Cracking heads

A few days ago many, many, many Toronto cops moved in on an encampment of “people experiencing homelessness” to boot them out. Heads were knocked. Horses were involved. Lots of cameras, shouting and a few arrests.

The illegal campers had received a month’s notice and the city had indoor rooms awaiting them. For free. Most were pretty calm about the whole thing. However, several hundred young protestors (not homeless) emerged, tore down police fences, erected barricades, linked arms, chanted, resisted, recorded it all on their phones and caused the chaos that was their goal.

Of course, parks are parks. They’re for everyone. The mayor later explained programs for kids had been cancelled because of the encampment, which sucked just coming out of a pandemic lockdown. Nobody gets to build a dwelling in public green space, pee in the bushes or live without water in a city of millions where trees and grass are precious things.

Expect more of this. The encampment battle formed part of a social movement that may affect everyone. It’s related to the “Keep Your Rent” movement that blossomed during the Covid months; to the actions by provinces to end evictions and squeeze landlords; to legislation pushing Airbnb into the dirt; to the vacant home and anti-outsider taxes in BC, Ontario, Van and TO; and now to organized rebellion against real estate investors and governments.

About the time the Trudeau Libs will call the next election (the second week in August, for a vote in late September) there’s a multi-city protest planned by the Canada Housing Crisis warriors.

Tens of thousands of pissy, house-horny, angry prospective homebuyers have joined this online rabble during the pandemic – when property values climbed by about a third. The Reddit-fuelled rallies are planned for August 14th in Vancouver, Toronto, Ottawa, Hamilton and K-W. Meanwhile the group crowdfunded a few snarky billboards with messages like, “Can’t afford a home? Have you tried finding richer parents?”

What do they want?

Cheaper houses, of course. “We want to show politicians that we’re serious. We have to stop being polite about it. Housing is a right,” says a group spokesperson. “We’re here, we’re angry, we need a solution and we can’t stand by.”

The group is formed around five key initial actions, most of which are based on punishing people who buy properties which become rental properties. (Apparently the kids don’t understand a lot about supply and demand, thinking that by reducing rental stock they can make houses cost less. Huh?) Down payments should be doubled for investors, they say, while owners can still buy with 20x leverage. Capital gains taxes should rocket to 70% for people selling real estate they don’t live in. More taxes should heap upon those renting properties short-term or not enough. Plus they want an end to blind auctions (that’s good) and more housing data made public (also positive).

Fundamental to the social homes-for-all movement is the conviction housing is a human right. In Canada, thanks to Mr. Trudeau, it now is. But “housing” does not mean “real estate.” And nobody has a basic right to own any. Nonetheless, there are 10.4 million voters between the ages of 25 and 44 in Canada. That eclipses the number of GenXers and early Boomers combined. Plus it’s greater than the entire Boomer cohort.

And, yes, this is the crew that has kept T2 in power for the last six years.

Protest theme: landlords are the real enemy

So what happens now?

Well, the economy will reopen quickly over the next year. Immigration levels will be restored and enhanced to make up for the pandemic curbs. Urban rents will quickly climb back to 2019 levels as newcomers arrive and renters employed in the service industries flood back into town. Universities and colleges will be open again for in-class learning, adding tens of thousands of tenants to cities like Toronto, Waterloo, Ottawa and Vancouver. WFH will steadily erode for a big hunk of the five million who lived in sweats and jammies for 18 months. Urban flight will reverse. Condo prices are already rising in expectation.

This likely means more pressure on housing. Interest rates will be creeping higher in 2022 further hurting affordability. Meanwhile owners don’t sell because they fear having to buy again (and can’t afford to) so listings stay scarce and competition intense.

This mess can only be solved in the long-run with structural change. House profits should not be tax-free. The state should not be encouraging twenty-times leverage or backstopping all of the risk lenders take. Politicians shouldn’t goose demand and encourage debt with tax credits, subsidies, free RRSP withdrawals, or by sharing mortgage costs. And renting should be made more attractive by encouraging investors (not taxing the poop out of them), allowing rents to decline and choice to increase. And as long as we’re letting owners harvest unearned, windfall housing gains we should probably give renters shelter credits.

Anyway, here’s the point. The kids are arguing for the wrong stuff. But they’re gaining the ear of those who pander to their votes. Nobody in power wants to see heads busted in the park, shelter protests in the streets or to be trashed on social media – now the strongest influencer of ballot intentions.

Change coming.

About the picture: “Meet our Shiba Inu sibling duo, Yoko and Kuma,” writes Mickey. “Their favourite pastime is chilling under the sun on warm summer days and playing catch with us in the backyard. They turned 11 earlier this year and live with my wife and I in beautiful Vancouver, BC. Thank you for all the valuable financial (and dog) wisdom you’ve shared with us over the years!”

216 comments ↓

#1 Flop... on 07.25.21 at 12:34 pm

As I watched the housing protesters get their heads cracked, I thought “Silly Buggers.”

Should have toppled a statue instead…

M47BC

#2 Not Fooled on 07.25.21 at 12:38 pm

I’m fairly certain the protest industry hasn’t changed since I worked in the DTES of YVR.

Half the tents at these encampments are empty, the camp organizers own their own homes, and the truly homeless accept the first offer of shelter. The remaining hold-outs are incapable of abiding by the rules of civil society and are usually drug and criminally entrenched.

The latter are too busy stealing anything not nailed down to protest; that is left to the CERB-collecting, bougie, white, middle-class progeny of judges, doctors, and professors .

#3 Habitt on 07.25.21 at 12:50 pm

Good thing those cops aren’t brown shirts. What a nightmare. More on the way sadly.

#4 Overheardyou on 07.25.21 at 12:56 pm

Today I learned that some of my millennial friends also believe the land we live on does not belong to us, it belongs to the indigenous communities. This is coming from Canadian born and post secondary educated individuals. Really makes me wonder the state of things to come…

#5 Shakabra on 07.25.21 at 12:56 pm

“ And as long as we’re letting owners harvest unearned, windfall housing gains we should probably give renters shelter credits.”

Forgive me, but how does someone throwing money into an investment account “earn it”?

#6 Keith on 07.25.21 at 12:57 pm

Rejecting public housing that is less safe than living on the street is not wrong. People assume that a clean, secure space is being rejected because people don’t want to comply with rules. Not necessarily the case. People don’t want to live in bug infested, mouldy rooms surrounded by violent criminals. Home ownership is not a right, but many cities have created secure affordable rental housing, using non profit, public and co op models. Google the Vienna solution.

All of society benefits when police, teachers, and health care professionals pay 25 percent of their income in rent, and spend their recreational dollar in the economy. Local businesses, employment and tax base all improve. A win win for society. Sadly, the Liberals stopped properly funding housing in the nineties, and put the housing crisis in motion that will now be very costly to solve – if there is any will to do so.

#7 Ustabe on 07.25.21 at 12:59 pm

Garth writes: And, yes, this is the crew that has kept T2 in power for the last six years.

Actually, isn’t it the other way around? Isn’t it between Scheer, O’Toole and the CPC brain trust keeping the conservatives out of power?

Recent Leger poll (ya, ya, I know) has something like 60% of polled Canadians saying they’d rather have Jag as PM than O’Toole.

To that I can only say wow. For the first 35 years of my life the Progressive Conservative Party was mine, this last 35 years, the CPC not so much.

#8 paulo on 07.25.21 at 1:06 pm

Liberal governments worst dream is about to come true:
The Big issue in the next election could very well be there incompetent handling of the now very obvious Shelter and Housing Crises , in addition to appointing apparently hopelessly out of touch directors of the bank of canada and failing to either reign in financing availability and update and change tax policy’s that are out of date and subject to massive abuse and fraud such as the PR Aka house flippers tax free lottery win there lack of action has now opened a Pandora’s box of problems and what will be a economic and social disaster the likes of which have never been seen and a made at home by the locals and there incompetent liberal goverment housing crisis ………… vote the clowns out in the fall

#9 Doug t on 07.25.21 at 1:09 pm

CHAOS is the new “Movement “ – it’s happening around the world – the wealth gap has never been so huge and peeps are pissed – get ready for more of this as the peasants want more pie

#10 Sail Away on 07.25.21 at 1:14 pm

Haha. I know one of the protesters. Let’s call him Fop.

Early 50s, his wife is a Uni prof in Old English something, he used to work in banking but quit 4 years ago when his mother croaked and he scored a handsome inheritance. The wife’s father, a retired lawyer, gave them a house when they moved to Van.

Fop’s day to day existence consists of social media outrage, an extensive knowledge of specialty spirits and cheeses, immediate acceptance of any and all leftist doctrine, lack of even the most basic functional ability, and careful cultivation of a rapidly expanding midsection.

Fop can be found at all protests- often with painted nails and wearing a dress, I sh!t you not. Later, he and his warriors recount the battle over villainously expensive refreshments while regaling their (strangely identically homogeneous) group with personal exploits of valour, often with a token greenhaired skateboarding boy/girl as audience. Nobody actually listens since they’re all waiting for their turn to speak. Homeless not invited.

#11 Ballingsford on 07.25.21 at 1:19 pm

Most of those in that movement are probably millenials. Yes, housing will never be attainable for many of them, but I can’t see governments or anybody doing anything to solve their issues. It’s not like you can legislate all home prices to drop by say 50%. There aren’t other measures that can be introduced to resolve this either, that’s already not been done.
Best bet is to keep buying lottery tickets or try to find that pot of gold at the end of the rainbow.

#12 Quintilian on 07.25.21 at 1:20 pm

DELETED

#13 Krusty the Clown on 07.25.21 at 1:20 pm

Toronto Police serve the elite who live in affluent Bridle Path.

#14 IHCTD9 on 07.25.21 at 1:22 pm

#89 The republic of oilbertastan on 07.25.21 at 11:41 am
#82 IHCTD9 on 07.25.21 at 9:00 am

#78 Wrk.dover on 07.25.21 at 6:08 am
#42 IHCTD9 on 07.24.21 at 4:50 pm

Truck hunting is not going well Wrk.dover.

https://phoenix.craigslist.org/wvl/cto/d/phoenix-6×6-military-trucks-american/7351530353.html
——

Man that is cheap. There’s one on Kijiji right now also with a wrecker for 45 grand. (!)

I like the 2.5 tons. They can be “bobbed” and make a cool truck once they are shortened up:

https://www.guyswithrides.com/2019/08/09/1978-am-general-m35a2-bobbed-deuce/

…………………

They’re coming for our pickups now….. you’re next!

https://www.theglobeandmail.com/canada/toronto/article-pickup-trucks-are-a-plague-on-canadian-streets
—- – –

Ha! Good luck to them! Pickups are like the 1st, 2nd, and third best selling vehicles in North America. If anyone is coming to take away my truck, they are coming with piles of cash in hand :).

#15 Adam Vaugn head on 07.25.21 at 1:27 pm

DELETED

#16 crowdedelevatorfartz on 07.25.21 at 1:38 pm

@#10 Sail Away
“Fop’s day to day existence consists of social media outrage, an extensive knowledge of specialty spirits and cheeses, immediate acceptance of any and all leftist doctrine, lack of even the most basic functional ability, and careful cultivation of a rapidly expanding midsection.”

Hahahaa.
Have these professional protesters discovered…”cloning”?
Your description seems to perfectly describe about 75% of them…

#17 crowdedelevatorfartz on 07.25.21 at 1:39 pm

@#8 paulo
“vote the clowns out in the fall”

++++

We’re trying Paulo, we’re trying.

#18 WTF on 07.25.21 at 1:55 pm

Time to crunch the numbers to buy our DT Van rental:

• $1.8 mil ask ( next door listing exact footprint/view/floor)
• 25% down payment = 450K (which can no longer be invested at 6% earning $27k per yr—2250 per month.)
• Remaining Principle $1,350,000
• 5 yr Mortgage @ 1.54% would be $5421+strata fees $500+ taxes $200+ lost opportunity of 450k invested 6%, $2250 =Total cost, $8371 per month.
• I pay $3200.
• The math doesn’t work . Add in Special assessments for the leaking condo or the pipes need to be redone. (horrifyingly common in Vandelusional)

Meanwhile the BD 60/40 portfolio chugs out 6%

#19 Prince Polo on 07.25.21 at 1:59 pm

I stopped believing our dear Photo-op Minister once he reneged on his electoral reform promise. He further proved his emperor-with-no-clothing status, when he loudly and proudly proclaimed to be a feminist, but bullied JWR out of the party. Sadly, the conservatives have unmemorable vanilla pudding as leader, and lots of votes have been bought in the past 18 months, so it’s likely 5 more years of more magical nonsense.
-unwoke milquetoast Millennial, “loser” renter extraordinaire

#20 Dolce Vita on 07.25.21 at 2:01 pm

“This mess can only be solved…”

Exactly how I see it.

————-

If a September election the Libs will lose:

= Housing Crisis Protest + Delta

Cons win.

#21 Faron on 07.25.21 at 2:03 pm

Yah, prob shouldn’t protest. I’m sure papa Fink will trickle down plenty of 98% roach-free rentals where the plumbing almost always works to the plebes while gushing 5% annual divvies to share holders busily looking for tax loopholes and any offshoring opportunities because all that cash is getting hard to wade through on the way to the Wolf encrusted kitchen.

pull your f’n heads out unless you want more Trumpism on the right and statue toppling (flag stealing) on the left. It will get worse. Eat the rich is becoming a viable movement regardless of party. When a class arises that, literally, has nothing to lose class warfare becomes inevitable. Keyed Bentleys will be just the tip of the iceberg.

#22 Leftover on 07.25.21 at 2:03 pm

We have to get CMHC out of the mortgage business and start taxing capital gains on primary residences. There’s no reason to socialize private mortgage risks via CMHC, and the PR exemption defies logic.

Will it hurt? Yes, mainly speculators, realtors, baby boomers and kids that tapped the Bank of Mom to buy their first house.

Sorry, but you had it coming.

#23 I’m stupid on 07.25.21 at 2:04 pm

Giving renters tax credits might cost nothing. How many cash rent deals are there in Canada? Renters paying cash in exchange for lower rent and the mom and pop landlord doesn’t claim it as income. No one really knows how often this occurs. My friend has a basement renter and they pay cash. The rent was $1300 a month but she reduced the rent by $100. So the renter gets almost a month free and my friend gets to supplement her income tax free. I’m not saying it’s right but this is going on.

The landlord is a criminal. Get better friends. – Garth

#24 Quintilian on 07.25.21 at 2:08 pm

Deleted because I posted a link to a vancouver sun article?

His views, which attract racist comments, are unwelcome here. – Garth

#25 Faron on 07.25.21 at 2:18 pm

“Journalists, who yesterday were barred from covering another encampment eviction at Alexandra Park”

Seems fascist, no? There’s a multi trillion RE scam to protect. So, not surprising.

