Half of all family net worth is held by Boomers. Half of that is in real estate. This drives some people wild. Their angst is splattered all over the comments section daily. It’s made inter-generational warfare and overt ageism perfectly acceptable. Now Boomers are being blamed for the latest hike in real estate values, because they won’t sell their homes. Fewer listings = higher prices.
We all know why this happened.
In the past houses were less because mortgage rates were higher and a lot fewer people were chasing properties. As well, it used to cost a lot less to throw a house up. Now development charges and municipal levies are extreme because governments for several decades have been unable to live within their means. And let’s remember that when I was born there were 2.5 billion humans alive. Now there are 8 billion. In Canada 13.5 million people got along that year. Now we have 38.2 million – or 180% more.
Seven decades of economic growth, inflation, swelling cities and escalating overhead have brought us to this point. A decent house is more than a million in most cities. Dorothy finally let me marry her when we were 21. By the time we got a first (highly modest) house, four years later, it cost $60,000. The mortgage was fifty grand, at 12.5%.
The real price appreciation has taken place, however, after Boomers like us were well into real estate ownership. The average Toronto house which cost two hundred in 1987, for example, was just $215,000 ten years later and $376,000 ten years after that (2007). But by 2017 it blew past $820,000 and today is $1,153,229.
The Boomers didn’t do that. In large part they stopped buying, moving, flipping, speculating and investing long ago. All 9.2 million Canadian Boomers will be over 65 within a few years. And now they’re outnumbered by Millennials (10.1 million) with an average age of ealy-30s. Prime nesting period.
So if you believe that high prices are a function of high demand, blame the kiddos, not the wrinklies. First-time buyers typically fire up 50% of all sales in Canada, augmented by an epoch of cheap interest rates – which has been here for almost twenty years.
Well, none of this demographic stuff matters to the rabble who can’t afford an urban house, think they deserve one (cuz mom & dad did) and are looking for scapegoats. In response, governments have been doing all kinds of crazy things, like taxing underutilized houses, discriminating against certain buyers and now ripping up zoning restrictions that created the very neighbourhoods young buyers crave to buy into. (Last week Toronto politicians voted to allow multiplexes everywhere.)
None of it will work, of course. There is nothing now being done that will make houses ‘affordable’ for average-income Canadians in the big cities. That’s because we cannot roll back the clock thirty years and get rid of half the population, remove costly building code changes or the oppressive overhead of bloated government.
The only solution? Wealth transfer.
As the Boomers shuffle off, still humming Rolling Stones tunes, a sizeable torrent of assets will be transferred to the next gen. Estimates are that about a trillion will be passed within the next five years from the Boomers to GenX and Millennial kids. So, obviously, it makes good economic and financial, sense to be nice to your parents.
But wait. Experts are also warning this massive shift in net worth is going to enrich only a slice of the population – because today we have a wealth gap like never before. The graph below helps explain this. It’s American, but we can assume a similar distribution in Canada. The vast majority of family net worth is in the hands of 10% of all households. Half are barely getting by.
Source: New York Times
What’s this mean?
Simply that there’s a good chance a large number of Boomers, with the bulk of their net worth in a single asset, will have to sell the house to finance the last decade or two of their lives. Seven in ten have no corporate pensions. Lots of folks will end up in costly retirement homes. And we’re all living longer, sucking off substantially more cash. In 1975 the average dude lived to be 73. Now people expect to still be rocking when they’re 82.
So, real estate is inflated, unaffordable, massively costly to buy and hold and will be impacted forever more by interest rates, rising personal taxes and inept government actions. Our Canadian obsession with property was passed on from the Boomers to their spawn, but at the same time the nation was inexorably changing. There is considerable risk paying $1.153 million for something that cost less than half that a decade ago, in an environment where after-tax income is dwindling.
It all sucks. But the oldies didn’t do it.
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135 comments ↓
When the trough grows empty the horses look at each other with a different perspective.
Canada Has Entered A Per Capita Recession, Quality of Life Expected To Erode
https://betterdwelling.com/canada-has-entered-a-per-capita-recession-quality-of-life-expected-to-erode/
“Aggregate GDP is great if you’re a politician looking to have a d*ck measuring contest with other countries. If you’re seeing an eroding quality of life in your city while being told it’s the best economy ever, you probably want to peep real GDP per capita. “
“Canadians on average are heading towards an erosion in quality of life, and fewer opportunities. The trend isn’t expected to end any time soon either.
The OECD forecast shows Canada will have the worst GDP per capita growth of any advanced economy for a 40-year period. Nearly two generations of performance similar to Greece during the Great Recession isn’t exactly the picture people have when they immigrate to Canada, is it?
But hey, that aggregate GDP, right? “
Oh Canada!?!?
Haha, I love the pup!
Chessies never pretend- life is serious business and they have work to do.
She’s clearly thinking that stump sitting is the world’s biggest waste of time and if you want a frivolous clown, maybe a Dinglepoo would be more appropriate.
More interesting stats.
Reality sucks.
Lets now wait and see how the kids flip this into “Boomer Blame”.
@#70 Russ
“Happy Birthing Person’s Day to all who qualify.”
++++
Yes.
Happy BP Day to all our politically correct aficionados.
Hopefully Anheuser Busch will also see fit to immortalize them on beer cans……
P.S.
I believe Wrk.dup might be from Blackfly,N.S. or Lyme Tick, NS…. both hamlets are just down the road from Yarmouth.
Happy Mothers day.
I know there’s a few on this blog.
#58 Faron on 05.14.23 at 2:17 am
Antagonistic, certainly. Angry, no. If you see anger in disagreement, that’s a you problem.
Typos, most def. I write on this here comments section from my phone. I don’t use autocorrect. I make mistakes. Big woop.
@@@@@@
There’s a difference between disagreement and verbal abuse . You have obvious anger issues that you need to deal with. The sooner the better for your sake.
The only reason anyone highlights your typos is because you’ve been doing it for years. The old glass house story. I recall the time you smugly corrected my spelling of grazie like you were some kind of linguistic genius? Laughable. BTW, many of us write from smartphones. It’s nothing new.
—–
Cause you have a blinkered, hyper privileged view of Mexico that objective data (life expectancy, net negative migration, crime, corruption, journalist killings etc.) doesn’t support.
@@@@@@
I never intended to portray Mexico is without issues. I’ve been going regularly since 1975 and have seen tremendous improvements in so many areas. Of course there are problems and always will be but hi-lighting positives and improvements shouldn’t turn into a rage fest on how much better Canada is. I’ve lived in many countries around the world besides Mexico. Does that mean I hate Canada? I don’t hate Canada or Liberals but I do hate this government. Are all people that travel to other countries considered hyper privileged? Is it better to live life online and become a hyper expert on everything? I guess you can pretend you’re not privileged. Maybe you can share some life experiences that didn’t come from behind a keyboard? So far we know about Portland, Calgary and VI. Any others?
CEF
I guess we should stop selling CocaCola and fast food franchises to Mexico as well, since their obesity and diabetes rates have exploded even faster than the US in the last 20 years.
@@@@@@@
This is definitely a problem and is very noticeable in the poorer neighborhoods. The last street I lived on I would see small children hauling 2 litre coke bottles up the hill from the local tienda every morning. I assumed it was for the family breakfast table.
Professional baseball games are super fun in Mexico but watching the junk food being being sold in the stands can be alarming.
There’s not much anyone can do about it except themselves. They produce their own Coca Cola and unique types of junk food. I have noticed some educational awareness programs starting recently.
But Garth … if it’s not the wrinkles at fault, who are they going to blame for their perceived aggrievances and misfortunes? Themselves, for giving up on their futures? Never happen.
And worse … the entitled Boomers who think that someone has bestowed the right upon them to apologize on behalf of the rest of us.
To wit … https://holmgren.com.au/writing/the-apology-from-baby-boomers-to-the-handicapped-generations/
1.) I am a white middle class man born in 1955 in Australia, one of the richest nations of the ‘western world’ in the middle of the baby boom, so I consider myself well placed to articulate an apology on behalf of my generation
Oh, so this is all that is required for someone to make an apology on behalf of hundreds of millions of people. OK, sounds about right to me. Racist, sexist and agent… all in one.
“Simply that there’s a good chance a large number of Boomers, with the bulk of their net worth in a single asset, will have to sell the house to finance the last decade or two of their lives.”
…or massive growth will occur within the Canadian reverse mortgage industry.
Even worse. – Garth
Well – way to change a sleepy and lazy Sunday! The incoming anti-boomer viterole should be epic. We will how many are out there ….
I saw somewhere that 1 in 5 Canadians own more than 1 home. that’s a lot of homes. If the government changed the amortization to 15 years instead of 25 years, things would be less affordable. That would bring down prices, and in the long run help out Canadians. Because thousands would be saved on mortgage payments. I can’t see anyone doing that, but it would be the right thing to do.
Implying that population growth has been impressive?
It has not.
Canada has an incredibly efficient and effective RE marketing machine, that has mastered the manipulation of the Canadian psyche.
Population growth in Canada
From 1960 to 2021 the population of Canada increased from 17.91 million to 38.25 million people. This is a growth of 113.6 percent in 61 years. The highest increase in Canada was recorded in 1971 with 2.99 percent. The smallest increase in 2021 with 0.55 percent.
In the same period, the total population of all countries worldwide increased by 160.2 percent.
The average age in Canada rose by 1.81 years from 2012 to 2021 from 39.99 to 41.80 years (median value).
