Met an old friend yesterday. She told me she just moved into her new digs, subsidized low cost housing. She told me the rent is $155.00 per month, heat and hydro included. She says life’s good, never been better in fact. Nice view of the lake too.
#5 ElGatoNerodeYVR on 07.20.21 at 3:33 pm
So since so many people here since to have been exposed to the financial side of small businesses why do you think that a say 1-2% tax on top revenue outside of retail would be such a disaster ?
Those of you that have these businesses how much are you paying today in taxes as percentage of top revenue and what would make you consider to be disgusted and walk away ?
*****************
The math for this is pretty easy:
For a small business in Canada the tax rate is about 10%
A common profit margin is 10%
So, for every 1% tax on revenues the tax goes up 100%
E.G.
Now:
500K sales
50K profit
5K tax
With 2% revenue tax
500K sales
50K profit
15K tax
So yeah, that “disgusted&walk” away number is gonna be pretty low.
#12 Yukon Elvis on 07.20.21 at 3:47 pm
Cedric. If you find yourself homeless just go to the nearest cop shop and throw a brick thru the window. Wait for a bit and the cops will show up and give u a room and feed you. When they let you out just do it again. You will never be homeless. You can eventually end up with permanent room and board, cable, wifi and three nutritious meals per day. You will make new friends too. And free meds if u want them. Just think positively. It’s all good.
——-
Practiced in Japan
https://www.weforum.org/agenda/2018/03/elderly-people-in-japan-are-getting-arrested-on-purpose-because-they-want-to-go-to-prison
Hey Garth, what about this completely insane idea… 25k per year tax free savings account limit for non property owners? Or at least a large increase over the current 6k per year.
I make $2100 net monthly, I save as much as I possibly can. I invest it B&D, and try not to freak out when corrections occur. I will be one of those homeless individuals in a few years I think, despite these efforts, the thought weighs on the psyche.
No vacancy in Municipality of Digby. Long waiting lists.
Community member sold home and is now occupying my guest house with no other options. She thought she would be better off without Re. Oops!
FOBH is real. I pay $2k/month for a basement 1bd1br in Nanaimo. Something has got to give.. I can’t afford to buy, and I can barely afford to rent – and I make okay money. I have no idea how people making less than me do it and not eat dog food. Not sure I could afford name-brand dog food at this point.
When is the last time someone attached a house inspection condition to a house offer in Toronto or Vancouver?
2003? 2002? 1999?
…to you know…at least know they aren’t buying a mystery bag of surprises.
Dear Ced,
What the change in sentiment will need is a direction and spearhead (good ex. G. Nudge, nudge). Congrats for eschewing cultural norm and ‘sticking to your…cards’, for a Jones. I own a house and wish I cold go back to renting…too late. Now I’m stuck with maintenance….always! I just wanna play. To all the deniers, HAHA! You DON’T like it, stop lying!
Hey, 60y.o, making 60 large (now), 600 large saved?
Your mind is set. Zen is yours….enjoy!
Og
Thanks for the Blog Garth
Seriously Ced I am surprised every women on here is not asking for your number.
Funny thing a few weeks ago a few friends all over 60 we’re discussing when and if we have to rent make sure it’s from a new building run by a corporation as renting a house they may kick you out for whatever reason.
Worst case scenario cruise around the world
Hundred bucks a day three meals a day, house keeping,
And a doctor on board! Many friends have gotten better and faster medical lab reports on a cruise ship. And why not see the world.
Lots of single women over 80 looking for a live in handy man and security guard. Go for it!
Man you have options coming out of your doggie paws.
Good luck stop worrying about the future go see a tarot reader! hint!
Stay the hell outa Cape Breton….gnna ruin that beautiful place too???….
Oh, I forgot…congrats Ced you’re clearly winning in this game of life, lots a people here are quite proud of you.
Had he bought years ago, he could have downsized by now and still have lots of equity left. Saying that, there are lots and lots of great places to live with his savings, just maybe not in Vancouver/TO/SF/etc.
Under law if Ced is booted for a Condo development he has to be offered another apartment for the same rent.Know guys in TO who had their old apartments torn down and are now sitting pretty in new digs for $950/mth
Well Ced if you can’t beat them join them… move to Mexico where the beer is cheap and the sun always shines. Come back to Canada once every 6 months to maintain your healthcare and let the rest of us suckers subsidize you. You deserve it after 65 years contributing to this country and enjoy the rest of your life.
When Ced retires, and is no longer tied to a job, he can move anywhere in Canada in search of cheaper accommodations.
Peaches let’s have a vote Justin Bieber for prime minister of Canada
Kicking someone out to build a condo can also mean a huge payout for the tenant—read somewhere in large cities it can be in the $100’s of thousands.Think about it,they tear down a 3 story walk up and put in 70 floors—it means squat to pay someone $300-400,000 to have them move
I don’t think Ced needs to worry as long as he keeps a chunk of his 600000 in equities to hedge against inflation. However, rents are only going to go up. As people get priced out of the housing market then the number of renters will significantly increase which in turn will cause rents to increase. Supply of rentals is not going to be able to keep up. I also don’t see sfh in top urban locations like Vancouver ever going down in price. Condos might but not sfh. Too many people want them and the land costs are crazy.
Hey now, you use my handle like it’s a bad thing!
#4 Don Guillermo on 07.20.21 at 3:30 pm
#166 Damifino on 07.20.21 at 3:19 pm
#159 Quintilian
You are wrong on this. The universe has many secretes. God reveals these secretes to philosophers and poets. You cannot learn that in technical institutions. We can use software to design and robots to build things.
———————————
Who do you suppose designs the software?
*************************************
It’s probably a team of potters, basket weavers and drama teachers.
————–
No one would ever wonna be stuck on an island with a code monkey.
Ars longa, vita brevis.
Garth can you explain the idea that many people think they have the solution for housing rather than accepting the many solutions that exist? You have wisdom, why do people pass judgement on others for what they choose to do? If someone is doing something and it doesnt affect them personally or what they are trying to do why do so many people pass judgement as if their way is the best way? This is so prevalent in the media and in most people and its disgusting.
Mortgage ownership isnt a solution nor is renting. I have never felt comfortable in the house I am renting from the bank. Why? Its not mine and it will never be. My neighbours can tell me how to mow my lawn(dandelion height restrictions in Calgary), how high a fence to put(more bylaws), whether I can park on my lawn(bylaws), etc etc. I view my life as having no rights, as freedom is an illusion. Speed limits equal me not going as fast as I want as do lights at intersections. Given all this illusion of freedom, Im surprised that people still have the reference that they alone can judge what is best for others. I dont really see a solution anywhere for any of this. Really it is just many levels of Hell on Earth depending on what type of Hell you can choose to afford.
Even having 100 acres with no one in sight wouldnt be a solution, because if someone calls the cops or the cops decide to invade you, they can. Then maintenance of wild animals on the property is also at issue because there are no human animals around to keep the coyotes, bears and cougars at bay.
I anticipate your blog to be ongoing with real views unlike mainstream media bs as there is no solution to the housing/living conundrum
Ced
59, single male, rents in Vancouver.
Sounds familiar?
CEF is that you?