Viz of the encampment battle was e-v-e-r-y-w-h-e-r-e on MSM and social media. – Garth

#26 Faron on 07.25.21 at 2:23 pm

https://mobile.twitter.com/McAllister_Mark/status/1417899366925414404

Did you see any of the “people experiencing homelessness” fighting the cops in that clip? No, me neither. – Garth

#27 pPrasseur on 07.25.21 at 2:25 pm

“This mess can only be solved in the long-run with structural change.”

Only a massive correction could solve this mess.

And only getting the government out of the mortgage could keep it solved.

The former will eventually happen, the later nope!

The only way to affordable housing is a free market, like in Texas, not the Canadian way, we prefer printing our way to prosperity, what could go wrong?

#28 Summertime on 07.25.21 at 2:38 pm

When it becomes impossible for regular people to live honest, normal life, they revolt.

There is much more to come, we have seen nothing yet.

#29 Dolce Vita on 07.25.21 at 2:42 pm

Garth’s 70% single/double dose vaxd for the Aug Long Weekend holding with creative math:

July 31 Projection = 82% Single dose, 67.8% Double Dose
or
70% Double Dose (=ROUNDUP(0.678,1)

Projection vs. Actual Error: 0.08% Single, 0.84% Double as of Jul 24.

Reason vaxing Projection dropping is that Canada vaxing continues to plummet:

https://i.imgur.com/X6EnV3c.png

—————

Delta on a tear in the UK today per ZOE Covid Symptom Study & Gov UK:

767,618 symptomatic (Pingdemic rages on)
62,502 new cases
Deaths = 31
Hospitalizations much, much lower than their prior wave. 5,000 in hospital.

N’est PANICKET PAS Canada. By comparison your peak cases much lower than the UK historically:

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

Delta ought to be attenuated when it hits Canada, save cases.

6.48 million Canadians remain unvaxd. 12+ eligible age.

——-

Get vaxd Canada.

#30 Bob in Hamilton on 07.25.21 at 2:44 pm

“Change coming.”

Probably not good change….especially when any level of government is involved….

#31 db on 07.25.21 at 2:45 pm

Since the word ‘systemic’ is all the rage, perhaps start with bottom up solutions. First and foremost, the dysfunctional disaster known as municipal zoning and planning (the ‘system’ hence ‘systemic’). Empowering every homeowner to think they have veto rights on their neighbour’s property enforceable via the dysfunctional court system is massively expensive. City planners who demand compliance with rules that escalate development costs (always upfront) but add very little value compound cost escalations.
Remove excessive zoning obstacles to basement and granny suites but cap their number on a per block basis and provide the staff required to accelerate design approvals (a major delay to most developments and major renos). Prioritize areas with the best access to transit.
Fix the hot mess that is Residential Tenancy enforcement and adjudication. This is probably the biggest obstacle to increasing the supply of rental housing. Both abusive tenants and landlords need to be held accountable, promptly, or the entire system is held in disrepute with rental housing supply dropping in lock-step.

#32 Bob in Hamilton on 07.25.21 at 2:47 pm

“The landlord is a criminal. Get better friends. – Garth”

..a little strong maybe?

However, they are breaking income tax regulations…I get it.

It’s tax evasion. Criminal offence. The kiddos should go after those who already own real estate and are ripping off the system by not paying their fair share. – Garth

#33 Rach on 07.25.21 at 2:52 pm

In 2018 after the spike in prices was over and slight increase in rates the inventory began increasing. Houses and empty cottages in my area were going up for sale but not selling. Houses were sitting for months with little showings and any that were selling were below asking at already lowered prices. I suspect the same thing will happen all over again with a rate increase. I know you say that inventory will be scarse but I think it will repeat maybe even more so. “Investments” will start flooding the market. I guess only time will tell.

#34 Damifino on 07.25.21 at 2:54 pm

#5 Shakabra

Forgive me, but how does someone throwing money into an investment account “earn it”?
——————————

You are forgiven. One may earn money exactly the same way as one may lose it. By taking a capital risk. The system we enjoy is capitalism. Communism didn’t work. Just like alcohol prohibition didn’t work. It failed to account for human nature.

#35 Habitt on 07.25.21 at 2:55 pm

#9 Doug t we’d best get 86 and 99 back on the job.

#36 Faron on 07.25.21 at 3:07 pm

Did you see any of the “people experiencing homelessness” fighting the cops in that clip? No, me neither. – Garth

You can tell this how, exactly? And it’s a problem that people of any means came to advocate? Any you think that a group already at odds with police is going to further jeopardise themselves including the alleged free housing and services (assuming it even exists and in any kind of quantity)? All ’cause my kids need summer camp. WTF.

#37 Planetgoofy on 07.25.21 at 3:10 pm

Wow
Yes blame the people that are successful…that’s the world we live in. When you have an IDIOT like T2 at the helm rewarding failure and handing out free paycheck the result is predictable.
Soooooo 1.2mil people are slated to move into Canada in the next few years…the chance of a price retreat on RE is slim. We are the go to country.
A guy I know just sold his house because he thought he would capitalize on a large profit…now regrets it.
And I told him he would. The market may slow but there no cliff ahead…
The costs of in and out of RE, never mind moving expenses is crazy. He didn’t do the math and its now a very expensive miscalculation.

#38 Faron on 07.25.21 at 3:13 pm

Viz of the encampment battle was e-v-e-r-y-w-h-e-r-e on MSM and social media. – Garth

Toronto Sun: “Mixed messages from city as mayor grilled over press freedoms
Concerns raised after previous encampment clearouts saw journalists arrested and prevented from covering story”

Viz is everywhere because, just like in the Arab Spring (I’m not comparing magnitude here) social media allows some bypass of media restrictions. Why the hell would there ever be a ban on journalist in this country? There is ZERO excuse. The city feared documentation of brutal police tactics.

Desperate attempts to clean streets to keep a faltering RE scam alive. Disgusting.

#39 Faron on 07.25.21 at 3:16 pm

And you are pissed at me because you know, in your heart of hearts, that the downtrodden are being smooshed and you don’t like having it laid at your feet. No one does. But don’t pretend this isn’t completely effed up.

#40 Sail Away on 07.25.21 at 3:17 pm

#21 Faron on 07.25.21 at 2:03 pm

Keyed Bentleys will be just the tip of the iceberg.

———–

To guard against despicable vandalizing reprobates, one should instead own a Tesla with real-time high def video Sentry mode.

Also, there’s a strange juxtaposition among lefty idealogues and climate emerg religion that reduces likelihood of EV desecration.

Elon thinks of everything!

#41 Sail Away on 07.25.21 at 3:25 pm

#32 Bob in Hamilton on 07.25.21 at 2:47 pm

“The landlord is a criminal. Get better friends. – Garth”

———

..a little strong maybe?

However, they are breaking income tax regulations…I get it.

———

“It’s tax evasion. Criminal offence. The kiddos should go after those who already own real estate and are ripping off the system by not paying their fair share. – Garth”

———

My view is that cash is legal tender and if there’s discount for cash, great. I commit no crime by paying cash and they commit no crime by taking it. Their actions after that? Not my business. We’d probably all be better off staying out of other peoples’ business.

For significant or regulated purchases, I do require invoice/receipt, which is filed.

#42 Bezengy on 07.25.21 at 3:26 pm

Toronto non-profit housing.

90 per cent of households pay rent-geared-to-income (RGI), with most RGI rent assessed at 30 per cent of gross income

————————-

So if someone has a $1000 monthly pension and they pay $300 per month rent? Why would we subsidize folks to live in the country’s most expensive real estate market?

#43 Grunt on 07.25.21 at 3:27 pm

Garth in my view its the impotency of the Tory party in the coming election that’s worrying. Particularly with the need for a strong platform against the national debt.

#44 Berkeley Free Speech Movement on 07.25.21 at 3:32 pm

In the early 1960s, the free speech movement on the Berkeley campus of the University of California was largely composed of middle and upper middle class students. They would have resembled the people manning the barricades at the recent park protest. Part of the backlash to the BSFM was the election of Ronald Reagan as Governor of California, which one could argue was one of the first signs of the growing conservative backlash that now appears to be in full flower (or should I say rot) in the USA, coopted as it is by the criminal and insurrectionist Trump, pandering as he does to the fears and prejudices of his marks.

While I am not drawing a direct parallel between then and now, I daresay that the pressure on this younger cohort may translate into a very active protest movement (some would say it already has) and greater activism is on the way. As Faron says, I believe we are going to see a greater divide along lines of class, age, and wealth; more acts of protest (and violence); and an increasing radicalization of all swaths of society.

As a minority in this country (a high net worth individual), I am considering what I can do to remain off the radar and out of the clutches of any particular group that might wish to harm me directly or indirectly (through more taxation). The direct exposure is fairly simple to protect against – no ostentation or obvious displays of wealth. The indirect has me scratching my head. Apart from a good tax lawyer, I don’t know what else to do and still remain in this country. Leaving Canada is not an option that I want.

#45 crowdedelevatorfartz on 07.25.21 at 3:36 pm

@#23 Your friend is stupid
” My friend has a basement renter and they pay cash. The rent was $1300 a month but she reduced the rent by $100. So the renter gets almost a month free and my friend gets to supplement her income tax free. ”

++++

The renter can drop a dime to the CRA on the Landlord at any time.
You could also contact the CRA.
Anyone else your landlord friend has told could also inform the CRA.

#46 IHCTD9 on 07.25.21 at 3:36 pm

#10 Sail Away on 07.25.21 at 1:14 pm
Haha. I know one of the protesters. Let’s call him Fop.

Early 50s, his wife is a Uni prof in Old English something, he used to work in banking but quit 4 years ago when his mother croaked and he scored a handsome inheritance. The wife’s father, a retired lawyer, gave them a house when they moved to Van.

Fop’s day to day existence consists of social media outrage, an extensive knowledge of specialty spirits and cheeses, immediate acceptance of any and all leftist doctrine, lack of even the most basic functional ability, and careful cultivation of a rapidly expanding midsection.

Fop can be found at all protests- often with painted nails and wearing a dress, I sh!t you not. Later, he and his warriors recount the battle over villainously expensive refreshments while regaling their (strangely identically homogeneous) group with personal exploits of valour, often with a token greenhaired skateboarding boy/girl as audience. Nobody actually listens since they’re all waiting for their turn to speak. Homeless not invited.
———

LOL! Yep, as I said the other day – please increase immigration massively. 3-4 million every year or more. India, China, Middle East. The sooner the white, western educated, elite douchebags get swept away by a tsunami of folks trying to get a life on the go as priority #1, the sooner Canada can start getting its $h!t back together.

#47 crowdedelevatorfartz on 07.25.21 at 3:38 pm

@#21 Faron’s Follies
“Keyed Bentleys will be just the tip of the iceberg….”

+++++

When they start keying my 7 year old Truck….I’ll know global meltdown is occurring.

#48 Planetgoofy on 07.25.21 at 3:44 pm

“It’s tax evasion. Criminal offence. The kiddos should go after those who already own real estate and are ripping off the system by not paying their fair share. – Garth”

Yup I pay my fair share. Its involves a bookkeeper, accountant, paying for year ends ($5000 per company) then giving near 50% of my rents away to CRA because it passive income an sooooo easy to manage (Bullsh!t). My lawyer cost me $36,000 to sue a a hole commercial renter. I won thankfully.
PAY YOUR FAIR SHARE you tax evaders!

#49 IHCTD9 on 07.25.21 at 3:45 pm

#26 Faron on 07.25.21 at 2:23 pm

https://mobile.twitter.com/McAllister_Mark/status/1417899366925414404

— ——

Sweet!

The cops were really kicking some activist @ss there!

#50 rknusa on 07.25.21 at 3:46 pm

https://www.canadahousingcrisis.com/

they are pro-immigration so they do not want to hear any argument about temporarily reducing immigration to dampen demand

woke bunch where if you are not unconditionally pro immigration you are in their words a racist and xenophobe

#51 espressobob on 07.25.21 at 3:54 pm

All these movements for rent forgiveness and encampment people are born from a more pressing issue. Why not build more apartment buildings, some luxury, working class and government assisted for the poor?

All I see on the landscape is condo skyscrapers to the nth degree.

What happened to plain old apartment buildings average folk can afford?

#52 IHCTD9 on 07.25.21 at 3:55 pm

#22 Leftover on 07.25.21 at 2:03 pm
We have to get CMHC out of the mortgage business and start taxing capital gains on primary residences. There’s no reason to socialize private mortgage risks via CMHC, and the PR exemption defies logic.

Will it hurt? Yes, mainly speculators, realtors, baby boomers and kids that tapped the Bank of Mom to buy their first house.

Sorry, but you had it coming.
— —

Would make no difference. CMHC has competition in the private sector. They just rolled back some of their limits due to losing market share to the private insurers.

I agree with taxing pr gains – but would prefer this to be temporary as needed (lol- right).

As long as we have Trudeau at the helm, housing will only go up. He’s got the T levels of a 110 year old Man, there’s no way he’s going to do the right thing for Canadian youth. Not a chance in hell. That goes for every other party too.

The kids are screwed, they just haven’t come to terms with reality yet. The fix will require policy no one would ever vote for.

#53 Tom Jefferson on 07.25.21 at 4:00 pm

It is becoming increasing clear that canada is not a nation so much as a cabal of socialists who seek to deprive the individual of any of their means to improve their own lives in exchange for social programs that do not function and increased taxation without representation.

When even so called “conservatives” like like Garth start shouting “profits on homes should not be tax free” you know we have reached a tipping point and something has to change.

#54 AM in MN on 07.25.21 at 4:00 pm

What do they want?

Cheaper houses, of course

——————————————————

No they don’t! They want Marxism, and end to private property rights and the rule of law.

They funded by the wealthy leftist globalists who stand to profit from the chaos… or so they think they will, how’s South Africa working out for you?

You may not have wanted to have to fight for your basic rights, but fight you must if you want to keep them, because the side that wants to take them from you means business.

As I said in an earlier post, until the Universities are defunded by taxpayers and student loan programs cuts, this nonsense will continue.

An attack by privileged white kids with nothing better to do than tear apart the society that has given them too much.

#55 Planetgoofy on 07.25.21 at 4:01 pm

#41 Sail Away on 07.25.21 at 3:25 pm
#32 Bob in Hamilton on 07.25.21 at 2:47 pm

“The landlord is a criminal. Get better friends. – Garth”
———
..a little strong maybe?
However, they are breaking income tax regulations…I get it.
———
“It’s tax evasion. Criminal offence. The kiddos should go after those who already own real estate and are ripping off the system by not paying their fair share. – Garth”
———
My view is that cash is legal tender and if there’s discount for cash, great. I commit no crime by paying cash and they commit no crime by taking it. Their actions after that? Not my business. We’d probably all be better off staying out of other peoples’ business.
———————————————————–
I guess you don’t understand what the tax codes are for?
ITS CALL TAX EVASION.
My Net rent on one of my properties is $200,000 + I PAY TAXES on all of it.

