The carry trade

Today this pathetic blog brings you another episode of its wildly incorrect “First World Financial Problems.”

Forget about climate change, massive flooding, fires, BLM, BIPOCs, reconciliation, Gen Z angst, cops vs encampments, ODs, the deficit, LGBTQ+ and that damn virus Delta thingy. Life needs more Greta Van Fleet and, yes, questions like this one from Audrey…

As a devout reader of your blog–thank you!–I have a question.

My husband and I recently retired and so have our friends. We’re both selling houses in Toronto and moving to BC. Due to hard work and smart investing, we each have enough money to buy a decent house with enough money left over to live comfortably.

Our friends (Bay Street finance guy) claims it’s best to buy his house for cash, which is what he’s doing.

My husband and I could also do that but we instead opted to take out the largest mortgage we could (just before quitting work!) to buy our house, assuming the difference between a cheap mortgage these days and the expected return of leaving more money invested in the better way to go.

Who’s right?

Well, that’s easy. The Bay Street dude is foolish, emotionally needy or has w-a-y more money than he requires. These days you can still load up on five-year mortgage money at less than 2%. Meanwhile a balanced & diversified, Non-Cowboy® portfolio delivered 15% in 2019, over 7.5% in 2020 and is in double-digits so far this year. Moreover, the reopening trade has likely just begun.

Periods of economic contraction and recession are historically short (18 months or less) while those of expansion and growth are long (5-7 years). In 2021 we’re just coming out of the pandemic misery with the vax only now starting to flow around the world. Mr. Market (and this blog) saw it coming. We knew pandemics are always temporary, and financial assets have been delivering fat returns as we shunt into the Roaring Twenties.

Conversely, the monetary/CB stimulus and rivers of cash the pandemic brought are ending. Already the Bank of Canada has stopped buying mortgage-backed securities, unwound repo positions and slashed its weekly bond-buying by 60%. It was these things which helped goose residential real estate prices – along with the urban flight and WFH which will also be unwinding.

Here’s some evidence. Look what happened to real estate prices in Vancouver, for example, when Covid hit and the CB crashed rates and started throwing money around…

Source: Teranet-National Bank; Wolfstreet.com; GreaterFool.ca

Conclusion: financial markets will outperform housing markets. So why would you use your own funds that can earn 6% or 8% or 12% when [email protected] will give you bags of money at two per cent? Why not lock in a cheap home loan for five years while your portfolio grows by forty of fifty per cent during that time, then use the gains there to pay down the mortgage upon renewal?

Or, of course, one could create a tax-deductible mortgage. Simple. Banker boy could buy the digs with cash, arrange a HELOC for 65% of its value at prime plus a half (3%) and invest the funds in the financial portfolio. That would yield full deductibility on the line of credit cost, assuming that interest-only payments were made. (Ignore those who tell you investing in a balanced and diversified non-registered portfolio of various asset types does not qualify for claiming interest expense. In the real world, they’re wrong.)

The point of this is evident, Audrey, and you get it. Thanks to the slimy little pathogen, borrowed money is still incredibly cheap. Thanks to Pfizer and Moderna, we’re entering into a period of growth, recovery and expansion. It’s called the carry trade. That’s when you access funds at a low rate and invest them for a higher return, or use cheap money to gain a desired asset while deploying capital to create more wealth.

Besides, the party’s over for housing. In 2022 the Bank of Canada will begin raising rates slowly as its bond-buying activities come to a complete halt. The economy will normalize, workplaces will repopulate and investor interest will shift back to urban properties. What happened between March of 2020 and, oh, last month, will not be repeated in this generation. Thus, buying real estate with cash – unless you have bushels of it – is an emotional choice. Not a practical one.

Are you sure the guy was a Bay Streeter? Maybe he was in marketing, or compliance. They’re just weird.

About the picture: “Say hi to my coast to coast dogs,” write Ian and Abril, “Lennon (7-year-old Sheltie from PEI) and Abbey (1-year-old Mini Aussie from Bellingham, WA)! They love life in Vancouver and are perfectly content in their rented condo across from Queen Elizabeth Park in Vancouver. Thanks for all your teachings over the years! Made the switch from retail advisor to managing our own B&D portfolio in 2013 and are grateful we did. Lennon’s actually making the face he makes when I say ‘Investors Group’ in this pic.  Or wait, maybe Abbey is…”

113 comments ↓

#1 Debt Leppard on 07.22.21 at 3:06 pm

Banks need more borrowing to be profitable? Did you see this?

https://www.theglobeandmail.com/business/article-canadas-banks-need-to-show-rebound-in-lending-to-avoid-fate-of-us-bank/

Is that why Government is so eager to keep the borrowing taps wide open and drive more and more mortgages and more and more consumer debt?

Is this why the Small Business Covid help was to drive business loans that would have a portion forgiven instead of just direct grants of the dollar amount being mailed as a check to businesses?

Passes the smell test completely, right boys and girls?

#2 crowdedelevatorfartz on 07.22.21 at 3:14 pm

Damn!
Those dogs look the same age!

#3 Stroller on 07.22.21 at 3:15 pm

I wonder what percentage of people would be comfortable mortgaging and investing? Ours is mortgage-free and probably about 1.4 in the present market but I wouldn’t consider that maneuver for a moment.

Conversely, I am drawing down my liquid assets such that they reach zero when (IF!) we reach 88 at which point the house is liquidated and the proceeds should run both of us to the finish line.

To each their own….

#4 paddy on 07.22.21 at 3:18 pm

I wonder who’s money that finance guy is managing…think of the silly advice he is giving people. Thanks for the housing chart Garth…I’m gonna go throw up now…

#5 Silentpoet71 on 07.22.21 at 3:21 pm

Having been born and lived on Vancouver Island my most of my life all I can say is good grief. So many people coming here has irrevocably changed the environment. So much so, a new bumper stick said “Vancouver Island is full so P**s off.

#6 TurnerNation on 07.22.21 at 3:30 pm

Cup of coffee anyone? To da moon.
https://finviz.com/futures_charts.ashx?t=KC&p=w1

— Do you remember when the Queen’s Bankers focused on stuff like, you know money?
Climate…let me guess. 1001 new regulations. Travel will be all but banned by way of crippling karbon taxes. Heating your home will be for the rich.

.Mark Carney says climate commitments preclude running for Liberals in fall election
“The former governor of the Bank of Canada and the Bank of England said he’s focused on the UN climate conference By: Canadian Press July 20, 202117:00”

.The Financial Post reports in its Thursday edition that Bank of Canada Governor Tiff Macklem followed through on a vow to make his senior leadership more diverse…The appointment also represents some creativity on the part of Mr. Macklem, who decided this spring to become a stronger advocate for diversity.
© 2021 Canjex Publishing Ltd. All rights reserved.

————————-
…………………………….
– The answer is YES Comrade!

.If you got the Johnson & Johnson vaccine, do you need another dose (nbcnews.com)

————————–
— Been saying all along for a year now, this is slated to run into 2022-23 likely 2025- as the world is re-made.

https://www.macleans.ca/news/will-canadians-need-covid-booster-shots/
“On April 23, Prime Minister Justin Trudeau announced that the federal government had “reached an agreement with Pfizer for 35 million booster doses for next year and 30 million in the year after. This deal includes options to add 30 million doses in both 2022 and 2023 and an option for 60 million doses in 2024.”

———-
– For our health? Kanada has not released contract details- I wonder who owns us now.

Pfizer has been accused of “bullying” Latin American governments during negotiations to acquire its Covid-19 vaccine, and the company has asked some countries to put up sovereign assets, such as embassy buildings and military bases, as a guarantee against the cost of any future legal cases, according to an investigation by the U.K.-based Bureau of Investigative Journalism.”
https://www.statnews.com/2021/02/23/pfizer-plays-hardball-in-covid19-vaccine-negotiations-in-latin-america/

#7 Amok on 07.22.21 at 3:35 pm

People being able to make and grow their money is WAY more important than any of our collective global woes.

