So much angst. Envy. Disdain. Even anger.
I have no idea what the stewards have been serving in this blog’s steerage section lately, but it sure put the mob in a pissy mood.
Yesterday we talked about all of the clumsy (and questionable) taxes various levels of government have slapped on real estate in a quest for the holy grail of ‘affordability.’ Special attention was afforded Steve and Rei, retired Vancouverites who have a small condo in the city and a place in Japan, where she has family. The big dream after work was always to split their time between the two.
Then came the BC spec tax. And Vancouver’s massive 3%-per-year hit on homes deemed to be ‘empty’ (even when a principal residence). The couple were caught in the web by spending slightly less than six months in YVR, and now face a $19,100 tax. On top of property tax, of course. Payable in after-tax income.
The point of yesterday’s piece: punishing people like this does not make real estate cheaper. Nor does it increase the housing stock. It’s just a tax on good planning, lifelong saving and financial independence. An envy levy. Plus a calculated grab for revenue by another government incapable of living within its means.
But that’s not how it was seen below decks.
You called Steve and Rei tax cheats. And entitled. You told them to take their butts offshore and stay there. You said anyone with two homes deserves to be financially nuked. You questioned their social, responsibility and said they should open their Van condo for a stranger to live there for a few months – despite the fact tenancy rules might makee it impossible to punt him or her. Said one visitor here (who I wish never visits again): “Pay up Steve-san, stop trying to game the system.”
So why all the spleen?
Maybe it was the fact Rei’s family lives outside Canada, and it’s now open season on everything related to immigration (thank you, MAGA). Perhaps it’s because people who retire and don’t live in CPP poverty are considered Boomer colonial overlords by their spawn. Or it could be that anyone with an urban pied-à-terre and a vacation home is fair game for extra tax because they’re rich. Probably all of the above, plus a really, really unhealthy jealousy on the part of those afflicted with house lust who want what they cannot afford. So, it’s easier to tear down others – with vitriol and taxation – than it is to change circumstances.
All this has been made more acute by where we are. And that, clearly, is at the conclusion of a real estate correction which fizzled weeks ago. When we got to 30% off in many markets, the buying dried up. The opportunity passed. The houseless were waiting for 50% off, or were just too scared to purchase in a declining market.
But don’t take my word for it. What this blog told you for the past couple of months has just found its way into a new RBC report with this stark conclusion: “Price correction is over: property values are rising across the country.”
Here are the main points:
- “April home resales spurted 11.3% m/m nationwide, marking the strongest monthly advance almost three years. Prices rose in back-to-back months (including a 1.6% gain in April for the MLS Home Price Index) for the first time since early 2022—with the vast majority of local markets contributing.
- Resurging demand and low inventories have put sellers back in the driver’s seat in most major markets, including Toronto, Vancouver, Calgary and Halifax.
- Rising prices could spur more sellers into action. We suspect many have been waiting out the correction until conditions turned in their favour. A rise in supply would help unlock more of the pent-up demand that built over the past year.
- It appears buyers are quickly regaining confidence in both markets now that the Bank of Canada has paused its aggressive rate hike campaign.
- By our count, the MLS HPI increased in over three-quarters of local markets from March levels. Some of those gains were sizable. The index jumped 5.4% m/m in Hamilton, 5.1% in Cambridge and 3.9% in Kitchener-Waterloo for example. In Toronto, a 2.4% rise was the second in as many months, adding more than $35,000 to the benchmark price in the process (now sitting at $1.11 million).”
The bank says April was “a surprise to us.” Economists had been expecting the market rebound would take months longer. After all, mortgages cost double the rate of a year ago, the stress test is north of 7%, recession talk has been all over the media and most Canadians are only brave buyers when things are going up, getting more expensive, make little sense and pose less value.
Like it or not, with pent-up demand and low inventory (thanks in part of amortization-extending by the banks) demand now exceeds supply and prices have reversed. Of course, all those taxes heaped on properties just serve to make them more costly to own, and to sell. So our crisis of expectations continues. The kiddos think they’re entitled to buy a home just as their parents did when populations were smaller by half, urbanization less and before anyone ever heard of Covid or WFH.
Trashing Steve and Rei, and those like them, won’t help you into a home. It just makes you look emulous.
About the picture: “You’ve featured my sister’s mutt Louie before over the years,” writes Corey. “His last day with us is this Friday due to bone cancer. He’s the best boy and he will leave an empty spot in our lives. Thanks again for the years of good advice.”
To be in touch or submit a picture of your beast – [email protected]
191 comments ↓
“The houseless were waiting for 50% off, or were just too scared to purchase in a declining market.”
Or, like me (and many others, I suspect) still couldn’t afford it, even at 30% off, with a 20% down payment.
But that aside, I have a question regarding yesterday’s post. The part about adopting the Biden policy of getting those with good credit to pay more.
Are you actually hearing anything that leads you to believe this is being considered for policy? Or was it more just, ‘it could be worse’ conjecture (for now)?
So some people have some opposing views compared to you in regards to the lovely couple who split their time between Canada and Japan. Why so much angst toward them? I suppose if everyone agreed with what you wrote yesterday, you wouldn’t have anything to write about today. Grow up Garth.
My 10 year old granddaughter was complaining to her mother the other day that it was “not fair – grandma and grandpa get to do whatever they want all day while I have to go to school.”
She will do very well in the steerage section of this blog with that attitude!
Canada needs to stop pandering to homeowners. Tax all capital gains fully, in whatever sector, including houses. Speculator and empty home taxes may seem blunt, but they at least attempt to address a problem. More needs to be done, directly and vigorously, to stop the commodification of housing.
Real estate is (and always has been) a commodity and an investible asset. – Garth
Why did the govt let the VRM off the hook.
We would be in a market driven reduction in prices….now its communist government control.
No hold barred in Ottawa….give me a Whiskey on the rocks.
DELETED
@#141 604Sam
“Avg rent in my hometown for a 2 bedroom just hit 3700$. Good god. Imagine earning 20$ an hour and trying to pay that.”
+++
Rent in Burnaby for a 2 bedder is about 3k/month.
Still outrageous but….cheaper than a leaky condo mortgage.
Had to look up “emulous”
Says the leader: “you’ll forgive me if I don’t think about monetary policy. You’ll understand that I think about families.”
Tick tock
Wait for the wheels to stop turning
Two Car householda
Higher gas prices and more carbon taxes
Higher food and consumer prices on goods brought home from the stores
It all comes out of the same pockets
Job lay offs and terminations always ramp up just before the school break in June
Something has to give
What does economic theory have to say about supply being the cause of the real estate bubble? The numbers I’ve seen say that Canada’s housing supply is on par with the OECD. I remember that in the middle of the ’08 bubble that people were saying prices were skyrocketing in the southwestern states because of a shortage of supply. Of course, that turned out to not be the case. I’m sure that in the middle of the beanie baby mania, it appeared that a short supply of beanie babies was the underlying cause.
In the middle of an asset bubble, how does one distinguish between mania and a true supply shortage?
becomes an owner will he/she then enjoy all the extra taxes? Is there any point in buying? And when will the underutilised tax come in when you are taxed on how many people occupy the dwelling? The problem with all these taxes are they will never be removed …
The point of yesterday’s piece: punishing people like this does not make real estate cheaper. Nor does it increase the housing stock.
I don’t think that’s true. If the tax convinces even a portion of people like Steve and Rei to sell or rent their places, then this will indeed increase the housing stock. And increased supply will put downward pressure on prices.
It’s just a tax on good planning, lifelong saving and financial independence.
Now that’s just special pleading. But regardless, I think yesterday’s comments were mainly a reflection of your own. How often have you said of people who want to own (just one!) house: “you aren’t entitled to own a house”, “the goal of life is not to own real estate”, “suck it up”, or (my all time favorite) “get out?”
Well, we can say all these things of multiple property owners too. No one is entitled to own more than one property. The goal of life is not to own multiple properties. If you can’t afford multiple properties in your chosen hood(s), get out.
“It’s just a tax on good planning, lifelong saving and financial independence”
So is irresponsible interest rate policy without macroprudential controls to prevent rampant specuvesting. So is extending amortizations rather than forcing the financially illiterate to sell. Bad governance is everywhere these days it seems, and jet-setting boomers will find a distinct lack of tea and sympathy from their children.
I think the biggest point you failed to respond to from yesterday’s comments section is that Steve and Rei’s presence in Canada for “just under” 6 months was almost certainly planned so as to avoid being Canadian residents for income tax purposes (triggered at 183 days). Steve and Rei tried to game the tax system, and they got bit. I’d be willing to bet they also told the province that their 6.03 months in Japan was a “vacation” so that they didn’t lose eligibility for MSP healthcare, which allows 7 months out of the country, but only if it is a vacation.
Steve and Rei are (quite literally) non-residents. If the tax pushes them over the edge and they have to sell, then supply is increased for those that live here 365 days a year.
Wrong. To be a non-resident for tax purposes you cannot have ‘significant residential ties’ to Canada. They do. Stop embarrassing yourself. – Garth
Based on the comments I’ve read here, it appears there is a lot of envy and gnashing of teeth. We are headed down a socialist rabbit hole and the poor envious souls don’t even know it. Do you think you will be immune to the effects of socialism ? Hmm, let’s ask the hard working Chinese living under the CCP, Russia, Cuba, etc
‘Envy’: Charlie Munger discusses the greatest cardinal sin in business
https://ca.news.yahoo.com/envy-charlie-munger-discusses-greatest-054908995.html
Envy is an emotion which occurs when a person lacks another’s quality, skill, achievement, or possession and either desires it or wishes that the other lacked it. Aristotle defined envy as pain at the sight of another’s good fortune, stirred by “those who have what we ought to have”. Wikipedia
The problem is not the few people who split their time between two houses. The problem is Canada has made it too expensive to build new houses. Housing is not immune to the laws of supply and demand and punitive taxes will not change that.
Steve and squeeze got screwed, full stop. Ridiculous, woke tax penalty that needs to die.
Let’s talk recreational properties.
Starlink has now connected the whole world, so remote property is in the process of gaining multiples in value. So… if you desire remote property, here are some recommendations:
-Buy undeveloped land with legal access bordering Crown land or a navigable waterway
-Think very carefully before building a permanent structure. Tipis and wall tents are excellent vacation homes for months at a time in spring, summer and fall. A couple hours setup/takedown, and never a thought about maintenance and vandalism in your absence and low taxes. With a tipi, you’ll want to store the poles onsite.
-The best places may not be on the market. Let the landowner know you’re interested and that you would handle all the subdivision paperwork and costs. Then leave it other than touching base every now and then. 5 years or more is not an uncommon timeline.
-Carefully evaluate sites specific to your planned use. Look at sun exposure, mountain shadow, prevailing winds, high water lines along rivers, land use plans for bordering properties, etc.
We’ve considered setting some of ours up for summer ‘glamping’ destinations as a side business run by Sail Away youths. The business case makes sense.
#108 crowdedelevatorfartz on 05.16.23 at 9:51 pm
^It was all science-based. Those business were bankrupted For Our Health. Indoor Dining is deadly at the best of times!!
Those plexiglass barriers between booths are the greatest public health invention since penicillin in my opinion
https://www.bbc.com/news/world-us-canada-57079577
Toronto restaurants have been closed to diners for over 360 days since the start of the pandemic, giving the city one of the longest indoor-dining bans in the world. Why?
———–
OK Boomers, Toronto’s next mayor is set to be one of those Permanent Politicians – you never can be rid of.
Decades as an ardent super-Lefty; some even say, a Champagne Socialist.
If you think you’ll be allowed holding on to your car, travel rights and land, SFH…good luck.
——–
Another day in Former First World Country. How’s that ‘public health’ coming along?
https://www.bbc.co.uk/news/business-65596283
Record numbers not working due to ill healt
The number of people not working in the UK due to long-term sickness has risen to a new record, official figures show.
More than two and a half million are not working due to health problems, the Office for National Statistics said.
If Steve and Rei don’t want to be Canadian tax residents that is fine. But it doesn’t seem unreasonable to implement policies that discourage leaving a place empty for 6 months in a city that desperately needs more housing. They have lots of options to avoid the tax (and chose not to) which is why is comes of as being out of touch.
Steve and Rei are probably the nicest people you will ever meet. However when dealing with government ,
municipalities , health care providers etc you must
be PROACTIVE and follow the RULES EXACTLY and you will beat them at their game. In life if you want to be
the best you have to beat the best. This very unfortunate for them but we can all learn from this.
Grown-ups teach kids the importance of following rules and the importance of deadlines. The juvenile mind may not understand these lessons. But the implications of un-learned lessons is harder to bare as we age.
Who cares about RRSP deadlines?
Pay the mortgage late. Or the rent. Big deal!
Hydro bills don’t matter. Pay them whenever you want.
Open a new FHSA acct for this year at some pont next year.
Some adults do slip thru cracks their whole life as the system endlessly cuts them slack.
I say Steve & Rei obviously missed out on some early school lessons. Their Boomer privilege seems to be running thin as homeless people pile up outside their door.
Tick Tock.
So to sum up:
-Everyone is crazy in debt.