#56 Millennial 1%er on 07.25.21 at 4:06 pm

can we stop with the unsustainable immigration? I’m all for immigration (immigrant myself) but maybe the rate is causing some strife in our communities & societies

Immigration has been stable a less than 1% of the population for several decades. What is ‘unsustainable’ about it? – Garth

#57 Millennial 1%er on 07.25.21 at 4:07 pm

#49 rknusa on 07.25.21 at 3:46 pm
>they are pro immigration

Don’t be so sure, reddit has been increasingly conservative over the past two years. So much so that I actually don’t get downvoted to hell when I mention that immigration might be unsustainable.

#58 IHCTD9 on 07.25.21 at 4:08 pm

#43 Grunt on 07.25.21 at 3:27 pm
Garth in my view its the impotency of the Tory party in the coming election that’s worrying. Particularly with the need for a strong platform against the national debt.
— —

No one cares about the deficits, or the debt. No one cares about the economy either. Wouldn’t matter if the NDP started raising the debt as a big issue – they’d get slaughtered. Handouts and mothering is what matters if you want to run this country.

You’d best take this information to heart and set yourself up. Canada has come off the rails, and expects government to fix everything for everyone. You and I know this won’t happen, so simply govern yourself accordingly.

Best bet? Own a house, invest some $, and let the bird brained nimrods in Ottawa make you rich. It’s been working great for me…

#59 Millennial 1%er on 07.25.21 at 4:08 pm

>people itt announcing that they are evading taxes

i hope the CRA gets all those IP addresses. God damn some people are stupid

#60 Chris L. on 07.25.21 at 4:10 pm

The solution to housing is simple, and no one is talking about:

BUILD. MORE. HOUSES.

Start with building more high rise rental apartment buildings which give families 4 beds or more to raise a family – let that take steam off single family houses. REITS would be ecstatic to fund these.

Go from there.

Free up crown land. Allow Northern regions to expand their cities.

North Bay is 50k in size…hasn’t grown in my entire life.

No shortage of water.

Canada needs to build housing inventory and join the current times.

Enough being lazy. Grow.

#61 Joseph R. on 07.25.21 at 4:17 pm

#27 pPrasseur on 07.25.21 at 2:25 pm

The only way to affordable housing is a free market, like in Texas, not the Canadian way, we prefer printing our way to prosperity, what could go wrong?

———————————————————————-

In the US, which Texas is part of, mortgage insurance is required for loans exceeding 80% of the equity value. That like in Canada.

Also, The IRS counts mortgage interests payments as a tax-deductible expense. This is a government program meant to encourage home ownership:

https://www.irs.gov/publications/p936

Because of this benefit, you can claim the Canadian housing market is more “free market” than the Texas one.

Money created by loans, such as mortgages, are not under the control of the Central Bank: it is created purely by the private banking system. Private banking system is the cause of asset inflation since they incentivized to fulfill consumer demands for money.

That’s right: the FED, Bank of Canada or any other central banks (CB) have no direct control on money created by private bank. This counts for 80-85% of all money in circulation.

The CBs have control on how private bank Reserves (money created by the CB) must have in order to emit loans. In Canada, however, that reserve requirement has been 0% for the past years, a policy called credit “loosening”.

There is nothing in Canada that prevents the private banks to give as much loans as they want; it all up the the banks to decide their customer ability to repay their loans.

We currently live in the most “free market” housing that ever existed in Canada, purely administered are regulated by the private bank system.

It’s rational for bank to maximize what they lend out to their prime customers. Now, if every private bank is acting rationally and lends out the maximum their can to their prime customer, what’s the end results? An asset bubble that explodes and ends up hurting everyone else in the economy.

Rational actors in a free economy will give rise to irrational results in the end. The field of economics that deals with this issues is named game theory. The prisoner’s dilemma is one of the best known example of applied game theory.

https://plato.stanford.edu/entries/game-theory/

#62 Sail Away on 07.25.21 at 4:20 pm

#53 Planetgoofy on 07.25.21 at 4:01 pm
#41 Sail Away on 07.25.21 at 3:25 pm

My view is that cash is legal tender and if there’s discount for cash, great. I commit no crime by paying cash and they commit no crime by taking it. Their actions after that? Not my business. We’d probably all be better off staying out of other peoples’ business.

———-

I guess you don’t understand what the tax codes are for?
ITS CALL TAX EVASION.

My Net rent on one of my properties is $200,000 + I PAY TAXES on all of it.

———-

Nope, I suggest no evasion.

My business ends upon payment of the bill.

Your business is to deal with the payment legally.

Do you care if I got the money robbing selling fentanyl? Nope, that’s my business. Do I care if you report the payment? Nope, that’s your business.

#63 Planetgoofy on 07.25.21 at 4:26 pm

#60 Sail Away on 07.25.21 at 4:20 pm
Nope, I suggest no evasion.
My business ends upon payment of the bill.
Your business is to deal with the payment legally.
Do you care if I got the money robbing selling fentanyl? Nope, that’s my business. Do I care if you report the payment? Nope, that’s your business.
————————————————–
I didn’t suggest you were accountable for other peoples actions.

#64 Ozymandias on 07.25.21 at 4:28 pm

I’ve finally reached the conclusion that the only way to solve the housing crisis is to address the supply side of the problem. You can diddle with the demand side all you want but it will never change the problem of too many people competing for too few places to live.

So if you accept that premise, you either have to decrease immigration or lower barriers to new construction. If it’s the latter, then you have to accept that there will be environmental costs associated with more immigration. I don’t yet see this debate in the public sphere but greater immigration is antithetical to environmental protection.. I dont see how you can have it both ways.

#65 Linda on 07.25.21 at 4:29 pm

I’m doubtful the government will cease or reverse backstopping mortgages; RRSP withdrawals for RE; allowing 20X leverage etc. However they may well promise & provide legislation to increase RE taxation, including a tax on capital gains for principle residences to appease the voting cohort who believes the reason they can’t own a shiny new abode with all the mod cons in the hottest neighborhoods is because of those evil Boomers. Naturally they take no responsibility whatsoever for any actions they may have participated in (bully bids; blind auctions; parental ‘loans’ etc.) that accelerated the cost of RE everywhere. To the point where even the evil home owning Boomers don’t think they could afford to buy again if they should sell. Though that might also be due to the evil Boomers having little to no financial resources beyond whatever RE they currently may own. Regardless of reality – such an inconvenient thing, lets just ignore it – the meme is set: lack of housing is everyone’s fault other than theirs. And they ‘deserve’ a rich, house inclusive lifestyle right now. Gimme!

As for ‘shelter credits’ for renters: let me see. As per this very blog, renters are generally subsidized by landlords. The cost of owning usually means paying interest to whoever issued the mortgage – the profit of such interest being the reason why someone is willing to loan the funds in the first place. If capital residence RE becomes taxable upon the sale of, should not the RE owner at least be allowed to deduct the mortgage interest paid as is the state of affairs in the USA? Why would a renter receive a shelter credit if they are not paying a premium on the cost of shelter such as those who hold a mortgage? Renters are not responsible for the upkeep, maintenance or purchase of the abode they reside in. They may or may not pay for utilities above & beyond their cost for the space they occupy. So what exactly is the justification to provide renters a ‘shelter credit’? To subsidize their housing costs as an alternative to providing government owned housing for those whose incomes are insufficient to pay for shelter in the first place? Don’t we do that already?

#66 IHCTD9 on 07.25.21 at 4:29 pm

#54 Millennial 1%er on 07.25.21 at 4:06 pm
can we stop with the unsustainable immigration? I’m all for immigration (immigrant myself) but maybe the rate is causing some strife in our communities & societies
— –

Trust me, the bulk of all the BS in this country is spearheaded by young stupid born Canadians. What you want is MASSIVE increases in immigration. Ever met a woke Indian Male? How about a woke Chinese dude? Right – me neither.

What Canada needs most, are millions of folks who would laugh at the woke PC circus. You want folks who have to WORK to put food on the table. You want folks with old world values to move into your ‘hood.

What you don’t want is to slow the dilution of born Canucks who feel entitled to this, that, and everything else. The fewer Western born and educated Canadians we have in this country, the better it will be.

#67 Sail Away on 07.25.21 at 4:29 pm

#48 IHCTD9 on 07.25.21 at 3:45 pm
#26 Faron on 07.25.21 at 2:23 pm

https://mobile.twitter.com/McAllister_Mark/status/1417899366925414404

———-

Sweet!

The cops were really kicking some activist @ss there!

———-

Glad to see police being allowed to do their job. Now some similar action toward church-burners, flag stealers, and statue destroyers and I’ll donate to the RCMP. Let’s see if money talks.

#68 Planetgoofy on 07.25.21 at 4:39 pm

Sail:
why even bother stating the obvious?
Yes we know cash is legal tender….for now.

#69 Faron on 07.25.21 at 4:44 pm

#40 Sail Away on 07.25.21 at 3:17 pm

…despicable vandalizing reprobates…

You never fail to use stronger language opposing property crime than you do human injury and death. A good look.

#70 DOGECOIN on 07.25.21 at 4:46 pm

DELETED

#71 I’m stupid on 07.25.21 at 4:56 pm

The landlord is a criminal. Get better friends. – Garth

I’m not disputing the legality of my friends decisions, personally I wouldn’t take that kind of risk. The majority of crime is crime of opportunity. I completely agree that giving renters an incentive levels the playing field in theory anyway. In practicality perhaps rent increases because the tenet can pay more. More rent higher values. No one can predict the unintended consequences of public policy. What I do know is that the more the government interferes with markets the more they become detached.

#72 crowdedelevatorfartz on 07.25.21 at 4:57 pm

@#38 Faron’s Fantasy
“The city feared documentation of brutal police tactics.”

++++

There’s a nice, gentle way to clear out anarchist demonstrators?

Oh, right.
More money

#73 Barb on 07.25.21 at 5:01 pm

Cheap rent in Inuvik.
But, nooooooo, they want to live in the most expensive cities.

And I want a French cook.

#74 CJohnC on 07.25.21 at 5:02 pm

#39 Faron

What is completely “effed up” is a lot of your thinking

#75 IHCTD9 on 07.25.21 at 5:03 pm

#54 Millennial 1%er on 07.25.21 at 4:06 pm
can we stop with the unsustainable immigration? I’m all for immigration (immigrant myself) but maybe the rate is causing some strife in our communities & societies
——————

.02 more on immigration. We need it if you expect the “free” health care, CPP, OAS, GIS, CCB etc.. to carry on for you and any offspring you might have. Born Canucks (Westerners in general) aren’t having kids, and there are some damn good reasons for that. Immigrants bring their old world culture with them, and part of that is family – they will suffer to have it, Westerners will not.

Immigration is an unfortunate requirement of living in the current day West. At the same time, it is the future for any advanced civilization. Prosperity is complex, complexity costs $$, and it’s only an ever increasing economy (and tax revenues) that will support it. That requires increasing population (for now…)

The day we can’t attract immigrants, is the day we start simplifying our civilization, and most folks will see this as bad – because it’s a reduction of prosperity through necessity – a going backwards in time.

There will come a day when machines will do more of the work than humans, but until then, we need an increasing population if the past you understand as normal, can also be your future.

Give it some thought, immigration in Canada is good, at least prosperity wise.

#76 Ponzius Pilatus on 07.25.21 at 5:07 pm

#64 Ihtcd9

What you don’t want is to slow the dilution of born Canucks who feel entitled to this, that, and everything else. The fewer Western born and educated Canadians we have in this country, the better it will be.
—————
I suggest a quick and effective solution:
You and your right wing buddies sponsor one of those “perfect” immigrants, and then you take the place of them in’the “old countries”.
Seems like a fair deal.

#77 Ponzius Pilatus on 07.25.21 at 5:17 pm

Today I saw a GMC YUKON with Alberta license plates on the woke streets of downtown Vancouver.
I kinda pictured Yukon Elvis driving that monster.
5 mpg tops.
I thought that the guy was quite gutsy parking downtown, but then I noticed the dirt and dust, and thought keying it would probably not make much of a difference.

#78 ts on 07.25.21 at 5:18 pm

#11 Ballingsford on 07.25.21 at 1:19 pm

Oh don’t worry, inflation and an increase in interest rates will solve the problem.

#79 morrey on 07.25.21 at 5:23 pm

Today I learned that some of my millennial friends also believe the land we live on does not belong to us, it belongs to the indigenous communities.

This kind oif murky thinking will lead to a raft of problems. Private Property is here to stay. Who Cities and industries have long ago moved on long ago.

#80 Just asking…. on 07.25.21 at 5:25 pm

If it’s only right to tax away the real estate investors profits should losses be reimbursed when the bubble pops?

#81 Ponzius Pilatus on 07.25.21 at 5:31 pm

“If you take “unaffordable housing” to its logical conclusion, you will get homelessness”.
Ponzius the Elder

#82 Mayor John Tory on 07.25.21 at 5:42 pm

DELETED

#83 The West on 07.25.21 at 5:42 pm

#21 Faron

The problem is – the Champagne Socialists (who all laud Karl Marx) read the wrong book. The Communist Manifesto is a half assed social satire. Marx’s real work was “Das Kapital” – where he pointed out, quite accurately, that industrialized society was building an eternal struggle between rich and poor because wealth was “artificial” and could be empirically measured between those who “controlled capital” and those who “worked for a wage”.

A hundred and fifty four years later, like we have learned nothing, we’re laying the ground work again for an awful, awful future.

Champagne socialists and useful idiots.

https://en.wikipedia.org/wiki/Das_Kapital

#84 Quintilian on 07.25.21 at 5:46 pm

61 Joseph R
“Now, if every private bank is acting rationally and lends out the maximum their can to their prime customer, what’s the end results?”

And if politicians contribute rationally as well, we have accentuated results.

Tick Tock Tick Tock

#85 IHCTD9 on 07.25.21 at 5:51 pm

#67 Sail Away on 07.25.21 at 4:29 pm
#48 IHCTD9 on 07.25.21 at 3:45 pm
#26 Faron on 07.25.21 at 2:23 pm

https://mobile.twitter.com/McAllister_Mark/status/1417899366925414404

———-

Sweet!

The cops were really kicking some activist @ss there!

———-

Glad to see police being allowed to do their job. Now some similar action toward church-burners, flag stealers, and statue destroyers and I’ll donate to the RCMP. Let’s see if money talks.
— —

I’m certain that the individual cops themselves are chomping at the bit to toss all these limp ****** loser activists in the clink – no extra cash required. Hell, I’d volunteer for that job, and love every second of it. Link those arms homies – that way I can drag 2-3 of you at a time through our line at the same time. :)

Tory let them do their job, kudos. As far as Church burnings and statue topplings go, Trudeau is pulling back the reins. Just like he did when the rail blockers decided to deprive Eastern Canada of the resources they needed to survive. Weak Federal leadership, anyone surprised? Nope. This has been Ottawa’s MO since 2015 – no brass, no brains, dumb as a stump, typical of a dude who thinks wearing blackface is a-ok. It’s a good time in Canada to commit a federal offence, because we’ve got a woke elite doorknob white boi at the helm.

