The predators

The cost of everything’s going up. But if you’re retired, chances are your income ain’t. The glacial pace of indexing govy benefits (CPP and OAS) has suddenly become a burning issue for the wrinklie set trying to deal with food inflation and two-buck gas. People are angry.

Often the oldies have most of their net worth in one asset. But now house values are falling even as ownership costs (insurance premiums, property tax, roof shingles) swell madly. Selling into a declining market is a hurtful option, and meanwhile rents have exploded higher as more people opt for tenancy.

Trapped. Looking for a way out, and hungry for cash flow.

This is fertile ground for the reverse mortgage floggers. Just watch CBC’s news channel for 15 minutes and try to escape the CHIP commercials. It’s impossible. They’re grabbing seniors by the shorts and reeling them in.

Now, before we get to the ugly side of reverse mortgages, understand why so many are attracted to them. House prices went nuts for years. The equity growth was obscene, historic and a windfall. Being able to suck off some of that gain and still live in a familiar home is irresistible. The proceeds of the loan are untaxed. The income isn’t counted for tax purposes. No OAS clawback is invoked. There are no monthly or annual payments to be made. It seems like a godsend as the friendly, white-haired and silver-tongued folks at the HomeEquity Bank ply you with cash.

No wonder this is a ballooning part of the financial world. Equitable Group’s reverse mortgage volumes exploded 325% in the first few months of this year, for example (there are two major RM outfits). Growth in the sector as a whole is running at almost 20% a year. Thus far Canadians have walked into $5.5 billion in debt by pledging their homes. To get a RM you need to be at least 55, and can then borrow up to about half the current market value of your property. The debt is paid off when the property is sold or the borrower croaks. More on that in a moment.

But do they understand the cost? Especially now with the Bank of Canada going all macho on us?

Dunno. Maybe not. Because this is a heck of an expensive way to secure income.

Rising interest rates are a huge threat to the people who have borrowed these billions, since many of them are on low of fixed incomes (why else would they do it?), they face swelling debt loans as interest accumulates and the plopping real estate market makes it tough to exit. Like I said, trapped.

A reverse mortgage, unlike a conventional one, is not paid down routinely since there are no monthly repayments. Instead, it just gets bigger. And at current rates, the growth is frightening. For example, CHIP’s variable rate (fees included) is now 6.95% (set to rise to almost 8% later in 2022, if the CB does what it forecast), while the 5-year fixed APR stands at 8.03%. Yikes.

Source: CHIP, HomeEquity Bank. Click to enlarge.

It means, simply, that a senior taking a $250,000 reverse mortgage on a property worth, say, $700,000 would owe close to $380,000 five years later. And it just keeps growing. Meanwhile if the home loses 30% of its value (which seems reasonable these days), the equity crashes down to less than $100,000. A few years later, it’s zero.

Now, the friendly folks at CHIP understand what a crumbling housing market means. So they’ve come up with the ‘No Negative Equity Guarantee.’ So long as all mortgage obligations are met, the company says, “the amount you will have to repay on the due date will not exceed the fair market value of your home. HomeEquity Bank will assume the difference between the sale price and the loan amount, (when you sell or die). They get repaid. You have nothing left. At least you don’t owe more than your entire property was worth.

States CHIP: “Think of it like built-in insurance for your retirement future.” Seriously. They said that.

A better option for income-starved older folks with a house and scant liquidity? Yes, a HELOC. With a home equity line of credit you can borrow up to 65% of the equity in a house, usually at prime plus a half point – which, at 4.2% is a whack less than 7.67%. Payments are required, but can be low enough to just cover interest charges. And the best news is the debt is static. It does not grow over time or worm its way into your net worth.

But, as oft stated, if you hate your children a reverse mortgage is definitely the way to go.

About the picture: “I hope this picture of my special four legged friends might find it’s way onto your blog….we haven’t seen a cat recently, never mind a two-headed one!” writes Robin, on Vancouver Island. “Ok, it’s really my late furry kitties from the days when I lived in Fiji and we needed rat patrol.   Bob is in the back, Peaches (his little princess) in the foreground.  They were inseparable.  Bob was the world’s best hunter, killing everything from rats and geckos to mongoose and large fruit bats…nothing was off limits.  He was even known to jump on the backs of stray dogs and ‘ride’ them off the property.  Peaches predeceased Bob in Fiji.  Bob eventually immigrated to Canada at 12 yrs of age, and never hunted another day in his 19 yrs of life.  He was simply the best cat ever, who thought he was a dog. Keep up the great blog Garth, you are appreciated more than you know.”

188 comments ↓

#1 I need a philosopher on 06.08.22 at 12:00 pm

Why do I get angry every time I go to the grocery store?

#2 Saucy on 06.08.22 at 12:08 pm

DELETED

#3 Leftover on 06.08.22 at 12:17 pm

A former neighbor, elderly lady with a nice house but not much else, passed a couple of years ago.

Kids expected to cash in. Turned out she’d deferred her taxes and taken out a reverse mortgage, unbeknownst to her offspring.

Let’s just say that the kiddo’s plans took a haircut.

#4 Cash is King on 06.08.22 at 12:21 pm

For retired folks, limiting outgoing payments for everything is best. Scale down to smallest home with least costs e.g. rent to avoid as many ongoing and surprise fees, bills, repairs, replacements and taxes.
Preserve your capital for investing to provide good, stable income streams and watch your wealth grow every month.

#5 earthboundmisfit on 06.08.22 at 12:24 pm

Worse bandits than Investors Group. Kurt Browning should be ashamed.

#6 Russ on 06.08.22 at 12:25 pm

.
Sharks!

You have RESP salemen eat the young, [email protected], realators & mutual fund salesmen chew on the middle years and RM sharks for the old.

A good question to ask most people is “What are you selling?”

It even works if you inadvertantly answer the door and find a pair of JWs there.

Cheers, R

#7 Concerned Citizen on 06.08.22 at 12:34 pm

I’m sorry, but I have zero sympathy for folks that have seen 40% or more windfall gains on their chief asset in the last two years. Housing was never supposed to be a retirement plan. The generation retiring now has had all kinds of economic advantages that successive generations have not/will not enjoy – if they are struggling now in spite of that, that’s on them.

I’m sure the average millennial would love to face the challenges retirees are facing now. The average millennial’s retirement plan is working as a greeter at Walmart until they drop dead. That or assisted suicide.

i can’t wait until Trudeau announces new housing supports for seniors, paid for by the millennial live 10 to a basement. You just know it’s a matter of time. What a country.

#8 Sail Away on 06.08.22 at 12:50 pm

#7 Concerned Citizen on 06.08.22 at 12:34 pm

I’m sorry, but I have zero sympathy for folks that have seen 40% or more windfall gains on their chief asset in the last two years. Housing was never supposed to be a retirement plan. The generation retiring now has had all kinds of economic advantages that successive generations have not/will not enjoy – if they are struggling now in spite of that, that’s on them.

——-

Hmmm… what about all those Millennials who bought three years ago and hit the jackpot of 40% massive windfall gains almost immediately?? I work with many of them.

It seems almost like successive generations have the same or better economic advantages as previous generations, no?

Bitter people will always find something to be bitter about, though.

#9 RM Real Madness on 06.08.22 at 12:51 pm

RM’s are truly a scourge, and the fact that they are consistently flogged on to our senior citizens by our state broadcaster is appalling.

I fear we have a massive bailout coming to senior citizen homeowners. It would be insanely irresponsible, but the alternative appears to be homeless and starving seniors. Not good for winning votes, and of course it is morally dubious. One can callously blame them for the bed they made, but…

#10 wallflower on 06.08.22 at 12:54 pm

Why does anyone requote DOM metrics when they are clearly nonsense? The industry is skank.
From today, sale of past 24 hours.
DOM registered as 11 yet take a look at first listing date:

Date Start – Date End – Event – Listing ID
5/27/2022 – 6/7/2022 – Sold – 40267963
5/10/2022 – 5/27/2022 – Terminated – 40256347
4/29/2022 – 5/10/2022 – Terminated – 40250109
4/21/2022 – 4/29/2022 – Terminated – 40244739
4/6/2022 – 4/21/2022 – Terminated – 40236162
3/17/2022 – 4/5/2022 – Terminated – 40226006
3/8/2022 – 3/17/2022 – Terminated – 40220316
3/3/2022 – 3/8/2022 – Terminated – 40215195

#11 Sail Away on 06.08.22 at 12:55 pm

#6 Russ on 06.08.22 at 12:25 pm

Sharks!

You have RESP salemen eat the young, [email protected], realators & mutual fund salesmen chew on the middle years and RM sharks for the old.

A good question to ask most people is “What are you selling?”

It even works if you inadvertantly answer the door and find a pair of JWs there.

Cheers, R

———

Yes.

And then: ‘I am not interested in your product’ wraps up the interaction with a neat bow.

#12 TurnerNation on 06.08.22 at 12:57 pm

Hi. Settler here. I acknowledge that I am on stolen land. It would therefore be quite improper of me to enrich our Colonial Regime via the paying of taxes.


— Control over travel. What’s going on at Toronto’s Pearson airport with the backlogs. Why is the QR code still in place.
Folks. Guess which airport is the sole on on this list of partners for the new digital ID?
No guess. The ‘solution’ to this chaos will of course be more control over travel.

https://ktdi.org/
Unlocking the potential of
digital identity for secure
and seamless travel


It is the Year 2030 and I will let the government assign my gender.

https://www.itworldcanada.com/article/the-state-of-digital-id-in-canada/484618
“The state of Digital ID in Canada”

#13 Blobby on 06.08.22 at 1:01 pm

Reverse mortgages are fine for people without children (or families, etc) though.

If you have no-one to inherit your place afterwards, why not use the value and enjoy life?

#14 Tom from Mississauga on 06.08.22 at 1:04 pm

Natural gas at $9.50 USD will make for really painful home heating next winter. These CHIP guys will need snow pants for sitting on the couch.

#15 Sandy Saucy on 06.08.22 at 1:05 pm

Garth, my income isn’t going up either as a hard working Gen-Xer – why feel sorry for the retired? They saw the good years that future generations likely won’t. Zero sympathy. Oh, and for what it’s worth, I have followed most of your advice and thankfully with hard work, lots of saving and penny pinching, my situation isn’t too bad. However, I was unprepared for 2 kids in post secondary. Now that’s worth writing about – Education inflation.

#16 Søren Angst on 06.08.22 at 1:08 pm

It’s about Cash Flow Garth as you say.

4,962,700 Cdns 65 yrs or older make $46,605 in 2020.

That’s 76.1% of the 65 yrs or older cohort.

In 2020 there were 6,519,120 Cdns 65 yrs or older.

————–

Average CPP + OAS = $19,299.48 per year.

GIS = maximum monthly payment of $948.82 if you make less than $19,299.48 per year (2021).

Assume all 3 payments, then income about $30,700/year.

3 out of 4 Cdns in and around that income level. No wonder they are dipping into CHIP, HELOC or LOC.

A person has to live somehow and make ends meet.

And financial predators will take advantage of that fact.

#17 Faron on 06.08.22 at 1:10 pm

#156 DON on 06.08.22 at 9:51 am
#152 Dharma Bum on 06.08.22 at 8:15 am
#141 Don (Previous thread)

This ragging on DON is quite weird.

Dharma, your son will certainly care about rising rates as they pertain to his house for a couple of reasons. 1) higher mortgage rates are killing RE demand. 2) higher rates imply inflation. High inflation will eventually knock back the energy sector and send Alberta into another bust cycle that will also crush RE. Excuse me if I’m wrong about his place of residence.

Too whiny for you?

#18 Mr Happy on 06.08.22 at 1:14 pm

Knew a guy… him and his wife had it good. Nice trips, nice cars, really nice and expensive house. They really lived the good life. Til one day he had a massive heart attack. Hate your kids?? Forget the kids… Guess how shocked the wife was when the reverse mortgage people showed up and she never knew about it. She said that Hubby always said the “investments” were doing well to maintain the lifestyle. Her lifestyle went from the White House to the Outhouse overnight…. very sad. Needless to say Mrs. Happy gets a full report twice a year when I rebalance the investments. Keeps her…Mrs Happy!!

#19 Soviet Capitalist on 06.08.22 at 1:17 pm

I am guessing a HELOC can be requested to be paid off back to the bank at any point in time, while a reverse-mortgage not.

Would that be an advantage of going with a reverse mortgage?

#20 Tax me more on 06.08.22 at 1:18 pm

We know anyone that doesn’t read this blog is useless at saving. They would rather spend $150 skiing, $40 on a burger and beer, or $800 a month on an Audi.

Therefore a home purchase was best for them to mandate that a solid portion of their monthly ill gotten gains went towards their future.