Well Ced, why in the world are you now feeling societal bias against you because you rent? They’re the dumb ones! You’re the smart one! Society wants to drag you down to their level—massive debt, little savings, uncertain future. You should keep reminding yourself that you are the cream, happy to be following a plan that has proven successful, and are only 6 years away from retirement. In six you have the freedom to move anywhere—Portugal, Panama, Salmon Arm, even Lunenburg. (By then, RE might be sane in Lunenburg once again.) The point is you have FREEDOM because of thrifty living all your life. You’re almost there!
The whole ‘make your own way’ N. American system is needlessly complicated.
In my large extended family, the most common procedure is to stay with family in retirement- sometimes in the same house, but usually a small separate retirement cabin will be built on the property for the oldsters.
Nothing wrong with a small, nicely-appointed, maintenance-free cabin that allows independence. This also means there are more willing hands to help out around the place.
Procreate prudently. Ced would bring big benefit in the above case instead of needing to go it alone.
#12 Yukon Elvis on 07.20.21 at 3:47 pm
Cedric. If you find yourself homeless just go to the nearest cop shop and throw a brick thru the window. Wait for a bit and the cops will show up and give u a room and feed you. When they let you out just do it again. You will never be homeless. You can eventually end up with permanent room and board, cable, wifi and three nutritious meals per day. You will make new friends too. And free meds if u want them. Just think positively. It’s all good.
————-
If that’s so great, why don’t you do it?
“Sure, if he’d stretched to buy property years ago Ced would have equity, no savings…” – Garth
____________________________________
Are you sure? According to this graph, if he bought 20 years ago, it would have cost him around $200k for a townhouse – now worth almost $900k.
Are we to assume if he bought a house, he would never had invested anything? Even in this unlikely scenario, he’d have a net worth of almost $900K TAX-FREE (right now he will pay some taxes on money in the RRSP).
https://www.livabl.com/2018/01/chart-greater-vancouver-prices-climbed-4-decades.html
A person earning $60k today would have brought home a fraction of that two decades ago, and struggled with a mortgage – unlikely to be paid off yet. My supposition stands. One-asset investing is never a sound idea. However, who cares? It’s his life and he’s done okay. So bug off. Garth
#32 kommykim on 07.20.21 at 5:12 pm
When Ced retires, and is no longer tied to a job, he can move anywhere in Canada in search of cheaper accommodations.
_________________________________________
Yeah but why would he want to do that? He probably lives in Vancouver for a good reason – so he doesn’t have to live in winter for 6 months of the year.
There are too many good options outside the border. He should give Canada the boot and live in the sun and sand.
With Ced’s savings and DB pension the single 50+ gringa expats in Mexico would be tripping over each other to capture him. He could afford to rent a small villa with a pool and live like a king.
VICTORY LAP.
You don’t ever recover from a world wide pandemic over night or smoothly. It takes seconds to fall down the stairs, but it can take years to recover. I think a lot of people are running a premature victory lap. I’m turning the threat of the Delta strain hitting Canada this fall up to 11. Now back to the Real Estate cartel shills. ” The salesman knows nothing of what he is selling save that he is charging a great deal too much for it” Oscar Wilde. I’m on my throne and I will not step down.
Ced should look into senior housing, not necessarily subsidised.
If in an older building they run ca. $1000-1300 per month, all utilities included (this is in Etobicoke) This would be, for example, for a 500square foot one bedroom. Also available are smaller bachelor suites with a shorter wait time. You can apply starting at age 60. So what if Ced has to wait 5 years (it’ usually not that long, 2-3 years is realistic). Just in time for retirement. These apartments usually have a lunchroom plus planned activities, trips. Ladies outnumber men, always ready with companionship and home cooked meals. Once in, and depending on his health, he should put himself on the waiting list for assisted living. A bit more expensive (ca. 2200-2500/month) but includes meals, laundry and cleaning. The new ones with swimming pool, exercise rooms, etc etc are like all inclusive resorts and can run $5000-6000 monthly. Doesn’t sound like Ced is the type for the latter.
@#33 The Val-ley of darkness
“Peaches let’s have a vote Justin Bieber for prime minister of Canada”
+++
Just when I thought “the man in command” couldnt be stupider yo!
“modest DB pension” is the key phrase here. Depending on how modest his DB pension is, it may be enough to top up his savings and combined with CPP and OAS be enough to retire in comfort, maybe not in Vancouver, but someplace similar. His large amount of savings should give him quite a nice cushion to rely on for any expenses that might pop up.
Being a renter he is free to rent anywhere he wants and is not tied down to a fixed location.
Hey Ced good for you. Just a suggestion, but have you looked at RV living or a year round boat?
I’m close to your age and have a similar lifestyle in that I’m piling up cash for later in life.
I was looking at living full time on a boat in your neck of the woods or the island, there are some options out there that don’t look too bad. Some boat options are trailerable. Mooring is cheap compared to rent, and satellite internet/phone has come a long way for the banking and staying in touch. Post office boxes or any children’s addresses solve snail mail and online buying issues.
RV parks are an affordable choice if you want to stay on land so similar scenario.
In either an RV or boat, there are adequate power sources like solar and wind to power and heat your “ship” indefinitely. You will have great street cred with the Millennials too.
You are certainly young enough to watch this whole housing thing blow up, and maybe you and I can watch out of harms way.
Little solace in that but poor regulation of the lending system has insured those that buy in to this market assume the entire risk, much like the bond holders in the US housing market in 2008 to present day.
Stay free Ced there are other options for living comfortably.
@#39 Ponzie sed a Funny
“CEF is that you?”
+++
As much as I’m sure you would love to fantasize about my life Ponzerrelli … nope. aint me.
Double the savings and then some.
But I’m sure of one thing….
Cedric would love to hang out with me rather than you
:)
Accountants are so boring….
At the end of the day, do what makes you happy. We are all going to burn alive on this rock anyway.
#4 Don Guillermo on 07.20.21 at 3:30 pm
“It’s probably a team of potters, basket weavers and drama teachers.”
Some of those people rise to prominence and become Prime Minister and lead the country out of immense danger and into the greatest era of financial prosperity, while other countries struggle with untold suffering and unnecessary deaths.
But that aside, and more topical, yesterday the market sank, today it soared leaving the masterminds from the Faculty of Commerce scratching their heads.
While those form the Faculty of the Humanities smugly understand it.
#37 Ponzius Pilatus on 07.20.21 at 5:22 pm
#4 Don Guillermo on 07.20.21 at 3:30 pm
#166 Damifino on 07.20.21 at 3:19 pm
#159 Quintilian
You are wrong on this. The universe has many secretes. God reveals these secretes to philosophers and poets. You cannot learn that in technical institutions. We can use software to design and robots to build things.
———————————
Who do you suppose designs the software?
*************************************
It’s probably a team of potters, basket weavers and drama teachers.
————–
No one would ever wonna be stuck on an island with a code monkey.
Ars longa, vita brevis
********************************
How did you know this crack team of coders would be on an island? Makes sense though.
Ars longa, vita brevis – sounds like wisdom from the great philosopher Secretes.