If the RCMP was in charge, there’d be a crapload of arsonists rotting in jail right now – right where they should be. Alas, instead we have Trudeau…

#86 Chris L. on 07.25.21 at 5:57 pm

Reduce zoning and bylaw constraints. Allow people to build the houses. This is what stops the market correct itself. Get. Out. Of. The. Way. BUILD. You’ve tried everything other than addressing supply side…address the supply.

#87 BillyBob on 07.25.21 at 6:03 pm

I’m no fan of the over-militarization of the police. The “enforcement” mentality, the thug-life Charger cop cars. I much preferred the white Crown Vic with a sensible person inside who was respected because law was somewhat respected, not because he has a baton and a Glock.

But watching that video clip – which I assume was intended to somehow document purported police “brutality” just made me feel sympathy for the police. In a country with some of the most generous social programs in the world, these professional activist losers still feel the need to claim space intended for everyone. Because they just don’t feel that gushing flows of government money in the form of cheques, of buying hotels (BC) and building rec centres (Victoria) and endless injection sites and programs and on and on…are enough.

I definitely feel for the police there. They’ve been reduced to trash collectors.

And good for them, for enforcing the law after giving ample notice and using remarkable restraint in the face of provocation. It always amazes me, the surprise that these idiots experience when actually held to account for their actions. Even in Canada where you can cheat on taxes, steal other’s property, vandalize and burn with near-impunity (as long as it’s for the approved cause) it appears that may still be a small shred of the rule of law.

#88 david greene on 07.25.21 at 6:04 pm

Exactly, but you’re ethical and law abiding if you arrange an illegal tenant relationship, right?

==================================
#67 Sail Away on 07.25.21 at 4:29 pm

#48 IHCTD9 on 07.25.21 at 3:45 pm
#26 Faron on 07.25.21 at 2:23 pm

https://mobile.twitter.com/McAllister_Mark/status/1417899366925414404

———-

Sweet!

The cops were really kicking some activist @ss there!

———-

Glad to see police being allowed to do their job. Now some similar action toward church-burners, flag stealers, and statue destroyers and I’ll donate to the RCMP. Let’s see if money talks.

#89 Leo Trollstoy on 07.25.21 at 6:17 pm

#21 Faron’s Follies
“Keyed Bentleys will be just the tip of the iceberg….”

When they key my Uber driver’s car, I’ll give them a $1 tip and walk away

#90 Ponzius Pilatus on 07.25.21 at 6:25 pm

#85 Chris L. on 07.25.21 at 5:57 pm
Reduce zoning and bylaw constraints. Allow people to build the houses. This is what stops the market correct itself. Get. Out. Of. The. Way. BUILD. You’ve tried everything other than addressing supply side…address the supply.
——————
Sure, people are hungry.
Let them eat them more cake.

#91 Emma on 07.25.21 at 6:26 pm

Check yourselves, people, the reason this sub exists is because this country is pushing us all closer to this reality every single day.

If you can’t see this happening to you, you’re deluding yourself about how bad this crisis really is, huge portions of the population are 1 breakup or job loss from homelessness and the endless, expensive trap of this type of poverty.

You think any of these people thought they were going to grow up to be homeless as a kid? It only takes a brief look at history to see that this can happen to you, because there really is no limit to how much of the population can be homeless, serfs, or slaves if nobody fights back.

Punching down is for those too clueless to see the big picture.

I don’t know why everyone is complaining so much about a few tents on the grass and people who are not even fighting back against militarized police.

All these people have good reason to be leading an armed rebellion against a government that is actively oppressing them

#92 Quintilian on 07.25.21 at 6:32 pm

#61 Joseph R.
“The field of economics that deals with this issues is named game theory. The prisoner’s dilemma is one of the best known example of applied game theory.”

Add the exponential factor by the politician and you have the greatest bubble in history.
Tick Tock Tick Tock

#93 Infinite Eye Rolls Courtesy of SailAway on 07.25.21 at 6:33 pm

#41 SailAway “We’d probably all be better off staying out of other peoples’ business.”

Really? Read your post #10 and tell me how your nose is not so far up this FOP guy’s business that you know what he had for lunch.
I guess with you it is mind your own business when it comes to exposing someone as a tax cheat, but not when it comes to exposing someone as a hypocrite.

The Canadian tax code has always relied heavily on the honour system. No surprise, some people’s honour can be purchased for a small discount.

And it is not quite true that it is not your business if the money someone is paying you with was obtained illicitly. If you have followed the Madoff case you will know that a great many of the feeder funds to Madoff’s scheme that realized and booked gains have had to return that money.
In addition, they have gone after the commissions paid to investment dealers who referred clients to Madoff. Are any of these people going to jail? NO, but some are now subject to civil action on behalf of investors who lost money. The lawyers are arguing that they should have been aware that the gains delivered by Madoff were not possible and likely malfeasance was involved.

#94 Emma on 07.25.21 at 6:37 pm

Freedom fighter

#95 WTF on 07.25.21 at 6:44 pm

If anyone thinks CRA is going to ride in on its white horse to punish the tax dodgers maybe rethink that.

We have snow washing, panama papers, cash jobs, undeclared rental income. 21 Yr old Students buying million $ properties, undeclared funds at our borders. Relying on a CRA hotline that is probably overwhelmed, never manned, and not enough auditors.

If the low hanging fruit isn’t important to CRA No way anybody in Govt is going to actually work at finding somebody stiffing the taxman for a few hun in undeclared rent. Although the Bank WILL lend you more $ to get a bigger mortgage based on said undeclared rental income.

Simple fix, give a tax credit to renters, address now logged in “the system” for cross referencing. Considering the amount of OTHER undeclared $ in this country it would be a drop in the bucket but send a message.

BC just takes goes the civil forfeiture route which Is a rather onerous way of avoiding the judicial system but perhaps a symptom of a dysfunctional Federal Income Tax avoidance Audit system

https://vancouversun.com/news/local-news/province-wants-cash-house-from-banned-commercial-fisherman-for-alleged-illegal-fishing

#96 Danger Dan on 07.25.21 at 6:50 pm

Correct me if I’m wrong but my understanding of the situation is that the primary cause this RE bubble has been ZIRP and easy lending policies.

Subsequently, the solution would be a combination of raising the prime rate and tapping the brakes on QE.

How, though, can a government that has embarked on an ambitious social programs spending agenda (new debt) afford a rising rate environment?

Has the government in reality just slammed the door on the most feasible solution to the housing crisis?

I worry that on this trajectory, the “solution” that will be cherry-picked is for the government to get even more involved in the market a la … Berlin, was it?

#97 Yukon Elvis on 07.25.21 at 6:57 pm

#79 morrey on 07.25.21 at 5:23 pm
Today I learned that some of my millennial friends also believe the land we live on does not belong to us, it belongs to the indigenous communities.

This kind oif murky thinking will lead to a raft of problems. Private Property is here to stay. Who Cities and industries have long ago moved on long ago.
+++++++++++++++++++++++

If the land belongs to the first ones to arrive then if follows that the USA owns the moon since they arrived there first, planted flags, and plundered some rocks. Perhaps they could charge us a crepuscular tax for lunar illumination that we all use every night. Fits right in with woke logic.

#98 Scaron on 07.25.21 at 7:03 pm

#36 Faron on 07.25.21 at 3:07 pm
Did you see any of the “people experiencing homelessness” fighting the cops in that clip? No, me neither. – Garth

You can tell this how, exactly? And it’s a problem that people of any means came to advocate? Any you think that a group already at odds with police is going to further jeopardise themselves including the alleged free housing and services (assuming it even exists and in any kind of quantity)? All ’cause my kids need summer camp. WTF.

Faron, shame on you for looking at it solely through the lens of your white privilege. Sure, you have plenty of green space and water surrounding you for your recreation needs. Not so much in Toronto. And the kids summer camps? Not for the Richie Ritches, I assure you. Those kids go to Muskoka, most of these these kids will be from lower/middle income working class families. I know, I grew up in one of those families and attended some of those day programs. Get off your high horse. Your knee jerk outrage on behalf of ‘the poors’ is offensive and not helpful.

#99 Yukon Elvis on 07.25.21 at 7:05 pm

#77 Ponzius Pilatus on 07.25.21 at 5:17 pm
Today I saw a GMC YUKON with Alberta license plates on the woke streets of downtown Vancouver.
I kinda pictured Yukon Elvis driving that monster.
++++++++++++++++++

It was nice having a truck named after me. Do you drive a Ponzius ?

#100 Km on 07.25.21 at 7:13 pm

Your comments on what needs to change is bang on however no political party will have the guts to do it , they never want to piss off any part of a voter base. It will stay as is with the malcontent getting worse and the divide getting bigger.

#101 wallflower on 07.25.21 at 7:14 pm

#23 I’m stupid on 07.25.21 at 2:04 pm

I’m with stupid: everybody I know who collected “rent” money did not declare it or do any accounting of it – I personally also paid a Hong Kong based landlord of a condo in Markham for several years $2500 per month and I know she deposited the money via a cash store – ya think she was declaring her income anywhere in the world? – it does raise an interesting issue – all those offshore owners of condos who do rent … all that income would never accrue to any CRA tax return

the housing file is a mess, any which way you slice it … of 100% population in our housing market, what % actually follows all the rules?

#102 Ponzius Pilatus on 07.25.21 at 7:19 pm

If the RCMP was in charge, there’d be a crapload of arsonists rotting in jail right now – right where they should be. Alas, instead we have Trudeau…
————–
Sure.
Time for a coup d’etat.
Junta here were come.

#103 Concerned Citizen on 07.25.21 at 7:20 pm

We could do all that Garth, or we could simply institute a law that the real cost of money can never be negative. That means if inflation is 5%, the absolute lowest the Bank of Canada rate can be is 5%.

It is twelve years of negative real interest rates that has brought us to this disastrous situation. When money costs less than nothing, all sense of financial discipline and prudent decision making go out the window.
This is what 12 years of financial excess looks like.

Of course, we wouldn’t need such a law if our central bankers hadn’t unilaterally decided to ignore their inflation mandate. But since they have, we need to do something if we’re to avoid even more catastrophic damage.

Naturally, the chaaces of this happening are next to zero. They’re clearing trying to inflate away the debt on the backs of the poor and the young. I continue to see a huge exodus of young people out of the country, and I doubt we’ll be getting the best and brightest through immigration going forward.
As for the poor, it could get really ugly – with 1 bedroom crack-shoeboxes are going for $500K and trailer homes going for $400K, where exactly are these people supposed to live?

#104 Damifino on 07.25.21 at 7:22 pm

#90 Emma

Did you fail to read the paragraph below in tonight’s post? Or, did you read it, but dispute its truth and/or accuracy. If so, then please elaborate.

The illegal campers had received a month’s notice and the city had indoor rooms awaiting them. For free. Most were pretty calm about the whole thing. However, several hundred young protestors (not homeless) emerged, tore down police fences, erected barricades, linked arms, chanted, resisted, recorded it all on their phones and caused the chaos that was their goal.

#105 Linda on 07.25.21 at 7:24 pm

#51 ‘espresso’ – “What happened to plain old apartment buildings average folk can afford?”

‘plain old apartment buildings’ are NOT trendy. They don’t tend to come with concierge, rooftop pools/patios/shared entertainment centres; top of the line appliances; granite countertops ditto; custom workout/yoga studio; coffee bar complete with barista etc. They tend to be dated/old, with fewer floors & a shared laundry room that may have no more than a single washer/dryer with a sink to do hand laundry in for those so inclined. Beige carpet prevails in the hallways. Insect life may share your space; rodent life too. This is not what the house lusty desire to live in. However despite the perceived lower value provided by such buildings the cost to occupy has increased, in part due to urban sprawl. A place once considered located at the outer edge may now be perceived to be inner city & if said space is located anywhere near a trendy location, hello rent increase.

#106 Paulo on 07.25.21 at 7:28 pm

#23 Im Stupid:

You are likely correct. i would suspect that north of 80% of un registered basement or otherwise apartments in residential houses go unclaimed for tax purposes: why, because they can get away with it. the same as speculators purchasing a house splitting it into 2 apts and renting them with utilities included owner keeps expenses in there name. after a year and a bit sells the property for profit claiming PR Exemption. same with basement apts etc in private residences ; how to catch a tax cheat: CRA are you listening: create a federal renters tax grant of say $1000 annually with the only requirement that tax filer claim the address and person rent was paid to. that simple database and cross ref the addresses and individuals whom money was paid to. i bet the discovery of undeclared income(rent) and claw back against the personal residence exemption would create a massive found tax base and expose tax cheats and speculators in spades the effort would be fully self financing .

#107 Billy Buoy on 07.25.21 at 7:30 pm

The only difference between the “cash” landlord and those hiding money offshore, etc is the landlord doesn’t have the cash to influence politicians as much as the wealthy Corp or individual.

Just like the war on drugs. If it’s heroin off the streets it’s illegal. If it’s government approved Oxy and gets their cut through donations, a bit of tax, it’s legal.

Same as it ever was….and please don’t say there is a difference unless you believe in the tooth fairy.

#108 Billy Buoy on 07.25.21 at 7:34 pm

Oh yeah excuse me.

Many politicians worldwide become independently wealthy based on their own merits … nothing to do with connections, payoffs, inside information, etc.

It’s all just a big game. Always remember that. Always.

#109 crowdedelevatorfartz on 07.25.21 at 7:38 pm

@#98 Yukon Elvis
“Do you drive a Ponzius ?”

++++

Would that be the Austrian built electric vehicle that annoys everyone on the road with its slow driving, constant lane changing, and the horn is a snide bleat?

#110 Yukon Elvis on 07.25.21 at 7:41 pm

#102 Concerned Citizen on 07.25.21 at 7:20 pm
We could do all that Garth, or we could simply institute a law that the real cost of money can never be negative. That means if inflation is 5%, the absolute lowest the Bank of Canada rate can be is 5%.

It is twelve years of negative real interest rates that has brought us to this disastrous situation. When money costs less than nothing, all sense of financial discipline and prudent decision making go out the window.
This is what 12 years of financial excess looks like.
++++++++++++++++++
Bingo bango bongo. Give this citizen a cigar.

#111 Ballingsford on 07.25.21 at 7:43 pm

#78 ts on 07.25.21 at 5:18 pm
#11 Ballingsford on 07.25.21 at 1:19 pm

Oh don’t worry, inflation and an increase in interest rates will solve the problem.

——-
Always have the easy answer for the seemingly easy solution, eh,?!, without spending the time to look at the root causes.

Analyze the cause before the solution.