This is why I read this blog! For a reminder of why extreme competitive individualism and a me-first attitude will always be a remedy to our calamitous Zeitgeist!

Thanks Garth!

#8 GrumpyPanda on 07.22.21 at 3:39 pm

Isn’t it nice when people get along so well? Maybe we commenters could try to go one day without insults. What do you say?

#9 Doug t on 07.22.21 at 3:39 pm

Nice GVF shout out Garth

#10 Doug t on 07.22.21 at 3:42 pm

And the “friend” is lying FYI – blowin smoke up the other “friends” arse

#11 Wrk.dover on 07.22.21 at 3:48 pm

#105 the jaguar on 07.22.21 at 1:51 pm
Mercy. First BillyBob admits to feeling fragile and now Sail Away has been called fragile. In the spirit of solidarity I will just admit feeling fragile as well. Anybody got a stash of Wild Turkey?
___________________________________

I do, and with the kind words you had about my appearance this week, I’m more than willing to share it with you!

Yesterday I invested in Makers Mark @ a $4 reduction.
I’m liking the Buffalo Trace too. But not the Jim Beam.

But I’m not going to mortgage the house for these kinds of investments though in spite of Garths advice.

#12 CJohnC on 07.22.21 at 3:50 pm

An interesting disconnect:

https://wallstreetonparade.com/2021/07/these-charts-challenge-the-status-quo-thinking-on-the-stock-market/

#13 Brian Ripley on 07.22.21 at 3:56 pm

One of my Blog Readers forwarded me his current Elliot Wave analysis of Toronto Housing which I have published here:
http://www.chpc.biz/history-readings/ew-analysis-of-toronto-housing

He says:

“​With so many millenials speculating, I append the NASDAQ as well. The real estate market looks like houses are being treated as stocks with continuous upward trajectory. Going back to 1999-2000 with the tech bubble crash (from 4000 to 2000) can one imagine the downside crash from the Nasdaq hitting 15,000?”
AND “Back in 2017 EWI analysed both Toronto and Vancouver housing trends which retrospectively ended in a 5th wave of 3. After 3 years of sideways movement it would appear that a 4th wave has been completed and the final 5th wave top is still in play.”

#14 Dolce Vita on 07.22.21 at 4:00 pm

Ya Garth it’s about Delta.

And you’re going to thank me in a month maybe two months time.

I wanted a complete picture from Canary in the Coal Mine UK. So, I downloaded ALL of their Gov UK Coronavirus data:

New Cases, Hospital Admissions, Total in Hospital, Mechanically Ventilated, 1st and 2nd dose vaxd and of course, deaths.

Plotted it from peak Alpha up until today’s data. Had to use a Log axis on the left hand Y-Axis so I could plot millions of vaxing, 10’s of thousands of cases, thousands of hospitalizations. Plotted deaths on the right hand Y-Axis to separate it from the fray.

Here it is:

https://i.imgur.com/V8yAL4g.png

Again, LOG scale on the left.

With vaxing there is a complete DISCONNECT between cases and deaths.

Also, hospitalizations, mechanical ventilations will be WAY, WAY LESS than prior waves.

Enjoy your August long weekend Canada and DO NOT PANIC if new cases rise like crazy in September or October due to Delta.

And yes, 60% of hospitalized in the UK are 2 dose vaxd*…so have a care Canada. You can still get infected and pass Delta on. Unlikely you will die.

———————

*Why I think opening up the Cdn border to 2 dose vaxd Americans is stupid.

#15 Sail Away on 07.22.21 at 4:09 pm

Re: mortgage or Heloc

I’d personally buy with cash and set up a 65% Heloc. Effective Heloc rate when investing and taking deduction in highest tax bracket is 1.2-1.5%.

It’s logistically simpler than a mortgage and gives a reserve to be tapped if and when it makes sense.

But of course… only an option if you have enough cash available to buy outright.

#16 Sail Away on 07.22.21 at 4:12 pm

#105 the jaguar on 07.22.21 at 1:51 pm

Mercy. First BillyBob admits to feeling fragile and now Sail Away has been called fragile. In the spirit of solidarity I will just admit feeling fragile as well. Anybody got a stash of Wild Turkey?

——–

The oppositionists just don’t yet realize that they are actually the baddies:

https://www.youtube.com/watch?v=hn1VxaMEjRU

#17 Former Bay Street Guy on 07.22.21 at 4:20 pm

Sold my Ontario property and am in BC looking around.

Will probably wait to buy, but will pay cash when I do.

Let’s compare notes in a year or two.

#18 Ponzius Pilatus on 07.22.21 at 4:25 pm

RE: Almost Space Flights.
At least, Bezos is honest.
Thanking his customers and emloyees who are paying for it.
He probably will write the whole thing off.
So he should have thanked the taxpayers, too.
Melon should cancel his flight.
It’s just a joke.
Even Billy Bob could fly higher, if he wanted.
And it would take longer than 11 minutes.

#19 Joe on 07.22.21 at 4:38 pm

“Fredo, you’re my older brother, and I love you. But don’t take sides against the family again. Ever.”

#20 Grumpyauldscott on 07.22.21 at 4:40 pm

Plus one for SilentPoet!
Haven’t you heard? B.C is on fire and the parts that aren’t burning are full. Stay the F#$k in Ontario!
It’s your mess, you made it. Stay home and fix it. Don’t bring your ill gotten gains and pathetic politics here so you can drive up the price of everything and complain about all things you thought you came here for.

#21 Linda on 07.22.21 at 4:43 pm

In the headlines Calgary has a DT vacancy rate of over 29%. The UCP government is sacrificing every chicken it can get its hands on, praying that another O&G boom will save them from voter wrath come the next election. Meanwhile other less than cheery headlines are mentioning the drought issue. Food crops are being converted to animal feed as a result of the prolonged dry conditions. From an economic standpoint trying to harvest/sell various crops as food isn’t financially feasible, but it can be cut/fed to livestock. Even that may not stop financial loss but it may reduce it. So don’t expect the grocery bill to drop any time soon. No, the drought isn’t ‘just’ in the USA. Canada is also experiencing drought:(

#22 Tulips on 07.22.21 at 4:53 pm

The party’s over for housing.
——————————————————
Probably. Or maybe not. It’s looked like the party was ready to end time and again over the past decades. Still we’ve never come far off the highs, while creating new highs regularly. Perhaps we are entering the quiet before the next wave of exuberance. If rising rates start to cause pain just imagine what new policy like 40 year ammorts could do further kick the can down the road and again jack prices.

#23 S.Bby on 07.22.21 at 4:55 pm

This sounds like very risky advice to me. A HELOC is a demand loan and can be called at any time. Also to assume stock markets are just getting started is wildly optimistic when they (S&P 500) are already at 35X earnings and we still have Covid to deal with. Plus, unemployment is creeping up.

PS: Stay out of BC it is burning up.

There is less risk in diversification among quality assets (not just the stock market) than in plowing all into one asset (real estate) – also sitting at an all-time high. – Garth

#24 S.Bby on 07.22.21 at 4:59 pm

Calgary 30% office vacancy rate is a record:

https://www.cbc.ca/news/canada/calgary/calgary-downtown-vacancy-record-2021-1.6112956

Avison Young predicts there will be over 14 million square feet of vacant space in downtown Calgary by the end of 2021, resulting in a new peak high vacancy rate above 30 per cent.

#25 Ponzius Pilatus on 07.22.21 at 5:03 pm

Our borders to the States will open soon.
Their’s won’t.
Who’s the chicken now?