#41 Sail Away on 07.20.21 at 5:31 pm
…a small, nicely-appointed, maintenance-free cabin…
—
So, I’ll know your place when I drive through Nanaimo and see a property littered with sea-cans?
Ced can retire to a small town and buy a mobile home or condo/apartment and have money left over.
Gee – maybe lower housing prices and mercilessly h’m’r’g the spec’cers would help with affordability? Politicians and realtor cartel really are soulless to continue to push the electorate towards the brink…
Did you guys hear about this scam:
https://www.thedrive.com/tech/40975/teslas-cheap-94-mile-model-3-has-cost-canadian-taxpayers-115-million
gaming the system.
Ced and many other retirees will consider vacationing in a country like Mexico or Thailand for 6x months of the year or longer, or maybe both. They will of course have to manage their “residence” to ensure they maintain provincial health coverage. He can rent a house on the beach for less than $1K a month (with a cleaner), eat comfortably for $1K or less and basically retire on $24K a year plus airfaire.
#22 Wrk.dover on 07.20.21 at 4:35 pm
No vacancy in Municipality of Digby. Long waiting lists.
Community member sold home and is now occupying my guest house with no other options. She thought she would be better off without Re. Oops!
—
She could move here to n Binbrook, its noce here my dentist and my second dose any minute now. Ill be like A Mackerel, AZ first, moderna secon. I hope i get some of her smarts too …
Binbriok wasn’t now what was before, especially if you faktor work from home. But its very windy for some reason. Blown shingles are on going problem, so i recommend metal roof. My dentist loves here and few other people i know.
“The Reprobate”
Very accurate title today, one that applies to all dogawful mutts.
#31 I’m stupid on 07.20.21 at 5:10 pm
Well Ced if you can’t beat them join them… move to Mexico where the beer is cheap and the sun always shines. Come back to Canada once every 6 months to maintain your healthcare and let the rest of us suckers subsidize you. You deserve it after 65 years contributing to this country and enjoy the rest of your life
**************************************
Don’t need to maintain Canadian healthcare if you don’t want to. You can buy affordable health insurance in Mexico that will get you care that’s as good as anywhere and no wait lists.
“CASH is TRASH” and you know it is, money printer go brrrrr – value of dollar go down – cost of living go up.
Ced made a big mistake not buying at least a small home that would appreciate in value over time unlike his fiat savings which depreciates in value.
As long as the we have a centralized monetary system controlled by the hands of a few this problem will always exist.
#55 Faron on 07.20.21 at 5:57 pm
#41 Sail Away on 07.20.21 at 5:31 pm
…a small, nicely-appointed, maintenance-free cabin…
—
So, I’ll know your place when I drive through Nanaimo and see a property littered with sea-cans?
…..
Surely it would be the place with the biggest US flag possible.. and a giant inflated whale….
#55 Faron on 07.20.21 at 5:57 pm
#41 Sail Away on 07.20.21 at 5:31 pm
…a small, nicely-appointed, maintenance-free cabin…
———
So, I’ll know your place when I drive through Nanaimo and see a property littered with sea-cans?
———
Correct. Wakeup is 0630. Work to be done, work to be done. Age is no excuse. I’ll let Ced know when there’s a vacancy.
Renters should be able to deduct rent for income tax. They want to push house prices and rents through the roof with policy manipulation, well it should go both ways!
RE: #44 TheDood on 07.20.21 at 5:35 pm
#32 kommykim on 07.20.21 at 5:12 pm
When Ced retires, and is no longer tied to a job, he can move anywhere in Canada in search of cheaper accommodations.
_________________________________________
Yeah but why would he want to do that? He probably lives in Vancouver for a good reason – so he doesn’t have to live in winter for 6 months of the year.
There are too many good options outside the border. He should give Canada the boot and live in the sun and sand.
=======================================
Lots of places in Canada outside of Vancouver with just as nice or better weather and living conditions. I guess the expat lifestyle can be an option, though it can be risky with regime change and/or political instability. You’d definitely want to keep the “go back to Canada” option open and not paint yourself into a corner financially.
#58 S.Bby on 07.20.21 at 6:05 pm
Did you guys hear about this scam:
https://www.thedrive.com/tech/40975/teslas-cheap-94-mile-model-3-has-cost-canadian-taxpayers-115-million
gaming the system.
——-
Oh, Elon outsmarted Canadian government bureaucracy?
Shocking.
Politicians!
They are absolutely the top Realtors. The guys on the street are just their foot soldiers.
Here is the kicker – politicians are peddling houses on land they don’t even own.
It’s the perfect pyramid scheme. Land tenure is what RE owners have, not land ownership of any sort in Canada.
It’s such a perfect scheme, you wish you had thought of it. Selling something you don’t own, blowing up the value of something you don’t own, but have the power to tax.
AWESOME!
Sounds like Ced missed the boat.
Should have bought about 15-20 years ago.
He would be sitting on 3X the equity compared to his savings.
#42 Ponzius Pilatus on 07.20.21 at 5:33 pm
#12 Yukon Elvis on 07.20.21 at 3:47 pm
Cedric. If you find yourself homeless just go to the nearest cop shop and throw a brick thru the window. Wait for a bit and the cops will show up and give u a room and feed you. When they let you out just do it again. You will never be homeless. You can eventually end up with permanent room and board, cable, wifi and three nutritious meals per day. You will make new friends too. And free meds if u want them. Just think positively. It’s all good.
————-
If that’s so great, why don’t you do it?
+++++++++++++++++++++++++
I don’t need to cuz I have more than I can spend. But it’s a workable plan for you when your time comes up.
I doubt Ced is really fearful of being homeless. I think deep down he’s afraid of looking like a failure, going into his sixties and still renting. I’m sure he has friends that have told him about the killing they’ve made in real estate and some may also be mortgage-free already. And “what about you Ced – still renting”? Or he’s on a date and he gets asked if he owns or rents. There’s a stigma about renting that increases the older you are. Most people assume that if you rent, it’s because you can’t afford to own so it’s a negative status symbol. “But, but, but…I could own if I wanted to, I just decided based on some nerdy analysis that I’m going to bore you to tears with that’s it better to rent and invest in a balanced and diversified portfolio of ETFs and…wait where are you going?” Lol.
#48 crowdedelevatorfartz on 07.20.21 at 5:45 pm
@#33 The Val-ley of darkness
“Peaches let’s have a vote Justin Bieber for prime minister of Canada”
+++
Just when I thought “the man in command” couldnt be stupider yo!
*************************************
That’s a cheap shot at the Bieber.
#54 Don Guillermo on 07.20.21 at 5:56 pm
“Ars longa, vita brevis – sounds like wisdom from the great philosopher Secretes”
The auto spell correct feature is an invention that illustrates well how those super brain automatons have some serious limitations.
@#52 Guy in Cowtown.
“We are all going to burn alive on this rock anyway.”
++++
Geez Guy.
Plan on “lighting up” Alberta like Saddam in Kuwait?
You’ll need some camels for the environmental photo op.
But dont worry, Safety Boss is a local company, to put out the burning Wells.
#50 BCWally
Mooring is relatively inexpensive ($10 to $15 per foot per month. You need at least 36 feet and preferably 42 to liveaboard).
Electric hookup is additional, and metered. Pumpouts extra. Maintenance on an old trawler is HUGE.