Those things won’t do chitt! Will they suddenly or slowly fix prices? Got some barely infested alligator swamp land in Florida for sale for you.

I’ll give you a great deal. You can build a home cheap in the middle of it before inflation sets in and interest rates rise.
Party with the gators!

#112 Bartman on 07.25.21 at 7:44 pm

Does everybody still get a trophy?

#113 crowdedelevatorfartz on 07.25.21 at 7:49 pm

@#81 Ponzie the Pedantic Peabrained Prognosticator of Petulant Prattle

““If you take “unaffordable housing” to its logical conclusion, you will get homelessness”.
Ponzius the Elder”

+++++

I’m grateful that you chose to spew forth your wisdom before I ate supper.
Thank you.
I’d say there’s lots of reasons for homelessness in Vancouver, or B.C., or Canada. …. unaffordability being but one reason.

#114 Steven Rowlandson on 07.25.21 at 7:49 pm

Make home prices and rents illegal for lets say 50 years and then regulate them after 50 years based on the 3 years pay rule at minimum wage for homes and apartments limited to equal to or less than one weeks pay per month at minimum wage. Land prices should be set to one dollar an acre for those that need land to build on.
If you want profits, fine! Work, invent something or run a productive business or invest in one but don’t screw over your fellow Canadian for everything he will ever earn and more. Real estate is a place to live it isn’t a GD investment!

#115 millmech on 07.25.21 at 7:55 pm

Spent the weekend helping a friend dig a holes and set new fence posts for his yard, we will be installing an eight foot high chain link fence that has slats inserted through them to make it harder to climb. Their house is on green space that now has a homeless camp on it. His young kids can not play in their own yard until either he or his wife pick up the discarded hypes that are thrown over the fence every night and the human excrement has been washed away.
The police and city of do nothing he is now looking at moving to a gated community where it will be safer to raise his two kids. What a great country we are.

#116 NSNG on 07.25.21 at 7:57 pm

It makes you wonder how these people are always conveniently blind to the core problem in all this which is easy credit. Every time you bring it up on their social forums, they freak. So who are the true backers and what is the true agenda is with these movements?

#117 S.Bby on 07.25.21 at 7:57 pm

In BC if you are an over 55 homeowner in your principle residence you can defer your property taxes until the property is sold. 1% simple interest is charged and this is ostensibly to help low income seniors stay in their multi-million dollar homes.

#118 S.Bby on 07.25.21 at 8:02 pm

Vancouver has these clowns to deal with:

https://www.vancouverisawesome.com/local-news/protest-at-burrard-street-bridge-declared-over-traffic-open-in-all-directions-3983318

#119 TheDood on 07.25.21 at 8:02 pm

#45 crowdedelevatorfartz on 07.25.21 at 3:36 pm
@#23 Your friend is stupid
” My friend has a basement renter and they pay cash. The rent was $1300 a month but she reduced the rent by $100. So the renter gets almost a month free and my friend gets to supplement her income tax free. ”

++++

The renter can drop a dime to the CRA on the Landlord at any time.
You could also contact the CRA.
Anyone else your landlord friend has told could also inform the CRA.
________________________________

What a dirtball, despicable thing to do though no?

#120 crowdedelevatorfartz on 07.25.21 at 8:02 pm

Hmmm.
Speaking of “homeless” and resolutions.

Could be interesting if the Libs, NDP and Cons raise their “Foreign Ownership” solutions during the looming election campaign.
Seems the Libs have the softest milksop solution.
The NDP are a bit tougher than the Libs
and the Cons want to ban it outright.

Let the games begin.

#121 Stoph on 07.25.21 at 8:07 pm

The Canada Housing Crisis warriors have a legitimate complaint – housing is unaffordable in Canada. People on the blog (me included) kept on saying that people should move to more affordable places, which they have over the course of the last year and now those places too are unaffordable.

The group however has no recommendation to make it easier to build housing to increase its supply, and as pointed out on the blog post fail to recognize the importance of landlords in increasing rental supply. They also fail to address low interest rates, which have allowed prices to skyrocket far beyond people’s incomes.

#122 IHCTD9 on 07.25.21 at 8:11 pm

#101 Ponzius Pilatus on 07.25.21 at 7:19 pm
If the RCMP was in charge, there’d be a crapload of arsonists rotting in jail right now – right where they should be. Alas, instead we have Trudeau…
————–
Sure.
Time for a coup d’etat.
Junta here were come

No junta. Just throw the criminals in jail.

Like what we did since the beginning of time, prior to Trudeau.

#123 MBA101 on 07.25.21 at 8:12 pm

#23 wrote “Giving renters tax credits might cost nothing. How many cash rent deals are there in Canada? Renters paying cash in exchange for lower rent and the mom and pop landlord doesn’t claim it as income. No one really knows how often this occurs. My friend has a basement renter and they pay cash. The rent was $1300 a month but she reduced the rent by $100. So the renter gets almost a month free and my friend gets to supplement her income tax free. I’m not saying it’s right but this is going on.”

The landlord is a criminal. Get better friends. – Garth

————-

So the landlord reduced their income by $1200 to avoid paying income tax? Crazy. Hopefully they know they can legally deduct a portion of mortgage interest, house insurance, property tax, utilities (water, hydro, Internet, gas), and other maintenance items. Bought a hammer? Write it off. Just avoid writing off capital expenditures to keep the principal house exemption on eventual sale. My advice is to get an accountant (best decision I ever made). The landlord in this case can then increase the rent back up by the original $100 amount and its likely a wash after paying the income tax w/ deductions.

#124 45north on 07.25.21 at 8:14 pm

What do they want?
Cheaper houses, of course. “We want to show politicians that we’re serious. We have to stop being polite about it. Housing is a right,” says a group spokesperson. “We’re here, we’re angry, we need a solution and we can’t stand by.”

and as I said before

Housing is unaffordable because it costs too much. 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.

nobody has argued. The government could make housing cheaper. Problem is that some people who bought would not be happy. People who have taken on massive debt to buy a house would not be happy at all. Also there’s no guarantee that the price would go down a measured amount. I’ve been predicting a crash and government action could well bring it on. Let it come.

#125 Faron on 07.25.21 at 8:16 pm

#97 Scaron on 07.25.21 at 7:03 pm

I challenge you to show me that the percentage of useable greenspace with homeless encampments on it is more than a small fraction of the greenspace in the city and thus meaningfully impacts recreation. Throwing children in the mix is a disingenuous scare tactic. And offensive to whome exactly?

#126 Billy Buoy on 07.25.21 at 8:27 pm

Too much truth in the statements:

it’s not what drugs are illegal but who’s?

and

If you are connected and can game the system aka some politicians it’s ok but are just a member of the 99% it’s not ok?

Please..Be an adult.

#127 the Jaguar on 07.25.21 at 8:30 pm

Arrived back from the south country. A little sunbronzed and tired, but still in one piece despite being nudged along the paths and corrals by overly confident horses who have no understanding of ‘personal space’ and act just like dogs at times.

Passed by many rural properties and businesses that proudly fly the Maple Leaf. Some with the Alberta flag beside them. Just try and steal those flags on Canada Day or any other day and you’ll be picking buckshot out of your hind quarters for days.

Quite a few USA license plates heading back south towards the border. There must be an ‘underground railroad’ of sorts to transport those who just aren’t having any of this ‘closed border’ nonsense. Pretty sure Non Plused sped by me in a black Lincoln Navigator pulling a speed boat. I should have made a citizens arrest. Don’t know what’s going on in the rest of the country, but here in Alberta being taken prisoner by the threat of a ‘third wave’ is just ‘not on’. Patios full, Folk Festival on in Prince’s Island Park, etc. “Onward” isn’t the official motto of Calgary for nothing.

Reading through the comments on today’s post, Damfino’s stands out to me. This part:
“….. several hundred young protestors (not homeless) emerged, tore down police fences, erected barricades, linked arms, chanted, resisted, recorded it all on their phones and caused the chaos that was their goal.”

Round up the usual suspects. The same ones who stold Garth’s flag, blocked railroads last year (remember when some First Nations people said they didn’t recognize or know who some of the people were who blocked the tracks?), and who take every opportunity to burn, loot, smash property, all in their black bloc clothing. They are beneath contempt. Cowards. Time to treat them like the domestic terrorists they are and use all means necessary to bring them to Justice. The painful kind. Their fifteen minutes of shame are up.

That aside……….’What a great time to be alive! “

#128 Mid Century on 07.25.21 at 8:35 pm

#51 espresso bob

Non-Profit works! As an example my friend lives in a co-op. 82 units. cheapest unit is 1000/mt. Heat and hydro extra. (No subsidy) 1000X 82 units that generates>1M per yr. Enough money to repair units and keep them in good working order, pay property taxes, etc. Units are not stellar ( no granite, stainless or pot lights), but are clean, functional and in very good condition.

If someone moves out in the middle of their lease, the new tenant pays the same amount. Can’t profit from vacancy, that is why the rent seems low, comparably.

Some background info. Co-op is 40 years old—just paid off the mortgage. Land is leased from the city. General membership meetings to approve financials, rent increases, and by-laws. Self-governing. No renovictions! No landlord.

Non-profit co-op is what we should be building. For some reason that stopped in the 90s. This is what we need more of.

Mid

#129 Mid Century on 07.25.21 at 8:44 pm

And the best thing is No Blackstone or Starlight or other asset management firm can take over the co-op, and kick tenants out. Tenants have secure housing, which by the way is a human right, according to International law.

#130 Trudi Woods on 07.25.21 at 8:52 pm

You’ve heard the saying I’m sure…the very rich are not like us…same applies to the very poor…but they build communities based on the human dignity they were born with…there are leaders and many newcomers to poverty within that community now…the city has a responsibility to find those leaders and for once listen to them…

#131 Yukon Elvis on 07.25.21 at 8:56 pm

#108 crowdedelevatorfartz on 07.25.21 at 7:38 pm
@#98 Yukon Elvis
“Do you drive a Ponzius ?”

++++

Would that be the Austrian built electric vehicle that annoys everyone on the road with its slow driving, constant lane changing, and the horn is a snide bleat?
++++++++++++++

That’s the one. With the Alfred E. Neuman hood ornament.

#132 Faron on 07.25.21 at 8:58 pm

#121 IHCTD9 on 07.25.21 at 8:11 pm
#101 Ponzius Pilatus on 07.25.21 at 7:19 pm

…criminals…

Yes, those terrible criminals just… standing there… in a public park… And straight to jail. I see. Due process for some but certainly not these apex criminal masterminds who were… standing there. I guess they did raise their voices a little… If, you know, standing there should result in jail time you better be squeeky clean my friend or damn sure of your privilege (which I’m sure you are).

Right, homie? Or do you go by G? Bro? For shizzle

#133 Bruce Wood on 07.25.21 at 9:12 pm

Sorry I don’t read the comments, just chip in my 2 cents semi annually. I am amazed you take the time to moderate so many comments. It must take longer than writing your article.

#134 David Pylyp on 07.25.21 at 9:13 pm

Homeless. Toronto needs to expand its own rental housing stock… thru whatever agency.. Fraser institute projected 8,500 per year starting in 2003

Tory made a Report. A presentation.
Nothing has been done since.

Build more. Increase supply. Change biggest obstacle; politicians.

#135 Scaron on 07.25.21 at 9:18 pm

#124 Faron on 07.25.21 at 8:16 pm
#97 Scaron on 07.25.21 at 7:03 pm

I challenge you to show me that the percentage of useable greenspace with homeless encampments on it is more than a small fraction of the greenspace in the city and thus meaningfully impacts recreation. Throwing children in the mix is a disingenuous scare tactic. And offensive to whome exactly?

Yeah, no. Consider the amount of green space vs population density in the area. It’s disingenuous to suggest that the problem is the amount of square feet taken up by a few tents when the problem is the impact the encampment had on the surrounding neighbourhood. If the people in the hood don’t feel safe using the park, then the whole park is out of commission.
You’re the one who mentioned children first, I believe in the context of ‘why should those privileged little s.o.bs get a safe, used-hypodermic-needle free space to run around in?’ Amirite

#136 crowdedelevatorfartz on 07.25.21 at 9:25 pm

@#118 The Dood.

“What a dirtball, despicable thing to do though no?”

++++
Yes. I agree.
Getting under the table cash and then bragging about it is a dirtball, despicable thing to do.

:)

#137 TurnerNation on 07.25.21 at 9:34 pm

I first reported the Park People mid 2020- they all appeared that fateful week March 2020.
– The park at Dundas W/Bathurst now has miles of temp fencing, marked entrances and about 2 dozen private security staff on site.
It looks like…a War Zone. Fitting for this WW3.

———————

Re. Economic Lockdowns. NOW I believe those saying that Australia is the test zone.

https://reclaimthenet.org/adelaide-cctv-card-data/
In Australia, announcements have been made just this week that credit card data trails and CCTV surveillance footage will now be used for contact tracing.
South Australia State’s capital Adelaide will go into a seven-day lockdown and in announcing this, officials there said that in order to more efficiently implement their contact tracing scheme, they will use QR scan information to determine people’s location.
In addition, the authorities will also be accessing people’s bank account details and CCTV cameras, while restaurant owners are said to be “aware of this” and working very closely with the state.

————-
————-

— Oof a PCR test was just banned, it’s faulty. Trust the science guys!!

https://www.fda.gov/medical-devices/medical-device-recalls/innova-medical-group-recalls-unauthorized-sars-cov-2-antigen-rapid-qualitative-test-risk-false-test
Innova Medical Group Recalls Unauthorized SARS-CoV-2 Antigen Rapid Qualitative Test with Risk of False Test Results
The FDA has identified this as a Class I recall, the most serious type of recall. Use of these devices may cause serious injuries or death.
The test used a nasal swab sample and test strip to detect specific proteins, called antigens, from the SARS-CoV-2 virus.

#138 Father’s Daughter on 07.25.21 at 9:37 pm

I would love nothing more than to see a sustainable solution to ending homelessness and finding ways to ensure affordable housing for all. That being said, after living beside Moss Park for seven years, there is a serious public safety concern within our city parks. It was downright dangerous. The green spaces were unusable. The police didn’t have time to respond to my 911 calls and would mostly not show up. Councillors had no answers when I asked them why I couldn’t be afforded basic safety expectations as a tax paying citizen. Call me NIMBY all you want, but there has to be some type of order in public spaces.
Regarding “unsustainable immigration” from an immigrant himself..
Glad that you make the cut but hope that others won’t. Where are the kids going to come from? Canadians are losing interest fast. Childrearing isn’t valued here. Childcare, and general living costs are unaffordable. Education takes forever, you’ll ruin career opportunities. Single income households are looked down upon, but life as a working parent can be a nightmare (can’t find childcare, childcare $$$, irregular hours, kids are sick, no family in town, before and after school programs) I know I know it’s not cool to complain though, because family life is just as perfect as your Instagram photos. People just won’t make the effort or are choosing fewer. Not to mention, we have a fertility problem. Immigration isn’t optional or unsustainable at our current rates.

