Life lessons

Ah, what a tangled web we weave.

“My dad told me it was a great idea,” says Bethany, a third-year uni arts student. “And he gave me $5,000 to help get it done. Now I’m terrified.”

So B bought a pre-con condo in DT T.O. for $625,000 – about the going rate for a 520-square-foot one bedder with (supposedly) a glimpse of the CN Tower. She paid the deposit over a few months (like everyone) with the big money due on closing, next May. Two years ago when the offer was accepted, it looked like a sweet deal with prices romping 10-25% a year and loan rates in the ditch. Now it’s a looming disaster.

Of the 95,000 units currently under construction in the region, over 31,000 will be finished and ready for a closing date in 2023, two-thirds of them in the first six months of the year. When Beth bought, a variable-rate mortgage was about 2% so owning wasn’t far off renting. But at north of 5% now, combined with property taxes, insurance and condo fees, the cost of carrying the place is north of four grand a month for a place that can be leased for $2,300.

Anyway, it’s academic. She can’t pass the 7.5% stress test for a half-million mortgage. “I can’t close,” she says, “and my father bailed on me. He’s calling it a life lesson.”

By the way, she’s not alone….

Naturally, this is not just a Toronto problem. Mortgage rates at 6%, crashing sales, properties failing to meet bank appraisal targets, fading prices and buyers not showing up on closing day are national realities.

Here’s a snippet of the latest Kelowna Report:

Even though local house prices are down $189,447 in the past 7 months, the annual income requirement for a single detached home in Kelowna has not dropped and is sitting at record high levels. You need a $223,688 salary or an hourly wage of $107.54 to afford an average house in Kelowna at present.

The median household income in K-town is $68,600. So logic tells us local prices have not hit bottom. Not even close. In fact most of BC is running a few months behind the GTA and SW Ontario. But it’s coming.

Also tangled these days are the VRM victims. Taking a variable-rate home loan made sense historically, and when money was sub-2% it was, like, free. But now variable rates are more than 3% higher. Those whose loan payments adjust with each Bank of Canada hike have been impacted since March. But most borrowers have fixed monthlies. Only recently have they been hitting the ‘trigger rate’ at which point 100% of a payment is insufficient to cover the interest owing. So, this happens (as relayed on that swamp called Reddit)…

Hi everyone, I reached out to my bank in order to increase my mortgage payments in view of the most likely interest hike of December 2022. (I have a variable rate) After locking a meeting with them I receive an email from my bank (2days later) that I’ve hit my trigger rate and that they will impose a new amount to be paid to them ($1600 more/month).

More to come, by the way. After Friday’s massive job romp in Canada and robust numbers Stateside, it’s a slam-dunk that rates are rising twice more, maybe thrice – starting December 7th. The current chartered bank prime of 5.95%, Mr. Market says (implied by OIS), will not top out until it hits 6.7%. So, variable-rate loans have almost another full point to add – and there will be little or no retreat from that for all of 2023 and well into 2024.

So, what now?

Will Kelowna incomes double in the next year?

Where can folks with VRMs find an extra $1,600 a month?

What will thousands of pre-con owners do when they can’t flog their assignments to a greater fool?

How much will a stress test rate of 8% chop what people can borrow?

What possible reason is there to believe we’re not just starting this real estate descent?

All we really know is this: when Bethany can’t close, she’ll be sued. Thanks, dad.

About the picture: “As always we appreciate the daily dose of reality, as well as for managing our investments,” writes Raigan. “Our poor kitty Megatron passed away last week after 17 years of joy, and a valiant struggle with brain cancer; I was hoping you could share her picture with everyone so they could appreciate what a beautiful special creature she was.”

196 comments ↓

#1 Neo on 11.06.22 at 3:02 pm

Oh boy this is lovely

https://globalnews.ca/news/8754119/canada-budget-2022-home-prices/

The swine in government is are the problem

#2 mark on 11.06.22 at 3:08 pm

This is why I rented for the past 5 years. How could nobody see it coming? Leveraging up during a period of emergency low interest rates. What could possibly go wrong. I suppose we can’t blame the 22 yr old floggers though, the last time rates were above 4%, they were in diapers. We can still blame Trudeau for this. At least partly.

#3 Lord Garth of Izar on 11.06.22 at 3:15 pm

I dont see the problem here. For 15 years everyone has been telling me Canada is worth it. “Do you want to live in trump land” they ask, course not. Just pay what the product is worth and be thankful you live here. My rental investments are doing very well. Just upped my rents 20% after a momentum here in Vancouver. Still cheap compared to other world class cities what can’t compare to the natural beauty we have here.

Just get another job. I was a full time and part time job back in the early 90s. Stop bitching and deal with it.

#4 I’m stupid on 11.06.22 at 3:16 pm

I think Bethany should remember what her dad did when it comes time to choose a long term care home or when she needs to pull the plug. Her father sounds like a loser who would’ve probably asked for a cut if she made out like a bandit. Pathetic just pathetic.

#5 Timmy on 11.06.22 at 3:17 pm

Hey Garth – you suggested that buying a GTA condo during Covid when prices were softer than 2019 would be a smart decision as the pandemic would blow over and folks would return to GTA from the far away burbs. If the same condo prices are now retreating back to Covid lows and likely even lower – do you regret suggesting to purchase a Toronto condo back in late 2020/early 2021?

Condo prices are not retreating, and I never regret anything. – Garth

#6 Observer on 11.06.22 at 3:17 pm

So the life lesson Bethany learned was that her father never learned his.

#7 Melinda on 11.06.22 at 3:20 pm

Don’t worry Bethany, Blackrock will buy up your condo. Wink, wink.

Seriously, Garth, do you ever think about writing about the fear plastered all over Reddit and other forms of social media that real estate prices in Canada can never go down because Blackrock will just scoop up and buy all the houses?

#8 Prince Polo on 11.06.22 at 3:21 pm

*slow clap* for this dad o’ da year candidate

#9 Faron on 11.06.22 at 3:23 pm

On inflation and its impact on governments and populism:

https://www.stitcher.com/show/the-ezra-klein-show-2/episode/inflation-does-more-than-raise-prices-it-destroys-governments-208225320

Touches on a lot of the topics this blog covers and that commenters seem to think are important.

Shelve your biases about the NYT. Ezra Klein is deadly sharp and is guided by information and evidence rather than ideology. His guest is the author of “Slouching Towards Utopia” which looks to be an excellent read. Will be my next stop after I finally finish my books on Russia under Putin.

#10 Cash is King on 11.06.22 at 3:24 pm

We have been to this movie before.
Toronto has not learned the condo crash lessons from 1989.
Vancouver has not learned the condo crash lesson from 1991.
Both markets and every market across Canada are in the downward death spiral.
Cheap deals In New York State, Washington State and all States including Hawaii, California, Arizona, Florida, Alabama are pulling in Canadians want to get rid of their overpriced homes and condos and buy a brand new house or condo in warmer sunnier climates to live in for the rest of their lives as retirees/ snowbirds travelling back on all the cash they have made for part of the year above the border to visit family, go to the lake, see their doctor grandkid’s play etc.

Retirees/ snowbirds reset the market every 10 years smart investors know that and never fall for granite and stainless in Canada.

#11 Niagara Region on 11.06.22 at 3:26 pm

I feel Bethany’s pain. In 2014-2016, I looked at a lot of single-family homes in the Niagara Region to purchase. My father talked me out of buying each one of them. Later he revealed that he didn’t want me to buy a house because I am a girl. I’m a professional now in my 50s still trying to hoping to buy a SFH, but prices in my region have doubled since 2014-2016. Thanks dad!

#12 Shawn on 11.06.22 at 3:26 pm

The Three stock Portfolio

#125 JSS on 11.06.22 at 3:00 pm
#29 Shawn on 11.05.22 at 1:32 pm

The three-stock combo is the one that I recommended years ago. Common shares of RBC, Fortis, and CN Rail.
If you don’t need the income, then drip them.

It is simple, no brains Or rebalancing required. Has worked for me for nearly a decade and a half.

*************************************
Yeah, I should have said I think it was probably JSS.

From what I remember though you also rubbed tummy on a number of other stock dividends (and their increases).

You have been consistent in talking about blue chip dividend payers for probably over ten years here. It’s clearly been a strong strategy. Credit where credit is due.

#13 yvr_lurker on 11.06.22 at 3:28 pm

Something about this story is fishy to me. How would a third year uni arts student have had the $$$ to put down some sort of proper downpayment on this place? Perhaps I don’t know how pre-sales work. Do you just need 5K and no pre-qualification by the bank at the time one puts down 5K? Does the bank only qualify you later when it is time to purchase? If so, that is insane and super-high risk for anyone doing a pre-sale.

Although prices will indeed come down from their heights, I don’t think we are ever going to be in a situation where a decent but not outstanding income will get you more than a condo. We are not reverting to the late 1990s where a decent house in Dunbar in Vancouver was around 600K, and perhaps only 4 times the salary of a decent-incomed two career family. Unfortunately, that boat has long sailed.

#14 Bill on 11.06.22 at 3:31 pm

At least Bethany doesn’t have much net worth. With the arts degree, she’ll be able to file for bankruptcy and (eventually) write it off as youthful exuberance.

Reddit guy, on the other hand, has a big problem.

#15 Linda on 11.06.22 at 3:35 pm

If houses in Kelowna require salaries of $223K+, the ‘average’ income would have to be quadrupled to cover the cost of owning there. So what is the prediction here? That housing prices will drop by 75%?

As for Beverly, kind of surprised she was able to come up with the downpayment even with Dad’s help. Sad but true, arts students aren’t likely to be making big bucks come graduation. Students themselves tend to be a tad short of $ even before graduation, so why on earth did B think buying was a good idea? Oh right, RE ‘never’ goes down & one can always sell for more than what one paid. Well, she can walk & be sued – hard to get $ from the utterly broke. Alternatively make the worse move of getting into the clutches of a mortgage broker, always presuming there is one who would be willing to underwrite the mortgage given B’s job prospects.

#16 Regjeg on 11.06.22 at 3:36 pm

https://boomerandecho.com/my-house-was-a-lousy-investment-or-was-it/

Interesting analysis of the comparative returns from owning vs renting a house in Lethbridge over the past ten years.

#17 Shawn on 11.06.22 at 3:37 pm

Smart Mortgage People?

Let’s hear from anyone who locked in a 10 year rate at 4% or lower.

How low did the 10 years get?

Years ago the 10 years were massively higher than the 5ers. But I think I saw some posts here over the years indicating that for a time some really sweet 10 year fixed rates were out there.

There were also some impossibly low 5 year fixed rates. Those folks certainly deserve praise as well. Especially if the set aside funds (given their low mortgages) to whack a big chunk off principal at renewal time.

#18 Søren Angst on 11.06.22 at 3:39 pm

All we really know is this: when Bethany can’t close, she’ll be sued.

————-

Ya, her and Chrystia Freeland ‘cept by Disney+

#19 Joseph R on 11.06.22 at 3:41 pm

“All we really know is this: when Bethany can’t close, she’ll be sued. Thanks, dad.”

Always get a pre-approval before house hunting.

Also, Megatron was a beautiful kitty. Sorry for your loss…

There is no pre-approval on a pre-con two or three years from occupancy. – Garth

#20 David on 11.06.22 at 3:45 pm

Precons and assignments are definitely becoming a shitstorm, why? I had a friend realtor call me several times over last few weeks if I dont want a precon in Milton at $1,200 a square foot. Funny thing he’s never called with business before.

#21 Shawn on 11.06.22 at 3:45 pm

A mortgage calculator

It can be fun to plug in numbers and see what people are facing when rates rise. Higher monthlies and the amount paid down after 5 years is less as well. Bigger mortgage left at the end of 5 years. (Well, no fun if it you. This is for schadenfreude only.)

Here is a calculator I have used. Click the “amortization schedule” to see the full 25 years of payments. See how little is paid off after 60 months or 120 months as the interest rate increases. It’s UGLY.

https://dominionlending.ca/calculators/payment-amount.php

#22 David on 11.06.22 at 3:47 pm

YVR Lurker

Easy $5,000 down and total deposit of 5% of purchase price over 365 days.

Doable by many, question is can you close on it? It was easy money when condos were going up last 15 years but boy oh boy the numbers make zero sense today.

#23 Shawn on 11.06.22 at 3:50 pm

Average house and average income?

Never in the long history of this blog has the average income come anywhere close to being enough to buy the average priced home.

Prices will come down. But not so average can buy average.

You’d need to look at average income for a couple. Even then the bottom 25% of the population will always be priced out. So take maybe the 67th percentile of couple incomes and see if it justifies average house price. It won’t since people start with starter homes.

So don’t bother implying that the average income (even for a couple) SHOULD be able to afford the average house. It’s a false premise leading to a false conclusion.

#24 I don’t know on 11.06.22 at 3:54 pm

“What possible reason is there to believe we’re not just starting this real estate descent”.

As stated by our host, the labour market is extremely tight. Given baby boomer retirements (and who are also staying in their homes as long as possible), it’s a good bet that unemployment will stay low and housing supply limited. This is despite rate hikes removing the excess stimulus from the pandemic.

Stocks typically recover faster. But real estate won’t be far behind (this is only regarding speculators. People living in their homes will be fine regardless).