But try and find moorage. Anywhere. At any price. And liveaboard slips are even more rare, many marinas do not allow them at all.
So before you blow the wad on a 42 foot trawler, better get yourself a slip. You might have to buy one. I saw a couple of large ones (100 ft) in Vancouver asking $1.5M.
Oh, and boats are depreciating assets, unlike land.
Romantic idea though, I’m dumb enough to do it myself.
#5 ElGatoNerodeYVR on 07.20.21 at 3:33 pm
Good rebuttals yesterday on the tax conversation. I will admit that I have no experience in start-ups and very very little in small businesses.
So since so many people here since to have been exposed to the financial side of small businesses why do you think that a say 1-2% tax on top revenue outside of retail would be such a disaster ?
Those of you that have these businesses how much are you paying today in taxes as percentage of top revenue and what would make you consider to be disgusted and walk away ?
I will aso say that a manufacturing business with 90% COGS so 10% GM probably will not last long no matter the taxes.The SMB’s I was exposed to had 50% to 100% plus in GM.
———————————
Gross Margin is not profit. You still have to pay wages, utilities, rent, overhead, financing expenses, etc.
A gross margin tax is no different that the GST. Should the GST be raised to 7%? Perhaps. But the only reason to call such an increase a “Gross Revenue Tax” would be to keep it off the receipt and bury it in the price.
Two poor people evicted yesterday will all their belongings stacked in the back alley in went end Vancouver.
Canada does not have high home prices and high rent. Canada has a very low standard of living. Approaching that of a developing or third world country.
Let that think in. Losers everywhere.
#59 taxman604 on 07.20.21 at 6:10 pm
Ced and many other retirees will consider vacationing in a country like Mexico or Thailand for 6x months of the year or longer, or maybe both. They will of course have to manage their “residence” to ensure they maintain provincial health coverage. He can rent a house on the beach for less than $1K a month (with a cleaner), eat comfortably for $1K or less and basically retire on $24K a year plus airfaire.
+++++++++++++++++++++++++++++
I did basically that for about twelve years. Have a condo here in Canada, rent an apartment or hotel when abroad. I like SE Asia. No international travel since covid tho. Pleasant retirement for someone like me.
Public Safety Minister Mike Farnworth has declared a provincial state of emergency due to the ongoing wildfire risk in the province.
It takes effect at midnight tonight.
BC Wildfire Service official Cliff Chapman says significant winds are expected to come from the south in the coming days which have the potential to increase wildfire activity.
To date, he says 300,000 hectares of timber have burned across the province during this wildfire season, about 200,000 more than the 10 year average.
https://www.castanet.net/news/BC/340536/Public-Safety-Minister-Mike-Farnworth-is-expected-to-provide-an-update-on-the-wildfire-situation#340536
#72 Balmuto on 07.20.21 at 6:46 pm
I doubt Ced is really fearful of being homeless. I think deep down he’s afraid of looking like a failure, going into his sixties and still renting. I’m sure he has friends that have told him about the killing they’ve made in real estate and some may also be mortgage-free already. And “what about you Ced – still renting”? Or he’s on a date and he gets asked if he owns or rents. There’s a stigma about renting that increases the older you are. Most people assume that if you rent, it’s because you can’t afford to own so it’s a negative status symbol. “But, but, but…I could own if I wanted to, I just decided based on some nerdy analysis that I’m going to bore you to tears with that’s it better to rent and invest in a balanced and diversified portfolio of ETFs and…wait where are you going?” Lol
—————
If you need to own a house to get laid, you’re doing something wrong.
#31 I’m stupid on 07.20.21 at 5:10 pm
#45 Don G.
Well Ced if you can’t beat them join them… move to Mexico where the beer is cheap and the sun always shines. Come back to Canada once every 6 months to maintain your healthcare and let the rest of us suckers subsidize you. You deserve it after 65 years contributing to this country and enjoy the rest of your life.
———–
Great suggestion.
Only on caveat:
CEDs gonna need to hire a 24/7 bodyguard.
Not sure about his beer consumption, but the extra security expense will probable negate the cheaper cost of beer.
As for the permanent sunshine:
Here it’s been about 1 1/2 month without a drop of rain.
And I had it.
Time to get my rain dance gear out.
Have to do it myself this year.
My indigenous rain dancer is very busy, and his fees have gone up quite a bit .
Inflation everywhere.
I’ve mentioned here before that my favourite part of B.C is the Kootenay region.
Was looking at campgrounds over that way the other day a discovered a few villages I’ve never heard of or been to.
Anyway, as real estate goes, this condo in Crawford Bay is affordable.
170k, I think there are a few bigger ones for sale but 1 bed, 1 bath is all you need if you’re single.
9 or so other units in the complex I think, and maintenance fees are a little over 200 bucks, right on the golf course, hackers paradise.
I saw a half decent detached house in that area a couple of blocks from the water for a little over 200k.
Don’t know, I find the lakes and towns to be clean and green and super friendly people everywhere, maybe Ced might also like it over there.
Or I could just retire in a loincloth in Fiji…
M47BC
https://www.point2homes.com/CA/Condo-For-Sale/BC/Kootenay-Rockies/Central-Kootenay/16310-WOOLGAR-ROAD/106519098.html
#70 steve schmelzle
Never mind a house, he should have gone all in on TSLA
Ced has no kids.. that changes everything..
Ced not sure but surely similar.
Renoviction Form N13.
Here in Ontario the owner must give tenant 4 months notice. Pay or give 3 months rent free.
Offer tenant first refusal on renovated unit at the original outgoing price.
The issue for many who have faced renoviction is they sign a 1 year lease elsewhere as required by law and cannot return to claim the unit. This is how premier FB is allowing owners to side step rent control for market value.
I would say get ready for the the wintertime Economic lockdowns. The sell is on.
Australia – the prison island. Official on Tee Vee says:
https://twitter.com/noreward_norisk/status/1417426275313065985
“DON’T TALK TO YOUR FRIENDS, EVEN WHEN MASKED. DON’T BE FRIENDLY. THIS IS NOT THE TIME.”
https://www.reuters.com/business/healthcare-pharmaceuticals/australias-victoria-reports-13-local-covid-19-cases-lockdown-call-looms-2021-07-19/
“More than half of Australia’s population under COVID-19 lockdowns”
.WHO rings alarm on new Lambda cases in Texas as ‘extreme threat’ (m.jpost.com)
——–
– The media service rhyming with Pebble (The WWE of media services. Taken with a gain of salt or chair over the head.)
One of their videos is “The Third World War is a war of ideas — and totalitarians are winning”
That’s it. This WW3 is for our minds. See how divided blog dogs are. At one time we united over the
Bikes, Babes, and Balanced Portfolios.
#82 Ponzius Pilatus on 07.20.21 at 8:22 pm
#31 I’m stupid on 07.20.21 at 5:10 pm
#45 Don G.
Well Ced if you can’t beat them join them… move to Mexico where the beer is cheap and the sun always shines. Come back to Canada once every 6 months to maintain your healthcare and let the rest of us suckers subsidize you. You deserve it after 65 years contributing to this country and enjoy the rest of your life.