Around 82 percent of the inhabitants live in the country’s larger cities. This growing trend of urbanization is increasing by 0.7 percent annually.
https://www.worlddata.info/america/canada/populationgrowth.php
Extraordinary Popular Delusions and the Madness of Crowds comes to mind.
As stated. Mote people. Urbanized. Greater demand. Stop trying to be the smartest Googler in the room. It’s getting embarrassing. – Garth
#53 Mattl on 05.13.23 at 10:17 pm
So far this week have scorn from the steerage for wanting outsized returns and a nice place in Mex. Both apparently make you an ahole.
__________
Those comments usually come from the likes of those that can have neither. The ones that think whatever they do is the correct, and the only way. You know who I speak of.
As for Mexico, sounds good. I’ve most likely seen more of Mexico than anyone on this blog … and I certainly wouldn’t have recommended Chapala. I could care less if this is a favorite spot or not. I just don’t care for it for numerous reasons.
Talk about high cost to build…. Friend of mine just got ‘his buddy” hired at Mattamy homes in the GTA. All laborers recently joined a union. ‘His buddy” had no construction experience and will basically be sweeping and cleaning up debris and taking smoke breaks. His starting salary? 82k plus pension, great benefits, and 3 weeks vacation. Wonder why houses cost so much?
So I finally successfully bully-bidded for another property this month, bagged the detached for way over asking. It’s worth it. Only the bulliest of all bully bid can do it!! I got out bullied so many times before this past few months, not this time though. The market in the GTA is absolutely nuts and I can understand why, demands are high, not enough supplies. And we all know what will happen to interest rates going forward. The western nations are so done, low interest rates is their only options. “Renturds” be warned, you will be
renting for the rest of your lives, you won’t ever be rewarded unless you take risks.
(by a blog dog formerly known as HateTiff)
You nailed it Garth; though, Net Worth or Wealth distribution in Canada a bit more egalitarian than in the US.
———-
Distributions of household economic accounts, wealth, by characteristic, Canada, quarterly Dollars (x 1,000,000) *
Q4 2022
All Households = $15,320,426 (Total) about $15.3 Trillion
[Real estate = $7,929,122, Mortgage = $2,093,092]
Net Real Estate = $7,929,122 – $2,093,092 = $5,836,030 or 38% of the Total.
—-
Highest wealth quintile = $10,408,688
% of Total = 68%
[Real estate = $4,182,525, Mortgage = $589,037]
Baby Boom = $6,006,471
% of Total = 39%
[Real estate = $2,285,178, Mortgage = $205,292]
Highest income quintile = $6,947,174
% of Total = 45%
[Real estate = $3,049,223, Mortgage = $655,938]
And everyone’s favorite (except Renters?):
Owner with or without a Mortgage = $13,918,493
% of Total = 91%
[Real estate = $7,618,348, Mortgage = $2,035,414]
———————
Hang in there Mills, you’ll be wealthy before you know it – when us Paleos start to drop like flies.
*
https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=3610066001
#51 Don Guillermo on 05.13.23 at 9:23 pm
Not a bad shack at all. Good on them!
____________
Lake Chapala … where you go to be near other like minded North Americans for 6 months of the year. The lake is polluted and the actual town is anything but attractive. Not much Mexican charm to speak of. Tons of traffic because of the location. Besides, you probably will need those medical services in Guadalajara after you break your ankle on the horrid sidewalks. But at least it has a Walmart.
So many other worthwhile option
$$$$$
First of all you should read the thread before commenting. Everyone knows it’s a gringo community. It’s not my jam but it’s still a thousand times better than living in Surrey for a fraction of the cost. Of course there are better options. Besides the sidewalks are okay in Chapala. You’re thinking about Aijijic but you already knew that I’m sure.
Tell us your plans.
_______________
I know nothing of living in Surrey other than it is the punchline of many a joke. Probably deservedly so, given that I am quite familiar with it since 1980s.
As I’ve mentioned previously, I’ve traveled Mexico more extensively than probably anyone on this site. On my last trip, we rented a vehicle and drove over 6K kms or more. I stay where many wouldn’t venture. And Chapala isn’t somewhere I would recommend for the reasons mentioned.
BTW… it was Chapala I was talking about, not Ajijic …granted not much better there either but at least not so tight. As I said, not much to offer … biggest advantage is proximity to Guadalajara.
As for my plans, the last thing I want is more people there. But thanks for asking. Let’s just say it is much more scenic, more moderate climate, proximity to great places to visit unmatched …
In Belgravia and took a look at the listings in the window … and you think its expensive in 604? And of course these prices are in GBP. My stars you are getting a bargain. It all depends on how you look at it …
There is nothing wrong selling assets to finance the final years.
Asking more money from the government will create extra burdens to the working tax payer base. It will also indirectly be a transfer of money between those tax payers who don’t have assets and those who will inherit these properties.
#6 Don Guillermo
I’ve lived in MX for over 12 years, Acapulco, Bucerias, Huatulco, Puerto Vallarta, La Paz , mostly during the Cdn winter months but not entirely.
A growing problem in MX is the GMO corn, our bodies aren’t wired to metabolize it correctly.
No comprende..so to speak.
Foods getting expensive down there and tortillas are cheap, the foods pricey for us down there and we can afford whatever we want.
It’s brutal to see, unfortunately over the age of 20 many of the population are gaining weight, and many don’t know why.
It’s more noticeable with the younger woman but catch’s up to the men further down the road.
We’ve spoken with some about the food, diet and it’s deer in the headlights when you explain what the GMO corn does.
It should probably come with a warning…
The relentless movement to higher ENTROPY affects everything and always prevails especially against efforts to reduce disorder like the code of conduct for mortgages and it’s effect on real estate price discovery.
Higher entropy is statistically most likely. True real estate price discovery prevails when we have maximum disorder.
This week many $2 million dollar homes were listed for sale. It is most likely that buyers for these properties will be in very short supply.
Entropy, the second law of thermodynamics means that “you cannot push on a string”. Jagmeet Singh and Chyrstia Frieland seem to think otherwise.
A few Realtors want me to sell my million dollar pile. I have one thing to say to them. Show me $1.3m. Boomer out.
Oldies did not do it. Inaction at the early stages of the problem and at later stage dumb decisions by consecutive Canadian governments got us here. Boomers just watched it happen and they smartly keep quiet and reap the benefits. The way that this bubble had happened while it enriched the selected people is what makes it obscene.
For generations people were taught to save, and to be responsible with their debt. Since probably 2008 you have had to disregard all of that and just take the risk and buy as much of the property as you can get bank to lend it to you. The hell with stats, economist warnings, advice from the investment mangers….nothing of the (previous to be known as sound knowledge) matters. And as a result we have now entered the stage where the size of the problem is so big that even people who know better are all of the sudden competing to justify the situation and convince the people to continue buying the Canadian real estate. Maybe they are correct. Real estate ownership annihilated any other type of investment and it is TAX FREE. You also have full fledged support of the Canadian government in case of any trouble. But also maybe because if the Canadian real estate Ponzi stops we will be back to the financial and economic “stone age” in a hurry. Astute people know this and they probably worry and they voice concerns as to where is this country going? What are we leaving for the generations behind (especially if they believe all that they have to do is buy the property and “Presto Chango” they are rich).
There are many indications that this is not healthy real estate market. Current owners are extending mortgages into the infinity. Majority of the current buyers are the ones with large down payments derived from the sale of the previous property or down payment equity pull out from the appreciated property. We are squeezing the last monies left in the system. Once that is gone (we are about to leverage entire system even further) I am not sure what do we expect that is going to happen. Lower rates? It looks like that is the only play left in order to have the “game” continue. But what happens if the rates do not go down or they do not go down enough and people start defaulting or panic selling….
PS: My prior Comment on Wealth distribution.
What is to come???
———
Bear in mind that the Real Estate number change for All Households was:
-844,420 (about $844 billion)
-9.6%
in 2022.
As RE prices recover, the Real Estate number for the different Characteristics (e.g., Baby Boom, Highest income quintile) will go up in the years to come.
2022 was the first year that Cdn Wealth dropped, since StatCan started measuring it in Q4 2010.
Q4 2022 saw an increase in Wealth after 3 consecutive quarters of losses = WEALTH RECESSION.
Of course, not talked about. To me, maybe outside of Inflation & BoC Rates in 2022, probably the most important development there was.
Ya, we did have a RECESSION in 2022 after all.
—————–
I believe the Wealth shit kicking is over. Should be onwards and upwards from here on in. I hope.
Then again, who knows with any certainty what will happen this year and in coming years?
The above my best guess, still, a guess nevertheless.
FWIW
Who is blaming anyone at all?
Ask an immigrant. He doesn’t give a hoot. To begin with, he doesn’t know ANYTHING. So no history lessons are necessary. All he cares about is BUYING a house. Is it affordable? No. So he plans, double shift, triple shift, Uber part-time, Instacart part-time, wife works at Timmy’s. Life goes on. Those who can will, and others will rent until the house of cards go poof.
@#13 Jack
“All laborers recently joined a union. ‘His buddy” had no construction experience and will basically be sweeping and cleaning up debris and taking smoke breaks. His starting salary? 82k plus pension, great benefits, and 3 weeks vacation. Wonder why houses cost so much?”
++++
Yep.
Carpenters & Labourers union is on a roll these days.
Huge wage increases.
Then the Mattamy construction party ends….and they all get wacked.
Tell him to resist buying the “toys”.
This could all turn on a dime.
While there are indeed many beautiful places in the world, it would be hard to beat the Sail Away estate at this exact moment in time. All vegetation burgeoning, flowers everywhere, fragrant lilacs, pleasant puttering about the grounds, riffles in the sunny bay, snowy mountains beyond, mountain biking at noon, crabs for dinner, birds upon birds upon birds that get testy when the cat appears. Sorta perfect.