IDK

#25 tbone on 11.06.22 at 3:55 pm

I`ll bet Bethany walks herself down the aisle whilst daddy looks on from the gallery. Thats if he isnt banned
from the wedding.

#26 Søren Angst on 11.06.22 at 3:56 pm

You were talking about Wednesday night the other day Garth.

Thurs AM it will probably be called Black Wednesday for the Dems.

Even the Lefty’s from CA and OR are p!$$ed. Read the Replies … Vexed in Valhǫll:

https://twitter.com/POTUS/status/1589286485504696320

My fave was from the UK (PlayStationGamer187):

https://twitter.com/Gamer187Play/status/1589334748643885057

Then again, expect the unexpected?

————-

More cat images Garth.

Whenever you have one, I’m up anywhere from 1% to 3-1/4% for the day.

And yes, I ran a Correlation Coefficient, an FYI for Lewenza.

PS:

I was going to link to a Toxoplasma gondii & mice article as kitty looks content. I defer for Raigan.

#27 TurnerNation on 11.06.22 at 4:04 pm

When I say that our elite rulers are roaring with laughter at us from their private islands, jets, and mega yachts:

.Rex Murphy: Who stayed in $6K hotel suite? Justin Trudeau’s not saying; The prime minister has perfected the art of non-answers (nationalpost.com)

—— More and more schools moving back to online. Was 2020-21 a test or training period?

.South Carolina: High numbers of flu cases in SC cause Midlands schools to pivot to virtual learning (thestate.com)

— We were to be so healthy after years of crippling and punishing Rules tearing apart the fabric of our Former First World Countries! Comrade how is your health?

https://nationalpost.com/news/canada/covid-child-hospitalizations-immunity-debt
“Child hospitalizations are spiking. Did COVID lockdowns create ‘immunity debt’?
Hospitals are reporting never-before-seen surges in children with severe viral infections that are pushing critical care beyond capacity”

—— Alllmost back to normal! Say how much is being invested into ‘The Hospital Capacity’?

.Health Officials Are Now Tracking COVID-19 Variants at Airports (time.com)

#28 the Jaguar on 11.06.22 at 4:06 pm

To Raigan: ‘Love and memory last, and will so endure until the game is called because of darkness.’ Gene Fowler.

It’s sort of a baseball analogy, but what it means is that you will love and remember Megatron until you yourself leave the material world. 17 years was a pretty good run for a cat, and her expression confirms she had the heart of a lion. Thank you for giving her a beautiful life.

#29 Jaipaul on 11.06.22 at 4:07 pm

How much is the condo worth now?

And can the buyer get a refund on the deposit?

It isn’t really a loss if the condo price went up in value. My Prof told me that using leverage in such an instance would be a realizable gain.

So if the buyer paid a $5000 deposit and the condo appreciated beyond the $625,000 the buyer would have made a profit.

Canadian housing is too big to fail. We have population growth, a strong labour market and Toronto salaries are going higher and higher for those who studied with good majors.

For those left behind the curves, sucks to be you.

#30 Joseph R on 11.06.22 at 4:08 pm

#121 Old Boot on 11.06.22 at 2:17 pm

Here’s a thought experiment for you. Imagine you’re a 14 year old sex-trafficking victim whose abuse images are plastered all over pre-Elon Twitter, despite your repeated pleas to have them taken down. Twitter claims that these images do not violate their terms of service. Not a single company withdraws their advertising dollars in protest.

—————————————–

Your thought experiment is backward.

Pre-Elon Musk had strong moderation going on. In fact, that is what conservative activists (including Elon Musk) were complaining about. They view moderation as censorship against free speech.

Also, child pornography was never allowed on Twitter. Your scenario is a filament of your imagination.

Moderation is exactly what was preventing child pornography from being spread.

Now, with Elon making the promise to remove moderation since he calls himself a “free speech absolutist”; child pornographers, Nazi, Russian propagandists… are chopping their lips and they are happy with the new owner as they will spread their free speech around without “liberal cancel culture” (common sense and decency) in the way.

That’s why advertisers are fleeing the platform in mass.

#31 crowdedelevatorfartz on 11.06.22 at 4:08 pm

Bethany should have gone to the Bank of Mom.
More empathy.

#32 Balmuto on 11.06.22 at 4:12 pm

So the banks will soon be lending to their prime – their best customers at 6.7%.

And what do we lend to the banks at?

Seems like we need to be demanding a decent rate on our deposits. Maybe a move to a high interest savings account is in order. I hardly ever use my checking account to write checks anymore, or even for purchases, which mostly go on my credit card (for the points, I always pay off the balance).

When rates were low, a zero interest checking account was fine, but with prime rates north of 5%, I think a change is in order.

#33 Grateful in Victoria on 11.06.22 at 4:18 pm

This story clearly illustrates why it is so important to always listen to your mother!!

#34 TurnerNation on 11.06.22 at 4:21 pm

Remember when parents bought their daughters ponies?
Dad better not walk down the stairs in front of the kid.
Mortgages are thicker than water?

—— This might explain something. The Science before it became a political and social tool.
From 2020:

https://www.cbc.ca/news/canada/new-brunswick/nb-wearing-masks-1.5560578
But Dr. Colin Furness, an infection control epidemiologist and assistant professor at the University of Toronto, says wearing a mask can be dangerous. That is if the wrong mask is worn, it’s worn incorrectly or people have incorrect expectations when wearing it.
“The worst one is wearing one for too long,” he said, noting masks can collect bacteria and other viruses.
Furness said he wonders why this information isn’t being shared when there is evidence about it.
Study points to dangers
He said a study in a U.K. medical journal showed health-care workers who wore cloth masks all day while working were 13 times more likely to get a respiratory illness when compared to the standard practice of only wearing a mask when necessary.
Those who wore a paper or procedure mask were twice as likely to get some type of respiratory infection if they wore it all day. The N95 masks were only worn when required during the study and no staff were affected.
“This shouldn’t surprise us,” Furness said. “A mask, you’re breathing on it all day long creating all this wonderful space for bacteria to multiply, and once they get to a certain quantity you start inhaling them.”
He said drug-resistant bacteria could be worse than COVID-19 for some people.

#35 jm on 11.06.22 at 4:27 pm

#5

Condo prices are not retreating, and I never regret anything. – Garth

Garth can you clarify.

Sure. Ever. – Garth

#36 Sail Away on 11.06.22 at 4:27 pm

In addition to the new Twitter being a veritable playground of fun, punctuated by howls of outraged bruised feelings from the hopelessly self-infatuated, it is also a private company.

Elon can do whatever he wants. Nobody’s business but his. Like it, stay; don’t like it, go. Elon the Magnificent cares not.

#37 American Housing Investor on 11.06.22 at 4:29 pm

All we really know is this: when Bethany can’t close, she’ll be sued. Thanks, dad.

MOMMAS & POPPAS, UMAS AND OPAS ALL GOING DOWN THE TUBES TOGETHER IN CANADA BECAUSE THEIR LITTLE BRATS HAD TO HAVE IT AND THEY HAD TO ENABLE THEM TO GET IT. ALL THEY HAD TO DO WAS DRIVE ACROSS THE BORDER AND BUY 10 HOUSES FOR EVERY CONDO THEY WASTED MONEY ON IN CANADA. NOW NOBODY WANTS CANADIAN CONDOS NEW OR RESALE BECAUSE THE 142 MILLION AMERICAN HOUSES ARE SUCH BETTER INVESTMENTS WITH LAND & YARDS, NO STRATA FEES, NO SPECIAL LEVIES, NO FOREIGN BUYER TAXES ETC.

#38 Wrk.dover on 11.06.22 at 4:29 pm

#127 Faron on 11.06.22 at 3:05 pm
#111 Wrk.dover on 11.06.22 at 11:40 am
#100 crowdedelevatorfartz on 11.06.22 at 9:00 am

Got it. You are calculating in a unit of measure that has been irrelevant in Canada for more than 40 years.
________________________________

You are wrong about that too.

Next you will belittle me for my tape measure with feet and inches.

Here in Mainland Canada, where men wear loose fitting pants, we still talk about miles per gallon to compare apples to apples, in a way that compares to what we have experience in.

Litres per 100km is just meaningless Ottawa woke unicorn speak.

Lose the arguments you lose with grace. People will begin to respect you like we used to!

#39 Ed on 11.06.22 at 4:37 pm

Why blame the father? She probably guilted him into the 5k in the first place.

#40 What if 4 out of 3 people found math hard? on 11.06.22 at 4:45 pm

What If ?: What would be the changes to the world’s geopolitical relationships if every country had the capability of securing ALL of their energy requirements from within their own borders ALL of the time? What if each country could produce twice/ three times the energy it normally used at virtually no extra cost at the margin? What if that virtually free excess energy could then be used to desalinate salt water to form reservoirs of fresh water, or to just remove CO2 from the atmosphere and place it in permanent under ground storage? What would be the changes to a country’s economy/ infrastructure priorities if all transportation was cheap, ubiquitous and autonomous? What if there was no financial incentive to own your own car or truck ? What if this resulted in 10 times fewer vehicles on the road, but each putting on 10 times (or greater) as many miles. What if this made city parking lots liabilities and obsolete or 6 lane highways maintenance black holes and functionally obsolete ? What if all the ground space in the center of all major cities allocated to parking lots could be repurposed to green parks or housing? What if the supply of all manual labor was essentially infinite and the marginal cost of each labor hour was essentially zero ? What if a humanoid “bot” was as capable as a human, was guided by a vision only artificial intelligence, and could perform 24/7 tirelessly, with no attitude or complaints? How would that change our society, our “work ethic “ and our“ free time” if most people were not required for their “labor”? How would that impact society, family structure etc.? Would such a society that had these capabilities create be ‘Utopian” or “Dystopian”? What if these capabilities were only about a decade away ? Remember, in 1910, the blacksmith told the auto mechanic he was full of crap, and that horses were essentially irreplaceable! How did that work out for the blacksmith?

#41 Wrk.dover on 11.06.22 at 4:45 pm

Green belt development?

I hope the expropriated families are returned their land, if they offer a refund in consideration of what they were paid plus compounded interest so they can be party to profit from Dougie’s pipe dream themselves….

Expropriation for anything other than permanent roadways, is a messy business.

#42 @J on 11.06.22 at 4:46 pm

Meanwhile in Sydney Australia, distressed home sales are rising and home prices lowering.

https://amp.macrobusiness.com.au/?url=https://www.macrobusiness.com.au/2022/11/first-home-buyers-forced-to-sell-at-heavy-losses/

#43 Kona on 11.06.22 at 4:46 pm

Bankers love it when homeowners focus only on the monthly payment. Those with VRMs think that they only need to worry when they hit their trigger point. None of them are looking at their mortgage balances increasing every month before they hit their trigger point.

#44 Reality is stark on 11.06.22 at 4:55 pm

Perfect example of what is really wrong with society.
No agency.
The patriarchy is guilty of all wrongs, even perceived wrongs.
When things go well, it was all empowerment, when they go badly it’s straight victimhood.
Why do you think men over 40 don’t sign any bad deals anymore?
We now have a double standard society.
Men who understand that it’s a long way to the top if you want to Rock and Roll will prosper. Yes you are going to get beat up and underpaid but you don’t need someone with a double standard attitude to make you miserable.
This girl wanted her own condo, is likely ignorant regarding finance, things didn’t go her way and now the patriarchy is at fault.
Welcome to our new WOKE society.

#45 ElGatoNeroYVR on 11.06.22 at 4:56 pm

Ofcourse our blog subject can simply flip the pre-assignment at a loss.Rough math is that she put down about 37.5 K. Come up with another 12-15K and try to sell at 575K , maybe list at 600K boldly advertising that is below what she paid . Surely an agreement can be reached . If in a good location maybe even advertise it as an AirBnB or something along thoselines.
Better than toasting ones credit score , besides pretty sure bancrypcy won’t absolve her and her wages will be garnished forever and a day if she goes down that route.
Maybe daddy might be willing to help with the money to take the loss , or guaranteee a loan of some sorts.
And to be fair ,as an art graduate one can go into a ton of touchy feely jobsout there that pay reasonably well , teacher , HR , govt. paper pusher a.s.o.

#46 Observer on 11.06.22 at 5:06 pm

#34 TurnerNation on 11.06.22 at 4:21 pm

—— This might explain something. The Science before it became a political and social tool.
From 2020:

https://www.cbc.ca/news/canada/new-brunswick/nb-wearing-masks-1.5560578
But Dr. Colin Furness, an infection control epidemiologist and assistant professor at the University of Toronto, says wearing a mask can be dangerous.

^^^^^^^^^^
Yes, it explains you are chery picking again. It makes sense that masks should be changed regularly as opposed to wearing the same dirty mask for weeks on end, but that doesn’t mean masks are useless. Like any other tool, you need the both the right tool as well as proper usage to be both safe and effective.

Are you what Dr. Furness refers to as a “COVID Trainer”?

Dr. Furness writes (see his twitter):

“COVID is evolving to be more successful in evading our immune responses BECAUSE WE AREN’T MASKING or improving indoor air quality.

That evolution has caused weakening vaccine effectiveness, weakening drug treatment effectiveness, and it may well also include an improvement in COVID’s immune suppression capacity. Darwin would say that’s almost certainly what is happening, and I’m betting on Darwin.

