Five bucks

Such intense times. Markets roiling. The banking regulator wimping out on HELOC debt. A muddah of a rate hike ten business days out. Blood in Bunnypatch. And our post-Covid PM romping across the globe.

Yesterday Dorothy sent me for blueberries. (“Vitamin K,” she said.) As I was harvesting some little plastic boxes the elderly woman beside me looked dejected, and muttered, “I wish.” When I asked what she meant she said, “They’re five dollars each. I wish I could afford that. This is just so crazy.”

Of course I bought two boxes and gave them to her. That made her cry a little. And I felt terrible, privileged. Our income inequality is growing worse. This inflation of everyday prices and overhead is exacerbating a disparity that isn’t sustainable. No wonder so many people have descended into debt.

For my part, besides blueberries, I hand over 54% of my annual income to the government, and pray it’s spent responsibly. Plus, I write a pathetic blog. It’s like singing in the subway. You can listen. You can walk by. Your choice.

Well, Irina has stopped and has a question.

“Reading your blog helped me build dividend income equivalent for now to future CPP, thank you,” she says. “I’m contemplating taking early CPP next year, at 60, while still working. Because of Post Retirement benefit, it seems like there are no penalties for early retirement. Only issue would be taxation, since CPP would be added to income.

“If I, however, put all that into RRSP while working from 60 to maybe 65, there are no tax implications. I am missing something or this would be wise to do?”

Yes. For the past decade or so people can collect CPP at 60, keep working, keep contributing (their employers, too) and thereby increase the amount received in retirement. Until 65, CPP contributions are mandatory (if working), then elective until 70 when they end for good. The post-retirement benefit is automatically tacked on to CPP payments and equals an earth-shattering max of about $350 – per year (or 70 berry boxes).

So the main question is CPP at 60, or wait? This blog has always argued for taking it early. Yes, it’s taxable and, yes, you can stick it in an RRSP while working to gain a credit. The key things to remember: (a) if the government gives you money, take it; (b) you have no idea how long you may live, so why wait; (c) it’s always better to have extra money when you’re young & healthy enough to spend it on a new skateboard; and (d) delaying CPP for five years could mean $50,000 or more that you forego. That money could be vibrating nicely inside a registered account, like a TFSA.

Now… here are a few folks who didn’t understand some of my recent comments.

Brent and Suzy sold their spread in the Okanagan, rent in Comox Valley and are waiting for prices to fade before buying again. “You heavily influence(d) our decisions as regards real estate,” they say, “and our B&D portfolio manager encourages us to read your analysis.”

But…

We (my spouse and I) don’t understand the following paragraph.  We know what rutting season is, but are unsure how to interpret “Govern yourself accordingly.” and not sure what you are suggesting for the 2023 Spring market [more inventory, lower prices, etc.?]  We can usually figure comments, such as these, out by discussing it ourselves, but we are a bit confused here; sorry, I know you must be constantly busy, and it’s the weekend.  If you get the time in the next while, we’d like to hear.

“In other words, rutting season 2023 will not look at all like this year, when the spring market went flaccid. Govern yourself accordingly.”

The real estate market is in semi-shock at the moment. This will deepen as the BoC turns up the heat on mortgage rates over the next few months. Showings have taken a dive along with sales. Listings are up hugely. Pre-approved mortgage buyers are becoming scarce. It’s not hard to see more decline ahead.

But this will not last. Like canines, humans are surprisingly adaptable to changed conditions. The innate desire a home will not abate despite 6% mortgages. Yes, prices will adjust to compensate for higher carrying costs but this environment today of increasing supply and decreasing competition will prove unique. The Spring, 2023 market will be more like the one you saw in 2021. But less froth.

Brian asked the same

“How do you predict these rate hikes will affect real estate over the 1-3 years? Price declines would be great, but I’m hoping for a return to normal where listings are priced correctly (not lowball), offer nights are a thing of the past, and you pay close to or maybe or even under asking. Like it used to be in Bunnypatch.

The reason I ask… If at all possible, our goal is to buy a small, reasonably-priced house in a small town. After 26 years of owning a house, we miss it. But we figure we have to (a) wait another year and (b) wait until the market gains back some lost ground.

See the comments above. Yes, a more normal world will be upon us a few seasons from now. And, yes, we’re expecting a robust year for financial markets in 2023. No, we’re not going into a dystopian mess, the economy’s not swirling the drain but, for sure, houses will cost less than they do today. Especially in Bunnypatch, where pandemic-era appreciation was emotional, not logical. The greatest greed will yield the largest risk for recent buyers there. Plus opportunity for people like you, with sharply reduced demand for properties in the far-flung burbs and hick cities.

As always, purchase when you need a place and can afford one. Or rent and buy all the berries you want.

About the picture: “I suggested to my neighbour Joan to get in touch with you for some advice a few weeks ago and she mentioned you were interested in seeing a photo of our dogs,” writes Joel. “Unfortunately our sweet boy Peanut (left) passed away recently. He was a boisterous and energetic beagle even at age 13. A lover of fine foods, and asparagus stems, he is greatly missed. He and Pistache were very close and loved to cuddle when it was cold. With Chantal and I working from home the dogs were always close by and it is going to take a lot of getting used to without Peanut around. He had a beautiful, deep howl that we will never forget. Pistache gets twice as much attention now and thankfully he is coping well.” 

137 comments ↓

#1 Pricedoutmillenial on 06.29.22 at 1:36 pm

First! For once…

Sorry Garth.

#2 erik mtl on 06.29.22 at 1:45 pm

Would these inflationary times be a reason to consider waiting longer before collecting CPP? https://www.advisor.ca/columnists_/lea-koiv/consider-inflation-when-deciding-when-to-begin-cpp/

As mentioned. Do both. – Garth

#3 Johnny Debt on 06.29.22 at 1:48 pm

Every time I ask someone on the street, an expert, an accountant, a businessman…

“Hey, how will all these western economies pay off all this debt?”

“How will all these people pay off all this debt? It just keeps growing and growing and growing!”

…no one has an answer.

Can we just admit it?

We’re heading for a wall.

The debt is structural and never to be paid off.

Western economies run on credit and credit alone.

It cannot be chocked off, it cannot be stopped.

If it is, the economies will grind to a halt. No one has money to pay for stuff.

Maybe that’s what the plan it?

Repeat 1929 in 2029? Crash it all? Make Coke $0.05 cents again?

Except this time it won’t be New Coke. It will be New Dollars that are paying for it for it.

Old dollars will have to be eliminated along with the debt reset, just like old operating systems have been.

You’re used to that already, aren’t you? And so, you’ll have no problem adapting to a new money operating system, right?

Either that or Coke will be $90 current dollars by 2029.

Choose.

#4 Felix on 06.29.22 at 1:51 pm

Five Bucks?

That’s way more than those two dogawful mutts are worth, for certain.

Spend it on blueberries like Garth says, and get a cat.

You’ll be smarter and healthier.

#5 dave on 06.29.22 at 1:53 pm

In metro Vancouver, are we going to see at 30% correction…..or something small like 10%?

#6 Mike on 06.29.22 at 1:56 pm

I think Garth Turner has normalcy bias. Undistracted by outside the box theories concluded from anecdotal evidences. This is similar to the character of a canine. Cant fool a bloodhound.

#7 Old Boot on 06.29.22 at 2:04 pm

I presume the “take CPP at 60” advice goes double for early retirees, even if the money isn’t strictly required ?

Anyone know what the penalty for 10 years of non-contributory time in one’s 50’s amounts to?

#8 Not a Bank on 06.29.22 at 2:05 pm

If a house sold for 500k at 3.5% mortgage in 2019, shouldn’t it sell for roughly the same amount or less in 2023 if the mortgage is now 5-6%?
The monthly payments are noticeably higher, day to day costs are higher, and salaries haven’t risen by much. What am I missing?

#9 Habitt on 06.29.22 at 2:14 pm

Bless you Mr. Turner. A treasure you are. Thanks for all you do.

#10 Søren Angst on 06.29.22 at 2:16 pm

#4 Felix

Did you know there “smarter, healthier”?

Toxoplasmosis is a disease caused by a parasite found in soil, water, meat, or poop from an infected animal, particularly CATS.

One of the best ways you can protect yourself from getting sick is to thoroughly wash your hands after handling, cleaning up after, or feeding cats.

Pregnant women and individuals who have compromised immune systems should be cautious; for them, a Toxoplasma infection could cause serious health problems.

-CDC

https://www.cdc.gov/healthypets/pets/cats.html#:~:text=Toxoplasmosis%20is%20a%20disease%20caused,eating%20undercooked%20meat%20or%20shellfish.

—————

Ditch the cat. Save on hand soap.

Find a Toxoplasmosis Blog to post your cat BS (pardon the pun).

#11 Captain Uppa on 06.29.22 at 2:33 pm

Any advice for someone who already owns a home and may consider upsizing/climbing the “ladder” when my two ankle biters become moody teens?

Is there an ideal window for people like us?

And good on you for the berries. Small gestures can make big ripples.