———–
Great suggestion.
Only on caveat:
CEDs gonna need to hire a 24/7 bodyguard.
Not sure about his beer consumption, but the extra security expense will probable negate the cheaper cost of beer.
As for the permanent sunshine:
Here it’s been about 1 1/2 month without a drop of rain.
And I had it.
Time to get my rain dance gear out.
Have to do it myself this year.
My indigenous rain dancer is very busy, and his fees have gone up quite a bit .
Inflation everywhere.
+++++++++++++++++++++++++
I call BS. Neither I nor any of my friends have needed body guards in Mexico or SE Asia. Many combined decades of travelling experience. Situational awareness is enough. Where have you travelled ?
Should’ve, would’ve, could’ve. Critics and judges everywhere.
Be thankful to live in a country like Canada, while billions live in poverty on this planet.
Individuals who rent like Ced and myself that have a portfolio ain’t hurting one little bit. It’s off to the golf course in the morning, Oh bother…
@#2 Morrey
Well, some people have friends and social lives…
Pretty weird that the comments on this pathetic blog think Ced should move to Thailand or some other third-world country to survive because his net worth is only $1.2 million … dude has a DB pension which is likely around $40K annually (with CPP) and a portfolio which should generate about the same in investment income.
Don’t most Canadians have unsustainable debt? I thought everyone in Canada was living paycheque to paycheque? Ced could move his portfolio into a chequing account and still have more money annually for the next thirty years than when he was working. Ced is better than most. Ced’s a financial genius.
Bill Ackman said the market is going to roar yesterday. He must be loading up his short book.
Renting out a portion of your home to generate income and cut down on housing costs while holding real property that is hyper-inflationary is a good idea.
In Langley, BC coach homes have jumped 800k since 2016. They list/sell for about 1.4M..ish at present.
The equity build on that in the last 5 years is more than Ced’s entire life savings.
And you can literally rent one of those houses out to students for 5,100 per month (3500-4000 for the house and 1,100 for the coast house). 6 or 7 students will pile into one of those properties.
I am not exactly a housing bull, but if houses are hyper-inflating, owning one is a good hedge and the double whammy for those who do not own and are missing out on massive equity gains is the fact that rents are being pushed up with higher prices (which overall reduces the standard of living for all). Obviously you need enough operating capital to carry a house without going bust in buying one, but I would say if you can afford one, get one.
Another mistake is holding cash and not having equities.
Anyone outside of these trades are and will continue to be left behind.
We are following the same patterns that showed after the financial crisis of ’08. The FED will stimulate once again as soon as stuff softens in the coming months.
Look at what money printing does to the markets and own the assets that are benefiting big time (equities and houses).
#88 Yukon Elvis
I call BS. Neither I nor any of my friends have needed body guards in Mexico or SE Asia. Many combined decades of travelling experience. Situational awareness is enough. Where have you travelled ?
——————
Well, I travelled to the Yukon. And ask for Yukon Elvis.
They told me: Elvis has left the Yukon.
#93 Ponzius Pilatus on 07.20.21 at 9:23 pm
#88 Yukon Elvis
I call BS. Neither I nor any of my friends have needed body guards in Mexico or SE Asia. Many combined decades of travelling experience. Situational awareness is enough. Where have you travelled ?
——————
Well, I travelled to the Yukon. And ask for Yukon Elvis.
They told me: Elvis has left the Yukon.
++++++++++++++++
Good thing you had bodyguards. You almost didn’t make it out.
@#88 Yukon Elvis
” I call BS. Neither I nor any of my friends have needed body guards in Mexico or SE Asia. Many combined decades of travelling experience. Situational awareness is enough. Where have you travelled ?”
+++++
Not far.
He works from home
the thing with real estate in Canada is basically its a religion. it started out as a good idea, its a cold country, you got to live somewhere, add in over the years, every govt program they could think of to get people to buy property, tax free exemption, rrsp withdrawl, shared equity, 40 year amortization, rates at almost zero, down to 5 or 10% down, the newest one is home energy efficient grants for 5K. and i am sure there will be more,
Canada is real estate, nothing more, you basically sacrafice all your life for a lousy paper mache house and we trade them to each other for a million a pop.
but from the ground level, i undersand, if property values grow 7% nominally every year, over the long term, and debt is fixed, then in an inflationary environment where MMT makes money irrelevent and unlimited, then over a 25 year period most people can pay for there place.
then your old, have a house, a small rrsp and a used vehicle and some furniture. thats basically it.
so if you rent or own, doesnt matter, the owner didnt really benefit from his nest egg of savings. and the renter technically had some freedom but few express it because you have to live close to work.
marginal difference, but technically your kids get the house, so they can continue the ponzi scheme, for a 4 million dollar house in 20 years.
but if your ced, your single no kids, and when he passes no one will remember him, thats why you need kids and a family to round out your life. i have found single 60 year old people the most unstable. you need someone to tell you your an idiot sometimes , if you dont have someone independent people find themselves in a ditch a long way from the road, and ask “what happened”
#74 Quintilian on 07.20.21 at 6:50 pm
#54 Don Guillermo on 07.20.21 at 5:56 pm
“Ars longa, vita brevis – sounds like wisdom from the great philosopher Secretes”
The auto spell correct feature is an invention that illustrates well how those super brain automatons have some serious limitations
**********************************
Didn’t intend to diss your spelling. My spelling is terrible and grammar even worse. I just thought philosopher Secretes was kinda clever … maybe not
Lo siento chamo!
How many times has Ced been forced to move because his rented abode has been sold?
#93 Ponzius Pilatus on 07.20.21 at 9:23 pm
#88 Yukon Elvis
I call BS. Neither I nor any of my friends have needed body guards in Mexico or SE Asia. Many combined decades of travelling experience. Situational awareness is enough. Where have you travelled ?
——————
Well, I travelled to the Yukon. And ask for Yukon Elvis.
They told me: Elvis has left the Yukon.
******************************
Elvis, the Yukon is awesome. Love it! Trying to call out PP’s stereotyping doesn’t work. He isn’t serious, it’s accountant humor. Some day he’ll go to Dawson City and suck on the toe.
Media, for sure. The irresponsible industry, without a doubt. And the trifecta is completed by government shills – politicians who have figured out that feeding house lust is a pathway to power.
Housing is unaffordable because it costs too much. Government can fix it. The Federal Government has a huge influence on the price of housing – interest rates, CMHC regulations and the Bank of Canada which is buying mortgage-backed bonds from the banks. Over the course of a year, the Federal Government could reduce prices.
Last June the Trudeau government’s Bill C-97 took effect. Here’s what it says about housing:
It is declared to be the housing policy of the Government of Canada to
(a) recognize that the right to adequate housing is a fundamental human right affirmed in international law;
(b) recognize that housing is essential to the inherent dignity and well-being of the person and to building sustainable and inclusive communities;
(c) support improved housing outcomes for the people of Canada; and
(d) further the progressive realization of the right to adequate housing as recognized in the International Covenant on Economic, Social and Cultural Rights.