People are literally training COVID if they share indoor air without a mask while ignoring child hospitalization, and using “immunity debt” as strong justification for both.

COVID trainers are a majority of the people with whom I interact. I sure wish that would change. “

#47 omasare on 11.06.22 at 5:07 pm

#3 Lord Garth of Izar

Vancouver and ‘world class city’ in the same sentence? Delusional.

I lived there for 6 months and ran away.

My landlord at the time thought he was god incarnate on earth…He got taught an all mighty and expensive lesson in manners..

No culture, no economy to speak off. It’s just had the good fortune to attract hongkongers with cash. If the USA had been more ‘open’ they would have all gone to California. It was a backwater up to the mid nineties and it can’t even afford to have a Christmas parade… They are plenty of free shows on the east side tho. Some of them thanks to 20% rent increases.

Give it a rest.

#48 Linda on 11.06.22 at 5:07 pm

#17 ‘Shawn’ – when Garth was beating the drum saying ‘lock in now’ I checked to see what 10 year rates were going for – if I recall correctly some were actually under 3% in some cases (with conditions). The condition being the amount one could secure with that sweet long term low rate was capped around the $500K mark. Still, for anyone who had an outstanding balance under that amount looking to renew it was what is likely a once in a lifetime opportunity.

#49 Observer on 11.06.22 at 5:08 pm

For anyone interested in the meaning of “immunity debt”, see Dr. Furness’s twitter for an explanation.

#50 Observer on 11.06.22 at 5:11 pm

36 Sail Away on 11.06.22 at 4:27 pm
In addition to the new Twitter being a veritable playground of fun, punctuated by howls of outraged bruised feelings from the hopelessly self-infatuated, it is also a private company.

Elon can do whatever he wants. Nobody’s business but his. Like it, stay; don’t like it, go. Elon the Magnificent cares not.

^^^^^^^^^^^^
Every day provides a new opportunity for trolling. Isn’t that right SA? Emotional reactions are your lifeblood. Truth matters not.

#51 under the radar on 11.06.22 at 5:12 pm

Typical deposit structure on a new build is 20-25% by occupancy. Developer may take back the unit if the unit is trading for her purchase price or higher. Of course , her deposit is lost.

#52 Mr Fox on 11.06.22 at 5:14 pm

I was looking recently at 4 houses (2 detached and 2 semis) in the area of Dufferin-Bathurst and Steels-Sheppard. They were priced pretty tasty: the most expensive was 1.5M. All of them went off the market in avg 7 days. The fastest one was literally 1-3 hours on housesigma.
It gave me the impression that if a house is priced under 1.2-1.3M it will be bought pretty fast.
Generally, looking at the house price statistics for GTA since July, the prices aren’t moving down. Could it mean that 950k is the new “affordable” threshold? Let’s see…

#53 Linda on 11.06.22 at 5:21 pm

#37 ‘A’ – when touting the benefits of owning RE in the USA, don’t forget to mention some of the drawbacks. Like if it is revenue generating one must file a tax return declaring the income in both Canada AND the USA. Like if one dies, the value of one’s world wide estate holdings can by taxed by the USA. Like if you sell the USA property it is subject to tax. And when you buy you may end up paying tax on the purchase to Canada.

By the way, for those wanting to know how much estate tax might need to be handed over should death come knocking, as per a quick Google search a property worth ‘only’ $250K US would trigger an estate tax of $70,800. And since the USA includes world-wide holdings when calculating the estate tax owed anything one owns in Canada or elsewhere gets taxed too. Oh, you will just not pay? Good luck with that.

#54 omasare on 11.06.22 at 5:21 pm

#38

“Litres per 100km is just meaningless Ottawa woke unicorn speak“

—————————————-

Mmm, now I remember why I seldom come here anymore.

Elon lovers abound I see. He’s going to lose most of his twitter traffic now that p*rn is allowed again on tumblr.

All that will remain is the rabid lower life forms.

#55 Old Boot on 11.06.22 at 5:22 pm

#30 Joseph R on 11.06.22 at 4:08 pm

#121 Old Boot on 11.06.22 at 2:17 pm

Here’s a thought experiment for you. Imagine you’re a 14 year old sex-trafficking victim whose abuse images are plastered all over pre-Elon Twitter, despite your repeated pleas to have them taken down. Twitter claims that these images do not violate their terms of service. Not a single company withdraws their advertising dollars in protest.

—————————————–

Your thought experiment is backward.

Pre-Elon Musk had strong moderation going on. In fact, that is what conservative activists (including Elon Musk) were complaining about. They view moderation as censorship against free speech.

Also, child pornography was never allowed on Twitter. Your scenario is a filament of your imagination.

Moderation is exactly what was preventing child pornography from being spread.

Now, with Elon making the promise to remove moderation since he calls himself a “free speech absolutist”; child pornographers, Nazi, Russian propagandists… are chopping their lips and they are happy with the new owner as they will spread their free speech around without “liberal cancel culture” (common sense and decency) in the way.

That’s why advertisers are fleeing the platform in mass.

————–

Nice try. And child sex abuse images aren’t any kind of ‘porn’. They are evidence of crimes.

Twitter has also long tolerated anime lolicon child sex abuse images. I’ll spare you the link. Go look for yourself.

https://www.msn.com/en-in/news/world/brands-remove-ads-from-twitter-after-their-campaigns-feature-next-to-tweets-on-child-porn-report/ar-AA12m7sv

#56 Sail Away on 11.06.22 at 5:23 pm

#39 Ed on 11.06.22 at 4:37 pm

Why blame the father? She probably guilted him into the 5k in the first place.

——–

Or he may have been trying to be helpful as the prepurchase was Bethany’s idea and she was moving ahead with it anyway. For her father to think the buy was a great idea does not by any means indicate that he brought it to Bethany and pushed her to move ahead. There’s not enough info or context available for an informed opinion.

#57 other guy in Vancouver on 11.06.22 at 5:25 pm

#32 Balmuto on 11.06.22 at 4:12 pm
“When rates were low, a zero interest checking account was fine, but with prime rates north of 5%, I think a change is in order.”

Two banks I deal with have offered 4.75 and 4.5% for next ~6 months. I don’t know what’s driving their need to grow deposits now but it seems to me there’s room to haggle if you have significant idle cash. Anyone know what’s afoot?

#58 CaribooGirl on 11.06.22 at 5:26 pm

#3 Lord Garth of Izar – curious how you raised rents 20% on your rental investments when the the BC cap for 2022 is 1.5%?

#59 Triplenet on 11.06.22 at 5:30 pm

Faron…..
Got it. You are calculating in a unit of measure that has been irrelevant in Canada for more than 40 years.
*********************
Amongst most other things – you know nothing about the aviation industry. It’s kilograms or pounds.
Guess why silly man.
Jeepers creepers, lay off the booze!

#60 Sail Away on 11.06.22 at 5:30 pm

#50 Observer on 11.06.22 at 5:11 pm
36 Sail Away on 11.06.22 at 4:27 pm

In addition to the new Twitter being a veritable playground of fun, punctuated by howls of outraged bruised feelings from the hopelessly self-infatuated, it is also a private company.

Elon can do whatever he wants. Nobody’s business but his. Like it, stay; don’t like it, go. Elon the Magnificent cares not.

——–

Every day provides a new opportunity for trolling. Isn’t that right SA? Emotional reactions are your lifeblood. Truth matters not.

——–

???

Elon buying Twitter is like me buying a Tesla and Tesla haters assuming I would care even a little bit about their opinion on my choice.

Best car ever, btw. 8 years old and still 87% battery capacity. Full self driving latest release is out of this world fantastic.

#61 Felix on 11.06.22 at 5:41 pm

Take your life lessons from a cat, and you won’t be dogawfully suffering like Bethany.

#62 Bill zufelt on 11.06.22 at 5:44 pm

Listings have absolutely dried up—if you don’t have to sell or you are mortgage free(a large percentage are) a 30% reduction means very little. It’s still a pretty good asset and rents are no bargoon lately. Keep the house and rent out part(s) and you’re laughing.

#63 Ponzius Pilatus on 11.06.22 at 5:46 pm

#38 Wrk.dover on 11.06.22 at 4:29 pm
#127 Faron on 11.06.22 at 3:05 pm
#111 Wrk.dover on 11.06.22 at 11:40 am
#100 crowdedelevatorfartz on 11.06.22 at 9:00 am

Got it. You are calculating in a unit of measure that has been irrelevant in Canada for more than 40 years.
________________________________

You are wrong about that too.

Next you will belittle me for my tape measure with feet and inches.

Here in Mainland Canada, where men wear loose fitting pants, we still talk about miles per gallon to compare apples to apples, in a way that compares to what we have experience in.

Litres per 100km is just meaningless Ottawa woke unicorn speak.

Lose the arguments you lose with grace. People will begin to respect you like we used to!
————–
What arguments?
It’s you and FURZ who go on and on.
And FURZ is still using inches instead of centimeters when installing toilets.
No wonder they’re always leaking.

#64 Ponzius Pilatus on 11.06.22 at 5:49 pm

Lot of talk of Twitter these days.
Gotta ask yourself:
“Twitter, what is it good for?”

#65 Victor Llearna on 11.06.22 at 5:49 pm

Reading about greedy sheep that bought pre builds that they can’t afford brings to mind a word I learned on this very blog : schadenfrude!
Hahahah
Those are the same sheep that caused the high prices in the first place.. $625,000 for a 500 sqft condo, maybe if remove a zero from that price it would be closer to what its worth

#66 Amarok on 11.06.22 at 5:54 pm

Given your statement re: condos (“Condo prices are not retreating”) then is the following really a question?

“What possible reason is there to believe we’re not just starting this real estate descent?”

If condo prices represent a sort of fixed housing price floor, then is your thesis that the decent is only to be felt in SFH’s, Semi’s etc.? That seems counterintuitive as SFH/Semis etc. in the GTHA are generally preferred to condos.

Condos now are no more affordable for most Canadian households in the GTHA. SFH and Semis are even more out of reach.

Who is buying these homes?!

#67 Hindutva on 11.06.22 at 5:56 pm

I’ve noticed that in one of your blog posts you used the word “Allah”.

Is Mohamed Fakih paying you to manage his finances? We will see you tomorrow. We would like to know if he funds ISIS, the Taliban and Hezbollah.

#68 Jimmybeville on 11.06.22 at 6:01 pm

“In fact most of BC is running a few months behind the GTA and SW Ontario. But it’s coming.”

I’d say BC is doing a pretty good job of catching up on the declines. Victoria and Vancouver led the way in recent price declines when you look at the Teranet House Price Index. Victoria dropping almost 6 percent in a single month.

1. Victoria -5.9%
2. Vancouver -3.5%
3. Hamilton -2.1%

https://realestatemagazine.ca/canada-posts-another-record-home-price-drop-in-september/

#69 Calgary on 11.06.22 at 6:02 pm

#1 Neo

Now I know who were behind the insane RE price rally. Blame the foreigners, eh?

#70 Nonplused on 11.06.22 at 6:06 pm

When the short term trends indicate inflation and the Fed rate are about to cross in the next couple months is where I think you might see the unicorn “pause”. That is still a few rate hikes away. After that rates will start to fall, but only as inflation does. My prediction: All else being perfect as per the model then inflation settles at 2% and the Fed rate at 3-4%. Rates won’t go back below 2% unless we have another real emergency.

But the Fed has their work cut out for them. In addition to the usual, they have to counteract very aggressive fiscal policy, war spending, and government subsidies being handed out here, there, and everywhere, as well as the “war on energy”. So it might be very difficult to get inflation down to 2% without recession. Of course, the politicians will blame the Fed, but everyone here can know the reason will be the war on energy. You can’t have expensive energy and growth. You can’t reduce energy consumption without recession. Energy is everything.

#71 Penny Henny on 11.06.22 at 6:18 pm

#11 Niagara Region on 11.06.22 at 3:26 pm
I feel Bethany’s pain. In 2014-2016, I looked at a lot of single-family homes in the Niagara Region to purchase. My father talked me out of buying each one of them. Later he revealed that he didn’t want me to buy a house because I am a girl. I’m a professional now in my 50s still trying to hoping to buy a SFH, but prices in my region have doubled since 2014-2016. Thanks dad!
///////////////

I feel very sorry for your situation. But were at least in your 40’s when this happened, this is on you as much as it is on him.

#72 Mr Fox on 11.06.22 at 6:19 pm

Garth the site should definitely encode the HTML the users are putting in their comments….

#73 baloney Sandwitch on 11.06.22 at 6:21 pm

With Dad’s like this who needs ….

Yeah, Bethany will be sued and may be a BK even before she got a start in life. A BK won’t look good on the resume. Hope the builder is too cheap to go through the process. Anyway the deposit is gone for sure.

#74 Summertime on 11.06.22 at 6:27 pm

Help me here, but how on earth can a 3rd grade art student qualify for a 625 k mortgage?

On a condo that has in addition to the mortgage carrying costs – property taxes, maintenance, insurance etc.?

This seems to qualify as a ultra subprime mortgage compared to which the likes/sub-primes from the GFC in US in 2007-2008 look like a solid business.
And whose fault it is that she was able to qualify for that mortgage?

