The flipper

He’s a long-time Liberal organizer. He was a co-chair of the party’s national convention a decade ago. He ran for the Libs in 2004, and lost. He ran again in 2019, and lost, this time in the Vancouver seat former justice minister Jody Wilson-Rayboult held as an independent MP after being punted by her boss, Justin Trudeau. She beat him by 3,000 votes.

And, say local sources, Taleeb Noormohamed, is also a house-flipper. In the recent past (including twice during the pandemic) he’s flipped properties in less than 12 months and pocketed $600,000 in the process.

This is not illegal activity. Not yet. But if his boss is returned to power on September 20th, flippers like Taleeb will face the wrath of the CRA with a new anti-spec tax. In fact Trudeau just said it again: “we’ll crack down on predatory speculators competing with families trying to buy their first home.”

Now to be fair, the guy defends himself saying that in each case he added value to a property or there was some family reason for the quick buy-and-sell. All were justified. Normal. Like everybody does. Also CRA rules are already in place.  If the tax cops think a property deal was for profit – rather than to establish a personal home – the gain can be taxed as regular income.

The deals here involved two condos, a loft and a townhouse, all in YVR. Since the alleged flips were exposed in Vancouver, the party and the PM have not commented. Noormohamed is still the Liberal candidate and likely to stay that way. It’s a safe seat for the Liberals now that Jody has bowed out of politics.

Is this hypocrisy? Maybe. The point of this post is not to eviscerate the guy. Rather we should think about the root causes of dumbass real estate prices instead of nibbling around the edges of a housing crisis. Nobody likes speculators. But speculation is rampant. One in five families in the GTA, for example, owns a secondary property, usually a condo rental. In fact up to 50% of all apartment sales there have been to non-resident owners. A recent survey showed a shocking proportion of Millennials also own rental properties.

During a lengthy chat with a banker this week, she asked me about her twentysomething daughter’s financial plans. The kid (with her support) wants to buy a wee condo in the burbs with a loan from the Bank of Mom and $50,000 she’s managed to save by living at home. A rental. The cash flow after condo fees, property taxes and financing would be negative by “a few hundred dollars a month.” Why? I asked. “Well, where else is she supposed to invest to move ahead if she doesn’t get into the market now?” responded TN[email protected]

How about a tax-free TFSA? Or making an RRSP contribution and earning a tax refund? How about investing in assets likely to grow instead of sustaining a continual loss? Why not invest without taking on a half million dollars in debt? How are these not valid options rather than buying something with leverage and subsidizing a tenant?

It’s not the speckers we should blame. It’s the system. It’s financial illiteracy. It’s our one-asset society – which policies like the new Liberal first-time homebuyer TFSA-RRSP Frankenaccount pander to. As we discussed here on this pathetic yet manly blog, the Liberal suite of actions with regard to home buyers announced days ago is shamelessly pro-housing and anti-landlord while doing nothing for renters and guarantees society will be cleaved further between owners and tenants. If enacted, prices will be higher. Affordability lower. Demand increased. And by creating a tax shelter only for those under 40 we’ve entered a new era of ageism and financial discrimination as we indoctrinate the young.

In short, it’s enablers like Justin who made real estate addicts like Taleeb.

Maybe he’ll be the new Minister of Housing.

About the picture: “Our rescue Jack Russell “Eddie” was a handful and he lived life in the moment,” writes Joe. “On our hikes we’d let him off leash where he would disappear until he felt like returning and not a moment sooner. Thank you Garth for your daily advise, long time reader since I found the blog link in one of your books (2008?)”

144 comments ↓

#1 BlogDog123 on 08.27.21 at 1:50 pm

I’ll use shouting font:

WHERE IS OUR MINISTER OF MIDDLE CLASS PROSPERITY DURING ALL THIS REAL ESTATE MADNESS.???? WHY CAN’T SHE DO SOMETHING TO MAKE HOUSES COST LESS FOR MILLENIALS?????

The unpopular way to get real estate prices lower, so 30-somethings can afford detached houses in core cities is to have policies to force an abundance of homes on the market… Get those house prices tanking!

Trudeau likes taxes (not while stumping for a majority government), so he can have a “mostly empty house tax”, eg. 3 unused bedrooms, sorry, you’re taxed extra until you sell, Granny! Move into a 1-bedroom apartment, your kids moved out years ago!

#2 In Dog We Trust on 08.27.21 at 1:50 pm

Nothing wrong with the middle-class asset growing and growing… I 4 1 am very glad I live and breathe Canada… That my house value grows is nothing short of wonderful…

#3 Simon on 08.27.21 at 1:52 pm

Exactly the reason why people continue to pay insane premiums for housing, it doesn’t matter what price you pay currently pay because another new immigrant or housing maniac will pay +100k in under 1 year. Until there are true crashes (won’t happen, look at covid which was supposed to be -20% and went +35%), nobody should be reasonably expected to switch strategies.

#4 Paterfamilias on 08.27.21 at 1:57 pm

But, isn’t cleaving society what has kept the Liberal Party of Canada in power for most of the last century ? How can this be bad ?

#5 Quintilian on 08.27.21 at 2:11 pm

“But speculation is rampant. One in five families in the GTA, for example, owns a secondary property, usually a condo rental. In fact up to 50% of all apartment sales there have been……”

Strong evidence of a craze, the madness of crowds, a bubble.

I speculate that these people will get their comeuppance.

Tick Tock, Tick Tock

#6 Jack on 08.27.21 at 2:12 pm

Every individual is equal before and under the law and has the right to
the equal protection and equal benefit of the law without discrimination and, in
particular, without discrimination based on race, national or ethnic origin,
colour, religion, sex, AGE or mental or physical disability.

Perhaps as the Liberals are in power, we no longer need the charter of rights and freedoms … same as electoral reform.

#7 Kato on 08.27.21 at 2:17 pm

#1 BlogDog123 on 08.27.21 at 1:50 pm
I’ll use shouting font:

WHERE IS OUR MINISTER OF MIDDLE CLASS PROSPERITY DURING ALL THIS REAL ESTATE MADNESS.???? WHY CAN’T SHE DO SOMETHING TO MAKE HOUSES COST LESS FOR MILLENIALS?????

The unpopular way to get real estate prices lower, so 30-somethings can afford detached houses in core cities is to have policies to force an abundance of homes on the market… Get those house prices tanking!

Trudeau likes taxes (not while stumping for a majority government), so he can have a “mostly empty house tax”, eg. 3 unused bedrooms, sorry, you’re taxed extra until you sell, Granny! Move into a 1-bedroom apartment, your kids moved out years ago!
___________________

You… bloody… genius! We could be evaluated by all sorts of metrics: lawn size, number of parking spaces, proximity to services (10 minutes from the hospital!? You’re not even sick!).

Hmmm, this puts the Greener Homes Grant home inspection in a more sinister light…

#8 Damifino on 08.27.21 at 2:17 pm

Why is the solution never to enforce existing rules, but rather, to promise new ones?

#9 some guy on 08.27.21 at 2:20 pm

It seems like no one in any government, provincial or federal wants to actually fix the problem of housing affordability. Seems like we are stuck with what we have for a long time.

#10 Adam on 08.27.21 at 2:22 pm

What’s the difference between Canadian housing and a pyramid scheme? Being serious… can anyone tell me how the canadian housing market is not a pyramid scheme at this point?

#11 Linda on 08.27.21 at 2:23 pm

Isn’t the whole point of ‘investing’ in RE to make a profit? Why else would so many take on epic debt? It isn’t just the urge to nest going on here. What a lot of younger folks see is RE going for insane prices – those who buy at $1 million plus are selling for $1.5 or more six months down the road. Instant wealth – & much more likely to ‘win’ than buying any lottery ticket. Which feeds the frenzy, because of course no one talks about losing at the game. Just like gamblers always talk about their scores rather than the many times they walk away from the tables without any of the funds they brought to it. Is it hypocritical that JT is proclaiming ending flipping while a Liberal candidate is doing just that? Yes. Is hypocrisy a surprise in politics? Unfortunately it is expected. No angels need apply.

#12 INFO on 08.27.21 at 2:25 pm

DELETED

#13 Lee on 08.27.21 at 2:28 pm

There is no way to make $600,000 in less than 12 months flipping a property, unless you totally tear it down and rebuild – which is hard to do in 12 months.

Read it again. Four properties. – Garth

#14 "NUTS!" on 08.27.21 at 2:37 pm

I’ve said it before, and I’ll say it again. All of this will self-correct if we just let the interest rates rise to their proper state rather than their current, artificial state. Will there be bloodshed? Yes, but there always is when fools take the baited hook. It’s the natural order of things.

#15 Basil Exposition on 08.27.21 at 2:38 pm

Great Jack Russel pic today Garth.
Perhaps Mr. Noormohamed can provide some insight on where they stashed Dr. Tam since the election call. No Public health announcements during what is now a fourth Covid wave rising. JWR’s book “Indian” in the Cabinet drops just days before the Federal election date. That should be fun reading for Taleeb and his party.

#16 Just Pour Rire on 08.27.21 at 2:44 pm

Don’t worry, your private medical data is secure!

——
Quebec’s Health Department says police complaints have been filed after politicians’ vaccine passport information was allegedly hacked.

The department said in a statement today it is aware of reports that people have managed to steal the QR codes of members of the Quebec legislature and is taking the matter seriously.

https://www.theglobeandmail.com/canada/article-quebec-politicians-covid-19-vaccine-passport-qr-codes-allegedly-hacked/

Welcome to Bizzaro World.

#17 Nonplused on 08.27.21 at 2:47 pm

I don’t get the hatred of landlords whether amateur or professional. It’s not like they are keeping housing off the market. And to the extent that they are subsidizing renters on monthly cashflow, that is the Faustian bargain; the landlord is trading monthly cashflow for uncertain capital gains, whereas the renter is trading uncertain capital gains for subsidized monthly cashflow. If you aren’t sure how long you are going to live somewhere, subsidized monthly cashflow is the way to go.