As a result of this, Vaughan’s minister, “must develop and maintain a national housing strategy to further the housing policy, taking into account key principles of a human rights-based approach to housing.”
so if you were taking into account key principles of a human rights-based approach to housing, you’d make it cheaper
but if you really weren’t, you wouldn’t
#83 Flop… on 07.20.21 at 8:25 pm
I’ve mentioned here before that my favourite part of B.C is the Kootenay region.
********************************
Great area. It’s where I was born and raised. Best sports car and motorbike road is from Creston up the east side of Kootenay lake to the ferry then over to Nelson. Probably will give it a run next week.
#100 45north on 07.20.21 at 10:51 pm
“Housing is unaffordable because it costs too much.”
Duh.
“Government can fix it.”
No they can’t. They are the problem.
Meanwhile a lot of trees that could have been turned into houses are burning all across the land right now. The fact is if it isn’t a rain forest it will burn eventually, it is just a matter of when. Perhaps it is better to log some of it and then plant new little trees, rather than having all this old dead wood standing around.
#96 CrossBorder
” i have found single 60 year old people the most unstable. you need someone to tell you your an idiot sometimes ”
That’s why CEF never misses a day commenting on Garth’s blog.
600k B&D @ 7% = 42k
Modest pension = 20k
Typical CPP = 10k
OAS = 7k
Total 79k
Very few make more in retirement than they did working, especially singles. Ced will likely survive.
#81 WillTheyRaiseRates
“If you need to own a house to get laid, you’re doing something wrong.”
Or you could be like CEF, and rent not only your home, but your date as well.
#83 Flop
Nakusp and Kaslo are the hidden gems in the koots
FYI
Against all odds, Canadian Prime Minister Justin Trudeau managed to beat a Covid-19 vaccination benchmark that even his counterpart to the south, US President Joe Biden, was unable to meet.
After initially bungling its Covid-19 vaccine rollout, falling behind many other developed nations, including the United States, over the weekend Canada moved ahead of its southern neighbor in per-capita vaccinations.
@#99 Donnie G
“Some day he’ll go to Dawson City and suck on the toe.”
+++
Ick!
I was In Dawson a few decades ago and wanted to “Kiss the sour toe”
Sadly.
A few weeks before my visit…. someone accidentally….swallowed it……..
:0
Apparently it wasn’t the first time.
Unlike THIS guy who INTENTIONALLY swallowed it……
https://www.cbc.ca/news/canada/north/customer-swallows-human-toe-in-dawson-city-bar-1.1331325
#96 cross border
There are a lot of reasons to have kids, they are my brother’s entire life for example.
But not having someone to remember you after you’re gone is the dumbest thing I have ever heard.
I guess in my afterlife I’ll have to be content with nieces’ and nephews’ thoughts.
You should stick with the usual “aren’t you afraid of dying alone” crap.
If that’s the kind of thing that keeps you awake at night I think you might have more issues than single people.
I might end up in a ditch, but more likely I will drown while diving in Antarctica or in a cenote in the Yucatan.
Ced’s all right. OAS+CPP+DBP say 4K/mo, and 3K more from the B+D is more than he makes now, and a bit taxed advantaged over 100% income too. That’s not even drawing down the portfolio which he may as well do if no kids. Lived all his life as a minimalist on top, he’s going to feel rich.
And dont even think of coming to Surrey-by-the-Lake either! Just ask smartypants from the steerage section. All we’ve got here is million dollar dumps….like the one I live in. Except mine must be a real dump cause its worth much more than that!
In regards to yesterday’s post. I view the (federal) government’s job to be to set laws/regulations and enforce them with the goal of developing the country. Their job is not to cater to the individual. Just as an sports team falls apart when people stop playing their roles, so to, when the government oversteps its roles, things go sideways.
#96 crossbordershopper on 07.20.21 at 9:41
…but if your ced, your single no kids, and when he passes no one will remember him, thats why you need kids and a family to round out your life. i have found single 60 year old people the most unstable. you need someone to tell you your an idiot sometimes , if you dont have someone independent people find themselves in a ditch a long way from the road, and ask “what happened”
———-
For some folks, having kids is the best thing they ever did, for others – it’s the worst thing they ever did. That’s the truth.
There is a 60ish year old single dude locally. Totally redneck farm labourer, in awesome physical shape, still lives with his aged parents. Very sociable fellow. His truck is a beauty, like new – immaculately maintained. He looks after his parents property and it is like a park. He’s got a sweet Harley that always looks like it was just prepped for a photo shoot, and he looks just right cruising down the road on it. Hell, his damn wood pile should be on a calendar – it’s perfect. He’s always doing something, or going somewhere.
Frankly, I’m jealous of this guy’s life.
The flooding in Germany and Belgium has been tragic. However, I will admit to snickering to myself when I then think of Sail Away’s “Climate change will never affect me” in contrast to the floods. I wonder how many of the people in this video thought exactly the same thing? I wonder how many of the people who died in the flooding thought that?
https://twitter.com/dwnews/status/1416363048726667270
The link between the flooding in Europe and climate change is not established, so nothing can be said there yet. But a wetter atmosphere is part of the deal going forward. A prolonged atmospheric river aimed at Vancouver Island in a juicy 2 degree world could lead to some “problems”. Could lead to more engineering work, could lead to destruction of his home taking his dogs with it. More food on the table in one case and less in the other.
So what to do, now that it seems we have clarified that the GST is a revenue tax and any other duplicate revenue taxes are just more GST under a different name…
Hmm, I guess I could weigh in on Ced. Many have. “Poor Ced missed the chance to buy 30 years ago!”
On the other hand, single, no kids (well that isn’t directly said so let’s assume if there are kids they are grown), $60,000 a year (not bad) and $600,000 saved (definitely not bad compared to the average bloke) and a defined benefit plan???
I think I just figured out where all the guys I see in the pubs with Harleys parked out from come from. Turns out they aren’t retired dentists after all. They are Ceb.
Anyway if he is really afraid of ending up on the street, the estate just sold my dear mother-in-law’s 2 bedroom condo in Calgary for $220,000. Condo fees will run $600 a month but you get a pool, hot tub, pool tables, a rec-room, and underground parking for the Harley. Still got to pony up that $600 a month though and who knows what happens with that.
The key to having a happy life lies not in being able to keep up with the Gates and the Bezos, but instead settling for the Joneses somewhere you can fit in.
The last year aside, the bubble in Canada is in the YYZ and YVR service areas. In terms of square kilometers, this is a teeny-tiny bit of Canada. In terms of over all culture and nature, it is the worst of it.
Garth, I am glad to see you finally admit that you can’t predict the future either.
I started educating myself on rent-vs.-buy after I got my first real job in 2010 (yes, 11 years ago). Back then the RE sceptics such as yourself already wrote that houses are way overpriced and that the “bubble” would burst when interest rates would inevitably return to their 8% historical average. Needless to say, prices have tripled since then, while my rent per sq.ft. has doubled. Now the doomsday scenario is that interest MAY be at 2.5% in a few years before it goes back down.
The house horny moisters, FOMO-riddled simpletons who knew nothing about finance and simply followed what their parents and buddies told them, namely buy a house: All of them were right, while my sorry “smart investor” ass has lost out. They are planning early retirement on their tax-free RE windfall, while I will have to work 10-15 years longer to get near the same amount of wealth and financial security. They DID “save the rent”, and made almost 10% per year on money loaned to them for almost nothing, while I struggled to get nearly the same return on my comparatively tiny monthly savings.