1. The bank who underwrote that mortgage? How the hell is that a solid business?

2. BOC with their ultra row rates and their constant excuses/outright lies for not to raise the rates in order to surpass and fight inflation and constant under the table help in incentivizing such deals like the purchases of MBS?

3. CHMC that ‘insures’ such deals at taxpayer expenses

4. The mortgage broker who facilitated that loan

5. The statistics reporting 6 % ‘ish’ CPI and calling it ‘inflation’ while rents alone increased 20 % in a year and they/or household equivalent rent account for over 50 % of household expenses.
Isn’t inflation of core necessities feeling in the 15-18 % range?

6. The ‘regulators’ and the government that allowed this idiocy with very little regulation of the real estate business?

7. The investors who bought that piece of junk mortgage as a solid investment in somebody’s pension fund?

Looking for somebody taking responsibility here, knowing in advance that it simply won’t happen.

Clear failure of authorities at all levels.

You need not qualify for a mortgage to reserve a pre-con unit. – Garth

#75 omasare on 11.06.22 at 6:29 pm

#58 CaribooGirl on 11.06.22 at 5:26 pm

#3 Lord Garth of Izar – curious how you raised rents 20% on your rental investments when the the BC cap for 2022 is 1.5%?

—————————————

I’ve dealt with the tenants board of BC, less said the better. I did win in the end.

But he’s either lying and pretending to be what he isn’t

(It’s a theme in BC see: Sail Away)

Or he does it because people ‘living the dream’ in the 300 days of rain have no other choice than to pay up or leave.

That’s BC for you, oh wait, that’s Canada 2022.

#76 Penny Henny on 11.06.22 at 6:32 pm

#31 crowdedelevatorfartz on 11.06.22 at 4:08 pm
Bethany should have gone to the Bank of Mom.
More empathy.
////////

Golf Clap!!

#77 DON on 11.06.22 at 6:33 pm

#52 Mr Fox on 11.06.22 at 5:14 pm
I was looking recently at 4 houses (2 detached and 2 semis) in the area of Dufferin-Bathurst and Steels-Sheppard. They were priced pretty tasty: the most expensive was 1.5M. All of them went off the market in avg 7 days. The fastest one was literally 1-3 hours on housesigma.
It gave me the impression that if a house is priced under 1.2-1.3M it will be bought pretty fast.
Generally, looking at the house price statistics for GTA since July, the prices aren’t moving down. Could it mean that 950k is the new “affordable” threshold? Let’s see…

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

Or it could be ‘The Greater Fool’ for a bunch of different reasons. As long as people are ‘Positive’ about their spending decisions while engulfed in an emotional mania that disregards critical thinking in search of the next fix.

10 to 15 years equates to ‘Always’ for some people.

Justiflying it all, whatever that may be, is the next step of denial.

#78 KLNR on 11.06.22 at 6:34 pm

life lesson indeed.
flipping precon condos is gambling.
fools and their money…

#79 Summertime on 11.06.22 at 6:35 pm

The authorities made every possible and impossible effort to incentivize such behavior through pointed policies, they are the sole cause of houses ‘appreciating’ 7-10 times in GTA in less than 20 years, they caused this FOMO frenzy resulting in total un-affordability, making the people waiting for the return to sane policies like idiots, they ensured the general public that the rates will stay low for a very long time and now it is somehow Bettany’s fault?

Why is this not on the first pages of the newspapers and not in the news at all?

And who is going to jail?

At the end, we are all responsible for our own actions. Grow up and accept it. – Garth

#80 Bankersorta on 11.06.22 at 6:38 pm

3rd year uni student, I assume this was going to be a flip. Not sure how or if she came up with the subsequent 5% + 5% + 5% trailing deposit but likely was never gonna close on the unit as she would never qualify for the mortgage.
Regardless at this stage of life recommend she declare bankruptcy and walk away…hopefully her father signed on as a guarantor and gets stuck for it…she gets to walk and he won’t be walking down the aisle with her, but likely his lawyer

#81 Penny Henny on 11.06.22 at 6:42 pm

#38 Wrk.dover on 11.06.22 at 4:29 pm
#127 Faron on 11.06.22 at 3:05 pm
#111 Wrk.dover on 11.06.22 at 11:40 am
#100 crowdedelevatorfartz on 11.06.22 at 9:00 am

Got it. You are calculating in a unit of measure that has been irrelevant in Canada for more than 40 years.
________________________________

You are wrong about that too.

Next you will belittle me for my tape measure with feet and inches.

Here in Mainland Canada, where men wear loose fitting pants, we still talk about miles per gallon to compare apples to apples, in a way that compares to what we have experience in.

Litres per 100km is just meaningless Ottawa woke unicorn speak.

Lose the arguments you lose with grace. People will begin to respect you like we used to!
/////////////

That boat has sailed.
Same with Dolce’s.

#82 Summertime on 11.06.22 at 6:43 pm

You need not qualify for a mortgage to reserve a pre-con unit. – Garth

And why is that?

Is that not a promise to buy/backed by a legal contract/backed by consequences if you walk out?
Is that not impacting prices?

Why is that (not) regulated?

And how is that different than naked long/options trading?

Can I have 625 k please so I can invest in options on the stock market without pledging collateral?

And whose fault it is that this is not regulated?

#83 kommykim on 11.06.22 at 6:43 pm

RE: #32 Balmuto on 11.06.22 at 4:12 pm
So the banks will soon be lending to their prime – their best customers at 6.7%.

And what do we lend to the banks at?

Seems like we need to be demanding a decent rate on our deposits. Maybe a move to a high interest savings account is in order. I hardly ever use my checking account to write checks anymore, or even for purchases, which mostly go on my credit card (for the points, I always pay off the balance).

When rates were low, a zero interest checking account was fine, but with prime rates north of 5%, I think a change is in order.

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

I’m looking into the same thing. When interest rates were low, the requirement for me to keep $5K min balance in my chequing account to avoid the monthly fee made sense. But now that a HISA at the same bank would effectively pay $13.50/month on that $5K, the account is not as “free” as it once was.

#84 Summertime on 11.06.22 at 6:44 pm

At the end, we are all responsible for our own actions. Grow up and accept it. – Garth

Absolutely, and part of that is not to trust authorities in anything. That should be the lesson learned.

#85 Niagara Region on 11.06.22 at 6:52 pm

Re: 71, Henny Penny
Yeah, I guess by my 40s I should have realized that my father was always manipulative and deceitful–and should have never believed a word he said on any topic. In our 40s, we all are so clear-eyed that we know better than to trust our parents. I should have listened to Abbie Hoffman.

#86 Quintilian on 11.06.22 at 6:55 pm

#24 I don’t know on 11.06.22 at 3:54 pm
<quoteblock< Stocks typically recover faster. But real estate won’t be far behind (this is only regarding speculators. People living in their homes will be fine regardless).

IDK, your opinion is truly valued, I know that from posting history, you come across very knowledge, and more importantly you are demonstrably neutral in your commentary on real estate.
But your scenarios seem to be based on hypotheticals, quite a number or hypotheticals.

Yet, as one of the actual examples:

“After locking a meeting with them I receive an email from my bank (2days later) that I’ve hit my trigger rate and that they will impose a new amount to be paid to them ($1600 more/month).”

Seems to suggest things are less than fine.
Fake news right?

#87 baloney Sandwitch on 11.06.22 at 6:57 pm

On second thoughts Bethany was obviously speculating. As a student what is she doing buying a condo anyway? She lost and its indeed a life lesson. Though the Father probably egged her on (and also lost 5K). If the reverse had happened and she made a bundle with an assignment flip, she would have been hailed as a heroine.

#88 VladTor on 11.06.22 at 7:03 pm

#1 Neo on 11.06.22 at 3:02 pm

_______________
Thank you for link !

Read !
Just in shock!
I knew that everything was bad, but so be it!

The housing problem will NEVER be solved in Canada. No one from the government will kill the goose that lays their golden eggs or, if you like, no one will cut the branch of the tree on which they sit.

Garth with his posts about RE looks for me now like very romantic!

#89 Raoul Pal Real Estate on 11.06.22 at 7:10 pm

It might not be 75%, but 50% down is within reach.

We are about halfway there.

Kelowna touts being a tech center as the main economic driver – scary considering the tech bloodbath and firing of 16,000+ high paying tech jobs in silicone valley alone this year. Probably not talked about but happening there too.

#90 Mr Fox on 11.06.22 at 7:15 pm

#77 DON on 11.06.22 at 6:33 pm
Or it could be ‘The Greater Fool’ for a bunch of different reasons. As long as people are ‘Positive’ about their spending decisions while engulfed in an emotional mania that disregards critical thinking in search of the next fix.

10 to 15 years equates to ‘Always’ for some people.

Justiflying it all, whatever that may be, is the next step of denial.

IMHO the mania is soooo entrenched that it will require time for the minds to change. And this brings me to the following conclusions….
1. Everybody (the buyers and sellers) are pricing in the rise of the rates. Once they stop the RE might slightly rise because of the buyers on the sidelines.
2. The buyers aren’t selling now because they know the rates won’t stay high for very long. It’s like “waiting for the dip to pass”.
3. If the house is not sold for the price they ask, they rent it because there’s demand (newcomers?)
4. The equity markets and the RE market are correlated: Pops and Moms won’t give Junior money when the markets are down, but when they go back up it will be easier to sell some and help him buy a nice condo (at a discounted price it looks like)

Again, no idea where the prices will go. But it gives me the impression that after a slight decrease they will steadily climb back up.
As a no RE owner, I am definitely biased towards the invulnerability of RE, so I trully hope I am wrong… Let’s wait and see.

#91 Wrk.dover on 11.06.22 at 7:16 pm

#63 Ponzius Pilatus on 11.06.22 at 5:46 pm
It’s you and FURZ who go on and on.
_______________________________

A grumpy old man, griping about grumpy old men!

Peace

#92 Mr Fox on 11.06.22 at 7:17 pm

#64 Ponzius Pilatus on 11.06.22 at 5:49 pm
Lot of talk of Twitter these days.
Gotta ask yourself:
“Twitter, what is it good for?”

For hiring its ex employees back ahahaha
https://twitter.com/mattnavarra/status/1589345067013378048

#93 Joseph R on 11.06.22 at 7:25 pm

#55 Old Boot on 11.06.22 at 5:22 pm

From your link:

“Like all social media platforms, Twitter forbids images that portray child sexual exploitation. However, it normally allows for sexual content and hosts a booming exchange of pornographic images, which, as per the Reuters report account for around 13 per cent of all content on Twitter.”

Thanks for the link, I wasn’t aware of that issue.

Child exploitation is a crime and distribution of it on social media is also a crime.

However, you just proved my point about moderation: how will crimes be reported if he fires the moderation team? A flaw in moderation does not mean moderation is useless. It like says, the police did not catch the murderer therefore policing is useless.

How Trumpian of him: I willfully ignore facts and evidence, the problems magically disappear! Just like COVID testing!

His reasoning is that liberals just need to ignore offending posts and such not demand moderation; that’s cancel culture, which he sees as cancer to society and it must be resisted and stopped at all costs.

Now, what will he do about sharing copyrighted material on social media? Tell liberals to ignore the posts and let free speech reign?

“The answer to bad speech is more speech!”

You see the evil in his “Free Speech absolutist” behaviour. At least, I hope you can…

He will be forced, by the courts and law enforcement, to reintroduce moderation, no matter what he his fans believe.

What event (s) will occur that will force him to abide by our laws?

Remember he owns Twitter, a public company (last least, for now), not a utility. So he can’t use the “common carrier” clause to escape responsibility of what is transmitted on his property.

By contrast, phone companies are not held responsible of crime made using phone since they are regulated as utilities.

#94 Mortgage Renewals on 11.06.22 at 7:26 pm

For those who said they have a plan to deal with higher payments, these are the top actions:

Decrease spending in other areas of their budget (49%)
Rely on savings to make up the difference (22%)
Take out a loan (14%)
Sell their home (15%)

Hmmm..decrease spending. Can somebody say recession?

#95 Ponzius Pilatus on 11.06.22 at 7:47 pm

#93 Joseph R on 11.06.22 at 7:25 pm
#55 Old Boot on 11.06.22 at 5:22 pm

From your link:

“Like all social media platforms, Twitter forbids images that portray child sexual exploitation. However, it normally allows for sexual content and hosts a booming exchange of pornographic images, which, as per the Reuters report account for around 13 per cent of all content on Twitter.”
——————-
Guess that partially answers my question:
“Twitter was is it good for?”

#96 The Gold Standard on 11.06.22 at 7:49 pm

FYI:

Father’s Day is June 18 2023

PS: Garth is never wrong. Ever.

#97 Sheesh on 11.06.22 at 8:15 pm

Turner Nation, cherry picker extraordinaire. Observer beat me to it, but here is the link to what Colin Furness is saying in 2022 (now that we have way more evidence)

https://mobile.twitter.com/FurnessColin/status/1589103107048624129

#98 Inadequate on 11.06.22 at 8:27 pm

Beth can declare personal bankruptcy. Problem solved. The lesson is quite simple, if you’re going to screw up, do it early when you own nothing. Same advice for entrepreneurship.