@#14 Tiff isnt the only Loser
““Renturds” be warned, you will be
renting for the rest of your lives, you won’t ever be rewarded unless you take risks.”
+++
Au contraire mes amis.
“Renturds” will be rewarded next month when we get our first installment of the FHSA tax free/ tax deductible Liberal “vote bribe”…..
Thanks Justin!
I’m still voting Conservative
:)
Forgot.
How much did Cdn Wealth drop in 2022?
1,007,341 Dollars (x 1,000,000).
$1 TRILLION smackeroos.
$844 billion of that drop was due to RE.
Canada.
Real Estate Nation.
Is it evil to think that boomers using up their home equity is actually a good thing?
My wife and I are both Xennials / late Gen X, with no inheritance or prospect of one. Her parents are poor and my dad left everything to his second wife. I have also been a top 5% earner for over a decade and a top 1% earner for a few of those years.
I have come to the conclusion that it is impossible to compete with family wealth based on income. At my current range, income is taxed 50% and eligibility for child tax benefits is long gone. So to have $300,000 for a house, one has to earn at least $600,000. Compare that to a millennial who inherits or is gifted a tax-free down payment and can have a house with a “normal” middle-class job. Perhaps the single best thing is for boomers to use up their housing wealth so the younger generation can be rewarded based on hard work and not based on having parents that aren’t dysfunctional.
[Rant over]
We seem to be moving to the Sweden model. Everyone is equal on paper, but the difference between those in a comfortable house and a rental apartment is an inheritance or gift from parents.
“…..blame the kiddos, not the wrinklies….”
Well, at least you get credit for not calling us “moisters” this time, Garth. Lol.
Your investing advice has been pretty strong Garth. But your demographic analyses continue to be highly biased and factually weak.
WFH? You remain a profound opponent of this during the pandemic and now. But look at some of the latest news:
“How the workers won: Why we’re never going back to the office full time — and Toronto will never be same
It began when employees were sent home to work in March 2020. Now the hybrid office is becoming permanent — and it will transform the heart of Canada’s largest city in surprising ways.”
https://www.thestar.com/business/2023/05/13/how-the-workers-won-why-were-never-going-back-to-the-office-full-time-and-toronto-will-never-be-same.html
The underground Toronto PATH is dying off, police now saying it’s become a place of homelessness and mental health calls, not the usual old crime issues.
https://www.thestar.com/news/gta/2023/05/14/i-lived-in-the-path-for-two-weeks-in-2012-it-was-weird-then-but-its-weirder-now-heres-why.html
Office downtown occupancy in Toronto is still barely 47% of pre-Covid levels.
47% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
And it’s not getting any better.
The urgency of climate change as well as AI is not going to push us back into the old 1960s commuting lifestyle. Boomers, that is gone forever.
The world is changing dramatically. Sadly, most Paleo Boomers will not likely be here in the late 2020s and early 2030s, when this will all be much more obvious. But change is coming. It will be huge, there is just no other way.
And we still don’t seem to talk at all about the real income inequality that Millennials face now. Salaries today don’t even compare to what Boomers with a pulse check confirmation could get in the 1970s or by 1980.
https://www.tiktok.com/@cataloguing/video/7207451076751002923
Boomers, you did not hit a triple. You were born on third base, an historical anomaly. Most of you have done far too little to address the challenges of our world, and have mostly made it worse. What a swell inheritance you are leaving behind.
So you can be part of the change. Or be run over by it.
Or just be forgotten as we, the “moisters”, get down to the real work ahead.
Tick, tock…………………………………
Logically if an older homeowner without a pension needs $ for retirement (or assisted living/LTC) they would sell their property to finance their retirement/assisted living/LTC. However, I keep in mind the examples on this blog of aged individuals who remained in their crumbling abode well past their best before date – both theirs & their home. So I don’t see a sudden wave of Boomers selling up to the cheers of the nesting crowd. Even if I’m wrong about the Boomer sell off the fact remains that since there are fewer Boomers than Millennials the number of homes for sale will still not satisfy demand. Heck, by the time most Millennials get that much desired RE, their own young will be ready to nest in turn & with such a stellar parental example will doubtless want those old geezer Millennials to sell up, move out or otherwise clear the decks so they can obtain the RE of their dreams.
We have a team of Sikhs in our hood turning another 50s bungalow into a posh modern home. They work hard, fast and usually through the weekend. We noticed yesterday the tools were quiet and soon realized they were off for Nagar Kirtan parade day in Calgary. Good for them!
https://livewirecalgary.com/2023/05/13/photos-tens-of-thousands-join-the-2023-nagar-kirtan-parade-in-calgary/
It seems there will be a wealth transfer, but the question is “to whom?” — to 40-something kids or to various financial institutions selling “reverse mortgages” and other innovative products?
Housing will never be affordable again in this country for the average person without substantial family wealth. The transfer of wealth to the next generation from the top 10% of boomers will keep goosing prices. Combine that with the fact there are very few areas that people want to live in i.e. southern Ontario, lower mainland and southern Vancouver Island and the surging population and the result is astronomical pricing for years to come.
100% G. Pretty much an unassailable assessment. When my Maternal Gramps was born, there were only 7.2 million folks in Canada! 42 years later when he immigrated here there were 14 Million, but they were pretty much giving land away for free. From there on in, population and RE values boomed alongside bloated government regulation and ever increasing debt.
Today, we are on a tear with immigration once more. Debt and house prices are up 100% under just our current government. Ottawa isn’t slowing down one bit on borrowing or house pumping fiscal policy. The BOC looks to be joining in again shortly.
One gigantic difference today wrt to immigration is, when my family came here, immigrants settled all over Canada. They worked agriculture, mines, mills, factories – all those jobs that have been in decline for decades. Some now near dead.
Today, over half our intake lands in just two metro areas. I don’t believe this will work over the long run, but I can’t see it changing either unless the government forces immigrants to live in certain areas of the country – for life. They might try, but really – they can’t.
So kids, don’t aim to live in the big cities. Be creative, stay off the beaten paths, design an out of the box lifestyle. Big Canadian urban centres at this point are virtually certain to become hell-holes due to weak governments, justice systems, social and class division, and fiscal/monetary policy. We already see the cracks forming in urban society, and it’s just the start. Nothing is gonna change from what I can see.
As always, I’ll be observing the decline from my now barely far enough away Southern Ontario front porch.
Raise and bake rates for 10yrs at 7%. Real estate goose cooked.
But the tears that would flow from less-rich Boomers would be epic indeed.
The whiny mills (not all mills) would have to admit that their demands for affordable real estate are implicitly based on reversing decades of post-WWII social mobility, rising safety and environmental standards, and globalization.
Which leaves the whiners in danger of looking like ultra-nationalist, anti-environment class supremacists. So of course they blame the Boomers.
They’re so self-absorbed they fail to understand that demanding rapid social and economic change may not only produce changes that specifically benefit their narrow demographic.
Once you start making wholesale social and economic changes, you can’t predict all the possible outcomes.
This is why observant people always get more conservative as they age.
Wealth gap? Looks more like an experience gap.
“What do we want?”
“Change!!!”
“When do we want it?”
“Only after the unintended consequences of its implementation have been carefully considered!”
If the liberals stay in power too long they will probably start ceasing properties “for the greater good” to house families. Like this 6 million dollar house in mississauga, could probably break it up into apartments and get at least 10 nice units. Liberal reasoning will be “Why should a family of 4 be entitled to all that space when so many are in need of housing?” ie “Housing Crisis” This type of agenda would probably be VERY popular amount NDP and most liberal voters.
At the very least I can see the government adding taxes based on unused sqaure footage. for example a family of 4 in more that 1000sqft dwelling would pay tax on the extra 2000sqft . If its just an old couple living in the house they would pay even more tax. something like $1/sqft would be an extra $2000/month in taxes to continue living in the ‘big’ house. Forcing many to sell.
The way the governments have rapidly deteriorated in the last 8 years I can see these types scenarios / policies happening.
https://www.realtor.ca/real-estate/25529416/60-cumberland-dr-mississauga-port-credit
#22 Grandview
“…while it enriched the selected people is what makes it obscene.”
—————————————–
Connotation: Boomers are yet another Distinct Society.
Cool!
I am on the same page Sail Away. Wife and I finally managed to sell our rotting , rain forest relic to a developer and upgrade to a “only” 55 year old { but very well built and maintained } place . The last one was about 90 years old and built by someone who should have never owned a hammer or saw.
A bit larger property, probably larger than I need in fact. But a very private and natural setting. House is about the same size. Unfortunately there is no free lunch. After the dust settled we had knocked our savings flat and gone in the hole an additional 300 G’s. The bills will all get paid as far as I can tell. But what was already a pretty lean household financial situation now has no wiggle room at all. At least the wife isn’t threatening to go rent her own Apt. like she was before the sale. No one should have to live in a rotting old farmhouse even if it is paid for.
Always found Boomers vs The Next Generation conflict strange. Shouldn’t have to point this out but Boomers aren’t immortal – wish they were, I sure would like to have my parents forever. Alas, that wealth will get transferred, so most wealthy boomers will feed their entitled kids, and we can then commence hating that generation.
And of course Boomer aren’t all wealthy, and outcomes within this group are no different then amongst generations that preceded and followed.
The above is why the generational wars are boring, and for small minds.