Besides obtaining mobility, renters also avoid all those nasty realtor fees, capital gains taxes, and land transfer taxes and such.

I would only think punishing landlords or even expressing any angst towards them made sense if somehow they were keeping homes off the market and vacant. But the vast majority of landlords do not do this. It doesn’t make any financial sense.

Air B&B is another matter, but they compete with the hotel industry. The fact that they exist at all points to a lack of hotels, which can also be traced back to zoning laws. If there were enough hotels, there would be no Air B&B. Anyone who has travelled for business knows this to be true. How much a hotel room costs and whether it is even available at any price fluctuates daily depending on demand. During peak periods there just aren’t enough rooms available. I suppose managing it this way is appropriate, it isn’t economic to build too many hotels and thus run at lower utilization, but it shouldn’t be so out of balance that Air B&B can make a profit turning long term properties like condos into overnight rentals. Something is wrong with the market, and as always the trick to finding the cause is not to study the economics but the non-economic hurdles, i.e. what the municipal zoning boards are doing.

——————————-

Taleeb Noormohamed may be a house flipper, but as long as he is paying his taxes I don’t see what the problem is. Only primary residences are exempt from capital gains taxes. Not even the cabin is exempt. But I don’t understand why a flipper should not be allowed to operate so long as he/she declares all the income from the operation. It is no different than a used car dealer really. Or any other form of retail. It all involves margin. A flipper is merely in the business of aligning the seller with the ultimate buyer over time, and possibly with upgrades. This involves some expenditure of labor and much capital. Why should they not earn a living doing this? And sure, in YVR and YYZ it seems like a risk free speculative gain, but losses can be incurred as well.

So once again everyone is checking all around the forest looking for trees without ever taking their eyes off the ground. The problem is not the market. The problem is what the government has done to the market. The fed did their part by making borrowed money nearly free, and the municipalities did the rest by restricting supply. It wasn’t the flippers. They merely arbitraged the situation the governments created. More power to them I say.

#18 yvr_lurker on 08.27.21 at 2:48 pm

Indeed the tax structure needs to be modified to curtail flippers and people who own multiple homes. However, why only focus on the Liberal candidate for this activity? What about Coleman who was in Christy Clark’s cabinet, who turned a blind eye and shut down the investigation into the extensive money laundering in BC that lead to a further perversion of some areas of the housing market?

For those who financially stretched themselves around 2008-2010 to buy a SFH in good neighbourhoods of YVR are way ahead than if they left their $$ in the market and then watched how rents exploded over the past decade. However, now the risk is much higher and young people (even with a very high income) are essentially pooched in YVR or GTA and their standard of living and ability to climb the property ladder is low (without large inheritances or gifts).

#19 INFO on 08.27.21 at 2:49 pm

You know what Garth….

Shocking that you of all people would stifle discussion.

The virus is a real economic surge. It is killing people in many ways. It’s gutting finances. It is relevant to discuss it and bring forth info for discussion.

To sit and pretend that there is only one way to battle it with only vaccine, and not dare consider that there are other weapons in conjunction with vaccine that could help us end this thing is well…ignorant.

As we sit and see data roll in that increasingly shows that VAX along won’t get the job done, it is non-scientific and illogical to not adjust strategy.

Just as you don’t just buy one stock and sit on it, but adjust the portfolio for conditions. Same rules apply to this.

Shocking that you are able to follow it in finance but not in science.

Anti-vaxers are unwelcome here. Live with it. – Garth

#20 Kurt on 08.27.21 at 2:50 pm

#10 Adam – Ponzi schemes are operated; crazes just happen. Few ponzi schemes will threaten an entire economy; crazes often cause wide-spread privation. The psychology that keeps a ponzi scheme running is similar to that which keeps a craze running – people blindly assume that past performance predicts future performance and continue to throw money at it. It could be said that the politicians leading the three levels of government that keep this craze going are the operators of a ponzi scheme, but it is much more the public’s willingness if not outright demand for leaders to keep the party going that makes them do it – they make very little money from the phenomenon.

TLDR; not the same, but people are (in both cases) greedy and stupid.

#21 SoggyShorts on 08.27.21 at 2:51 pm

I’m thinking about spending 6+ months in Mexico, does anyone know of a Norbet’s Gambit-like thing I can do to get cheap Pesos?

#22 ElGatoNerodeYVR on 08.27.21 at 2:56 pm

BlogDog123 on 08.27.21 at 1:50 pm

Trudeau likes taxes (not while stumping for a majority government), so he can have a “mostly empty house tax”, eg. 3 unused bedrooms, sorry, you’re taxed extra until you sell, Granny! Move into a 1-bedroom apartment, your kids moved out years ago!
≈===========
Beware what you wish for and maybe take a step back and think how this would work.
I don’t need to think about it as I already lived this back in the communist Eastern European block . You were allowed the number of rooms ( yes ,living room was a room) excluding kitchen and bathroom equal to the number of people in your family, so a single people kind was allowed a studio.
Lots of elderly people whose partners passed away had to sell or were forced to rent out a room. Same for divorces / family dissolution. You had to rent preferentially out of a priority list where people would sing up on( granted with the proper bribe you could choose whom to rent to).
This is exactly what you are advocating for ,communism ,stealing from those who have worked hard all their lives ( the Ants) and give it those that did not or could not ( Grasshoppers).
Instead I strongly suggest you advocate for rental co-op housing to be build by the governments.

#23 Don Guillermo on 08.27.21 at 2:57 pm

#49 Green Guy on 08.26.21 at 4:31 pm
#24 Billy Bob

Cons have too many friends in oil & gas and the world is moving away from that so – PASS

———————–

Yeah Billy Bob – the electric car will save us! The one that matches the C02 output of a petrol car at 150,000km – right about the time the battery needs to be thrown out and replaced with new for $15,000 to $20,000.

Oh, and how will those electric cars get charged? That electricity will come from rainbows and pixies? Or from…

Solar panels that can’t be recycled and need to be thrown out after few short years? What’s the CO2 cost on those?

Wind turbines that need to be buried under ground because they too can’t be recycled?

Nuclear Power that will leave nuclear waste for 100 generations to follow? What’s the CO2 cost of Nuclear power plants any way to build, mine, process, enrich, build, store waste for 1000 years or more.

Every damn thing humanity does is just pulling from the future. BORROWING from the future.

USE LESS. DRIVE LESS. BUY SMALL DISPLACEMENT ENGINE CARS – not giant SUVs, Pickup trucks, etc
*************************************
Interesting observation from Bjorn on this.

Bjørn Lomborg
6m ·
Extinction Rebellion founder drives a diesel car
Justification (?): “I can’t get my kids to sports fixtures, they are both into football and rugby, I do lots of lift sharing but I can’t get them there because we don’t have buses that run on a Sunday.”
Hard to get most people to switch to electric cars when the so-called climate leaders won’t.
And remember, even if the world manages to reach all its e-car promises, this will cut just 231 Mt CO₂ extra in this decade.
That is equal to a temperature reduction in 2100 of a whopping 0.0001°C.

#24 Planetgoofy on 08.27.21 at 2:58 pm

Correct Garth.
Bozo the socks guy blaming speculators is laughable.
If we have no ZIRP, quantitative easing and had normalized interest rate, low inflation (all caused by bozos monetary policy)
Its simple….the kids could afford a home.
Lets remove the problem that would be a start…
The problem is, most doesn’t understand this. They actually buy into the political sales crap.

#25 CJohnC on 08.27.21 at 3:01 pm

This style of flipping is absolutely rampant in the GVRD. The question is where is CRA enforcement. These are obviously not principal residences despite the usual excuses thrown up.

At least they have Taleeb Noormohamed‘s number so there will be no excuses not to go after him.

#26 Soviet Capitalist on 08.27.21 at 3:06 pm

Speculation does not bother me, what concerns me is that the tax payers, savers and people managing their financials in a responsible manner will be forced to bail out all the speculators when things go sour.

#27 Cynic on 08.27.21 at 3:08 pm

Are you more cynical over the past year or two?

Are you finding that you’re right in your suspicions?

Are you finding that the forces that you thought were acting improperly, actually are?

When will it stop?

When will the political machine stop doing this to us?

When will integrity be restored in our leadership?

#28 Chalkie on 08.27.21 at 3:08 pm

What’s wrong with Taleeb making $600,000.00, good for him. Never read anything here on the Risk that Taleeb took, only bitching of jealousy folks. Get of your butts and explore the Horizon before the Sun sets. There is a lot of opportunities and ways to make a few hundred Grand without putting to much thought into it. The irony is: if Taleeb had lost $600,000, he would no even had made it to any write up, I feel sorry for you whiners.

#29 XGRO and chill on 08.27.21 at 3:11 pm

Was just watching a YouTube video the other day.

A mortgage broker quit his job, and decided to make a career out of issuing sub-prime mortages via his RRSP, which is apparently allowed. Said he could get 10-15% returns on short term (1-2 year) mortgages for people flipping houses.

This is what our economy is becoming. A bunch of people trading houses around making a fortune. And the gains are so important to the economy no politician wants to stop it.

#30 DD on 08.27.21 at 3:13 pm

Let’s not rule out O’Toole yet. He may just grab a minority. Unless Justin and Jagmeet abandon the charade and form an official socialist coalition (I fear for our country if that is the outcome).

#31 SCD on 08.27.21 at 3:13 pm

Raise rates and stop messing around with rules/regulations. Also, too much envy politics. When did productivity become a bad word. Yikes!

#32 Howard on 08.27.21 at 3:17 pm

Latest Ekos poll

CPC 35%
LPC 29%
NDP 20%
PPC 6%
GRN 4%

CPC up 37-33 over the Libs on Ontario.