-25% to 33% of banks mortgages are now over 30 years amortizations.
-Over 50% of Canadians are $200 away from not meeting obligations.
-Inflation is up YoY, and let us not forget compounding interest – it’s up on last year’s doozies. Plug that into your GIC, which now stands for Guaranteed Inflation Conundrum.
-Houses were and continue to be well out of whack as far as historical average income multiplier.
-Private lenders are declining renewals.
Yet…Frankendata from the RE dudes is all roses?
Something doesn’t add up.
Also – Canada is the 2nd biggest country on the planet. We’re inside the top 10 for lowest population density. I am fascinated that with such factual reality, we’re being told there are shortages of space in this country. It is easily the biggest scam.
Is it me, or is it time to start a new modern city from scratch somewhere? Something new, fresh, awesome, with underground subway, underground walking paths with skylights, green spaces, etc. That Covid money would have been well spent on something like that.
https://en.wikipedia.org/wiki/List_of_countries_and_dependencies_by_population_density
“It’s just a tax on good planning, lifelong saving and financial independence. An envy levy. Plus a calculated grab for revenue by another government incapable of living within its means.”
– Garth
————————
No TRUER words.
Kick in the Teeth – Encore:
Go hence, to have more talk of these sad things.
Some shall be pardoned, and some punishèd.
For never was a story of more woe
Than this of Rie and her Steve.
I think pretty much everyone under 50 has a “I deserve” attitude. I see it in my children and grand children, as well as their friends. I like to read Garth’s comments, although I sometimes don’t agree, but I definitely don’t read the comments, and, here I am posting one. The politicians, today are becoming more and more useless in making good and appropriate decisions. This applies to all levels of government. For example, PP, who has pretty much got the PM position locked up, throws the opportunity away by catering to the ultra right and nutters. Treat real estate as an investment and tax it appropriately, then you don’t need all the other crappy taxes being proposed by the politicians who are working for their votes on the next election. Now, if you think things are. tough financially, just go out for dinner in Vancouver and que up in a long line for dinner of purchasing something you don’t really need. Quite belly aching and do something constructive.
…just to add to that country density.
GERMANY
Population: 84.3 million
Area: 357,592 km2
Density: 232/km2
CANADA
Population: 39.6 million
Area: 9,984,670 km2
Density: 4.2/km2
FOUR POINT TWO! 4 point 2?! QUATTRO (to the point DOLCE VITA) DUE?!
55x lower density than Germany.
28x bigger than Germany.
47% of the population of Germany.
YET…we don’t have space? We don’t have room? We don’t have homes?
I’m saying it. I’m calling it. SCAM.
This is an intentional under development and under utilization to inflate values.
#19 – “in a city that desperately needs more housing.”
ha? where have they been in 2018 when prices dropped and i was selling my house for months for a very reduced price? people are stupid, they only need what everyone else needs. not sorry for fomos who complain today.
Louie has such a sweet, expressive face. There are few things worse than having to say goodbye to a beloved pet. It makes me tear up thinking about all of the dogs I’ve loved. Thanks for sharing Louie.
Garth….Said one visitor here (who I wish never visits again): “Pay up Steve-san, stop trying to game the system.”
**********
Dear Garth,
It’s most likely about me.
If so, then it would be fair to publish my post yesterday, and not stick labels. There was nothing in him that did not contradict the facts. After all, I gave a link to an official source with explanations about who should pay tax in British Columbia and Vancouver. Everything is clear and understandable there. These people have not fulfilled a single point of simple requirements, but instead they are trying to soften the legislators.
You didn’t like it because you’re defending these people even today. Their behavior is suspicious and indicates a dirty game with tax laws. But in the past you defended this law from the very top of the ladder.
Instead of expressing doubt about the correctness of these people on the basis of facts, you defend them.
My post did not bear traces of inciting hatred against property owners. I don’t hate anyone at all. In Canada, freedom of speech and in accordance with the law, I can express my point of view if it is presented in a non-violent form, which I did.
In this blog, freedom of speech and expression of opinions alternative to yours is prohibited?
Did not know!
As for the second, why shouldn’t I visit the blog? What the heck? This is an interesting source of information. You open my eyes to how the politicians of the conservative party think, and bloggers help me understand what the average voter thinks.
I won’t write anymore. It got boring!
You won!
Happy?
FULL STOP!
This must be crushing, but it wasn’t about you. – Garth
I don’t disagree with you and especially the Maga stuff which has always been around but kept under the surface for years. Trump put it front & center and gave a bunch of fools permission to spout what they had known they should contain previously. Pollievre is doing a version, Smith is a complete over the ledge loon and they have followers. I could go on but there are lots of idiots in government or trying to get there. Trudeau & company, Ford &…..
Isn’t the real estate issue just being kicked down the road though? It doesn’t make sense the prices, the amortizations being played with. Doesn’t it have to blow up at some point? I don’t know when but it seems like there must be a breaking point. There again I’ve long thought things were way out of wack and had to correct. I always forget to factor in inept government intervention I guess.
Sadly Canadians seem to thrive on envy.
I believe it was John Crosby who said “Canadians are like a boiling pot of lobsters. The ones on the bottom always trying to pull the ones on the top down.”
Here’s old Russian joke modified for Canucks.
A genie says to a Canuck, “I will grant you any wish, but remember that I will give your neighbor twice what I give you.” The Canuck thinks for a while and responds, “Poke out one of my eyes.”
Nothing here about the unexpected CPI number? Hmm
If you got aroused by a 0.01% increase you need help. – Garth
If Canada were to reach just HALF of the population density of Germany, we’d be a…are you sitting down…BILLION population country.
That’s with just half of the population density of Germany.
WOW.
That would leave us with population density comparable to approximately that of Spain, Portugal, Hungary, Austria, Cuba, France, and many other lovely countries.
If we were to go just QUARTER of the density, we’re still half a billion population country, like Columbia or Mexico, which so many of you praised recently.
If we were to match density of our American neighbours, we’re talking 300 million population.
What I’m saying over and over and over again – we’ve got space, and plenty of it.
It is hilariously fascinating that apparently we have no room or no homes.
Time to convert one of those Oshawa GM factories to a house factory and start pumping out some cheap homes for assembly on-site.
Let’s GO!
Quote:
“….You called Steve and Rei tax cheats. And entitled. You told them to take their butts offshore and stay there. You said anyone with two homes deserves to be financially nuked…..”
$$$$$$$$$$$$$$$$$$$$$$
COMMENT:
Unless informed otherwise…Steve and better half followed all the rules that lead up to their purchase and paid the given market costs.
However…To pull the rug out from under them at this juncture???… with various added fees and penalties ??? …..is deplorable and despicable.
I would recommend members of the “GF envy cult” to perhaps research all the added fees..permits …levies etc that the given Local Gov’t garners even prior to the first shovel of dirt being moved.
Seriously…do we want to go down a slippery slope such as RENTERS that can afford say $3000+ per month be levied a “luxury” fee….again…why not ?
Give your heads a shake….
…..these matters rest solely at the feet of Gubermint’s combination of actions and inactions.
I am waiting for an update on the RBC report on the ever-worsening housing affordability (you know, the one with the hockey-stick curve). I speculate it will mention the same facts but will be much less rose-coloured than their own “Price correction is over” report cited in the blog.
The point is that this is an arbitrary, clumsy, ‘envy’ tax we should all be questioning. – Garth
There’s nothing arbitrary about the tax. The policy goal is clear. Clumsy? Poorly implemented? Maybe. But calling it an “envy” tax is just ridiculous (not to mention offensive and condescending). The point is not to punish people for being successful.
Garth, the mental gymnastics you are willing to perform in order to avoid placing any blame for Canada’s current housing crisis at the feet or our current PM are Olympic level. You are far to smart to think that “MAGA” is to blame for the fact that it’s, “now open season on everything related to immigration”. The shift in sentiment on immigration is solely the fault of our current PM. When this high a number are welcomed this quickly without a plan, things don’t go smoothly.
You are far too knowledgeable to write that it is due to banks that “negative amortisations” have taken root. The truth is that our current PM and cabal are requiring banks to extend amortisations whether they like it or not.
Lastly, it’s not just jealousy that drives the anger found in the comment section. it’s a loss of hope. Just the other day a national poll showed that among younger generations a surprisingly high percentage supported the use of MAID for those experiencing poverty. This isn’t a rise in a death cult among young Canadians, it’s a symptom of a loss of hope for the future.
Be respectful, you had institutions that cared about your generations future and made the sacrifices to make sure you had opportunities. The younger generations don’t have that luxury.
Trudeau is a man of many faults, but he did not cause the housing-expectation crisis. – Garth
Real estate is (and always has been) a commodity and an investible asset. – Garth
Our Canadian friend Rita, an 85 year old native Canadian told us this mantra several years ago “in Canada roof over your head, food in your belly and shoes on your feet and what more do you need”. We were new immigrants and were on a learning curve then. She taught us what is to be Canadian. We met her back in 2010, in Long Harbor, Newfoundland. During Hurricane Igor she opened her door, fed us and also fed other family.
“Housing is a human right, not just a commodity.” – Office of the High Commissioner, United Nations Humans Rights on 22MARCH2019 (https://www.ohchr.org/en/stories/2019/03/housing-human-right-not-just-commodity)
In India it is said “Roti, Kapda aur Makaan” (Bread, Clothes and a House) are three basic necessities…..
In Rita’s Canada, at United Nations and in India from where we came from Housing is a necessity
Not sure when the real estate became a commodity in Garth Land
The right to housing is not a right to real estate. – Garth
I agree we need property rights in Canada. The vacancy/spec taxes should not apply to principal residences.
I do however still wonder if this is a dead cat bounce. Only time will tell.
Corey, my heart goes out to you for that awful Friday task. Those lovely eyes…
“Plus a calculated grab for revenue by another government incapable of living within its means.”
I should’ve kept track of steerage numbers that were pro and anti what Steve and Rei were facing, but I didn’t.
Many expressed outrage at government’s continued–and growing–avarice. More and more lately, I feel the “enviers” are on the wrong blog.
Poor Louie. You are are good boy. I hope you completed your bucket list. Cancer is a complete and utter bitch.
We likely will be facing the same fate with our Brittany, Brandy. she has Thyroid cancer, we make the most of everyday.
We here follow the rules 100%. But if what we see here is actually a trend, would there be a point where you won’t be outright robbed any further? Unfortunately then it may be too late as the CBDC tracking, exit taxes, etc. will be laid down first, to close the doors before the outright slaughter starts (wealth tax etc.). If I had means beyond keeping my TFSA/RRSPs maxed, and was under 60 I’d be getting a wad of it outta Canada NOW. That in itself is not illegal (yet).
Dolce, you staying dry out there in Italia?
Did you hear?
Imola flooded.
No Gran Premio this weekend.
Weather Gods saved Ferrari from total humiliation on home soil.
Tifosi should thank heavens for this one. Red Bull would pee that sugar water all over their party with another 1-2.
Rate yikes coming. After the cat bounces, it just lies there. Dah!
I wonder what RBC’s big thinkers were saying back in the 90s crash… lots of the same positivity as today. It’s either a dead-cat bounce or things are different this time.
Garth says it’s never different… perhaps this time it is, because the current Fed Gov’t changed the housing rules so that owners have one set of rules, and those who want to own have to live by another set of rules.
It’s distasteful, to say the least – especially as a rentier
As for the “empty home tax” – I fully disagree with it. If we live in a Capitalist system (or close to it), then what I choose to do with my assets is my business – not yours or the governments.
The right to housing is not a right to real estate. – Garth
Quite true, but our government is utterly failing on this file in many ways. Perhaps you missed this report (or just don’t want to talk about it)?
https://www.cbc.ca/news/canada/british-columbia/ubc-no-fault-eviction-study-2023-1.6843456
It boggles my mind that, in a country like Canada, fully 2/3rds of people who are evicted are evicted through no fault of their own. These are folks who followed the rules, paid their rent, and were tossed to the curb anyway. This is why so many Canadians want to own real estate. Renters are treated like second class citizens.
This is one of the funniest articles I’ve seen in a while:
https://www.msn.com/en-ca/money/topstories/lack-of-capital-forces-anti-capitalist-toronto-cafe-to-shut-its-doors/ar-AA1bjwlK?ocid=msedgntp&cvid=93be935442574119b9692f4d40290a84&ei=11
All of these taxes are nuts. Forcing someone to rent something they own is also nuts. Their retirement plan seems great to me.
Took a photo with Garth’s old office in Lunenberg today. Nice place.
Grant, what happened to the search bar?
Please distinguish between HOME Ownership and Housing Ownership. Home is where you live. Housing could be a condo, townhouse, house trailer etc. Why is there a CMHC provision for more than one per person? If the banks didn’t have a safety net back-up plan, there would not be as many people owning multiple properties.
Sure, a family could own multiple homes, at one per person, but the rest would be investments properties only. If you sell your HOME, it is Capital Gains exempt. Investment properties are not. A cottage or secondary home that has been used to produce an income, or has had renovations been written off as an investment expense, is not Cap Gains free, and is subjected to Empty House taxes.