If they now choose to sell and lose to a realtor, taxes, moving, downward trending market … well, this is all part of the taxing.

If they choose to stay in it and hoover some of its value out … well, this too is just part of the taxing.

I have long said it is time for many over 75 to get out of the 2,000 sq ft homes and free them up for younger families. My wizard calculation suggests we all need 350 sq ft to survive. Anything else is excess.

#21 TurnerNation on 06.08.22 at 1:19 pm

Loving our high taxes for our worldclass health care system.
So how’s that “Hospital Capacity” guys? What’s another 4b — given to Friends of the Party I am betting.

.Federal agencies are warehousing millions of rapid COVID test kits only weeks after Parliament voted to spend billions more with suppliers. Total spending on rapid tests is more than $4 billion to date, including millions of kits the government could not give away. (westernstandard.news)


— From the Killing us Softly Dept. Why T2’s new Assisted Dying program. Service with a Smile and think of the cost savings to the State Comrades.

https://tnc.news/2022/06/05/far-more-canadians-thinking-of-suicide-than-before-pandemic/
“According to Statistics Canada data, only 2.7% of Canadians in 2019 reported struggling with thoughts about killing themselves. By 2021, that number had reached 4.2%.
A number of contributing factors are believed to be behind the trend, including the fallout of lockdowns, social isolation and more.”


— As noted the children shall never again know normalcy in this new global system unleashed 03/20.

https://speakupforkids.ca/letter
“Dear Premier Ford and Ministers responsible for Health, Education, and Children, Community, and Social Services,
I specifically want to know how your government will:
Support child and youth recovery in all aspects of health and development, including learning loss and mental health.

#22 The Regulator on 06.08.22 at 1:20 pm

I must say, the heading for today’s blog is appropriate. Matched with the picture, and the nice comments such as “nothing was off limits” seems to suggest a furry psychopath is justified in eradicating all animals deemed a pest by their human. Stray tomcats occasionally visited the farm, and proceeded to kill all the kittens. Unless you got the drop on ’em.

#23 Faron on 06.08.22 at 1:22 pm

#8 Sail Away on 06.08.22 at 12:50 pm
#7 Concerned Citizen on 06.08.22 at 12:34 pm

jackpot of 40% massive windfall gains almost immediately

What now?

#164 Sail Away on 06.08.22 at 11:58 am

‘Secrets! How to Avoid Getting Fat OR Dying of Self-Administered Illicit Substances’

Sure. Not always under one’s control though.

#24 Faron on 06.08.22 at 1:29 pm

IMO, pit bull breeding should I’ll d be outlawed. Dogs have various levels of prey drive and a portion can’t be trained out. Terriers are bred to kill everything from rats to, well, people. No bueno. Solution is simple: find another “sweet and loyal” dog breed and let pitts die out. There are numerous breeds that won’t go after granny or your baby etc. Etc.

Recent science has proven there are faint, if any, ‘breed characteristics’. Animals learn the behaviour humans teach them. Maybe that’s where we should start. – Garth

#25 Because you go to Costco? on 06.08.22 at 1:30 pm

#1 I need a philosopher on 06.08.22 at 12:00 pm
Why do I get angry every time I go to the grocery store?

I get angry when people even mention Costco. It’s the biggest scam ever. And that was long before inflation. Even my brothers in Washington are now rolling their eyes when they go in. Have you ever Google’d the 9 hells of Costco. Lol.

If you want to save at grocery stores, always buy what you don’t need. If you want lamb tonight, you will pay a fortune. Be flexible.

They are scamming and gouging us for sure. One week they have butter for $8 and the same thing is back down to $5.

They are also fiddling with sizes, so watch those. Coffee is no longer 1lb, but 400g.

It’s also interesting to see they drop prices on chips, cakes, candy while cranking prices on other things. I think this is a bit of an interim distraction.

I have all the local stores flyers bookmarked. I can look over all of them in a minute or few and easily save big based on how I choose to navigate my next week.

Now Sail Away – my good neighbor in Nanaimo – will suggest not to pick peanuts out of you know what. But when we don’t all have the luxury of millions in investments and engineering revenues, then we gotta do what we gotta do to save.

It will get worse before it gets worse. Trust me.

#26 The Regulator on 06.08.22 at 1:31 pm

Senator John Kennedy recently said : “the price of gas is so high, that it would be cheaper to buy cocaine and just run everywhere.” He also quipped “President Biden is about as popular right now as a sinkhole.”

#27 Søren Angst on 06.08.22 at 1:39 pm

65 yrs or older crowd cash flow poor with 3 out of 4 them making $46K or less and all they have left to lean on is primarily RE, 2020 data below.

Average, Median numbers per person, 65 yrs or older, $.

Net Worth:
543,200, 932,800

Net Worth excl. RE:
168,200, 382,600

Mortgage Debt:
110,000, 156,000 (ya, 14% of them still have a mortgage)

RE value:
375,000, 550,200 (70% own a home, 17% own other RE)

Employee Pension Plan:
217,100, 323,400 (53% have this – not Earth Shattering, still, better than 0)

——————-

Asset, sort of rich overall * definitely cash flow poor and the above 2020 wealth eroded by 2022 dropping home prices and high inflation.

* I say “sort of rich overall” because when the Average >> Median (1.7X as much) it means most of the wealth is concentrated in the hands of a few in the 65 yrs or older cohort and not the many.

Paleos angry, trapped.

Ripe for the picking by the Predators. Sad state of affairs.

#28 James Wells on 06.08.22 at 1:47 pm

These boomers have such a sense of entitlement. In what world do they think they have a right to a retirement. If they didn’t plan properly then they might need to take a part time job to offset the shortfall. The ironic thing is most retirees/boomers vote conservative which would mean a reduction in OAS/CPP benefits.

#29 West New West on 06.08.22 at 1:48 pm

Just read this in the post from yesterday……

Why do you overhype the price fluctuation in housing and under hype the price fluctuation in stocks,” a pissy poster says. “Is it because you make your bread and butter on selling stock and not housing? Having balance is an art. If you buy anything overvalued and its momentum falls, yes you go into negative territory. One can’t live in a stock and one can’t even come close to the leverage play you can do with a house.”

It reminds me of myself….30 years ago, when I too was arrogant and ignorant…..each of these characteristics alone are tolerable, but, together they are so obviously intolerable……but really I feel for the person who, is most likely watching their leveraged housing situation deteriorate, and feels as though blaming it on Garth will somehow make things better for them…..to me it looks more like frustration searching for a home…..and if they read this blog regularly, its not like they weren’t warned ad nauseam.

All around us there are those who really do know much more than we do, about all kinds of things, especially today with the internet a click away….and when we get the gift of being able to learn that knowledge for free….well, that’s a real gift….and its why we read this blog daily.

#30 Summertime on 06.08.22 at 1:51 pm

The sheeple will be stripped from all assets by inflation and high cost of living. It is by design.

Generations were used to pass their cumulative wealth to the heirs. Not anymore. You will own nothing and be ‘happy’.

Excessive credit drives high cost of living and forces more debt in order to sustain the illusion of ‘high standard’ wrongly asserted as high cost of living and essentials instead of low cost of living and cheap essentials.

Some lies about inflation, a framework to protect lenders from their bankrupt debtors and things get exponentially bad.

How many millions you need to retire? 5? Soon to be 6,7,10?

How many people can actually retire statistically here?
5 % without being burden to their kids who have no chance at affording anything in life?

And that is called G7 country.

#31 NEVER GIVE UP on 06.08.22 at 1:54 pm

With regard to fake documents in order to get housing loans.

The Banks and Government are complicit.

When my kids apply for student loans The Student loan office has direct access to my tax records to verify my declarations and they warn us it is an offense to lie about income to increase the loan.

If people lie and were to get undeserved loans for students this would be politically poor optics.

When one can lie about income and produce forged T4 slips and other forged documents like fake Financials for businesses. Fake bank Statements Etc.
Then the downside is almost none for the Government who benefits from Higher house pumping which feels good at election time.

The banks have no power to verify fake documents and the government has purposefully reduced the budget for financial crimes investigation.

There is almost no downside to mortgage fraud which tight knit communities are fully invested into. Surrey being one of the Hotspots along with Brampton.

Whats not to love? 7/11 employee, fake some docs, buy a house, Flip for a half a mill profit?

No harm to anybody???

Just another of the many fake factors that go into a home price.

#32 Concerned Citizen on 06.08.22 at 2:00 pm

#8 Sail Away on 06.08.22 at 12:50 pm

Hmmm… what about all those Millennials who bought three years ago and hit the jackpot of 40% massive windfall gains almost immediately?? I work with many of them.

It seems almost like successive generations have the same or better economic advantages as previous generations, no?

Bitter people will always find something to be bitter about, though.

*****

The retiring generation were able to afford a middle class to upper middle class lifestyle on one good income, or one average income with the spouse perhaps working part time. They had money for vacations, maybe even a cottage/vacation property if they played their cards right.

This generation, you need at least good incomes just to keep a roof over your heads. There is no money for anything else.

That’s great that you’re anecdotal millennial acquaintances lucked out. Bravo. If all you care about is anecdotes, look to the professional couples being priced out of large chunks of the country. But if you’re serious, look at the statistics rather than anecdotes, they tell a different story. The country is totally unaffordable for young people. There is a huge and growing divide between people who owned real estate prior to COVID and those that didn’t.

If you care at all about the future well-being of the country, you should be just as angry as young people at how the ladder has been pulled up. They are facing a much lower standard of living than generations before them. But hey, I recognize your attitude all too well. You got yours, the young’uns can shove off. Just work 30 hours a day and live 20 to a basement and maybe by the time they’re 50 they can afford a shoebox of their very own! It’s the Canadian dream!

#33 Søren Angst on 06.08.22 at 2:01 pm

Europe at risk of winter energy rationing, energy watchdog warns

IEA chief Fatih Birol says improving efficiency is vital to curb gas demand as Ukraine crisis continues

https://www.ft.com/content/078e2d50-f161-4257-8364-c80b5bfecc7f

Why on Thursday my kitchen people will give me a quote for a reno that includes an Induction Cooktop + nifty smaller (60×45 cm) combo microwave/oven that is self-clean. Both energy efficient. *

Putin not getting a €1’s worth of nat gas money out of me, not even a buck nickel.

——————-

Looking at in the RED Mr. Market today (me in the GREEN, even TWTR) and in light of the above I hate to say it but..

yeah ⛽
yeah 🍁

——————-

* For the living vicariously kitchen appliance reno aficionados, knock yourselves out:

https://www.bosch-home.com/it/elenco-prodotti/cottura/piani-cottura/piani-cottura-a-induzione/PWP61RBB5E#/Togglebox=manuals/Togglebox=accessories/
359,99€

https://www.bosch-home.com/it/elenco-prodotti/cottura/microonde/forni-da-incasso-con-microonde/CMG676BS1#/Tabs=section-similarproduct/Togglebox=accessories/Togglebox=manuals/
989,68 €

#34 T Rex and the dinosaur clique on 06.08.22 at 2:08 pm

I said it when the whole money printing thing started, with Tiff, on direction from T2, printing out and funding the Federal govt’s UBI program to the tune of 300 billion in new dollars.

I said this was not going to work. You can’t fund an economy by printing the currency. People have to actually work to create economic value, which is then “paid for” by a stable currency, which is not being recklessly printed out.

I said look at Zimbabwe, Argentina, Mexico, Italy, Greece, and the many other countries who have tried and failed at funding their economies with currency printing.

Folks said “everyone is doing it. The EU funded their entire deficit spending in 2021 with printed money! The USA is printing its currency like they are making toilet paper! Governments around the world are engaged in Central Bank manipulation and currency printing! If everyone is doing it, then it must be OK!”

I said, if everyone was jumping off a cliff onto concrete, the result would be everyone would end up as a sidewalk sundae. You can jump 400 people off the same cliff, or one person. The result is the same. 400 sidewalk sundaes, or one. No one survives it.

Then they said “the entire world is now experiencing inflation and currency devaluation….it is all Putin’s fault!”.

I said, no, the entire developed world tried out Central bank manipulation and currency printing. And it is a failed experiment. The folks in charge obviously did not study economics.

So now we have rampant inflation, currency devaluation and the cost of living rises by about 6% per month. Gasoline, which was $2.00 per litre last week, is now $2.14.

Next week, it will be $2.30.

I said, when you print money, you hurt the poor, not the rich. No money printing exercise has ever, in history, led to an increase in the standard of living of poor people. Historically, Central Bank manipulation and currency printing has led to food riots, starvation, economic collapse and hardship.

The rich have always done fine. The middle classes have survived. The poor have generally not done as well.