Hope the Tory war room isn’t getting confident. This shift feels too fast, too early.

In PPC ends up at 6% nationally, good chance of Bernier winning his seat.

#33 Howard on 08.27.21 at 3:21 pm

#16 Chalkie on 08.27.21 at 3:08 pm
What’s wrong with Taleeb making $600,000.00, good for him. Never read anything here on the Risk that Taleeb took, only bitching of jealousy folks. Get of your butts and explore the Horizon before the Sun sets. There is a lot of opportunities and ways to make a few hundred Grand without putting to much thought into it. The irony is: if Taleeb had lost $600,000, he would no even had made it to any write up, I feel sorry for you whiners.

—————————

House flippers never lose money, let alone $600K, because the industry is protected and backstopped by the government (taxpayers).

No, the people losing $600K are the poor saps trying to build actual, productive businesses. Unlike house flippers, they don’t benefit from a permanent government put option.

#34 Shawn Allen on 08.27.21 at 3:23 pm

Sunshowers gets a lesson in how capitalism works

#171 SunShowers on 08.27.21 at 11:12 am
#123 Shawn Allen
“When the capitalist replaces the pick and shovel with an excavator or the hoe with a tractor, don’t you think the owner of the capital deserves a good share of that added production?”

Not when the money he used to buy the excavator and tractor came from the workers who were using picks, shovels, and hoes beforehand.

***********************************
I could respond further to your erroneous thinking but late in yesterday’s session you were taken to school and given excellent lessons by Damfino, IHCTD9 and Nonplused. I hope you stopped long enough to absorb some of their lessons or at least think about it.

Anyhow to all the socialists and Marxists of the world living a great standard of living in a (somewhat) capitalist country, capitalism should respond (sarcastically of course) YOU’RE WELCOME!

#35 Planetgoofy on 08.27.21 at 3:25 pm

Garth
Maybe “Bozo the Con Man” could be our leaders handle?
This guy sells what ever works to the ignorant voters.
It really is a con game.
Beyond unscrupulous…..we live in sad times on this front.
Integrity is not a word in their dictionary..

#36 Felix on 08.27.21 at 3:25 pm

Happy Feline Friday!

Did you know:

Useless, dogawful mutts can’t operate MRI scanners.

But catscan.

#37 tooshort on 08.27.21 at 3:25 pm

I’m bearish on housing as any blog dog however, if we are heading into an inflation spiral doesn’t it make sense to take on a ton of debt? Especially with a mortgage around 2.5% you’re pocketing the difference…

Anyways there’s a lot to that equation here’s another part that should be dealt with;

https://survivingtomorrow.org/an-open-letter-to-airbnb-8b1b58b4ad33

#38 James on 08.27.21 at 3:29 pm

DELETED

#39 Shawn Allen on 08.27.21 at 3:31 pm

TAX THE WEALTHY?

Well, one thing is for sure, the really wealthy of the world will never consume anything close to the amount of goods and services that their wealth could in theory buy. Neither will they have enough descendants to do so.

As they consume less today than they could, it leaves room for others to consume more, sometimes as others borrow to finance that consumption.

One way or another most of the wealth of the mega rich will not be consumed by those rich people or their heirs but will continue to fund consumption by the larger society. To some degree this will occur though taxation. To a great degree they will donate to charity.

Warren Buffett (in particular) is not hogging any consumption from others and neither is Jeff Bezos or Bill Gates or most of the mega wealthy. They consume a very tiny fraction of their yearly incomes.

Just something to think about.

#40 Shawn Allen on 08.27.21 at 3:33 pm

Most countries are in debt

The Canadian federal government and probably all the provinces are in debt. Financial net worth below zero.

Does that mean that any of us with a positive net worth are richer than the government of Canada? Interesting concept.

#41 Sail Away on 08.27.21 at 3:34 pm

#21 SoggyShorts on 08.27.21 at 2:51 pm

I’m thinking about spending 6+ months in Mexico, does anyone know of a Norbet’s Gambit-like thing I can do to get cheap Pesos?

———

Wize, previously Transferwise, is simple with minimal fee. Nothing like the gougy banks. I use it often for other currencies.

#42 IHCTD9 on 08.27.21 at 3:38 pm

Yep, too many specuvestors. They make pile, tell their buds, and 3 more are born. It’s pretty bad when non-homeowners are becoming land lords while camping out in their parent’s basement. You’d think getting a place to actually live in yourself would be the goal.

Time will fix it eventually, being a LL sucks more often than not. I know many who became ex-LL’s in short order. I don’t need the BS. Filling our tax shelters has been easy, and looks to comfortably hit the goal by retirement. That’s good enough for me. I’ll be out trolling for walleye, while they unplug their tenant’s toilet.

#43 Timmy on 08.27.21 at 3:43 pm

I could never bring myself to vote Conservative, but this election it is anything but Trudeau. Whomever is the leading candidate in my riding unless it is a Liberal gets my vote. Trudeau is astoundingly incompetent. He has presided over the latest real estate boom and his measures will goose the market even more. He’s too stupid to understand what moves markets.

#44 Soviet Capitalist on 08.27.21 at 3:47 pm

It seems to me we need a ‘Bailout Tax’ of ~20% from the value of the asset (10% paid by seller and 10% by the financial institution providing the debt). It should be applied to any asset class that can cause systemic risk when valuations go down. When the bubble goes bust, that money should be used to bailout systemically important speculators.

#45 AntMan on 08.27.21 at 3:48 pm

The year was 1979. I was on my first coop job in Toronto which was experiencing housing mania at the time. An employee there who fancied himself something of a financial maven explained to me “You will never be able to afford a house. Even if you and your wife both work and you have no children a house will always be too expensive for you.” Fast forward a bit and my four bedroom detached house is mortgage free. I wonder where that doomsayer is today.

#46 IHCTD9 on 08.27.21 at 3:56 pm

#32 Howard on 08.27.21 at 3:17 pm
Latest Ekos poll

CPC 35%
LPC 29%
NDP 20%
PPC 6%
GRN 4%

CPC up 37-33 over the Libs on Ontario.

Hope the Tory war room isn’t getting confident. This shift feels too fast, too early.

In PPC ends up at 6% nationally, good chance of Bernier winning his seat.
——

Yes, Tool should keep it mellow while the Libs go ballistic.

He already politicized Monsef’s “brothers” comment, and IMHO, that was a mistake. He should have calmly said the comment was likely a cultural statement, which it was.

He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada. That is too stupid to even consider. He needs to court smart voters – everyone else is already entrenched.

He is getting his support from the center-left, he needs to stay composed, reasonable, honest – no stupid politics. Stupid voters aren’t changing their minds on who they’re voting for. Keep doing what he did with abortion and climate change, all he has to do is stay honest and reasonable. No extremism, no unbelievable promises, compromise, honesty, reason. A majority is in the bag if he can do it.

#47 Old Stock Canadian Voter on 08.27.21 at 3:58 pm

BC NDP leader Mike Harcourt did a big property flip on Cornwall Avenue with his son back in the day all while being a downer to the public on flippers. He made a million on it. Same with MP Jenny Quan living in a multi million Kitsilano house while representing the poor DTES of Vancouver. The socialists love money just like everyone else.

#48 IHCTD9 on 08.27.21 at 4:03 pm

#28 Chalkie on 08.27.21 at 3:08 pm

What’s wrong with Taleeb making $600,000.00, good for him.
————

Nothing – if he wasn’t working for Trudeau who claims speculation is a big problem. He just needs to find a new job, or stop doing what his boss claims is wrecking the country. It’d also be great if he’d stop lying through his teeth about not being a flipper. He is a flipper, why is he lying like crazy? You can meditate on that one…

#49 Don Guillermo on 08.27.21 at 4:04 pm

#21 SoggyShorts on 08.27.21 at 2:51 pm
I’m thinking about spending 6+ months in Mexico, does anyone know of a Norbet’s Gambit-like thing I can do to get cheap Pesos?
*******************************************
Soggy, I’ve been doing this for 7 years and was using my debit card for pesos for the first 6. I knew it wasn’t the best exchange but the cost of living is so inexpensive I didn’t stress it. Last year I opened a local bank account and had my investment manager move money down as required. I did this because I needed to access larger sums of money for real estate and small projects (like a swimming pool, cabanas etc.) but soon realized the exchange rate I was getting was very close to the daily posted rate – bonus. You can also lock in money for 3 and 6 month durations and get relatively decent interest. I now use a local debit card for cash and paying utilities. Certain banks allow non residents to open accounts. I was impressed with their service.

Here is a useful blog post on the topic.

https://qroo.us/2017/01/15/opening-a-bank-account-in-mexico-benefits-and-requirements/

#50 Prince Polo on 08.27.21 at 4:09 pm

The banks should totally get onboard with our dear Photo-op Minister raising taxes on their success, but only after they have been allowed to dish out $10M mortgages (indexed to inflation) to anybody that can breathe under their own power. This is really the only way I can stomach the thought of 77% price increases every 6 years, since I end up with those juicy bank divvies!!!!!

#51 QR code on 08.27.21 at 4:09 pm

They can’t even make a simple QR code work with a pass, passport, certificate etc. how are they going to make digital money. They love to chip everyone and see how that turns out.

I am envious of anyone that is not born or is not on this screwed up world.People are really losing it.

#52 Matt on 08.27.21 at 4:10 pm

Just drove by you in downtown Toronto! Was going to honk and wave from the car, but then the light changed.

It’s amazing how many people think that putting money in investments is just gambling and not an actual strategy.

#53 Nonplused on 08.27.21 at 4:11 pm

#163 INFO on 08.27.21 at 9:40 am

I am not trying to imply that Ivermectin doesn’t have its’ uses. Maybe it helps treat people with covid maybe it doesn’t. Good for worms though. But it is no vaccine.