Rev. Canada and CMHC could use the same criteria for identifying a home – CMHC eligible for mortgage loan insurance, – and Rev. Canada for applying Cap. Gains. More than one home at a time per person is equal to investment property and taxed accordingly.
This won’t help with the empty house tax but would help governments get more money from housing.
How many HOMES does a person need?
.
W – Waste
O – Of
M – Money
B – Brains
A – And
T – Time.
#25 Theory of Everything on 05.17.23 at 4:22 pm
…
YET…we don’t have space? We don’t have room? We don’t have homes?
I’m saying it. I’m calling it. SCAM.
This is an intentional under development and under utilization to inflate values.
+++++++++++++++++++++++++++
The issue is that the *vast* majority of Canadians (or those residing) don’t want to live anywhere other than GTA & southern Ontario, GVA, Montreal, or a few other spots.
Build all you want in Sudbury, Thunderbay, Winnipeg and Regina…you won’t sell the homes…
Shocking that so many people support unnecessarily taxing a retired couple that had a modest dream of comfort in their later years. My wife and I have similar plans in the next 30 years (turning 30 shortly).
Yes, homes are too expensive and in short supply, but we need a long-term approach to solve this. Giving extra money to municipal governments to squander or punishing average retirees is not the solution. You’re right on the money here Garth.
We see a lot of BC and Ontario clients contacting our firm these days. They are moving to investing in properties here in Calgary, not necessarily because of punitive taxes, but because prices are (currently) more affordable here.
Consumers already contending with a squeeze on their bank accounts due to inflation are now facing more pressure as businesses introduce new tipping features at self-checkout machines.
https://www.fox2detroit.com/news/self-checkout-machines-now-ask-for-tips-in-latest-squeeze-on-customers?taid=6463268dacd1eb0001fcebec&utm_campaign=trueanthem&utm_medium=trueanthem&utm_source=twitter
If you got aroused by a 0.01% increase you need help. – Garth
+++++++++++++++
0.7 MoM vs. 0.4 expected…
Where I’m from that is considered a significant deviation…
Moving from 4.3 to 4.4 is a nothingburger where I live. Nothing changes. And rates will not rise as a result. – Garth
COMPLETELY Off Topic
I make pasta at home. I use this machine:
https://www.amazon.it/Marcato-Classic-Macchina-colore-Argento/dp/B0009U5OSO/ref=sr_1_3?
and since I do it alone, I use a motor to do the cranking for me while I feed the pasta thru the machine:
https://www.amazon.it/Marcato-MOTORE-UNIVERSALE-PASTADRIVE-MARCATO/dp/B078SCWRWD/ref=sr_1_4?
Paleo here. Getting lazy. Bought this at Amazon.it and here it is on Amazon.ca (w/8 different pasta discs):
https://www.amazon.ca/Philips-Smart-Integrated-HR2382-16/dp/B0C4BD1BM9/ref=sr_1_2?
Does not come with a Fusilli disc, I would buy it if available (I did).
https://www.amazon.it/BNN-ASFSA208-Fusilli-compatibile-Philips/dp/B09DWJKFWK/ref=sr_1_20?__mk_it_IT=%C3%85M%C3%85%C5%BD%C3%95%C3%91&crid=KU81D3H8Z6FG
Made Tagliatelle pasta all’uovo tonight using Italian Durum Wheat, BUONISSIME!
Buy the Italian flour Canada, it is about 30% lower in protein than Cdn flour and makes for a less gummy pasta. Look for no more than 10% protein. Then you will get pasta al dente, lightly so and not lock jaw.
———
Then there is this other superb machine by Philips (they bought out Saeco Italia) and it is wonderful, every bit as good as an Espresso Bar:
Philips 4300 Series Macchina da Caffè Automatic
https://www.amazon.it/gp/product/B08CBJVNCV/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
For a bunch of GMO Clog Heads from Eindhoven, the Dutch sure do know how to design a machine for performance and make it reliable. They have improved the Saeco machines by a lot. Been using Saeco superautomatic espresso machines for 2 decades.
Kudos Philips.
—————————–
Mangia e Bevi Canada e goditi la vita!
“Emulous”! I wonder how many blog dogs just assumed you mis-spelled “envious”?
The right to housing is not a right to real estate. – Garth
Are you for real Garth????????
Canada is one of the best countries to live in, and the vast majority of people can have a wonderful lifestyle here should they choose to. A small percentage can’t, through no fault of their own, and that’s what the social safety net should be for.
And it’s still a great country to live in regardless of which party is in power. The vast, vast majority of the quality of our lives is within our power to change and improve should we so choose. The folks that blame the other (government, immigrants, banks, boomers, Wokeism, MAGA etc.) are just losers. Take responsibility for your own life. Stop whining.
#42 Vocal Diet
Suffice to say, IQ 51-70 reasoning, much less in compassion.
There is flooding all over Italia. The weather forecasts are grim. Many deaths and destruction. A sampling from the past few days.
https://www.rainews.it/maratona/2023/05/zone-gialle-e-rosse-protezione-civile–fdc0c732-863c-46fc-9182-02c36021ed8c.html
https://www.ansa.it/sito/videogallery/italia/2023/05/16/maltempo-marche-esonda-il-genica-alluvione-a-pesaro_17634612-884e-4d8f-af90-f5885f8f70a6.html
https://www.ilsole24ore.com/art/alluvioni-emilia-romagna-bilancio-si-aggrava-14-fiumi-esondati-AELZmXUD
—————-
And your take is about some Steroid Caffeine Juice racing team, flash in the pan as history will bear it out.
You are depraved and in need of help.
Get some.
Thanks for the blog Garth
Stupid question which made me think
How does the government know you’re not living in the house?
It also makes me wonder when snow birds go away less than six months as not to loose heath care. How would they know your otta the country for more than six months? What if you took two trips of three months each?
The government shares information or gathers intelligence on where are? Or maybe they track your smart phone.
So if I go to the airport and fly somewhere for 7 months. The BC government will know I left the country? And how?
Impose a vacancy tax and then strip my provincial heath.
Hmmmmm
I guess OAS stops as well as I am not leaving in Canada?
Personally if all this can be done then we have way more worry bout, privacy issues come to mind. 1984?.
Here’s something to ponder
I met the privacy commissioner years ago
In his presentation he said I do not use debit cards not credit cards, I only use cash.
Now what can we read into that.
Have a great day.
Envy levy is such a good way to put it. Jealous aspiring homeowners just want existing homeowners to pay up, it helps to soothe their unfounded sense of indignation. They don’t care if those taxes are actually going to improve affordability, but it feels good to use the tax as a middle finger to the “haves”.
Spendy government is only too happy to oblige.
Doesn’t matter if it would work. The same people that think only the rich can save $6500k a year believe it will work and that’s enough.
Meanwhile 500k affordable units have been quietly destroyed over the last 10 years. There are 3400 units up for demo-viction right now in Toronto. We did this to ourselves.
Okay
Let’s say our example couple from yesterday.
It might be safe to assume they have dual citizenship or two passports.
Now let’s say they use one passport to leave the country and go to Japan,
Then they come back home using the Canadian passport.
Voila not government tracking
No vacancy tax and no lost of health care.
Crazy world.
I really really would like to know how the government knows you’re not in your home.
Cheers
So some people have some opposing views compared to you in regards to the lovely couple who split their time between Canada and Japan. Why so much angst toward them? I suppose if everyone agreed with what you wrote yesterday, you wouldn’t have anything to write about today. Grow up Garth.
—
It’s not that, Paddy. It’s their vitriolic, screw you, a**hole attitude.
54 Dolce Vita on 05.17.23 at 5:19 pm
Then there is this other superb machine by Philips (they bought out Saeco Italia) and it is wonderful, every bit as good as an Espresso Bar:
Philips 4300 Series Macchina da Caffè Automatic
https://www.amazon.it/gp/product/B08CBJVNCV/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1
@@@@@@@
I have an older version of this. I think it’s about 10 years old. Maybe around when Philips bought out Saeco as it t still has both names attached to it. It works great and seems to be bullet proof. Just need to run it through the cleaning cycle regularly. Luv it! I need to find another one for the hacienda. Just don’t tell the ‘let’s tax everyone but me’ crowd. Maybe I can find one on Amazon.com.mx.
#54 Dolce Vita on 05.17.23 at 5:19 pm
Re: pasta
———-
Cool story, Dolce.
Here’s my spaghetti recipe:
-Fry 2 pounds ground meat in large pot
-Empty 4 large cans of prepared spaghetti sauce (Ragu, Prego, etc.) into the pot
-Add 3 cups water
-Add 2 good handfuls of pasta (any variety or shape in the pantry is fine, as is mixing and matching)
-Bring to boil
-Reduce to simmer, stir, loosely cover and cook for 1 hour
Prep time: 3 minutes
Cook time: 1.25 hours
Cleanup: 2 minutes
Feeds 6-8 plus leftovers. Delicious!
Spare time can be used for useful things.
something doesnt smell right … if the Vancouver residence is their principle residence and they declared that on the Spec/Vac tax forms then they do not have to pay the tax. They either declared incorrectly or somehow city of Vancouver found out they were away for more than 6 months of the year – and how would they find that out? The Feds and CBSA do not share border info with the city of Vancouver.
5/16/2023 $599,999 For Sale
4/15/2023 $699,000 Suspended
4/15/2023 $2,700 For Lease
1/26/2022 $700,000 Sold
I see a lot of this … and hear massively conflicting predictions coming from same institutions.
Dead cat bounce.
We know our Rulers are not keen on Oil & Gas and energy independence.
What are the chances that the fires will land upon oil & gas installations?
https://www.castanet.net/news/Canada/427063/Oilpatch-production-pauses
Alta. oilpatch once again shuts some production as wildfires rage
https://boereport.com/2023/05/08/alberta-wildfires-live-updates-and-most-recent-company-news/
—-Our Rulers oh. Keep voting. Not these.
https://www.tvanouvelles.ca/2023/05/16/mary-simon-et-julie-payette-nous-ont-coute-pres-de-100-000-en-vetements-1
Mary Simon and her predecessor as Governor General of Canada, Julie Payette, have cost us nearly $100,000 in clothing and shoes since September 2017.
In addition to being fed and housed, both women are also laundered at great expense. Between September 2017 and July 2020, Julie Payette was reimbursed more than $51,000 in clothing shopping. Her successor, Mary Simon, meanwhile, has already received $37,056 in clothing reimbursement. In total, Le Journal calculated that the two women have received more than $90,000 for clothing.
— Dolce are you wearing Your Mask? ®
Perhaps for Two More Weeks? ®
https://www.reuters.com/sports/cycling/masks-back-giro-ditalia-covid-19-hits-race-2023-05-15
May 15 (Reuters) – Giro d’Italia followers coming into contact with riders will be required to wear masks in the wake of COVID-19 cases that hit the race and forced overall leader Remco Evenepoel to abandon the ‘Corsa Rosa’, race director Mauro Vegni said on Monday.
“We cannot let our guard down. As early as this week we will put back some restrictions that had been abolished, such as the obligation to wear masks in the areas where you come into contact with the riders.
#65 Sail Away
No comment other than:
Dio Mio, Madonna Santa (and not in a good way).
Still, I love your passion and half of a meal is the love poured into creating it. The latter the ticket.
It’s very ‘good cop bad cop’ with you guys and housing in Canada, isn’t it?
I’m beginning to think stirring the pot is good for ‘clicks’.
Otherwise, who would want to spend, as you say, valuable time, wading through a comment section that you moan about on a regular basi$
:)
‘I have no idea what the stewards have been serving in this blog’s steerage section lately, but it sure put the mob in a pissy mood.’ -GT+++
Indeed, and I think you captured the heart of the problem with this….” a really, really unhealthy jealousy.”
On Saturday DonG posted some interesting comments about Mexico, and the usual suspects jumped all over him with comments about his ‘glorifying’ Mexico with accompanying negative comments about the country.
Same thing often happens when Dolce Vita posts interesting tidbits about life in Italy. One of the best posts EVER on this blog was his from 5/7/2019 about retiring to Italy. Jane24 provides a lot of interesting information about overseas retirement locations. Sail Away sometimes shares outdoor experiences that are a window into the natural environment and regularly gets ambushed by the usual assailant.
Don’t dare say anything nice about Alberta or what it contributes to the nation because it really gets under some people’s skin. They bring up Danielle Smith thinking it stings. She’s likely to win the election on May 29th according to the polls, so fill your boots.
The small minded, mean spirited people show themselves not with constructive comments, but by throwing potshots at those who are leading successful and interesting lives. Sometimes they get their ass handed to them, but even without that living well remains the best revenge.
It may be a dead cat bounce but when our government controls all aspects (velocity and height) this cat could be flying forever. I’m very sad to join the group that suggest buying maximum house with maximum debt but they are proven winners. Our government all but assures excess equity to those with stretched mortgages . Fair ? Certainly has become fact.
#53 Math on 05.17.23 at 5:15 pm
If you got aroused by a 0.01% increase you need help. – Garth
+++++++++++++++
0.7 MoM vs. 0.4 expected…
Moving from 4.3 to 4.4 is a nothingburger where I live. Nothing changes. And rates will not rise as a result. – Garth
—
Sticky inflation will eventually force a CB rate rise. Not one month worth, but CBs won’t keep rates static if inflation remains well above target as it is now for months in a row.