#12 Linda on 06.29.22 at 2:36 pm

RIP ‘Peanut’. Such wonderful ears! Pistache now has 2 people to take care of. Looks well up to the task:)

Regarding the jump in food prices. This is not going away soon. Lots more folks in our neck of the woods are putting in veggie patches. Some of this might be due to an increased interest in gardening, but I suspect a lot of it is due to wanting to offset the cost of fresh produce by growing one’s own.

#13 Clammydog on 06.29.22 at 2:38 pm

Hi Garth,

I remember you giving similar advice a few years ago regarding getting CPP at age 60. I recall you saying that if the government is offering to give you money to take it because you don’t know if or when the rules for withdrawal will change. Solid advice. Thank you.

#14 ElGatoNeroYVR on 06.29.22 at 2:42 pm

#7 Old Boot on 06.29.22 at 2:04 pm
=============
There are a few free online calculators which can give you a reasonable close estimate but I spent a few bucks and used this (non-affiliated link ,just good service ) : https://www.drpensions.ca .
In my case it was well worth it due to more complex situation.

#15 Pprasseur on 06.29.22 at 2:42 pm

That old lady is part of a million reasons why inflation shouldn’t be allowed to run, no matter the immediate cost to the economy. Too many are left behind and helpless.

But I fear this will not get done, governments (and their millions of employees) have become too dependent on stimulus and debts are just too big everywhere, politicians will just not have it and central banks (which independence is a myth) will back off sooner than later.

But in the end, willingly or nor, reality will speak, inflation can’t be kicked down the road. Get ready for Trump clones…

#16 Faron on 06.29.22 at 2:50 pm

#140 Old Boot on 06.29.22 at 12:43 pm

So, to justify your hateful rhetoric you post stats showing the effectiveness of Canada’s anti hate laws? It sounds like you would be happier if the ratio was closer to 1. What’s wrong with you. Seriously.

#17 ElGatoNeroYVR on 06.29.22 at 2:50 pm

#8 Not a Bank on 06.29.22 at 2:05 pm
If a house sold for 500k at 3.5% mortgage in 2019, shouldn’t it sell for roughly the same amount or less in 2023 if the mortgage is now 5-6%?
The monthly payments are noticeably higher, day to day costs are higher, and salaries haven’t risen by much. What am I missing?
==========
2 Things I would venture to guess:
1) Hard assets like real estate in normal times tend to go up in value by the Real Inflation percentage. Now we are dealing with the aftermath of speculation and low rates which inflated the values significantly and while a correction is obvious the prices rarely reset to previous ones ,the floor is much higher then what it wouldˋve been in normal times .
2) RE prices are driven by both Emotion and mortgage rates ,strong emphasis on emotion / recency bias.

#18 Sail Away on 06.29.22 at 2:52 pm

#146 Shaggy on 06.29.22 at 1:20 pm

Re: skinny GSP yesterday

——-

Yes, good points. Athlete dogs are skinny, or rangy, which is especially noticeable in the shorthaired breeds like, as you mention: Vislas, GSPs, Weimaraners, etc., where not covered by fur.

Similarly with the serious sled racing dogs.

After shaving my dogs the other day, their ribs are also clearly visible. And the Munsterlander has biceps.

#19 David Snorfler on 06.29.22 at 3:00 pm

As a male in his late 30s, a pre-tax income of $135k and a renter, in Eastern Ontario, I am watching the demise of my family line.

High quality females (cute + nice + baby-making age) lust for men my age who are detached owners… You know, nesting instinct and such.

Even if I score one, upgrading husbands is always on their minds. It’s only natural, females with those instincts have more babies, healthier babies, and more security, so that behaviour is burned into their DNA; because anscestors with that behaviour were more reproductively successful.

With female-induced divorce at an all-time high, alimony and child support all forced by the state, what’s a guy to do? Maybe nihlism is where it’s at.

I’ve heard there are some good model railroad building clubs around here. Maybe I should get into that on the ground floor to avoid missing out on something again.

#20 Dave on 06.29.22 at 3:01 pm

So properties have gone up 40 percent in two years and you don’t think we will have more than a minor correction of 10-15%, despite rising rates?

#21 Mean Gene on 06.29.22 at 3:03 pm

The grocery store good Samaritan, an elderly lady in front of me at the till (some time ago)decided not to buy an item because of the price, I bought and gave it to her in the parking lot and told her she forgot it in the store. :-)

#22 RJ on 06.29.22 at 3:05 pm

#8 Not a Bank

Agreed! If supply isn’t the main issue, then what I ask, what, fundamentally, keeps prices at 8-10x household income levels?

If as we hear rate changes take 12-18 months to cycle through, then it may be a long slow grind to get back down to that level. I don’t buy the 15-25% and we’re done. If that’s it, then current and future generations ARE DONE.

This is all recency bias, at some point the house of cards of everyone working just to have 4 walls and a roof, and nothing else, will catch up to us. The “specialness” of our market will eventually wash away when there’s nobody left to keep it going. There are many saner markets out there with people who do 9-5 jobs like the rest of us, that don’t have such ridiculous prices. We’re not special, sorry, we just got greedy.

#23 DON on 06.29.22 at 3:11 pm

On the gift of Berries…good on you Garth.

I have notice the tension in the real World and people are worried or are getting worried by the day.

Most folks can’t asborb the price increases and it is creating stresses and cracks that will need a pressure release valve.

I have an elderly neighbour i do odd jobs for and she pays me by keeping a watch out on my premises. Not that I even would ask her for money for neighbourly assistance. We watch out for her as she does for us.

#24 Penny Henny on 06.29.22 at 3:19 pm

7 Old Boot on 06.29.22 at 2:04 pm
I presume the “take CPP at 60” advice goes double for early retirees, even if the money isn’t strictly required ?

Anyone know what the penalty for 10 years of non-contributory time in one’s 50’s amounts to?
///////////////

Hope this answers some of your questions.

https://www.moneysense.ca/columns/ask-moneysense/17-percent-drop-out-rule-cpp/

#25 TaxHonesty on 06.29.22 at 3:21 pm

Garth,

Please be honest about your income tax rate. You don’t pay 54% of your income in taxes. Both you and I know that you only pay 54% on any income you earn over $220K.

Tax brackets are already far too misunderstood. Please don’t add to that confusion.

Actually just looked at the 2021 return. 53.1%. – Garth

#26 Flop… on 06.29.22 at 3:28 pm

I’ve never had any social media accounts.

Do people sign up for that punishment voluntarily, or do they force you…

M48BC

#27 Fact Checker Fred on 06.29.22 at 3:33 pm

To each his own but I will be delaying my CPP until 70, for 2 reasons. First reason is that I have taken Garth’s advice and have saved more than enough for retirement, based on my modest lifestyle which will remain modest into retirement. Second, I have been blessed with good health and while anything can happen, chances are I will end up with more CPP in the long run by waiting.
By spending part of my RRSP prior to 70, I will save on taxes, my CCP will be fatter and indexed to inflation for my later years.

#28 DJT on 06.29.22 at 3:51 pm

The CCP pull out before they join in on WWIII.

#29 Zhirgon on 06.29.22 at 3:52 pm

Are there any banks/brokerages in Canada anymore NOT actively promoting the woke agenda? Getting really sick of Scotiabank shoving DIE messaging in my banking and securities communications and I now want to move my business to a bank that simply focuses on customers financial needs. Any suggestions?

#30 Victor Llearna on 06.29.22 at 3:54 pm

CPP not keep up with inflation. How likely will they adjust the payouts if inflation sits at 8% for a few year.
CPP contributions should be optional, billions get wasted on fund managers and administrators, operating expenses etc .

“Operating expenses amounted to $1.7 billion, or 3.75% of the $44.5 billion in benefits” Fiscal year 2017 to 2018
It worse than TD Mutual funds
https://www.canada.ca/en/employment-social-development/programs/pensions/reports/annual-2018.html#h2.1

Fund performance over 10 years: 10.8%. Stop complaining. – Garth

#31 Ride on 06.29.22 at 3:58 pm

We just had the biggest longest stock market bull run in history, and people won’t take at least some money off the table.

Just remember, it’s not your table…

#32 Stone on 06.29.22 at 4:01 pm

#12 Linda on 06.29.22 at 2:36 pm
RIP ‘Peanut’. Such wonderful ears! Pistache now has 2 people to take care of. Looks well up to the task:)

Regarding the jump in food prices. This is not going away soon. Lots more folks in our neck of the woods are putting in veggie patches. Some of this might be due to an increased interest in gardening, but I suspect a lot of it is due to wanting to offset the cost of fresh produce by growing one’s own.

———

It’s nice that people are setting up veggie patches in their yard. Even better is to also set up compost boxes too. They’ll save money on buying less fertilizer and composted manure at the store. Win win for them and for the environment.

I hope they’re also thinking about building and beefing up a B&D portfolio too. Great inflation busters. Win, win, and win.

#33 TurnerNation on 06.29.22 at 4:05 pm

Sir Gatho the Benevolent!

—-
The Middle Classes in the Former First World Countries were ended. March 2020. It’s over.