#99 Ronaldo on 11.06.22 at 8:37 pm

#6 Observer on 11.06.22 at 3:17 pm
So the life lesson Bethany learned was that her father never learned his.
————————————————————-
Perfect example of the financial illiteracy that is prevalent in our country.

#100 Ronaldo on 11.06.22 at 8:46 pm

#18 Søren Angst on 11.06.22 at 3:39 pm
All we really know is this: when Bethany can’t close, she’ll be sued.

————-

Ya, her and Chrystia Freeland ‘cept by Disney+
————————————————————-
Why waste good money to sue someone with no money. Can’t get blood out of a stone.

#101 Old Boot on 11.06.22 at 8:50 pm

#93 Joseph R on 11.06.22 at 7:25 pm

#55 Old Boot on 11.06.22 at 5:22 pm

From your link:

“Like all social media platforms, Twitter forbids images that portray child sexual exploitation. However, it normally allows for sexual content and hosts a booming exchange of pornographic images, which, as per the Reuters report account for around 13 per cent of all content on Twitter.”

Thanks for the link, I wasn’t aware of that issue.

Child exploitation is a crime and distribution of it on social media is also a crime.

However, you just proved my point about moderation: how will crimes be reported if he fires the moderation team? A flaw in moderation does not mean moderation is useless. It like says, the police did not catch the murderer therefore policing is useless.

How Trumpian of him: I willfully ignore facts and evidence, the problems magically disappear! Just like COVID testing!

His reasoning is that liberals just need to ignore offending posts and such not demand moderation; that’s cancel culture, which he sees as cancer to society and it must be resisted and stopped at all costs.

Now, what will he do about sharing copyrighted material on social media? Tell liberals to ignore the posts and let free speech reign?

“The answer to bad speech is more speech!”

You see the evil in his “Free Speech absolutist” behaviour. At least, I hope you can…

He will be forced, by the courts and law enforcement, to reintroduce moderation, no matter what he his fans believe.

What event (s) will occur that will force him to abide by our laws?

Remember he owns Twitter, a public company (last least, for now), not a utility. So he can’t use the “common carrier” clause to escape responsibility of what is transmitted on his property.

By contrast, phone companies are not held responsible of crime made using phone since they are regulated as utilities.

———

The content moderation team was not affected by the layoffs, nor have the rules regarding acceptable content changed.

Twitter has previously not been responsive to reports of child sex abuse images and has in fact ignored exploited children and their families when presented with evidence of ongoing victimization.

https://www.opindia.com/2022/10/censor-chief-vijaya-gadde-is-fired-how-twitter-refused-to-take-down-child-porn/

Musk has clearly stated that Twitter will adhere to all applicable speech laws in respective jurisdictions.

What he is trying to change is the previous censorship bias against speech which does not meet the definition of hate in any country, but consists instead of accepted facts which might hurt the feelings of certain identity groups currently treated like sacred cows.

#102 crowdedelevatorfartz on 11.06.22 at 8:56 pm

@#91 Wrk.dvr
“A grumpy old man, griping about grumpy old men!”

+++
Ahahahaha.
Yes Ponzie the Accountant has Faron’s metric conversion backside…….griping about centimeters and liters in the Canadian construction industry.

Wrk.dvr gave an accurate cost for diesel in “Gallons” ………in “Canada”.

Faron is too stubborn to admit HIS “math” was wrong.

Admit it Faron.
You learned something new today.
A US gallon is smaller than an Imperial Gallon.
Big deal. yeesh.
Wrk.dvr was talking gallons not liters.
Deal with your minor mistake instead of blustering over the Canadian metric system.
April 1st 1979 was when the Govt of Canada first switched to celcius from farenheight on weather maps.
The rest of the metric bs followed.

As for the Ponzie “cheering section”.
Pfffft.
Pathetically predictable.
Ponzie, next time you go into Home Depot for a wall stud ….. tell them you want a 50mm x 100mm x 2.25m
And prepare to wait and wait and wait as the employees walk past the 2×4’s.

99.9 % of ALL tradesmen still use imperial measurements in most industries in Canada.
Only the govt bureaucrats, clerks, and accountants that never get their hands dirty still insist on the metric system.
I enjoyed writing my govt Power engineering exam decades ago when the question was in metric and the multiple choice answers were in Imperial…..
A lot of guys failed because of that horsesh!t….I passed with flying colors.
The “official” govt exams for trades and industry 40 YEARS after we were forced to go metric STILL ask questions in Imperial or metric and switch the answers back and forth.
A typical Canadian govt sh!tshow.
Brought to you by a previous Trudeau.

#103 I don't know on 11.06.22 at 9:04 pm

#86 Quintilian on 11.06.22 at 6:55 pm

Thank you for the kind words.

That example you posted is not fake news at all. It’s definitely happening. However, it’s not as common as one would think for a few reasons.

The first is that it’s a rather narrow segment of the housing market that is impacted by rising rates to this extent. That being first time home buyers who purchased very recently on a variable rate mortgage and with lots of debt. First time buyers who locked in for five years won’t notice any changes, neither will owners who bought years ago since their principle owing is much lower. Moreover, a lot of our housing stock is occupied by older baby boomers who have no debt at all and no plans to sell. Housing investors who say their mortgage rates increaing will just increase rent as much as they can and hunker down for as long as they can.

The second is that there are a few options available to these people that they can exercise before facing foreclosure. They could re-amortize, pushing out the timeline to keep payments low. They could rent out basements or rooms. Some can make lump sum payments. They can increase their income.. and so on. Foreclosure rates are historically low in Canada. Panic selling does occur, but so does panic buying (due to work relocation, growing families etc.) so it’s a wash in the end.

IDK

#104 Ponzius Pilatus on 11.06.22 at 9:05 pm

91 Wrk.dover on 11.06.22 at 7:16 pm
#63 Ponzius Pilatus on 11.06.22 at 5:46 pm
It’s you and FURZ who go on and on.
_______________________________

A grumpy old man, griping about grumpy old men!

Peace
——————-
Buddy,
You’re up for a pickle ball challenge.
Then we’ll see who is old.

#105 AM in MN on 11.06.22 at 9:06 pm

B needs to look at moving south.

I think Canada could be in for another round of brain drain like the late ’90’s.

If she gets her degree, she can get a job that requires one (basically entry level admin type job) and get a 3-year TN Visa in 10min.

Don’t pay another cent on the condo, walk away from the loss now.

If she wants to be near ON, I go for OH or Indiana, lots of help needed, especially if you can read and write and show up all 5 days of the week!

Get a US SSN and open a bank account and a company 401(k). No US Bank will look at any Canadian credit reports, they don’t know how to.

Get a car loan, furniture and budget to drive back to ON a few times/year.

Give it a few years and see if you want to move back. RE may be a lot cheaper by then.

#106 Ronaldo on 11.06.22 at 9:20 pm

#29 Jaipaul on 11.06.22 at 4:07 pm
How much is the condo worth now?

And can the buyer get a refund on the deposit?

It isn’t really a loss if the condo price went up in value. My Prof told me that using leverage in such an instance would be a realizable gain.

So if the buyer paid a $5000 deposit and the condo appreciated beyond the $625,000 the buyer would have made a profit.

Canadian housing is too big to fail. We have population growth, a strong labour market and Toronto salaries are going higher and higher for those who studied with good majors.

For those left behind the curves, sucks to be you.
—————————————————————
You obviously were not around when we had the last big real estate dump that took 15 or so years to get back to previous highs. Bethany will be looking back in the near future and thanking her lucky stars that she got away so easy by walking away from the deal. She was obviously suffering from a bad case of FOMO. Those who are able to close and who have the capital will be the big losers. Those will be sued.

#107 Faron on 11.06.22 at 9:32 pm

#38 Wrk.dover on 11.06.22 at 4:29 pm
#127 Faron on 11.06.22 at 3:05 pm
#111 Wrk.dover on 11.06.22 at 11:40 am
#100 crowdedelevatorfartz on 11.06.22 at 9:00 am

My mind is blown.

So you guys work in miles per imperial gallon, meaningful only to a handful of backwards Canadians and perhaps brits so that you have to recalculate when you compare with abundant MPG data from the US for all kinds of vehicles? Granted, it’s just a 20% difference, but it boggles my mind that there are two sets of MPG data running around with the same nomenclature but that are incomparable. The wonders never cease.

Earning respect from this crowd is about as valuable to me as ski-ball tickets. Sorry.

#108 Ponzius Pilatus on 11.06.22 at 9:46 pm

Coming to a theatre near you:
“Bethany has an Epiphany”
Narrated by Garth Turner

#109 crowdedelevatorfartz on 11.06.22 at 9:48 pm

@#104 Ponzie’s Pickle Paradigm
“Buddy,
You’re up for a pickle ball challenge.
Then we’ll see who is old.’

++++
Sigh…
Times have certainly changed.
Proud Austrians used to challenge you to a sabre duel.

#110 Travelling on 11.06.22 at 9:48 pm

Currently renting a place in Bangkok, Thailand for $772/month Canadian, including utilities. Next month in Chiang Mai at $721/month. Next month after that in Kuala Lumpur, Malaysia at $1200/month.

I feel for Bethany however a 3rd year uni student should not be signing to buy real estate unless going to school part time and working full time. Even with that, she should have sizeable liquid fallback. Ughhh…

Yeah…renting is good. Easy. Limited liability. Flexible mobility.

Sure, there’s a bit of Bangkok belly risk involved with my circumstances but that’s 2 days of running to the toilet and then you’re good. I suspect Bethany will be sitting on the toilet longer than I did regarding her condo purchase.

#111 Faron on 11.06.22 at 9:49 pm

#102 crowdedelevatorfartz on 11.06.22 at 8:56 pm
@#91 Wrk.dvr

Faron is too stubborn to admit HIS “math” was wrong.

Well, my math was fine. My assumption that the gallons were US gallons was incorrect.

Yes, I had forgotten about the imperial gallon. I too think in MPG where the G is a US gallon. I’m amazed that there are Canadian backwaters where the G is 20 percent larger. Further amazed that you will do an awkward calculation to MP imperial G rather than US G thereby making it inconvenient to compare with Americans where comparitive data is abundant. If you next tell me the M are nautical miles I’m going to lose it.

#112 Sail Away on 11.06.22 at 9:56 pm

#101 Old Boot on 11.06.22 at 8:50 pm

Musk has clearly stated that Twitter will adhere to all applicable speech laws in respective jurisdictions.

What he is trying to change is the previous censorship bias against speech which does not meet the definition of hate in any country, but consists instead of accepted facts which might hurt the feelings of certain identity groups currently treated like sacred cows.

—————

Well said. I’d suggest going with ‘previously treated like sacred cows’, though, because those days are thankfully over.

Back to the fringes with the radical nutters. They’ve had, and definitively blown, their chance. The centrist majority does not like the result.

#113 mike from mtl on 11.06.22 at 9:58 pm

#105 AM in MN on 11.06.22 at 9:06 pm
B needs to look at moving south.

I think Canada could be in for another round of brain drain like the late ’90’s.

If she gets her degree, she can get a job that requires one (basically entry level admin type job) and get a 3-year TN Visa in 10min.

Don’t pay another cent on the condo, walk away from the loss now.

If she wants to be near ON, I go for OH or Indiana, lots of help needed, especially if you can read and write and show up all 5 days of the week!
//////////////////////////////////////////////////////////////

Hopefully you’re being very generous with that assessment, as the mid-west US is armpit of America for very good reasons. Have relatives there and even given free homes and jobs I’d never conscientiously relocate there.

Canada is a land of rent seeking true but, flyover land USA is free for all those who value Walmart, Costco and corporate copy-n-paste accessible from offramps.

And no, getting a TN1 costs many thousands and is full of lawyer bs – if would be so simple who would rather slug it out in the hammer over just over the river?

#114 Søren Angst on 11.06.22 at 10:01 pm

#100 Ronaldo

TOEFL. Literature not short of good writers, just GOOD READERS.

——————-

Above the line was Garth. Did you even read what he wrote?

Below the line was me. And Freeland has cash.

#115 Quintilian on 11.06.22 at 10:01 pm

#103 I don’t know on 11.06.22 at 9:04 pm

so it’s a wash in the end.

Now that’s CRAZY TALK

All the fluffy stuff you blather about is cancelled out by cold hard numbers.

Tick Tock, Tick Talk

#116 crowdedelevatorfartz on 11.06.22 at 10:42 pm

@#107 Faron
“Earning respect from this crowd is about as valuable to me as ski-ball tickets. Sorry.”

+++
Your pal Ponzie is certainly impressed if you have National Pickle Ball Championship tickets…..front row seats?
Single Hotel room double beds?

#117 I don’t know on 11.06.22 at 10:51 pm

5 Quintilian on 11.06.22 at 10:01 pm

Just because you don’t want to believe reality doesn’t mean it isn’t true.

Google:

“Why we won’t see a rash of Canadians defaulting on mortgages” from The Star to see a nice synopsis.

Here’s some “hard numbers” for you:

Even during the depths of the last housing downturn in the late 80’s, default rates hovered at 1% at the most. During 2008 we ticked up slightly but still settled at below 1%.

The us default rate was around 11-12% in 2008 for perspective.

The article explains why but chalk it up to demographics, culture, the labour market, and a few other factors.