Oops that is 2 covid comments in 2 days. I will stop now I don’t want to be part of the problem.

#54 IHCTD9 on 08.27.21 at 4:13 pm

#22 ElGatoNerodeYVR on 08.27.21 at 2:56

Beware what you wish for and maybe take a step back and think how this would work.
I don’t need to think about it as I already lived this back in the communist Eastern European block . You were allowed the number of rooms ( yes ,living room was a room) excluding kitchen and bathroom equal to the number of people in your family, so a single people kind was allowed a studio.
Lots of elderly people whose partners passed away had to sell or were forced to rent out a room. Same for divorces / family dissolution. You had to rent preferentially out of a priority list where people would sing up on( granted with the proper bribe you could choose whom to rent to).
This is exactly what you are advocating for ,communism ,stealing from those who have worked hard all their lives ( the Ants) and give it those that did not or could not ( Grasshoppers).
Instead I strongly suggest you advocate for rental co-op housing to be build by the governments.
——-

That’s nuts. I know a guy online from Lithuania, they weren’t even allowed to own a horse. Because you could do some work with it…

#55 Bankersorta on 08.27.21 at 4:15 pm

Raising interest rates will help to curb future price increases to a point but will only really hurt those who have bought at the peak in the last 18 months….not to speak of the wider effects this will have on other parts of the economy and all credit rates….it will need to be a slow and steady rise over 5 years.
The main point here is that in Canada home ownership is a goal of most, establishing roots and stability so lets not destroy that. HOWEVER, residential real estate is not intended to be an INVESTMENT PRODUCT ….so a chicken in every pot and ONE house per person. To stabilize and help reduce prices or pricing pressure, raise the capital gain tax on second + properties immediately to 75%, then 5% per year for the next 3 years, capping out at 90%. There will be all kinds of properties on the market, and while there will be pain and price decreases, nobody will lose their principal home and the overall market should stabilize at today’s values sometime in the next 5 to 7 years. Think any of the politicos have the guts to add this to their “housing solutions”?
Alternatively, decide which is more important to you, living in Canada or owning a home. If you choose Canada accept the reality of the situation, save every penny and hope some day for a crash in the market. If it’s home ownership consider moving to the USA…..unfortunately every choice in life has pros and cons.

#56 Blobby on 08.27.21 at 4:16 pm

I saw this yesterday. I dont see the problem myself.

Sure the government has announced it’s going to “crack down on flippers”, and if they had someone flipping properties after that – then sure. But having someone flipping last year, why not?

It’s not the flippers that are the problem so much as the people willing to pay the higher prices. Flippers gamble, if it werent for “greater fools”, they’d lose.

#57 Diharv on 08.27.21 at 4:20 pm

A financially illiterate banker and mom. Who’da thunk?

#58 Pesos on 08.27.21 at 4:28 pm

#21 Soggy

Not much you can do about pesos and you don’t want to carry a bunch of cash around (or have it in your rented house) anyway.

Best thing you can do is get a bank card that doesn’t charge you for ATM withdrawals in other countries. TD used to have one.

Most local banks (or even branches of Scotia) will still add a fee, and some charge more than others, so make sure you find the lowest fee bank.

A lot of the ATM’s have max withdrawal limits, which is frustrating and adds more fees. I understand they do it because there is a processing firm in the background that collects a fee for every transaction and they of course want you to make more than 1 if they can.

You still get taken to the cleaners on the exchange rate spread but it’s hard to avoid.

Only other possibility is take USD cash with you and change it to pesos when you are down there, but you might or might not get a better deal that way.

I suppose in some parts of Mexico you can pay straight USD cash for things, and that might save you a few bucks.

But I still wouldn’t want to carry all that cash and spend a lot of time looking for the best rate at various banks and cambios down there. Better spend your time at the bar and taco stand where $3 USD will get you 3 tasty tacos al pastor, which they charge $7 each for here in Vancouver.

In Colombia the cash rate of exchange for USD is so low that you do better at the ATM, even with the exorbitant fees. I suspect that’s an anomaly due to the drug trade. I have never seen that anywhere else in the world. But Mexico might be the same, I have not been there in a while.

#59 TurnerNation on 08.27.21 at 4:29 pm

Updated Cartel Housing Prices in Toronto
Minimum pricing.

Garden shed : $50,000
Tiny Kando: $500,000
Slanty Semi. $1,000,000
SFH: $1,500,000


— Kanada: Science is…different here.

.Denmark to scrap ALL Covid restrictions in two weeks, virus no longer ‘critical threat to society’ (dailymail.co.uk)

.In Britain, Young Children Don’t Wear Masks in School (nytimes.com)


— Guys, the Hospital capacity!

500 million for an election to pick a brutal tool of the Globalists as our “leader” (choose well!)
1 billion here: “Liberals promise funding for provinces that develop vaccine passports”

— Back to normal – any time now!

.Biden says U.S. health officials are considering Covid booster shots within 5 months, moving up timeline of third shot (cnbc.com)

#60 Barb on 08.27.21 at 4:31 pm

“…creating a tax shelter only for those under 40…”

————————-
Interested in whether this would stand up to a court challenge. The age thingy, despite T2’s “noble” intentions.

Re the Noormohamed issue…wonder if he had a long phone conversation with Gerald Butts.

#61 BlogDog123 on 08.27.21 at 4:33 pm

re: #22 ElGatoNerodeYVR on 08.27.21 at 2:56 pm

Beware what you wish for and maybe take a step back and think how this would work.
I don’t need to think about it as I already lived this back in the communist Eastern European block
==

You knew I wasn’t serious. I can’t see a scenario where a 30-something couple is ever going to be able to afford a mortgage and live in the 416 area code with a nice backyard. Not unless there’s a house price melt like 1989-1995.

I lucked out and bought before 2008. Non-renovated houses on 60ft lots that sold for less than 200k back in 1994 in my suburb now sell for over $1.2M today. Insanity!

#62 Joseph R on 08.27.21 at 4:33 pm

#6 Jack on 08.27.21 at 2:12 pm
Every individual is equal before and under the law and has the right to
the equal protection and equal benefit of the law without discrimination and, in
particular, without discrimination based on race, national or ethnic origin,
colour, religion, sex, AGE or mental or physical disability.

Perhaps as the Liberals are in power, we no longer need the charter of rights and freedoms … same as electoral reform.

———————————————————

You can discriminate based on age: you need to be of legal age (18/19) to buy alcohol, tobacco, gamble, sign a contract.

The Charter is fine, no matter what Facebook/Rebel News is telling you.

#63 Take take take on 08.27.21 at 4:39 pm

#34 Shawn Allen on 08.27.21 at 3:23 pm

Ever notice the lefties’ only ideas are how to take the most they can from other people?

Not a single idea on how to promote the creation of wealth. Always just re-distributing from others to themselves.

Any money you can keep from them is called ‘lost revenue’.

#64 NOSTRADAMUS on 08.27.21 at 4:42 pm

THE BROKEN RUNG!
The day of reckoning is fast approaching for all the speculators who climb higher and higher on their own personal debt ladder. Never looking down, ever onwards and upwards. All is well on on their ascent to the promised land of milk and honey. Now above the rain clouds they can see clearly, no obstacles in their way. That is until they encounter a broken rung on their success ladder, called a credit deterioration, meaning no more easy money. WHOA, LOOK OUT BELOW, speculator coming down fast with no parachute (cash) Now they are in a debt hole and they just keep on digging. My God it’s raining speculators all over the place. This won.t end well and that’s my optimistic take. Once again beware the” IDES OF NOVEMBER”. I am on my throne and I will not step down.

#65 Barb on 08.27.21 at 4:46 pm

The province of BC is (finally) starting to check on principal residences. This year homeowners had to apply to the province–not the city/municipality–to claim the homeowner grant.

For the first time in many years of owning a home, I received a letter from the province of BC, penned by a “compliance analyst” with the Property Taxation Branch.

The compliance analyst position(s) were likely implemented because of guys like Noormohamed… and his various “family issues”. *Ahem*

Wonder how many people they’ve caught where various family members claimed principal residences all over the place…when in fact they all lived in one residence.

#66 SoggyShorts on 08.27.21 at 4:46 pm

#41 Sail Away on 08.27.21 at 3:34 pm
#49 Don Guillermo on 08.27.21 at 4:04 pm

Thank you both

#67 kommykim on 08.27.21 at 4:46 pm

RE: #30 DD on 08.27.21 at 3:13 pm
Let’s not rule out O’Toole yet. He may just grab a minority.

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

That might get him charged with sexual harassment…

#68 IHCTD9 on 08.27.21 at 4:46 pm

#43 Timmy on 08.27.21 at 3:43 pm

He’s too stupid to understand what moves markets.
——-

The whole lot of them are. Our last hope for sanity evaporated when Trudeau booted Morneau. Look what we got now. The entire party is clueless when anything to do with money is tabled.

Some day, we’ll get PC’s who can soften up on the social end, while still understanding what to do with fiscal policy. Tool is looking good so far, if he wins, maybe the right will at last, see the light.

#69 debt junkies enablers on 08.27.21 at 4:46 pm

I look at debt junkies and flippers another way. Just like any other junkie, drugs, alcohol etc. if you don’t stop helping them get the supply you continue to enable them.

They just get worse and worse. Why are the banks, lenders not responsible for enabling them with more debt, credit by letting them flipping these properties and at very low interest rates and easy access to these loans, mortgages.

This is the root of the problem as the Bank of Canada, all levels of government that keep making it too easy now to buy many properties and flip them. Any tax the y put is really a poor excuse for them to profit from it and not reduce the speculation and cheap, easy credit pushing up real estate prices to unrealistic values.