Nope. Not if a recession is the result. Too simplistic. – Garth
#15 Squire on 05.17.23 at 3:59 pm
Based on the comments I’ve read here, it appears there is a lot of envy and gnashing of teeth. We are headed down a socialist rabbit hole and the poor envious souls don’t
even know it.
—————————————
The only tax I support is an inheritance tax.
Say 25% Tax off anything over a Million and at least 50% on anything above 10 Million. (figure out the trusts and loopholes)
– Let people in their lifetimes benefit from their merit and effort, when they die let them contribute mightily to the society that enabled and incubated their success.
– Let their children get to enjoy the independence and satisfaction of creating their own success.
– Nip the formation of an Aristocracy and Dynastic Wealth in the bud!
– Encourage charitable giving before you pass.
Otherwise we move to a society where “picking your parents well” becomes the primary driver of financial power.
#22 ‘theory’ – Canada does not have a space problem – as the 2nd largest country by land mass we have plenty of space – but what we do lack is affordable housing. Given the costs associated with land development/housing just erecting an average house is easily north of $300K before adding in a profit margin, so the concept of affordable needs adjusting to today’s reality.
#35 ‘Bob’ – the point is that this empty housing tax does indeed punish the successful. Most would agree that anyone who owns more than one property has achieved financial success. And yes, it IS an ‘envy’ tax, cheered & celebrated by those who don’t own & may never own even one property. ‘Tax the rich!’ – said rich, of course, being those who own more than one property. Or who live a lifestyle where they do not occupy said property at least 6 months of the year.
Off Topic – TRAVEL TIP Italy ALL SUMMER LONG
It’s getting ugly here with the weather Canada. If you are coming for a vacation in June, July & August my advice is:
Travel Rome and the South Only.
It is bad. Look at the cover photo and it reminds me of the 2011 Japan Tsunami, at 23:21h CET:
https://www.ilmeteo.it/
Perpetual rain it seems all over Italia, former Sunny Italy:
https://www.ilmeteo.it/notizie/meteo-prossime-ore-il-ciclone-cambia-rotta-attenzione-a-quello-che-pu-accadere-entro-venerd-mappe-101044
May, June, July and August in the North not only where I live but in Milan as well:
At LEAST half the months are rain and cooler temps in the forecast.
In Windows 10 or better, go to the Weather panel, click on Milan and then the month by month forecast. You will get the gist of it. Venice even worse, near where I live.
This Summer is a write-off in the North.
Be selective. Stick to the South of Italy. For example, in the above Weather panel, find Reggio di Calabria and peruse the month by month forecast. May a write-off even for them BUT clear sailing, heat, O Sole Mio from July onwards. Where I will be going this Summer.
Buon Viaggio if you come.
———————–
#64 Don Guillermo
Yup. Good Bless the Dutch is all I will say. They made Saeco fantastic. Good to read that I am not the only one that thinks so. Again, kudos to them.
And kudos to you for having good common sense. Bravo Don.
#58 Dolce Vita
You didn’t mention othe fact that they only called it off when the circuit was impacted? Money baby, even in a tragedy.
In 2021 Belgian Grand Prix lasted 1 lap as crowd sat in soaking rain. They considered the Grand Prix as completed, awarded 1/2 points and did not refund tickets.
I hope no one noticed the main point of the article.
Hamilton up 5.4%.
Still on the lake.
Full time Go-Train.
West end has well kept Victorian and Edwardian homes.
West end has more enviable topography than Toronto.
Blast furnaces closing in the east end.
Close to Niagara wine regions, minutes from the country.
Was always the best kept secret, until now.
I blame you Garth.
#65 Sail Away
Here you go …
– 1 large green onion, dice finely.
– Put in pot with enough butter to cover the onions and simmer until the onions become translucent.
– Take 1 kg of Lean Ground Beef and put in pot, break up and cook until no longer red.
– Add 28 oz can of peeled Italian plum tomatoes, cut in can first to break them up and simmer until well mixed, stir of course. Read the label, the farther South in Italy the tomatoes come from the better tasting and less acidic. * Puglia region (usually labelled as from Bari) as good as they get. **
– Near the end, if you have blender or food processor, take a 14.5 oz can of tomatoes per the above + 6 sprigs of fresh Rosemary (just the leaves) + 4-5 large Sage leaves, blend them altogether until the herbs are fine ground THEN add to the pot and still well. I do this with about 15 min left to cook. Longer cooking will bake the herbs and then will taste tart.
– When is the end? When the ragout color is an orangey-red.
If you like the ragout more liquidy, then add some water to the empty 14.5 oz can and pour in near the end (when the herbs are added).
Simmering the key. Good things take their time.
Usually takes about 1.5 to 2h in all. It will taste and smell great. And will have that appealing ragout liquid color of orangey-red.
Less work than a Bolognese ragout and tastes just as good.
Pregho as in your welcome and not the N. American abomination by the same name.
————————-
*
If you tell anyone this secret SA, I keel you once, I keel you twice.
Taste the ragout after the 1st batch of tomatoes added and beginning to cook down. If the ragout is slightly ACIDIC do this (should not be if you use tomatoes from the S. of Italy, but, it can happen):
add a few pinches of baking soda and stir in fast (bubbling is the acid being neutralized).
It will neutralize the acid immediately. Repeat if necessary. A few pinches at a time!
So called “TIPS” of adding sugar to quell the acidity just masks it. Baking soda is odorless, tasteless.
**
If you can find them, buy the Daterini Italian canned tomatoes. They are best for sauces and ragout.
Seems Steve and Rei only have a problem because they stayed a few days over 6 months in Japan and that changed their status here. Why couldn’t they stay a few days under 6 months in Japan? Problem solved, unless they’re playing a similar game in their other favourite country.
Suck/Blow, time to make up your mind.
#7 crowdedelevatorfartz on 05.17.23 at 3:54 pm
@#141 604Sam
“Avg rent in my hometown for a 2 bedroom just hit 3700$. Good god. Imagine earning 20$ an hour and trying to pay that.”
+++
Rent in Burnaby for a 2 bedder is about 3k/month.
Still outrageous but….cheaper than a leaky condo mortgage.
————————.
Leaky condoms, sorry condos are soo 90s.
#28 VladTor on 05.17.23 at 4:25 pm
I won’t write anymore. It got boring!
You won!
Happy?
FULL STOP!
This must be crushing, but it wasn’t about you. – Garth
//////////////////
80% of contradictory comments are ghosted.
I’ve given up too Vlad.
If you want a reply best to include an insult to the host.
Rarely are comments ghosted. Those that earn it are usually flaming ad hominem attacks or anti-immigrant. This will continue. – Garth
#65 Sail Away
For a tomato sauce * only, for spaghetti, same recipe as I gave you for the ragout minus the meat.
Pre-make it and then do this:
– Put the sauce in a wide pan to heat it up.
– Boil the spaghetti and with say 3-4 min until fully cooked, take it out of the pot (use tongs or similar) and put in the pan with the tomato sauce.
– Far “saltare la pasta” like this – same action as when Sautéing:
https://youtu.be/uC4SbMDQKrI
– Add some of the spaghetti boiling liquid every so often to thicken it (pasta starches in the boiling water from the spaghetti).
– Cook until spaghetti done.
Rather than slathering the spaghetti on a plate, have some couth and do it like so, also with the “saltare la pasta”:
https://www.youtube.com/watch?v=zot5JbBBaJk
*
BEST for tomato sauce and when you have time, make it like this:
https://www.youtube.com/watch?v=2n9a1QA1jt4&t=1s
Translation unnecessary, watch. You can use your fave herbs, flavourings at the outset – he used garlic and basil. Flavoring the olive oil.
42 Vocal Diet on 05.17.23 at 4:55 pm
Dolce, you staying dry out there in Italia?
Did you hear?
Imola flooded.
No Gran Premio this weekend.
Weather Gods saved Ferrari from total humiliation on home soil.
Tifosi should thank heavens for this one. Red Bull would pee that sugar water all over their party with another 1-2.
—————————-
Yeah, the flooding is pretty close to where Soren is hiding out.
Hope he’s ok.
First the pasta shortage crisis, now this.
Oh , Mama Mia.
When will it end?
#50 It is the People… on 05.17.23 at 5:11 pm
#25 Theory of Everything on 05.17.23 at 4:22 pm
…
YET…we don’t have space? We don’t have room? We don’t have homes?
I’m saying it. I’m calling it. SCAM.
This is an intentional under development and under utilization to inflate values.
+++++++++++++++++++++++++++
The issue is that the *vast* majority of Canadians (or those residing) don’t want to live anywhere other than GTA & southern Ontario, GVA, Montreal, or a few other spots.
Build all you want in Sudbury, Thunderbay, Winnipeg and Regina…you won’t sell the homes…
————
Yep. Tons of perfectly fine houses in small-town northern Ontario for under 200K. Regular price drops. Junkers (but not unsalvageable) for under 50K. No one wants to live up there. Steadily shrinking population. No cushy jobs, no diversity, no enclaves, no amenities. Minus 40, 4 feet of snow, black flies and mosquitoes. Lots to like too, but no one cares about the upside of these places (good for guys like me).
Close to 25% of all Canadians live in just the GTA + GVRD. Over 70% of all Canadians live south of Seattle WA. Almost 70% of all immigrants land in BC + On. The GTA and GVRD combined amount to 10,000 sq. km, Lake Superior is 82,103 sq. km for comparison. Canada itself is almost 10 million sq km.
What’s been working up till now has run its course. It’s obvious now that leaning near 100% on immigration for population growth leads directly to a handful of crowded metros, not an even spread across the country. It ain’t gonna work for the long term, and I don’t see how it can ever be fixed without getting medieval.
Stay out of the big Metros kids.
#77 Vocal Diet
We are being flooded in the North, lives lost, destruction and your comeback is about ticket refunds & 1/2 points.
Something is wrong with you. All I will say.
#65 Sail Away on 05.17.23 at 5:49 pm
#54 Dolce Vita on 05.17.23 at 5:19 pm
Re: pasta
———-
Cool story, Dolce.
Here’s my spaghetti recipe:
-Fry 2 pounds ground meat in large pot
-Empty 4 large cans of prepared spaghetti sauce (Ragu, Prego, etc.) into the pot
-Add 3 cups water
-Add 2 good handfuls of pasta (any variety or shape in the pantry is fine, as is mixing and matching)
-Bring to boil
-Reduce to simmer, stir, loosely cover and cook for 1 hour
Prep time: 3 minutes
Cook time: 1.25 hours
Cleanup: 2 minutes
Feeds 6-8 plus leftovers. Delicious!
Spare time can be used for useful things.
——————————
Haha.
Good one, Sailo.
My recipe is a little fancier and takes longer to cook.
But your point is well taken.
Italian food is way overrated.
#81 Ponzius Pilatus on 05.17.23 at 6:51 pm
Leaky condoms, sorry condos are soo 90s.
=========================
Mr. PP is very omnipotent…
……they/she/he/it(or Pronoun here____)
can walk on water…as long as its either frozen or crossing a lakebed during a drought.
RE: #32 Theory of Everything on 05.17.23 at 4:39 pm
What I’m saying over and over and over again – we’ve got space, and plenty of it.
=======================================
So when are you moving to the arctic? Lots of “space” up there. The living should be easy with lots of food growing opportunities year round.
#84 Ponzius Pilatus
I’m OK, so far. The Noncello River in Pordenone is not flooding, yet. Before the pandemic, it did flood parts of the DT. I’m uphill from there 1.2 km away (and that was planned by the way incl. top 6th floor).
No pasta shortage, they are bitching about the price of it.
https://www.open.online/2023/05/05/pasta-prezzo-crescita-governo-meloni/
Gov Show & Tell, concern for the consumer BS if you were to ask me. The usual, no matter the country.
Buy flour, make it by hand or use a machine like I do, takes 10 min with the machine I have by Philips.
Flour is still dirt cheap in Italy for making pasta about €1,80 per kg tops.
——————
Thank you for caring.
The point of yesterday’s piece: punishing people like this does not make real estate cheaper. Nor does it increase the housing stock. It’s just a tax on good planning, lifelong saving and financial independence. An envy levy. Plus a calculated grab for revenue by another government incapable of living within its means.
it is just a tax on good planning, lifelong saving and financial independence. Attributes which created the country we have now.
Garth, I’m wealthy but also fair minded. Yesterday I said I reserved sympathy for the homeless, and housing challenged, not so much for people who have not just one home, but two.
Boomers like myself and the couple you highlighted yesterday, have been disproportionately advantaged and levying a charge of jealousy at those who criticize out of a sense of injustice doesn’t seem right.
A TON OF COUNTRIES around the world don’t allow foreigners to own ANY real estate.
If they don’t want the privilege of owning property here and paying our taxes, then tough luck!
Don’t feed me your elitist bullshit Garth.
I don’t feel the least bit guilty.
Steve and Rei, a little guilty, a little bit pregnant and a little bit like speculators. Maybe they don’t know its all or nothing.
Flop Drops.