— Control over our Feeding. This is the Long Game at work. Our rulers will starve us for ‘the climate’.

https://twitter.com/RadioGenova/status/1541725369572655104?
“Holland closes dozens of farms and cattle ranches to reduce nitrogen by 30%. Angry and hungry farmers block the nation everywhere.”

— Yes permanent. Everything is to get you that Certificate Of V.ID. Almost back to normal right?

Indonesia Will Use Covid Tracking App to Sell Cheap Cooking Oil
https://www.bloomberg.com/news/articles/2022-06-28/indonesia-will-use-covid-tracking-app-to-sell-cheap-cooking-oil

#34 Let Go on 06.29.22 at 4:13 pm

#16 Faron on 06.29.22 at 2:50 pm
#140 Old Boot on 06.29.22 at 12:43 pm

So, to justify your hateful rhetoric you post stats showing the effectiveness of Canada’s anti hate laws? It sounds like you would be happier if the ratio was closer to 1. What’s wrong with you. Seriously.

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

Just can’t let go, can’t move on, have to beak off. Garth’s post has been live like 5 minutes and you’re at it already, dragging in yesterday’s comments so you can “fix” everything.

No. One. Else. Here. is doing that.

Seriously, what is wrong with you?

Oh right, addiction. No shame in that but doesn’t seem you’re even beginning to address it.

#35 Diamond Dog on 06.29.22 at 4:19 pm

There wasn’t much opposition when OAS for the over 75’s took a 10% bump. Up here in Canada, we get it. (Big noise over a 25% pop in food stamps south of the line, though. “Too inflationary”, some said in bellicose fashion)

Who would want to be in the dire position of just one revenue stream, the old age pension? It’s what we try to avoid here but if you are a struggling pensioner with internet access still and read this blog and have $50 in emergency money, the best bang for your buck is Harvest cat food, currently on sale in Peavey Mart for $33 bucks for an 18 kg bag. It’s a bit weighty for a senior to get home, but it works out to .84 cents a pound for 32% protein and fixings. If a senior splurges on bulk ranch, one could soak the cat food (better on the teeth) and use a dressing to get it down (one could try to make a dressing from scratch, likely cheaper). It’s nutritional profile might buy some time…

Some might think I’m joking, a cruel joke at that. Going hungry unfortunately is no joke and a growing reality in these inflationary times:

https://ca.news.yahoo.com/every-week-gone-us-hamilton-080000089.html

#36 Bob in Hamilton on 06.29.22 at 4:19 pm

“For my part, besides blueberries, I hand over 54% of my annual income to the government, and pray it’s spent responsibly.”

Really? You’re OK with this level of income confiscation? The amount you hand over is theft, pure and simple.

#37 jimmy zhao on 06.29.22 at 4:27 pm

I don’t mind paying taxes if I know the money is spent wisely.

What really sticks in my craw is when the Justin Trudeau Liberal Government sends my tax money to Klaus Schwab’s WEF.

Where do you get this stuff? – Garth

#38 Bezengy on 06.29.22 at 4:27 pm

#3 Johnny Debt on 06.29.22 at 1:48 pm
Every time I ask someone on the street, an expert, an accountant, a businessman…

———————

Glad you asked. I say let the criminals pay up. Put all CRA agents, border guards, and police department personal on commission. Perhaps a minimum fine of $100k for knowingly not declaring income for starters. Maybe a mandatory audit of every citizen when they turn 60 in which they can explain in detail where they obtained their accumulated wealth.

Or how about just send everyone a bill for their share. You could use a formula if needed. Income, wealth, vax status, F 150 ownership?, etc. I figure my share is about $50k just to cover Justin’s spending in the last 5 years. I’d pay it too no questions asked if someone could guarantee me balanced budgets from this point forward.

#39 Rook on 06.29.22 at 4:28 pm

“The banking regulator wimping out on HELOC debt.”

Dummy, here. What is this about?

#40 Old Boot on 06.29.22 at 4:34 pm

#14 ElGatoNeroYVR on 06.29.22 at 2:42 pm

#7 Old Boot on 06.29.22 at 2:04 pm
=============
There are a few free online calculators which can give you a reasonable close estimate but I spent a few bucks and used this (non-affiliated link ,just good service ) : https://www.drpensions.ca .
In my case it was well worth it due to more complex situation

*********
Cheers, Black Cat.

On an unrelated note, can anyone recommend an emotional incontinence undergarment for our leaky friend at #16?

#41 Alberta Ed on 06.29.22 at 4:47 pm

Take the money and run. There is a bottle of excellent single malt waiting to celebrate your first CPP cheque.

#42 Is anybody listening? on 06.29.22 at 4:50 pm

#37 jimmy zhao on 06.29.22 at 4:27 pm
I don’t mind paying taxes if I know the money is spent wisely.

What really sticks in my craw is when the Justin Trudeau Liberal Government sends my tax money to Klaus Schwab’s WEF.

Where do you get this stuff? – Garth

According to the transfer payments section of the 2020-2021 Public Accounts of Canada, the WEF received $2,915,095 from Canadian taxpayers in the form of grants and contributions.

Funding was provided by two departments – the Department of Environment and the Department of Foreign Affairs, Trade and Development.

The largest of the transfer payments to WEF was a $1,141,851 contribution from the International Development Assistance for Multilateral Programming. WEF also received another $1 million grant under the same program.

Foreign aid. Klaus didn’t get it. – Garth

#43 Reality Check on 06.29.22 at 4:52 pm

For my part, besides blueberries, I hand over 54% of my annual income to the government, and pray it’s spent responsibly.
——————-
I know a young couple that are both 100% WFH and combined make more money than a specialist doctor. They simply cannot believe the taxes they pay and lack of services they get in return.

They are considering moving to a low tax Caribbean island. Yes, property is expensive for the Caribbean, but much cheaper than Toronto. And they have already found a health plan run by a UK firm.

If they do move Canada will lose the millions of tax dollars they would have paid over the coming decade.

It illustrates the old economic adage that “people vote with their feet.”

#44 Warren-the-lagging_indicator on 06.29.22 at 4:52 pm

Omg, figure it out already people. The decline will end up being 33%. I wish I had some blueberries damn it. I am going to plant some bushes now, well not right now. I think they bear fruit only years after planting, sort of like investing.

#45 Faron on 06.29.22 at 4:54 pm

#34 Let Go on 06.29.22 at 4:13 pm

No. One. Else. Here. is doing that.

BS. You are as wilfully stupid as Sail Away I see.

Topics get carried over regularly by others when there is disagreement. I strongly disagree with a lot of this right wing echo-chamber’s topics putting me at the other end of several topics of late. At this point I respond to the most harmful ones. Like Old Boot’s.

#46 Old Boot on 06.29.22 at 5:03 pm

#24 Penny Henny on 06.29.22 at 3:19 pm

7 Old Boot on 06.29.22 at 2:04 pm
I presume the “take CPP at 60” advice goes double for early retirees, even if the money isn’t strictly required ?

Anyone know what the penalty for 10 years of non-contributory time in one’s 50’s amounts to?
///////////////

Hope this answers some of your questions.

https://www.moneysense.ca/columns/ask-moneysense/17-percent-drop-out-rule-cpp/

********

Thanks, Penny. That’s the one. Working all those crummy cash jobs in my teens and early twenties, combined with early retirement, will take a bite out of CPP but not as big as anticipated.

#47 Investor Time on 06.29.22 at 5:07 pm

Hi Garth, thanks for helping that lady out in the store. Looks like you don’t think there will be big price drops for houses in most of the GTA from the sound of it, if you look at MLS, still asking for 2 million for old bungalows in North York, if there is not big drops in these prices, what was actually solved because it seems the prices are still way out of reach except for the 1% of salary earners or people who were already on the property ladder to begin with, it does not matter if prices drop big in Cambridge or Brantford, it’s most places in central GTA that matter for most of the buyers, places 20 years ago where a regular office worker could buy and live. Someone buying at these elevated prices cannot afford to invest as all their disposable income is tied up in the house, so unless houses values increase dramatically again, it’s either buy and house and hope or plan to rent forever and invest.

#48 Joel on 06.29.22 at 5:07 pm

Well aren’t those the cutest dogs I’ve ever seen – oh wait, they’re mine! Thank you, Garth.

#49 Midnight’s on 06.29.22 at 5:10 pm

That was very kind of you Garth.

God Bless
Midnight’s

#50 jimmy zhao on 06.29.22 at 5:13 pm

Section 6
Public Accounts of Canada
2020-2021

Source:
https://www.tpsgc-pwgsc.gc.ca/recgen/cpc-pac/2021/pdf/2021-vol3-ds6-eng.pdf

page 46 $250,000
page 80 $523,244
page 90 $1,141,851
page 94 $1,000,000

I stand by my original comment. Or, put another way,
Klaus Schwab’s WEF got 583,019 blueberry boxes worth of my tax money.

#51 crowdedelevatorfartz on 06.29.22 at 5:17 pm

@#26 Floppie
“Do people sign up for that punishment voluntarily, or do they force you…”
+++

I think it’s more of a sadomasochistic thing.