#26 Frank on 07.22.21 at 5:04 pm

Garth, if my mortgage rate is 3.2% and my lender offers a 2.45% HELOC rate, can I (1) sell my non-registered investments; (2) then take money out via the HELOC to invest in my non-registered account; then (3) take the funds from step 1 and use it to pay down the mortgage principle?

I do not want to blend and extend as I want to get out of a fixed term mortgage with the huge penalty calculations.

#27 crowdedelevatorfartz on 07.22.21 at 5:11 pm

@#1 Debt Leper
“Passes the smell test completely…”

++++

I always pass the “smell test”.

#28 Diamond Dog on 07.22.21 at 5:11 pm

#13 Dolce Vita on 07.22.21 at 4:00 pm

The seasons aren’t built equal. Viral loads of infection will increase over winter compared to right now meaning the more highly proven infectious Delta could also be more virulent. It makes sense that Delta would be more virulent or damaging even to the young as viral loads of initial infection increase.

That being said, world infection rates are ramping up across the northern hemisphere and world wide as cases rise above 500,000 a day once again, even though some 3.75 billion doses have been administered (bearing in mind that RNA vaccines are double dose):

https://www.worldometers.info/coronavirus/weekly-trends/#weekly_table

https://www.worldometers.info/coronavirus/

Compare this with vaccination rates world wide and the conclusion is?:

https://www.nytimes.com/interactive/2021/world/covid-vaccinations-tracker.html

This pandemic, as has been recently widely reported, has become a pandemic of the non vaccinated. Also, the jury is still out in terms of how deadly Delta is. My own spin on it concerning the narrow lens of economics is that Delta will impact global GDP more than the markets currently wish to admit. Would this be a leading indicator or sign that leads to a market crash? It remains to be seen until it’s rear view mirror, but yes and there will be other signs to go with it (rise in jobless numbers, drop in earnings, lower productivity etc.).

#29 Barb on 07.22.21 at 5:23 pm

Lennon and Abbey are beautiful!
Best friends too!

#30 NOSTRADAMUS on 07.22.21 at 5:26 pm

NOW THERE YOU GO AGAIN!
To quote Garth’s former boss,” Oh Garth— now there you go again”. The absolute best feature of any house, which from personal experience allows me to sleep like a baby night after night is, wait for the drum roll, it’s paid for. One of my favorite quotes, is by T.S. ELIOT, “Only those that risk going too far can possibly find out how far one can go”. I suspect shortly, a great number of rainbow chasers will find out they have gone too far, with no way home. One more pearl of wisdom. Prices of stocks, bonds, real estate, art, and so on, are all based on stories. And those who get drawn in by them. Supply, demand stories, possibilities, hopes, dreams, but today mostly great fiction. I’m on my throne and I will not step down.

#31 Blacksheep on 07.22.21 at 5:27 pm

Garth’s a Greta Fan!

https://www.youtube.com/watch?v=HxbT5jSxGJ0

#32 Penny Henny on 07.22.21 at 5:51 pm

#84 Ponzius Pilatus on 07.22.21 at 12:09 am
#83 Sail Away on 07.21.21 at 11:43 pm
#73 BillyBob on 07.21.21 at 9:18 pm

I just smile when people sneer at the idea of the wealthy leaving Canada to avoid onerous taxes. They have no clue what’s coming. Life is too short to work hard only to give the proceeds to the lazy.

———–

Yep.

I too am a fan of leveraging the best of both worlds. The wealthy themselves may not leave permanently but their wealth sure does, haha.
———————————-
Wealth?
How much money can a wanna be engineer and a wanna be pilot have?
/////////////////

I’m guessing heaps more than an Austrian accountant.

#33 Your fan on 07.22.21 at 5:51 pm

Garth, I was curious what you thoughts are on fixed vs. variable mortgages. You can get a 5 year variable loan as low as 1% while 5 year fixed is at 2%. Do you think fixed rates are still the right choice given the wider spread between the two?

#34 604sam on 07.22.21 at 5:56 pm

Good doggies.

#35 april on 07.22.21 at 6:03 pm

#22 – Apparently sales are down and have been for the past few months. Realtors will never admit to this and will play it down for all it’s worth..If prices were to keep going up? who do you think is going to be buying the already outrageously priced homes…. very few.

#36 Tarot Card on 07.22.21 at 6:19 pm

Thanks for the blog Garth
So three choices pay cash, pay cash and borrow to invest or have a big mortgage and stay invested! While two and three sound the same the are very different emotionally.

My advice is do what your comfort level tells you.
I have done all three.
Paid of my mortgage in 2010. and said yahoo!
Next I got a HLOC to invest. I was so nervous every time the market turned I could not sleep at night.
So I said no to borrowing and investing.
Next sold in Ontario bought in BC
Took out a mortgage and stayed invested!
Now as strange as it sounds …..for me personally borrowing to invest is very difficult, but having 100,000 mortgage and staying invested seemed okay. Clear as mud?

Then I sold the condo and bought a house and took on a bigger mortgage,

Six years ago my mortgage was $300,000 and my investments were $200,000 my wife wanted to pay off as much of the mortgage as we could. I said let’s try my way opps I mean Garths theory about staying invested.
Now fast forward to today my mortgage is $240,000 and my investments are $400,000.

So my experiences prove it’s better to stay invested in low interest rates.
Now I know a quick calculator kid out there would say ya but you could have paid off the mortgage and then invested the savings. Perhaps it’s all about what’s good for you.

Now last March when the market tanked and I lost half my investments, I wrote to Garth for advice and he said hang on its temporary, but I tell you the truth I did not sleep for months.
Luckily my wife agreed with Garth and said stocks always go back up. Now how many have a wife like that!

I also posted last December instead of saving $1,000 a month for my TFSA for 2022 I borrowed and invested the 12,000. So far my capital gain is $1,000 and my dividends are $400 and my interest is $200.

So my advice is borrow a small amount for a year and see if you can handle the stress of borrowing to invest.

One last thing in January my investment of 12,000 lost $500 and I was really stressed and one of my ETFs took three months to break even, but they key is I still got dividends. And as I said to my wife if the stocks are even by next December I am ahead as the dividends will justify the borrowing. But I was stressed in January and it’s only $12,000

Hope that helps
Thanks for reading.

#37 Cici on 07.22.21 at 6:24 pm

#13 Dolce Vita

“*Why I think opening up the Cdn border to 2 dose vaxd Americans is stupid.”
____________________________________________

You hit that nail right on the head. I couldn’t agree more, thank you. Waiting just a couple of months probably have would have been highly beneficial.

It’s no accident they’re waiting to open to us until the end of August. They want to sit back, watch and evaluate the situation, then extend the deadline as needed if there’s too much carnage on our side.

#38 We Are Full. on 07.22.21 at 6:26 pm

Non stop Ontario plates around town here in BC. Tell your friends we are full! GO home and stay home, places like Squamish are getting ruined.
The major is from Ontario and all she wants is Condos, Condos… all they are Building is Condos. She even changed the zoning for no more single family homes, no wonder we are having a supply issue, its designed and Depressing

#39 Nonplused on 07.22.21 at 6:29 pm

Hmm this is an interesting question.

On the one hand I am not sure if I had a paid for house and enough money invested to “live comfortably” I would mortgage the house to invest even more. What is the goal if you already have enough money to “live comfortably”? But it is more risk.

On the other hand, younger folks should concentrate on saving and investing rather than paying down the mortgage when they are in their working prime. Makes sense to target 6-7% over 2%. And they are still working so they can survive protracted market corrections.

But on the other-other hand, if it makes sense for young people to focus on saving and investment at 6-7% rather than paying down a 2% loan, shouldn’t everybody do it, including Audrey?