#139 Ponzius Pilatus on 07.25.21 at 9:39 pm

#114 millmech on 07.25.21 at 7:55 pm
Spent the weekend helping a friend dig a holes and set new fence posts for his yard, we will be installing an eight foot high chain link fence that has slats inserted through them to make it harder to climb. Their house is on green space that now has a homeless camp on it. His young kids can not play in their own yard until either he or his wife pick up the discarded hypes that are thrown over the fence every night and the human excrement has been washed away.
The police and city of do nothing he is now looking at moving to a gated community where it will be safer to raise his two kids. What a great country we are.
—————
Sorry to hear about your friends.
But there are over 36 million of us here, and we all have our issues.
At least they have the money to move to a gated community.
If you want perfection, move to a place called Utopia.

#140 Annek on 07.25.21 at 9:41 pm

#23 I’m stupid on 07.25.21 at 2:04 pm
Giving renters tax credits might cost nothing. How many cash rent deals are there in Canada? Renters paying cash in exchange for lower rent and the mom and pop landlord doesn’t claim it as income. No one really knows how often this occurs. My friend has a basement renter and they pay cash. The rent was $1300 a month but she reduced the rent by $100. So the renter gets almost a month free and my friend gets to supplement her income tax free. I’m not saying it’s right but this is going on.

The landlord is a criminal. Get better friends. – Garth
…………….
I say, report these landlords to revenue Canada

#141 Garth's Son Drake on 07.25.21 at 9:43 pm

What I saw on TV was an army of riot ready cops swarming the area like it was some kind of military action – swift action.

It looked brutal.

There is only one solution to housing. One home per Canadian family for living in. Confiscate any additional homes owns and put them up for auction. Forget about taxing them.

The above solution would crash the entire economy unfortunately because of how long it has been running as an unregulated capital market.

So, we all know nothing is going to happen and house prices will continue to stay out of reach for the majority of millennial and younger (however, many will eventually get a home inheritance which will muzzle them). And those who don’t will just be homeless or paying very steep rent.

#142 fishman on 07.25.21 at 9:50 pm

The south end of Burrard St. Bridge ends at the 12 acres of Squamish nation land. Under the bridge a ceaseless drama. The encampment builds slowly. Inevitably the all nite generators. The dope dealers hiding among the homeless. Juicing their bikes & phones. Suddenly, mysteriously a dozen city workers,dump trucks, backhoes, bobcats arrive. Everything goes, the trash, the tents, the barrels for water,the needles,fire pits, tarps, cord,generators, everything. The gravel raked & the ground left pristine. The dogs safely released to run again. This constantly recurs & I have seen the process 3 or 4 times because the purge happens around my morning dog walk time. No fuss, no muss. Seems that the Capilano chiefs over in North Van have it figured how to politely, quietly & safely remove a homeless encampment. Any of you blogsters frustrated with the shitrats & dope dealers spoiling your dog walking parks should give them chiefs a call. Learn how its done.

#143 Ponzius Pilatus on 07.25.21 at 9:50 pm

What puzzles me is that some people here think that living on the street is a “choice”
Well, I’d like to hear some examples of where healthy, sane persons decide one day, hey from now on I’m gonna live on the street.
And it’s gonna be a blast.
Lots of mental illness out there, and kids kicked out by their parents etc.

#144 catnogood on 07.25.21 at 9:55 pm

IHCTD9,

Immigration is excellent but the immigrants have to pay their way and have an at least modest command of english or french after a few – say 2 – years. Also, immigration would be much more beneficial to this country if immigrants had to commit (legally) to living 100 K from nearest population center of > 100,000 people. Immigrants are vital, hard working and would benefit the more rural parts of the country immensely. I am an immigrant twice over.

#145 Nonplused on 07.25.21 at 10:06 pm

The only thing that can bring down the cost of housing is to build more of it.

#146 Sara on 07.25.21 at 10:07 pm

#65 Linda

“As for ‘shelter credits’ for renters: let me see. As per this very blog, renters are generally subsidized by landlords. The cost of owning usually means paying interest to whoever issued the mortgage – the profit of such interest being the reason why someone is willing to loan the funds in the first place. If capital residence RE becomes taxable upon the sale of, should not the RE owner at least be allowed to deduct the mortgage interest paid as is the state of affairs in the USA? Why would a renter receive a shelter credit if they are not paying a premium on the cost of shelter such as those who hold a mortgage? Renters are not responsible for the upkeep, maintenance or purchase of the abode they reside in. They may or may not pay for utilities above & beyond their cost for the space they occupy. So what exactly is the justification to provide renters a ‘shelter credit’? To subsidize their housing costs as an alternative to providing government owned housing for those whose incomes are insufficient to pay for shelter in the first place? Don’t we do that already? ”

The “justification” is to make less unequal the investment opportunities between those who live their entire lives in homes that they own versus those who live their entire lives in homes they rent. Pretty simple. If we want a largish portion of the middle class to be happy owning no real estate, never seeing crazy-high, tax free principle residence tax free gains, then we need to do something to help the renter class build equity. Some sort of rental tax credit would be one way. I’m sure there are others.

#147 Steve French on 07.25.21 at 10:17 pm

My tennis game was delayed yesterday due to rain!

To protest this extreme injustice against my human rights, i plan to:

– cancel 4 people i disagree with
– argue to change 3 street names
– topple 2 statues
– and burn a Catholic church. Or a Coptic one. Doesn’t matter if it’s mostly a congregation of Filipino-Canadians or Vietnamese-Canadians– they are still settler-colonial oppressors!

Get in my way and I’ll cancel you as well.

#148 Snitches get stitches on 07.25.21 at 10:35 pm

All the kids in school that were hated for being snitches are self-identifying here.

Everyone still despises you.

Unless you are privy to someone’s tax returns, you have no idea what they are reporting, or not.

Snitches get stitches for good reason.

#149 IHCTD9 on 07.25.21 at 10:52 pm

#131 Faron on 07.25.21 at 8:58 pm
#121 IHCTD9 on 07.25.21 at 8:11 pm
#101 Ponzius Pilatus on 07.25.21 at 7:19 pm

…criminals…

Yes, those terrible criminals just… standing there… in a public park… And straight to jail. I see. Due process for some but certainly not these apex criminal masterminds who were… standing there. I guess they did raise their voices a little… If, you know, standing there should result in jail time you better be squeeky clean my friend or damn sure of your privilege (which I’m sure you are).

Right, homie? Or do you go by G? Bro? For shizzle
——

I see. Well, on my planet arson is a criminal offence. But if not so on your planet, that’s cool homie – I’ll just visit elsewhere. :)

#150 BC Renovator on 07.25.21 at 10:52 pm

28 Summertime on 07.25.21 at 2:38 pm
When it becomes impossible for regular people to live honest, normal life, they revolt.

There is much more to come, we have seen nothing yet.

____

I think you are right, there is nothing “progressive” happening with housing. They are actually doing the opposite. Its a head scratcher.

#151 BC Renovator on 07.25.21 at 11:00 pm

Immigration has been stable a less than 1% of the population for several decades. What is ‘unsustainable’ about it? – Garth

___________

1.2Million more over next 3years. We can’t even house our own. Lets take a break and let our idiotic 3 levels of Gov catch up with demand; And let us Build!

#152 Prairieboy43 on 07.25.21 at 11:01 pm

catnogood on 07.25.21 at 9:55 pm
IHCTD9,

Immigration is excellent but the immigrants have to pay their way and have an at least modest command of english or french after a few – say 2 – years. Also, immigration would be much more beneficial to this country if immigrants had to commit (legally) to living 100 K from nearest population center of > 100,000 people. Immigrants are vital, hard working and would benefit the more rural parts of the country immensely. I am an immigrant twice over.
————————————————————————————————
“Birds of feather flock together”. 1975-1979 Vietnam refugees introduced in rural Canada. Vietnamese families all over western Prairies (Alberta, Saskatchewan, Manitoba). Within one year refugees migrated to larger centres (Toronto, Vancouver or home).Similar results with Syrian refugee.
PB43

#153 Linda on 07.25.21 at 11:17 pm

#145 ‘Sara’ – to make investment opportunities less unequal? First, most folks don’t automatically live in a paid for house from the day they are born to the day they die. Second, the price paid to purchase said home may result in no $ ‘left over’ to invest, so where exactly is this inequality you refer to? And do you truly believe even for a moment that any ‘shelter credit’ would be invested by those that receive it? Chances are that should such a credit be created it would be a deduction on your annual tax return along the lines of how charitable donations or medical expenses are treated.

#154 IHCTD9 on 07.25.21 at 11:20 pm

#143 catnogood on 07.25.21 at 9:55 pm
IHCTD9,

Immigration is excellent but the immigrants have to pay their way and have an at least modest command of english or french after a few – say 2 – years. Also, immigration would be much more beneficial to this country if immigrants had to commit (legally) to living 100 K from nearest population center of > 100,000 people. Immigrants are vital, hard working and would benefit the more rural parts of the country immensely. I am an immigrant twice over.
— –

I don’t expect 100% of immigrants to be great at english. I can’t, both sets of my grandparents just never got any good at it. BUT, they built a life produced a 100+ (and counting) new Canucks, and paid their taxes – that’s all that really matters.

These days, an awful lot of new Canadians show up with great English in tow, it’s the language of business, the #1 second language on the planet, and will only get more prevalent going forward. No worries. Not having a handle on English is much worse for the immigrant, than the country – there is a lot of pressure to speak it, most will learn it if they expect to work, and succeed.

As far as immigrants (from the third world) landing outside of a metro ethnoburb, I’m not expecting it quite yet. BUT, second/third Gen Canucks ARE bailing from the Metros. Been happening for years. Children of immigrants are not nearly as dependent on the “burbs” as their immigrant parents. They are Western born, cultured, and educated – they can move around much easier than their parents – and they are.

As the quality of life continues to degrade in big Canadian cities, folks will keep moving out. Last I checked, Toronto and Vancouver are #1 and #2 for population loss due to intraprovincial migration in Canada. It’s just too expensive. Natural pressure will move the children of immigrants around the country, we don’t need to do anything to make it happen. Eventually, we may see a day where new Canucks will indeed land outside of the comfort and convenience of our big city burbs, but I think that’s a ways out yet.

#155 Sue on 07.25.21 at 11:29 pm

Is it a full moon?
Reading the comments, ill just assume( hope/pray) it is. My God this country has lost its common sense.

#156 Sue on 07.25.21 at 11:33 pm

Ooh yes!! I just checked there was a full moon a couple days ago. Hard to tell here in Calgary thanks to all the smoke.
Explains the crazy

#157 DON on 07.26.21 at 12:02 am

#21 Faron on 07.25.21 at 2:03 pm
Yah, prob shouldn’t protest. I’m sure papa Fink will trickle down plenty of 98% roach-free rentals where the plumbing almost always works to the plebes while gushing 5% annual divvies to share holders busily looking for tax loopholes and any offshoring opportunities because all that cash is getting hard to wade through on the way to the Wolf encrusted kitchen.

pull your f’n heads out unless you want more Trumpism on the right and statue toppling (flag stealing) on the left. It will get worse. Eat the rich is becoming a viable movement regardless of party. When a class arises that, literally, has nothing to lose class warfare becomes inevitable. Keyed Bentleys will be just the tip of the iceberg.

#39 Faron on 07.25.21 at 3:16 pm
And you are pissed at me because you know, in your heart of hearts, that the downtrodden are being smooshed and you don’t like having it laid at your feet. No one does. But don’t pretend this isn’t completely effed up.

*******
‘having literally nothing to lose’
and ‘the truth laid to bare’

Nicely put!

There is chatter that we are still in the previous economic cycle which was having difficulties prior to COVID…less we forget again. Once the initial ‘return to normal’ runs out…what next 20-30 years of grinding out expensive mortgage payments for mainstreet and all the financial stress the comes with it? Youth dream…the experienced plan and others never learn to think or want to think.

Been on the road lately and noticed prices on restaurant menu items and hotels have gone up a fair bit. Raising consumer prices does not bode well for a recovery when people have become accustomed to reduce travel.

Trudeau may be in trouble if the increasingly pissed off large cohort decides to vent at the ballot box and vote for the NDP eat the rich slogan I heard on the radio today.

How much longer can they print money with a straight face and tell us that everything is ok. The elephant in the room no one wants to deal with until confronted. Canada has no viable leaders at the moment…just drama.

Crime is rising in Canada…as per todays headlines.

But everything is great…the roaring 20’s or the calm before the storm?

#158 TheDood on 07.26.21 at 12:08 am

#135 crowdedelevatorfartz on 07.25.21 at 9:25 pm
@#118 The Dood.

“What a dirtball, despicable thing to do though no?”

++++
Yes. I agree.
Getting under the table cash and then bragging about it is a dirtball, despicable thing to do.

:)
__________________________

LOL! Not what I meant, but we can certainly agree to disagree right?

#159 Don Guillermo on 07.26.21 at 12:26 am

#77 Ponzius Pilatus on 07.25.21 at 5:17 pm
Today I saw a GMC YUKON with Alberta license plates on the woke streets of downtown Vancouver.
I kinda pictured Yukon Elvis driving that monster.
5 mpg tops.
I thought that the guy was quite gutsy parking downtown, but then I noticed the dirt and dust, and thought keying it would probably not make much of a difference
************************
As usual you’re over the top with stereotyping. I hope you’re kind to the 100 sleepy, sombrero wearing narco Mexicans that are coming to help you put out your fires. Don’t forget, as I’ve said many times before on this blog, this best selling vehicle in Quebec is the F-150. None of if fits the your narrative. Audi Q5 phffft.

#160 Faron on 07.26.21 at 12:28 am

#148 IHCTD9 on 07.25.21 at 10:52 pm

Oh, my mistake. I didn’t realize you were lumping these things together because it totally makes sense that some urban housing advocates are the same people burning down churches in BC. Seems hard to fathom, but I confine myself to the realities of space and time. Or maybe you are just lumping stuff you don’t like together so you can have it all tossed into the custody of your growingly militant RCMP homies who you would like to be ruled by? Got it.

#161 Lorne on 07.26.21 at 12:49 am

Read this somplace….and I like it! Instead of lengthening mortgages to 30 or more years, which just allows more people to get into the market and therefore prices increase due to competition…..consider lowering mortgages to 20 years so the monthly payments are larger and therefore fewer people can purchase and prices will drop. Buyers may have to take a while longer to save up for a reasonable down payment so they can handle monthly costs but this is ultimately better for the overall market and people’s debt level.s

#162 Nonplused on 07.26.21 at 1:09 am

#71 Ustabe on 07.24.21 at 11:42 pm
#66 Nonplused, PhD on 07.24.21 at 10:45 pm
…They do not know that Hitler was a socialist…

https://www.washingtonpost.com/outlook/2020/02/05/right-needs-stop-falsely-claiming-that-nazis-were-socialists/

I guess its time I stopped being surprised at some of the stuff you post.