Want RE? Build a great career, save a meaningful portion of your take home, and buy where you can afford. That may not be the best areas in the best cities, my boomer parents had great careers and couldn’t afford those places 30 years ago, and I make multiples of what they made – this discussion always leaves out that my earning potential is significantly higher than my Dads – and can’t afford them today.
Deal with it.
#19 DOWn on 05.14.23 at 1:14 pm
#6 Don Guillermo
I’ve lived in MX for over 12 years, Acapulco, Bucerias, Huatulco, Puerto Vallarta, La Paz , mostly during the Cdn winter months but not entirely.
A growing problem in MX is the GMO corn, our bodies aren’t wired to metabolize it correctly.
No comprende..so to speak.
Foods getting expensive down there and tortillas are cheap, the foods pricey for us down there and we can afford whatever we want.
It’s brutal to see, unfortunately over the age of 20 many of the population are gaining weight, and many don’t know why.
It’s more noticeable with the younger woman but catch’s up to the men further down the road.
We’ve spoken with some about the food, diet and it’s deer in the headlights when you explain what the GMO corn does.
It should probably come with a warning…
___________
Absolutely agree with your points. Not so sure about whether GMO playing a role, perhaps just carbohydrates in general. But it is getting to the point in last decade that it is making USA citizens look like they are the ones on a diet.
Nobody seems to care. Next time you are there, walk down the food aisles in Walmart. Carb city. Again, makes our Walmarts look healthy by comparison. I agree that it does seem to be affecting women even at a higher rate, but certainly not exclusively.
The issue is of course, in part, education. And the big food companies control the cartel, so they aren’t about to work on that aspect. It’s not in their interest.
As others mentonioned, highest rates of diabetes in OECD.. 39 countries.
Millennial demand is driving, yup, when tiny Gen X came into the scene prices corrected, when Gen Z hits the market it’s going to get really ugly, especially east of Manitoba.
https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/dv-vd/pyramid/index-en.htm
#30 ‘Millennial Realist’ – have you ever actually looked at the age range of Boomers? Because you seem to have this belief – or wish – that those pesky Boomers would all of them drop dead real soon. Like by the late 2020’s or early 2030’s.
Boomer years vary depending on who is citing what, but in general are from 1946 through to 1965. So the very oldest Boomers would be 77 this year; the youngest Boomers won’t turn 65 until 2030. Life expectancy in Canada is age 80 for men; 84 for women. Also, the ‘peak’ baby boom birth years were 1957 through 1959. So hate to disappoint you, MR, but chances are there will still be plenty of Boomers around in the 2030’s, 2040’s & even the 2050’s.
The Age of Easy Money did it;
https://odysee.com/FRONTLINE-Age-of-Easy-Money:a
“The two-hour documentary Age of Easy Money investigates how the Fed’s experiment has changed the American economy and what it means that the era may be over.
PBS Frontline, 14 March 2023
It’s not the oldies fault for buying their homes, but the decisions that got us here over the last 30 years and more were made by governments elected by whom? With whose interests in mind? Not the millenials who were just being born.
‘The Sail Aways have installed a property cam system. It’s pretty cool- lots of deer but no Wile E. Coyote yet.’ +++
I don’t think you have to worry. Wile E. Coyote would be foolish to take on a US Ranger. ( oh yes, that was firmly established, and the one (Ustabe) who tried to discredit you had his ass handed back to him). Both were likely bullied as kids and have anger issues. Guess what? So was Elon Musk, but instead on hunkering down in the dark and throwing insults he decided to re-invent the world. —
Don G – Mexico….So far from God, so close to the United States.
My only experience with the country is Acapulco, Puerto Vallarta, Monterrey, Mexico City, Guadalajara, Puerto Escondido, Tijuana, Puerto Penasco, Cozumel, Cancun, and my favourite place Morelia. What’s not to like? Ice cold Negro Modelo, wonderful food, great music festivals, and a country filled with people who despite many difficulties carry on with the heart of a lion.
Many Mexicans live and work in Calgary. We are grateful to them for their hard work ethic and the cultural diversity they bring to this city. If we are looking for a country or population that isn’t perfect and needs some coaching on how to improve we might start at home. Enough said. —
Re ‘The Blame Game’. Let’s just get it out there, since the ‘resentful’ seem unable to do the math. ‘Who’s in charge’ these days? Look around, peeps. GenX, not the Boomers, and GenX has done extremely well for themselves. If they weren’t born on third base, they were born on second, smart Millennials on first, and yeah baby – it looks like a GRAND SLAM! If the solution is wealth transfer ( a given), be reminded that it’s GenX who is first in line . You might need a new scapegoat.
Life isn’t fair, is it? What I never see or hear from the complainers who talk ( tick tock) endlessly about how the world is turned upside down to their disadvantage ( umm, the same ones who play boomer music, wear boomer fashions, etc. Just watch an iPhone commercial for example… ), is what their plan is to get out of their current dilemma.. Wishful thinking is a bad strategy kiddos….
Get out of the fetal position and as the Marines say ( maybe the US Rangers, too ) – Adapt, Improvise, Overcome.
19 DOWn on 05.14.23 at 1:14 pm
#6 Don Guillermo
I’ve lived in MX for over 12 years, Acapulco, Bucerias, Huatulco, Puerto Vallarta, La Paz , mostly during the Cdn winter months but not entirely.
@@@@@@@
I know all those places as well. We usually take a trip within Mexico once or twice each winter. I was in PV/Bucerias recently for some medical tests. Did you ever make it out to Pie de la Cuesta? It’s a small village 10 km north of Acapulco. It’s on a long narrow strip of land bordered by strong ocean waves on the west and a large calm lagoon on the east. There’s a small island in the middle of the lagoon known for shrimping and bootlegged mescal. Tarzan with Johnny Weissmüller was filmed around there. I lived in PDC for about 18 months between 1976 to 1982. Three months each winter. The waves broke hard on the beach so surf boards were out. The local kids taught us to body surf them so we lived in the ocean most days. I wouldn’t dream of going in now. We used to go into Acapulco on weekends to party. There was a time when the only city I knew better than Acapulco was my hometown of Trail BC. Funny to think of now. We’re hoping to go to the Acapulco ATP tennis tournament next Feb. I haven’t been to the area for over 30 years so it’ll be fun to revisit. I’ll definitely take my wife out to Pie de La Cuesta. She’s heard about it for too many years.
At least the millenials will have the trans-mountain pipeline to fall back on after they finish paying the debt.
https://www.cbc.ca/news/canada/calgary/trans-mountain-pipeline-costs-1.6775415
#70 Russ on 05.14.23 at 10:52 am
Hey Wrk. dover,
No need to get wrk. dup, I’m sure she is a nice young lady.
My lil’ comment was for crowdie’s entertainment. It’s a west coast thing.
_______________________________
Now that I’ve rubbed the sleep out of my eyes, I see what you did there!
Hilariously astute generalization of the local lady stock.
It’s possible that Furz could be welcome to visit me when he loses the career and the phone. He can drink my liquor and my wife will probably feed him. Time will tell. He’ll probably stick to this area like a remora does on Sail Away. Close to his PEI roots and all.
Half the private home sales in Canada are purchased by foreign investment firms. They are mainly from China, UK, and the USA. I agree that they should never be allowed to purchase residential property. Malls, office buildings, etc., I have no problem with.
False. – Garth
Jag, you’ve been to a great cross section of the country. From your list I haven’t seen Monterrey, Puerto Pensasco, Tijuana or Morelia. Morelia seems to be a favourite for many. It’s high on my list. So is Monterrey for WTP tennis.
@@@@@@@@@
Don G – Mexico….So far from God, so close to the United States.
My only experience with the country is Acapulco, Puerto Vallarta, Monterrey, Mexico City, Guadalajara, Puerto Escondido, Tijuana, Puerto Penasco, Cozumel, Cancun, and my favourite place Morelia. What’s not to like?
#40 Dragonfly58 on 05.14.23 at 2:53 pm
I am on the same page Sail Away. Wife and I finally managed to sell our rotting , rain forest relic to a developer and upgrade to a “only” 55 year old { but very well built and maintained } place . The last one was about 90 years old and built by someone who should have never owned a hammer or saw.
A bit larger property, probably larger than I need in fact. But a very private and natural setting. House is about the same size. Unfortunately there is no free lunch. After the dust settled we had knocked our savings flat and gone in the hole an additional 300 G’s. The bills will all get paid as far as I can tell. But what was already a pretty lean household financial situation now has no wiggle room at all. At least the wife isn’t threatening to go rent her own Apt. like she was before the sale. No one should have to live in a rotting old farmhouse even if it is paid for.
—————
Glad to hear it. The right place can bring true contentment. And it sounds like you have the skills and equipment to make it exactly as you like.
(Last week Toronto politicians voted to allow multiplexes everywhere.) Says Garth
___________________________________
In Bloor area Etobicoke where I grew up, all of the corner lots were the same size as the rest of the lots, and the house were built right close to the corner.
Like winning the lottery, these houses can double the footprint now, with another driveway too!
I forgot Huatulco. I drove there in an almost new VW Beetle. Priceless experience for a classic VW lover.
#47 the Jaguar on 05.14.23 at 3:25 pm
‘The Sail Aways have installed a property cam system. It’s pretty cool- lots of deer but no Wile E. Coyote yet.’
—————
I don’t think you have to worry. Wile E. Coyote would be foolish to take on a US Ranger.
—————
Oh, there was never a whisper about confronting me personally, other than threatening twice on this blog to sue, but rather the repeated comments about triangulating my wife’s whereabouts. Concerning.
Steps have been taken, folks have been informed, blog has been shared. Strange, obsessed people exist, unfortunately. All I can do is shine the light and hope it’s deterrent enough.