#52 crowdedelevatorfartz on 06.29.22 at 5:24 pm

DELETED

#53 The West on 06.29.22 at 5:24 pm

That was good of you Garth.

We need more people who have the means to care, to actually care.

#54 Work is for suckers on 06.29.22 at 5:47 pm

#36 Bob in Hamilton on 06.29.22 at 4:19 pm
“For my part, besides blueberries, I hand over 54% of my annual income to the government, and pray it’s spent responsibly.”

Really? You’re OK with this level of income confiscation? The amount you hand over is theft, pure and simple.

Honestly, at over 50% it’s insulting. I’m working and you’re taking more than half?

I’d rather not work to be honest.

#55 Leo Trollstoy on 06.29.22 at 5:56 pm

#3 Johnny Debt on 06.29.22 at 1:48 pm

Every time I ask someone on the street, an expert, an accountant, a businessman…

“How will all these people pay off all this debt? It just keeps growing and growing and growing!”

…no one has an answer.

Easy. You must of missed it

Warren Buffett answered this in his 2018 letter to shareholders:

https://www.axios.com/2019/02/24/warren-buffett-national-debt

The bottom line: There is no evidence from 240 years of American history that the level of the national debt has ever really mattered. The U.S. prints its own currency, and can borrow as much as it likes, increasingly from domestic investors. Per Buffett, deficit hawks have preached doom for decades. They have never been proven correct.

Here’s he is repeating it in 2020

https://finance.yahoo.com/news/warren-buffett-explains-the-simple-reason-why-the-us-will-never-default-on-its-debt-185105213.html

There. Now you can say that you got the answer

#56 Sail Away on 06.29.22 at 6:15 pm

#38 Bezengy on 06.29.22 at 4:27 pm

Or how about just send everyone a bill for their share. You could use a formula if needed. Income, wealth, vax status, F 150 ownership?, etc.

I figure my share is about $50k just to cover Justin’s spending in the last 5 years. I’d pay it too no questions asked if someone could guarantee me balanced budgets from this point forward.

———

Close. Your share is $57,237. I will guarantee balanced budgets from this point forward. Electronic fund transfer info to follow.

Thanks for being part of the solution!

#57 Zach on 06.29.22 at 6:28 pm

Hi Garth!

Surely you dont mean to say you pay on average a 54% income tax rate… more like 54% highest marginal tax rate. Alot of income tax still but the distinction should be made!

Best,

#58 Phylis on 06.29.22 at 6:33 pm

#115 Dharma Bum on 06.29.22 at 9:40 am
Xxxxx
Tats, you missed tats, pls update your list.

#59 Faron on 06.29.22 at 6:43 pm

#40 Old Boot on 06.29.22 at 4:34 pm

And you are in your 50s? SMDH. Lord help us.

#60 Dr V on 06.29.22 at 6:49 pm

30 Victor

” ‘Operating expenses amounted to $1.7 billion, or 3.75% of the $44.5 billion in benefits’ Fiscal year 2017 to 2018
It worse than TD Mutual funds”
—————————————————–

The link you provided also mentions the CPP investment board. At that time they managed over $300B in assets.
If their costs are included in that total, it’s a bargain.
Currently 8th largest pension fund in the world by
assets.

https://www.thinkingaheadinstitute.org/content/uploads/2021/09/PI-300-2021.pdf

#61 Don on 06.29.22 at 6:51 pm

DELETED

#62 Heath Slee on 06.29.22 at 6:55 pm

Wonder how long “socks” had to wait for his passport renewal, prior to his latest tour overseas. Myneice, who’s leaving July 1st on a summer student exchange to Europe
Sent in her passport application in early April. Still having not received it last Friday her parents drove her 4 hours to Calgary to wait in line for hours to finally get her passport. I hear of other folks who have waited months now and are in the same predicament. What gives here, what a sad state of affairs this government is in, don’t get me started on the Arrive Can mess and the confusion it creates for tourists entering Canada.

#63 Observer on 06.29.22 at 6:59 pm

Very sweet of you to buy Dorothy blueberries. Expressions of kindness are aspiring examples of behaviour for all of us.

That out of the way, perhaps the Dorothys of the world (who tend to live longer than their male counterparts) would be better off to wait until they are 65 or 70 to start CPP so that they can collect a not insignificantly higher monthly payout which might make the difference at age 80 or 95 between being able to buy blueberries(amongst other things) versus no blueberries.

I don’t think there is a one size fits all solution to the ‘when should I start CPP?’ question.

#64 Observer on 06.29.22 at 7:05 pm

#34 Let Go on 06.29.22 at 4:13 pm
#16 Faron on 06.29.22 at 2:50 pm
#140 Old Boot on 06.29.22 at 12:43 pm

So, to justify your hateful rhetoric you post stats showing the effectiveness of Canada’s anti hate laws? It sounds like you would be happier if the ratio was closer to 1. What’s wrong with you. Seriously.

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

Just can’t let go, can’t move on, have to beak off. Garth’s post has been live like 5 minutes and you’re at it already, dragging in yesterday’s comments so you can “fix” everything.

No. One. Else. Here. is doing that.

Seriously, what is wrong with you?

Oh right, addiction. No shame in that but doesn’t seem you’re even beginning to address it.

^^^^^^^^^^^^^^^

You impress me as someone who’s best attempt at counterargument and debate is to attack. In other words, you don’t impress me much.

#65 Observer on 06.29.22 at 7:10 pm

The key things to remember: (a) if the government gives you money, take it

^^^^^^^^^^^^^^
In general, I would agree, but CPP is an inflation indexed defined benefit pension plan, well-funded, secure, not something that government can decide to reduce or eliminate. Unless there’s something you aren’t telling us.

#66 Concerned Citizen on 06.29.22 at 7:17 pm

#8 Not a Bank on 06.29.22 at 2:05 pm
If a house sold for 500k at 3.5% mortgage in 2019, shouldn’t it sell for roughly the same amount or less in 2023 if the mortgage is now 5-6%?
The monthly payments are noticeably higher, day to day costs are higher, and salaries haven’t risen by much. What am I missing?

*****

You aren’t missing anything. What we’re staring in the face is a much lower standard of living for Canadians that didn’t own real estate before mid 2020.

They can sugarcoat it all they want, but that’s what it means. Trudeau’s answer is to dramatically ramp up demand, continue to do nothing about money laundering and foreign/domestic residential real estate speculation, and create new ways for high income folks to save more for real estate. He has done absolutely nothing that would address the underlying problem of housing affordability.

Those are not the underlying problems of unaffordability. – Garth

#67 Gr on 06.29.22 at 7:20 pm

Blueberries have lots of good things in them!!
Nice to hear you were able to share with her.

I recall once hearing some kind of lab animals feed some blueberries every day lived a bit longer than the average. hopefully they will contribute to your good health too.

Good health is one of the things that once you lose it no amount of money can get it back, usually. And If you have ever lost good health and been lucky enough to get it back you probable have a better understanding of just how important it is to try and keep healthy for the long run.

$5 for box of blueberries. Just saw story about a CNN story that mentioned USA gallon of gas is getting close to $5. And some economic officials are quietly modeling what a worst-case shock might look like if a barrel of oil ever got close to $200. may mean for the economy.
Hopefully we don’t see a shock anytime soon that could do that.
I’m assume some people get paid to model the what if’s all the time. And it make for a catchy head line if you put “shock” in it.

#68 ogdoad on 06.29.22 at 7:23 pm

Garth, I see that your kindness even exceeds this blog. With it probably came a good feeling, I hope. A feeling that Leute today only can to get from cell phone apps…or puking here, in the comments section.

I witnessed a lady (prob. 60) as she transported her belongings, ragged luggage piece by ragged luggage piece, step by step across a bridge in my lovely town as I drove by in my 8 seating, gas guzzling, devaluing piece of manufactured bullshit…then, I thought about accomplishment. She had a plan. And killed it. With what little she had. I bet the feeling was similar.

You privileged, inheritance craving, high octane only needing, clouds, due to noses, ripping, my life is better than yours spewing, ya, but I got my toys, gleaming, internet makes ‘only me’ smarter people…gotta check yourselves…you’re gonna die!! Sorry, I’m the dude that likes to tell people about SC…And hug.

Only one life, right? So might as well kill it?

Happy…um…Wednesday?

Og

#69 Nesty on 06.29.22 at 7:40 pm

Duh. Dragonfly58 asked for a second time [1] which planet I am from and I posted my reply on the wrong post [2]. My bad.

Dragonfly58, if you are still curious about my planet of birth please kindly refer to [2].

[1] https://www.greaterfool.ca/2022/06/28/no-place-to-hide/#comment-850397

[2] https://www.greaterfool.ca/2022/06/27/chill-8/comment-page-1/?unapproved=850457&moderation-hash=924090f17788ccb5deda5a2a870a8afa#comment-850457

#70 Faron on 06.29.22 at 7:42 pm

#57 Sail Away on 06.29.22 at 6:15 pm

Recipient of government COVID and climate program largesse complaining about government largesse. These are the sturdy conservatives I’m here for.