#70 crowdedelevatorfartz on 08.27.21 at 4:54 pm

@#47 Old Stock

“The socialists love money just like everyone else.”

+++

In BC I prefer to refer to them as “Poverty Pimps”.
Lecturing “Big Bad Business” while doing the exact same thing with their money.

#71 45north on 08.27.21 at 4:56 pm

Is this hypocrisy? Maybe. The point of this post is not to eviscerate the guy. Rather we should think about the root causes of dumbass real estate prices instead of nibbling around the edges of a housing crisis. Nobody likes speculators. But speculation is rampant. One in five families in the GTA, for example, owns a secondary property, usually a condo rental. In fact up to 50% of all apartment sales there have been to non-resident owners. A recent survey showed a shocking proportion of Millennials also own rental properties.

Housing is a bubble waiting to be pricked. The bubble is the root cause of dumb ass real estate prices. It’s holding the political parties hostage – they’re afraid to prick it. The Federal Government has enormous influence over the cost of housing – it could reduce the cost – through higher interest rates, tighter CMHC regulation and by cutting off buying mortgage-backed bonds from the banks. A coherent plan to reduce prices would pit speculators against non-speculators. Let it come.

#72 IHCTD9 on 08.27.21 at 5:02 pm

#55 Bankersorta on 08.27.21 at 4:15 pm

HOWEVER, residential real estate is not intended to be an INVESTMENT PRODUCT ….so a chicken in every pot and ONE house per person. To stabilize and help reduce prices or pricing pressure, raise the capital gain tax on second + properties immediately to 75%, then 5% per year for the next 3 years, capping out at 90%.
——-

Not nearly tough enough. For second+ properties, make it 100% forever. Make RE investment about cashflow, not CG’s. Further, a sliding CG inclusion is needed on PR’s. 100% for 5 years sliding to zero by ten years. If there are renters in there (because you’re camping out in Mom’s basement instead of living there yourself) then the 5 year clock starts the day they leave. It’s just way too damn easy to lie about your intentions to live in the place, look at Taleeb lying his ass off and paying zero taxes.

Let’s not piss around, make it work the first time. We all know what’s going on, very few amateur LL’s are cash flow positive and are instead banking on CG’s to turn a profit. Sentiment will change when prices sink. Lower prices will allow folks on the ladder, and also push rents down.

#73 SCD on 08.27.21 at 5:13 pm

Raising the capital gains tax on non primary residence properties would likely cause owners to hold off selling the properties until a new government reduces them again which would only worsen the supply side problem.

#74 INFO on 08.27.21 at 5:18 pm

DELETED

#75 yorkville renter on 08.27.21 at 5:18 pm

And by creating a tax shelter only for those under 40 we’ve entered a new era of ageism and financial discrimination as we indoctrinate the young.

I sent a rather terse email to my MP about this, who happens to be the Minister of Finance, one Chrystia Freeland… They usually respond to my emails, we’ll see where this one goes.

As my name suggests, I’m a renter… would love to own again, but prices dictate otherwise.

Demand is NOT the problem… Tax-free gains and low rates are.

#76 Scott on 08.27.21 at 5:24 pm

Maybe the government should issue a inflation pass. You can get a really cheap price set by the government if you are only vaccinated, vote only Liberal, only donate to the Liberal party, weigh less than 165 pounds, only work for the government, only have been in Canada for 20 years, only drive an electric vehicle, only if you don’t eat meat, only if don’t have a TFSA, RRSP etc. . The problem is the money gets more worthless and there will no stores, businesses to sell it to you. Socialism stops working when you run out of other people’s money. I wonder if my post will be let through.

#77 KLNR on 08.27.21 at 5:32 pm

@#46 IHCTD9 on 08.27.21 at 3:56 pm
#32 Howard on 08.27.21 at 3:17 pm
Latest Ekos poll

CPC 35%
LPC 29%
NDP 20%
PPC 6%
GRN 4%

CPC up 37-33 over the Libs on Ontario.

Hope the Tory war room isn’t getting confident. This shift feels too fast, too early.

In PPC ends up at 6% nationally, good chance of Bernier winning his seat.
——

Yes, Tool should keep it mellow while the Libs go ballistic.

He already politicized Monsef’s “brothers” comment, and IMHO, that was a mistake. He should have calmly said the comment was likely a cultural statement, which it was.

He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada. That is too stupid to even consider. He needs to court smart voters – everyone else is already entrenched.

He is getting his support from the center-left, he needs to stay composed, reasonable, honest – no stupid politics. Stupid voters aren’t changing their minds on who they’re voting for. Keep doing what he did with abortion and climate change, all he has to do is stay honest and reasonable. No extremism, no unbelievable promises, compromise, honesty, reason. A majority is in the bag if he can do it.

well put.
should be easy for him. Doesn’t seem to have the baggage of previous con ‘leader’ and doesn’t cater to the backbenchers whims. at least for now.

#78 Midnights on 08.27.21 at 5:42 pm

DELETED

#79 Cottagers STAY THE HELL AWAY! on 08.27.21 at 5:47 pm

This weekend? Don’t be a sociopath. The Delta variant is spreading. We don’t need you putting us at risk.

Just .

Stay.

Home.

#80 KLNR on 08.27.21 at 5:49 pm

@#58 Cottagers STAY THE HELL AWAY! on 08.27.21 at 5:47 pm
This weekend? Don’t be a sociopath.

so don’t be like you?

#81 Anyone but Trudeau but not Jagmeet.. on 08.27.21 at 5:49 pm

“Bad behaviour shouldn’t be rewarded.

Canada is now in an election that only Trudeau wanted.

While you’re taking summer holidays, harvesting your crop in a tough year, or trying to get your business back on its feet after repeated lockdowns, Trudeau is making a grab for power, hoping you’re not paying attention, to try and win back his coveted majority government.

But he’s got a big problem. We now have the power — not him.

And we know his long list of failures…

Doubling the debt.

Broken promises to Indigenous Canadians.

Firing strong women.

Repeated instances of personal misconduct.

The WE charity scandal.

Sky-high inflation.

The SNC Lavalin scandal.

Trying to censor your internet.

And three — THREE — ethics violations.

Don’t let him get away with it. Don’t reward bad behaviour.

This election: vote ANYONE but Trudeau.”

#82 Midnights on 08.27.21 at 5:50 pm

DELETED

#83 Craig on 08.27.21 at 5:51 pm

Don Guillermo, this is the communists worldwide that want to take away the reserve currency of the US dollar and give to China and others like EU.

They want to not use oil directly as the petro dollar, oil, fossil fuels backs the US dollar. It has nothing to do with going green, climate change. It is the UN, and the masters of communism like China and others that want to make the US a second rate country. The pollution from all the batteries they dump and can’t recycle will e in the billions. This much worse for the environment. It is all BS, nothing to do with helping the environment, people.

#84 Concerned Citizen on 08.27.21 at 5:53 pm

It’s not the politicians so much as the central bankers that have enabled these bubbles. Look at Powell today, for example. Even in the face of high inflation and roaring growth, he won’t set a date for even tapering the Fed’s $120B of asset purchases per month.

The central banks are outright assaulting the value of money, and with real interest rates highly negative where exactly are you supposed to put your money? Your options are grossly overvalued stock markets, junk bonds yielding 2-3%, government bonds yielding 0%-2%, or housing that’s priced at 7-15 times median income nationally.

It’s a cluster-you-know what of epic proportions. And policymakers have absolutely zero clue as to how they’re going to extricate themselves from it. In a sane world they would let the everything bubble deflate some to bring back some sort of balance, but it’s probably far more likely they’ll just try to inflate things on the backs of the poor and middle class who they obviously care so little about. That’s what they’ve done to date, after all.

I have to say, I’m rapidly losing hope in the future of western civilization. Policymakers are doing all they can to destroy the middle class.

#85 Habitt on 08.27.21 at 5:56 pm

Sounds like Main Street is now evasion alley and it’s ok cause lots of people doing it. What a joke. Politicians right in there too. Too funny but sickening. The hammer has to come down. Oh and bring back the death penalty. Consequences work. 28 chalkie that was hilarious.

#86 Midnights on 08.27.21 at 6:01 pm

DELETED (Anti-vax)

#87 BC Renovator on 08.27.21 at 6:05 pm

Saw Taleeb Noormohamed on the National last night. They spent the whole piece talking about his skin colour. Doesn’t matter that he is a flipper, he’s not white, and thats all that matters these days.
If you are white, you are the Devil. A racist one

#88 Sail Away on 08.27.21 at 6:09 pm

#46 IHCTD9 on 08.27.21 at 3:56 pm

He already politicized Monsef’s “brothers” comment, and IMHO, that was a mistake. He should have calmly said the comment was likely a cultural statement, which it was.

He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada. That is too stupid to even consider. He needs to court smart voters – everyone else is already entrenched.

———

Yes. Well put. Exactly my reaction.

#89 fred Torbell on 08.27.21 at 6:12 pm

South Korea becomes first major Asian economy to raise interest rates
The Bank of Korea increased its base rate of interest from a record low of 0.5% to 0.75%.

The move is aimed at helping curb the country’s household debt and home prices, which soared in recent months.

Central banks around the world are trying to balance the impact of ongoing Covid-19 infections against economic risks such as high inflation.

It is the first time the Bank of Korea has raised its main interest rate for almost three years.

The decision comes as the central bank attempts to balance helping to support the country’s economic recovery against the risks of surging debt and rising inflation.

https://www.bbc.com/news/business-58338261

#90 Annek on 08.27.21 at 6:16 pm

Is it not age discrimination if there is a rule where people under 40 get a tax shelter and others do not? What about a 45 year old who wants to buy his first home and has been saving up?
Something is not right here ..why have an age limit..
As well, if we have flippers, buying and selling , why are they benefiting? They need to pay their due taxes. Second properties should be taxed to the max. Then you may see lots of properties coming to the market..