If you work through the cloud of emotion underpinning your posts, you’ll the “cold hard numbers” completely invalidating everything you are saying.

IDK

#118 Russ on 11.06.22 at 11:05 pm

Faron on 11.06.22 at 9:49 pm

#102 crowdedelevatorfartz on 11.06.22 at 8:56 pm
@#91 Wrk.dvr

Faron is too stubborn to admit HIS “math” was wrong.

Well, my math was fine. My assumption that the gallons were US gallons was incorrect.

Yes, I had forgotten about the imperial gallon. I too think in MPG where the G is a US gallon. I’m amazed that there are Canadian backwaters where the G is 20 percent larger. Further amazed that you will do an awkward calculation to MP imperial G rather than US G thereby making it inconvenient to compare with Americans where comparitive data is abundant. If you next tell me the M are nautical miles I’m going to lose it.
=======================================

Faron, buddy, stop.

It was better when you hung back and let Ponzie bury himself. Don’t fall on the sword now.

This reply is your classic straw man argument man. It is a big part of why you get no respect for you or your Phd here.

The mistake you made was in volume calculation.

Maybe a cultural difference you didn’t know about but Own It!
We know you’re not from around here and can be quite tolerant.

You should not double down with some tripe about taking volumes into consideration with some other metric and trying to prove you were correct!

Cheers, R

BTW, If you don’t do rough conversions at the retail shops all the time how can you price compare? I assumed everyone does this…

#119 Shawn on 11.06.22 at 11:10 pm

To whom it concerns

(Yes, you, you idiot)

When in a hole, stop digging. Just wow.

#120 Quintlian on 11.06.22 at 11:28 pm

#117 I don’t know on 11.06.22 at 10:51 pm

Just because you don’t want to believe reality doesn’t mean it isn’t true

It has nothing to do with belief, but everything to do with numbers such as the price reductions in the Fraser Valley of 30% and much more in secondary markets in Ontario.
And the new rates have yet to really kick in.

#121 Sail Away on 11.06.22 at 11:35 pm

Faron on 11.06.22 at 9:49 pm

Further amazed that you will do an awkward calculation to MP imperial G rather than US G thereby making it inconvenient to compare with Americans where comparitive data is abundant.

—————

‘comparative’

It’s ok. Everyone makes mistakes.

#122 Ponzius Pilatus on 11.06.22 at 11:42 pm

#118 Russ
Faron, buddy, stop.

It was better when you hung back and let Ponzie bury himself. Don’t fall on the sword now.

This reply is your classic straw man argument man. It is a big part of why you get no respect for you or your Phd here.
——————————————
Haha
Respect.
Most of the posters here don’t even know how to spell R-E-S-P-E-C-T.
And BTW, if you have any issues with my posts, please direct your concerns directly to me.
Now that would show RESPECT.
And stop your phoney:
Cheers, R.

#123 Peter on 11.07.22 at 12:22 am

For those who were asking about alternative offers to variable, I locked in a 10 year term at 2.14% fixed. It was on offer from Tangerine 18 months ago.

#124 Faron on 11.07.22 at 12:45 am

#118 Russ on 11.06.22 at 11:05 pm
#59 Triplenet on 11.06.22 at 5:30 pm
#63 Ponzius Pilatus on 11.06.22 at 5:46 pm
#81 Penny Henny on 11.06.22 at 6:42 pm
#102 crowdedelevatorfartz on 11.06.22 at 8:56 pm
@#91 Wrk.dvr

This has to be one of the most hilarious crusades I’ve witnessed. Yes, I made a mistake assuming US gallons. Woopsies.

Still, I’m genuinely curious if saying my toyota echo gets 41 MPG means something different to a US American than to a Canadian. According to wrk.dover in Canada I should say 48 MPG? Enlighten me!

Or continue down your weird crusade in which I apparently don’t use an imperial tape nor understand the kg and lb metrics used in Aviation. BSC.

#125 AM in MN on 11.07.22 at 1:08 am

Hopefully you’re being very generous with that assessment, as the mid-west US is armpit of America for very good reasons.

—————————————————–

And Toronto isn’t?

Admittedly I haven’t been there for about 20 years, but I can’t imagine it’s gotten better.

When you’re young and need to get ahead financially, you go where you need to. In Canada, that means North.

If you go south but want to be able to drive back to see family, stay in the upper mid-west.

#126 Tim on 11.07.22 at 1:50 am

There’s definitely more to this story.

I have bought preconstruction condos in Montreal and I’ve always needed 15% down within the first 12 months (5% at signing, 5% after 6 months and 5% at 12 months), I’ve also needed to get pre-approval letter that was good for 3 years. That would mean that she would have had to fork out 90k as a down payment. Best, I’ve heard is that you might be able to put down as little as 10% (60k in this situation) instead of 15% if you buy closer to the delivery of the building. There was one time that I only needed 5%, when the bank provided a pre-approved letter for 95% and the developer agreed to this exception, but that was still a 16k down payment for me.

As explained to me by a close friend in the industry, the banks need to have a certain amount of equity in order to get the funds released to start building, which is why they usually request for ~15% down. There isn’t enough information to this story.

#127 Dr V on 11.07.22 at 2:06 am

I recommend all bloggers watch the latest 60 minutes
episode re social media.

Then think about it. Really……think……about it.

#128 jane24 on 11.07.22 at 2:08 am

Bethany won’t have to pay another penny and won’t get sued. She is a kid with no assets. Not worth the developer paying the legals. She will lose her deposits and walk away. Now if her dad is on the paper, he has a problem. And if 75% of the so called intended owners walk away then the developer has a problem.

All of this happened in 1988 to 1994. It was like dominos. The third leg to this problem has not hit the news yet. If you brought a pre-built condo and sold the agreement on for more money then if that new buyer cannot close your original contract with the builder, said contract comes back to you to satisfy. In that last RE recession there were folk who lost everything because they had sold on numerous condo purchase contracts never dreaming that they would have to close themselves. If this is still contract law in Canada and you thought this is a swell idea for easy money, it really is the time to move to Portugal. I seem to remember that in 1988 to 1994 a lot of people moved back to Italy and Greece!

#129 Peter piaff on 11.07.22 at 6:41 am

Garth, I smell some hip hop in you ..if you rearrange, DT T.O, you get Tdot ..
Btw how do you feel about footing the bill for poor countries, maybe tax RE capital gains to be pay for this?
https://www.bbc.co.uk/news/live/science-environment-63330171

Also had a good laugh about this punter #3 Lord Garth of Izar, calling rainy cesspool YVR world class .

Finalement, pour en finir loved your Edith Piaff, je me regrette rien response!

#130 Wrk.dover on 11.07.22 at 7:19 am

Ponze and Wrk.dup playing pickleball!

Will Furz cheer on the sidelines, or just laugh?

All good, either or, I’ll bring Red Stripe beer.

Garth can play the winner.

#131 crowdedelevatorfartz on 11.07.22 at 7:23 am

@#124 faron the infallible
“This has to be one of the most hilarious crusades I’ve witnessed. Yes, I made a mistake assuming US gallons. Woopsies.”

++++
The only hilarious thing here is knowing you were wrong Mr “Check your Math” and then watching you jump through flaming hoops to explain why you were right.
Keep digging.

#132 crowdedelevatorfartz on 11.07.22 at 7:28 am

@#122 Ponzies Perfect Pickin’ Pitch
“And BTW, if you have any issues with my posts, please direct your concerns directly to me.”

++++
Ok.
If not a Pickleball duel or dueling sabres.
How about this….?

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwieoI_YiJz7AhVXGTQIHQfABgcQwqsBegQIDBAB&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3DpDlZLsJJkVA&usg=AOvVaw0x1-K28K7eoh3iiWixPZo9

The gauntlet has been tossed….

#133 Bdwy on 11.07.22 at 8:22 am

Re mpg.

In this case faron has the stronger case imo (needle/haystack?)

Imperial gallons for fuel should be specified unless one is on a few specks of Caribbean sand.

“As of 2021, the imperial gallon continues to be used as the standard petrol unit in four British Overseas Territories (Anguilla,[13] the British Virgin Islands,[14] the Cayman Islands,[15] and Montserrat)[16][17] and six countries (Antigua and Barbuda,[18] Dominica,[19] Grenada,[20][21] Saint Christopher and Nevis,[22] Saint Lucia,[23] and Saint Vincent and the Grenadines)

As a regular buyer of fuel in both bc and Washington, comparisons/conversions of price and mpg are somewhat meaningless in imperial gallons. It’s a dead concept in 2022.

Auto manufacturers never use imperial gallons for mileage specs in Canada.

#134 Toad the line on 11.07.22 at 8:31 am

I think there was a pic of a toad on here a few weeks back ….folks do NOT lick the toad, no matter how bad things get..

https://www.mirror.co.uk/news/us-news/national-park-urges-hikers-stop-28427643

#135 Gravy Train on 11.07.22 at 8:34 am

#127 Dr V on 11.07.22 at 2:06 am
I recommend all bloggers watch the latest 60 minutes
episode re social media.

Then think about it. Really……think……about it.

My favourite quote from the episode was by American author and social psychologist Jonathan Haidt: “Simply refuse to be gladiators in the coliseum of social media. You can’t win a war on social media. Just don’t engage. Don’t engage in the public battles because that’s just feeding the beast.”

As an aside, Dr V, I thought you might find interesting these three books by Mike Berners-Lee:
• (2022) The Carbon Footprint of Everything,
• (2019) There Is No Planet B,
• (2013) The Burning Question.

You may already be aware that the author is a physicist, his brother (Sir Tim) invented the World Wide Web, and his parents were both mathematicians and computer scientists.

#136 Bdwy on 11.07.22 at 8:40 am

Re. USA re for cdns.

Linda . USA can tax world wide income for us citizens. Not cdns with us property. Cap gains tax does apply. 12mil estate exemption also.

Re the buy cheap houses in USA guy. Got a letter in mail last week from whatcom county, taxable value of an acreage near Vancouver more than tripled in one swoop. Not happy about the property tax implications

#137 AM in MN on 11.07.22 at 8:52 am

What is a gallon?

Strange conversation, but since we’re in an inflationary environment, a bit of history.

Everyone has abandoned the gallon except the US, which means that the generally understood unit of “gallon” means a US gallon (3.79L). The US does not have the power to change what a litre is, thus 10 years from now when you buy a 2L jug of milk you get the same amount as you do today.

When FDR confiscated everyone’s physical gold and replaced it with paper certificates, he then devalued it from $20/oz to $35/oz, which you could redeem years later.

He did the same to a gallon. Called it the same but you got 20% less actual liquid.

My Chevy Silverado does not get 41 MPG.

#138 Steven Rowlandson on 11.07.22 at 8:59 am

For the sake of fairness, sound economics and fighting crimes against humanity the real estate market, its prices and rents must be quashed and suppressed forever!
Property ownership allowed and encouraged but treating real estate as an investment should be prohibited forever.

#139 Robert Ash on 11.07.22 at 9:08 am

Easy to forecast, most likely Housing will revert to the mean. I recall, on this Blog, a discussion of a 10 Year fixed Mortgage, at slightly under 3.0%, … Maybe 2.96! I nearly jumped out of the chair, as when I started House hunting, it was 15% moving to 16% fast… I recall losing a grip for a moment, and yelling at the screen, take..it! The small Principle and Interest Amortization booklets used then didn’t list any math for rates, less than 4.0%. I do think it is a travesty that Repressive interest rates, have caused this problem, and will mark, many young folks. I know Garth is understanding, But I also jumped out of the Chair, when Macklem, coached Rates will be lower for much longer…. I yelled another expletive.

#140 mike from mtl on 11.07.22 at 9:21 am

#125 AM in MN on 11.07.22 at 1:08 am

And Toronto isn’t?
/////////////////////////////////////////////////////////////////

An overgrown American mid-west bland city, pierced with ripoff condo towers and multi million crap shacks. Inhabited by smug rent seekers, branch offices and government sanctioned oligopolies.

Yeah I agree unless you’ve got a compelling reason to be there, it’s just not worth it.

#141 Love_The_Cottage on 11.07.22 at 9:25 am

Looks like Ford is backing down. Not everyone in the public was outraged by the use of the notwithstanding clause. But it looks like enough of us were and were vocal about it that he’s backed down.

This restores my faith in democracy in this country. The charter of rights and freedoms must be respected.

To be clear, nothing wrong with ordering teachers back to work and if you are unable to reach an agreement sending it to binding arbitration. But do it while following the laws of the land.

#142 the Jaguar on 11.07.22 at 9:37 am

NP Snippet for those who value what flags stand for and who remember what the world was like before polarization….++

“Legend has it when Canadian troops stormed ashore under a hail of German gunfire at the French port of Dieppe in August 1942, one of the hundreds who eventually died in the attack was carrying an old flag.
More than 80 years later, that flag will play a central role in commemorating the doomed raid on Dieppe during this year’s national Remembrance Day ceremony.

The Red Ensign served as Canada’s de facto national flag from 1892 to 1965, when it was replaced by the Maple Leaf. The design featured a Union Jack and different coats of arms, depending on the provinces that were part of Confederation at the time.

This particular flag, whose age has been confirmed by the Royal Canadian Legion, dates back to the period between 1870 and 1873, after Manitoba joined Confederation but before British Columbia.