Oh well.

I guess with the woke movement and the new normal, and the great reset, and with our government frantically and diligently spending all of their time virtue signalling to the WEF, everything will be fine!

Modern monetary theory will work its magic and we will all live happy and content, just as planned

#35 Tom Selleck and Kurt Browning are SOOOO Sexy! on 06.08.22 at 2:12 pm

Trust those commercials with Kurt and Tom!

Just imagine Kurt’s smooth head nuzzling against your body, warming and comforting you with the promise of more money to spend today……

Then imagine Garth’s grizzly rough beard brushing your face and giving you a rash while he talks about ‘balanced and diversified portfolios’…

Which is more sexy?

You got it!

#36 Dr V on 06.08.22 at 2:12 pm

16 soren

“Average CPP + OAS = $19,299.48 per year.

GIS = maximum monthly payment of $948.82 if you make less than $19,299.48 per year (2021).

Assume all 3 payments, then income about $30,700/year.”
——————————————————–

Doesn’t work like that. You do not receive the max GIS at that level. From your figure of $19300, remove the
OAS to get $11500 CPP and look up the GIS added in the following table(s). It will add about $340/mo. to your OAS. Gives only about $23400 total for a single person.

https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments/tab1-37.html

#37 ElGatoNeroYVR on 06.08.22 at 2:14 pm

The main danger I see here is : What happens when you run out of the money you borrowed, still have 10 or 15 years ahead of you and there is no equity left upon the sale ?
With the crazy inflation ahead of us I see this as a distinct possibility for a good portion of the senior population.Chances are that those that get an RM are not that financially savy to begin with.
The cost to the society of these predatory financial products is severe to those directly affected plus as a bonus with the domino effect is impacting the resale housing market as seniors don’t sell but borrow instead at the eye watering rates mentioned with no real understanding of the risks involved .
Ofcourse the net zero insurance thingie they offer is a scam as they wouldn’t be able to collect on any debt left from the sale of the property anyway.
Luckily for us here in the West debt is not transferable to the family.

#38 Tom Selleck and Kurt Browning are SOOOO Sexy! on 06.08.22 at 2:14 pm

Trust those commercials with Kurt and Tom!

Just imagine Kurt’s smooth head nuzzling against your body, warming and comforting you with the promise of more money to spend today with a reverse mortgage….

Then imagine Garth’s grizzly rough beard brushing your face and giving you a rash while he talks about ‘balanced and diversified portfolios’…

Which is more sexy? Who would you rather go out for a drink with?

You got it! Forget boring Garth.

Dance with the CHIP-pendales!!!!!

#39 Prince Polo on 06.08.22 at 2:20 pm

Is there a special place in the depths of hell, reserved for CHIP floggers? Hope it’s right next door to the real estate shyster cartel!

More than ever, this country needs real estate fiduciary facilitators, to avoid the entire segment turning into a real messtate nightmare!

#40 Elon Fanboy on 06.08.22 at 2:28 pm

#16 Soren Angst “ 3 out of 4 Cdns in and around that income level. No wonder they are dipping into CHIP, HELOC or LOC.

A person has to live somehow and make ends meet.”

——————-

And yet the parking lot at my local casino is always full. One of the saddest sights in my local hood (apart from all the homeless) is folks literally lining up to get into the Casino before it opens at 10am. 99% seniors. Now I guess they could going in for breakfast…..but I doubt it. These folks having nothing better to do at 10am on a weekday? Are they that desperate?

#41 A01 on 06.08.22 at 2:46 pm

Yes seems like the perfect storm for many. Instead of advocating for more debt, perhaps (some seniors) might find ways to generate some income from their property. 1/Rent a room out to another senior, or even a student, 2/If you have a garage, clean it out and rent it for someone looking for more space. Seems to me we have lots of lonely seniors with extra bedrooms, and lots of young people looking for affordable housing. Both can benefit.

#42 Søren Angst on 06.08.22 at 2:46 pm

#36 Dr V

Ya, I know.

Looked at the numbers awhile ago.

I was trying to be on the cash flow largesse side for the 3 out of 4 retiree/Paleo cohort for income.

It’s lower correct, looked the rules up at Gov Canada for GIS. I mean, all you have to look at is the money they have in a Savings Account, 96% of the Paleos:

Deposits in financial institutions
Average = $9,400, Median = $43,000

58% have RRSPs etc. Median, Average: $100,000, $224,000

There is little money they have in the Mr. Market: 14% have Mutual Funds, 9% have Stocks, 3% have Bonds, 52% have a TFSA, Median, Average: $40,000, $51,300.

—————–

Was trying to be an Optimist but math wise you are CORRECT.

I mean, walk down the street, look at 4 of us Paleos and 3 of them are in cash flow constraints.

How does this happen in a country like Canada? How?

#43 Observer on 06.08.22 at 2:46 pm

#32 Concerned Citizen on 06.08.22 at 2:00 pm
#8 Sail Away on 06.08.22 at 12:50 pm

Hmmm… what about all those Millennials who bought three years ago and hit the jackpot of 40% massive windfall gains almost immediately?? I work with many of them.

^^^^^^^^^^^
I was thinking the same. Took Boomers an entire lifetime to see those lottery winnings. Recent first time homebuyers (pre-pandemic) got lucky right off the bat. But no, no, lets hate old people.

#44 Sail Away on 06.08.22 at 2:53 pm

#25 Because you go to Costco? on 06.08.22 at 1:30 pm

Now Sail Away – my good neighbor in Nanaimo – will suggest not to pick peanuts out of you know what. But when we don’t all have the luxury of millions in investments and engineering revenues, then we gotta do what we gotta do to save.

——–

Snow goose with morels in a white sauce, roasted camas lily bulbs and buttered nettle greens are tonight’s feast.

#45 PeterfromCalgary on 06.08.22 at 2:58 pm

Anytime you see something heavily advertised like reverse mortgages you should realize they need to make a lot of money to pay for these ads. Ultimately, the folks who pay for expensive advertising like that are those who fall for it.

#46 Diamond Dog on 06.08.22 at 2:59 pm

#34 T Rex and the dinosaur clique on 06.08.22 at 2:08 pm

Back in the day when Monetarism was a thing, economists studied history. Some have since poo poohed Monetarism with the Fisher equation and modern monetary theory. Of course this is what the next gen sometimes does, put down previous works to build theirs up but the thing is, there’s nothing like history.

The heavyweight of monetarist thought was Dr. Milton Friedman. He gave a speech in 78′ on the heels of high inflation that connected the dots very directly to rapid increases in the money supply. In the video below the clothes are dated, the hair cuts, the smoking etc. but the words are not. Around the 10 minute mark of the video below, Friedman goes through chart after chart after chart after chart after chart after chart showing the direct correlation between rapid increases in the money supply and prices (inflation). And history repeats:

https://www.youtube.com/watch?v=B_nGEj8wIP0

#47 Captain Uppa on 06.08.22 at 3:12 pm

Chatter abounds that a Big 5 bank has informed customers that their mortgage rate holds are now just 15 days.

Will this spur the ignorant into buying homes quickly out of of rising rate fears?

#48 PeterfromCalgary on 06.08.22 at 3:12 pm

Reverse mortgages, lottery tickets, and time share vacation resorts would not exist if everyone was financially literate.

#49 Bob on 06.08.22 at 3:18 pm

Recent science has proven there are faint, if any, ‘breed characteristics’. Animals learn the behaviour humans teach them. Maybe that’s where we should start. – Garth

Source?

Here: https://www.nature.com/articles/d41586-022-01193-1 – Garth

#50 Faron on 06.08.22 at 3:24 pm

Recent science has proven there are faint, if any, ‘breed characteristics’. Animals learn the behaviour humans teach them. Maybe that’s where we should start. – Garth

A couple things. 1) I’m not advocating for killing any dogs. 2) I have met well trained pit bulls that I felt comfortable around. They also would kill a cat in under a minute if given the chance. I agree that training is critical and helps.

It’s simply untrue that dog breeds don’t have specific physical and behavioural properties. Why does Sail Away spend $$$ on pure bread birders? Why is our, and all other, basset(s) so docile? Why do border collies have a reputation for being high energy and wicked smart?

Prey drive is also rooted in the primitive parts of brains that are least trainable. In my version of the world all pits would be spayed/neutered and the remaining population would be allowed to live out their lives. In 16 years, dog maulings would be less. They are the dog equivalent of automatic or semi-automatic assault rifles.

As stated: recent science – https://www.nature.com/articles/d41586-022-01193-1 – Garth

#51 Keith on 06.08.22 at 3:25 pm

@ #32 Concerned Citizen

“The retiring generation were able to afford a middle class to upper middle class lifestyle on one good income, or one average income with the spouse perhaps working part time. They had money for vacations, maybe even a cottage/vacation property if they played their cards right.”

That lifestyle ended in the eighties. You’re talking about people born in the thirties, and baby boomers from pre 1950. When I went to work in the eighties, with people with no company pension plan, the older ones frequently said “My house is my retirement.”

It’s the government and the business sector that stood by and let the private sector pension plan be replaced by RRSP’s and left working people in the hands of mutual fund salespeople to try and save for retirement. It’s a dismal failure. Good thing for the taxpayer we have so many house rich seniors, it looks bad internationally when the old folks wind up on the street.

#52 Faron on 06.08.22 at 3:31 pm

Pure bred not pure bread. That’s a different critter.

#53 Silky on 06.08.22 at 3:32 pm

Tom Selleck wants your home and makes a compelling case for it below:

https://youtu.be/g4J0QzkZHvE

#54 Faron on 06.08.22 at 3:36 pm

#40 Elon Fanboy on 06.08.22 at 2:28 pm

Addiction is at the heart of that desperation.

While I’m at it (it being proclaiming my desired improvements to society) all forms of gov’t backed gaming should be eliminated. Lottery and casinos. They can come back when upper income tax brackets are returned to 1950s levels.

#55 LUNAtic Fringe on 06.08.22 at 3:46 pm

This is fertile ground for the reverse mortgage floggers. Just watch CBC’s news channel for 15 minutes and try to escape the CHIP commercials. It’s impossible. They’re grabbing seniors by the shorts and reeling them in.
______________

But at least they are getting something for their money.

Watch CBC HNIC Ron McLean flogging crypto during every commercial break… while US Congress investigating death and destruction that crypto (and Luna in particular ) is having, with many people losing their life’s savings and many taking their own lives.

Plus now every commercial during NHL playoffs is about betting (gambling), all endorsed by big name celebs like Gretzky and supported by OLG.

#56 Søren Angst on 06.08.22 at 3:53 pm

#25 Because you go to Costco?

Googled the Costco Dante Inferno 9 Circles of Hell you recommended:

https://www.cbc.ca/news/canada/newfoundland-labrador/veronica-dymond-costco-1.4780465

THAT was good, hilarious.

I went a few times to Costco and that was it. Gladly paid more at Safeway or even Stupid Store (almost as irritating as Costco) – for all the 9 Circles of Hell reasons give in the article above.

Thank you for giving me some good laughs tonight.

#57 Søren Angst on 06.08.22 at 3:55 pm

#44 Sail Away

Come to Italia and learn to eat (and cook).

#58 kommykim on 06.08.22 at 3:56 pm

Property tax deferral has got to one of the best deals out there. Just deferring $4000 in taxes is equivalent to an extra $333 a month in money a senior can then spend on food instead. Current interest rates for retired folk is 0.45%. Yes, you read that right. This should be the FIRST thing people should look at. Look at the historical rates charged in BC:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/tax-deferment-interest-fees/history

#59 Bob on 06.08.22 at 3:59 pm

As stated: recent science – https://www.nature.com/articles/d41586-022-01193-1 – Garth

Ah yes, I remember this one. It was widely reported in the mainstream media. It’s also complete bunk. The behavioral “analysis” was based on surveys filled out by the dog owners. (How many owners do you suppose answered “my dog enjoys maiming people” on the survey?)

Those interested can find the actual study here: https://www.science.org/doi/10.1126/science.abk0639

It’s also worth pointing out that, even with its questionable methodology, this study concluded that “breed explains just 9% of behavioral variation in individuals.” That doesn’t say anything about what the 9% difference is or how it affects humans.

Put another way, according to the study, pit bulls share 91% of their behaviors with other dog breeds. Big deal. It’s the 9% difference that’s of concern. This study most emphatically does not prove that pit bulls are no more dangerous than chihuahuas. And it certainly doesn’t prove that there are “faint, if any, ‘breed characteristics’”.

#60 Elon Fanboy on 06.08.22 at 4:03 pm

Getting the popcorn out. Glad I’m mortgage free.