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost .
It must be the Canadian mentality that you cannot lose owning a house and that houses are going up and up.
I have been reading your blog for over than 10 years, maybe 15
Always read your quote” This will not end well.”
But, houses kept going up and up.
People who invested in real estate then did well.
It is the Canadian mentality that caused it and this latest buying spree is another example.
Principal residence capital gains tax exemption. – Garth
Meh screw the generational. We’re all in it together.
Seems to me Toronto fancies itself as some upper middle info hub. A kinda gentrification Swiss cheese where everyone else is tough shit & priced out. I’m not talking just SFH. I’m talking rents and food on the table for ordinary folks.
The city needs to be more than just info me and a condo economy. I think AIs gonna do in the infotech jobs anyways.
Then what are the towers gonna be but like needless rail turnpike?
That’s because we cannot roll back the clock thirty years and get rid of half the population.
———
You can actually. Currently, if I understand correctly, Canada is accepting a million immigrants a year. Cut that tap off…didn’t the US do that? The US is very picky who enters their territory.
Given enough time, the population will shrink considering our low birth rate in Canada. Who wants to own so much real estate when you can’t find renters? And then…the real estate overpricing problem will be resolved. Haro Japan. Or how about Portugal?
Not saying it won’t create other problems (like not enough young workers to take over from the oldies) but I’m just focusing on the topic outlined above.
And before I’m called a racist or anti-immigrant, I’m a 1st generation Canadian and grateful for my circumstances. My point is that Canada cannot manage an influx of so many newcomers annually (it isn’t forward thinking enough to do that – if it was, I wouldn’t raise these points). I totally understand that immigration levels here are at the levels they are so that our wonderful government can kick its problems into the future…it doesn’t negate the reality that it fuels the real estate problem in place now along with the other incentives in place.
I’m also all for a capital gains tax on primary residences (Taiwan has it set for 5 years holding the property for residents/8 years for non-residents to be exempt).
We get it. You want to close the door behind you. – Garth
Immigration has created even more demand for housing than their numbers suggest. Culturally, new Canadian communities place a lot of value on having real estate and building wealth through it as opposed to financial assets.
How do I know this? Anecdotes, many of them.
Do you really think that real estate prices are finally recovering?
Do not over look what 10 years of extra low interest rates has done to real estate and the economy. You cannot unwind 10 years of debt accumulation and asset price bubbles in just one year.
The unwinding is ongoing and will continue for a decade but you will be rather surprised at what things look like in 24 months. HINT: you will not be able to get a mortgage without a 40% downpayment despite your impeccable credit rating.
Now go off and make your sweeping rationalizations that got us into this mess.
Well, gosh-diddly-darn it, I wouldn’t necessarily say that I’m a boomer, at this moment, but I’m pretty darn near so let me describe myself a little.
I take pride in my impeccable grooming habits. I always make sure to shave every morning, and my moustache is always neatly trimmed. And of course, I take care to dress modestly and tastefully.
I suppose you could say that I have a certain knack for home repair, maintenance and planting tulips. Whenever something needs fixing around the house, I’m always happy to roll up my sleeves and get to work. And I’m not just handy with a hammer and nails – I’m also pretty handy in the kitchen! I make a mean hot dish, if I do say so myself. . . .
But at the end of the day, I’m just a simple man trying to do the right thing. I don’t think of myself as perfect, but I do believe that if we all strive to be our best selves, we can make the world a better place.
#54 Ponzius Pilatus on 05.12.23 at 7:43 pm
Some people pay $17.50 for takeout from Subway.
When feel like a satisfying Sub, I go to one of the many Vietnamese anywhere in Vancouver, Richmond, Burnaby and Surrey.
And get a nice footlong Bhan Mi for about 6 bucks.
Some don’t even charge taxes.
And they throw in a pop for a buck.
Yummy.
Inflation, what inflation?
And BTW, does Subway still mix Yoga Mats into the bread dough?
___________
Yes, but as a dog lover, I find it difficult to consume dog meat, though I know it is completely acceptable in those places.
As for the $17.50, yeah … a bit much. But if that is enough to derail my retirement plans, perhaps I’ve made some miscalculations. Besides, I look at it as being a charitable contribution to a hard hit business during the past few years. Nickel and diming people isn’t part of my path to wealth. Grin and bear it.
So if 9.2 million baby boomers – doesn’t that mean 4.6 million houses coming on to the market as they downsize?
How can the 10 million millennials afford to buy these houses at today’s prices?
Boom bust and echo was written in 1996.
#57 Annek on 05.14.23 at 4:31 pm
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost .
It must be the Canadian mentality that you cannot lose owning a house and that houses are going up and up.
I have been reading your blog for over than 10 years, maybe 15
Always read your quote” This will not end well.”
But, houses kept going up and up.
People who invested in real estate then did well.
It is the Canadian mentality that caused it and this latest buying spree is another example.
Principal residence capital gains tax exemption. – Garth
——————————————————————
The U.S. has a principal residence capital gains tax exemption up to the first $250k ($500k for joint filing). Considering the average home price in the U.S. is $339k, I would think the vast majority of sellers don’t pay any tax.
It is more likely a cultural difference where 58% of Americans own stocks, which is almost double the rate in Canada.
When one is left with the impression (as has been the case for many many years now) that the CDN RE market will be backstopped by politicians, for their own self interests or naivety . It isn’t hard to assume the party will continue. Market forces or affordability be damned.
Minimum DP’s, extended amortizations, CMHC holding the bag on defaults. Zoning changes. Immigration tripled in one year. Snow washing. Historically Low interest rates. Latest example: The tax free house savings plan, buying you off with your own money. Which will reduce “affordability”
There is lots of blame to go around but it isn’t any age based subset of the population. Its the less than competent “leaders”, who BTW aren’t boomers. And no, they aint interested in you.
Great insight Garth. Agree 100% – As a boomer I will advise my property-less millennial brats to be nice to me, or they will be disinherited.
Also I agree with you the only solution to the RE craze is to end the principal residence tax exemption. It will be like the introduction of the HST, painful and divisive but a bitter medicine we need as a nation.
Good ol’ PG. You know you are a true local when you turn to visiting family and respond, “What smell?”
More intrest rate hikes on the way. Inflation 4%to 3% will really be tough to reach. Forget about 3% to 2% target ain’t happening. House price will go down. But not until after Perrie the peoples politcian whips the floor T 1 1/2 . Let’s talk about this???? Change the narrative people!
#50 crowdedelevatorfartz on 05.13.23 at 8:21 pm
@#46 Wrk.dvr
“I pay a pretty girl $8 CDN every six weeks for a trim here in NS!”
++++
Good looking and working for an $8 haircut?
Can’t be a local in Yarmouth.
Must be a temporary foreign worker.
////
he only has 13 hairs left.
Great post, really interesting as always.
Just a question though, what would be the average age of the investors that own more than one house and rents the other(s)? Bet that would be impossible to gauge for a while yet until the revenue Canada list is complete.
I’m just thinking this group will be the swing supplier, the group that essentially controls the housing supply for a number of years. Sort of like, house OPEC.
I really am looking forward to the acronym the kids are going to give the house rich wrinklies….remember “DINKS”….double income no kids?
The good news I thought from this post? Get in to financial assets that pay decent dividends now, because demand is going up for every boomer that gives up the old homestead.
Go TSX, these people never had much of an imagination or risk tolerance. They’ll go maple.
#5 DOWn on 05.14.23 at 12:19 pm
Happy Mothers day.
I know there’s a few on this blog.
______________________________________________
Thank you darling! We’re proud to have given birth to the good ones, like yourself ;-)
Crowdedelevator….err wonder why the shortage of Health [sic] practicioners in B.C.?
Exhibit A, draconian rules by the Party – the past few years was the test of compliance.
Basically your doktor will read word-for-word the drug company press releases dropped off by their sales staff, for your ‘treatment’. What a treat.
https://imgur.com/a/X0Vi8RI
Exhibit B. Thousands of active and qualified B.C. health care professionals were axed. ~2500 I’d read. Life in a Former First World Country.
https://www.westernstandard.news/bc/no-timeline-for-bcs-unvaccinated-nurses-mandate-will-remain-enforced/article_936c9c94-9379-11ed-bf06-efec3e8424ff.html
https://archive.is/7sRdZ
—————
Baffling!
https://betterdwelling.com/canada-has-entered-a-per-capita-recession-quality-of-life-expected-to-erode/
Canada Has Entered A Per Capita Recession, Quality of Life Expected To Erode
It seems the Aussie Millennials are in a similar situation.
https://www.theguardian.com/commentisfree/2023/may/12/so-many-young-australians-like-me-will-rent-forever-it-needs-to-be-made-livable-and-affordable
#71 BCWally on 05.14.23 at 7:02 pm
The good news I thought from this post? Get in to financial assets that pay decent dividends now, because demand is going up for every boomer that gives up the old homestead.
Go TSX, these people never had much of an imagination or risk tolerance. They’ll go maple.
______________________________________
Probably more likely into GIC’s and mutuals, being new to investing.
So the banks buys maple with the GIC deposit anyway and so do the mutuals?
The banks will also hold the new blood’s mortgages on the presently paid for boomer shacks.
It’s all a boot banks aye? Spin spin spin.
It’s multiple things in tandem that must have caused this..
1) HELOC to finance next property. People hold prev one. Why would they sell when someone is giving them money and prices go up all the time. People can do this endlessly and keep buying properties using equity from prev properties.
2) Corporations buying up SFHs
3) Realtors pumping up the price, unethical practices and blind bidding contributing to it.