I’m not sure there is a clear answer in this case. Other than “more money” than needed to live “comfortably” I am not sure what Audrey’s investment goals would be, but if the goal is to always maximize returns then the mortgage makes sense.

#40 tooshort on 07.22.21 at 6:41 pm

Good to see that teranet chart from wolfstreet.com. For those who missed it;

https://wolfstreet.com/2021/07/20/the-most-splendid-housing-bubbles-in-canada-why-the-bank-of-canada-is-cutting-qe/

#41 avocado on 07.22.21 at 6:42 pm

Garth, I’m curious on your thoughts about having both a “balanced” portfolio while also carrying a mortgage. Carrying a mortgage is essentially being short fixed-income. Why would you want to be both short and then go long on government bonds which yield less than your current mortgage.

And I’m specifically talking about bonds here; it’s interesting to note that there are bank preferred shares which are yielding more than mortgages at those very same banks.

#42 Karl hungus on 07.22.21 at 6:45 pm

Or you know, the Banker was a Ramsey follower and avoids debt like the plague. Its not the worst strategy

#43 the Jaguar on 07.22.21 at 6:55 pm

That’s very generous. 2 oz’s, over chipped ice, please. A little fresh lime juice is nice. The ice must be chipped, not cubed. Just get some off one of those icebergs that float by off the shore of south west Nova Scotia…

#44 cuke and tomato picker on 07.22.21 at 7:09 pm

We would go the Bay Street way. We have owned six pieces of property during our 50 years of being married
sometimes as many as four at a time sweet deals no bank financing. Pay it off first and fast being debt free for forty one and a half years is very comforting then build a war chest focus on family, friends and travel.

#45 Ponzius Pilatus on 07.22.21 at 7:14 pm

I remember Carry Trade when you borrowed in a lower interest country and invested in a higher interest country.
I think it’s also called arbitrage.
Of course, that was only for large scale investors, not for the little guy with a few million to invest.

#46 Trapped on 07.22.21 at 7:15 pm

Debt always catches up with you.

#47 Ponzius Pilatus on 07.22.21 at 7:29 pm

#103 crowdedelevatorfartz on 07.22.21 at 1:41 pm
Pedantic Ponzerrelli
“Give me a break.
You working hard?
Reclining in the cockpit on autopilot and snoozing for most on the flight.”

+++

Ah yes. Another sneering aside from “The Ponze”

I’m quite sure the next time you’re a passenger in a plane on final approach, struck by lightening, getting tossed around like a pinball in a thunderstorm….
You’ll be damn glad its a human at the controls rather than a computer with Autopilot software written for the lowest price from Bangalore.
————-
You suffer from what is called the “Sully” syndrome.
Too many people are over glorifying pilots based on a few heroic deeds by truly heroic pilots.
Statistically, more accountants die on the job than commercial pilots.
And he said he is flying Cargo for Amazon.
The only thing that is in danger is junk from China.

#48 Nathaniel Smith on 07.22.21 at 7:44 pm

As the Compliance Officer for my company, Garth, I’m very offended… and likely a bit weird. But realistically we all are. Haha.

#49 Shirl Clarts on 07.22.21 at 7:45 pm

Audrey, it’s true what Garth says – the party’s over for housing here in BC. Invest your money and rent. It will be years before you see equity gains on a house purchase now. Yes, you will have rent free digs, but it’s not worth it. Your investments will cover your rent. Plus, no house repair headaches. And no realtor fees, property transfer tax, or lawyers.

In fact, if you set up a B&D portfolio, the REIT’s portion (ETF’s of course) will pay you monthly dividends which you can use to offset your rent. I guarantee you, NO ONE here is doing this! Just imagine your bragging rights.

The one thing you will see lots of here on the west coast is shiny new cars. Just about everyone is cashing in their equity gains for bigger HELOC’s so they can drive the latest Audi, VW, or Denali. I call them 2nd mortgages. Avoid that mistake as well. The dealerships are absolutely taking their share of the housing market.

Everyone here is house poor, but no one will ever admit it. The only thing anyone talks about is how much their house has gone up in value. Makes them feel better, I suppose. Keep in mind, if you rent you will have nothing in common with them and that will be the loneliest part for you. They say – Misery loves company. There’s not shortage of either out here.

#50 ElGatoNerodeYVR on 07.22.21 at 7:46 pm

Good one Garth , but to each its own . CRA interpretations can change at any moment so we can all make individual choices. Yes ,today a B&D qualifyes for the tax write-off on interest ,making predictions about the future is very difficult.

The missed or ignored point here is that majority of people are ruled by emotions and don’t want to take unnecessary risk.
To me a principal residence free and clear ( when it happens soon) it is a place to live and insurance in old age , not an ATM for investing funds or a HELOC to blow on ,well anything really.

If you have financial assets and want to play that game B2B bank will give you an investment loan anyway you want : interest only, blended ,leveraged ,unleveraged) secured by that investment portfolio ,ask your advisor .
I know a lot of people with the same approach.
Why gamble if you already have enough income to pay for retirement lifestyle. It is called the KISS principle.

On the real estate front,especially in BC the death of it is highly exaggerated, all RE is local. Even here in Lower Crazyland some areas are indeed dead ,while others are going full speed ,just look at the Fraser Valley for example. It is more of a price brackets reset than a wholesale correction.
Staying on the sidelines is a huge risk of being priced out of your neighborhood of choice at the house size you want and move further out or have to scale down ,especially once AirBnB opens again and the students start pouring back in next year.

#51 Flop... on 07.22.21 at 7:46 pm

Hey, long time reader, 15,698 time of posting.

(Probably posted more but who’s counting, haven’t been in hospital since December, so that’s a win.)

Audrey, that name rings a bell.

Is this the same Audrey as before that outsourced her house cleaning and laundry…

M47BC

#52 crowdedelevatorfartz on 07.22.21 at 7:48 pm

@#46 Ponzie’s Precarious Position.
“Statistically, more accountants die on the job than commercial pilots.”

+++

Bwahahaha
Let me guess.
Papercuts that fester?
Canadian Tax code falls off a top shelf?
Clients receive an exorbitant bill?

Stop you’re killing ME!
Ahahahahaaha.

#53 Be responsible for your own Canadians economic health on 07.22.21 at 7:58 pm

Since too much debt is the economic virus in Canada and many countries we should have a debt pass meaning that if you have more than 5 times debt than your income, you lose your Canadian citizenship and residency.

#54 Wiggleroom on 07.22.21 at 8:11 pm

But Garth, what about those interest rate increases you keep talking about? I’d hate to have to renew a mortgage in 5 years if the rates are that much higher. Or would you rely on the markets going up and just paying it off then? Isn’t a 5 year investing timeline a little risky?

#55 Doug t on 07.22.21 at 8:15 pm

#43 cuke and tomats

Hey cuke are you a minister or man of the cloth ? Just curious

#56 Ken on 07.22.21 at 8:16 pm

‘…Due to hard work and smart investing, we each have enough money to buy a decent house with enough money left over to live comfortably…’

So your advice is to mortgage to the hilt to create a higher income than the one the reader already stated was comfortable to live on?

What happened to never entering retirement in debt?

I understand that this will be the best debt possible as it will be invested for income and the costs will be deductible for tax purposes, but why would you do all this if you are debt free and living comfortably in retirement?

‘I grandi bocconi spesso soffocano’ – Italian proverb

#57 TurnerNation on 07.22.21 at 8:22 pm

Dolce what’s going on in Italy. They will not submit. WW3 was unleased March 2020 and only some took note. Bats and Wet markets yes?
BTW it’s all a precursor to a Global pass -that’s what the Blockchain is for, us.

https://nationalfile.com/breaking-massive-protest-forms-in-italy-as-government-creates-vaccine-passports-restricts-movement-for-unvaxxed/
“An Italian street journalist writes that “Italians by the thousands gather at Turin tonight in Italy against the announcements of the Italian Prime Minister who has just announced the establishment of the #PasseSanitaire from August 5 #greenpass”. Another video, posted throughout social media, also shows the thousands of protesters gathered, chanting “No Green Pass!””