“After more research, talking to agents & clients (most stats are just surveys), we have concluded that this downturn will be worse than 2017. More like 2008. ”

https://twitter.com/Remaxcondosplus/status/1534535500937273345

#61 Paul on 06.08.22 at 4:06 pm

5 earthboundmisfit on 06.08.22 at 12:24 pm
Worse bandits than Investors Group. Kurt Browning should be ashamed.
——————————————————————–
Kurt Browning, doesn’t understand RM,s he is a prop.
on thin ice!

#62 Søren Angst on 06.08.22 at 4:10 pm

#40 Elon Fanboy

You are a good student of life. Not a clue to the conundrum; however, I will proffer this, Paleos, tax bracket. 2020:

1,237,500 of them earn $46,605 – $93,208 per year, or 19% of total Paleos.

177,180 of them earn $93,208 – $144,489 per year, or 2.7%.

66,650 of them earn $144,489 – $205,842 per year, or 1%.

75,100 of them earn $205,842 or more per year, or 1.2%.

These Paleo cohorts can afford the casino.

——————-

What do I think?

They’re lonely. Most of their friends are dead and if not, they are practically speaking.

They just want someone to talk to, dote over them and will pay for that privilege.

Just like on Seniors Days at the Grocery Store where you can’t shut them up in the 12 items or less aisle with the check out clerk and take a Month of Sundays to pull out 29 cents in change, exact amount, out of their purse.

Loneliness. A terrible thing. With cash, not so bad.

#63 Faron on 06.08.22 at 4:15 pm

#50 Faron on 06.08.22 at 3:24 pm

As stated: recent science – https://www.nature.com/articles/d41586-022-01193-1 – Garth

Cool article. Thanks. Good evidence in support of your view. I see as a major problem that it’s based on owner assessments of behaviours. They try to correct for that, but it makes for a biased and, I would argue, error prone dataset. Like all science, it takes a large number of papers to establish fact. I’ll read more with an open mind.

#64 Ustabe on 06.08.22 at 4:23 pm

#55 LUNAtic Fringe on 06.08.22 at 3:46 pm

This is fertile ground for the reverse mortgage floggers. Just watch CBC’s news channel for 15 minutes and try to escape the CHIP commercials. It’s impossible. They’re grabbing seniors by the shorts and reeling them in.
______________

But at least they are getting something for their money.

Watch CBC HNIC Ron McLean flogging crypto during every commercial break… while US Congress investigating death and destruction that crypto (and Luna in particular ) is having, with many people losing their life’s savings and many taking their own lives.

Plus now every commercial during NHL playoffs is about betting (gambling), all endorsed by big name celebs like Gretzky and supported by OLG

2 points. Ron McLean does not work for CBC. Sportsnet (Rogers) “won” the rights to everything NHL a few years back. They just use the CBC to get into the millions of homes that do not have cable or do not buy the sports packages from their cable provider. They need eyes on the product to sell advertisers on their ad space.

Secondly, Ontario just recently allowed online sports betting sites to operate in Ontario. Hence the sudden influx of various sites trying to grab your attention.

So, McLean is just getting a paycheque from Sportsnet which is getting ad revenue from both the crypto and online betting sites. Gretzky is the only money grubber here along with Sportsnet and the Ontario government.

#65 Diamond Dog on 06.08.22 at 4:24 pm

Lugubrious tone today. Certainly, prosperity has reached the wallets of some seniors out there. 15.6% of the Canadian population are seniors. Of the near 20% or so Canadian adult population being seniors, 60% of this 20% have income from investments, other pensions, real estate etc. and other income outside of old age pensions. However, 40% of this 20% equating to 8% of the adult population in Canada is old age pension only for income. They won’t see a bump in income any time soon and yet costs of living continue to leave them behind and potentially hungry.

It’s no small wonder why inflation has left a sepulchral tone. CB speeches are downcast and doleful. Food inflation in April hit 9.7%. Anecdotally, grocery costs seemed much higher on the shelves and at the till.

It’s no small wonder why some seniors are seldom even seen anymore. When one’s mood turns sullen, taciturn and reticent from hunger, it’s difficult to hide one’s dolorous, waspish, long faced, joyless, funereal disposition.

The merits of fasting are just not mentioned enough in any age. Healthy weight loss, detox and repair, cleaning up old, damaged and dying cells to make room for new growth, yes, the merits of autophagy through juicing and fasting brings us closer to health and our maker.

But alas, fasts must end. This may not be in the cards for some, I fear.

#66 the Jaguar on 06.08.22 at 4:30 pm

Completely agree with Faron #50. 100%

Here’s an four year old Fifth Estate episode that provides more research.
https://www.youtube.com/watch?v=iFa8HOdegZA

Many cities ban them.

#67 DON on 06.08.22 at 4:33 pm

Is that a two headed cat?

Felix…is that your making.

#68 Sail Away on 06.08.22 at 4:40 pm

Re: Dog behaviour

From the article: “…although ancestry does affect behaviour, breed has much less to do with a dog’s personality than is generally supposed.”

I’d agree in principle. All dogs are a single species with similar instinctual characteristics and all act quite similarly in many ways. The breed difference show up mostly in the physicality: breeds are specifically bred for physical traits that help the dog be more capable at the desired task, be that tracking, running, fighting, guarding, swimming, retrieving, etc. Then follows a positive feedback loop where the physical characteristics lend themselves to more efficiency in the desired task, so the dog performs better and is more successful and more physically comfortable, so gets better positive encouragement, and so on.

However, and this is the important thing: those massively powerful jaws that have been specifically bred into pit bulls for bull- and dog-fighting? They can do immense damage immensely fast. It’s not that big a deal when a toy poodle bites. Not so with a pit bull. Capability, not necessarily temperament. As follows:

https://ifunny.co/picture/not-all-australian-animals-will-kill-you-don-t-get-Vu16yaqe6

#69 DON on 06.08.22 at 4:42 pm

#17 Faron on 06.08.22 at 1:10 pm
#156 DON on 06.08.22 at 9:51 am
#152 Dharma Bum on 06.08.22 at 8:15 am
#141 Don (Previous thread)

This ragging on DON is quite weird.

Dharma, your son will certainly care about rising rates as they pertain to his house for a couple of reasons. 1) higher mortgage rates are killing RE demand. 2) higher rates imply inflation. High inflation will eventually knock back the energy sector and send Alberta into another bust cycle that will also crush RE. Excuse me if I’m wrong about his place of residence.

Too whiny for you?

*************
No fret, Dharma is just a wounded human being who thought he was right until the evidence proved him wrong. The fact that he tried to include you also is indicative that his pride is wounded and he is looking for a fight. Hence the whiny comments. Like a child he is trying to push buttons, problem is I don’t have any…just logic.

#70 Stone on 06.08.22 at 4:51 pm

The cost of everything’s going up. But if you’re retired, chances are your income ain’t. The glacial pace of indexing govy benefits (CPP and OAS) has suddenly become a burning issue for the wrinklie set trying to deal with food inflation and two-buck gas. People are angry.

———

I guess they’re angry at themselves then. As a result of a lack of planning for their future? A lack of saving? A lack of investing? A lack of being balanced and diversified. A lack of foresight or forethought whatsoever.

I don’t especially like the CHIP reverse mortgage commercials or the company behind it but it serves a market demand for those same angry people who can’t seem to figure out what a fantastic tool money can be.

I’m really happy to be early retired, have constant dividends coming in from my B&D portfolio and, magically, see those dividends constantly growing as the year goes by.

Inflation? Pffffft! Not feeling the pain when my B&D portfolio and cashflow follows the path of inflation.

I fully understand why you blog about improving one’s personal finances. Every time the lightbulb goes on for someone I discuss the topic with or write on the topic myself, I’m really happy that it’s one less angry person out there.

#71 The West on 06.08.22 at 4:59 pm

re: #53 Silky

Tom Selleck wants your home and makes a compelling case for it below:

https://youtu.be/g4J0QzkZHvE

———————————————–

sending you the bill for a new keyboard..there is coffee everywhere!

LOL xD

#72 Millennial 1%er on 06.08.22 at 5:07 pm

Wait wait wait

People agree to take out loans with variable rates? Rates that can change at any time? And they could lose their house?

I’m going to be sick

#73 Sam on 06.08.22 at 5:17 pm

Another real estate post! Why am I not surprised.

#74 Sail Away on 06.08.22 at 5:17 pm

#57 Søren Angst on 06.08.22 at 3:55 pm
#44 Sail Away

Come to Italia and learn to eat (and cook).

——–

I mostly follow the ‘season your food with hunger’ approach.

This simple trick turns a quickly-prepared decent meal into an epicurean delight.

Nothing, and I mean nothing, tastes better than a fresh and heavily-salted deer/moose/elk/caribou liver fried in kidney fat after 4 days of dry oatmeal and gleaned forage.

#75 baloney Sandwitch on 06.08.22 at 5:18 pm

Who are worse, baby vultures flogging scholarships or elder cannibals promoting CHIPs? There is always someone preying on the young, old, and weak.

#76 Bdwy on 06.08.22 at 5:30 pm

I got a puppy from the office secretary. Tiny. Too young to be taken from mom. Turns out it was half? pit. Beautiful strong sleek fast. A lover not a fighrer.

My border collies are more likely to bite (well nip) your ass. She would go 20′ off the sidewalk to avoid a bitchy mini poodle.
Sheperds were our nemesis. She was bitten a several times and always turned the other cheek. But her strength speed and seemingly no ability to feel pain would be dangerous if mistreated. Same for shepherds or any large strong breed.

She could also run in front of the truck in our hood for the last km home. Watching her come to stop behind a car ahead at a stop sign was fun.

My friends old golden lab who sadly is about to go by the end of the week was the sweetest with people but spent his entire life on leash as he had a strong kill instinct for dogs/racoons/rabbits/deer(having his ass stomped once by a deer) cats were friends.
Best story? He’s in the backyard , yappy toughguy is on the otherside of an older solid wood fence , can hear bit not see. He headbuts out a couple boards grabs yappy and drags him thru the hole to teach him the virtues of silence.

The vet bill was not horrendous.

#77 Put In on 06.08.22 at 5:30 pm

Conspiracy nut? More like awesome conspiracy nut!

You don’t think the western economies appreciate the inflation Putin’s actions are having? The excuse to increase prices? Blame inflation on him after dozen years of emergency rates?

#78 sean on 06.08.22 at 5:33 pm

#46 Diamond Dog on 06.08.22 at 2:59 pm
re: Dr. Milton Friedman lecture

——-

This is about an hour long but well worth watching. It is prescient given the subsequent inflation/recession of 1980/81, is clearly argued with very little jargon, and compared to today’s conversations is refreshingly non-partisan.

Friedman talks about “money printing”, but at one point he makes it clear that he is really just using this as short form for expansion of the money supply which he admits is mostly done via lending in modern economies. Rock bottom rates have encouraged lending and thus expanded the amount of money available, resulting in inflation. He even nails the delay period between expansion and inflation’s appearance.

Thanks for posting the link.

For a more recent example of similar arguments, see:

http://scottgrannis.blogspot.com/2022/05/m2-still-has-lot-of-inflation-potential.html

#79 MD on 06.08.22 at 5:39 pm

https://www.wealthprofessional.ca/news/industry-news/is-canada-on-the-brink-of-a-housing-market-recession/367242

#80 HH on 06.08.22 at 5:45 pm

I have never trusted reverse mortgages. Not for one single minute. The cost to set one up is huge and it would mess big time with my balance sheet every single month. Can’t have that. Besides I have to make sure there will be enough money to bury me and pay legal and accounting fees upon my death. Based on the cost when my mother passed away that would be about $40,000. My estate will need assets not income.

#81 Quintilian on 06.08.22 at 6:02 pm

Garth, there are a couple of attention hoarders that are ruining your blog.
If you restrict them to about 10% of what they are currently posting their contribution would not be so diluted as to render your blog picaresque.

#82 Hope on 06.08.22 at 6:07 pm

The one thing not said here is if you leave the house for a certain period of time they can sell the house and you are screwed. Well, at 8.03%, your debt doubles every 9 years or so. Good luck with debt Canadians.

#83 k on 06.08.22 at 6:08 pm

#53 Silky Thanks for that Youtube Video of ol’ charmin’ Tom ! Very well done !