#91 Prairieboy43 on 08.27.21 at 6:27 pm

DELETED

#92 ImGonnaBeSick on 08.27.21 at 6:27 pm

#81 Anyone but Trudeau but not Jagmeet.. on 08.27.21 at 5:49 pm

You’re forgetting the most recent scandal of Trudeau suing the Liberal speaker of the house to squash the release of information of the Winnipeg National Microbiology Laboratory lab firings..

#93 Don Guillermo on 08.27.21 at 6:40 pm

#58 Pesos on 08.27.21 at 4:28 pm
#21 Soggy

Not much you can do about pesos and you don’t want to carry a bunch of cash around (or have it in your rented house) anyway.

Best thing you can do is get a bank card that doesn’t charge you for ATM withdrawals in other countries. TD used to have one.

Most local banks (or even branches of Scotia) will still add a fee, and some charge more than others, so make sure you find the lowest fee bank.

A lot of the ATM’s have max withdrawal limits, which is frustrating and adds more fees. I understand they do it because there is a processing firm in the background that collects a fee for every transaction and they of course want you to make more than 1 if they can.

You still get taken to the cleaners on the exchange rate spread but it’s hard to avoid.

Only other possibility is take USD cash with you and change it to pesos when you are down there, but you might or might not get a better deal that way.

I suppose in some parts of Mexico you can pay straight USD cash for things, and that might save you a few bucks.

But I still wouldn’t want to carry all that cash and spend a lot of time looking for the best rate at various banks and cambios down there. Better spend your time at the bar and taco stand where $3 USD will get you 3 tasty tacos al pastor, which they charge $7 each for here in Vancouver.

In Colombia the cash rate of exchange for USD is so low that you do better at the ATM, even with the exorbitant fees. I suspect that’s an anomaly due to the drug trade. I have never seen that anywhere else in the world. But Mexico might be the same, I have not been there in a while
***************************************
In general bringing USD to Mexico is not a good idea for mostly the same reason as in Columbia. It cost banks extra to process USD exchange as there are protocols in place to “try” to make it harder to launder the Benjamins. Of course tourists use smaller US bills for tips and what not but locals have to take them to a rip off exchange house or stand in bank line ups. Don’t even think about US coins or any Canadian money. Pain in the a$$ for them. Most debit cards are widely accepted and easy. Having a couple of debit cards can get you around withdrawal limits. Pesos are preferred by locals in most cases. It’s also respectful. Saludos!

#94 ElGatoNerodeYVR on 08.27.21 at 6:42 pm

#55 Bankersorta on 08.27.21 at 4:15 pm
=======
A noble sentiment and I don’t disagree with the intent and thought process behind it.
Reality check is that it won’t work; couples will divorce on paper so they can hold 2 properties, children will get properties gifted to them, trust funds for elderly parent holding property, companies will hold properties to renovate them and take their sweet time to finish the so called renovated..and so on and so forth. Whack’a mole it is.
For every measure to control the market there will be a workaround or two ,or 5 .
The only way to fix it is to build more and an adequate built priced supply.
As in all kinds of density . Townhouses and duplexes are really just fine for most families.

#95 My Body My Choice on 08.27.21 at 6:44 pm

Trudeau and Libs are definitely not going to win a majority and maybe not even a minority, so all their desperate, last-minute vote-buying/voter-bribing nonsense won’t be implemented.

And regarding Taleeb, he sounds like your typical limosine Liberal: steps out of his slick vehicle wearing his designer clothes and fake smile, long enough to trick you into thinking he’s gonna help you, then as soon as the election is over, does whatever the hell he wants to suit his own interests.

#96 In Dog We Trust on 08.27.21 at 6:48 pm

Thank you Normy Powwell,,, aint touching rates for some time yet… and even you booted T2 out, Canada is in such high demand that RE would just continue the climb regardless… cant get over all the Trudeau hate on your Blog dearest Garth… I think I recal you calling for more taxes in the 2 prior elections and looky here,,, it didn’t happen… likely the same this election too

#97 islander on 08.27.21 at 7:02 pm

“Contribute to a tax-free TFSA/make an RRSP contribution, invest in assets likely to grow,
invest without taking on a half million dollars in debt”

Garth, only rational people would make the above moves.

Unfortunately, the good ship ‘Rational’ sailed 20 years ago.

Now in Canada, we build, sell and export property (although it remains fixed in place).

End of story.

#98 Don Guillermo on 08.27.21 at 7:02 pm

Oops, meant Colombia. Too many years in BC :>(

#99 mike from mtl on 08.27.21 at 7:03 pm

#51 QR code on 08.27.21 at 4:09 pm
They can’t even make a simple QR code work with a pass, passport, certificate etc. how are they going to make digital money.
/////////////////////////////////////////////////////////

Agreed. Delicious irony having touted their all knowing, secure solution to a non-problem only to be compromised less than 24 hours. I would have assumed they could have used a PKI set up to some sort of HI# lookup due to needing offline use. Not knowing the details of implementation I can reasonably assume it’s probably not that involved.

USD FIAT/Swift of today is far less secure than you’d ever imagine so no mystery there.

Btw, QC 70%+ of hospital/ICU of the last few weeks are still the same age group 65-80 despite now being nearly all fully vaccinated. The current vax while better than nothing is looking to be more analogous to real-world Influenza figures than the bogus marketing >98%.

#100 My Body My Choice on 08.27.21 at 7:22 pm

#46 IHCTD9

“He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada”
——————————————————-

Then what did Monsef ACTUALLY mean? No, I think she meant EXACTLY what she said. I think that Liberals accidentally tell the truth once in a while.

Only in Canada would a self-hating, head-in-the-sand cuck trip over themselves to criticize a Canadian veteran running for PM in order to defend a traitor like Monsef for calling the Taliban TERRORISTS “our brothers”.

#101 Yukon Elvis on 08.27.21 at 7:23 pm

#93 Don Guillermo on 08.27.21 at 6:40 pm
#58 Pesos on 08.27.21 at 4:28 pm
#21 Soggy

Best thing you can do is get a bank card that doesn’t charge you for ATM withdrawals in other countries. TD used to have one.
++++++++++++++++++++
TD still offers that account. I last used it Dec.2019, the last time I was abroad before I was grounded by covid. No ATM charge from TD and also very good “preferred” exchange rate. I never go to a currency exchange, I just use local ATMs which charge a small withdrawal fee. No need to bring foreign money with you, just use local ATM when u arrive.

#102 sititation cloakroom on 08.27.21 at 7:24 pm

https://www.msn.com/en-ca/news/other/trudeau-campaign-rally-cancelled-over-security-concerns-amid-protests/ar-AANP8y3?ocid=msedgdhp&pc=U531

They are shouting obscenities at poor lttle Justin LOL

#103 ElGatoNerodeYVR on 08.27.21 at 7:36 pm

61 BlogDog123 on 08.27.21 at 4:33 pm
=====
No worries, just brought back memories best archived but not forgotten .
Sadly a lot of people are serious and think it can be different. Give any government unchecked power and all good intentions will lead to places where no one wants to, corruption springs faster than mushrooms after the rain.

#104 DON on 08.27.21 at 7:44 pm

#65 Barb on 08.27.21 at 4:46 pm
The province of BC is (finally) starting to check on principal residences. This year homeowners had to apply to the province–not the city/municipality–to claim the homeowner grant.

For the first time in many years of owning a home, I received a letter from the province of BC, penned by a “compliance analyst” with the Property Taxation Branch.

The compliance analyst position(s) were likely implemented because of guys like Noormohamed… and his various “family issues”. *Ahem*

Wonder how many people they’ve caught where various family members claimed principal residences all over the place…when in fact they all lived in one residence.

********

Yikes!

#105 Jerry on 08.27.21 at 7:48 pm

The US should make China understand they will limit the powers and influence of communists on the world. Increasing military drills near Taiwan from the Chinese and US circling there so things could be happening sooner than we think.

The biggest mistake in US history opening trade with China and continuing it for almost 40 years now. They will never change their spots.

#106 Out Of Work CEO, Will Travel on 08.27.21 at 7:53 pm

The Japanese have the solution to housing crisis and housing shortage and housing unaffordibility crisis. The aging of the Japanese society and their total absence of “any immigration ever” has now resulted in a massive abundunce of close to 10% empty homes and homes that can’t sell. Well, at least we know there is a cheap, easy solution to the housing problem but you can bring the horse to water but you can’t make him drink.

#107 Drew on 08.27.21 at 8:01 pm

A banker thought -$few hundred/mth was investing and moving ahead eh.

This problem goes back a long time. I remember my boomer parents telling me in the 90s it was a good idea to buy as much house as you could. Sounds like that sentiment has been passing down the generations unquestioned.

#108 BillyBob on 08.27.21 at 8:21 pm

#41 Sail Away on 08.27.21 at 3:34 pm

Wize, previously Transferwise, is simple with minimal fee. Nothing like the gougy banks. I use it often for other currencies.

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

Yep. Been using Wise (Transferwise) for years along with Revolut. In countries without protectionist banking cabals ie not Canada, you can get the debit card that usually accompanies it and do spot-rate exchanges on the app and then spend in the local currency on the Visa/Mastercard networks. These products are brilliant.

Oh well, maybe in a couple years innovative products will find their way into Canada. Maybe. 2023 they’re saying. Only a decade or so behind the rest of the world, sounds about right.

https://financialpost.com/fp-finance/fp-explains-what-is-open-banking-and-why-hasnt-it-come-to-canada-yet

#109 Flop… on 08.27.21 at 8:29 pm

33 Howard on 08.27.21 at 3:21 pm

House flippers never lose money, let alone $600K, because the industry is protected and backstopped by the government (taxpayers).