It used to be that rent-and-invest was portrayed as the way to significantly greater wealth in the long term than sinking everything into an overpriced house. Now I am told I should rejoice in the “greater flexibility” of being a renter, and that this does not even NECESSARILY mean becoming homeless! The truth is: Renting was a mistake, and one I will likely regret for the rest of my life.
Yes, the system is broken, people are stupid, and politicians are corrupt. Yes, “it shouldn’t be this way”. Yet, it is. At least I can still hope that my FOMO-riddled horny moister home owner peers will send me beach photos from their second and third properties after they retire, while I will remain back in the office, hunched over my keyboard until I am too tired to even stand up. Yay for “smart investing”!
I’ve kind of had enough of the hype of Branson and Bezos. If anything they’ve earned the title of “Fauxstronauts”.
Neither of them exceeded the altitude of the X-15 flight of 1963 and the pilot of the X-15 didn’t get his “Astronaut” standing, even though he beat the Billionaires by 100,000 feet
https://www.whiteeagleaerospace.com/the-highest-x-15-flight/
What a load of crap being pushed by the leftist illiterati in the media.
The leftist wants everyone to believe that Jill Biden is a medical doctor and now they want everyone to believe that a couple of billionaires who rode in glorified “Vomit Comets” are Astronauts.
Where have all the real heroes gone?
#116 NoHousingFuture on 07.21.21 at 3:55 am
“The house horny moisters, FOMO-riddled simpletons who knew nothing about finance and simply followed what their parents and buddies told them, namely buy a house: All of them were right, while my sorry “smart investor” ass has lost out. They are planning early retirement on their tax-free RE windfall, while I will have to work 10-15 years longer to get near the same amount of wealth and financial security. ”
Thank you for your honest, and touching message.
The collective wisdom is what drives all markets, including real estate.
It is truly tragic that a large minority has been pushed away from this wealth-building strategy and now will likely never recover.
For those who can buy real estate, the next 15 years will be very much like the last 10. Substantial gains and financial freedom lie ahead.
I do support the very wise financial investment concepts promoted on this blog. But those should only be applied to funds available after you have purchased all real estate that you need and desire. Otherwise, you will risk losing out, in a big way, like this poster has.
Video of Toronto’s Mayor being harassed in public while eating dinner, over the crippling Economic and Social Lockdowns.
You’ll note his server (classed as Non-Essential in the New System) must fully cover his face, outside in the stifling humid heat.
https://www.youtube.com/watch?v=Ofe3Nb07h8k
If anyone wonders what sacrificing to go into public life means (and this guy took a huge financial hit to become the Toronto mayor), watch this. We need better voters, as well as better leaders. – Garth
#114 Faron on 07.21.21 at 2:10 am
The flooding in Germany and Belgium has been tragic. However, I will admit to snickering to myself when I then think of Sail Away’s “Climate change will never affect me” in contrast to the floods. I wonder how many of the people in this video thought exactly the same thing? I wonder how many of the people who died in the flooding thought that?
——–
I hear you cluckin’, chickenhead.
Careful, though. Schadenfreude brings karmic retribution.
@#113 Faron
“The flooding in Germany and Belgium has been tragic. However, I will admit to snickering to myself when I then think of Sail Away’s “Climate change will never affect me”
++++
Tacky.
Stick with the Cow Bay “reveals”.
Next up Three Fathom Harbor.
#116 NoHousingFuture on 07.21.21 at 3:55 am
“They are planning early retirement on their tax-free RE windfall, while I will have to work 10-15 years longer to get near the same amount of wealth and financial security. ”
Sure sounds like a story that a dishonest realtor would make up.
#105 Sara on 07.20.21 at 11:31 pm
#81 WillTheyRaiseRates
“If you need to own a house to get laid, you’re doing something wrong.”
———-
Or you could be like CEF, and rent not only your home, but your date as well.
———-
There are worse fates. The standard procedure could leave him saddled with an angsty, unfulfilled, middle-aged, fault-finding harridan.
Some of the comments here certainly reflect the approach of fridays full moon.
That video of the Mayor of Toronto being attacked and harrassed while trying to have a private meal with his wife is disgusting and perfectly reflects the uncivil behaviour that has become so acceptable. Is it any wonder so few step forward to seek public office?
Don’t hang back with the Brutes. Be better than that..
#118 Honest Realtor on 07.21.21 at 8:02 am
#116 NoHousingFuture on 07.21.21 at 3:55 am
“The house horny moisters, FOMO-riddled simpletons who knew nothing about finance and simply followed what their parents and buddies told them, namely buy a house: All of them were right, while my sorry “smart investor” ass has lost out. They are planning early retirement on their tax-free RE windfall, while I will have to work 10-15 years longer to get near the same amount of wealth and financial security. ”
++++++++++++++++++++++++++++++++++
This thing is a long way from over. A lot of people were planning on a long comfortable retirement on the money they invested with Bernie Madoff also. Until you cash out and diversify you are at extreme risk.
As Garth says “Diversification”.
#119 TurnerNation on 07.21.21 at 8:32 am
Video of Toronto’s Mayor being harassed in public while eating dinner, over the crippling Economic and Social Lockdowns.
You’ll note his server (classed as Non-Essential in the New System) must fully cover his face, outside in the stifling humid heat.
https://www.youtube.com/watch?v=Ofe3Nb07h8k
If anyone wonders what sacrificing to go into public life means (and this guy took a huge financial hit to become the Toronto mayor), watch this. We need better voters, as well as better leaders. – Garth
———
Tory handled that situation pretty well, cool as a cucumber.
Rare for me but, a second post on topic!
Last month an elderly couple in our SW-NS locale had the realtor come in with the camera and the drone to list their grand home.
Then instead of signing the paper, they said they would hold off until the realtor could find them a vacant unit in a downsizing oldster type rental anywhere within a two hour drive.
Not listed yet….
#125 Re-Cowtown
Until you cash out and diversify you are at extreme risk.
——————————-
Bingo!! The problem with having serious RE equity is FOTG (Fear Of Taking Gains). Three of my Vancouver friends have recently sold their residential RE, harvesting tax free windfalls of anywhere from 1.5 M to 5.3 M. (Delta, Burnaby, & Dunbar)
Why? because they had all been made huge offers they couldn’t refuse. In each case, closing is still a few months away. They’re now filled with angst about what to do next. One thing is certain, they’ve never heard of Garth Turner
They are scrambling to buy again and discovering the RE market is a mean, cutthroat place. The same place where they’ve just made huge profits.
Diversification is simply not in their vocabulary.
That’s the problem with being “house” rich and not “diversified portfolio” rich. You’ve got to make the changeover sometime but the thought of being an invested renter is far too distasteful. Even when you have a much greater net worth (as liquid wealth) than your landlord.
We really have lost our way.
#121 crowdedelevatorfartz on 07.21.21 at 9:28 am
@#113 Faron
Tacky.
—
Hubris is tacky crowdie. Get it straight.
Anyone claiming that climate change won’t affect them either has very few days left on the planet or is begging for the Karmic hammer to crash down on them.