The Red Ensign visited Dieppe with a delegation of veterans in 2019, and Legion spokeswoman Nujma Bond says it will be given a place of honour in front of the Tomb of the Unknown Soldier on Remembrance Day to commemorate the battle.”

#143 millmech on 11.07.22 at 9:39 am

A couple of great stories here.
https://www.msn.com/en-ca/news/canada/man-sleeping-in-his-car-says-tenants-owe-more-than-31k-won-t-leave-his-rental-property/ar-AA13OPvj?ocid=msedgntp&cvid=7b774411c8d149a6905d916f5b6bbc28

#144 IHCTD9 on 11.07.22 at 9:46 am

#124 Faron on 11.07.22 at 12:45 am

Still, I’m genuinely curious if saying my toyota echo gets 41 MPG means something different to a US American than to a Canadian. According to wrk.dover in Canada I should say 48 MPG? Enlighten me!
_______

Here’s the long and short of it. Canadian folks under 40 have probably never heard of an Imperial gallon. But the window sticker on a brand new 2023 car in Canada will display the mileage in L/100km and MPG (Imperial) right now today.

So if you are talking MPG in Canada, the older the dude is, the more you have to be aware he might be talking Imperial gallons. And you should be aware of its existence because it will show up unexpectedly – like at the new car dealership, and at work. I worked on a project years ago where a young designer sized a tank fabrication too small because he assumed the gallon capacity was in USG, while the customer had meant Gal Imp. It was not stated either way, and no one asked.

Government is metric, industry is 90% imperial – and quite often mixed imperial (ie long/short tons). Our metric is often just translated imperial ie a 1200 x 2400 sheet of ply wood is that size only because it is actually a 48″ x 96″. If you convert a [email protected] wide flange beam from mm/KG/M to inches/lbs/ft – voila, you get a [email protected] – which is what you are actually buying.

#145 chalkie on 11.07.22 at 9:57 am

My heart hurts for a great many families that did not understand the risk and now caught up in this terrible mess of going underwater, with little chance of recovery for many years to come.

There is an old saying, do not judge unless you have walked a mile in my shoes.

Pot shots are easy prey, Governments has a lot of blame that they need to feel the guilt, fat chance of that.

Quote of the day: Not everything that can be counted counts, and not everything that counts can be counted

#146 Surprise on 11.07.22 at 9:58 am

Now if you can’t or wont rent your condo and do not live in it you will pay an extra 1% yearly vacant home empty tax in Toronto which can easily be another $5,000, $6,000 a year property tax on already the thousands a month just to hold on to their property. Keep voting for your Liberal, NDP, Green socialist parties. Alot of people will lose their properties, houses soon in the next 12 months.

#147 IHCTD9 on 11.07.22 at 10:04 am

#133 Bdwy on 11.07.22 at 8:22 am

Auto manufacturers never use imperial gallons for mileage specs in Canada.
____

On the window sticker they do. Mileage is shown in L/100 km and MPG Imperial. That’s why cars are so much more fuel efficient in Canada compared to the USA :).

#148 ritenote on 11.07.22 at 10:07 am

Would be interested in “Dad’s” side of the story… must be all his fault, right?

#149 SunShowers on 11.07.22 at 10:11 am

#4 I’m stupid on 11.06.22 at 3:16 pm
“I think Bethany should remember what her dad did when it comes time to choose a long term care home or when she needs to pull the plug.”

What her father did is the exact same thing many boomer parents are guilty of. Recommending their children to do the things that they themselves did to get ahead. My parents are guilty of the same for pushing me to get degrees in hard sciences, because those fields are “always in demand.”

There was no malice on his part (he gave her 5 grand for heaven’s sake), just a very common ignorance among boomer parents that the ruling class sold their children up the river before they were even born, so the tools they had to get by are no longer available to their children.

#150 Dee on 11.07.22 at 10:18 am

We need a good shakeup in the public sector. A 35% cut to government as it already grew to big during the pandemic, 400,000 jobs were added and now we are all paying higher inflation, taxes, cost of living, more devalued money in our pockets, 74 cents dollar crap, 62 cents coming soon back to Chretien, Martin days.

#151 NoName on 11.07.22 at 10:27 am

#139 Robert Ash on 11.07.22 at 9:08 am
Easy to forecast, most likely Housing will revert to the mean. I recall, on this Blog, a discussion of a 10 Year fixed Mortgage, at slightly under 3.0%, …

As i sad before looks like that i am steel only one with mortgage here in comments, but to your point i renew my mrt couple of years ago and i could get 10y fixed for 2-1/4 back then, i had just 7 yrs to go so i setld for 2.1.

I wished more people payed attention then and especialy now days. Back than some non banks lender were offering even 1/4 below 2% for similar or same produkct at one point.

#152 IHCTD9 on 11.07.22 at 10:27 am

#107 Faron on 11.06.22 at 9:32 pm

So you guys work in miles per imperial gallon, meaningful only to a handful of backwards Canadians and perhaps brits so that you have to recalculate when you compare with abundant MPG data from the US for all kinds of vehicles? Granted, it’s just a 20% difference, but it boggles my mind that there are two sets of MPG data running around with the same nomenclature but that are incomparable. The wonders never cease.
____

Haha, this is just part of being a Canuck. Understanding the pitfalls of old school international Imperial measurements mixed with metric, while parked right next to the mighty USofA.

When I think Gallons, my mind uses USG, but I still realize the window sticker on my new truck says MPG in Imperial, and I can tell because I can relate common USG MPG figures to their rough equivalent L/100 KM numbers, so if the stated MPG seems high compared to the L/100 km shown, I know it’s probably MPG Imp.

And get this, I learned the equivalencies between L/100Km to MPG USG, because the instant fuel economy gauge in my truck shows L/100KM and… MPG-US lol! Hence, when I state here on the blog that my truck gets about 9MPG – that’s 9 MPG US.

#153 Eeyore on 11.07.22 at 10:33 am

This is actually SunShowers, I just decided to change my handle to something that reflects my personality better

#154 Imperial vs metric on 11.07.22 at 10:36 am

One place I am finally seeing metric adopted in building is in tiling (and probably masonry, that is concrete block).

Apparently it makes a tiler’s job much easier using metric sizing.

#155 Ponzius Pilatus on 11.07.22 at 10:55 am

I’m waking up.
And everyone is still talking about gallons.
Get a life.

#156 Dharma Bum on 11.07.22 at 11:06 am

So, what now?

Will Kelowna incomes double in the next year?

Where can folks with VRMs find an extra $1,600 a month?

What will thousands of pre-con owners do when they can’t flog their assignments to a greater fool?

How much will a stress test rate of 8% chop what people can borrow?

What possible reason is there to believe we’re not just starting this real estate descent?
—————————————————————————————————-

Is this really the end?

To find out, tune in tomorrow night…same Bat time, same Bat channel!

https://www.youtube.com/watch?v=mS2toDwXnSI

#157 Faron on 11.07.22 at 11:17 am

#121 Sail Away on 11.06.22 at 11:35 pm
#133 Bdwy on 11.07.22 at 8:22 am
#137 AM in MN on 11.07.22 at 8:52 am
#144 IHCTD9 on 11.07.22 at 9:46 am
#119 Shawn on 11.06.22 at 11:10 pm

You guys keep your hornet’s nests in the weirdest places.

Let’s summarize here:

I express bafflement and erroneously assume wrk.dover miscalculated his US gallons conversion.

I express wonder that, on a continent where no-one would purchase an imperial gallon of fuel metered as such, someone would compute price per imp gallon and compare MPimpG with their buds.

The comments section fully loses it’s mind accusing me of everything from using metric tape to being woke to making straw man arguments to being unable to convert units at the grocery store and whatever else.

Amazing.

#158 Faron on 11.07.22 at 11:21 am

#119 Shawn on 11.06.22 at 11:10 pm

Hey, try reading a basic book on finance to help you answer some of your idiotic bafflement around how share buybacks work and influence price. And maybe some google around the Fed’s balance sheet so you can see within the top results the actual balance sheet and what comprises it.

And ease off the trigger on the occasions we agree.

#159 Dharma Bum on 11.07.22 at 11:24 am

As residential real estate struggles, commercial and industrial real estate seems promising.

https://www.theglobeandmail.com/business/article-gic-dream-industrial-buy-summit/

Summit REIT acquired for $4.5 Billion – “more proof that warehouse properties in major urban centres such as Toronto and Montreal are some of the hottest real estate to own anywhere in the world.”

KA-CHING!!!

#160 Ponzius Pilatus on 11.07.22 at 11:29 am

Is the tide turning against Musk?
Could Twitter be his Waterloo?
Class Action lawyers are on the prowl.
Could he be made legally liable for illegal content such as kiddie porn?
Personally, I think he should.

#161 Faron on 11.07.22 at 11:32 am

In case anyone is wondering why TSLA is off this morning. Elon is losing it.

Twitter asks dozens of laid off workers to return to work: report

Some of those who are being asked to return were laid off by mistake. Others were let go before management realized that their work and experience may be necessary to build the new features Musk envisions, the report said citing people familiar with the moves.

Emphasis mine. Turns out that number of lines of code committed may not be the best metric out there. Imagine the morale at Twitter right now.

#162 TheDood on 11.07.22 at 11:38 am

#20 David on 11.06.22 at 3:45 pm
Precons and assignments are definitely becoming a shitstorm, why? I had a friend realtor call me several times over last few weeks if I dont want a precon in Milton at $1,200 a square foot. Funny thing he’s never called with business before.

__________________________

Counter offer – $20 sq/ft

#163 Tate on 11.07.22 at 11:50 am

Robert Ash, we did get a 10 year fixed rate mortgage back in 2020 at 2.99%. We knew 0.99% to 1.15% variable mortgage rates were a trap.Our house cost $705,000, we put 21% down, $148,000 so our mortgage $557,000 is affordable to us. We are paying much more than the interest rate and mortgage payment required as we want to pay off this sucker, $4,500 a month mortgage payment which at this rate in 10 years will be $129,000 left on our mortgage balance. The good news is we now have after almost 3 years saving alot more if we stayed variable with our mortgage or locked in with 5.5% to 6% higher mortgage rates now. Our $36,000 in RRSPs, TFSAs with earning higher interest rates of 4.75% to 5% instead of our mortgage payment of 2.99%.

#164 Shawn on 11.07.22 at 11:55 am

Others mileage may vary:

Original discussion was to covert the high diesel cost in New Brunswick to Canadian dollars per Canadian (imperial) gallon to shock those of us old enough to remember.

“#74 Wrk.dover on 11.05.22 at 6:29 pm
ATV news, confirms N.B. 68 cent increase to $3.04/litre.

That’s only $13.80/gallon, in a town with a refinery and a port that unloads tankers from anywhere in the world, unless Europe out bids.”

As far as the imperial system being outdated. Not in the produce section of the grocery store, or meat section or anything weighed. Not in the lumber / construction business. Studs (not the Garth kind) are still on 16 inch centers. Furthermore, people still report their height, weight and other important bodily measures in the imperial system – mostly inches.

Now as far as liters per 100km goes. It’s backwards, as everyone intuitively knows. It should be km per liter. Here’s why: My Engineering professor used to explain that efficiency ratios can be thought of as “what you get divided by what you pay”. So productivity is widgets per hour. Mileage is miles per gallon. CEF can calculate farts per ride (not rides per 100 farts).

Google says:

“How Do You Calculate Efficiency? Efficiency can be expressed as a ratio by using the following formula: Output ÷ Input. Output, or work output, is the total amount of useful work completed without accounting for any waste and spoilage. You can also express efficiency as a percentage by multiplying the ratio by 100.”

liters per 100km is backwards. It’s input over output which is just wrong.

Wrk.dover had it right from the start. Sheesh! Almost $14 per gallon for fuel. Some of us remember closer to 50 cents a gallon and it was far less than $2.00 an (imperial of course) gallon when Canadian gas pumps went metric. It was I think pushing $1.00 a gallon at that time as I recall. I remember maybe 20 cents to 25 a liter for gasoline in the early metric days.

Now we just need to get the auto companies to switch to km per liter. Oh never mind, I’m now on kWh per km or kWh per 100 km. My Tesla tells me it averaged 0.17 kWh per km. At 10 cents a kWH marginal cost for home charging that’s 1.7 cents per km.

#165 IHCTD9 on 11.07.22 at 11:56 am

Did a little grocery shopping last Friday. 3 Romaine hearts – $6.50/pkg. Sweet Onions cost over 100% more than cooking Onions. Almost 5.00 for a decent loaf of multi-grain bread.

Ms. IH bought a cabbage last week, we’ve never eaten much Cabbage. So far we’re on meal #4 with that same huge Cabbage, plus a big bowl of coleslaw in the fridge. She made “Bavarian Apple-Sausage Hash” which was tasty, hearty, and pretty cheap. Re-heats well too. Good food inflation buster.

#166 Bdwy on 11.07.22 at 11:57 am

One less tractor man:
I stand correcred. Guess who only buys used cars?

Online all i ever see is l/100km or mpg in yankee.

Just looked and canada energuide uses imperial too. Crazy really.