When I first got to Vancouver and rented a house with a few travel buddies, I thought that it was really weird that there was a laneway behind the house.
In the 4 other countries I’d lived in I’d never seen it before and wondered what was it’s purpose.
20 years on I realize now that the council knew one day that they were going to upzone to duplexes, quadplexes, laneway houses and whatever the trendy names realtors can come up for six-plexes.
My money’s on Hexagon-plexes, or Hexy-plex, for short.
In Australia, we had shed looking structures called Granny Flats in the backyard, I see the same sort of authorities that are pushing for density here are pushing for more modern day Granny Flats there.
I guess it’s safer without the laneway for Granny, just have to make sure she doesn’t hop the fence and head down to the bingo hall after a few Shandies.
By the way this starter home in Richmond just sold for 1.1 million, I just couldn’t be bothered to write a post about it…
M48BC
https://www.zealty.ca/mls-R2772912/3491-CATALINA-CRESCENT-Richmond-BC/
#87 Ponzius Pilatus
Italian food is way overrated.
———————
Says the Austrian.
As if you would know.
Look around. It’s so overrated that there is an Espresso Bar, Pizza or Pasta restaurant and Gelato shop on every corner of every block on Planet Earth.
Funny how there are no wiener schnitzel shops on every corner of the Planet?
And BTW, we make a version of “wiener schnitzel” better than you do and it does not cost and arm and a leg as it does in the culinary capitals of the World, Germany and Austria.
You are Germanic and know nothing. You have no say whatsoever when it comes to the art of eating and cooking well. Countries of greasy sausage eaters.
You are beyond redemption. One of these tee-hee-tee-hee snickering people that annoy those around them perpetually. Sad.
#73 Faron on 05.17.23 at 6:05 pm
#53 Math on 05.17.23 at 5:15 pm
If you got aroused by a 0.01% increase you need help. – Garth
+++++++++++++++
0.7 MoM vs. 0.4 expected…
Moving from 4.3 to 4.4 is a nothingburger where I live. Nothing changes. And rates will not rise as a result. – Garth
—
Sticky inflation will eventually force a CB rate rise. Not one month worth, but CBs won’t keep rates static if inflation remains well above target as it is now for months in a row.
Nope. Not if a recession is the result. Too simplistic. – Garth
—
Might be a big if. Also, in the tension between price stability and employment, won’t CBs crush inflation at almost any cost even if sacrificing employment (as per the 1970s)? If inflation remains high in a stagnating or recessionary economy, CBs will eventually raise again.
I have no problem with people working hard and enjoying the retirement. Seems like a perfect situation to split time between two great countries. I guess they’ll just need to make sure they spend the enough days in Canada. I wonder how it works if one of them stays here enough days and not the other. Lots of great places to live in this world, if Canada continue to tax us into oblivion.
Central banks step on the brakes
Governments step on the gas (goosing housing)
Central banks step on the brakes harder.
This is not the end. Only the end of round one.
Few more rounds to go.
#75 Linda on 05.17.23 at 6:13 pm
#22 ‘theory’ – Canada does not have a space problem – as the 2nd largest country by land mass we have plenty of space – but what we do lack is affordable housing. Given the costs associated with land development/housing just erecting an average house is easily north of $300K before adding in a profit margin, so the concept of affordable needs adjusting to today’s reality.
——
I addressed this Linda: mass manufacturing of standard model home. Enough of this complexity and customization. Deliver a standard manufactured plug in product, assembled onsite, then finished. Such mass production would reduce costs drastically. Government subsidize battery factory, they better subsidize such a factory too. No basements perhaps? Let’s go! Right?
#90 Dolce Vita on 05.17.23 at 7:33 pm
#84 Ponzius Pilatus
I’m OK, so far. The Noncello River in Pordenone is not flooding, yet. Before the pandemic, it did flood parts of the DT. I’m uphill from there 1.2 km away (and that was planned by the way incl. top 6th floor).
No pasta shortage, they are bitching about the price of it.
https://www.open.online/2023/05/05/pasta-prezzo-crescita-governo-meloni/
Gov Show & Tell, concern for the consumer BS if you were to ask me. The usual, no matter the country.
Buy flour, make it by hand or use a machine like I do, takes 10 min with the machine I have by Philips.
Flour is still dirt cheap in Italy for making pasta about €1,80 per kg tops.
——————
Thank you for caring.
**********
Italian food is flavourable and is made with lust.
I get the ragoo easy peasy…but far from mouth watering…I could lick up the sauce. Try Anton’s in North Burnaby on hastings street. Crowdy is most likely within walking distance.
But don’t fret, did you all hear! McD’s is serving 100% real beef now.
…. When did they stop and what were they adding? Someone should check on the 100% beef promise.
I can make a better burger at home.
@#42
Ferrari’s home race is Monza not Imola. But you are right, Ferrari has every reason to be embarrassed by their performance of late.
Because of Gilles Villeneuve, I will always have a place in my heart for the red car.
Red Bull – for a drinks company, those folks sure know how to assemble a car . And they are ruthless with their drivers. I am kind of rooting for the Mexican, Sergio, though.
Of course a dope who prattles on about GMO this and that would think Red Bull contains steroids. Just a dumb thing to say.
Back in another life I dealt with an Italian manufacturer of specialty bank machines based outside Milan. The nicest man I have ever met but boy was his machine finicky & unreliable. Pretty sure they are out of business now, not because their machine was unreliable but because banking habits/ money habits changed.
I hope the rains in Italy let up and it rains in northern AB soon. NYT reports unprecedented rains, 8 dead, 5000 forced from their homes and many stranded on roof tops. Tonight, thinking of the people in Emilia-Romagna and the people in AB forced from their homes by the wild fires. Orange skies – wow! Stay safe everyone.
the RE problem will soon be (or already is) a political problem, the root cause is not net new immigrants (which has been the case for long time), house becomes a financial asset. I wonder if there is data showing how much % of Canadians have multiple properties. People are re-financing to the max, buy as many properties as possible, run negative cashflows as much as possible, and bet on the capital appreciation. those who have been doing this in last decade are successful, but at the cost of a generation losing hope to own a property themselves. Trashing Steve and Rei is a way to express their frustration.
it seems RE in Canada, or at least in the core of big cities like TO/VAN will never drop, buying properties is the only thing you should do, not study hard, not work hard, not start-up…., everything else doesn’t matter. it is sad though.
This blog has become hilarious lately. Basically it’s Garth posting an opinion piece, then his comments section ripping him apart, then him ripping them apart in his next blog post. Basically this blog has turned on Garth and he, in turn, has turned on them. So now Garth is rubbing salt in the wound of all the little kiddos out there who hoped for a cheap house. I am not on any side, I just find it all very fascinating from a sociological standpoint. I think Garth really doesn’t know where he fits into society anymore. This is the result of society becoming more “extreme left” and “extreme right”. Garth is a combination of old school politicis while also incorporating new aged liberal ideas. Almost like he’s a progressive conservative! I am convinced that people like Garth haven’t really changed much over the years, but, rather, society has changed. Garth is still progressive conservative technically, but the goal posts of society have moved him into a more progressive or liberal spot. So now he is clashing with all the anarchists on here who previous envied him and have moved with the goal posts. Garth, meanwhile, digs in his heels and refuses to be moved, like the mountain of a man he is, but the result of that is the feeling of being more and more isolated and bitter as the years go on. I gotta say, this blog has never been most interesting!
#96 Dolce Vita on 05.17.23 at 8:18 pm
#87 Ponzius Pilatus
Dolce, one of the reasons Italian food is everywhere is because poor Italians flooded N. America in the last 100+ years and brought their food. Today they outnumber Austrians 7 to 1. I would argue that Tex-Mex food is mighty delicious, but you don’t find it here because Mexican immigration is fairly low.
Of course, food cooled by immigrants for “locals” is often a far cry from the native dish. Ask anyone from China.
I love Austrian cuisine. Spaetzle, braised red cabbage, knödel, delicious sausages, yes schnitzel, raclette, dark sour breads, crisp wheat beers, tart white wine. What’s not to love? But, I also love Italian food. Just hit northern Italy where Austrian food blends into and eventually becomes the dominant cuisine. A little of both worlds.
Also, your Philips pasta maker is Dutch, a germanic country. If you dislike Austrian food, dutch food isn’t going to appeal to you at all.
The biggest question of all… should a tomato based dish even be considered Italian? How much time must pass before an ingredient can be claimed as native cuisine.
Garth… seriously. I can’t for the sense of me understand your blog as of late. You’re championing the market, house prices, and saying “bottom” was January 2022. What pisses a lot of your readers off is you preached/taught fiscal responsibility – which we adhered to. Do the right thing, rule of 90, diversify, don’t buy something you can’t afford.
That’s the issue. We (your readers), stuck to that (we listened). Not to see the housing market burn, or people lose their homes, but to play by the rules and be finically responsible. So man does it sting when the Fed changed the rules and encouraged amortizations to the big 6 of 30/40/50/60+ years…. gambling on a rate cut!!! Like, pure gambling by the Fed. So, people are now paying interest only, a housing shortage continues, and everyone is technically now a renter apparently? Issue is, it’s creating massive shadow defaults. How are you not daily saying this is insanity. it’s irresponsible, and possibly catastrophic, more so now considering 4.4% inflation just rang the doorbell.
Mark it – we’re in “back to normal” phase. November 2023 things start to get very crunchy as mortgages renew and with no BOC cut coming + a recession sets in, mild or major, it won’t matter.
Canada is about 12% muskeg. Roads and houses sink into it. About 4.4% is arable land. That means good for growing edible stuff on. Stupidly that is what we build highways and houses on. Feel free to build your dream bcity in Labrador or northern Newfoundland.
96 Dolce Vita on 05.17.23 at 8:18 pm
#87 Ponzius Pilatus
Italian food is way overrated.
———————
Says the Austrian.
As if you would know.
@@@@@
To be fair Dulce, Ponzie has culinary expertise. There are his doughnuts in Vienna, noodles in Beijing and of course Tex Mex from his favorite Taco Time on Scott Road. :-)
Sp. fix – “Dolce”
Trying the sail away spaghetti right now. Quick and easy for sure. Almost ready!
If it’s great I’ll buy some tsla tomorrow.
I am in Banff right now.
Driving up from Cranbrook along the mighty Rocky Mountains it got more and more smoky from the wildfires coming from Alberta.
Booked two nights in advance.
Still making the best of it.
You gotta take your lumps.
Early start to smoke season this year in Kelowna:
The smoky haze hanging over the Okanagan looks like it is drifting down from wildfires in northeastern B.C., says Environment Canada.
“They’re bringing smoke down to the Interior and just sort of hazy skies by the time you get to the southern part of the province,” said meteorologist Carmen Hartt.
There are also 92 wildfires burning in Alberta contributing to the smoke in Western Canada.
https://www.castanet.net/news/BC/427198/Smoky-haze-from-active-wildfires-forecast-to-worsen-in-B-C-Interior#427198
Oh such a sweet face!
Now I’ll read the post and gloss over the comments….
just read the story for the pic. Very sorry to hear this.
Pugnacious Predictable Ponzie’s Posts
Making friends everywhere……
:)
The good sized ones are out there. You just have to look.
https://www.oldhousedreams.com/2023/05/17/1896-folk-victorian-in-bay-city-tx/
@#105 Faron.
“How much time must pass before an ingredient can be claimed as native cuisine.”
++++
I believe …… pickled seal flippers…. minced and baked in a pie….is….and always will be…… native Newfoundland cuisine.
#96 Dolce Vita on 05.17.23 at 8:18 pm
#87 Ponzius Pilatus
Italian food is way overrated.
—————————————–
Actually…Mr PP is correct.
Italian food is waaayyy overrated…
I mean……you got pasta…tomato sauce…thin crust for pizza…and you vary the add ons.
The End..
It is summed up in my favourite cooking show with classic Italian chefs.
https://www.youtube.com/watch?v=TC_bHyEf1Ms
Bon appetit…
#108 Don Guillermo on 05.17.23 at 9:04 pm
96 Dolce Vita on 05.17.23 at 8:18 pm
#87 Ponzius Pilatus
Italian food is way overrated.
———————
Says the Austrian.
As if you would know.
@@@@@
To be fair Dulce, Ponzie has culinary expertise. There are his doughnuts in Vienna, noodles in Beijing and of course Tex Mex from his favorite Taco Time on Scott Road. :-)
#109 Don Guillermo on 05.17.23 at 9:08 pm
Sp. fix – “Dolce”
—————————-
No need to correct.
Perfect Freudian Slip.
Google “Il Duce”.
Yesterday, at the Tesla shareholders meeting, Elon said the global macro environment will be rough for the next 12 months. I think by this time next year, all current traditional auto makers will be waving the white flag. I doubt any battery plants will be finished in Canada.
Dolce thank you for #96 “You are beyond redemption. One of these tee-hee-tee-hee snickering people that annoy those around them perpetually. Sad.”
Ponzious is a scourge of annoyance on this blog. The kind of person who loves to say I told you so, must be an absolute pleasure to speak with at a party. Salute
#110 Bdwy on 05.17.23 at 9:10 pm
Trying the sail away spaghetti right now. Quick and easy for sure. Almost ready!