————–

-Why can not we be shown the contracts? Oh yeah saving lives! Of course.

Liberal Minister of Procurement says revealing hundreds of secret government contracts would threaten Canadian lives #cdnpoli (October 2020)
https://twitter.com/punditclass/status/1410962844032532482


— Science..is…? Sorry Kanadians you may still be a Second Class Citizen. Unclean!

https://www.cbc.ca/news/business/u-s-travel-border-1.6111192
“The U.S. currently does not recognize COVID-19 vaccine mixing.”

————————————————
“All animals are equal but some are more equal than others
This is a quotation from George Orwell’s allegorical novel Animal Farm. In it the animals conspire to take control of their farm from humans, establishing ‘Animalist’ commandments to prevent the reproduction of the oppressive behaviour of humans. Unfortunately as time goes on that is exactly what happens and the pig Napoleon ends up changing the final rule of ‘All animals are equal’ so that it reads that ‘All animals are equal but some animals are more equal than others’. This is a parody of Stalinist Russia which Orwell was criticising.”

#58 Jackinthebox on 07.22.21 at 8:37 pm

I disagree. This is thw time to pay down debt. When rates rise, you want to eliminate debt or keep it to a minimum and then invest aggressively.

#59 WTF on 07.22.21 at 8:45 pm

#42 Cougar: That’s very generous. 2 oz’s, over chipped ice, please. A little fresh lime juice is nice. The ice must be chipped, not cubed. Just get some off one of those icebergs that float by off the shore of south west Nova Scotia…
————————————————————–
Uhhhh, Geography lesson for the Albertan. Icebergs do not make it to NS. Ever, You must mean The Avalon Peninsula? that would be in Newfoundland. They do have Ice in NS however. Any way u want it.

#60 Chalkie on 07.22.21 at 9:15 pm

The fellow from Bay Street, sure glad I never had him rooting for me, in my books, these sort of statements in these money cost times, there are three categories
( Dumb, Dummer & Dummest) keep your money invested honey and send him this note in 5 years on who was right with better handling the investment funds, — Family Advise vs Financial Advice.

#61 crowdedelevatorfartz on 07.22.21 at 9:19 pm

@#52 Be responsible.
“Since too much debt is the economic virus in Canada and many countries we should have a debt pass meaning that if you have more than 5 times debt than your income, you lose your Canadian citizenship and residency.”

+++

Interesting idea.
Where would we send…and who would take…. Trudeau ….. for doubling this country’s debt in 5 years……

#62 crowdedelevatorfartz on 07.22.21 at 9:25 pm

Anyone else see the video of the NDP’s “Honorable Minister/Leader” from Mississauga….. errrr apologies…..South Burnaby….

Good to know he’s “dancin’ as BC burns and tourism evaporates…..

But the youth vote is important…..

Change, like bad dancing, is inevitable Mills and GenZ kids……be ready for it.

https://www.burnabynow.com/local-news/watch-ndp-leader-jagmeet-singh-slay-this-viral-tiktok-dance-trend-video-3977310

#63 Phylis on 07.22.21 at 9:37 pm

#51 crowdedelevatorfartz on 07.22.21 at 7:48 pm
@#46 Ponzie’s Precarious Position.
“Statistically, more accountants die on the job than commercial pilots.”

+++

Bwahahaha
Let me guess.
Papercuts that fester?
Canadian Tax code falls off a top shelf?
Clients receive an exorbitant bill?

Stop you’re killing ME!
Ahahahahaaha.
Xxxxxxx
Over thinking it. Boredom.

#64 Dr V on 07.22.21 at 9:38 pm

“Well, that’s easy. The Bay Street dude is foolish, emotionally needy or has w-a-y more money than he requires. These days you can still load up on five-year mortgage money at less than 2%. ”

While my bet is on “w-a-y more money” – wouldn’t
this logic apply to everyone with a paid off house? Borrow to invest?

#65 canuck on 07.22.21 at 9:42 pm

We knew pandemics are always temporary,
_____________________________________________

Sure you did… Is that why you’ve been calling everyone who hasn’t been vaxxed a coward?

Actually I said ‘selfish coward’. – Garth

#66 Dr V on 07.22.21 at 9:48 pm

25 Frank

“if my mortgage rate is 3.2% and my lender offers a 2.45% HELOC rate, can I (1) sell my non-registered investments; (2) then take money out via the HELOC to invest in my non-registered account; then (3) take the funds from step 1 and use it to pay down the mortgage principle?”

Maybe a few things to consider Frank

1) Selling non-reg could trigger a cap gain
2) re-purchase of any of those investments that had
losses must wait 30 days or loss cannot be used
to offset gain
3) mortgage payout penalty will still apply.

you might want to check on the allowed mortgage prepayment, then take only a gain for that amount, then
re-purchase with HELOC. It may ease the pain by spreading it out.

Disclosure – not an advisor or a banker.

#67 Too Bad on 07.22.21 at 10:03 pm

#37 Full Of It

Too bad, we’re here already, loaded with cash and corona.

Maybe you should’ve voted for someone who would build a wall.

Can’t wait to make a splash at the Friday market on Cortes island with my F250 painted with the stars and stripes.

#68 cuke and tomato picker on 07.22.21 at 10:10 pm

I do believe in GOD.

#69 Leo Trollstoy on 07.22.21 at 10:33 pm

Actually I said ‘selfish coward’. – Garth

That describes my unvaxxed dad and FIL who are both in their 80s and for whatever reason they’re ok w that

#70 the Jaguar on 07.22.21 at 11:05 pm

@#15 Sail Away on 07.22.21 at 4:12 pm

You are so right. Check out the post at #58 WTF on 07.22.21 at 8:45 pm

It’s perfect example of who the real so called ‘bullies’ are despite contrary comments.
A light hearted reply to Wrkd Over illicits this kind of post?
For what reason? It says volumes about the poster.

#71 11 minute eggs on 07.22.21 at 11:18 pm

#17 Ponzius Pilatus

And it would take longer than 11 minutes.

——

Are we making that the minimum requirement now?

It’s not a high bar to clear, so I second the motion.

If you don’t make it last longer than 11 minutes, you’ve just pulled a bazos!

#72 Canuck2 on 07.22.21 at 11:36 pm

DELETED (Anti-vax)

#73 crowdedelevatorfartz on 07.22.21 at 11:37 pm

@#69 The jag

“A light hearted reply to Wrkd Over illicits this kind of post?
For what reason? It says volumes about the poster.”

++++

Or the poster is giving you some Geographical knowledge of Canada that you did not possess.

Newfoundland…. icebergs within view of land
Nova Scotia… no icebergs within view of land…if ever.

https://www.google.com/search?rlz=1C1OCLT_enCA758CA758&q=How+far+south+do+icebergs+go+in+the+Atlantic%3F&sa=X&ved=2ahUKEwibsuG9oPjxAhXSvZ4KHXz_DJEQzmd6BAgIEBE

Icebergs have been spotted as far south as the 39th parallel. (New York is at the 40th parallel) Far out at sea.
One was even spotted 150 miles from Bermuda in 1926.

But close to land in Nova Scotia for rum icecubes…… ?
Not in our lifetime.

#74 Wax on 07.22.21 at 11:38 pm

Can someone tell me why the emergency use orders are still needed on the Covid vaccines?

Billions have been administered. Governments should lift the emergency use orders and lift the hesitancy along with it.