The greatest likelihood is that engineers make out like bandits as nearly everything is redesigned to meet different climatic loading. The lesser likelihood is that some engineers get swept away in a flood/debris flow/storm surge or lose their material possessions. There’s a great likelihood that they will simply have to pay a lot more for everyday items.
Understanding risk is about probability and magnitude. Denying climate impacts is not unlike selling puts. You can make cash all day every day, but when a Monday rolls around, you get smoked.
#126 IHCTD9 on 07.21.21 at 10:49 am
#119 TurnerNation on 07.21.21 at 8:32 am
Video of Toronto’s Mayor being harassed in public while eating dinner, over the crippling Economic and Social Lockdowns.
You’ll note his server (classed as Non-Essential in the New System) must fully cover his face, outside in the stifling humid heat.
https://www.youtube.com/watch?v=Ofe3Nb07h8k
If anyone wonders what sacrificing to go into public life means (and this guy took a huge financial hit to become the Toronto mayor), watch this. We need better voters, as well as better leaders. – Garth
———
Tory handled that situation pretty well, cool as a cucumber.
——
Even if this jackass is right, berating someone on camera is terrible and shows no tact. And, of course Tory feels bad about all the shitty outcomes of the pandemic including those on business closures, etc..
There are always winners and losers when a blanket solution is utilized. Focused protection would have been the best choice (i.e. Florida, Sweden), but don’t blame politicians for their healthcare advisors advice.
In Alberta we already have 50% more kids being admitted for mental health than anytime since records began. I know because I pulled the data and built the dashboard for it. I shudder to think when vital stats are updated what I’ll find.
I have the perfect plan since you have no RE ties here. Retire in Greece or Portugal! You will live like a king, and rid yourself of this self-absorbed, once-great society.
Regent Park? 0 bed 400 sq ft. 599,000 to start. Sheesh!
NoHousingfuture, do you really believe this will not end at some time. If it happened in Japan with lower interest rates for decades now compared to us, it will happen here. As for interest rates, it will not be the reason why housing, real estate prices will drop and stay down for many years even decades. It will be the world being engulfed in global socialism led by UN, IMF, world bank, China, Liberals, NDP, Green Party, Democrat Party, labour Party and marxists, communists, socialists, climate change environmental marxists etc. and many others.
They will ruin Canada, US, UK, Europe and many other countries with their policies and new laws to bring in a global, socialist new world tyranny. Good luck keeping your gains.
#114 Faron on 07.21.21 at 2:10 am
The link between the flooding in Europe and climate change is not established, so nothing can be said there yet. But a wetter atmosphere is part of the deal going forward.
//////////////
You heard it here first folks, “Global Wetting”
#134 Penny H
The global wetting should help with the fires and act as a general (water) cooling effect.
See, mother nature has a solution to everything.
@#133 it is getting clser every day
Amen, brother….
#129 Faron
I take it you don’t live anywhere on the West Coast, because, you know, earthquakes.
We must do something to stop them.
Ced is another victim of the Monarchy’s labour market racketeering in Canada. Maybe the unpledged should start a class-action suit.
#82 Ponzius Pilatus on 07.20.21 at 8:22 pm
#31 I’m stupid on 07.20.21 at 5:10 pm
#45 Don G.
Well Ced if you can’t beat them join them… move to Mexico where the beer is cheap and the sun always shines. Come back to Canada once every 6 months to maintain your healthcare and let the rest of us suckers subsidize you. You deserve it after 65 years contributing to this country and enjoy the rest of your life.
———–
Great suggestion.
Only on caveat:
CEDs gonna need to hire a 24/7 bodyguard.
************************************
Some of those 50+ Gringas can get pretty aggressive but I think a bodyguard is an over reaction.
The “youtueber” harassing the mayor is exhibiting neurosis.
It’s a serious condition.
He is crass and obviously boorish.
In addition, he is completely ineffectual at achieving change.
However, for anyone to suggest that the mayor has entered the arena of politics at a personal loss and the motivation is purely ultraistic is dreaming.
If not for an egotistic edifice, it is for a financial consideration that most politicians, especially at civic level, enter politics.
You have no idea what you’re talking about. Tory (among other accomplishments) ran Rogers Communications and routinely earned a seven-figure income. Now he earns $188,000, or 80% less. Nobody chooses politics for the money. Apologize. – Garth
*ultraistic
altruistic
freedom attacking freedom ? whose version ?
If 80+ people are vaccinated in Waterloo Region with one dose of vaccine that is an overwhelming vote of approval. The waterloo summary shows that in the 18-29 age group =84.1%
It is their freedom of choice and how to run their businesses that you infringe upon.
https://www.regionofwaterloo.ca/en/living-here/waterloo-region-covid-19-vaccine-distribution-task-force.aspx
I would think that patrons /staff would prefer this transparent information.
mafia extortion?
Enter in the “anti” movement and/or not all but some of those sketchy reputation management scammers
=====================
“The biggest reason for going offline was to take the bullseye off of local businesses being targeted by a small vocal minority, who seemed to be dedicated to leaving malicious reviews and making fake bookings at restaurants featured on the Safe-to-Do website.
“That’s according to the creator behind the website, who said in a statement online that they too have received a number of “increasingly personal, directed, and hateful” messages, including one that was reported to police.
https://www.kitchenertoday.com/local-news/ontario-wide-website-aiming-to-help-local-businesses-share-covid-policies-goes-offline-after-facing-online-attacks-3972179
#123 Sail Away on 07.21.21 at 9:44 am
#105 Sara on 07.20.21 at 11:31 pm
#81 WillTheyRaiseRates
“If you need to own a house to get laid, you’re doing something wrong.”
———-
Or you could be like CEF, and rent not only your home, but your date as well.
———-
There are worse fates. The standard procedure could leave him saddled with an angsty, unfulfilled, middle-aged, fault-finding harridan.
========================
Pretty sure he would never attract anything else, so yeah, I guess it is best he rents everything.
#137 Quantify Risks Guy on 07.21.21 at 12:56 pm
#129 Faron
I take it you don’t live anywhere on the West Coast, because, you know, earthquakes.
We must do something to stop them.
—
The presence of severe seismic risk does not exclude other risks! To evoke Biden… C’mon Maaaan.
The next major Cascadia seismic event lies on the tail of likelihood curve but looms massively on the scale of the potential damage. There’s nothing we can do to stop it, but there’s a lot to do to help society get through it.
None of that excludes the possibility that a forest fire takes out Sailo’s house etc. Do you follow?
Probabilities like these are additive but small numbers added still leave small numbers, so panic isn’t called for. Careful planning is! Engineers stand to make bank in this environment.
@#129 Faron
“Hubris is tacky crowdie. Get it straight.”
+++
Gee and I thought “snickering” at the thought of Sail Away experiencing the same as the people drowning in Germany due to climate change was “tacky”.
How hubristic of me not to realize the Mill sense of “humor”……
#143 Sara.
I have no idea how you drew this conclusion about CEF. It did remind me of a brief self-description I developed in my mid 30’s: No I’m not married. I have not been married. I’m not gay and I’m not a child molester.
Seemed to clear up a lot of questions.