If it’s great I’ll buy some tsla tomorrow.
—————
Thumbs up!
With 20% down you can still get a mortgage for 4.89%… For those that have focused on building their real estate portfolio without over leveraging it’s still easy to make a dollar. The less affluent got spooked, but it’s always been business a usual. 30 years ago an 8% mortgage was a deal. The people suffering bought what they couldn’t afford or wannabee real estate tycoons over leveraged themselves and got squeezed out. Own your equity and rent out your liabilities.
@#111 Ponzius Pilatus on 05.17.23 at 9:11 pm
I am in Banff right now.
Driving up from Cranbrook along the mighty Rocky Mountains it got more and more smoky from the wildfires coming from Alberta.
Booked two nights in advance.
Still making the best of it.
You gotta take your lumps.
++++++++++++++++++
I’m in Banff this weekend. hopefully it blows over in the next couple days.
Checking out some Calgary real estate tomorrow/Friday.
#101 DON on 05.17.23 at 8:43 pm
#90 Dolce Vita on 05.17.23 at 7:33 pm
#84 Ponzius Pilatus
Try Did’s Pizza if you ever stray downtown Van.
https://www.google.com/search?q=dids+pizza+vancouver
Closest thing to an NYC slice you’ll find on the west coast.
I see signs for 100% Canadian beef. I take that to mean that the beef is 100% Canadian. But that doesn’t mean the burger is 100% beef!
That said, a double cheeseburger and small fry rings in at $7 and isn’t half bad. McDonald’s pickles are magic.
#86 Dolce Vita
Perhaps Formula 1 and their greenwashing hybrid engine with worse carbon footprint of all, ever growing schedule, more team members flying and required at the track, more equipment and heaviest cars ever increasing weight of cargo moving by jets from race to race burning 20,000 litres of jet fuel per hour of flight – contributed to this flooding environmental disaster?
Fascinating how media reporting is playing out. Google “Italy Flooding” see if you too get more than half of the results noting the F1 race cancelled as the headline.
Lena H. Sun
Wed, May 17, 2023 at 4:49 AM MDT
Federal and Texas health officials are alerting Americans and clinicians about suspected cases of fungal meningitis among U.S. residents who traveled to Matamoros, Mexico, for surgery. At least four patients are hospitalized, and one person has died, Texas officials said Tuesday.
#119 Ponzius Pilatus on 05.17.23 at 10:01 pm
@@@@@
To be fair Dulce, Ponzie has culinary expertise. There are his doughnuts in Vienna, noodles in Beijing and of course Tex Mex from his favorite Taco Time on Scott Road. :-)
#109 Don Guillermo on 05.17.23 at 9:08 pm
Sp. fix – “Dolce”
—————————-
No need to correct.
Perfect Freudian Slip.
Google “Il Duce”.
######
Or one could simply mean sweet in Italian and the other sweet in Spanish. Things that make you go … hmmm? Austrians dreaming of Il Duce?
@#105 Faron on 05.17.23 at 8:59 pm
#96 Dolce Vita on 05.17.23 at 8:18 pm
#87 Ponzius Pilatus
Dolce, one of the reasons Italian food is everywhere is because poor Italians flooded N. America in the last 100+ years and brought their food. Today they outnumber Austrians 7 to 1. I would argue that Tex-Mex food is mighty delicious, but you don’t find it here because Mexican immigration is fairly low.
Of course, food cooled by immigrants for “locals” is often a far cry from the native dish. Ask anyone from China.
I love Austrian cuisine. Spaetzle, braised red cabbage, knödel, delicious sausages, yes schnitzel, raclette, dark sour breads, crisp wheat beers, tart white wine. What’s not to love? But, I also love Italian food. Just hit northern Italy where Austrian food blends into and eventually becomes the dominant cuisine. A little of both worlds.
Also, your Philips pasta maker is Dutch, a germanic country. If you dislike Austrian food, dutch food isn’t going to appeal to you at all.
The biggest question of all… should a tomato based dish even be considered Italian? How much time must pass before an ingredient can be claimed as native cuisine.
+++++++++++++++++
the poor tomato, culturally appropriated
from south america :)
love italian cooking but nobody does it better
than the french.
#117 crowdedelevatorfartz on 05.17.23 at 9:54 pm
@#105 Faron.
“How much time must pass before an ingredient can be claimed as native cuisine.”
++++
I believe …… pickled seal flippers…. minced and baked in a pie….is….and always will be…… native Newfoundland cuisine.
—
LOL. Good one. We Dutchies have salted black licorice or pickled herring which aren’t for everyone. Icelandic people have their Hákarl, shark buried in sand to ferment for weeks then dried.
Someone should put this stuff on a pizza and blow Dolce’s mind.
> The point of yesterday’s piece: punishing people like this does not make real estate cheaper.
It encourages an increase in supply, so yes, it does. We absolutely want to discourage Steve from taking up prime city real estate that could be occupied by someone living here and contributing to the economy full time.
Despite my intention to split my time between Canada and other countries when I retire, I’m not sympathetic to Steve. He is a big boy who should know the (sensible) rules and plan accordingly.
Well I grew up with square head cuisine but now thrive on a mostly Italian diet…don’t want to die of prostrate cancer just yet.
#93 jim on 05.17.23 at 7:54 pm
A TON OF COUNTRIES around the world don’t allow foreigners to own ANY real estate. If they don’t want the privilege of owning property here and paying our taxes, then tough luck! Don’t feed me your elitist bullshit Garth. I don’t feel the least bit guilty.
______________________________
Perhaps, Mr. Jim you should reread the post. These people are not “foreigners”. They are Canadian citizens who want to enjoy their retirement.
How is is elitist in any way?
I rather doubt that guilt or remorse are sentiments that you would understand.
#100 ‘theory’ – while manufactured home costs are generally lower than a custom build, most manufacturers offer customization. Because folks like that. As per a quick Google search the average cost for manufactured homes (in Canada) run between $80 to $160 per square foot, or $120K to $270K installed. That however is the cost for the house. It doesn’t include the land or a foundation. These days it is difficult to find a serviced lot for sale in an urban centre that is under $50K. In the GTA area most are in excess of $100K for a basic lot. Plus said lot may come with conditions as to the style/type of dwelling that can be erected. So while the manufactured home is a possible solution regarding affordable housing it may be much more difficult to implement than one might expect.
The decline of Canada started in 1972, the year before we had the 5th highest living standards in the world, measured in GDP per hour worked. In 2020 we dropped to 17th, behind powerhouses such as Iceland, Finland and Singapore. None of these small countries have oil & gas exports, without Alberta we would be much poorer. The world is moving up the value chain producing ever more sophisticated goods & services. We are obsessed with overpriced concrete boxes and wooden houses that produce no value except for ever increasing rents. Now we can expect a Japan style prolonged stagnation.
https://www.youtube.com/watch?v=a5jN3G9snoc
#130 Faron on 05.17.23 at 10:38 pm
LOL. Good one. We Dutchies have salted black licorice…
———
“Dropjes” (druppies)
Those are definitely a love ‘em or hate ‘em proposition. I pass on those things in favour of some Boterkoek.
56 Ambivasu
“The right to housing is not a right to real estate. – Garth
Are you for real Garth????????”
———————————————————–
What don’t you understand Ambi?
Some info for your review. Scroll down to “key elements”. Firstly, the right is to “adequate” housing.
https://www.ohchr.org/en/special-procedures/sr-housing/human-right-adequate-housing#:~:text=Housing%20is%20the%20basis%20of,in%20peace%2C%20security%20and%20dignity.
Then came the BC spec tax. And Vancouver’s massive 3%-per-year hit on homes deemed to be ‘empty’ (even when a principal residence). The couple were caught in the web by spending slightly less than six months in YVR, and now face a $19,100 tax. On top of property tax, of course. Payable in after-tax income.
—-
Something about this story seems false. Who would know if they spent 5.5 months in Vancouver or 6.1 months? Is the city Gov’t accessing federal databases by tracking citizens at the airport and forcing them to provide times when they leave and depart the city so as to see if it was exactly 6 months?
However, it is up to citizens to know what they laws are and then they are free to optimize their strategies, i.e. stay in Vancouver 6 months + 1 day if need be. For those few who are caught up in this vacancy tax, on the whole the tax is beneficial in releasing units for rent that would otherwise not be available. Now if the BC Gov’t would impose tight rules on AirBNB like they did recently in Quebec that would be a good next step.
The kiddos think they’re entitled to buy a home just as their parents did when populations were smaller by half, urbanization less and before anyone ever heard of Covid or WFH.
—–
Nothing at all to to with entitlement. As a society, if different generations have very different opportunities for wealth creation and advancement, one can be 100% sure that some of those who are in the margins will one day try to gain some political power at the local, provincial, etc…and pass punitive laws to force some redistribution of assets through all means possible. This cultural revolution has already started…..
” punishing people like this does not make real estate cheaper. Nor does it increase the housing stock”
Let’s be clear. Stories like Steve and Rei are extremely rare. The media and real estate industry in BC did their best to stir up anti speculation tax sentiment by desperately seeking anyone in a similar situation to come forward and found a grand total of maybe 5 people. Nobody is saying the tax is perfect and is going to create miracles but combined with other housing measures has absolutely had a positive impact and has discouraged speculation and increased supply
“According to CMHC, a record 11,118 condominiums were added to the rental housing supply in the region in 2019, representing an 18.9% increase over 2018. This includes 8,824 rental homes converted from existing condominiums, and 2,294 rental homes from new condominiums completed between 2018 and 2019.
In fact, the conversion of condominiums into rental homes was the single largest contributor to rental housing supply — exceeding the supply created by new purpose-built rental housing developments, and exceeding the total number of new condominiums reaching completion during the year for the first time.
CMHC analysts believe the various new interventionist housing policies by the provincial and municipal governments over the past two years are driving factors, specifically the provincial government’s Speculation and Vacancy Tax, and the City of Vancouver’s Empty Homes Tax and business licence requirements for short-term vacation rentals such as Airbnb listings”
https://dailyhive.com/vancouver/metro-vancouver-rental-housing-market-vacancy-tax
https://dailyhive.com/vancouver/bc-speculation-vacancy-tax-metro-vancouver-condo-rental-conversion-statistics
>>#104 OriginalAdam on 05.17.23 at 8:56 pm
This blog has become hilarious lately. Basically it’s Garth posting an opinion piece, then his comments section ripping him apart, then him ripping them apart in his next blog post. Basically this blog has turned on Garth and he, in turn, has turned on them. So now Garth is rubbing salt in the wound of all the little kiddos out there who hoped for a cheap house. I am not on any side, I just find it all very fascinating from a sociological standpoint. I think Garth really doesn’t know where he fits into society anymore. This is the result of society becoming more “extreme left” and “extreme right”. Garth is a combination of old school politicis while also incorporating new aged liberal ideas. Almost like he’s a progressive conservative! I am convinced that people like Garth haven’t really changed much over the years, but, rather, society has changed. Garth is still progressive conservative technically, but the goal posts of society have moved him into a more progressive or liberal spot. So now he is clashing with all the anarchists on here who previous envied him and have moved with the goal posts. Garth, meanwhile, digs in his heels and refuses to be moved, like the mountain of a man he is, but the result of that is the feeling of being more and more isolated and bitter as the years go on. I gotta say, this blog has never been most interesting!
Great analysis. Garth can do no wrong in my books (except for his take on leasing cars as a depreciating asset vs. buying one), but I’m always wondering who the hell are these people in the comment section. I’ve been advocating for Garth to nuke the damn comment section or at least implement a better comment structure so the top comments get voted, and the crappy comments get blocked or hidden, but the wise old man persists keeping things status quo. Regardless, I appreciate all that Garth does for us in challenging our thinking. There’s no home for us moderates/centrists anymore… or dare I say, progressive conservatives. Never thought I’d call myself that, but can’t identify with any of these damn political parties. We’ve lost our way.
#134 Linda on 05.17.23 at 11:11 pm
#100 ‘theory’ – while manufactured home costs are generally lower than a custom build, most manufacturers offer customization. Because folks like that. As per a quick Google search the average cost for manufactured homes (in Canada) run between $80 to $160 per square foot, or $120K to $270K installed. That however is the cost for the house. It doesn’t include the land or a foundation. These days it is difficult to find a serviced lot for sale in an urban centre that is under $50K. In the GTA area most are in excess of $100K for a basic lot. Plus said lot may come with conditions as to the style/type of dwelling that can be erected. So while the manufactured home is a possible solution regarding affordable housing it may be much more difficult to implement than one might expect.
———————-
When I was a kid our local correctional facility was actively engaged in the community running a farm within the facility, cutting firewood for seniors, etc. It presently holds 250 men who needs the skills to lead productive lives. If only governments would put in the effort that it does chasing down law abiding folks like Steve I think we could make low cost housing modules inside this facility. Win Win!
WFH!
Why Toronto’s office vacancy is continuing to climb
The latest report from CBRE shows office vacancy continues to increase. One expert says working from home and unappealing commute times play a large role. David Zura explains.
https://toronto.citynews.ca/video/2023/05/17/why-torontos-office-vacancy-is-continuing-to-climb/
#111 Ponz
I am in Banff right now.