#84 NOSTRADAMUS on 06.08.22 at 6:09 pm

WAYNE GRETZKY!
I was relaxing having a well earned beer when blogger # 55 LUNAtic Fringe set me off, when he referenced the Great One, Wayne Gretzky and his affiliation with the OLG. If there is anyone with any hockey sense ,take a trip down memory lane and watch some of the old video highlights of Gretzky in action. Hanging around the center line all by himself. Eyes in the back of his head, anticipating where the puck will be. Or better still, behind the net, dragging the puck, and no one moves in to move him off the puck. Give me a break. In my opinion the NHL, back in the good old days needed a marquis player to re-establish the floundering NHL. The answer to their prayers, a Wayne Gretzky. No injuries, no down time, stick check, just the greatest hockey player of all time, with records that will never be broken. Fill the arena, Wayne Gretzky is in town. The NHL and the OLG, should be ashamed. Steady lads, hold the line.

#85 macduff on 06.08.22 at 6:09 pm

@40 Elon Fanboy
It’s interesting, in some cultures elders are a valued sector of society who not only contribute to their extended families’ wellbeing but also to workplaces, where their experience is valued. Sadly, in our society, they are discarded, their utility long since diminished in the eyes of the young who know all the answers. Is it at all surprising that many end up watching the wheels spin at the casino?
I for one won’t be retiring in this country, but instead will opt for a society where everyone, regardless of age, is welcomed to contribute to build a better and just society.

#86 The Original Jake on 06.08.22 at 6:12 pm

Amazing that they can find folks who opt for this. But with Tom Selleck, you just can’t go wrong… right.

“Let me tell you something, I wouldn’t be here if reverse mortgages took advantage of any American senior or worse that it was some way to take your home.”

https://www.youtube.com/watch?v=O4FKPcLnd3Y

#87 Dr V on 06.08.22 at 6:23 pm

So is there any way a RM works out OK?

I believe you can take monthly payments through an RM and the interest compounds like a mortgage.

So lets go with a valuation of $2M on your house. While you plan to move to a dwelling of lower value in say 5
years, you still want to enjoy your retirement where you
are but need a little extra cash. Howz about $2K per mo?

At 7%, after 5 years, you owe about $143k.

Oops the RE market adjusts and your house is now worth only $1.5M. Oh well, you could still “rightsize” to
maybe $1M, and still have over $350k banked.

This sounds to me much like an arrangement with a
HELOC, only at a higher rate and compounded interest, but you get to enjoy that money for the time being.

Is this so bad?

#88 Toronto Emigrant on 06.08.22 at 6:30 pm

I want to leave Toronto but Pearson is packed. So is Billy Bishop. Where else in this country is not populated by woke false accusers?

#89 Old Boot on 06.08.22 at 6:36 pm

Pitbulls may be no more likely to ‘bite’ than any other breed, but they are indisputably responsible for almost every single fatal mauling of a human. Mostly children, but sometimes adults.

I’ve seen the results of dozens of police K9/human conflicts, and the victims usually require no more than stitches. The pit bull attacks I’ve seen professionally, and read about, are exponentially more violent and traumatic. The victims usually require bone setting, blood transfusions, reconstructive surgery, and months of rehab.

A pittie can crush your forearm bones like it’s a paper towel tube. I had a police officer come very close to having to shoot one that was menacing me during an emergency response we attended.

I had one jump out of a boat to come after my dog on the shore. I managed to stand it off long enough for the a**hole who owned it to get ashore and drag it away.

Never take your eyes of them when they’re in your vicinity. One of them can kill a small dog before you can even react.

#90 under the radar on 06.08.22 at 6:49 pm

I have no issue with reverse mortgages. Some people desire to stay in their homes for as long as possible and happen to be house rich, cash and income poor. The lender waits it out and is entitled to their rate of interest. More expensive than a HELOC, so what ? . Not everyone can qualify for a HELOC.

#91 T Rex and the dinosaur clique on 06.08.22 at 6:55 pm

Re#12 :

T2 can’t virtue signal to the WEF by fixing the situation at Pearson.

So the response is, do nothing. No opportunity to signal virtue.

Air travel is bad for the climate. So our dear leader behaves towards the situation at our international air ports the same way he behaves towards our oil and gas industries. Either ignore them and let them flounder, or shut them down.

Watching what is going on in Canada makes me realize how scary and dangerous socialism really is.

These people aren’t kidding.

They won’t stop until they change Canada from a first world nation into a third world basket case.

Our international airports are now known to be the worst in the world.

People who have flown out of Kinshasa and Jakarta are even surprised at how bad it is here.

#92 crowdedelevatorfartz on 06.08.22 at 6:55 pm

@#81 Quinty’s quandry
“Garth, there are a couple of attention hoarders that are ruining your blog.”

+++
The scroll wheel on your mouse eradicates all unwanted comments.
Easier than censoring.

#93 Grunt on 06.08.22 at 6:59 pm

Some years ago my (now) teetering mother secured an RM on her condo. To help secure gambling debts on an Amex and other CCs to the tune of $65K. She was terribly worried about securing a new kitchen kit for the final sale.

I was always berated when not getting the best price on some minor purchase. Of which she herself was always socially boastful.

A vain and foolish woman.

#94 JD on 06.08.22 at 7:24 pm

‘The debt is paid off when the property is sold or the borrower croaks’

Are you sure about this Garth, I think it is worse than this and the reverse mortgage people get paid off once you know longer live there, i.e. if you have to move into assisted living facility, then the house gets sold and pays off your reverse mortgage. Now you have to hope there is enough equity left over to pay for the assisted living or its off to Walmart to drool on a chair while you greet the shoppers

#95 Ralph on 06.08.22 at 7:28 pm

Stone, I understand where you are going there. However, we are more conservative with our money than you. We have life insurance, critical illness insurance, mostly interest bearing, compounding GICs, term deposits, savings accounts. We also have a 30 month financial cushion to give us flexibility. We don’t own shares or equities or any type of real estate investments, alternative investments but we did save quite aggressively for many decades. We have most of our money sheltered in RRSPs, TFSAs so the GICs, term deposits are now taxed at modest overall tax rates 15 % or less, tax free for our TFSAs due to income splitting, pension income amount, disability tax credit etc.

We are both retired and our net retirement income is higher now than we were working, $80,000 now versus $65,000 back in 2020. Our primary house has been with no mortgage on it for 24 years now and we are debt free longer than that. We are 66 years old now. Well not even the last 10 years of lower interest rates could stop us proactive savers and financial planning for our family.

#96 Dave on 06.08.22 at 7:30 pm

Unfortunately, retired people cannot access a Heloc without direct income (investment income is not viewed significant) unless already secured prior to retirement

#97 Ginger on 06.08.22 at 7:34 pm

More expensive than a Heloc, so what? Under the radar, Heloc 4% to 4.5%, reverse mortgage rate 8.03%. IT is almost double or 80% to 100% more expensive. I can charge you $10 for a fast food meal or $20 for a fast food meal, it is more expensive, so what? It is a huge difference when it comes to hundreds of thousands of dollars more expensive. It is a huge deal, not so what.

#98 Km on 06.08.22 at 7:38 pm

@Elon – having worked at a casino..yes the seniors do just come in for coffee. Lol.
Many are gambling however cheap coffee and a place to gossip is where they oldies congregate.

#99 Happy Gramps on 06.08.22 at 7:39 pm

I had a look at reverse mortgages when I owned an apartment some 20 years ago. Didn’t see the value in them then, and not surprised that they have done well, as most people don’t have the financial depth to properly evaluate them. So I don’t feel sorry for anyone who has one. Like the fools who bought property in the last 5 years, they can live with their uneducated choices.

#100 Mattl on 06.08.22 at 7:40 pm

#70 Stone on 06.08.22 at 4:51 pm

Inflation? Pffffft! Not feeling the pain when my B&D portfolio and cashflow follows the path of inflation.

——————————————————–

You are trending +10% YTD? If so, you aren’t B&D. And your portfolio, from a growth perspective, would be closer to -10% when adjusted for inflation.

And we get it, B&D makes a lot of sense for a lot of people. No need to brag every day about your average returns ,that lag the SP500 and will likely not outperform a single Canadian stock bank over the long term.

I am B&D as well but 8-9% returns don’t blow the ladies away at cocktail hour. The strategy is smart because it isn’t sexy, no one should or does care. But I fully expect you to post that you are -4% YTD tomorrow with a link to your blog.

#101 Franco on 06.08.22 at 7:44 pm

Anyone see this. Motive Financial has a 5% 10 year GIC. This is a 6.2889% per year 10 year GIC if you compound it. I think they know interest rates are going up alot in recent weeks, months and are trying to get money locked in now. We are in 2007 level now of GIC rates.

#102 yvr_lurker on 06.08.22 at 7:49 pm

are there no Gov’t controls on the maximum allowable interest rate on these reverse mortgages (i.e. 8%+ is very high, as there is little risk at all to the providers). of course, there are no controls… the Gov’t is perfectly fine in not mandating Visa, MC, and others to slash the 20%+ credit card rate to something more reasonable. This is why I only have one such card, and I never run a balance. Seems like the reverse mortgage “industry” should be a ripe target for some Gov’t oversight. Would never happen though. They just prey on desperate seniors…

#103 Overheardyou on 06.08.22 at 7:52 pm

Does your home have to be paid in full to get the Reverse Mortgage? Some of my elders tried going the HELOC route and was rejected due to their lack of income, they are 60

#104 Damifino on 06.08.22 at 7:58 pm

#81 Quintilian

There’s another option: Enjoy the daily blog and stay well away from the comments section. Garth himself has counseled exactly that on many occasions.

Or… learn to power your way through the flotsam. After many years experience I can now blast through a full comment section in 10 minutes at the most. Sometimes there’s a pearl or two. But often not. What were you expecting for free?

#105 Unexpurgated version on 06.08.22 at 8:04 pm

#86 The Original Jake on 06.08.22 at 6:12 pm

Amazing that they can find folks who opt for this. But with Tom Selleck, you just can’t go wrong… right.

“Let me tell you something, I wouldn’t be here if reverse mortgages took advantage of any American senior or worse that it in some way …

padded my already crammed wallet. Look senior, if you are gullible to fall for this nonsense, then you probably won’t miss all that cash anyway!

BTW, never trust anyone with facial hair! We’re trying to hide something. Trust me … I should know”

#106 Faron on 06.08.22 at 8:16 pm

#81 Quintilian on 06.08.22 at 6:02 pm

Hey Q-sauce, you mistook your adverb for an adjective and wound up saying the opposite of what I think you intended. Also, assuming I’m one of said diluters, we don’t actually contribute to Garth’s blog.

#107 The Grate Won on 06.08.22 at 8:20 pm

#84 NOSTRADAMUS on 06.08.22 at 6:09 pm
WAYNE GRETZKY!
I was relaxing having a well earned beer when blogger # 55 LUNAtic Fringe set me off, when he referenced the Great One, Wayne Gretzky and his affiliation with the OLG. If there is anyone with any hockey sense ,take a trip down memory lane and watch some of the old video highlights of Gretzky in action. Hanging around the center line all by himself. Eyes in the back of his head, anticipating where the puck will be. Or better still, behind the net, dragging the puck, and no one moves in to move him off the puck. Give me a break. In my opinion the NHL, back in the good old days needed a marquis player to re-establish the floundering NHL. The answer to their prayers, a Wayne Gretzky. No injuries, no down time, stick check, just the greatest hockey player of all time, with records that will never be broken. Fill the arena, Wayne Gretzky is in town. The NHL and the OLG, should be ashamed. Steady lads, hold the line.

___________

Garth, I hope none of your steerage section wants to pursue a life of crime (not to infer that some aren’t already!) … but they are just so easy to bait,trigger and set off that their careers would be pretty short.

Who knew Nostradamus actually had a real opinion about something and didn’t just come to the blog to spill his “end of the world” diatribe and prophecies.

The point was that Gretzky is undisputably pimping himself … making millions of dollars (he doesn’t need) off those that will undoubtedly fall into the arms of mother gambling addiction! But hey … he’ll be long gone by then.

That being said, even though the Oilers were not my team … I am not disputing any of his beer induced claims.

#108 Faron on 06.08.22 at 8:26 pm

Old Boot’s and Sail Away’s comments seem to parallel the difference not just in guns, but the rounds they fire. The recent Uvalde tragedy was made so much worse by the lethality of the round used. Diameter not much bigger than a 22’s, but far more damaging. An errant pitt bite will be far more damaging than a similarly sized spaniel.

#109 DON on 06.08.22 at 8:36 pm

https://www.bloomberg.com/news/articles/2022-06-08/homeowners-buying-two-properties-in-bet-that-hybrid-work-sticks

Seems reasonable. But how many days are you commuting if hybrid sticks.