#71 Observer on 06.29.22 at 7:45 pm

#65 Observer on 06.29.22 at 7:05 pm
edit: whose not who’s

#72 Garth's Mentor on 06.29.22 at 7:55 pm

The real estate market in BC is not going to be like 2021.

We are in a historic crash and inventory has already doubled in as little as 3 months.

People are going to figure this out come October of this year when inventory breaks records at quadruple the amount at present.

This is the big one happening right now.

House showings in Kelowna have collapsed the past two weeks. Zero showings last weekend on a property that would have sold first day listed with multiple offers 3 months ago.

Anyone buying a home right now has money and no brains and probably doesn’t care what the price does, until the bank says no. Then it is all of the sudden a problem.

But hey don’t believe me. Pretend it will be a nice soft landing.

#73 Flop… on 06.29.22 at 7:57 pm

So last year Vancouver was rated greenest city in the world.

Copenhagen, Denmark won the title this year, Hopefully the aren’t green washing as hard as Vancouver.

Apparently Vancouver mainly won the title due to its recycling program.

Are we talking about those juice box, water carton thingy’s that The Metrosexual Messiah struggled to identify in a line-up?

I vaguely remember documenting on here driving along 33rd Avenue in Vancouver and seeing the demolish houses built in the late 90s, for newer, shinier structures, a few years back.

I think the life cycle of these houses worked out to be less than 20 years.

Today I turned a corner up in Speculators Paradise, otherwise known as Oakridge area, and I saw a Development Application placard on the front lawn of a relatively new looking house.

I just looked online now, apparently the house was built in 2010 and is assessed at 4 million dollars.

So we get a pat on the back for the juice carton thingy, yet we’re perfectly happy to demolish a house 12 years old that 99% of the population here would love to own.

Greenest city in the world?

I’ll think about that for a minute.

Yeah, nah, yeah, still nah…

M48BC

#74 Quintilian on 06.29.22 at 8:01 pm

Garth, I can’t believe how wrong you are on your implied calls on this thread.

You seem to suggest that all will be well soon.

Neglecting the fact that both equities and RE have had a tailwind accommodated by the artificial suppression of interest rates, the likes we have not had in several hundred years.

I have read just as many economics text books as you, and I think you are wrong.

Crash is very likely of asset bubbles.
Equities have recently shown evidence of this, RE is slower to react, because it won’t really budge in a significant way, until it snaps.

Ah, the arrogant wisdom of the young. Times are devastatingly unique, right? Wrong. The world will look significantly different this time next year. Because it isn’t different. You’ll learn. Best be quiet until then. Stuff on the Internet never croaks, I hear. – Garth

#75 Ballingsford on 06.29.22 at 8:05 pm

Very nice of you to buy that nice lady some blueberries Garth. I hope you bought 2 for yourself too. It makes it better for all, like showing you didn’t do without.

If I was in line behind you, I would have contributed by buying her some cream too. Hope she has some sugar or honey when she gets home, and a nice biscuit.

#76 Nonplused on 06.29.22 at 8:06 pm

Interest rates will rise and prices will fall, but the monthly will stay the same. Same as when interest rates fell prices rose, but the monthly stayed the same. The only thing people care about is the monthly.

The only people who are really getting screwed are those that bought when rates were low and have to refinance (or have a VRM) now that rates are rising. Or those who have to sell for one reason (work) or another (divorce).

As for the kids I don’t know what they expect. Yes, their grandparents bought their first house for $80,000. But they also only made $30,000 a year. There is a whole lot of inflation adjusting you have to do in there. And they also paid 17.5% on their mortgage on that $80,000 house, so there was $14,000/year straight to the bank right there. That would be $28,000/year today (or so, inflation adjusted). But today that $28,000/year is at 2%, so the house costs $1.4 million. All said, except for inflation, the monthly never changed.

Maths are fun, especially interest rates. Also I think the above is a good argument for abolishing central banks. Interest rates should be set in the market, not by some crusty old stiffs in suits and on life support. The US founding fathers were correct:

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered.” – Thomas Jefferson

(But then what did TJ know? He’d probably never even heard of Bitcoin.)

#77 TurnerNation on 06.29.22 at 8:29 pm

“Now… here are a few folks who didn’t understand some of my recent comments.”

A solution then is obviously to read them after some JD?

(Legend has it a bottle of JD still is buried in Smoking Man’s former Long Branch Sht Bung yard)


— A reminder that Corvid is designed to be permanent in the Former First World Countries. They are just stringing us along as the digital ID marches forward,
Comrade your continued submission is appreciated. Smile!
So close to normalcy:

.Fears of a COVID-19 summer surge prompt experts to call for a return to masking (theglobeandmail.com)

.Border restrictions to enter Canada extended until at least Sept. 30 (ctvnews.ca)

.Pfizer and BioNTech Announce New Agreement with U.S. Government to Provide Additional Doses of COVID-19 Vaccine (businesswire.com)

https://www.blogto.com/travel/2022/06/most-pearson-airports-flights-delayed-cancelled-last-week/
“A Fredericton-based analytics firm said the majority of domestic flights to Canada’s busiest airports were delayed or cancelled over the past week.
With continuous customs delays, massive lines, and mayhem at baggage claim, it comes as no surprise that the worst case of flight disruptions was at Toronto’s very own Pearson Airport.
Data Wazo said 54 per cent of flights to six large airports in Canada were delayed or cancelled last week between June 22 and 28. “

#78 Diamond Dog on 06.29.22 at 8:30 pm

#56 Leo Trollstoy on 06.29.22 at 5:56 pm

We’ve heard you say this before again and again, its a cut and paste… are you a bot or Russian troll? What, those bums are back again?

https://www.theguardian.com/world/2022/may/01/troll-factory-spreading-russian-pro-war-lies-online-says-uk

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

What Buffet is saying is true but his words are taken out of context. The U.S. can print to the moon because it’s in control of it’s own currency and not face default but what it will face in time is a devaluing currency not just domestically (with inflation) but related to trade deficits (international debt). But of course, throughout history, the most common feature that has taken all empires down is a weakened currency.

To suggest that there are no consequences to being over indebted (goes without saying but I’ll say it, the Federal Reserve creates money through bonds, i.e. debt) is to suggest that currency devaluation doesn’t matter to a “debtor nation” which is exactly what Trollstoy suggests.

An ongoing example of trade surplus/deficit effects on currency is Japan. Note their trade deficits as of late:

https://tradingeconomics.com/japan/balance-of-trade

Now note their currency in the link below (a week old, but the Jen has fallen since). Why is Japan running trade deficits? Higher energy imports. If Japan keeps running trade deficits, the Yen won’t recover:

https://www.reuters.com/markets/us/aussie-dlr-edges-up-rba-reaffirms-more-hikes-ahead-yen-struggles-2022-06-21/

I will repeat, the U.S. is a debtor nation (by a lot, $859 billion in 2021, highest trade deficit in the world by Gazillions). Be ye not deceived, the U.S. can’t continue to borrow without consequences. That time will come regardless with or without copy paste help from Trolls out there.

#79 DON on 06.29.22 at 8:44 pm

#77 Nonplused on 06.29.22 at 8:06 pm

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent”
*****************
Look around Canada and a big YIKES comes to mind. ‘Like watching a slow moving plane crash’

#80 Shawn on 06.29.22 at 8:52 pm

#99 earthboundmisfit on 06.29.22 at 7:47 am

Alberta boasts $3.9B surplus. Dollars to donuts says they piss it all away ….. AGAIN.

****************************
Sounds like sour grapes from a non-Alberta resident.

The old saying I’ll bet dollars to donuts does not work any more.

It worked when donuts were 10 cents. Now the donuts are often worth more than the dollars.

#81 DON on 06.29.22 at 8:53 pm

Listings are starting to pop up all over my
weekly drive through the greater Victoria area.

Some quietly sneaking off to the exits?

#82 DON on 06.29.22 at 9:01 pm

#75 Quintilian on 06.29.22 at 8:01 pm
Garth, I can’t believe how wrong you are on your implied calls on this thread.

You seem to suggest that all will be well soon.

Neglecting the fact that both equities and RE have had a tailwind accommodated by the artificial suppression of interest rates, the likes we have not had in several hundred years.

I have read just as many economics text books as you, and I think you are wrong.

Crash is very likely of asset bubbles.
Equities have recently shown evidence of this, RE is slower to react, because it won’t really budge in a significant way, until it snaps.

Ah, the arrogant wisdom of the young. Times are devastatingly unique, right? Wrong. The world will look significantly different this time next year. Because it isn’t different. You’ll learn. Best be quiet until then. Stuff on the Internet never croaks, I hear. – Garth

*********

Maybe somewhere in between?

#83 Ponnaps on 06.29.22 at 9:01 pm

I’m surprised Trudeau isn’t noticing all this..usually quick to offer platitudes in such crises..

#84 Ustabe on 06.29.22 at 9:23 pm

Finally, a Blueberry Blog!