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

Did The Pink Snow Project teach you nothing?

Just because you are not hearing about it doesn’t mean it is not happening.

The Flop Files have got dust on them, but I’m pretty sure I could find some 600k losses in Vancouver this year.

What degree of difficulty would you select?

Detached house, townhouse or condo…

M47BC

#110 Nonplused on 08.27.21 at 8:33 pm

#62 Joseph R on 08.27.21 at 4:33 pm
#6 Jack on 08.27.21 at 2:12 pm
Every individual is equal before and under the law and has the right to
the equal protection and equal benefit of the law without discrimination and, in
particular, without discrimination based on race, national or ethnic origin,
colour, religion, sex, AGE or mental or physical disability.

Perhaps as the Liberals are in power, we no longer need the charter of rights and freedoms … same as electoral reform.

———————————————————

You can discriminate based on age: you need to be of legal age (18/19) to buy alcohol, tobacco, gamble, sign a contract.

The Charter is fine, no matter what Facebook/Rebel News is telling you.

————————————

Joseph, I think you better get the electrician to check your mains, the power doesn’t seem up to snuff.

The age of majority is not a discriminatory concept. The TFHSA is.

The age of majority means that children cannot buy smokes and alcohol, among some other things. It does not mean open season discrimination based on any other age groups. Once you are 18/19, you are an adult and no further discrimination is permitted.

#111 Matt on 08.27.21 at 8:34 pm

My neighbour’s condo has been on the market for over 3 months now. Started at 1.75 million and now marked down to the deal-of-a-lifetime price of 1.3 million. Same unit-albeit renovated nicer-than the one I’m renting for $2900/month. I guess they’re just not very good flippers.

My family and I will hopefully be living here until we can afford a home of our own in our neighbourhood. There’s been some nice condos on the market for 60+ days. I’m in no rush to spend an extra $1000/month for living expenses though.

#112 Drill Baby Drill on 08.27.21 at 8:36 pm

Awesome check out the reception Trudeau got today in Bolton Ontario. Priceless. The coward cancelled out at the last minute. Large F##K Trudeau flags were everywhere.

#113 Dolce Vita on 08.27.21 at 8:38 pm

Told you all so.

Cons are going to win.

It’s only going to get worse for Trudeau. You just have to read his latest exploits on Twitter today. For e.g., heckled today, cancels appearances, blood on his hands Afghan stranded Cdns his response “Harper disliked Syrians”.

The Mills not happy with Trudeau. Consumate Mill, Better Dwelling, etc. Steve Punwasi:

https://twitter.com/StephenPunwasi/status/1431255428936122383

Chrysta Freeland laying low in Edmonton, Liberal Dog House for her botched Tweet about O’Toole. All she’s talking about is her family there. Probably the only one’s left that still love her.

TikTok refuses to say if he will support a Con Gov in case of a minority, or Pipelines, or…

————-

The polls today + the above…I’m quite enjoying it all.

On RE, just tax anything other than a Principal Residence (that’s been lived in for a few years) as a Capital Gain.

Close the tax loophole. Investment properties treated as an investment. How difficult can that be?

#114 REIT Pete on 08.27.21 at 8:50 pm

DELETED

#115 the Jaguar on 08.27.21 at 9:09 pm

“Also CRA rules are already in place. If the tax cops think a property deal was for profit – rather than to establish a personal home – the gain can be taxed as regular income.” GT

Read the above, and then read Barb’s comments at : #65 Barb on 08.27.21 at 4:46 pm. You’re not in Kansas anymore, this is the real deal.

Given our current propensity to beat the dead horse of ‘diversity’, perhaps we could acknowledge a universal truth and admit that not everyone puts their faith in stocks, bonds, ETFs, TFSAs or other modern day financial instruments. There are still some, (lots really, especially many newcomers to the country) who value the safety of cash, but especially real estate. Period. Call it a cultural norm. And when Garth states “One in five families in the GTA, for example, owns a secondary property,…”, be assured that there are many who own more than a second one. Four, five, six, seven. And when they don’t finalize the purchase they might simply ‘assign the purchase” to another eager buyer for a premium. The churn and burn of real estate for some makes day traders look pale in comparison.
If you don’t think this doesn’t happen disproportionately in the GTA and the GVA you are wearing rose coloured glasses. A blindfold, really.

How does one manage to get the scratch to buy all these properties? You might want to ask yourself who the secondary ‘lenders’ are, completing the ‘assisted goal’ in these efforts. They fly under the radar. The Paper Tiger (OSFI) doesn’t go down those rabbit holes. No rigor on the rental income. Don’t ask, don’t tell. CRA has a limited mandate.

As Jim Prentice once said, “Math is hard”. What is harder is the courage to do a deep dive on what’s really going on and publicly round up the perps. It won’t happen. No political will. My observation is that the smart money will also ride that magic carpet and parachute out at the critical moment. If things don’t end well, the usual scapegoats won’t be answering the phone. Jingle mail.

#116 Sail Away on 08.27.21 at 9:13 pm

#100 My Body My Choice on 08.27.21 at 7:22 pm
#46 IHCTD9

“He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada”

———-

Then what did Monsef ACTUALLY mean? No, I think she meant EXACTLY what she said. I think that Liberals accidentally tell the truth once in a while.

Only in Canada would a self-hating, head-in-the-sand cuck trip over themselves to criticize a Canadian veteran running for PM in order to defend a traitor like Monsef for calling the Taliban TERRORISTS “our brothers”.

———-

Hardly that. More like it is time to have an adult who can accept that sometimes the sound bite does not represent the whole situation. Mudslinging is distasteful and unprofessional.

We need an adult who rejects mudslinging.

#117 Barb on 08.27.21 at 9:20 pm

#104 DON on 08.27.21 at 7:44 pm

“#65 Barb on 08.27.21 at 4:46 pm
The province of BC is (finally) starting to check on principal residences. This year homeowners had to apply to the province–not the city/municipality–to claim the homeowner grant.”

———————-
No yikes from me.
I only applied for ONE principal residence, so passed with flying colours!

I imagine there are folks out there who received quite different letters…and maybe their doorbell rang too!

#118 Yukon Elvis on 08.27.21 at 9:42 pm

#102 sititation cloakroom on 08.27.21 at 7:24 pm
https://www.msn.com/en-ca/news/other/trudeau-campaign-rally-cancelled-over-security-concerns-amid-protests/ar-AANP8y3?ocid=msedgdhp&pc=U531

They are shouting obscenities at poor lttle Justin LOL
++++++++++++++++++++++++

Every day i stick silver pins into a voodoo doll of his likeness and cast spells. I like to think that I’m doing my small part in crushing him like a bug.

#119 First Time Poster on 08.27.21 at 9:45 pm

I know of many examples like the [email protected]’s daughter! Buy condo with help from mom and rent out at a loss, but it’s ok because in 5 years the condo in the burbs will be worth a lot more. This is very common among Italians. We have lost our way when comes to houses. I know a woman in her 40’s who since Fall (less than a year) has bought and sold 4 properties!! And currently holds 2 a home in suburbia (Vaughan) and a condo downtown in the big smoke…not sure where we go from here….but it doesn’t look good

#120 Looking up on 08.27.21 at 9:49 pm

41 Sail Away on 08.27.21 at 3:34 pm
#21 SoggyShorts on 08.27.21 at 2:51 pm

I’m thinking about spending 6+ months in Mexico, does anyone know of a Norbet’s Gambit-like thing I can do to get cheap Pesos?

———

Wize, previously Transferwise, is simple with minimal fee. Nothing like the gougy banks. I use it often for other currencies.

————

I believe you mean Wise.

#121 crowdedelevatorfartz on 08.27.21 at 9:53 pm

@#102 sitiation room

“They are shouting obscenities at poor lttle Justin LOL”

++++

In all the years of Federal elections I’ve watched…I cant remember a sitting Prime Minister being subjected to screaming mobs from coast to coast….

And this is only the second week.

#122 Sail Away on 08.27.21 at 10:48 pm

#120 Looking up on 08.27.21 at 9:49 pm
41 Sail Away on 08.27.21 at 3:34 pm

Wize, previously Transferwise, is simple with minimal fee. Nothing like the gougy banks. I use it often for other currencies.

——–

I believe you mean Wise.

——–

Whoops, yes. Thanks.

#123 The joy of steerage on 08.27.21 at 11:08 pm

T2 is tanking… go bald dude go………. sweet joy!

https://twitter.com/CanadianPolling/status/1431371477987823624

#124 IHCTD9 on 08.28.21 at 12:05 am

#100 My Body My Choice on 08.27.21 at 7:22 pm
#46 IHCTD9

“He gains nothing by flipping out over it, but could have gained big from the center-left by not piling on with this stupid idea that Monsef meant the Taliban were brothers to Canada”
——————————————————-

Then what did Monsef ACTUALLY mean? No, I think she meant EXACTLY what she said. I think that Liberals accidentally tell the truth once in a while.
——

There’s no way Monsef was trying to say Canada is a brother to the Taliban. There is absolutely nothing out there to support this idea. She opened herself to attack with her comment yes, and she sure got it, but it is pure bottom feeder politics.

Trust me, I’m no fan of the LPC, but I really, really like the truth. The truth is, it was spoken in a context most Canucks might not readily understand.

No good Canadian supports the Taliban, especially the Afghan-Canucks, including Monsef. They all left that ticking time-bomb. O’Tool should have taken the high-road – man, that would have been great. I really want Canadian Politicians to rise above the bottom feeding Carp-level standard that Trudeau has established.

O’Tool, are you reading this? Don’t do that shit again, and win us a majority.

#125 Don't make me do it on 08.28.21 at 12:11 am

If the dull, wishy washy, stand for nothing PCs keep gaining on the “uh” guy I might have to hold my nose and vote for the lame middle of the roaders just to humiliate Junior.