#75 Russ on 07.22.21 at 11:51 pm

crowdedelevatorfartz on 07.22.21 at 9:25 pm

Anyone else see the video of the NDP’s “Honorable Minister/Leader” from Mississauga….. errrr apologies…..South Burnaby….

Good to know he’s “dancin’ as BC burns and tourism evaporates…..

But the youth vote is important…..

Change, like bad dancing, is inevitable Mills and GenZ kids……be ready for it.

https://www.burnabynow.com/local-news/watch-ndp-leader-jagmeet-singh-slay-this-viral-tiktok-dance-trend-video-3977310

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

And…

he dresses his homies in what is known as “the wife beater” shirt.

Nice!

Cheers, R

#76 Nonplused, Aviator on 07.23.21 at 12:19 am

#17 Ponzius Pilatus on 07.22.21 at 4:25 pm
RE: Almost Space Flights.
At least, Bezos is honest.
Thanking his customers and emloyees who are paying for it.
He probably will write the whole thing off.
So he should have thanked the taxpayers, too.
Melon should cancel his flight.
It’s just a joke.
Even Billy Bob could fly higher, if he wanted.
And it would take longer than 11 minutes.

————————————

Well, I have 2 comments about all the Bezos and Branson hate.

The first is that these guys are trying to sell their services to Nasa and others, so this is as much about publicity as anything. The thing must be safe if Bezos will limb on board. So far it looks like they are going after space tourism because I am not sure either design can get to the space station as Musk and Russia can, but if they see a path to making it happen they have to keep the hype up.

The other aspect is that Bezos employees didn’t really pay for the project. The RobinHood crowd who keeps bidding Amazon and Tesla stocks into the atmosphere was what provided the financing to launch a few rockets beyond. And let’s remember that a single launch on any of the three platforms runs in the maybe 100’s of millions of dollars. Not billions. And not trillions. How much did the war in Afghanistan cost? 20 years and how many lives? And what do they have to show for it? From ABC News:

“Estimated amount of direct Afghanistan and Iraq war costs that the United States has debt-financed as of 2020: $2 trillion.

Estimated interest payments on that $2 trillion so far (based on a higher-end estimate of interest rates): $925 billion.

Estimated interest costs by 2030: $2 trillion.

Estimated interest costs by 2050: $6.5 trillion.”

So if we say Bezos rocket trip cost $250 million, lets see, I have to be careful with the math here because there are a lot of zeros and I have been known to slip a decimal, but I get that the war in Afghanistan is going to cost 26,000 times what the Bezos flight cost and nothing was accomplished and a whole lot more people died. That’s 5 orders of magnitude on the money. On lives lost you get a #DIV/0! error.

To really waste money, a billionaire doesn’t have enough money. You need government.

People used to complain that NASA’s manned moon missions were a colossal waste of money, but it has to be remembered that American women spent the same amount on cosmetics over the time period.

Perspective is important.

————————————–

And don’t get me going about the lack of female billionaires.

Bezos’ ex-wife: Billionaire
Gate’s ex-wife: Billionaire
Turner’s ex-wife: Billionaire
I don’t know if Branson has an ex-wife, but if so: Billionaire
Tiger Woods ex-wife: Multi-millionaire

Musk seems to be the smartest of the lot because he has avoided having an ex-wife. Maybe he is a genius after all.

#77 MalcolmM on 07.23.21 at 1:03 am

I can’t believe I am agreeing with someone from Bay Street, but in this case I do. You are correct, stock market returns have been great, we’ve been in a bull market since the financial crisis.

Valuations are stretched. Funny how almost no one talks about valuations now, it’s all about what central banks and interest rates will do.

#78 Sail Away on 07.23.21 at 1:07 am

#62 Phylis on 07.22.21 at 9:37 pm
#51 crowdedelevatorfartz on 07.22.21 at 7:48 pm
@#46 Ponzie’s Precarious Position.

“Statistically, more accountants die on the job than commercial pilots.”

———-

Bwahahaha
Let me guess.
Papercuts that fester?
Canadian Tax code falls off a top shelf?
Clients receive an exorbitant bill?

Stop you’re killing ME!
Ahahahahaaha.

———-

Over thinking it. Boredom.

———-

Suicide, ennui, catatonia, insanity, homicidal schizophrenia, chronic wasting disorder, mad cow disease…

Dangerous job. Can’t wait for the action film starring Ponz walking from here to there, sitting down, getting up, pleading with his daughter for a lift to the coffee shop, her muttering ‘pathetic’. And so on.

#79 jane24 on 07.23.21 at 1:48 am

Well the third Coivd wave here in the UK is gathering speed quite nicely. We are at 40,000 cases a day with an Estimated 100,000 per day coming your way soon. Garth this pandemic is not over. Don’t fool yourselves guys. There will be Winter lockdowns again. We are in the eye of this storm. It has not passed over.

Britain has a better vaccine rate than Canada and this is still hitting us hard and will get harder. We are just ahead of the EU and Canada with the global third wave. Opening your doors to the USA is not a good idea. Look at what the delta variant is doing there.

This virus in various forms will be with us for a few years yet. I wish it was different as Garth says.

#80 No Left Turn on 07.23.21 at 2:55 am

https://www.ansa.it/english/news/2021/07/22/green-pass-for-eateries-gyms-pools-shows-spas-fairs_891bb012-29fa-432b-80a1-d21d1eb5123c.html

In Italy. Vaccine grants Freedom. Translate to German, Impfstoff macht Frei. Hmm sounds similar to something we’ve heard before…

Hey Italy, how many governments since the last freely held election?

Dark dark times ahead.

#81 Prospero1623 on 07.23.21 at 6:44 am

Hey Garth – Can you share your long-term return outlook for a balanced portfolio over the next 10-20 years? I’m hearing 3-4% … 5% tops. Which kind of sucks from a retirement savings perspective. Curious what your view is. P

#82 crowdedelevatorfartz on 07.23.21 at 8:23 am

@#77 Sail Away
“Dangerous job. Can’t wait for the action film starring Ponz walking from here to there, sitting down, getting up,…
+++++

Well, if we want the accent to be correct.
An Autobiographical docu-drama.
“Last Action Accountant” starring Arnold.

Should do about as well as “Last Action Hero” starring Arnold.

#83 Dharma Bum on 07.23.21 at 8:43 am

#13 Dolce

And yes, 60% of hospitalized in the UK are 2 dose vaxd*…so have a care Canada. You can still get infected and pass Delta on.
————————————————————————————
I think it’s mainly because the Brits are the kings of comorbidities.

Obese, chip eating, ale guzzling, dart smoking gluttons.

Pip pip cheerio and all that rot.

I say, old chap.

#84 the Jaguar on 07.23.21 at 8:52 am

#72 crowdedelevatorfartz on 07.22.21 at 11:37 pm
Guess you missed the cougar reference, huh? Not a geography lesson. It fits perfectly with what Sail away referenced.

#85 NoName on 07.23.21 at 9:29 am

#75 Nonplused, Aviator on 07.23.21 at 12:19 am

Bozo already have contract lined up for gov. with blue origin, and musk and his company was given overflow in same xontract. As for branson i think he is just boted…

But jere is a thing, first calss airplane ticket is 3-6k for here to there, so much its ticket for short space flight. From what i remember price is 10k per lbs, so to lift an average american in space is 1.8m just for weight of one person… Now add add price for a rocket, fuel, logistic, taxes and carbon taxes price will not be nowhere near 1.8m.

Just for comparison to lift satellite to orbit cost 50-400m according to quick internet search.

Spacely Sprocket Milky Way resort are decades in future… I remember that cirkus dude spendi 40+m for space flight.