If you are so lucky as to live where wild, low bush blueberries grow go and get some. Around here the prime picking is mid to end August. You sort of have to slip in, get them and slip out before the bears discover you in their pantry. If 3 go out, then 2 pick and 1 is on bear watch.

Anyway, I digress, low bush, wild blueberries are to the commercial ones in store as Halle Berry is to Chuck Berry.

We have a lady down the road aways, runs a little honour system bakery. She sells wild blueberry pies, perfect amount of sugar, just enough goo to hold the berries together, $15 and I bet you it weighs 5 pounds.

Anyway, low bush blueberries are prevalent across the Atlantic Provinces, Maine, some family producers that are commercial and you can get them for your garden.

They also grow in pockets in the sub-alpine of the Beaufort Mountains which are right behind me.

At any rate, that is all I have for you today, be sure and subscribe to my newsletter for real, usable info.

#85 april on 06.29.22 at 9:32 pm

#82 – hardly any listings in White Rock or New Westminster BC

#86 crowdedelevatorfartz on 06.29.22 at 9:35 pm

@#74 Floppie
“So we get a pat on the back for the juice carton thingy, yet we’re perfectly happy to demolish a house 12 years old that 99% of the population here would love to own.

Greenest city in the world?
+++++

Shhhh.
The environazis can’t handle the truth……
Tonights 6pm News in BC
Seems the First Nations are fed up with the endless ‘Earth First Protesters on their land….. and have ordered them….. and ALL their garbage…. out

#87 millmech on 06.29.22 at 9:47 pm

#73
Close to 100 new listings in Kelowna in the last day or so, for almost 1300 listings in total. This will be interesting to see how this plays out in that area this winter and next spring with multiple rate hikes along for the ride.

#88 Doug t on 06.29.22 at 10:02 pm

Nice Garth – and imagine if EVERYONE that can afford to do a kind and simple act such as you did once a week even – does not take much to change the world people – we’re here for such a short time so try to be kind

#89 Flop… on 06.29.22 at 10:07 pm

Read this!

https://www.greaterfool.ca/2022/06/26/lowballers/#comment-849977

Or don’t, doesn’t matter.

Just tying a bow on a Flop Drop post from a few days ago.

The house down by trendsetters delight Commercial Drive sold for 1.37

https://www.zealty.ca/mls-R2701617/2049-KITCHENER-STREET-Vancouver-BC/

Bidding wars are so last February.

Memo to paint store, get out some more ugly colours, you’re going to have some new customers soon.

Do I get a commission for helping to sell this house?

I’ll settle for a couple of tubs of blueberry Icecream…

M48BC

#90 Dr V on 06.29.22 at 10:29 pm

74 Flop

“Today I turned a corner up in Speculators Paradise, otherwise known as Oakridge area, and I saw a Development Application placard on the front lawn of a relatively new looking house.”
————————————————

Hey flop. I’m thinking the city may need development
permit apps for a lot of different things. A large addition,
adding a suite or floor, or an auxiliary structure/use etc.
Got an address? Might be able to find it on the city website.

#91 Turner Nation Groupie on 06.29.22 at 10:30 pm

#78 TurnerNation

Did you get the email from Air Canada President?

They are cutting supply.

Guess what that will do to prices?

Crazy what’s happening.

I can’t believe that Canadian Citizens can’t get across the boarder with a passport only still.

We’re getting closer closer to some restrictive country. Soon, there will be no travel to anywhere…but perhaps Communist China?

I actually had this thought…that our PM is locked in for a few more years, and he’s braking everything now so he can be the hero that fixes it all and history book proclaim him to be such. I’ve seen the strategy deployed elsewhere in business, and as stupid as it is…damn it, it works. Unbelievably.

Think about it. Guy brakes something you have, then fixes it. You feel good about that guy. He’s a friend.

#92 Shawn on 06.29.22 at 10:33 pm

Another Market Wobbler

In October 2020 I predicted Trump would lose, throw a giant tantrum and his people would riot. All happened except the market soared.

Are they actually getting close to charging Trump? How will his “base” react? Could wobble the markets but I am not suggesting bet that way. I just figure it is another risk. Oh well, if you don’t like risk stay out of the equity markets.

And stay out of the U.S. if you can.

#93 DJT on 06.29.22 at 10:35 pm

Canada has the world’s largest unprotect border and the largest available supply of resources. Unfortunately some think that is a reason to feel safe.

#94 NoName on 06.29.22 at 11:06 pm

@ ponzius

This s for you master pice of pre war jugoslavian filmography, best 3.99 you’ll spend on foreign movie. English subtitles.Gypsies Italy and all that…

https://youtu.be/S9JBbPEXRVI

#95 Ponzius Pilatus on 06.29.22 at 11:14 pm

#12 Linda on 06.29.22 at 2:36 pm
RIP ‘Peanut’. Such wonderful ears! Pistache now has 2 people to take care of. Looks well up to the task:)

Regarding the jump in food prices. This is not going away soon. Lots more folks in our neck of the woods are putting in veggie patches. Some of this might be due to an increased interest in gardening, but I suspect a lot of it is due to wanting to offset the cost of fresh produce by growing one’s own.
—————————
I thinks it’s a little of both.
It’s just so gratifying to see the seeds and the small transplants grow.
Initially, it’s a lot of trial and error. Not everything grows in your location and soil.
The work is quite physically demanding and keeps you in shape.
Right now we are getting to the stage where we don’t have to buy some vegetables and berries anymore for the next 3 months, hopefully.
Looks like a pumper crop of berries, so we gonna freeze about half of them.
And it’s not a large garden, took a few years to replace the topsoil that the builders usually take away and sell.
Quite a few big containers.
Gotta keep an eye on the bugs and critters.
Happy Gardening, everyone.

#96 Flop… on 06.29.22 at 11:26 pm

#91 Dr V on 06.29.22 at 10:29 pm
74 Flop

“Today I turned a corner up in Speculators Paradise, otherwise known as Oakridge area, and I saw a Development Application placard on the front lawn of a relatively new looking house.”
————————————————

Hey flop. I’m thinking the city may need development
permit apps for a lot of different things. A large addition,
adding a suite or floor, or an auxiliary structure/use etc.
Got an address? Might be able to find it on the city website.

///.///////////

Hey Doc, they are going to knock it down and build a condo building there apparently.

Step one, knock down house.

https://www.bcassessment.ca//Property/Info/QTAwMDAwMURZRA==

Step two, build this structure.

https://shapeyourcity.ca/441-475-w-42-ave

Step 3, pretend we are living in a Kermit The Frog approved Green Paradise…

M48BC

#97 Leave the gun take the cannoli on 06.29.22 at 11:28 pm

#78 TurnerNation

Did you get the email from Air Canada President?

They are cutting supply.

Guess what that will do to prices?

Crazy what’s happening.

I can’t believe that Canadian Citizens can’t get across the boarder with a passport only still.

We’re getting closer closer to some restrictive country. Soon, there will be no travel to anywhere…but perhaps Communist China?

I actually had this thought…that our PM is locked in for a few more years, and he’s braking everything now so he can be the hero that fixes it all and history book proclaim him to be such. I’ve seen the strategy deployed elsewhere in business, and as stupid as it is…damn it, it works. Unbelievably.

Think about it. Guy brakes something you have, then fixes it. You feel good about that guy. He’s a friend.

——————

You keep spelling “breaks” wrong.

#98 Ponzius Pilatus on 06.29.22 at 11:37 pm

#63 Heath Slee on 06.29.22 at 6:55 pm
Wonder how long “socks” had to wait for his passport renewal, prior to his latest tour overseas. Myneice, who’s leaving July 1st on a summer student exchange to Europe
Sent in her passport application in early April. Still having not received it last Friday her parents drove her 4 hours to Calgary to wait in line for hours to finally get her passport. I hear of other folks who have waited months now and are in the same predicament. What gives here, what a sad state of affairs this government is in, don’t get me started on the Arrive Can mess and the confusion it creates for tourists entering Canada.
————————-
Always funny to see how the people who cry about too much Government meddling, always complain when there is not enough Government meddling.

#99 Reality is stark on 06.29.22 at 11:45 pm

Numbers don’t lie.
Peel region average detached home price has fallen 33% in 4 months.
If you can’t believe it will fall another 17% in the next 4 months you live under a rock.
Take the peak price, multiply by .5, and you now have the actual value of your home. That is how stupid real estate prices became and that is why no one wants to close. The losses are real and paying the money back as the economy slows and your job is threatened leads to an inevitable agonizing divorce.
Losing $600,000 in 4 months is a lot of money, don’t let anyone tell you otherwise.

#100 Sail Away on 06.29.22 at 11:56 pm

#93 Shawn on 06.29.22 at 10:33 pm

Are they actually getting close to charging Trump?

———-

Well, if they do, they should definitely bring in a junior staffer star witness to talk about things that other people might or might not have talked about, sort of in relation to something that Trump might or might not have said. And tomato sauce residue.

Save this mindblowing reveal for the very end. Trump’s lawyers would be completely flummoxed at the truly incontestable testimony.