———————————————————————————————————–
Enjoy!
I really love that place.
Been visiting regularly for 45 years.
Never gets old.
Man, I took a lot of photographs.
Can’t wait to go back.
@#138 yvr
“Now if the BC Gov’t would impose tight rules on AirBNB like they did recently in Quebec that would be a good next step.”
+++
The only reason Quebec clamped down on AirBnB was the fire in Old Montreal that killed a bunch of innocent people trapped in illegal suites caused so much outrage….the politicians had to be seen to be doing something.
I suspect it will take something similar here to stimulate our spineless politicians to react in a similar fashion.
PPL 53.58-40.81 one year
44.74 200 day
42.12 close
0.84 d/e
8.4 p/e
6.339 div
_________________
ENB 59.69.48.88 one year
51.69 200 day
50.00 close
1.47 d/e
37.8 p/e
7.1 div
includes line five & div being propped from reserves
There is a vast difference!
Gee picking stonks is so easy….
I just added 33% more PPL to my personal three pipe ETF
@#143 KIA
“….unappealing commute times play a large role….”
++++
yep
The main reason people don’t want to go back to work.
Toss in ridiculous daycare fees, work clothing costs, meals, gas, transit fees, lost time….
It’s a deal break for a lot of peeps
WFH is here to stay or until a brutal recession puts the employer back in the drivers seat……
DELETED (Anti-immigrant)
#137 Dr. V on 05.18.23 at 12:12 am
“Firstly, the right is to ‘adequate’ housing.”
If shelter is a human right, why is there a price tag on it?
Healthcare is a human right, and people receive it free at the point of use. Nobody is turned away for being unable to afford it. Same is true for K-12 education.
I’m willing to bet that if there was an ample supply of high quality government housing available to rent essentially at cost, it would significantly lower the cost of private housing.
Just look at Vienna. High quality government housing is available to rent for about 300 Euros per month for your average wage earners (even less for the poor and unemployed), and over 60% of the population happily live in this government housing.
https://www.msn.com/en-ca/money/topstories/posthaste-bank-of-canada-needs-to-crush-inflation-with-another-rate-hike-scotiabank-economist-says/ar-AA1bm7A0?ocid=msedgdhp&pc=U531&cvid=0b04a420920148c8a7133e421ff48bc4&ei=11
What happens at the (so-called) Trigger Rate?
You would think that when the payment no longer covers ANY principal, then the payment would rise automatically unless the bank agreed not to or something.
In fact I am told that other than a letter going out, NOTHING happens.
Do we really think that the banks immediately agreed to hundreds of thousands of exceptions to a rule that the payment rises at the trigger rate? These are largely insured mortgages. Did the insurer agree to amortization extensions?
It appears to me that given that the amortizations on variable rate mortgages with fixed payments were ergo floating amortizations that what has happened at the trigger rate is mostly nothing. And I doubt that is becasue everyone called in and got an exemption from the payment increase.
Again, who can tell me what actually happens at the trigger rate? Who got a letter and what did it say?
My prediction: The percent of mortgages with amortizations over 30 or 35 years may actually fall with next week’s Q2 bank reports as compared to Q1. Let’s watch and see. Why? Because Some of these homeowners will have locked in a fixed rate or increased their payments. And the banks better discuss the situation a lot more in the their MD&A this time. They need to explain more why they think the sky will not fall.
Well mortgage rates are going up big time, let’s see what that does to the housing market before we get all ‘price correction is over’ confident. I think BoC raises again soon. Don’t forget that only the very first interest rate increases have hit the economy so far it takes 8-12 months for each increase to be felt. We are only 1% in so far and we have gone up a lot more than that.
It’s a democracy Garth. People voted for the government that introduced foreign buyers taxes.
This couple somehow thinks they are special that they don’t have to pay the vacant home tax?
No idea why my comment was rejected 2 days ago? Sorry if you thought I was being critical of you. I do enjoy your blog but the reality is that you have been on the wrong side of the RE trade since the greater fool began.
6 days ago the 5 yr bond was 2.95. Today it is 3.36! Mortgages with a 4 handle will soon be a thing of the past.
Employment is up.
RE is up.
Inflation is up.
Soon Bank of Canada will raise another quarter point.
OFSI will chime in.
While Garth called the RE bottom in January, this story isn’t anywhere near over yet.
While strictly anecdotal, my RE broker friends (with negative cashflow properties that think they are investors) are drowning in debt. They have been kept afloat by our government and our national banks irresponsible behavior.
#112 Yukon Elvis
Yup, another summer in the Smokanagan, possibility of wearing masks and very poor air quality for months on end again and smoke blotting out the sun.
Could be worse as the residents of Penticton get to enjoy the ongoing circus of dealing with people with “medical” issues, only close to 4000 crime events “reported” in the first quarter of this year, down from last year, I am curious about Kelowna stats as well.
Lots of friends have moved up to the valley and found out that it is a s&*t show and nothing nailed down is gone overnight and the locals have given up on involving the police as they are overwhelmed.
https://www.castanet.net/news/Penticton/427107/Prolific-offenders-employee-wellness-RCMP-share-first-quarter-Penticton-crime-stats-and-future-priorities
The inventory is an illusion. How do I know? The identical thing is happening in USA.
The reason for the low inventory is the masses who are locked in low rates and cant leave. So as they reset they walk the plant. The people with the 2.09% resetting to 5.5% will need to face reality. Downsize or find the cash for the payment going from $3,000 a month to $5,000.
In usa they have 30 years locked in.
We have 5 year.
Rest assured you will see inventory of homes climb and people moving DOWN in homes.
I rarely comment, but read the blog every single day. (Thanks Garth. You are tireless! What is your secret? If it’s a particular brand of coffee I am ordering a crate of it. Haha.)
I literally laughed out loud reading Sail Away sharing recipes – unexpected! Haha And then poor Dolce trying to be super tactful about how pasta should really be made. So funny…thanks for the much needed laugh, you two. I had just never imagined the day I would read a (gasp!) recipe on Greater Fool. I think I would prefer Dolce’s – I like a bit of basil in mine, though, rather than the herbs you suggested. Personal preference.
Also – Dolce, many of us are concerned about you and all of those there in Italy. The flooding is nowhere near you, is it? Hope you and yours are safe, and that things will settle soon. It looks just awful. (We have the wildfires here in AB – downright frightening, especially this past Tuesday.)
Take care all. And thanks again Garth. Hope you and Dorothy are also doing well. I may not comment often, but that certainly doesn’t mean I don’t appreciate all you do.
#146 Wrk.dover on 05.18.23 at 8:26 am
PPL 53.58-40.81 one year
44.74 200 day
42.12 close
0.84 d/e
8.4 p/e
6.339 div
_________________
ENB 59.69.48.88 one year
51.69 200 day
50.00 close
1.47 d/e
37.8 p/e
7.1 div
includes line five & div being propped from reserves
There is a vast difference!
Gee picking stonks is so easy….
I just added 33% more PPL to my personal three pipe ETF
+++++++++++++++++
I have been adding to those two as well since the war in U started. Long term holds for me. Great dividends.
#81 PP “Leaky condoms, sorry condos are soo 90s.”
—————————————————————–
Sure
Very 2023 to the inhabitants of the building at Pacific Blvd and Hornby. The blue tarps just enveloped a 20 floor early 2000’s bldg this week. 2 years and probably several thousand in special assignment costs.
But ya 1990’s……………….
Democracy and losers
#153 JT Dawg on 05.18.23 at 10:18 am
It’s a democracy Garth. People voted for the government that introduced foreign buyers taxes.
*********************
And this is why a country needs a constitution with certain rights such as property rights so that losers cannot vote to arbitrarily take from smarter more successful people.
It’s one thing to impose income taxes and property taxes. It’s quite another thing to vote to tax people for owning a vacant property on which they are paying full property tax.
Any decent person can see the penalty here was unfair.
What’s next? An empty bedroom tax? How about a tax because you are “sleeping single in a double bed”?
If taxes and higher interest rates prompted people to offer less for housing then it would work. A lower price means lower borrowing and tax costs. The catches are a extreme discount on price would be needed for any meaningful savings and secondly the vendors and sales people would have to be open to compromise when it comes to price. Buyers would have to smarten up and realize the lower their offer the lower their tax and interest expense. All sides of the deal would have to recognize that real estate is just a place to live.
The CBC hasn’t announced that Canada has lost its Triple A Credit Rating. A huge hit from AAA to AA+ is HUGE. But someone doesn’t want you to know. Certainly not at a time when rates are soaring in the bond market where Krystia has to venture hat in hand. Whoops.
Inflation has reared it ugly head. The worst kind is rage spiral inflation, the kind Mr Trudeau threw a match on pumping cash into a million civil servants accounts. Consumer Discretionaries here we come.
At a time when gas and grocery prices are on fire after the confirmation of Carbon Tax Two which will naturally push the increasing cost of delivering via transpo is passed on daily. Whoops. It’s more than a small cheque to a few people.
Did you hear the government day that mining companies MUST prove ESG before permitting? Did you note how many resource companies that Trudeau said would provide precious minerals have pulled up stakes because of soaring costs? Whoops. This stuff should be in the news. Who do I call to put them in the loop?
Did you hear about three birds in a oil sand pond after flying through extensive defenses? But there’s no story about the millions of rare and migrating birds being hacked by windmill blades. Whoops. It’s not green to know that.
Did you hear the Government of India announce the invitation to the very experienced Canadian mining community that they’re wanted in India …no ESG…no problem. We are kicking out the community of the deepest miner experiance on the planet. Anyone want to guess how many more geo and engineers left Canada this month?
Did you read about our genius minister Alagrha has decided to shut out Canada’s railways from prairie business in favour of American competition? Who’s running this place?
DELETED
Why did they reverse the off shore/ foreign home buyers policy again?
It lasted for what, two months?
Speaking of a tax for sleeping single.
Crazy idea. But how much of the housing shortage is caused by so many people living alone or not pairing up two per bedroom?
And what societal problems are caused by young people not pairing up? INCEL males are no joke.
Maybe need more incentive to pair up? Tax breaks for couples?
DELETED
Bank of Canada sees financial stress rising among homebuyers-BNN
Hmmmmm….
Steve and Rei should rejoice. Given the size of their tax penalty they must be making about 100k tax free equity gain per year. The gain is all but guaranteed by team Canada. A Canadian home is safer than a Canadian bond. Team Canada is so sure of property value acceleration that they can likely defer tax payment until they sell. So the tax is just a little fee for the mighty protection they receive as property owners. Lord help anyone that doesn’t own a home.
#142 ‘Bezengy’ – again, a possible solution with as you say a ‘win-win’ potential outcome. However, your post doesn’t state the class of the incarcerated. I’m presuming the inmates are none of them considered high risk & that they are incarcerated for (mostly) non-violent crimes. More fraud & shoplifting, less murder & mayhem. Because putting shop tools into the hands of incarcerated felons is maybe not the brightest idea….. just saying could be a real issue doing that. Sort of like handing them the keys to get out, because if they have access to stuff that cuts through metal could be they might decide to try it out on stuff other than the modular unit they are creating.
149 Sunshowers
“If shelter is a human right, why is there a price tag on it?
Healthcare is a human right, and people receive it free at the point of use. Nobody is turned away for being unable to afford it. Same is true for K-12 education.
I’m willing to bet that if there was an ample supply of high quality government housing available to rent essentially at cost, it would significantly lower the cost of private housing.
Just look at Vienna. High quality government housing is available to rent for about 300 Euros per month for your average wage earners (even less for the poor and unemployed), and over 60% of the population happily live in this government housing.”
———————————————————
Good morning (here) Sunshowers. Thanks for providing your thoughts.
Yes, I caught the “price tag” on this supposed right as well. Looks like everyone pays after all.
I also noted the very basic elements – sanitary facilities, cooking facilities, access, security, power. Also the accessibility to services and employment. So no more than a few hundred sq ft for a single or hitched couple, low-rise (hi-rise with elevators) near transit or close to a city of at least moderate size. Livable but “high quality” not required.
So no claim by housing activists on my suburban mini mansion, or on my niece’s 4 floor townhouse in Van. We get to keep those and they remain marketable.
Government has signed on, and must provide it, for a
cost. Housing projects here we come.
#136 IHCTD9 on 05.17.23 at 11:59 pm
#130 Faron on 05.17.23 at 10:38 pm
LOL. Good one. We Dutchies have salted black licorice…
———
“Dropjes” (druppies)
Those are definitely a love ‘em or hate ‘em proposition. I pass on those things in favour of some Boterkoek.
—
Pulled a baggie of ’em out on a ski trip. Buddy was like, “what are those, car parts?” I down ’em by the fistfull. Something has to fuel my saline, acrid pugnaciousness, right? LOL.
#120 4 out of 3 people find math hard on 05.17.23 at 10:03 pm
“…..Yesterday, at the Tesla shareholders meeting, Elon said the global macro environment will be rough for the next 12 months. I think by this time next year, all current traditional auto makers will be waving the white flag. I doubt any battery plants will be finished in Canada……”
————————————————————
COMMENT:
Comment more later…but after digging into this EV topic globally… the apparent tactics by both Gov’t and Private Sector is to legislate ICE into oblivion…and concurrently see which EV/s will be the last man standing.