Interesting Read
https://www.google.com/amp/s/nationalpost.com/news/cirque-de-soleil-founder-cant-write-off-41m-he-spent-on-space-flight-as-a-business-expense-court-rules/wcm/e70e44c4-d2f0-49c3-b3f7-f059b090b243/amp/

#86 crowdedelevatorfartz on 07.23.21 at 10:02 am

@#83 the jag.
Re; YOUR #42 comment

“A little fresh lime juice is nice. The ice must be chipped, not cubed. Just get some off one of those icebergs that float by off the shore of south west Nova Scotia…”

++++
I was commenting about WFT’s geography lesson that you complained was “bullying”…..

What are you babbling about?
dementia or split personality disorder?

#87 FriedEggs on 07.23.21 at 10:04 am

Looks like the Italians need a ‘green passport’ if they want to continue living with heedless pleasure. Protests erupting.

Stay away.

#88 Calgary Rip Off on 07.23.21 at 10:11 am

@ Silent Poet:

Vancouver Island is messed up. Unless you have a job from the government, or are retired, good luck. In some places the housing is reasonable, such as Port Alberni. People choose not to live there because SoMass exports logs to China and have effectively stopped local mills. In Nanaimo and Parksville, housing costs are outrageous. If you dont have cash, dont move to Vancouver Island. Very very difficult to get any job there. You will beg to get a job in fast food. Interviews are brutal for casual jobs. How do I know? I lived there 2003-2007. Great for interview skills living there. Paradoxically, once you obtain any job there, pretty much anything goes. And then there is the island mentality which you showed. Exclusionary, zombie type mentality. Keep outsiders out. There is a reason why no bridge is constructed there, partly the ocean being deep and also the locals dont want mainlanders there. Vancouver Island “time” is basically nothing happening in terms of anything, including employment. Better there for fishing and mild temperatures, but the culture, is just bizarre. F^&*ked up.

Thanks Garth for sharing about the mortgage rates info. Yes mortgage rates are currently low. Even so, while there is a house for $1.2 million by the U of C and close to my work, no chance Im going to buy because when interest rates go up likely I wont requalify for a next mortgage term on the property. Best to stay put in the house with the too close neighbours in Calgary NW. Currently mortgages are less than rents in Calgary, thats assuming that employment is stable. You have said since 2007 that rates will rise as has the Bank of Canada. Now 2022 is the magic year? I dont believe it. Governments are all a house of cards not backed by Gold. If the government raises rates many many will be underwater and will not requalify for their mortgages. If this happens what will happen to housing? Will it not crash? My neighbour up the street, now a widow, has decided to eject to Manila as she says she will be too old to get out if she waits. She got the price she wanted $480K in NW Calgary, she bought the showhome with her husband in 1998 when it was $180K. These housing prices are listed for properties to see the outrageous prices that people now see as normal for crappy quality housing.

#89 Ponzius Pilatus on 07.23.21 at 10:26 am

51 crowdedelevatorfartz on 07.22.21 at 7:48 pm
@#46 Ponzie’s Precarious Position.
“Statistically, more accountants die on the job than commercial pilots.”

+++

Bwahahaha
Let me guess.
Papercuts that fester?
Canadian Tax code falls off a top shelf?
Clients receive an exorbitant bill?

Stop you’re killing ME!
Ahahahahaaha.
—————
Al Capone went through a lot of Accountants

#90 Ponzius Pilatus on 07.23.21 at 10:34 am

The “personal responsibility “ mantra of the GOP has run its course.
Alabama Governor: “it’s time to blame the unvaccinated”

#91 crossbordershopper on 07.23.21 at 10:51 am

still think that canadians live poorly. a friend from Guelph lives in a 1.2m home paid for and works part time in walmart because he has little income waiting a year and half till 65 then on govt program.
its kinda weird world, where millionaires work alongside indian students who just arrived at the same place same wage.
the recent indian guy he saids loves his 15 bucks an hour, converted in rupee he is very happy. where my friend has been here 40 years and might live in a nicer house then sharing a room like his colleague. but IDK kinda weird.
i say max out leverage, he agrees but cant get a heloc. too low of income.
so many peope own dead valued asset, sure it grows 7% nominally every year great.
and on top of that his 24 year old daughter is in the basement, makes 65K a year, and with student loan cant afford to buy a place at current prices. and makes more money then my friend ever made.
this canadian system is all mixed up now. really mixed up.

#92 Sara on 07.23.21 at 11:34 am

#110 Sail Away on 07.22.21 at 5:02 pm
#106 Sara on 07.22.21 at 2:08 pm

Poor SA. And did you know that the reason SA was banned from this blog for a time was because our host was just being mean?

——–

Was I banned? Can’t remember. Not a very effective ban if so.

I believe I was suspended a few times: once for callousness about Covid deaths and once for questioning the banning of another poster.

Garth isn’t mean or not mean. He just is. Like the sea.

=================================
I guess you missed the sarcasm.

#93 crowdedelevatorfartz on 07.23.21 at 11:35 am

Speaking of dementia and Nova Scotia.

“Environmental racism” with a map to prove it…..

https://www.canadiangeographic.ca/article/mapping-environmental-racism-nova-scotia#.YPrHwwnSfOA.mailto

…..and god bless the CBC for reporting it…. I expected nothing less from them.

#94 Sail Away on 07.23.21 at 11:37 am

#87 Calgary Rip Off on 07.23.21 at 10:11 am
@ Silent Poet:

Vancouver Island is messed up.

Very very difficult to get any job there.

There is a reason why no bridge is constructed there

Better there for fishing and mild temperatures, but the culture, is just bizarre. F^&*ked up.

——–

-My firm currently has 3 job openings in Nanaimo

-The reason for the lack of bridge has a lot to do with 30km of ocean

Anecdote time: During an airport project in Sandspit, Haida Gwaii, we were chatting with the restaurant server. She said that in a couple of weeks, the liberty caps would start flushing out and all the locals would be baked out of their heads on mushrooms, so if we were there then, we’d probably think everybody was really weird.

Um… yes, probably. But let’s stick with ‘weirder’.

#95 Dr V on 07.23.21 at 11:51 am

90 crossborder – agreed, very mixed up.

#96 Oncebitten on 07.23.21 at 12:06 pm

Something to consider if you are planning to retire to B.C., we have a Doctor shortage
https://www.capitaldaily.ca/news/doctor-shortage-vancouver-island-victoria-healthcare

#97 Vaccinated Guy on 07.23.21 at 12:20 pm

People who talk about ‘Delta’ cases without mentioning the extremely low death rate are simply providing fuel to the anti-vaxxer crowd.

#98 Vaccinated Guy pt 2 on 07.23.21 at 12:24 pm

DELETED

#99 Investx on 07.23.21 at 12:26 pm

DELETED (Anti-vax)

#100 Yuge Tesla Fan on 07.23.21 at 12:36 pm

I’m old enough to remember when Sail Away crowed about Canadian COVID infection rates being higher than the US when they briefly peaked above. Maybe check the data on that. Or maybe the following is “fake news”? Only the people on ventilators know for sure and they are hard to interview.

https://www.nytimes.com/2021/07/23/us/covid-hospitals-florida.html

I’m also old enough to remember the guy implying he didn’t really want the vaccine, but a client kinda asked them to get vaxxed and provided it so he went along with it.

What a dunce.

#101 kommykim on 07.23.21 at 12:39 pm

RE: #82 Dharma Bum on 07.23.21 at 8:43 am
#13 Dolce

And yes, 60% of hospitalized in the UK are 2 dose vaxd*…so have a care Canada. You can still get infected and pass Delta on.
————————————————————————————
I think it’s mainly because the Brits are the kings of comorbidities.

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

It’s probably got more to do with the high vaccination rate in the UK… I mean think about it, if 100% of the population were double vaxxed, then 100% of the people in hospital would be 2 dose vaxxed.