4) Mortgage fraud.
5) Foreign money being parked in Canadian RE.
Individually a few of the above is ok for ex: blind bidding was put in place for a reason. But when all come together it’s called the great Canadian RE bubble.
17.50 for Subway?. Fast food filled with preservatives, emulsifiers , stabilizers and everything else that is plain junk. For less than half the (fake) dough, I prepare a delicious stir fry with vegetables , legumes , a skinless chicken breast cut in cubes and seasoned to taste. Not an accident I’m 10% bf @60 years old.
#65 Ron on 05.14.23 at 6:45 pm
#57 Annek on 05.14.23 at 4:31 pm
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost .
—————————-
Principal residence capital gains tax exemption. – Garth
——————————————————————
The U.S. has a principal residence capital gains tax exemption up to the first $250k ($500k for joint filing). Considering the average home price in the U.S. is $339k, I would think the vast majority of sellers don’t pay any tax.
^^^^^^^^^^^^^^^^
US home sellers don’t pay much tax because there is little incentive to drive up the price of homes beyond the principle residence tax exempton – $250 per person, $500 per couple. That IS the point.
The capital gains tax on principle residences keeps prices from going bonkers as they have in Canada where there is none.
“It all sucks. But the oldies didn’t do it.”
They just didn’t do it all Garth. On the other hand the youngsters did get sucked into thinking of real estate as an investment just like the boomers did and in the interests of profits all restraint on prices if there was any was pretty well tossed into the dust bin of history.
Money and profits can not be the measure of all things.
There are other things to consider.
#46 ALF on 05.14.23 at 3:23 pm
It’s not the oldies fault for buying their homes, but the decisions that got us here over the last 30 years and more were made by governments elected by whom? With whose interests in mind? Not the millenials who were just being born.
^^^^^^^^^^^^^^^^^^
Have you noticed that average house prices have accelerated the fastest over the last ten years or so?
Who was buying houses during that time period? Boomers?
Take a look around and see who the real estate “investors” and pumpers of the last ten years or so are? Notice their age demographic?
#19 DOWn on 05.14.23 at 1:14 pm
#6 Don Guillermo
I’ve lived in MX for over 12 years, Acapulco, Bucerias, Huatulco, Puerto Vallarta, La Paz , mostly during the Cdn winter months but not entirely.
A growing problem in MX is the GMO corn, our bodies aren’t wired to metabolize it correctly.
No comprende..so to speak.
Foods getting expensive down there and tortillas are cheap, the foods pricey for us down there and we can afford whatever we want.
It’s brutal to see, unfortunately over the age of 20 many of the population are gaining weight, and many don’t know why.
It’s more noticeable with the younger woman but catch’s up to the men further down the road.
We’ve spoken with some about the food, diet and it’s deer in the headlights when you explain what the GMO corn does.
It should probably come with a warning…
—–
Funny FYI….GMO is grown in Canada, and vast majority of corn grown is GMO. More importantly, there are no labeling requirements for GMO products in Canada.
Bon Appetit.
Boomers being invested in real estate in Canada is also a tax boon for their offspring – no capital gains tax on the old homestead (though a bit of probate) at inheritance time.
Contrast that with what happens to financial assets – deemed dispositions and taxes galore.
Pretty much the exact opposite in the USA. No wonder we remain hewers of wood and drawers of water.
Mexico.
I’ll throw in.
My favorite was Puerto Vallarta. 55min flying time to Guadalajara.
Liz Taylor, Richard Burton … Night of the Iguana.
Regularly went to the hole in the wall restaurant where Liz and Rich would eat (signed photo by both in the restaurant, back wall). Had to ask a bunch of Mexican cabbies until 1 knew where it was, finally found it. 4 Mexican Grans did all the cooking, I ate all they could make. And late at night, there were the food trucks out by their large pharmacy. And don’t even get me going on Brasil Steakhouse – ate them out of house and home. Loved the swords laden with meat.
Old quarter Puerto Vallarta, Mexican, where I stay. Been there +20 times over the years. N. of the airport is Little America, modern, upscale hotels, with a Black Angus. They can keep it.
PS:
When driving to a hotel in South Puerto Vallarta we, me and a cabbie, would drive by Malecón de Puerto Vallarta where I would rename it to Maricon de Puerto Vallarta – always would get a laugh from the cabbies. Don’t shoot me Bill C-16 devotees.
Never interested in made for tourists places on the Yucatan et. al.
Went there all times of the year. Had a great time every time. Fave times to visit were around XMas (take in service at Parroquia de Nuestra Señora de Guadalupe – very nice cathedral) and Día de los Muertos.
Almost bought there, but Italia beckoned instead.
They could probably knock $20K off each build just by eliminating all the stupid cosmetic roof peaks they put on these days. Bloody ridiculous.
And then there are the idiotic “butterfly” roof designs!
RE: #46 ALF on 05.14.23 at 3:23 pm
It’s not the oldies fault for buying their homes, but the decisions that got us here over the last 30 years and more were made by governments elected by whom? With whose interests in mind? Not the millenials who were just being born.
=======================================
Ahem…. The first millennials were born in 1981… Voting age is 18… So millennials have been voting for the last 24 years!
#81 Cornelius on 05.14.23 at 8:19 pm
#19 DOWn on 05.14.23
Funny FYI….GMO is grown in Canada, and vast majority of corn grown is GMO. More importantly, there are no labeling requirements for GMO products in Canada.
Bon Appetit.
#######
I’m not concerned about GMO but each to their own. I”m not a big fan of the generic store bought corn tortillas in Mexico. I’ll go with the flour (harina) ones. But if you go into a restaurant that make their own corn tortillas they’re usually to die for.
Comrades the Bread line ups are long this season. 6-6-6 feet apart please. Your prefecture’s Block Captain will direct you.
Consult the history books to learn how our Colour Revolution (Red, natch) plays out.
https://www.thestar.com/news/gta/2023/05/13/this-is-a-system-thats-breaking-toronto-food-bank-lineups-swell-as-grocery-prices-spike.html
“‘This is a system that’s breaking’: Toronto food bank lineups swell as grocery prices spike
A recent social media video showing a lengthy lineup was no rarity, say organizers”
—- Better news Comrades. The Party is providing updates to the Ration Cards. We are in a war you know. Since March 2020.
Return to “2019 Normal” soon right??
https://www.cp24.com/news/canada-is-rolling-out-grocery-rebates-soon-here-s-when-ontarians-can-expect-theirs-1.6397252
Canada is rolling out grocery rebates soon. Here’s when Ontarians can expect theirs
—- Uppa up. Out crowded fetid Smart Cities are run by the planners and developers. Much vote?
.Getting approval to build a multiplex in some Toronto neighbourhoods was a process that could take years. Now it could take days (thestar.com)
the generational squabbling here is absurd: people don’t choose when they are born. they can only take advantage of the opportunities in front of them. there are advantages and disadvantages to being born in any cohort; it makes as much sense for a millennial to lust for boomer house-price opportunities a boomer wishing break-dancing was an option for themselves… unless you invent a time machine stfu already and deal as well as you are able with the world ya actually live in
m56 vi
Virtually no GMO in Italy.
Veggies and fruit are not perfectly formed and shiny in Italy like they are in N. America.
2nd week after arriving in Italy I was shopping for groceries and picked up these 4 perfectly formed green peppers in a package and they were from Holland. Was going to stuff them with Arborio rice, ragout and Parmigiano Reggiano, oven baked.
As I picked them up, the Produce guy comes running over saying:
“NO. NO. GMO. GMO. Non comprare.” [Don’t buy them]
So instead I bought the gnarly looking Italian grown green peppers. Night and day in appearance as are all the, as Nature intended, fruit and veggies in Italy.
The Produce guy explained to me that because of the EU, Italy has to buy certain products, quotas, from other countries like GMO HQ Central Holland. He says they usually end up throwing it all away as no one will buy it.
Italians will not buy anything they can see is probably genetically manipulated or “selectively breeded”.
And it tastes SO much better Canada. Night and day. For example, even Cdn fresh grown Roma tomatoes vs. the Italian version taste like red colored water by comparison.
Why you cannot replicate meals you had in Italy back home in Canada. It’s half cuisine. Half Italian produce. Why they do not taste the same.
Same applies to Cdn Wheat that Italy imports (High protein Red Spring Wheat for making Panettone and such).
Farina tipo “0” d’America tipo Manitoba
https://www.molinospadoni.it/prodotti/farina-tipo-0-damerica-manitoba/
They limit to tenths of a % or trace amounts of RoundUp or they will not buy it from Canada.
@#50 Wrk.dvr
“He’ll probably stick to this area like a remora does on Sail Away. Close to his PEI roots and all.”
++++
Remora?
I’m thinking more like an Atlantic Wolf eel.
Big, ugly and a bite best to be avoided.
https://www.youtube.com/watch?v=rN41f5N0d88
I remember seeing one when I was scuba diving near Hubbards …..it was almost finished eating….a lobster.
A true Nova Scotian.
I dont think Yevgeny’s days as the head of Wagner are going to last much longer…..
https://www.reuters.com/world/europe/wagner-head-offered-reveal-russian-troop-locations-ukraine-washington-post-2023-05-15/
#73 Here We Go on 05.14.23 at 7:57 pm
#69 Doug
Yeah I hear you, so it makes no sense to me either when I look at my passive all stock TFSA at $172,000 over the $75,000 contribution cap after the same period. Statistics aren’t working for me, but “nose picking” does.
Another example:
Average company , Gib.a bought at $15 now $139..12. Up 33,023.81% all time.