#110 Calgary Cowboy on 06.08.22 at 8:38 pm

At least the CHIP commercials are tasteful…

https://www.google.ca/search?q=CHIP+commercials+reverse+mortage&client=safari&hl=en-ca&ei=RkChYtCvOIHw9AORjImoAw&oq=CHIP+commercials+reverse+mortage&gs_lcp=ChNtb2JpbGUtZ3dzLXdpei1zZXJwEAMyCAgAEB4QCBANMgcIIRAKEKABMggIIRAeEBYQHToHCAAQRxCwAzoGCAAQHhAWOgUIIRCgAToECCEQFUoECEEYAFDWCFifP2DGQWgBcAF4AIABbYgB7AqSAQQxNS4xmAEAoAEByAEIwAEB&sclient=mobile-gws-wiz-serp#fpstate=ive&vld=cid:b849cdfe,vid:7f1jZdVPKYI,st:0

#111 Suddenly and Unexpectedly on 06.08.22 at 8:45 pm

Reverse mortgages. The final F.U. from the boomers on their way out.

I hope those offering these reverse mortgages get smoked when the market tanks!

#112 Yukon Elvis on 06.08.22 at 8:48 pm

#92 crowdedelevatorfartz on 06.08.22 at 6:55 pm
@#81 Quinty’s quandry
“Garth, there are a couple of attention hoarders that are ruining your blog.”

+++
The scroll wheel on your mouse eradicates all unwanted comments.
Easier than censoring.
==================
People like to slow down and watch a house fire or car wreck now and then. Everybody does it.

#113 Dr V on 06.08.22 at 8:53 pm

91 T Rex

“Air travel is bad for the climate.”
—————————————————

It shocked me how small a portion it contributes.

https://www.eesi.org/papers/view/fact-sheet-the-growth-in-greenhouse-gas-emissions-from-commercial-aviation

“EPA reports that aircraft contribute 12 percent of U.S. transportation emissions, and account for three percent of the nation’s total greenhouse gas production.”

I’ve read that in one trans-continental flight a passenger will add as much emissions as driving for a full year would. But most people arent flying every day, or a few times a week, or even a couple of times a month.

#114 AK on 06.08.22 at 9:00 pm

Wouldn’t they be better off to sell and move Into a retirement home?

#115 THE DANDADA on 06.08.22 at 9:00 pm

YUP …….It’s ok for CHIP to rip off old people but yet CRYPTO is the scam?

CHIP is the scam that sends its admin to hell.

#116 Dr V on 06.08.22 at 9:07 pm

Further to above, emissions by sector can be found here

https://ourworldindata.org/emissions-by-sector

Scroll down to the chart. Road transport bad. Buildings bad. Steel not much better. Livestock not good. I’m looking for blogger fartz….. Waste? Unallocated?

#117 Ball bearings on 06.08.22 at 9:10 pm

#81 Quintilian on 06.08.22 at 6:02 pm

Garth, there are a couple of attention hoarders that are ruining your blog.
If you restrict them to about 10% of what they are currently posting their contribution would not be so diluted as to render your blog picaresque.

___________________

Define “ruining”.

And quit being so “Canadian”.
If you don’t have the ball bearings to name names ….

Now define “picaresque” …. what the fork?

#118 crowdedelevatorfartz on 06.08.22 at 9:10 pm

My my my
Who’s running Canadian soccer?
The first exhibition game the Men’s team was supposed to play in Vancouver was against the Iranian National soccer team.
I guess they forgot Iran was under sanctions for shooting down a jet full of Canadian Iranians ( Huge Iranian diaspora lives in Vancouver) and there was outrage that Canada would have a “friendly” game against a theorcratic dictatorship.
Next Up!
A replacement team was found at the very last minute to play agaisnt Canada.
Panama!
Hurray.
Unfortunately
Equality vs money.
The Canadian Men’s soccer team balked at receiving the same amount of money as the Canadian Women’s soccer team in their contract negotiations.
So.
At the very last minute the Panamanian game was candcelled…..as thousands of soccer fans were arriving from all over BC and Alberta.

https://dailyhive.com/vancouver/canada-panama-match-at-bc-place-cancelled-at-last-minute-after-players-strike

Heads should roll at Soccer Canada for their incompetance.

#119 Truth or Consequences on 06.08.22 at 9:11 pm

In BC folks over 55 can defer their property taxes until they sell the house and the interest rate is only 1% but that could really add up over time. 30 years of deferred property tax could be a lot.

#120 Victor V on 06.08.22 at 9:15 pm

Housing correction could shave 15% off home prices by end of 2023, Desjardins warns

https://financialpost.com/real-estate/housing-correction-could-shave-15-off-home-prices-by-end-of-2023-desjardins-warns

“To be clear, we’re of the view that while there will be a correction in the Canadian housing market, there won’t be a collapse,” the report said.

#121 islander on 06.08.22 at 9:23 pm

#89 Old Boot

-point taken

What were pit bulls originally bred to do?

“Today’s pit bull is a descendant of the original English bull-baiting dog—a dog that was bred to bite and hold bulls, bears and other large animals around the face and head. When baiting large animals was outlawed in the 1800s, people turned instead to fighting their dogs against each other.”

#122 Pete on 06.08.22 at 9:24 pm

Keith, I hate unions and their crappy pension plans. They are all a bunch of sharks. My father got shafted by them. I will not want these clowns managing my money. I stuck with 3 easy money ideas, max out my RRSP, reinvest my RRSP, maxout my TFSA. I did this for years with my RRSP, 13 years with my TFSA and now have $1 million, no debts and a house paid off worth $680,000 100% equity in it with my wife raised 2 kids. I did not make a huge return with not huge risk either, 4.74% before compounding. By the way, I started at $39,000 back in 1997 and my last year’s salary was $68,000. I have no college, university degree, I am in delivery services and work 50 hour weeks. I am extremely busy always all these years. Pension plans are highly taxed, inflexible and vulnerable to mismanagement, terrible financial outcomes.

#123 99 problems but a tatt ain't one on 06.08.22 at 9:33 pm

#84 NOSTRADAMUS

Wayne has other problem Nostra. Paulina (daughter) got a “99” tattoo in a “special area”. Can we say…weird?

May I remind you that Wayne did say “you miss 100% of shots you don’t take?”

#124 Hank on 06.08.22 at 9:40 pm

I think the best way to have a bunch of money in a family is everyone put the maximum in your RRSP, take the refund, put the maximum in your TFSA. Say even, going by a modest income, $12,000 a year total for each person, $6,000 RRSP, $6,000 TFSA*4 people in a family 2 parents, 2 adult kids, this is $48,000 a year. In 25 years a modest 4% annual return compounded, $500,000 each or $2,000,000 whole 4 family members, In 35 years, $883,000 each or $3,520,000 for whole 4 family members.

Remember, this is a constant, fixed $12,000 a year, no annual increases, just sticking with $12,000 a year each and $2,000 a year put in the TFSA yearly contributions is from the tax refund so really $10,000 per person is needed to be saved or $27.39 per day or $192.30 per week. It is very doable.

#125 Summertime on 06.08.22 at 9:43 pm

BoC is executing their true mandate – to ensure record bank profits at any cost magnificently.

As in phishing – keep the rates low for a long time for many to take on the bite, then increase rates just enough in order to extract max profits for a decade or so – enough dough for the banks.

‘Insure’ risky debtors at the general public expense that allows even riskier loans to be underwritten, then break their back while getting the max possible return from all mortgage loans at no risk for the lenders.

Rinse, then repeat. It is called the ‘economic cycle’ on steroids. This is what causes the inflation that we enjoy. Except they overdid it big this time.

#126 Linda on 06.08.22 at 9:50 pm

Very contented kitties:)

I think the reverse mortgage ‘deal’, isn’t. However, folks will do what they think best for their situation. Being able to stay put & have income makes a RM quite the temptation. Yes, one could sell, but from the sounds of things most would then have difficulty finding digs in the same area. Rentals might not exist, plus there is the possibility that one would have to move again even if one did find a place to rent.

Don’t see why children should expect to inherit. Since folks are living longer, chances are that if the parent(s) live long enough any RE would have been sold off to fund their assisted living/long term care costs anyway. Best not to count on inheriting, that way one isn’t disappointed.

#127 Not Drinking but listening to Tool on 06.08.22 at 10:29 pm

Every one of you that drank T2 koolaid/voted for him deserve exactly what you get. I guess that alliance with that NDP fool is not going so well, lol, who would have guessed that. What a mess, seriously, not the commentors they get it but all of those that do not comment and have felt so smug. Guess what???? As Garth has preached and for me as much I appreciate what Garth has done I appreciate the comment section that much more; they are living, have gone through it but nothing compares on what we are about to go through in the world never mind that hardships that will soon enable us here in Canada. Does not have to be this way, we have what the world needs, first us, then what ever we can profit on makes life easier for all of us. What a shit show!!!

#128 Not Drinking but listening to Tool on 06.08.22 at 10:30 pm

Hurray for the commentors!!

#129 yvr_lurker on 06.08.22 at 10:37 pm

#126 Linda
Don’t see why children should expect to inherit. Since folks are living longer, chances are that if the parent(s) live long enough any RE would have been sold off to fund their assisted living/long term care costs anyway. Best not to count on inheriting, that way one isn’t disappointed.
——-
True to a point, and I would never tell my 17 year old that I plan to leave him oodles (for fear of killing his worth ethic). However, in my view spending all your lifetime acrued assets from years of hard work to fund an assisted living situation when one has lost their mind or otherwise through dementia or whatever, is not what I have in mind. I will take the magic tablet when the time comes and push myself off the cliff so as not to deplete all the resources for those last few sad years. Have it all figured out and as they say in the UK the plan is in the bottom drawer…

#130 PVS on 06.08.22 at 10:43 pm

Garth, have you considered putting a word count/character limit on posts? The blog would become more reader friendly. Less rambling, more concise writing may result. At the very least, rambling posts should be deleted.

#131 Not Drinking but listening to Tool on 06.08.22 at 10:48 pm

#125 Summertime

Yep, yet so many fell for it and voted for an ???

Sorry if I misinterpret previous blogs positions on topics; english is my third language and doing the best I can although the host keeps?????

#132 G-man on 06.08.22 at 11:05 pm

What happens in an extreme scenario where if the interest rate goes up significantly that the monthly interest is greater than your monthly payment? For example a $2000/month mortgage with a 50/50 split between interest/mortgage but then say the interest payments go up to $2100/month. Does it just add to your principle? Or does the bank change your monthly payment.

#133 Jennifer on 06.08.22 at 11:24 pm

Don’t know enough about Reverse mortgage, but having a quick brain, calculation numbers don’t look so good.

If you believe house prices must go down by at least 50% in order to have a more ‘ normal market value’, then you add years of compounding interest rate, my brain calculator is telling me the end could be a big “0”.
Companies in reverse mortgages would make no money on some deals.

So, my brain is asking ” if it goes to zero, will reverse mortgage business go out of business? Just asking.

#134 Jennifer on 06.08.22 at 11:40 pm

This is to Pete:

You told us you hate ” Unions”. Their pensions are worthless, and you did so well on your own. Good for you!

However, I have a great pension. It will pay for my lifetime. It has been paying me for the last 20 years. When I planned my retirement in the early years, I saw my pension as a ” part ” of my big pie. In that pie, there is a portion of my Pension, RIF, Tfsa, Bonds, Stocks, GIC, Cash including a little bit of Gold and Oil.

I will be taking advantage of saving for my future house down payment, mostly for tax saving. Who knows, if house prices are on their knees, I might be tempted to buy my ” retirement home”. It is never too… late.

#135 Not Drinking but listening to Tool on 06.08.22 at 11:42 pm

#130 PVS
Many would consider what you just posted exactly what you are posting about. Democracy?? What is that?? Only to conform to a certain few that does not appreciate other peoples comments.

Best comment that I have read so far a few months back on a different site.

This coming from a couple married 75 yrs, wow. There advice was to appreciate each other and another human being for what/whom they are; that’s it, that simple. Do not try to change them just appreciate how wonderful they are. Those who get it like Dorothy and Garth are an example to what life should be, is it easy, depending on how hard each individual makes of it.

People should revert back to that mentality/ideology to understand each other!!!!

Garth, discuss it with Dorothy and see if you are both willing to discuss honestly after all the two of you have gone through what keeps you going.

This not for just the both of you but all commentors. We all need to hear the success stories and the one’s that have not. We log unto this website for knowledge, we are a community let us share our thoughts… Just an idea!! Delete it if it is not appropriate!!

#136 Stone on 06.08.22 at 11:46 pm

#95 Ralph on 06.08.22 at 7:28 pm
Stone, I understand where you are going there. However, we are more conservative with our money than you. We have life insurance, critical illness insurance, mostly interest bearing, compounding GICs, term deposits, savings accounts. We also have a 30 month financial cushion to give us flexibility. We don’t own shares or equities or any type of real estate investments, alternative investments but we did save quite aggressively for many decades. We have most of our money sheltered in RRSPs, TFSAs so the GICs, term deposits are now taxed at modest overall tax rates 15 % or less, tax free for our TFSAs due to income splitting, pension income amount, disability tax credit etc.