You know who owns the WaPo, right?

————————————–

So, you are arguing that the Nazis were not socialist by presenting an article that says they didn’t represent all socialists or proposed forms of socialism? Fair enough there are probably as many proposed forms of socialism as there are socialists.

Anyway any article that starts out with a strawman argument like “Did you know that “Nazi” is short for “National Socialist”? That means that Hitler and his henchmen were all socialists. Bernie Sanders calls himself a socialist, too. That means Bernie Sanders and his supporters are the same as Nazis … doesn’t it?” should immediately be discarded. Nobody is calling Bernie Sanders a Nazi.

#163 Stoph on 07.26.21 at 1:13 am

#144 Nonplused on 07.25.21 at 10:06 pm
The only thing that can bring down the cost of housing is to build more of it.

————————————————–

Agreed.

Do you happen to know why new builds cost so much though? Developers were making money 10 years ago when prices were much lower, so who is getting the added profit from the higher prices? Developers? Government?

#164 Jane24 on 07.26.21 at 1:24 am

House prices in Canada have to come back down. They are ridiculous. The only younger members of my family there that own their own homes are in Montreal. All the Toronto and BC nieces and nephews will be renting for life and none of them has any spare money.

The UK and French members of this family all have lovely homes by age 30 and so do all their friends. The best thing for young Canadians to do is emigrate and start fresh in another country as their own grandparents did. Takes guts but there are many better lives out there. Why suffer winter every year! Move to Spain!

#165 Slava on 07.26.21 at 1:29 am

Capital gains on primary residence will never happen. It will be a sure way to kill economy. You want to move, because you need an extra room for aging parent, new kid, or be closer to work? Sure, go ahead, just pay a few hundred Gs of taxes on capital gains. Feel free to buy a shack on the home-depot parking lot for what’s left after that.

This is absolutely the stupidest idea.

#166 Don Guillermo on 07.26.21 at 1:35 am

#142 Ponzius Pilatus on 07.25.21 at 9:50 pm
What puzzles me is that some people here think that living on the street is a “choice”
Well, I’d like to hear some examples of where healthy, sane persons decide one day, hey from now on I’m gonna live on the street.
And it’s gonna be a blast.
Lots of mental illness out there, and kids kicked out by their parents etc
*****************************

Apparently you have a nice car and a decent house. Why don’t let some sleep over?

#167 TurnerNation on 07.26.21 at 7:40 am

The world. Guy we will be back to normal soon. Any day now! (Don’t call it a New System).

Here you go Dolce, Italy cops take of their helmets, in soldadarity with the protestors. This is what the A.I. will be brought in to run things

https://twitter.com/RadioSavana/status/1419035056803307525

.Australian government secures 85 million Pfizer booster shots for 2022 and 2023 (9news.com.au)
.Australians may face longer lockdown after mass protests (reuters.com)
.Australian Prime Minister says “Vaccines are not a substitute for the primary tool, which is lockdown (abc.net.au)
.Thousands rally in Brisbane against lockdowns and masks as state records no new cases (abc.net.au)

.Vietnam Locks Down Hanoi For 15 Days As COVID-19 Cases Rise(npr.org)

.UBC student union pushing for mandatory vaccinations, masks on campus (vancouversun.com)

.Large crowd gathers in Dublin to protest vaccine cert system (irishtimes.com)

.First European country to lift restrictions now rushes to re-impose them as cases spike(brusselstimes.com)

.Domestic Restrictions Reimposed in Iceland
https://www.icelandreview.com/society/breaking-domestic-restrictions-reimposed-in-iceland/
“A 200-person gathering limit, one-metre distancing, and restricted opening hours for bars and nightclubs will be reimposed in Iceland just four weeks after all domestic restrictions due to COVID-19 were lifted”

—————-

-Of course – prison camps. Is there anything CV Cannot do?? We will be back to normal any day now!!

https://www.nytimes.com/2021/07/24/world/asia/cambodia-covid-camps.html
“As an outbreak seizes Cambodia, patients who test positive for the virus say they are being forced into quarantine centers that are more like makeshift prisons than hospitals.”

https://www.skynews.com.au/australia-news/chaos-in-sa-after-people-made-to-quarantine-in-medihotels/video/71de59bda92e0e6b9fcca99b56d68037
On Thursday 206 people were ordered into the hotels.”

#168 Dharma Bum on 07.26.21 at 7:57 am

Toronto and Vancouver are on a trajectory that is consistent with that of other large North American cities in that they are perceived as desirable places to live for one reason or another (financial hubs, economic activity, amenities, geography, etc.).

House prices in these types of cities will continue to skyrocket, while homelessness increases. Toronto and Vancouver are new to this while major urban centres like Chicago, NYC, LA, San Francisco, etc. have been experiencing it for decades.

The skid row areas will expand and become permanent fixtures in Toronto and Vancouver, as a whole new industry of administrating the homeless districts along with security and enforcement (i.e., open air prison camps) will flourish.

This is not unique. Maybe for the naive Canadian rubes it is, but not for seasoned urbanites.

Housing will be way more expensive in 10 years, while the problem of homelessness will be inconceivably worse compared to what it is today.

Wait and see. These days are going to seem like paradise in 10 years.

#169 crowdedelevatorfartz on 07.26.21 at 8:07 am

@#163 Jane 24
” Takes guts but there are many better lives out there. Why suffer winter every year! Move to Spain!”

+++

Dont want them living too close eh?

The unemployment rate in Spain for young people is much higher than Canada ( for those young Canadians that actually want to work).
Plus there’s that Spanish language thingy.

#170 crowdedelevatorfartz on 07.26.21 at 8:25 am

@#147 Snitches get Stiches
“Snitches get stitches for good reason.”

+++

A very original name.
Did you think that up all by yourself or did the other yard apes come up with that for you in the showers.

The CRA has an anonymous rat line for good reason.
Neighbors, employees, friends, relatives, police, accountants, business partners, all people that you interact with daily…that are annoyed paying THEIR taxes while YOU dont.
Fair is fair.
Or did you already know that because of the audit?

#171 Sanga on 07.26.21 at 8:46 am

I suspect a lot of real estate transactions are not being reported to CRA. And a lot of real estate profits are not being declared. Rather than changing the taxation of real estate, maybe the government should ensure they have a process to collect and audit everyone fairly. Most of the rich in my hood watch HGTV and flip houses, and some of them have never heard of a schedule 3, some don’t even file tax returns.

#172 Fortune500 on 07.26.21 at 9:08 am

I joined the Reddit Canada Housing group a while back to show support. I agree that Garth’s suggestions at the bottom are better than theirs, but I am happy to see they have grown to over 20,000 members in a short time. Come over and say hi and they will promise to stay off your lawn.

PS, these are mainly younger folk who are still trying to sort out what is going on. Many are even older Millenials who are children of divorce, or who’s families were renters. That, and new immigrants that were sold a lie about life here. They are not social justice warrior flakey types with no cause. They have a real gripe and it would be wise to help change this unfair real estate situation before desperation really bubbles over.

#173 Polozified on 07.26.21 at 9:16 am

How do the landlord-busting crowd align the “I want to own property” part of their brains with the “no-one should own property in Canada because it all belongs to Indigenous nations” part?

#174 The Crown on 07.26.21 at 9:21 am

#4 Overheardyou

Today I learned that some of my millennial friends also believe the land we live on does not belong to us, it belongs to the indigenous communities. This is coming from Canadian born and post secondary educated individuals. Really makes me wonder the state of things to come…

——

They are close.

The Canadian land belong to the Crown and The Queen oversees it. Including the land upon which their house stands, to which you only “own” a leasehold.

#175 mattbg on 07.26.21 at 10:03 am

I sympathize with the CanadaHousing folks. I own real estate but I’m on their side, as are a growing number of other homeowners because:

1. Moving is becoming unaffordable/uncertain even for homeowners.

2. They worry about how their kids will afford a place of their own (and perhaps are secretly worried that they’ll be asked to step up and help).

I also think they’re right to go after the effects of speculation rather than after the more obvious issue of interest rates and supply. The idea that supply is the issue is a global talking point on real estate challenges and that makes me suspicious that it’s not the real issue.

Speculators are a much smaller constituency to put the screws to, so from one perspective that is politically smart. But I imagine that speculators have disproportionate power and I do wonder how many politicians and their families and funding bases are in the real estate speculation game.

On the other hand, while the 25-44 age group is a large constituency, a whole lot of them do own real estate and I imagine many of them have bought in the last 5-10 years where valuations have really been off the hook. The ones that do own real estate are not going to want to see their values decline given the amount of debt they have taken on. So, again, it’s smart that they are going after speculators and not primary residence owners.

I’d perhaps add to their list of demands that housing insurance should require a housing inspection. The idea that you can lever 20x on a house you haven’t even been able to inspect seems ridiculous.

Finally, Ontario is starting to look like a province that is beholden to the development industry to an excessive degree, and I wonder how much power the federal government really has to change that.

#176 Doug in London on 07.26.21 at 10:05 am

You’re right, the changes you suggested are the only way to get more affordable housing. The problem is no politicians have the spine to make such necessary changes. They may have many years ago, but not now. The only option is to find a cheaper place to live. Say, is that job vacancy in Nipigon still open?

#177 Sail Away on 07.26.21 at 10:06 am

#87 david greene on 07.25.21 at 6:04 pm

…you’re ethical and law abiding if you arrange an illegal tenant relationship, right?

———

??

That would just be silly. Risk/reward not remotely worth it. Illegal is only worthwhile if you step waaay over the line. Think contract killing or sailing 200 keys of uncut coke up the coast.

Employ logic when planning your illegal activities.

#178 crowdedelevatorfartz on 07.26.21 at 10:09 am

@#173 The Crown
“The Canadian land belong to the Crown and The Queen oversees it.”

+++

Please.
The land is owned by the Canadian govt.
Do you think the Queen actually cares about Canadian “Crown Land”?
A titular figurehead of an Empire from a previous century.
With a vote and stroke of a pen the Canadian Govt of the day will become a Republic and the “Crown” , the “Queen” whomever will go the way of the Dodo.

#179 Sail Away on 07.26.21 at 10:26 am

#69 Faron on 07.25.21 at 4:44 pm
#40 Sail Away on 07.25.21 at 3:17 pm

…despicable vandalizing reprobates…

———-

You never fail to use stronger language opposing property crime than you do human injury and death. A good look.

———-

To be fair, there are way more people in the world than there are Teslas.

#180 Quintilian on 07.26.21 at 10:30 am

#167 Dharma Bum
“Toronto and Vancouver are on a trajectory that is consistent with that of other large North American cities…..”

You make a strong case; the facts you state are many and undisputable.

Vancouver is in BC, which was by proclamation determined to be “the best place on earth” and as for Toronto, the closest rival is Manhattan, which comes in at a distant second.

Of course both are running out of land and sky.

#181 Mattl on 07.26.21 at 10:51 am

Strange for a blog that has hundreds of posts about the risk of home ownership, the downsides to being a landlord, etc to call RE profits unearned. A lot more risk then funding a TFSA, I learned that here.

#182 joe kahn on 07.26.21 at 10:55 am

New Home Sales in USA declined to 676K last month against expected 800K and last month of 724K.

#183 IHCTD9 on 07.26.21 at 10:58 am

#164 Slava on 07.26.21 at 1:29 am
Capital gains on primary residence will never happen. It will be a sure way to kill economy. You want to move, because you need an extra room for aging parent, new kid, or be closer to work? Sure, go ahead, just pay a few hundred Gs of taxes on capital gains. Feel free to buy a shack on the home-depot parking lot for what’s left after that.

This is absolutely the stupidest idea.
___

Just make it a sliding scale – 100% gets taxed if you try to sell in under 3 years, 75% to 5, 50% to 7. Zero after that.

Best idea is to pound anyone who buys a house and wants to unload before the mortgage is up for its first renew, and give them tax free back again after 7-10 years (because flippers don’t hold that long).

#184 IHCTD9 on 07.26.21 at 11:20 am

#159 Faron on 07.26.21 at 12:28 am
#148 IHCTD9 on 07.25.21 at 10:52 pm

Oh, my mistake.
___

Yes you’re making quite a few. I never said anything about advocates or lumped anyone together. I just said throw the arsonists in jail. I think you are suffering from a bit of target fixation.

Here’s the whole correspondence you replied to:

“#121 IHCTD9 on 07.25.21 at 8:11 pm
#101 Ponzius Pilatus on 07.25.21 at 7:19 pm

If the RCMP was in charge, there’d be a crapload of ->arsonists<- rotting in jail right now – right where they should be. Alas, instead we have Trudeau…
————–
Sure.
Time for a coup d’etat.
Junta here were come

No junta. Just throw the criminals in jail.

Like what we did since the beginning of time, prior to Trudeau."

#185 Not Fooled on 07.26.21 at 11:22 am

#141 fishman on 07.25.21 at 9:50 pm
The south end of Burrard St. Bridge ends at the 12 acres of Squamish nation land. Under the bridge a ceaseless drama. The encampment builds slowly. Inevitably the all nite generators. The dope dealers hiding among the homeless. Juicing their bikes & phones. Suddenly, mysteriously a dozen city workers,dump trucks, backhoes, bobcats arrive. …..

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

Similar to the Fairy Creek logging protest on Van Isle. The logging operation is on Pacheedaht, Huu-ay-aht, and Ditidaht land, and is their baby. Buncha white saviours, telling 1st Nations what they can do on their land.

This is not a fight over trees; it’s an intra-indigenous fight between elected and hereditary interests, using gullible white warriors for the liberation of vegan, trans, 2 spirit, black, coniferous, baby whales.

Forced teaming is how disparate special interest groups bootstrap lesser issues onto more sound-bite friendly battles.

#186 zxcvbnm on 07.26.21 at 11:23 am

It’s Faron and people like Faron that are dragging this country down.

#187 Slava on 07.26.21 at 11:32 am

#181 IHCTD9 on 07.26.21 at 10:58 am

Just make it a sliding scale – 100% gets taxed if you try to sell in under 3 years, 75% to 5, 50% to 7. Zero after that.

—————————————————————-
It is still stupid in that it essentially makes it impossible to move during the first few years.

And life changing events can happen at any time.

Consider getting divorced few years after moving into the house. The house is up 150K, both are in the upper tax bracket. Divorces are already financially devastating, imagine having to pay another 50K in taxes if the couple have to unload the property.

Consider getting seriously ill and having to sell the house to be able to afford long term care. No, pay taxes instead.

If you want to deal with flippers come up with less stupid ideas.

However in grand scheme of things flippers have next to zero impact on housing prices. Yeah they cheat tax system but that is beyond the scope of this blog.

#188 KLNR on 07.26.21 at 11:38 am

the gov should have been taking those tents down within days of them going up. typical slow moving gov, 2 years too late.