There’s more……want ‘em?
———————————
You and Sailo should get together and pick each others nose.
#29 A Borrower Bee on 05.14.23 at 1:43 pm
Next time, choose your parents more wisely.
My “realist” counterpart got lost on her way to Reddit and consistently has some of the most brain dead comments on here. Educate yourself. Your low IQ rants are unbecoming and give us Mills a bad name.
Annek on 05.14.23 at 4:31 pm
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost .
It must be the Canadian mentality that you cannot lose owning a house and that houses are going up and up.
I have been reading your blog for over than 10 years, maybe 15
Always read your quote” This will not end well.”
But, houses kept going up and up.
People who invested in real estate then did well.
It is the Canadian mentality that caused it and this latest buying spree is another example.
——————————————————————
Principal residence capital gains tax exemption. – Garth
===================
Garth dear,
Are you really advocating another tax on housing to make them cheaper?
Suck. Blow.
Perhaps CRA needs to go after PRE claims that do not qualify. Similar to the treatment they decree when a TFSA account is “used as a business”.
The law is already in place for he/she/they to act.
I do believe a capital gains tax on principal residence will be excellent political theatre however and would love to watch, with the popcorn.
Property and resource taxation is traditionally the domain of provinces (within their boundaries) so any capital gains tax on principal residence discussion will bring the new Alberta Sovereignty law(s) into play. You are entitled to an opinion.
Let the games begin!
Cheers, R
So if you believe that high prices are a function of high demand, blame the kiddos, not the wrinklies.
Prices are set by both supply and demand, of course. So yes, prices go up because of all the millennials looking for houses. But they also go up because of constricted supply caused by boomers who refuse to downsize. I have no idea how much each contributes, but they’re both certainly factors.
Bank of Mom helped goose RE to a massive degree. You know this. You taught this. We all regurgitated it as truth. Truthfully, it’s a wide-spread Boomer tactic of bringing Mil buyers in to keep the party going. Bank of Boomer. BoB if you will. All the Boomer/realtor bullshit to accompany the brain-wash:
Rates will never rise
Prices will never go down
We’re ‘Hawaii’ of the North (my fave)
Nearly completely, absolutely driven by Boomers.
Now, as a Boomer with clout in your echo chamber of RE heavy Boomers, you attempt to Jedi mind trick us lol
Get real, Garth. A lot of us see through your bull.
#96 Bob on 05.14.23 at 11:54 pm
Prices are set by both supply and demand, of course. So yes, prices go up because of all the millennials looking for houses. But they also go up because of constricted supply caused by boomers who refuse to downsize.
=======================================
GenX, but I’m staying in my oversized house since the BC government has run roughshod over the rights of condo boards to restrict rentals and are diddling with the 55+ rules. Who knows what they’ll try next, but there’s a lot more control when owning a SFD vs a strata.
Bob on 05.14.23 at 11:54 pm
So if you believe that high prices are a function of high demand, blame the kiddos, not the wrinklies.
Prices are set by both supply and demand, of course.
So yes, prices go up because of …
constricted supply caused by boomers who refuse to downsize…
=========================
Bob,
I’m curious on this “refuse to downsize” thing.
Is there a movement to ask people to vacant a home deemed larger than required, these days?
Who is asking the boomers to leave, such that they refuse?
I hope it’s just boomers targeted since my dear ol’ Mom is 87 years old, still in this home she’s been in since 1963. Seven kids later, husband pre-deceased and her stated goal is to leave her home feet first.
What is wrong with that wish?
Cheers, R
#48 Don Guillermo
Wow, you just time traveled me.
That’s where I lived for eight months, in a hammock by the lagoon, it was in or around 1984.
I was in a campsite that the Army was keeping safe aka they were paying soldiers on the side to keep an eye on it.
Still I remember a VW van getting ripped off one night and the sound of gun fire.
It was a wild time, months of mountain mescal, Mx stink weed and waterskiing on the lagoon.
I remember Lee Majors and Farrah were down there at that time, it was safer then.
My funniest memory was when a large palm branch broke off of the tree I was hanging on as I swayed in the fierce warm winds hitting the rope on the hammock and sling shooting me to the ground in the pitch black of night.
Apparently I screamed like a banshee as l flew through the air.
Mexico – I have a love hate relationship.
Put a lifetime cap on the principal residence exemption. That would go a long way to raising needed tax revenue and making the playing field a bit more flat.
Didn’t the wrinklies make much less money and couples spent half the time with only one bread winner in the house?
Do you think companies simply took advantage of the fact that households had 2 incomes under the same roof to increase prices?
It’s life… Now households make twice as much…
#81 Cornelius
For sure, I was just saying that many of the nationals can’t afford Organic or are even aware of the by products of Monsanto’s crops.
We already had a ‘wealth transfer ‘ when the middle class started being robbed by changing the taxation policies in the 70s and 80s. We don’t need another.
If the kids can’t afford a home without the parents dying it’s not going to get easier.
1) increasing immigration
2) most kids don’t get along. So 1 sacrificing to let the other(s) siblings buying
3) People are selfish, the kids will place their parents into an old age facility. The money from the house sale will pay this bill.
4) this gets more complex with the number of kids.
5) builders don’t build homes to intentionally take a loss.
6) and think rates are still cheap, facts.
89 Dolce Vita on 05.14.23 at 9:34 pm
Virtually no GMO in Italy.
Veggies and fruit are not perfectly formed and shiny in Italy like they are in N. America.
2nd week after arriving in Italy I was shopping for groceries and picked up these 4 perfectly formed green peppers in a package and they were from Holland. Was going to stuff them with Arborio rice, ragout and Parmigiano Reggiano, oven baked.
As I picked them up, the Produce guy comes running over saying:
“NO. NO. GMO. GMO. Non comprare.” [Don’t buy them]
So instead I bought the gnarly looking Italian grown green peppers.
————————
Canadian grocers also bundle up not so fresh and gnarly looking vegetables and fruits and put them in the discounted box.
Some seniors who live off their small pension, are known to buy from the discounted box.
Soren, maybe you should cut all the travel and instead spend the money on your diet.
Fresh fruit and veggies are very important, especially for the elderly.
#84 kommykim on 05.14.23 at 8:58 pm
They could probably knock $20K off each build just by eliminating all the stupid cosmetic roof peaks they put on these days. Bloody ridiculous.
____________________________
Later on, they will learn that there is flashing tucked in to the shingle ends going up under the b.s. siding, and the re-shingle job will run $50k in 2030 or 75k in 2035!
“Now development charges and municipal levies are extreme because governments for several decades have been unable to live within their means.”
This is a factor but only a small input. The biggest is the cost of land and demand for labour- driven by the increase in the money supply i.e. low interest rates for far too long.
In the year 2000, the cost of undeveloped land in the Greater Toronto Area (GTA) was approximately $250,000 per acre. Today, that price is more than ten times that amount. If government levies were a problem, developers would negotiate lower prices for raw land and factor in the increased labor costs into their expenses. However, they do not do this because there are other developers willing to pay those elevated prices and still generate substantial profits.
The millennials unlike the boomers never seemed to learn when something costs too much you don’t buy it.
Re: #87 TurnerNation on 05.14.23 at 9:17 pm
The two figures of $38,000 and $32,000 appear to be wrong in the article on the grocery rebate. I know if you net $42,335 for the 2021 taxation year or less you’ll get the entire grocery rebate as well as the entire GST rebate. I don’t know where they came up with $32,000 for a single person?
During infantry exercises in rural Korea, we would often set up on hillsides with good vantage points among ‘happy mounds’, well-maintained grassy knoll burial mounds. These seemed to take precedence for aesthetic location, with the homes clustered together in the valley closer to the rice paddies. Local grandmas would trundle up the hills to sell hot noodles, beer and shrimp chips and sometimes ‘slicky boys’ would sneak up at night to steal gear. Most platoons had an unofficial dog mascot/alert system, since you can’t fool a dog’s nose. Ours was little curly-tailed Claymore. Most thefts happened on big exercises when dogs were left behind.
Every time I watch movies where the secret commandos sneak unnoticed into enemy camps, it doesn’t ring true because the dogs, and they always have digs, would’ve busted them.
#57 Annek
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost.
Principal residence capital gains tax exemption. – Garth
——————————————————————————————————
And you are……CORRECT!
Ding Ding Ding Ding Ding Ding Ding Ding Ding Ding Ding
Give that man a prize!
Winner Winner – Chicken Dinner!
You know what really sucks? Relying on pharmacia to keep artificially existing, when you should’ve cashed in 10 years ago. Why is living longer necessarily a good thing? I want to go like my grampa did- in my sleep. His passengers probably wouldn’t agree, though. lol
I’m glad faron set me straight on American politics the other day. His huge brain pulsated as he explained it with his witty, knowledgeable sarcasm. I am grateful to have access to this deity and his otherworldly knowledge bank. Is faron the closest thing to a human/robotic mad scientist’s dream of cloning the counterfeit creation over here?
One of my neighbours passed last fall. I rode my bike out to see his nephew who inherited the place this weekend, about 5 miles back in the bush. Built in 1928 with squared off timbers, river in the front, 50 acres of meadow, rolling hills in the back. She’s a beauty. The old man was born on the property and never left, died at 85. No running water, partial dirt floor. Sure looked like he was happy there, and what else would he ever have needed? I guess all good things come to an end. Life sure does seem more complicated today compared to years gone by.