We are both retired and our net retirement income is higher now than we were working, $80,000 now versus $65,000 back in 2020. Our primary house has been with no mortgage on it for 24 years now and we are debt free longer than that. We are 66 years old now. Well not even the last 10 years of lower interest rates could stop us proactive savers and financial planning for our family.

———

I understand where you’re coming from too Ralph. It comes down to minimizing emotions, stress and uncertainty while ensuring for your financial future. It doesn’t matter that the path towards that can be done in a more efficient manner than the way you’ve done it or not. If you’re happy with what you’ve managed, and you appear to be, then that’s all that matters.

#137 Sean on 06.08.22 at 11:47 pm

What if you don’t have children and are living child free?

Does a reverse mortgage or heloc make sense?

#138 TalkingPie on 06.08.22 at 11:57 pm

#129 yvr_lurker on 06.08.22 at 10:37 pm
True to a point, and I would never tell my 17 year old that I plan to leave him oodles (for fear of killing his worth ethic). However, in my view spending all your lifetime acrued assets from years of hard work to fund an assisted living situation when one has lost their mind or otherwise through dementia or whatever, is not what I have in mind…
********************************************

If a family wants to take advantage of the time value of money, leaving an inheritance to responsible kids is the way to go. Of course, if you come from a family that’s less than wealthy, getting it started is the hard part. From there, each generation inherits something, maintains and grows it, then passes it on to their heirs. That’s how dynasties are made, even if it’s just small ones.

My parents grew up modestly – grandmother would cut tea bags in half and sew them to make two bags out of one – but when their parents passed on, each sibling got six figures, at a time when a decent house in Canada could be bought for $75k.

When I was growing up my parents did the same. We had less fancy stuff than our peers. Dad would purchase new cars cash and keep them until they were literally scrap. I paid for my own post-secondary, own first car, first apartment, etc. I did get a thousand dollars as a university graduation present and then again as a house warming present when girlfriend and I bought our house. My parents made sure we learned the value of a dollar and how to pay our own way, as well as the gift of the feeling of accomplishment of achieving a goal yourself.

More recently they’ve made us aware that there’ll be a tidy, mortgage-clearing sum someday, and out of the blue, at 38 years old, surprised me with a 5 figure gift last Christmas. My parents are in their 70s now, so I hope not to revisit the topic for another 30 years or so.

#139 Stone on 06.09.22 at 12:10 am

#100 Mattl on 06.08.22 at 7:40 pm
#70 Stone on 06.08.22 at 4:51 pm

Inflation? Pffffft! Not feeling the pain when my B&D portfolio and cashflow follows the path of inflation.

——————————————————–

You are trending +10% YTD? If so, you aren’t B&D. And your portfolio, from a growth perspective, would be closer to -10% when adjusted for inflation.

And we get it, B&D makes a lot of sense for a lot of people. No need to brag every day about your average returns ,that lag the SP500 and will likely not outperform a single Canadian stock bank over the long term.

I am B&D as well but 8-9% returns don’t blow the ladies away at cocktail hour. The strategy is smart because it isn’t sexy, no one should or does care. But I fully expect you to post that you are -4% YTD tomorrow with a link to your blog.

———

Mattl, if you’ve been paying attention to me as much as you appear to do, you would know my return for 2021 was 21.70%. And it was 11.14% in 2020. What was inflation in 2021? 2020?

I posted my ytd return on my blog a few days ago. My B&D portfolio is also posted with full transparency on my blog. My username above is the link to it. As of today, it’s at -4.41%. For a timeline mentioned above of just less than 2 and a half years, I’m compounding pretty sweetly and clearly outpacing inflation.

As for nobody caring, several hundred readers think differently (thank you google analytics). For someone blogging for less than a month, I’m really pleased with the response level. I was actually really writing for myself and to hopefully share replicable successes with others.

Don’t worry, I’m writing my next blog post and will post it at the latest this coming Monday. You’re more than welcome to read it once it’s posted.

#140 Shawn on 06.09.22 at 12:15 am

CPP and OAS are fully indexed

The glacial pace of indexing govy benefits (CPP and OAS) has suddenly become a burning issue

**************************
I’ll take issue with that. Old age pensions are indexed every three months to full official all items CPI. That’s high these days. So how is that glacial.

CPP is also fully indexed but there is quite a lag. The January increase was for the 12 months average inflation in the 12 months ending October the year before. The increase January 2023 is sure to be fat.

Talk about entitlement.

Wages are generally not fully indexed.

#141 DON on 06.09.22 at 1:58 am

https://www.bbc.com/news/business-61718906
Cost of living: The shock of rising prices in Japan

What will Japan do? Raise rates or devalue their currency further. The currency has already lost 20%.

#142 under the radar on 06.09.22 at 4:48 am

97- Not everyone qualifies for a Heloc. Then what? Sell because a RM is 4% more. What if the retired pensioner prefers the comfort and dignity of remaining in their own home .
How many people in their 70’s or early 80’s who ostensibly run out of money wish to move because they can’t afford a new bathroom, furnace or both . Or should they finance their furnace with Reliance , who charge 5x the price when you have no money to pay for a 3k furnace. Yep, still so what.

#143 Fortune500 on 06.09.22 at 7:52 am

Pete just wanted to say, good on you. That is truly inspirational!

I am 42 and just started a new job with a pension, but we will continue to invest heavily on our own.

So nice to hear stories like that. Thanks for sharing.

#144 IHCTD9 on 06.09.22 at 8:24 am

There is just something special about an Orange Male Tabby. Ours is a killer par excellence just like Bob. Everything is on the hit list. Also very Dog like, running to greet people at the door and always talkative and sociable. Never runs and hides, always chills with his humans. Best Cat I’ve ever known.

#145 Felix on 06.09.22 at 8:31 am

A respectful photo, finally.

(Note, all anti-feline racist comments posted in steerage are being tracked on the Tim Hortons app. We know where you live.)

#146 Drewfor on 06.09.22 at 8:31 am

How is TurnerNation still posting his tripe here freely?

Posting links to propaganda sites not based in reality… stop spreading this madness please.

Agreed. The hammer is descending. – Garth

#147 Summertime on 06.09.22 at 8:31 am

#140 Shawn on 06.09.22 at 12:15 am

‘Indexed’ to imaginary ‘inflation’ numbers called CPI.

In the last year alone food increased 30 % internationally, more to come. Gas increased over 50 %, and various CPIs show 6-9 %?

I wish you rely significantly on CPI and OAS in your retirement, as many do.

#148 crowdedelevatorfartz on 06.09.22 at 8:36 am

Yikes.
$900 to fill up an RV…?

https://nationalpost.com/news/canada/900-to-gas-up-an-rv-the-eye-watering-cost-to-fill-your-tank-in-canadian-cities-compared-to-u-s

Avoid RV-ing anywhere near the Lower Brainland this summer folks.
The gas stations will want your first born child as a deposit.

#149 Brian on 06.09.22 at 8:46 am

Central banks are supposed to tighten when things are good and the economy is overheating.
Instead they let things run wild, did nothing when things overheated & now, as outlooks are crumbling, NOW they want to tighten.
This is all so backwards.

Nothing is ‘crumbling’ besides some house prices. Unemployment is rock-bottom, ISM manufacturing data is robust, corporate profits are holding, the GDP is growing. Inflation is a byproduct of an overheating economy and the CB is doing exactly what it should. Why did everyone suddenly turn into a drama queen? – Garth

#150 Robert S. on 06.09.22 at 8:49 am

DELETED

#151 crowdedelevatorfartz on 06.09.22 at 8:50 am

$1850 PER DAY to run a Tractor Trailer delivering food to grocery stores in BC.

https://www.burnabynow.com/bc-news/record-high-fuel-prices-crippling-bc-trucking-industy-5459328

This company owns 27 trucks.
$50,000 per day in fuel to run that fleet.
His drivers are also being poached by the competition.

Food prices going uppa uppa uppa.
Inflation is here for a long time. Not a good time.

#152 THE DANDADA on 06.09.22 at 8:53 am

Sarnia, Ontario real estate pricing to the sky!

My goodness….1 million is the avergae.

What’s going on in that area?

#153 Faron on 06.09.22 at 9:39 am

#141 DON on 06.09.22 at 1:58 am
#151 crowdedelevatorfartz on 06.09.22 at 8:50 am

Yep. Yen imploding is not a good sign at all. Real wages are the lowest in 30 years. Inventories stacking up at retailers. There’s a whiff of something bad in the air…

#154 Robert S. on 06.09.22 at 9:54 am

You’re censoring anything about the fiasco of the emergencies act now too? What a joke to democracy. The whole point of a democracy is to shine light on mistakes done by the leaders. There is very little objectivity left in this blog. I suspect everything that is said on here – because just like Harper, only some ideas are welcome. You’ve become the man you hated.

Your political vitriol and conspiracy nut-job rantings have zero to do with the intent or purpose of this blog. Go away. – Garth

#155 schoolie on 06.09.22 at 9:58 am

I’d say for anyone taking Kurt’s advice on the RM that you may be ‘skating on thin ice’ financially…..lol and hahaha you know, he who laughs last, laughs loudest. Sure, brown bagging it to work each day and maybe only taking one nice family vacay every 4 years that I saved every nickel for sure ain’t sexy for the gram, but it beats the heck out of wondering where my next meal will come from in retirement. A retirement that I will richly deserve after putting in my time in the farce that is Ontario’s education system…..more on that later, maybe. Just call me Mr. Tuna Sandwich

#156 Observer on 06.09.22 at 10:00 am

#144 IHCTD9 on 06.09.22 at 8:24 am
There is just something special about an Orange Male Tabby. Ours is a killer par excellence just like Bob. Everything is on the hit list. Also very Dog like, running to greet people at the door and always talkative and sociable. Never runs and hides, always chills with his humans. Best Cat I’ve ever known.

^^^^^^^^^^^^^^
A responsible cat owner keeps their cat indoors. Safer for the cat and prevents senseless killing of small animals and birds.

#157 Victor V on 06.09.22 at 10:14 am

Home prices drop up to 31 per cent in some west Toronto neighbourhoods

https://www.thestar.com/business/real_estate/2022/06/09/home-prices-drop-up-to-31-per-cent-in-some-west-toronto-neighbourhoods.html

Toronto’s west lakeshore and midtown neighbourhoods saw drastic home price losses in May.

West Toronto Lakeshore, which includes Roncesvalles-High Park-Swansea area, saw a significant decrease of 21.36 per cent in the average home price from $1.7 million in April to more than $1.3 million in May.

#158 millmech on 06.09.22 at 10:24 am

#148 CEF
That gas bill is after paying up to $300k to buy a new RV as the new normal is/was here. A coworker bought one and has used it a dozen or so times and now it is too expensive to drive. Sits in the driveway losing value every day(most likely half by now) and since it was fully funded by his HELOC grows more expensive every month.
The Green machine raised their mortgage rates today!

#159 Bdwy on 06.09.22 at 10:38 am

Yesterday sale. 2000 blk e5 ave. Record prices push higher.
560k above assessed. Fast sale.
Sold Price

 Asking Price (Final)

 Asking Price (Original)

$2,765,000

$2,499,000

$2,499,000

Listing Date

 Days on Market

2022-May-30

8

Sold Date

 Sale Reported Date

2022-Jun-07

2022-Jun-08

Size of House

 Price per SqFt

2,751 sqft
$1,005Lot Size0.09 ac
4,026 sqft

#160 Encyclopedia Commonality on 06.09.22 at 10:45 am

Pre-internet, most schools and many homes contained a set of encyclopedias. Disagreeing parties were told to “Look it up in your Funk & Wagnalls”.

Encyclopedias formed a common base for most of the education process and society. The high cost of curating and printing an encyclopedia, meant it had to be acceptable to as many customers as possible, and the only way to do that was to represent information, as best as possible, a non-partisan view.

The internet, Wikipedia and social media destroyed this societal cohesion and commonality. Any position, view or political stripe, no matter how destructive could find support on the internet. Search algorithms further fed this craziness, by finding and feeding more radical articles based on Google’s search for click revenue.

Today, search algorithms force feed nut-jobs articles that reinforce their sick sense of the world. Self radicalization isn’t really a thing; but Google’s algorithm induced radicalization is.

I’m OK with banning social media for everyone under the age of 21. Social media is every bit as toxic and deadly as an AR-15 and should not be handled by the young. We need to get back to a more neutral, constructive and non-partisan commonality in the formative years.

Clearly the idea of “live your own truth” is not working out so well.