#101 Tom from Mississauga on 06.30.22 at 12:07 am

Best reason to take CPP at 60? It’s indexed to inflation.

#102 Tom from Mississauga on 06.30.22 at 12:40 am

Real estate will revert to where people live and work as opposed to a casino. The best demographics (Prairies) and geography (Southern Ontario) will hold up. Quebec and BC massive Boomer cadre entered mass retirement during Covid and have very tiny Gen Z pops to replace, demand (and GDP) will be weak.
Vancouver, totally dependent on globalization, will be hit hard as China loses mass manufacturing to Texas-Mexico corridor. Zero Covid will hit the port by Q3 end.

#103 DON on 06.30.22 at 1:13 am

@Ustabe

They also grow in pockets in the sub-alpine of the Beaufort Mountains which are right behind me.

********

You are making me homesick. Nothing like looking at the Beaufort range on a sunny morning. Does Mt Arrowsmith still have a lot of snow coverage? I used to eat those wild blueberries as a kid. Really really sour if you eat them too early, of course, but I was young.

#104 DON on 06.30.22 at 1:19 am

#86 april on 06.29.22 at 9:32 pm
#82 – hardly any listings in White Rock or New Westminster BC

***************
White Rock I can see as people like that place…but it’s only a matter of time for New Westminister…I did not enjoy my short stay there. The traffic is nasty.

#105 Garth's Mentor on 06.30.22 at 2:15 am

OSFI is ‘very worried’ about Canadians’ finances: Routledge.

27% of homeowners have a HELOC, half paying down principal.

The great Canadian Real Estate Crash is underway.

You ain’t seen nothing yet.

#106 Jane24 on 06.30.22 at 2:37 am

Wow 54% tax and happy to pay it. As I said before many countries in the EU are now offering retirement residential packages for us old ones who don’t need to take a local job. We are exploring:

Italy, 7% tax on world-wide income, free health care, 9 year visa, must prove 30,000 euro annual income. 9th best health system in the world. GPs still make same morning home visits. We had this happen to us on a previous trip. We couldn’t believe it when he came through the door with his little black bag. Didn’t even ask for our travel insurance!

Portugal, 10% tax on world-wide income, free health care, unlimited time on visa, must prove 10,000 euro annual income. 2nd best health care system in the world.

Cyprus is the same as Portugal with the extra benefit that everyone speaks English. Croatia is now getting in on the act.

My Toronto based sister wants to stay on your side of the pond so is exploring Panama and Costa Rica. For a cheap but luxury retirement.

Thailand offers incredible dream homes for $300,000 and retirement visas that let you live like a king on very little western pensions. The bonus here is that nursing homes are 5 star for westerners and offer hot and cold running RNs for about $2000 a month.

Will you miss the family? Probably but with a luxury villa on the beach with a pool for a third the cost of Canada you won’t be able to get rid of them.

#107 crowdedelevatorfartz on 06.30.22 at 7:58 am

@#99 Ponzies Political pals
“Always funny to see how the people who cry about too much Government meddling, always complain when there is not enough Government meddling.”
+++
Well, since about 54% of my taxes go towards paying for legions of govt “meddlers”
I should expect the same level of service as the private sector?
Silly me. “Service” and Govt “meddling” …
Never in the same sentence.

#108 Turner Nation Groupie on 06.30.22 at 8:46 am

#98 Leave the gun take the cannoli

You keep spelling “breaks” wrong.

—-

You expect correct spelling after 10PM?

I thought we turned the lights down and opened bottles around the blog after 9PM, no?

Give me a brake!

#109 Phylis on 06.30.22 at 8:52 am

#81 Shawn on 06.29.22 at 8:52 pm
#99 earthboundmisfit on 06.29.22 at 7:47 am

Alberta boasts $3.9B surplus. Dollars to donuts says they piss it all away ….. AGAIN.

****************************
Sounds like sour grapes from a non-Alberta resident.

The old saying I’ll bet dollars to donuts does not work any more.

It worked when donuts were 10 cents. Now the donuts are often worth more than the dollars.
Xxxxx
Even with a shrinkflated donut!

#110 retire abroad on 06.30.22 at 9:14 am

#107 Jane24 on 06.30.22 at 2:37 am
__________________________________

Italy, Spain, Portugal, Cyprus, South France, Greece.

What else can you ask for? Better food, better weather, fantastic beaches.

already have European citizenship. not a problem.

that’s where i’ll be heading soon enough.

#111 How is… on 06.30.22 at 9:42 am

#99 Ponzius Pilatus on 06.29.22 at 11:37 pm

Always funny to see how the people who cry about too much Government meddling, always complain when there is not enough Government meddling.

———————————————

How is expecting a tax-funded service that is performing inexcusably bad to just do their damn job “meddling”?

Only in the alternate reality known as the Ponziverse.

What will be funny is when the shoe is on the other foot and you find yourself in need of one of the many services elderly curmudgeons need and oops! Not there when you need it.

But thanks for paying your taxes lol.

#112 JW on 06.30.22 at 9:46 am

I wonder how common this is now – Feel bad for the guy… https://globalnews.ca/news/8956116/landlord-50000-tribunal-evict-tenant-moved/

#113 Quintilian on 06.30.22 at 9:56 am

“You’ll learn. Best be quiet until then. Stuff on the Internet never croaks, I hear. – Garth”

Guilty as charged, I have read on the internet with skepticism musing from Nouriel Roubini, and also about people camped outside overnight to buy condos in Kamloops.

But before that I had read about the Mississippi Bubble, The South Sea Bubble, Tulips, the events leading to 1929, and what the crazy boomers fell for in more recent history; and concluded that human madness is a reliable fixture that transcends time.

Tick Tock, Tick Tock

#114 Shawn on 06.30.22 at 9:57 am

Recession Watch

The GDP report for April was strong except a few areas like Real Estate offices declining noticeably.

The projection is GDP declined in May by 0.2%.

The purpose of higher interest rates is to discourage borrowing. Logically that leads to lower consumer spending and lower business investment and lower residential construction. Recession was probably in full swing by June though it may be half a year before it is official.

Like Bear markets the official “call” comes well after the start of the recession (minimum 6 months 2 quarters plus the time to report) for a recession call.

https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2022010-eng.htm

#115 Dharma Bum on 06.30.22 at 9:58 am

#59 Phylis

#115 Dharma Bum on 06.29.22 at 9:40 am
Xxxxx
Tats, you missed tats, pls update your list.

* See below
—————————————————————————————————–
#108 Gail

It is not that hard, I don’t know what is wrong with Canadians these days.
——————————————————————————————————

CERB
Tik Tok
Facebook
Twitter
Instagram
YouTube
WhatsApp
Snapchat
Texting
Reality TV
WFH
Wokeism
Porn
Low Self Esteem
Shallowness
Lack of practical education
Fake news
Influencers
CBC
Academia
iPhones
FOMO
Decreased Physical Activity
Poor nutrition
Internet Addiction
Poor Concentration
Video games
Weed
Opioids
Fentanyl
Body image
Work ethic
Netflix
Climate change obsession
Alcohol
Clubs
Lack of discipline
Easy credit
Drake
Justin Bieber
Tim Hortons
Obesity
Piercings
Emojis
Kardashians
Pseudofeminism
Virtue signalling
Entitled outrage
Lame Tattoos*

#116 Berry Meadowz on 06.30.22 at 10:24 am

Garth, I was hoping there would be a high level hidden metaphorical message in your blog to the effect of “give a man a blueberry, you feed a man once, teach a man how to grow blueberries, you feed him for a lifetime. ” Alas…..

#117 crowdedelevatorfartz on 06.30.22 at 10:27 am

National Post article on Air Canada.
Cancelling hundreds of daily DOMESTIC flights now and in the foreseeable future…

https://nationalpost.com/news/canada/more-than-half-of-domestic-flights-to-busiest-canadian-airports-were-delayed-or-cancelled-last-week

But the International flights keep coming.

Liberal federal incompetency on full display.

The ripple effect this summer on cancelled hotels, car rentals, etc.

Unbelievable.

#118 Jesse on 06.30.22 at 10:31 am

The amount of anti-Canada Day propaganda coming from Trudeau and the media is unbearable. We are a few years away from the media equating the Canadian Flag with the Na-Zi Flag. I wonder if this was what it was like living in the Soviet Union?

#119 Doing my Part on 06.30.22 at 10:41 am

Bitcoin is going to zero, cut your losses while you can.

#120 Dragonfly58 on 06.30.22 at 11:04 am

Nesty #70. So inflation was ” only ” 2.9 % . I can assure you my income and the income of practically everyone I know did not increase by 2.9 % per year. Not even close. And as the shortfalls of income vs the 2.9 % inflation compounds over time you can probably see how many of us fell behind over those 4 decades. Great you made much of / most of your income based on S & P return percentages, but most of just work at ,,, well you know , a job. Show me a job that had a consistent 2.9 % pay increase per year and I would say you truly have the recipe for wealth. Or at least break even rather than slide a bit each year.
I would ask you to share it with me but that would be 40 years too late. Before any of us can invest anything we have to somehow earn , and put enough aside after all the other expenses in our lives to invest. Pretty tall order with ” just ” 2.9 % inflation year on year.