However….it appears most EV manufacturers are existing on fiscal fumes. They are collectively playing a dangerous game of chicken.
You know what they say about the Dutch?
“Wooden head, wooden shoes, wouldn’t listen”
https://www.newswire.ca/news-releases/clearpoint-health-further-expands-its-national-footprint-877021088.html
Earlier this year, Longhurst found the CSI signed a deal with Clearpoint Health –a national private equity-owned surgical chain with 14 facilities and 53 ORs for over $100 million.
In the fine print, AHS provided the company a “volume floor,” or a “minimum number of surgeries to be allocated by AHS to the service provider.”
“It basically requires that AHS pay them, regardless of whether those surgeries are delivered. So the onus is on them to really ensure that the public system is ensuring that they can get the volumes delivered in those facilities,” Longhurst said.
https://pressprogress.ca/alberta-surgery-wait-times-surgeries-ucp-privatization/
You called Steve and Rei tax cheats.
I own a few props.
Philco my neighbour’s got a pile.
If you called that to his face you would be in for a real treat.
You set your goals you reach them then aholes change the rules. That’s criminal.
There are some real finacial illiterate shere better known as idiots here.
UTH is utter bullshit and worthless for a pile of reasons.
So let me get this straight.
These folks were living in their Vancouver home for a few weeks, possibly a few days, shy of the 6 month per year timeline required to not be caught by the empty homes tax?
They now owe $19,500 to the City and more to the Province, because they did not live in Vancouver for a few more days?
Sounds like they did this to themselves. Why weren’t they here for the required times? By staying out of country a few more days, they cost themselves tens of thousands of dollars?
Not the sharpest knives in the drawer, are they?
Or are they folks who deliberately stayed out of country for a few extra days, so they could grandstand and make a political point?
What a sad view you have of others. Must suck to wake up each day being hostile, accusatory and negative. – Garth
#104 OriginalAdam on 05.17.23 at 8:56 pm
This blog has become hilarious lately. Basically it’s Garth posting an opinion piece, then his comments section ripping him apart, then him ripping them apart in his next blog post.
Basically this blog has turned on Garth and he, in turn, has turned on them. So now Garth is rubbing salt in the wound of all the little kiddos out there who hoped for a cheap house. I am not on any side, I just find it all very fascinating from a sociological standpoint. I think Garth really doesn’t know where he fits into society anymore. This is the result of society becoming more “extreme left” and “extreme right”. Garth is a combination of old school politicis while also incorporating new aged liberal ideas.
=======================
COMMENT:
IMHO….Garth’s message is quite clear and consistent.
He has never said to not buy RE if it works for you…but for ” investment” purposes look at other options. Also liquidity is important, and RE is less liquid…..its more a long term play.
Why people would slag a person like Garth and his associates who have volunteered their time for years (since 2008) to provide us with many professional and life experience perspectives etc. is to me reprehensible , given they may get fed up and walk, and then WE ALL LOSE.
Thanks Garth and Crew …..FOR ALL YOU DO !!!
Cheers:
Alois
#174
– “There are some real finacial illiterate shere…”(sic)
over for some?
even with a reduction …way overpriced!
A report from the Puget Sound Business Journal in Washington. “As the Graystone condominium tower on Seattle’s First Hill nears completion, fewer than 10% of the 271 homes have been sold,The condo market, like the housing market overall, is sluggish, with April’s median sales price downtown off 11.5% year over year, according to the Northwest Multiple Listing Service. Only 40 sales closed last month, 15 fewer than April 2022.
The situation is not unique to Seattle.
https://www.bizjournals.com/seattle/news/2023/05/16/seattle-condo-tower-cuts-prices.html
in April, Arbor Realty Trust foreclosed on a $229 million multifamily portfolio in Houston.
http://housingbubble.blog/?p=7561
Globest on California.
https://www.globest.com/2023/05/16/lenders-selling-1b-in-overdue-cmbs-on-veritas-san-francisco-portfolio/?slreturn=20230418131758 “The largest apartment landlord in San Francisco, Veritas Investments, is facing the loss of more than a third of its multifamily portfolio in the city as its lenders seek to offload $1B in loans that are in default.
Nitya sells multifamily holdings for $100M
Floating-rate debt cited as cause of property exits
CBC News in Canada. “‘Everybody’s going to get paid.’ Those words have been spoken more than once by Greg Martel, the Victoria mortgage broker, who has been accused of running his business like a Ponzi scheme and who owes over $226 million to hundreds of people who bought investments that — according to documents — may not have actually existed. Last week at a virtual town hall for investors, PwC vice president Neil Bunker delivered sobering news to the 500 people tuning in: not only are Martel’s whereabouts uncertain, investigators have yet to locate the missing millions or proof the investments were real.”
too big too quick ?
But that dream has turned into a nightmare after one of the country’s largest builders Porter Davis collapsed last month. The 44-year-old and her husband are among about 1,700 victims caught up in the insolvency crisis the head of Master Builders Queensland
Porter Davis liquidation leaves families with half-finished homes, as ASIC data reveals scale of construction company collapses
The latest Australian Securities and Investments Commission (ASIC) insolvency data shows more than 2,500 construction companies have gone into liquidation, administration or receivership since mid-2021….Anyone planning to build a new home is being urged to tread cautiously as the construction industry also battles with approvals hitting an 11-year low as RBA research finds Australia has up to an 80 per cent recession risk.
New York
Rising UCC foreclosures are “the tip of the iceberg” unusual rise in Uniform Commercial Code foreclosures
Mezz lenders are gunning for distressed developments as defaults increase
https://therealdeal.com/new-york/2021/03/29/holiday-inn-next-to-laguardia-airport-faces-foreclosure/
174 Ed T
“You set your goals you reach them then aholes change the rules. That’s criminal.”
——————————————————–
Maybe, but it’s to be expected to some degree. The taxman always ultimately wins. All you can do is plan under the current rules with some hedges.
Oops I mean taxperson. Or “taxer” if you wish.
You can always tell a Dutchman, but you can’t tell him much.
Nearly every Dutch person I know is strongly conservative. Some vehemently so. That whole capitalism streak seems ingrained at birth. Also, Stroopwafels hold a strange hypnotic charm.
We hosted a Dutch Rotary exchange student, Bas, some years back, so have an open invitation to visit and might do so one of these days. Their family of 6 stayed with us for a week and were all about 8′ tall.
An interesting thing- when talking about the distances from their house to school, town, etc., the kids would always say, ‘xx minutes bike ride’.
#172 Don Guillermo on 05.18.23 at 12:51 pm
You know what they say about the Dutch?
“Wooden head, wooden shoes, wouldn’t listen”
—
Nice unnecessary insult! Good on you.
You know what they say about Canadians living in Mexico who flagpole to keep their health insurance while bragging about Mexican healthcare? Don’t wind up like this guy:
Canadian shot dead in Mexico beach town, 2nd tourist killed this week
Toodles!
#175 A Voice of reason on 05.18.23 at 1:19 pm
—————————
Call Philco. He will tear you a new one. LOL
Give Elon a call….you can ask him how economies and social services are built.
I could write a book on how ignorant that statement is but that would be a waste of time as you wouldn’t get it.
So much for the snow birds.
You must live under a bridge.
And your the reason we have the government I do NOT deserve.
#181 Faron on 05.18.23 at 1:43 pm
#172 Don Guillermo on 05.18.23 at 12:51 pm
You know what they say about the Dutch?
“Wooden head, wooden shoes, wouldn’t listen”
—
Nice unnecessary insult! Good on you.
*******
Didn’t know you were Dutch. Makes sense.
A better response would have been to chuckle. It was a good joke told to me by a Dutchman with a sense of humor.
#97 Faron on 05.17.23 at 8:20 pm
#73 Faron on 05.17.23 at 6:05 pm
#53 Math on 05.17.23 at 5:15 pm
If you got aroused by a 0.01% increase you need help. – Garth
Nope. Not if a recession is the result. Too simplistic. – Garth
—
Might be a big if. Also, in the tension between price stability and employment, won’t CBs crush inflation at almost any cost even if sacrificing employment (as per the 1970s)? If inflation remains high in a stagnating or recessionary economy, CBs will eventually raise again
—
Further:
In the Financial Post:
Bank of Canada needs to ‘crush’ inflation with another rate hike, Scotiabank economist says
Derek Holt says if central bank doesn’t raise rates now, inflation may never fall back down to 2%
#179 Dr. V on 05.18.23 at 1:39 pm
———————-
Doc
We need better management that don’t change to rule do to their inability to balance the books.
Their out of control and EVERY time you pull the lever there are more unintended consequence’s.
They forgot they work for us not the other way around.
We need to flush the toilet and start over.
Many people I know do not trust the government at all and are looking to hide stuff. That’s another unintended consequence.
These types of behavior’s can lead to civil unrest and revolutions why would be any different. To accept the status quo is unacceptable.
Philcos fed up. His accountant wanted $800 to fil out the 2 UHT for his condos.
Paid $4000 for the LOTA. They called him and said your a great client so we do $400. He said I already did it but thanks.
Cheers
strong mayors …2 tier gov. getting rid of regional?
kitchener and waterloo why two mayors?
The government also plans to appoint regional facilitators in the coming weeks to explore whether the constituent cities and towns of the following regions could stand independently:
Durham.
Halton.
Niagara.
Simcoe.
Waterloo.
York.
Mississauga Mayor Bonnie Crombie says her city, the largest in Peel Region, has been paying more than its share to run the sprawling Ontario region. She’s calling its pending dissolution a ‘historic’ achievement.
“This has not been a fair relationship for Mississauga,” she told Metro Morning. “At the end of the day, we want to invest our tax dollars into our infrastructure needs, not to building out Brampton.”
But Brown disputes Crombie’s numbers, with each mayor relying on conflicting audit reports from two different firms that explored the costs and challenges of breaking apart Peel Region.https://www.cbc.ca/news/canada/toronto/peel-region-dissolve-legislation-ford-1.6847519
#169 Dr. V on 05.18.23 at 12:28 pm
When I said high quality, I meant more along the lines of well constructed buildings that are serviceable and desirable to live in. Lots of people like to claim that “government housing doesn’t work” and point at critically underfunded American housing projects that are in total disrepair and without reliable utilities because they were never meant to provide homeless people with a safe place to live as much as they were a means to keep them out of sight.
But look at the Alterlaa building in Vienna for an example of what’s possible for social housing. Not everything has to be that luxurious though, but it’s a good goal to strive towards.
Your terms are acceptable, so long as there is a robust public option for shelter, the government (and housing activists) should be able to let the private housing market do its own thing.
re #79 Dolce Vita on 05.17.23 at 6:42 pm and #83
thanks for these……
F60AB
#159 Shawn
Who said it was fair?
Your quote:
“arbitrarily take from smarter more successful people?” This situation was easily avoidable. If these people are so smart and successful, they wouldn’t be in this situation.
Is it fair that I am taxed at a rate of 53.53%? Of course not.
Is it fair that JT is in power yet he doesn’t have the popular vote?
Is it fair that JT is being propped up by the NDP?
Is it fair that active corporations are taxed differently than passive corporations?
Is it fair that I do not qualify for the FHBSA?
Is it fair that irresponsible variable rate holding Canadians are being propped up by the government and banks because they are unable to meet their contractual obligations?
Of course it is not fair. Sometimes life isn’t fair.
There is only one reason, and you can read it in the bullet points above. The housing market. Too hot. Too fast. Too high. – GT
==================
Well, prepare for 150 years amortizations for mortgages in Canada. As many said in this blog in the comments section before and laughed at, when they said: It only goes up, gov’t never let housing down! As it is seen they were absolutely right :) after all !
Moreover, anyone ever looked at B&D portfolio returns last 5 years compared to boring & useless gold? What is the conclusion there?
Still Love part of you G
No ones perf
Not me
I forgot to post this
RE crash = nothing burger.
We bought all our eons ago. Rents are sky high…win win.
Its a crazy expensive place and that’s not going away..
If it takes another hit so well….rents are cash flow.
#185 Ed Tunstal on 05.18.23 at 2:23 pm
#179 Dr. V on 05.18.23 at 1:39 pm
———————-
Doc
We need better management that don’t change to rule do to their inability to balance the books.
Their out of control and EVERY time you pull the lever there are more unintended consequence’s.
They forgot they work for us not the other way around.
We need to flush the toilet and start over.
Many people I know do not trust the government at all and are looking to hide stuff. That’s another unintended consequence.
These types of behavior’s can lead to civil unrest and revolutions why would be any different. To accept the status quo is unacceptable.
Philcos fed up. His accountant wanted $800 to fil out the 2 UHT for his condos.
Paid $4000 for the LOTA. They called him and said your a great client so we do $400. He said I already did it but thanks.
Philco said he’s got $800k in the new storage facility (full in 4 months)
16% return annually. Worth about $3mil. Has 3.25 acres to still develop.
No rent controls, low taxes, all automated. Closest thing to printing money
Not the stupidest guy I know.
Cheers
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