#161 DON on 06.09.22 at 11:00 am

#144 IHCTD9 on 06.09.22 at 8:24 am
There is just something special about an Orange Male Tabby. Ours is a killer par excellence just like Bob. Everything is on the hit list. Also very Dog like, running to greet people at the door and always talkative and sociable. Never runs and hides, always chills with his humans. Best Cat I’ve ever known.

*********
I have a rescue Orange old king of the castle Tabby exactly the same as you described. He doesn’t hunt much anymore.

#162 Robert S. on 06.09.22 at 11:04 am

“The very act of questioning is no longer tolerated. We’ve gone from democracies that protected freedom of speech at all costs to a censored system in which no outlying thought is even possible.”

– Dr. Julie Ponesse
Ethics Scholar, The Democracy Fund

Your ramblings have no place here. This site is about helping and educating people, not moaning about the system. Be gone. – Garth

#163 Victor V on 06.09.22 at 11:05 am

Bank of Canada sees heavily indebted homebuyers as key risk

https://www.bnnbloomberg.ca/bank-of-canada-sees-heavily-indebted-homebuyers-as-key-risk-1.1776541

#164 Sail Away on 06.09.22 at 11:25 am

Locomotion analysis:

Just ran a transportation comparison between a Subaru Impreza and Tesla Model 3, both driving 500 miles/week for comparison purposes.

Subaru Impreza: 31 mpg, 16 gal/week @ $8.36/gal
Model 3: 0.34 kWh/mile, 170 kWh/week @ $0.126/kWh

Results:
Subie = $175/week or $7,000/year
Model 3 = $21/week or $1,000/year

An F150 would be $9,100/year

Ponzie’s annual walking cost would be 2 pairs of Value Village shoes per year at $18.84 after aggressive negotiation.

#165 yvr_lurker on 06.09.22 at 12:03 pm

#138 Talking Pie
More recently they’ve made us aware that there’ll be a tidy, mortgage-clearing sum someday, and out of the blue, at 38 years old, surprised me with a 5 figure gift last Christmas. My parents are in their 70s now, so I hope not to revisit the topic for another 30 years or so.
——–
You’ve got great parents from what it sounds like who have planned well (and said nothing for years).

I was raised my a single parent who did the best she could with no support of any kind (financial or otherwise) from my father. Was well aware at an early age that I’d have to type A driven to succeed. Was a very long road to get to a good place. I do not want my kid to lose his drive (with being given too much… so far so good, he is going to engineering at UBC next year), but no need to completely re-invent the wheel financially when we are gone (we are older parents). Keep your drive, live rather frugally (with of course some perks), and no need for every fancy toy.

One part of this strategy of securing the next generation is to avoid paying out huge sums for basic care in the last few sad years of life, depleting tons of resources that should be passed on down the chain. This is where the self-induced exit stage left idea comes from it that predicament arises. An uncle of ours we believe chose that route about 5 years ago for the same reason.

#166 Jean on 06.09.22 at 12:09 pm

Did anyone ever think maybe it is difficult to get a HELOC with a decent amount or a large HELOC in your older, senior, retired years is because they want you to pay much higher interest rates on a reverse mortgage or you would have to get a mortgage with alternative, mortgage lenders or with any lender at much higher mortgage rates of instead 4% to 5% today more in the 6% to 6.5%+ range. My uncle got disabled just 2 months ago at 58. He has a really bad back injury. He worked over 38 years in construction, building industry and saved like crazy in his RRSP and built up my aunt’s spousal RRSP and both their TFSAs. She never worked outside the home getting a paycheque.

My uncle and aunt would of been in a really tight spot now if they did not have big RRSP, TFSA balances, in the $850,000+ range and have no debts at all with a house in the GTA. They don’t need to borrow or get a reverse mortgage and good thing 7%, 8%+ rates compounding, yikes! They can wait out the months, years of getting his CPP disability which is not high amount but $1,400 a month is still money coming in to pay the necessities, property taxes, utilities, insurance.

#167 No buttons? on 06.09.22 at 12:14 pm

#69 DON on 06.08.22 at 4:42 pm
Like a child he is trying to push buttons, problem is I don’t have any…just logic.

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

But, still a simpleton who couldn’t figure out the caps lock button for his name. All three letters.

LOGICAL NO DOUBT.

#168 Mark Bourrie on 06.09.22 at 12:42 pm

Cat pictures make me worry that something is truly wrong.

#169 IHCTD9 on 06.09.22 at 12:43 pm

#161 DON on 06.09.22 at 11:00 am
#144 IHCTD9 on 06.09.22 at 8:24 am
There is just something special about an Orange Male Tabby. Ours is a killer par excellence just like Bob. Everything is on the hit list. Also very Dog like, running to greet people at the door and always talkative and sociable. Never runs and hides, always chills with his humans. Best Cat I’ve ever known.

*********
I have a rescue Orange old king of the castle Tabby exactly the same as you described. He doesn’t hunt much anymore.
____

“King of the Castle” That’s about right. Ours will casually jump right on the table while we’re eating to check out what’s on offer every now and then. He’ll walk over and eat right out of your plate without a second thought. If you tell him to get off, he’ll start backtalking. If you stand up to put him down, you might get a little hiss!

Crusty old bugger. He keeps no record of wrongs though. Yours – or his.

#170 DON on 06.09.22 at 12:51 pm

#167 No buttons? on 06.09.22 at 12:14 pm
#69 DON on 06.08.22 at 4:42 pm
Like a child he is trying to push buttons, problem is I don’t have any…just logic.

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

But, still a simpleton who couldn’t figure out the caps lock button for his name. All three letters.

LOGICAL NO DOUBT.

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

OR DON is an acroynm not a name. It’s like shooting fish in a barrow dealing with your type.

Logic is backed by extensive research and reasoning AND listening to EXPERIENCED folk.

Back to reddit for you.

#171 Faron on 06.09.22 at 1:01 pm

#167 No buttons? on 06.09.22 at 12:14 pm

But, still a simpleton who couldn’t figure out the caps lock button for his name. All three letters.

LOGICAL NO DOUBT.

WTF dude?

#172 Victor V on 06.09.22 at 1:33 pm

Typical mortgage payment could be 30% higher in 5 years, Bank of Canada warns – Bank says those who took out a home loan in 2020 or 2021 should brace for higher rates at renewal

June 09, 2022

https://apple.news/AT_AkXRdZSm-g_pa7Fm6Rwg

#173 AK on 06.09.22 at 1:36 pm

#149 Brian on 06.09.22 at 8:46 am
Central banks are supposed to tighten when things are good and the economy is overheating.
Instead they let things run wild, did nothing when things overheated & now, as outlooks are crumbling, NOW they want to tighten.
This is all so backwards.

Nothing is ‘crumbling’ besides some house prices. Unemployment is rock-bottom, ISM manufacturing data is robust, corporate profits are holding, the GDP is growing. Inflation is a byproduct of an overheating economy and the CB is doing exactly what it should. Why did everyone suddenly turn into a drama queen? – Garth
==================================

“Why did everyone suddenly turn into a drama queen? – Garth”

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

Overleveraged. They expected rates to stay at zero forever.

#174 Observer on 06.09.22 at 1:43 pm

#170 DON on 06.09.22 at 12:51 pm
It’s like shooting fish in a barrow dealing with your type.

^^^^^^^^^^^^^^
INDEED!

#175 crowdedelevatorfartz on 06.09.22 at 1:54 pm

@#158 millmech
“A coworker bought one and has used it a dozen or so times and now it is too expensive to drive. Sits in the driveway losing value every day(most likely half by now) and since it was fully funded by his HELOC grows more expensive every month.”

+++
Yep.
There’s a ton of toys out there that are gas sucking pigs.
This summer will be the last gasp for many a HELOC toy.
Should be some smocking deals on yachts, RV’s, F-350 4WD’s, etc etc etc.
Crippling gas prices a cold slap in the face for the non strategic purchaser.

#176 Felix on 06.09.22 at 2:20 pm

About the pic – not a two headed cat, though it is true that in relation to dogawful mutts, cats are always at least twice as intelligent.

#177 Sail Away on 06.09.22 at 2:46 pm

#170 DON on 06.09.22 at 12:51 pm

It’s like shooting fish in a barrow dealing with your type.

——–

Fish in a barrow? A wheelbarrow??

https://thumbs.dreamstime.com/b/fish-wheelbarrow-tooth-dog-tuna-beach-side-75752570.jpg

#178 espressobob on 06.09.22 at 3:06 pm

Those two cats are sweethearts.

Mousers rule.

#179 DON on 06.09.22 at 3:27 pm

#177 Sail Away on 06.09.22 at 2:46 pm
#170 DON on 06.09.22 at 12:51 pm

It’s like shooting fish in a barrow dealing with your type.

——–

Fish in a barrow? A wheelbarrow??

https://thumbs.dreamstime.com/b/fish-wheelbarrow-tooth-dog-tuna-beach-side-75752570.jpg

**********

Can’t blame this on auto correct, just wanted to eat my breakfast, one of my buttons is HUNGER.

‘barrel’

But dead tuna? in a wheelbarrow works. How did you happen to have that pic standing by? Now that is impressive. Good one!

#180 Faron on 06.09.22 at 3:34 pm

#164 Sail Away on 06.09.22 at 11:25 am

Locomotion analysis

What’s the per kWh rate for superchargers on the Island? For all the tiers?

#181 Faron on 06.09.22 at 3:38 pm

Today’s equity market dip is in keeping with other periods when VIX and SPX became positively correlated. Bitcoin not showing risk-off yet.

#182 Linda on 06.09.22 at 4:14 pm

#129 ‘YVR’ – LOL, that is my plan as well. Only problem is, if I’ve already got dementia or Alzheimer’s chances are I won’t remember the plan!

#183 Sail Away on 06.09.22 at 5:01 pm

#180 Faron on 06.09.22 at 3:34 pm
#164 Sail Away on 06.09.22 at 11:25 am

Locomotion analysis

——-

What’s the per kWh rate for superchargers on the Island? For all the tiers?

——-

That’s hard to say. kWh sales, as I understand, are restricted to utility providers, therefore Tesla superchargers sell by $/min, based on charging tier- and the tier changes automatically, depending on state of charge. It’s probably possible to estimate the approximate cost per kWh by noting range added and correlating to average usage/distance, but would really have to be done while supercharging.

We charge at home except during trips, have an outstanding credit for about 8,200 km of free supercharging, and have never yet paid actual money for supercharging.

#184 DJIM on 06.09.22 at 7:10 pm

I designed and priced some of the first reverse mortgage plans, back in the late 80s. Until I figured out that my employers saw the product as a cash grab, and not a product that would help seniors stay in their homes. They never hesitated to throw a senior under the bus! My advice to anyone insisting on going into a reverse mortgage: downsize as far as you can first. Get as much money out of your home as you can, and take the smallest reverse mortgage you can on the rest. This is a product of last resort, for desperate situations only.

#185 yvr_lurker on 06.09.22 at 7:44 pm

#129 ‘YVR’ – LOL, that is my plan as well. Only problem is, if I’ve already got dementia or Alzheimer’s chances are I won’t remember the plan!
———
Yup. If you can’t remember where the bottom drawer is where the magic tablets are stored you have waited too long to exit the stage….

#186 Barrel of laughs on 06.09.22 at 8:44 pm

#177 Sail Away on 06.09.22 at 2:46 pm
#170 DON on 06.09.22 at 12:51 pm

It’s like shooting fish in a barrow dealing with your type.

——–

Fish in a barrow? A wheelbarrow??

https://thumbs.dreamstime.com/b/fish-wheelbarrow-tooth-dog-tuna-beach-side-75752570.jpg

____

Too funny. I love a good laugh at DON’s expense.
But really…. were you expecting better?

P.S. I’m guessing … dumb old neanderthal. Anyone else want to hazard a guess.

#187 Sail Away on 06.09.22 at 10:50 pm

#186 Barrel of laughs on 06.09.22 at 8:44 pm
#177 Sail Away on 06.09.22 at 2:46 pm
#170 DON on 06.09.22 at 12:51 pm

It’s like shooting fish in a barrow dealing with your type.

———

Fish in a barrow? A wheelbarrow??

https://thumbs.dreamstime.com/b/fish-wheelbarrow-tooth-dog-tuna-beach-side-75752570.jpg

———

Too funny. I love a good laugh at DON’s expense.

———

It’s just sort of funny. Doesn’t need to be at anyone’s expense.

#188 Shawn on 06.10.22 at 9:39 am

Link to the Jobs Report

(Bring your own grain of salt)

https://www150.statcan.gc.ca/n1/daily-quotidien/220610/dq220610a-eng.htm