#121 TheDood on 06.30.22 at 11:06 am

#5 dave on 06.29.22 at 1:53 pm
In metro Vancouver, are we going to see at 30% correction…..or something small like 10%?
__________________________

Hard to say, the issue on the coast is that there is no industry that pays enuff to support the prices. All the preferred employers are government, utility companies, BC ferries, etc. These are jobs with good benefits and pensions, but they don’t pay all that well. You can’t pay for a $1 or $2 million property with your benefits or pension can you? The activists have been allowed to shut down mining, logging, fishing, any O&G venture.

I live in the LM and our household makes decent money (not great, just decent), but the recent hike in costs is starting to get very noticeable and we’ve had to pay attention to what we’re spending. We avoid debt like the plague and invest what we can, but I’m sure we’re in the minority.

If the LM doesn’t take a 40% haircut, I would be surprised. I would guess Vancouver haircut to be between 20-30%. Don’t take my word for it though, I picked the Leafs to upset Tampa, and the Oilers to upset the Avs.

#122 Dr V on 06.30.22 at 11:08 am

97 Flop – Thanks. The assessment shows $3M for land and $1M for that very nice looking house, so I guess the numbers work for big high density development.

All in the “Cambie Corridor Plan”.

#123 Shawn on 06.30.22 at 11:14 am

Do stock markets see the future well?

They have a reputation of forecasting the future.

That’s not my experience. The S&P 500 was a couple months late understanding the implications of COVID.

This year interest rate hike predictions and forecasts were ignored by the S&P 500 for months before it finally took notice.

“That risk is already priced in” are some of the most dangerous words that stock analysts ever utter.

Like humans the S&P 500 probably tends to at first think the risk (of anything) is small and then later panics and over reacts. Are we at the over reaction stage yet?

#124 Ponzius Pilatus on 06.30.22 at 11:14 am

108 crowdedelevatorfartz on 06.30.22 at 7:58 am
@#99 Ponzies Political pals
“Always funny to see how the people who cry about too much Government meddling, always complain when there is not enough Government meddling.”
+++
Well, since about 54% of my taxes go towards paying for legions of govt “meddlers”
I should expect the same level of service as the private sector?
Silly me. “Service” and Govt “meddling” …
Never in the same sentence.
————————
High taxes are just the reality in all successful First World economies.
As usual, you’re exaggerating as to how much of our tax dollars goes to support the bureaucracy of Government.
You’re lucky.
In many countries, singles pay more tax than families.
So count your blessings.
In any case, you can always move to a low tax, 3rd World country.
But I know you would not.
You ever been anywhere outside Canada?
You would not survive a week with your negative attitude.

#125 Ponzius Pilatus on 06.30.22 at 11:17 am

#71 Faron on 06.29.22 at 7:42 pm
#57 Sail Away on 06.29.22 at 6:15 pm

Recipient of government COVID and climate program largesse complaining about government largesse. These are the sturdy conservatives I’m here for.
————————-
So true.
Also, see my post #99.

#126 Ponzius Pilatus on 06.30.22 at 11:34 am

#107 Jane24 on 06.30.22 at 2:37 am
Wow 54% tax and happy to pay it. As I said before many countries in the EU are now offering retirement residential packages for us old ones who don’t need to take a local job. We are exploring:

Italy, 7% tax on world-wide income, free health care, 9 year visa, must prove 30,000 euro annual income. 9th best health system in the world. GPs still make same morning home visits. We had this happen to us on a previous trip. We couldn’t believe it when he came through the door with his little black bag. Didn’t even ask for our travel insurance!

Portugal, 10% tax on world-wide income, free health care, unlimited time on visa, must prove 10,000 euro annual income. 2nd best health care system in the world.
———————————
Wow, you picture a rosy picture.
And as usual, if it is too good to be true, it is.
The EU is working on a unified tax system, so no member country can uniterally undercut the others.
Free medical care for foreigners?
A sure way to ruin the medical system for the locals.
They wont put up with it for long.
Anyway, you keep dreaming and living the life of a Roma.

#127 crowdedelevatorfartz on 06.30.22 at 11:40 am

@#122 Puttering Ponzies’ Putdowns.
” You ever been anywhere outside Canada?
You would not survive a week with your negative attitude.”

+++
You seem to be lightyears ahead in the “negative Nelly” dept.
.

Does Quebec count as a foreign country?
The US?
Mexico?
Talk to me when you’ve visited all the Canadian Provinces and Territories.
Or does that count in your snobbish Eurocentric view of Canadians born in Canada.

#128 Ponzius Pilatus on 06.30.22 at 11:41 am

115 crowdedelevatorfartz on 06.30.22 at 10:27 am
National Post article on Air Canada.
Cancelling hundreds of daily DOMESTIC flights now and in the foreseeable future…

https://nationalpost.com/news/canada/more-than-half-of-domestic-flights-to-busiest-canadian-airports-were-delayed-or-cancelled-last-week

But the International flights keep coming.

Liberal federal incompetency on full display.

The ripple effect this summer on cancelled hotels, car rentals, etc.

Unbelievable.
———————-
Believe it.
There is a huge shortage of pilots and flight attendants and ground staff all over the World.
50% flight cancellation are the norm with most major Airlines and Airports.
But it’s easier to blame Trudeau and score a few brownie points with the Steerage dwellers, than to see the reality of the situation.

#129 Observer on 06.30.22 at 11:44 am

#119 Jesse on 06.30.22 at 10:31 am
The amount of anti-Canada Day propaganda coming from Trudeau and the media is unbearable. We are a few years away from the media equating the Canadian Flag with the Na-Zi Flag. I wonder if this was what it was like living in the Soviet Union?

^^^^^^^^^^^^^

You’re just PO’d your little crybaby convoy got shut down.

#130 Ponzius Pilatus on 06.30.22 at 12:00 pm

112 How is… on 06.30.22 at 9:42 am
#99 Ponzius Pilatus on 06.29.22 at 11:37 pm

Always funny to see how the people who cry about too much Government meddling, always complain when there is not enough Government meddling.

———————————————

How is expecting a tax-funded service that is performing inexcusably bad to just do their damn job “meddling”?

Only in the alternate reality known as the Ponziverse.

What will be funny is when the shoe is on the other foot and you find yourself in need of one of the many services elderly curmudgeons need and oops! Not there when you need it.

But thanks for paying your taxes lol.
——————————-
Obviously, you don’t get it.
It’s not about you.
See also post #126.

#131 Ponzius Pilatus on 06.30.22 at 12:05 pm

Also, Jane 24.
Should you decide to journey with your wagon to Italia, make sure you hook up with Dolce Vita.
You two would have a splendid time.

#132 Linda on 06.30.22 at 12:11 pm

#44 ‘Reality’ – that young couple presumably will be able to earn their current income on that ‘low tax’ island. Things to consider before the move: what impact rising sea levels might have on said island; the fact that many islands have to import goods from elsewhere as most are not fully self sustaining; whether said island has ample fresh water; what the political climate is like there. Because if things go south getting off the island may not be easy or even possible. Meanwhile, keep in mind that if one is the ‘rich’ foreigner, one is a target for the disenfranchised……

#133 ImGonnaBeSick on 06.30.22 at 12:19 pm

#71 Faron on 06.29.22 at 7:42 pm

Well at least we finally know why you’re here… We knew it wasn’t to contribute anything worthwhile.

#134 ImGonnaBeSick on 06.30.22 at 12:39 pm

53.1%.. oof. I’m glad you are compensated well for your work Mr. T.

But progressive taxation is a joke with consideration to fairness… There should be a cap on what an individual can be taxed. In no way is it fair that someone has to fork over $8m/yr in taxes…

I like the idea of letting everyone keep their income, and only have a goods & services tax.

#135 Sail Away on 06.30.22 at 2:29 pm

#85 Ustabe on 06.29.22 at 9:23 pm

Finally, a Blueberry Blog!

If you are so lucky as to live where wild, low bush blueberries grow go and get some. Around here the prime picking is mid to end August. You sort of have to slip in, get them and slip out before the bears discover you in their pantry. If 3 go out, then 2 pick and 1 is on bear watch.

———-

Just bring a dog or two, and everyone can pick. Efficiency. Mine are available for rent at $60/ea/day. Pre-shaved and acclimatized.

Stay tuned for blueberry preservation tips!

#136 crowdedelevatorfartz on 06.30.22 at 2:33 pm

@#131 Ponzie’s Perfection
“Obviously, you don’t get it.
It’s not about you
++++
Alas Ponzie.
Your brilliance is a burden.
It must be painful having to constantly explain the obvious to the great unwashed.

#137 Linda on 06.30.22 at 2:37 pm

#96 ‘Ponzius’ – however it came about, it is good to see folks reconnecting to nature via gardening. One of the beneficial side effects to the pandemic was that a lot of folks really went to town on their yards for lack of anything else to do. Now folks are back to work appearances are slipping a little, but overall the local yards look much nicer than they used to:)