Sorry Max.

#126 Exodus 2020 on 08.28.21 at 12:12 am

The best way to benefit almost every home owner taking on mortgage debt is to replace capital gains tax exemption with mortgage interest tax deduction, especially in a rising interest environment. It would give a benefit up front, spread out more at the beginning when needed most, and not at the end like it is now. And it would be equitable across the country, not like now with sharp tax free gains in YVR and GTA, and nil in Alberta. And if prices deflate, benefits would still be realised while paying interest, as opposed to now where prices have to go up to gain. And flippers and home owners would be treated the same.

#127 Pt on 08.28.21 at 12:22 am

“It’s not the speckers we should blame. It’s the system. It’s financial illiteracy. It’s our one-asset society“

If people are using homes as investments when there is supply issue and affordability crisis, then introduce poilicies that discourage the behaviour. Money finds the path of least resistance after all. Tax policy could be part of the solution. Must be.

#128 Prince Polo on 08.28.21 at 7:07 am

The federal government posted a deficit of $12.7-billion for June compared with a deficit of $33.6-billion in June 2020.

The drop in the deficit came as spending dropped compared with a year ago when Ottawa spent billions on emergency aid due to the pandemic and revenue improved.

Wow – our dear Photo-op Minister is finally taking his government’s out-of-control spending to heart! The June figure annualized, gives around $145B annual deficit. You are more than half-way to black (from $381B), Justin. You can do it!

Oh who am I kidding…get out of the way and let Peppy & Prepared O’Toole do the dirty work, you JWR bully.

https://www.theglobeandmail.com/politics/article-federal-government-posts-127-billion-deficit-for-june-as-spending/

#129 Do we have all the facts on 08.28.21 at 8:57 am

When the public come to believe that investment in an asset valued at $800,000 will generate 60% per annum return on equity invested logic goes right out the window and greed takes over.

When it becomes easy to borrow 90% of the cost of an $800,000 asset that has been increasing in value by 10% per year the actual price of the asset becomes irrelevant.

When the cost of borrowing 90% of a $800,000 asset increasing in value by 10% per year falls below 2.0% per annum an investor can theoretically increase their net equity by $50,000 per year after deducting $30,000 in annual carrying charges. This represents a theoretical return of more than 60% on an equity investment of only $80,000 and you also gain a place to live or rent out. Where do I sign!

Sound too good to be true? Of course it does but for some reason our Federal government, our financial institutions and thousands of professional realtors have become dedicated to perpetuating this irrational Ponzi scheme without considering the obvious consequences.

A steady stream of new investors are required to generate income for the previous investors before the whole house of cards collapses as all Ponzi schemes do. Canada is rapidly running out of new investors.

Almost 70% of all Canadian households have become participants in this Ponzi scheme by accident, or by design, and as a result our current Federal government are proposing to subsidize new investors in an attempt to keep the Ponzi scheme from collapsing on their watch.

No one likes to see equity in their home decline but when that equity was inflated by a misguided Ponzi scheme a downward adjustment in equity seems inevitable.

At some point even the most skilled juggler knows when not to reach for the next ball.

Tulip bulbs anyone!

#130 Prince Polo on 08.28.21 at 8:59 am

#144 the Jaguar on 08.25.21 at 7:15 pm
…With just a few weeks to go and the tide rising against the Libs it seems likely a new scandal will break.

The scandal is nobody in the Liberals party will stand up to JT the bully. Kick him to the CERB, already!

#131 Penny Henny on 08.28.21 at 9:19 am

Promise me a Crystia Freeland bobblehead and I might consider voting Liberal.

#132 crowdedelevatorfartz on 08.28.21 at 9:30 am

@#124 IHCTD9

“O’Tool, are you reading this? Don’t do that shit again, and win us a majority.”

+++

Politics being what it is.
Do you think ANY political party is going to let a gaffe like that slide.

It should be interesting listening to the intellectual, politically correct, woke, politicians that are the Liberals try and explain to us simple voting folk what’s going on after Aug 31st.

As Afghanistan devolves into total anarchy and Taliban retribution becomes savage butchery for 20 years of war they couldnt “win” until the US left.

The looming unspeakable atrocities wrought by uneducated, fanatically religious, rapists, murderers, thieves and thugs (insert “brothers” here)on their own people.
Someone please put a microphone in front of Monsef in the weeks after Aug 31st to explain again to us simple folk who just didnt understand her ill chosen reference to the murderous Taliban being our “brothers”.

I wonder how the voters in her riding feel…

#133 crowdedelevatorfartz on 08.28.21 at 9:38 am

Anyone notice the Media are using very close in shots of the Liberal rallies?

Are the crowds of supporters so thin that they have to zoom in to keep the tv viewers fooled?

Apparently there were fewer Liberal supporters at the Bolton Ontario “rally” than the “several dozen” anti-vaxx protesters.

Are Liberals sitting this one out? Or is everyone still on holidays?

#134 crowdedelevatorfartz on 08.28.21 at 9:51 am

An interesting perspective on the Taliban from the last female reporter to leave Afghanistan
Clarissa Ward

https://flemail.flipboard.com/redirect/ws?lang=en&utm_campaign=10-for-today—4.0-styling&flab_cell_id=2&flab_experiment_id=436&uid=2653171315&section_url=flipboard%3A%2F%2FshowSection%2Fresolve%252Fflipboard%252Furl%25252Fhttps%25253A%25252F%25252Fwww.npr.org%25252F2021%25252F08%25252F26%25252F1031234338%25252Fcnn-clasrissa-ward-on-the-taliban-and-afghan-women&utm_content=article&utm_source=email&web_url=&utm_medium=10today.media.fri.20210827.436.2&v=f5fcc6d0f3104020&position=0&part=s1&china_variant=False

#135 Dharma Bum on 08.28.21 at 9:55 am

So…..I guess the message is that if you can ACTUALLY afford it, buy up GTA houses – as fas and as many as you can – because the Soxboy scheme is just gonna make them even pricier. Then you can just sell ’em to a greater fool.

Like the old codger in the corny Leaf Filter ad on local TV says:

“This will make my house more valuable…especially when I go to sell it!”

Hahahahahahaha…that kills me.

#136 Cto on 08.28.21 at 10:06 am

All this is useless.
Central banks keeping rates at near 0 for 13 year running.
The damage this has caused to western nations futures is beyond thinkable,…yet we never talk about these guys…

#137 Howard on 08.28.21 at 10:08 am

New Mainstreet poll.
CPC up by 8 points.
NDP fairly strong at 20%.

CPC: 37%
LPC: 29%
NDP: 20%
BQ: 6%
PPC: 5%
GPC: 2%

Mainstreet Research / August 27, 2021 / n=1725 / MOE 2.4% / IVR

#138 Howard on 08.28.21 at 10:13 am

#132 crowdedelevatorfartz on 08.28.21 at 9:30 am
@#124 IHCTD9

“O’Tool, are you reading this? Don’t do that shit again, and win us a majority.”

+++

Politics being what it is.
Do you think ANY political party is going to let a gaffe like that slide.

————————————

There’s a political adage which states that when your opponents are digging their own graves, stay quiet and let them. Don’t intervene or pile on. I agree with IHCT, O’Toole shouldn’t have bothered with this. Those who were outraged by Monsef’s comments will drift over to the CPC without O’Toole even mentioning it.

#139 Mr Canada on 08.28.21 at 10:13 am

I invested in a new condo build in the Fall of 2018 in GTA West, cost per sq. foot was $600 , now $900 sq foot , 70% are investors..building opened this summer, still half empty until renters eventually move in, while the loss might be $200 a month, most are not worrying due to equity increase to-date.

#140 Dharma Bum on 08.28.21 at 10:28 am

#48 IHCTD9

He is a flipper, why is he lying like crazy?
————————————————————————————

It’s because there is rampant prejudice against flippers.
They are faster than lightning, and no one you see is smarter than he!

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

They call him Flipper, Flipper!

#141 IHCTD9 on 08.28.21 at 11:13 am

#137 Howard on 08.28.21 at 10:08 am
New Mainstreet poll.
CPC up by 8 points.
NDP fairly strong at 20%.

CPC: 37%
LPC: 29%
NDP: 20%
BQ: 6%
PPC: 5%
GPC: 2%

Mainstreet Research / August 27, 2021 / n=1725 / MOE 2.4% / IVR
———

Looks like the Libs are bleeding both ways. Still lots of time for things to change though, and Trudeau is out there promising all things to all people…

CBC poll tracker just posted the Cons ahead by a slim margin also.

#142 KLNR on 08.28.21 at 11:56 am

@#138 Howard on 08.28.21 at 10:13 am
#132 crowdedelevatorfartz on 08.28.21 at 9:30 am
@#124 IHCTD9

“O’Tool, are you reading this? Don’t do that shit again, and win us a majority.”

+++

Politics being what it is.
Do you think ANY political party is going to let a gaffe like that slide.

————————————

There’s a political adage which states that when your opponents are digging their own graves, stay quiet and let them. Don’t intervene or pile on. I agree with IHCT, O’Toole shouldn’t have bothered with this. Those who were outraged by Monsef’s comments will drift over to the CPC without O’Toole even mentioning it.

those who were outraged by that are probably already cpc deciples. some folks these days just want to be perpetually bothered and outraged, truly is a mania. matters not what stripe or creed they are.

#143 CPC on 08.28.21 at 9:42 pm

CPC will be 40% to 42% by election day. You will see.

#144 Callmemit on 08.29.21 at 11:35 am

The problem is that the natural cycle of housing development has been upended – Buy a small house – Buy a bigger House – Buy a small house – Couples starting out – Couples having a family – Couples downsizing – There are no small starter homes being built and no smaller senior friendly homes being developed – Only the high priced middle and mega homes because they have more profit.