#189 Don on 07.26.21 at 11:39 am

The easiest way to catch landlords not declaring their income is by having renters tick a box on their tax return whether the rent or not and who the landlord is. The Airbnbs should report to CRA via a slip of rental income.

#190 Snitches get stitches on 07.26.21 at 11:41 am

#169 CEF

You just gave a perfect example of why snitches are despised.

You allege I am being or have been audited while the truth is I was always a T4 employee that CRA knows have little opportunity to cheat.

But if you had my name you’d be on the phone to CRA making false accusations.

Now put the binoculars away and leave your neighbours alone, they aren’t doing anything wrong.

#191 Sara on 07.26.21 at 11:51 am

#185 zxcvbnm on 07.26.21 at 11:23 am
It’s Faron and people like Faron that are dragging this country down.

==================
First time poster? Thanks for sharing, but maybe work on coming across as less certain of your opinions or try to back them up with arguments if you insist on presenting them as fact. You know what they say about opinions. They are like a$$holes. Everyone has one.

#192 DON on 07.26.21 at 11:54 am

#185 zxcvbnm on 07.26.21 at 11:23 am
It’s Faron and people like Faron that are dragging this country down.

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

With you and people like you providing STUPID comments like this it is amazing we thought we were something special in the first place.

#193 IHCTD9 on 07.26.21 at 11:56 am

#151 Prairieboy43 on 07.25.21 at 11:01 pm

“Birds of feather flock together”. 1975-1979 Vietnam refugees introduced in rural Canada. Vietnamese families all over western Prairies (Alberta, Saskatchewan, Manitoba). Within one year refugees migrated to larger centres (Toronto, Vancouver or home).Similar results with Syrian refugee.
PB43
___

Yep, same thing with rural immigrant retirees. I know one of those 70’s refugees from Vietnam who worked in my area for ~40 years. Raised his kids (mostly) here, owned a home here. He retired and moved to Toronto. It’s just more comfortable for these folks to be with their own cultures, can’t blame ’em – most never do get a handle on English once there’re here and have their nose to the grindstone. If I retired outside Canada – you can bet I’d bee looking for English speaking Western cultured folks to mingle with.

I still think the continual right hooks suffered by new Canadians who move straight into big Metros will eventually drive many out. Same thing has been going on in the USA, northern Metros giving up their populations to southern states where regular folks can actually afford a life beyond owning a 400sf shit box in the sky.

#194 Planetgoofy on 07.26.21 at 11:57 am

#155 Sue on 07.25.21 at 11:33 pm
Ooh yes!! I just checked there was a full moon a couple days ago. Hard to tell here in Calgary thanks to all the smoke.
Explains the crazy
————————————-
Nope…if you haven’t noticed we have we in decay for years.
Sliding down the slippery slope….circling the drain, all of that.
AND democracy is on the chopping block to boot.
Not much is sustainable and some scary people desire more than money? POWER.
Its going to get worse.

#195 Planetgoofy on 07.26.21 at 12:05 pm

Ill add Sara:
Governments are IDIOTS making promises where the math does not compute….Its gone waaaaay beyond irresponsible. Here Mike gets it. Its called the blow up plan and it just takes time.
https://mikesmoneytalks.ca/sorry-but-there-are-no-free-lunches/

#196 Dr V on 07.26.21 at 12:15 pm

186 Slava

“It is still stupid in that it essentially makes it
impossible to move during the first few years.”

Neither stupid or impossible. Just reverse-engineer the scale so that it appears to be “fair”. Nobody who owns for 30 years and sells for $2M is going to miss $20-50k.
Likewise, people who make a windfall of $400k in a couple of years. And of course, no gain, no tax.

It’s all about the appearance of “taxing the rich”.

And the very presence of this could make people think a little more about buying.

As far as spec’rs and flippers, that is income, and should be taxed as such.

If there is an irony here, it is that to stop people from
treating RE like as an investment, we tax it like an investment.

#197 Faron on 07.26.21 at 12:30 pm

#190 Sara on 07.26.21 at 11:51 am
#185 zxcvbnm on 07.26.21 at 11:23 am
It’s Faron and people like Faron that are dragging this country down.

==================
First time poster?

Nah, this denizen of the bottom row had piped up at me before. They seem to be saying that tax abiding, charitable, human rights defending, middle income people are dragging this country down. Hate to think what they envision for Canada in that case.

#198 Faron on 07.26.21 at 12:31 pm

#183 IHCTD9 on 07.26.21 at 11:20 am

My bad. I apologize.

#199 kommykim on 07.26.21 at 12:33 pm

RE: #4 Overheardyou on 07.25.21 at 12:56 pm
Today I learned that some of my millennial friends also believe the land we live on does not belong to us, it belongs to the indigenous communities. This is coming from Canadian born and post secondary educated individuals.

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

When I hear this drivel, I respond like this:
“If you truly believe that you are occupying someone else’s property, then you must pay them rent. I suggest that you donate 10% of your net income to your local native band for the rest of your life.”
But but but….

#200 crowdedelevatorfartz on 07.26.21 at 12:38 pm

@#189 Keeping me in Stiches

“You just gave a perfect example of why snitches are despised.”

++++

Spare me Mr Holier than Thou.
I personally haven’t ratted anyone out to CRA but I certainly know a lot of slime bags that deserved a painful audit.
And when they eventually got hammered with one….
I’m sure I wasnt the only one that was smiling.

You shouldnt be so hard on yourself “Stiches”.
Stop watching Sons of Anarchy and trying to find your inner “bro”.

How WAS Cranbrook last weekend?

https://www.cbc.ca/news/canada/calgary/cranbrook-biker-fight-1.6116151

#201 Sara on 07.26.21 at 12:40 pm

#193 Planetgoofy on 07.26.21 at 11:57 am

“… some scary people desire more than money? POWER.
Its going to get worse.”

Yeah. It’s not the caring Farons of the world who are the problem (sorry zxcvbnm), it’s the sociopathic, power hungry SailAways who don’t give a hoot about anyone or anything other than their own wants.

#202 crowdedelevatorfartz on 07.26.21 at 12:41 pm

@#190 Sara

Have you ever thought about volunteering for the local Search and Rescue?

You seem pretty good and swooping in to save Faron every chance you get…

#203 IHCTD9 on 07.26.21 at 1:03 pm

#186 Slava on 07.26.21 at 11:32 am
#181 IHCTD9 on 07.26.21 at 10:58 am

Just make it a sliding scale – 100% gets taxed if you try to sell in under 3 years, 75% to 5, 50% to 7. Zero after that.

—————————————————————-
It is still stupid in that it essentially makes it impossible to move during the first few years.

And life changing events can happen at any time.

Consider getting divorced few years after moving into the house. The house is up 150K, both are in the upper tax bracket. Divorces are already financially devastating, imagine having to pay another 50K in taxes if the couple have to unload the property.

Consider getting seriously ill and having to sell the house to be able to afford long term care. No, pay taxes instead.

If you want to deal with flippers come up with less stupid ideas.

However in grand scheme of things flippers have next to zero impact on housing prices. Yeah they cheat tax system but that is beyond the scope of this blog.
________________

It’s not impossible to move. If the house is up, you sell, pay the tax, and put whatever’s left in your pocket. If it isn’t, then of course you pay no tax and put nothing in your pocket. Then you move. Same with divorce, illness or anything else. If you make it work till 7 years out – now you get to keep it all just like you do now.

The idea here is a speculator can’t sell without a profit taking scenario. If the market is up – the taxes kill and make other investments more attractive. If the market isn’t up – no further action is required. Buddy has to feel the heat, and he won’t do it again. You don’t want a bunch of specuvestors floating ever higher prices because everyone else who owns will happily go along for the ride.

Trust me, I don’t like taxes, and I do own a house. I can’t think of anything else that has a decent chance of working that does not involve napalming the whole economy. Maybe ultimately, that is what it will take to fix the problem for good (or for at least a long time).

#204 Sail Away on 07.26.21 at 1:06 pm

#200 Sara on 07.26.21 at 12:40 pm

Yeah. It’s not the caring Farons of the world who are the problem (sorry zxcvbnm), it’s the sociopathic, power hungry SailAways who don’t give a hoot about anyone or anything other than their own wants.

———

Thanks Sara!

I’ve been aiming for singularity, but would accept an appendment to your statement as follows:

‘…sociopathic, [wealthy, cultured,] power hungry SailAways [, Musks, Bezos and Bransons] who don’t…’

#205 Not Fooled on 07.26.21 at 1:10 pm

#200 Sara on 07.26.21 at 12:40 pm
#193 Planetgoofy on 07.26.21 at 11:57 am

“… some scary people desire more than money? POWER.
Its going to get worse.”

Yeah. It’s not the caring Farons of the world who are the problem (sorry zxcvbnm), it’s the sociopathic, power hungry SailAways who don’t give a hoot about anyone or anything other than their own wants.

********

Idealogues are by far the more dangerous, as they are convinced of their moral superiority. Anyone who comes unglued when their ideology is questioned is in a cult.

#206 Barb on 07.26.21 at 1:16 pm

BC’s premier Horgan likely has a tattoo of a RED armband. At least he should, after he suggested lumber profits should go to fighting fires.

https://www.vernonmorningstar.com/business/record-b-c-lumber-profits-should-go-to-wildfire-fight-horgan-says/

How does he spell C O M M U N I S M ?

#207 kommykim on 07.26.21 at 1:36 pm

RE: #116 S.Bby on 07.25.21 at 7:57 pm
In BC if you are an over 55 homeowner in your principle residence you can defer your property taxes until the property is sold. 1% simple interest is charged and this is ostensibly to help low income seniors stay in their multi-million dollar homes.

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

Anyone would be a fool if they didn’t take this deal. Even if they didn’t need the cash flow in retirement. ie: Put the equivalent of your annual property tax payment into your TFSA and take that deferral loan at 1%… It’s a no brainer.

#208 Vstrom Rider on 07.26.21 at 1:53 pm

My company has just announced their return-to-office plan. Starting this fall, for most employees, 2 days per week in the office and the other 3 from home. I can easily tolerate a twice-weekly long commute in exchange for a much nicer house in a smaller town. I’m sure most people think the same.

#209 Sara on 07.26.21 at 2:24 pm

#201 crowdedelevatorfartz on 07.26.21 at 12:41 pm
@#190 Sara

Have you ever thought about volunteering for the local Search and Rescue?

You seem pretty good and swooping in to save Faron every chance you get…

====================
You mean as opposed to you, one of Sail Away’s most ardent fan club members?

I’d rather be seen as Faron supporter any day. But that’s just me.

#210 Jesse on 07.26.21 at 3:04 pm

#56 Millennial 1%er on 07.25.21 at 4:06 pm
can we stop with the unsustainable immigration? I’m all for immigration (immigrant myself) but maybe the rate is causing some strife in our communities & societies

Immigration has been stable a less than 1% of the population for several decades. What is ‘unsustainable’ about it? – Garth
********************

Normally, it wouldn’t bother me. But with companies now off-shoring tradtionally “white collar” jobs like engineering, accounting, finance, software, IT, Human Resources, etc has me worried more and more Canadians will be competing with newcomers for less and less jobs. Work-From-Home was a signal that meant Work-From-India… and this will a major issue going forward. The trend has already begin, and it will only pick up speed. Throw in the housing crisis and this won’t be viable politically anymore… no matter how hard T2 tries to ram this through… because if he does it will only create more tension in an already tense decade.

#211 crowdedelevatorfartz on 07.26.21 at 3:15 pm

@#208 Sara

“I’d rather be seen as Faron supporter any day. But that’s just me.”

+++

Understandable.
Masculine envious, feminists do seem to have a lot in common.

#212 Faron on 07.26.21 at 3:21 pm

#203 Sail Away on 07.26.21 at 1:06 pm
#200 Sara on 07.26.21 at 12:40 pm

singularity

I think you’ve achieved it. And, as any good astrophysicist knows, light can’t escape a singularity and thus, no wisdom nor information of any kind really. Seems apt for you. Congrats.

#213 SunShowers on 07.26.21 at 3:41 pm

“Nobody gets to build a dwelling in public green space in a city of millions where trees and grass are precious things.”

Unless that green space gets sold to a developer who then bulldozes it to put up high-rise condos, turning the “precious trees and grass” that were once public property accessible to all, into private property accessible only to the wealthy.

That is enclosure. It is theft, and it is the essence of capitalism.

Name the last time a Toronto park was bulldozed. – Garth

#214 Linda on 07.26.21 at 4:08 pm

#162 ‘Stoph’ – as to why new builds cost so much, lets start with the price of land. The days of developers picking up prime land suitable for building on the cheap are long past. Those selling have a much better idea of what that land is worth & the price reflects that understanding. Next, infrastructure. Developers not only pay fees to the local municipality to build, they also put the infrastructure in. Most municipalities do not have the funds to put in all the infrastructure needed for a new greenfield development. So the developer puts it in & the cost of any new build is the aggregate total of the price of the land purchase, plus infrastructure, plus fees paid to the municipality, plus materials, labor & equipment to build, plus a profit. Covid related supply chain disruptions added an estimated (as per a local builder association) $80,000 ‘per door’ – that is, per built house. Not a few builders returned deposits to those who had contracted with them, as the price increases meant fulfilling those contracts ‘as is’ would drive them into bankruptcy. The biggest expenditure most people make on a personal level is purchasing RE. On a societal level, the big expense is infrastructure. That is one of the reasons why many urban areas are pushing densification – effectively jamming more folks into the same space & maximizing the infrastructure load. Even so, sooner or later that infrastructure needs to be replaced. Ka-ching!!!

#215 Stoph on 07.26.21 at 4:19 pm

#211 SunShowers on 07.26.21 at 3:41 pm
“Nobody gets to build a dwelling in public green space in a city of millions where trees and grass are precious things.”

Unless that green space gets sold to a developer who then bulldozes it to put up high-rise condos, turning the “precious trees and grass” that were once public property accessible to all, into private property accessible only to the wealthy.

That is enclosure. It is theft, and it is the essence of capitalism.

Name the last time a Toronto park was bulldozed. – Garth

————————————————————–

The idea has been floated about in Vancouver to convert public golf courses to housing. I’ll agree that maybe golf courses aren’t the best use of public land, but to converting it to residential real estate doesn’t make sense.

https://www.citynews1130.com/2019/10/30/housing-short-public-golf-courses-converted-to-residential-property/

#216 Jib Halyard on 07.26.21 at 4:56 pm

Garth, something I never see mentioned in your blog (or maybe you did but I missed it) is the fact that it is impossible to build anything denser than single-family homes throughout most of our major cities. If there really is a housing crisis, then how come the Canada Housing Crisis activists never call for a wholesale suspension of zoning restrictions in residential areas? Certainly letting developers build whatever they want wherever they want would go a long way to opening up supply? Oh right, I forgot, something something capitalism…