#102 Sail Away on 07.23.21 at 1:30 pm

#99 Yuge Tesla Fan on 07.23.21 at 12:36 pm

I’m also old enough to remember [Sail Away] implying he didn’t really want the vaccine, but a client kinda asked them to get vaxxed and provided it so he went along with it.

——–

Yes, a client wanted everyone vaxxed who worked on their lands, so the entire office and families got vaxxed in the first offering.

Covid is a coronavirus, one we will almost all surely catch at some point in our life, and fairly innocuous as a virulent pathogen, meaning that from a biological perspective, if Covid ran unchecked, it would create at most a minor ripple on the human population as a whole, ultimately probably strengthening the species by culling the ill and infirm.

But we can only discuss wombats and muskox like that, never humans, even though most of us (not Elon!) are actually animals as well. Hence callousness.

#103 TheDood on 07.23.21 at 2:21 pm

#95 Oncebitten on 07.23.21 at 12:06 pm
Something to consider if you are planning to retire to B.C., we have a Doctor shortage
https://www.capitaldaily.ca/news/doctor-shortage-vancouver-island-victoria-healthcare
__________________________

I would go so far as to say there is a ‘Health Care shortage’, not just Doctors, Nurses, Paramedics, Ambulances. It’s across the board. To make matters worse, no action from government to address it, just the usual ‘we’re working with all stakeholders, blah blah blah…..’

#104 DON on 07.23.21 at 2:50 pm

#102 TheDood on 07.23.21 at 2:21 pm
#95 Oncebitten on 07.23.21 at 12:06 pm
Something to consider if you are planning to retire to B.C., we have a Doctor shortage
https://www.capitaldaily.ca/news/doctor-shortage-vancouver-island-victoria-healthcare
__________________________

I would go so far as to say there is a ‘Health Care shortage’, not just Doctors, Nurses, Paramedics, Ambulances. It’s across the board. To make matters worse, no action from government to address it, just the usual ‘we’re working with all stakeholders, blah blah blah…..’

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Did you miss last weeks annoucement on more paramedics being hired or the increase in health care hiring throughout the year. There will never be enough resources in the retirement meccas througout BC.

On another note…lots of folks have a LOT of toys on display for the Jones. Heloc equal toys…not prudence.

#105 Calgary Rip Off on 07.23.21 at 3:10 pm

@ sail away:

Not sure why everyone panics about Covid. Current studies at cell.com show that antibody enhanced response in vaccinated due to acute covid infection does not happen. Additionally, there are tons of studies showing that Vitamin D3 levels impact the ability of the spike to infiltrate ACE2 receptors throughout the body. With proper vitamin K intake, reasonably high intakes of D3 can be maintained with all their benefits with less risk of soft tissue calcification. Additionally, vitamin C is shown to assist in cellular respiration, so acute infection can be managed by intravenous or by mouth vitamin C intake. 2 grams every hour of ascorbic acid or sodium ascorbate would reduce the risk of pneumonia and oxygen decline. Additionally, vitamin C and D3 are linked to reduced clotting risk, so when acquiring the vaccine that risk is lowered as well. Ive been working in hospital since the pandemic. Worked with staff infected with covid and patients. No issues. Zero. Currently vaccinated with Pfizer x 2, initial shot felt like a testosterone booster/antidepressant, second shot 4 weeks later, had a headache four hours. Nothing untoward since. Forced to wear a mask in hospital. Off work in Calgary I wear no mask anywhere ever.

Yes 3 openings in Nanaimo. Exactly. The pattern there for many is to work either away or there and expect a layoff then do EI for a while. And many get stoned to deal with the stress, hence the mushrooms. My “solution” was to move to Calgary to get a job. Thing is Calgary is also a circus, just a different circus, and physically it is far more stressful to live on the prairie in Canada as it is much like Yakutsk/Novosibirsk in Russia with temps to match. Fortunately Calgary is not priced like mainland Vancouver yet.

#102 Dood: Health care workers leave B.C. because health authorities there prefer to string workers along in casual positions. Casual doesnt pay for housing there. Hence the shortages. Why would anyone make six figures and then cant afford anywhere to live?

#106 Linda on 07.23.21 at 3:11 pm

#37 ‘We’ – the densification approach – AKA condos or other forms of multi-family housing – apparently are the new hot thing for urban environments. Where I live many SFH (single family homes) are being replaced with condo units. Not super towers for the most part – more like 6 or 8 stories of units but none the less, not exactly what the adjacent homes expected when the house next door was put up for sale. Suddenly there are floors of folks overlooking your previously private yard space. Also common are the complete removal of all trees from the lot being developed. While there ARE rules about protecting trees, the developers get round the rules by removing all vegetation prior to applying for the development permit. That way they can check off the box asking if there are trees on site requiring protection with a ‘No’. Yes, the neighbors are fighting the redevelopment but our current Council is very pro-densification. Given how much RE with actual dirt costs these days, I rather think that multi-family housing will continue to be built. If it wasn’t selling, the developers wouldn’t be building it.

#107 Yuge Tesla Fan on 07.23.21 at 3:13 pm

#101 Sail Away on 07.23.21 at 1:30 pm
#99 Yuge Tesla Fan on 07.23.21 at 12:36 pm

Oh, I see more clearly now. You are on the record saying that the impacts of COVID have been inconsequential more or less because so “few” have died relative to the overall population. It’s an enlightened perspective to take that one should pay little to no personal effort or responsibility to curtail mass deaths as long as the fraction of the population harmed is small. Is that correct? Is it also correct to say that you had no personal motivation (aside from pleasing a client) to get vaccinated despite the clear benefits to yourself and society in doing so?

This leaves one curious what your threshold is. In Peru COVID has killed one in every 200 people. That seems like a lot. But, in your framework, that is of no consequence because it is merely a ripple in terms of our species. By extension, it seems safe to say that if .5% of your family dies you won’t be all that disturbed? I hope that, at least, you would make it to the funeral if only for the sake of appearing to care.

#108 Sail Away on 07.23.21 at 3:39 pm

#106 Yuge Tesla Fan on 07.23.21 at 3:13 pm
#101 Sail Away on 07.23.21 at 1:30 pm

By extension, it seems safe to say that if .5% of your family dies you won’t be all that disturbed? I hope that, at least, you would make it to the funeral if only for the sake of appearing to care.

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I’ve run the numbers, and am fairly confident that, sadly, without major scientific breakthroughs, 100% of my family is destined for death.

Will I be less happy if they die of Covid instead of being trampled by wild lemmings? Hard to say.

#109 Doc shortage on 07.23.21 at 5:40 pm

#95 Don

I was on the waitlist for a doctor in Ontario for 5 years before I stumbled onto a newly arrived doc at the walk in clinic.

Maybe you could point out the place in Canada that does not have a healthcare shortage?

At least here in BC I won’t freeze to death waiting for an appointment.

#110 Investx on 07.23.21 at 6:46 pm

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#111 Investx on 07.23.21 at 7:46 pm

Ban facts!
You’d make a great addition to any of the social media sites censorship teams, Garth.

No anti-vaccine dipsticks are welcomed here. – Garth

#112 Investx on 07.23.21 at 9:28 pm

“No anti-vaccine dipsticks are welcomed here. – Garth”

Not even anti-AstraZeneca dipsticks?

#113 David Greene on 07.24.21 at 1:52 am

Garth:

Labelling people who ask legitimate scientific questions about the vaccines as “anti-vaccine dipsticks” shows a lack of willingness to argue in good faith.

This seems in keeping with a lot of your recent posts, which come across to me as highly judgmental and some of them snobbish. I’m disappointed. As one example, you constantly trash the younger generations, then lash out at anyone criticizing boomers as “ageist”.

You’ll probably counter this with a snarky, insulting remark to defend yourself, instead of considering it at face value. Methinks you’ve been in the trenches too long.