#167 Sandra on 11.07.22 at 12:02 pm

I have no sympathy for anyone trying to buy a house, condo, property with 1% to 2% mortgage rates when they were giving me 1.58% to 1.77% 5 year GIC rates just a couple of years ago. Fixed mortgage rates at very low rates 3% or under are worth locking in. I would say even at 3.5%. I guess history is not boring anymore when it comes to your money and mortgage payments costing you $800 to $2,000 more a month.

#168 Erin on 11.07.22 at 12:08 pm

I doubt incomes will double but my uncle just changed jobs after 12 years and is now getting a full 25% pay increase plus more benefits, higher vacation pay. This might be a more dramatic case but I am seeing alot of friends, family members getting 10% to 12% pay increases over the next 2 years or by changing employers.

#169 Dr V on 11.07.22 at 12:16 pm

135 GT – thanks for the book recos. Carbon footprint of everything may go on the Xmas list.

#170 WTF on 11.07.22 at 12:26 pm

#150 “We need a good shakeup in the public sector. A 35% cut to government as it already grew to big during the pandemic, 400,000 jobs were added”
—————————————————————-
Not sure where you got your number but…..Google.

About 319 k Total employment for the Feds. (ex Military/RCMP) LIB-DP govt did increase by hiring about 30k.

Admittedly Don’t know about other Provinces/ Cities but would assume far less increases in hiring

I do agree governments at every level should be looking at reducing costs VS increasing headcount with the resultant Tax and user fees hit. People are tapped out.

Maybe this guy can help?

https://www.bing.com/videos/search?q=terry+tate+office+linebacker&qpvt=terry+tate+office+linebacker&view=detail&mid=3438512A9EFF8DEFEDFB3438512A9EFF8DEFEDFB&&FORM=VRDGAR&ru=%2Fvideos%2Fsearch%3Fq%3Dterry%2Btate%2Boffice%2Blinebacker%26qpvt%3Dterry%2Btate%2Boffice%2Blinebacker%26FORM%3DVDRE

#171 tbone on 11.07.22 at 12:28 pm

Good old Dougy , Shrewd negotiator.
First take something away , and then give it back to them in a show of good faith, lol .

#172 Leslie on 11.07.22 at 12:30 pm

Your kitty was lovely. She must’ve been a very good friend. We had a kitty like her years ago named Pete. He passed about 20 years ago, but we miss him to this day. They are very special, aren’t they?

#173 Russ on 11.07.22 at 12:47 pm

.
The volume and rates discussion is hilarious alright but good clean fun. I’m sure Garth hasn’t received any “hurt feelings” report yet and no deletes either.

This is a good explanation of the situation by a USA company river nymphs.
https://hydrocellusa.com/blogs/press/how-many-ounces-gallon
Note the quote:
“This is why the United States mainly uses 128 ounces and 1 gallon to measure, while much of the world measures in 160 ounces or 4.5 liters.”

As to the merit of the S.I. system vs. Imperial consider how practical 12 is as a base unit. How many whole numbers “go into” each?
Well, 12 has 1, 2, 3, 4, 6 & 12 (6 total) while 10 has 1, 2, 5 & 10 (only 4).
Which do you think is easier to use in a world without calculators?

What is the most common package for eggs? A dozen is so much more versatile for a family without have an odd number of eggs about eh.

Cheers, R

#174 IHCTD9 on 11.07.22 at 12:53 pm

#166 Bdwy on 11.07.22 at 11:57 am
One less tractor man:
I stand correcred. Guess who only buys used cars?

Online all i ever see is l/100km or mpg in yankee.

Just looked and canada energuide uses imperial too. Crazy really.
_____

I’m the same – used. I (very) briefly considered buying a new truck back in ~2017, and noticed the MPG numbers seemed quite high compared to what I knew they were getting in MPG US (via internet research). A little more research and calculator verification later, and I had my answer. I was none the wiser before then.

When did this turn into a mileage blog? – Garth

#175 Faron on 11.07.22 at 12:56 pm

#160 Ponzius Pilatus on 11.07.22 at 11:29 am
Is the tide turning against Musk?
Could Twitter be his Waterloo?
Class Action lawyers are on the prowl.
Could he be made legally liable for illegal content such as kiddie porn?
Personally, I think he should.

Love it. His ad hoc approach to this entire mess since April should cause any self-respecting engineer to perminently disown Elon, the self-proclaimed engineer (i.e. pretendgineer).

Twitter Bans Users With Millions of Followers for Making Fun of Elon Musk, Who Famously Loves Free Speech

Elon Musk mocks people signing up to Twitter alternative Mastodon

#176 Sail Away on 11.07.22 at 1:02 pm

My standard ‘one-pot’ meal underwent an amazing transformation this weekend.

As usual, it consists of onions, carrots, potatoes and meat (grouse this time), seared, caramelized, seasoned and cooked over low-med for an hour or so. But then try this… wait for it… crack a bunch of eggs into the simmering liquid and let them poach for the last 15 minutes.

Oh baby.

#177 IHCTD9 on 11.07.22 at 1:06 pm

#164 Shawn on 11.07.22 at 11:55 am

Not in the lumber / construction business. Studs (not the Garth kind) are still on 16 inch centers.
___________

There’s our translated Metric again – because sheets of plywood in reality are 4’x8′.

#178 Faron on 11.07.22 at 1:10 pm

#164 Shawn on 11.07.22 at 11:55 am
#173 Russ on 11.07.22 at 12:47 pm

…the imperial system…

Reading comprehension: poor.

This whole pointless exchange is about the imperial gallon in Canada, not the entire imperial/metric systems (the lot of you have confused units with systems of units).

Fully agreed regarding MPUSG as an efficiency metric for cars and the handiness of an even base counting system for other units — like base 10… which is the metric system.

But, maybe Russ and Shawn are polydactyl giving them an edge in base 12 counting?

#179 ERKSTVS on 11.07.22 at 1:13 pm

My little anecdote:

Millennial here. Bought pre-con in 2018 for 500k for 1+ den with 10% deposit (was fairly doable). Was supposed to be ready last summer (2021) which would have been TERRIFIC. Hell I could even actually live there instead of renting. Then covid delays, and now looking at Spring 2023 for occupanct, which is way north of 2k now (for occupancy!). Between terrible market, hefty down and redtape by the builder, assignment is not a great option (oh and Capital gains of course). So the “best” course will be to ride the wave, suck it up for a year, then sell, hopefully with just a partial equity loss. Perhaps the timing (2018) is the one thing left in my favour.
And I thought Buckleys was bitter… Oh well.

#180 Linda on 11.07.22 at 1:17 pm

#136 – actually the USA can tax Canadians or those who are not US citizens. They apparently decided to amend their laws since quite a few USA properties are owned by foreign nationals – ever hear of ‘snow birds’? Lots of Canadians own vacation or income producing property in the USA. Check via Google – lots of sites talk about the tax implications of owning property in the USA & specify the estate tax issues that can apply should the foreign owner die while owning said property.

#181 Faron on 11.07.22 at 1:17 pm

When did this turn into a mileage blog? – Garth

Get with the times garth, wrk.dover recently announced that we are all calculating fuel efficiency in cables per dram — CPD — nowadays.

#182 NoName on 11.07.22 at 1:20 pm

To close this gallons and this and that debate here it is from engender himself, mpg vs L/100.

https://youtu.be/oLQmwOX6Xds

And bonus read
https://hbr.org/2017/05/linear-thinking-in-a-nonlinear-world

#183 Sail Away on 11.07.22 at 1:21 pm

The best part about Elon’s Twitter are the snowflakes gnashing their teeth and posting 80 times a day (on Twitter, natch) about how angry they are and if Elon’s not careful, they’ll leave. Definitely for sure!

Heh. Go Elon.

#184 Linda on 11.07.22 at 1:24 pm

#136 – see below. As per one Google search. Apparently the IRS has begun to be more proactive about enforcing this.

Under U.S. tax law, the estates of foreign holders of U.S. assets, such as stocks, real estate, or valuables, are required to pay estate taxes on those assets after the death of the owner. There’s even a handy piece of IRS paperwork — form 706-NA — to help calculate the tax.

#185 mike from mtl on 11.07.22 at 1:48 pm

#164 Shawn on 11.07.22 at 11:55 am

liters per 100km is backwards. It’s input over output which is just wrong.
//////////////////////////////////////////////////////////////

Dunno seems to be logical to me, standard rate of consumption (l/100k) as compared to volume to distance (MPG).

0-60mph / 0-100kph headlines are pretty much the same thing.

#186 Wrk.dover on 11.07.22 at 2:06 pm

#164 Shawn on 11.07.22 at 11:55 am
My Tesla tells me it averaged 0.17 kWh per km. At 10 cents a kWH marginal cost for home charging that’s 1.7 cents per km.
________________________________

That the price I paid to flog a $625. ’68 mini back in ’72.
Cool, except for the Tesla entry fee.

#187 Calgary on 11.07.22 at 2:16 pm

https://twitter.com/FrankfortReport/status/1589638910153719809

Are they genuine buyers?

#188 Faron on 11.07.22 at 2:18 pm

#165 IHCTD9 on 11.07.22 at 11:56 am

Almost 5.00 for a decent loaf of multi-grain bread

Make your own. A 10kg sack of flower nets me 20 loaves at a cost of $15 all-in (salt being the other expense). I give away about half of what I make, so am paying $1.50 for artisanal quality bread.

Here’s a unitless recipe based on weight in baker’s percent:

65 pct unbleached white flour
35 pct whole wheat
75 pct water
20 pct starter (@ 100 pct hydration)
2.5 pct salt

#189 Old Boot on 11.07.22 at 2:39 pm

#175 Faron on 11.07.22 at 12:56 pmLove it. His ad hoc approach to this entire mess since April should cause any self-respecting engineer to perminently disown Elon, the self-proclaimed engineer (i.e. pretendgineer).

Twitter Bans Users With Millions of Followers for Making Fun of Elon Musk, Who Famously Loves Free Speech

Elon Musk mocks people signing up to Twitter alternative Mastodon

—————-

Twitter ToS are pretty clear and readily available to all users. Violators who lose their accounts have only themselves to blame.

Or should Musk continue Twitter’s previous policy of ignoring violations from certain identity groups?

https://help.twitter.com/en/rules-and-policies/parody-account-policy#:~:text=Overview,experience%20of%20others%20on%20Twitter.

#190 Elon musk? on 11.07.22 at 2:46 pm

Is impersonation allowed this mileage blog?

Tesla in retreat. This twtr mess combined with so many other ev models hitting the market now may call for salio to take some profit asap.

The man has his faults but those rockets make him the engineer of the century imo.

#191 Faron on 11.07.22 at 2:59 pm

#189 Old (broken record) Boot on 11.07.22 at 2:39 pm

This isn’t solely about his totally broken content moderation scheme modifications. It’s about the entire gong show resulting in a more than 40% decline in TSLA market cap since he waded in vs 25% drop in the parent index.

From Merriam-Webster:
ad hoc adverb

\ ˈad-ˈhäk , -ˈhōk , ˈäd-ˈhōk \
Definition of ad hoc (Entry 1 of 2)

: for the particular end or case at hand without consideration of wider application

actually reminds me of pretendgineers who can’t grasp the physics nor the realities of climate science.

#192 wallflower on 11.07.22 at 3:04 pm

#126 Tim on 11.07.22 at 1:50 am

Tim’s words demonstrate the mass confusion out there.
One – a deposit is not a down payment and vice versa
Two – assignment of a contract to buy a contract is not always possible

I am astonished at the conflation and confusion around the terms ‘deposit’ and ‘down payment’. Deposits are what the builder demands pre-possession. Mathematically, it may be equal to a down payment on a percentage basis
BUT
when I bought my condo (in Ontariowe) in 2015, the builder/developer asked for $5000 and nothing more. the builder/developer also wrote the contract such that it was not assignable. This builder never permits assignment.
Lots of builders structure their developments such that they have to demonstrate X amount of overall sales and X amount of pre-build funding via deposits which governs the funding to go ahead with the build.

But buyers never pay any heed to any of these details and never understand the terrain under which they are buying, hence the mass confusion.

Down payments are what is required by the lender IF YOU ARE BUYING WITH FINANCING AND NOT PAYING IN CASH AT CLOSING.

#193 wallflower on 11.07.22 at 3:05 pm

oops
Two – assignment of a contract to buy a contract is not always possible
SHOULD READ
Two – assignment of a contract to buy a condo is not always possible

#194 Tony on 11.07.22 at 4:48 pm

Re: #48 Linda on 11.06.22 at 5:07 pm

Win or lose 10 year mortgages are a rip-off in Canada. Check out what the interest rate the GIC holder got and what the interest rate the bank charged for the mortgage in April 2020 when 10 year GIC’s became insured. Compare that to the interest rate someone got on a 5 year GIC and the interest rate the bank charged for a 5 year mortgage. That was the reason virtually no one took out a 10 year mortgage.

#195 Regjeg on 11.07.22 at 7:34 pm

Garth, please delete any further litres/gallons posts. Complete waste of time.

#196 FLHTK on 11.08.22 at 9:36 am

Feel bad for Bethany. Dad bails, hope he likes the retirement home she picks or the decision to pull the plug when he’s older. Bethany can always leave Canada where she won’t be sued for not closing. I would. Canada the land of taxes and nothing else. The price she paid for that one condo could have got her 3 in Florida.