Finally, to all you fox bashers- don’t Vanguard and State Street own a sizeable chunk? More than Murdock does. You got any skin in the game? Isn’t investing in defence industries also kind of like… unethical too? Stop feeding the beast maybe? Not a fox fan either, so you know.
https://www.nytimes.com/2018/04/23/well/eat/are-gmo-foods-safe.html
A few snippets:
“Farmers and agricultural scientists have been genetically engineering the foods we eat for centuries through breeding programs that result in large and largely uncontrolled exchanges of genetic material. What many consumers may not realize: For many decades, in addition to traditional crossbreeding, agricultural scientists have used radiation and chemicals to induce gene mutations in edible crops in attempts to achieve desired characteristics.”
“It is not possible to prove a food is safe, only to say that no hazard has been shown to exist. The fears of G.M.O.s are still theoretical, like the possibility that insertion of one or a few genes could have a negative impact on other desirable genes naturally present in the crop.
Among commonly expressed concerns — again, none of which have been clearly demonstrated — are unwanted changes in nutritional content, the creation of allergens and toxic effects on bodily organs. According to an interview in Scientific American with Robert Goldberg, a plant molecular biologist at the University of California, Los Angeles, such fears have not yet been quelled despite “hundreds of millions of genetic experiments involving every type of organism on earth and people eating billions of meals without a problem.””
“Consumers concerned about the growing use of G.M.O.s in the foods they depend on might consider taking a more nuanced approach than blanket opposition. Rather than wholesale rejection, take some time to learn about how genetic engineering works and the benefits it can offer now and in the future as climate change takes an ever greater toll on food supplies. Consider supporting efforts that result in safe products that represent improvements over the original and focusing opposition on those that are less desirable.”
Never take advice on food or cooking from someone who shows blanket rejection of GMO foods as “unsafe”. They are not a thoughtful or wise person. The fact is, most GMO crops are not for human consumption. This is especially true of corn which has many other uses (live stock feed, production of high fructose corn syrup). Initial hesitancy to the Covid Vaccine makes more sense than a blanket rejection of GMO foods.
The anti-science, anti-common sense bias of some in steerage never fails to astound me.
#99 Russ on 05.15.23 at 12:48 am
Bob,
I’m curious on this “refuse to downsize” thing.
Is there a movement to ask people to [vacate] a home deemed larger than required, these days?
Who is asking the boomers to leave, such that they refuse?
I hope it’s just boomers targeted since my dear ol’ Mom is 87 years old, still in this home she’s been in since 1963. Seven kids later, husband pre-deceased and her stated goal is to leave her home feet first.
What is wrong with that wish?
Cheers, R
I’m not passing value judgement on boomers who choose to remain in their homes (today). Just pointing out that many do, and it does lead to reduced supply (which leads to higher prices). I totally get that people don’t want to hear that they’re part of the problem, but they are none-the-less.
For the record, all of my elder relatives on one side of the family are just the same as your mom. They all remain in large family homes they no longer need, while making sympathetic noises about house prices and rationalizing their own choice to stay put.
“It all sucks. But the oldies didn’t do it.”
That’s why we need to blame the top 10%, as your chart conveniently shows.
It’s easy to get confused here because oldies make up a greater proportion of the top 10% than they do the general population, but we obviously shouldn’t be angry at regular old folks on fixed incomes.
#78 Observer on 05.14.23 at 8:05 pm
#65 Ron on 05.14.23 at 6:45 pm
#57 Annek on 05.14.23 at 4:31 pm
Please explain why in the USA, where the demographics are similar to Canada, houses are 1/3 to 1/ cost .
—————————-
Principal residence capital gains tax exemption. – Garth
——————————————————————
The U.S. has a principal residence capital gains tax exemption up to the first $250k ($500k for joint filing). Considering the average home price in the U.S. is $339k, I would think the vast majority of sellers don’t pay any tax.
^^^^^^^^^^^^^^^^
US home sellers don’t pay much tax because there is little incentive to drive up the price of homes beyond the principle residence tax exempton – $250 per person, $500 per couple. That IS the point.
The capital gains tax on principle residences keeps prices from going bonkers as they have in Canada where there is none.
——————————————————————————————————–
Nobody in the U.S. is failing to overbid housing because they’re deterred by a future hypothetical tax bill if they make too much money. More likely explanations (apart from the cultural one I mentioned) are the fact that the U.S. has dozens and dozens of mid-sized cities for the population to spread out, while Canada only has about 10.
It’s been the highest most unreported inflation ever.
Houses are tangible assets.
Money goes to those tangs….papers unpredictable and the loonies lost 80% of its value in 20 years.
Printing toilet papers here to stay.
Just ask T2
Wahoo I own alot of RE rents are flying high.
I’m probably boring the steerage section to death with this topic but I have to have one more go.
##################
#100 DOWn on 05.15.23 at 1:15 am
#48 Don Guillermo
Wow, you just time traveled me.
That’s where I lived for eight months, in a hammock by the lagoon, it was in or around 1984.
I was in a campsite that the Army was keeping safe aka they were paying soldiers on the side to keep an eye on it.
Still I remember a VW van getting ripped off one night and the sound of gun fire.
It was a wild time, months of mountain mescal, Mx stink weed and waterskiing on the lagoon.
I remember Lee Majors and Farrah were down there at that time, it was safer then.
My funniest memory was when a large palm branch broke off of the tree I was hanging on as I swayed in the fierce warm winds hitting the rope on the hammock and sling shooting me to the ground in the pitch black of night.
Apparently I screamed like a banshee as l flew through the air.
Mexico – I have a love hate relationship.
@@@@@@@@@@@@@@
I think you were at the Acapulco Trailer Park. It was run by a tough old bird (can’t recall her name now) who’s husband was said to be an officer on the military base just down the road. She always had pistol packing security with her . I used to rent the old house on the beach just on the south side of the trailer park wall with a guy from Montreal and a guy from Columbus, Ohio. We would have some wild parties and when we carried on too loud and too late her guard would fire a couple of warning shots into the sand in front of the house. Party over.
This house was owned by the Cuenca family who owned the Tres Marias restaurant, a restaurant across on the lagoon side and a ranch a few miles north. There were gatherings there most evenings with one or two guitar players. I’m sure you would’ve been to some. It was a small tight community. The Cuenca family was awesome and were always looking after us kids.
Some of my best memories from that era.
#55 the jaguar on 05.14.23 at 4:08 pm
I forgot Huatulco. I drove there in an almost new VW Beetle. Priceless experience for a classic VW lover.
@@@@@@@@@@@
Wow, that must have been a fun drive. VW Beetles and Mexico were made for each other. Did you come down from Oaxaca City? That’s another city on my list. Mole capital of Mexico. We flew into Huatulco around 2010 and stayed a couple of weeks. It’s when we were still researching what part of Mexico to commit to. We rented a car and drove up to Escondido one day. I remember many interesting small towns along the way.
7 in 10 no pensions? So now watch as their next move is they all get rev mortgages and refuse to sell. All that bread goes to the banks!! Wouldn’t that be great. Game over, nobody wins! LoL
Re: GMO
I’m fairly happy with GMO foods. There are lots of benefits. If we go back to paleo grains for ideological reasons, we’ll also have to accept mass periodic starvation as part of the package.
As far as packing on suet, with unlimited availability of calories these days, that is just a personal issue, nothing more.
One quick tip: if one is too chunky, the solution is not and never will be ingesting more, miracle cure though it may be touted. Control the input avenue and all else falls in line. Like magic.
@#83 Dolce Vita on 05.14.23 at 8:47 pm
Mexico.
I’ll throw in.
My favorite was Puerto Vallarta. 55min flying time to Guadalajara.
Liz Taylor, Richard Burton … Night of the Iguana.
Regularly went to the hole in the wall restaurant where Liz and Rich would eat (signed photo by both in the restaurant, back wall). Had to ask a bunch of Mexican cabbies until 1 knew where it was, finally found it. 4 Mexican Grans did all the cooking, I ate all they could make. And late at night, there were the food trucks out by their large pharmacy. And don’t even get me going on Brasil Steakhouse – ate them out of house and home. Loved the swords laden with meat.
Old quarter Puerto Vallarta, Mexican, where I stay. Been there +20 times over the years. N. of the airport is Little America, modern, upscale hotels, with a Black Angus. They can keep it.
PS:
When driving to a hotel in South Puerto Vallarta we, me and a cabbie, would drive by Malecón de Puerto Vallarta where I would rename it to Maricon de Puerto Vallarta – always would get a laugh from the cabbies. Don’t shoot me Bill C-16 devotees.
Never interested in made for tourists places on the Yucatan et. al.
Went there all times of the year. Had a great time every time. Fave times to visit were around XMas (take in service at Parroquia de Nuestra Señora de Guadalupe – very nice cathedral) and Día de los Muertos.
Almost bought there, but Italia beckoned instead.
++++++++++++++++++++++++++
went to Puerto Vallarta recently.
Loved the grittiness of the place but holy hell the hippies. think the expats out number the mexicans in that town.
#115 Bezengy on 05.15.23 at 9:06 am
One of my neighbours passed last fall. I rode my bike out to see his nephew who inherited the place this weekend, about 5 miles back in the bush. Built in 1928 with squared off timbers, river in the front, 50 acres of meadow, rolling hills in the back. She’s a beauty. The old man was born on the property and never left, died at 85. No running water, partial dirt floor. Sure looked like he was happy there, and what else would he ever have needed? I guess all good things come to an end. Life sure does seem more complicated today compared to years gone by.
_______
Man that sounds sweet. Folks today seem to have a weak grasp of what contentment looks like. Your neighbour sounds just like Dick Proenneke. Owned almost nothing, but called his lifestyle out in the bush at twin lakes “paradise”.
Studies show that having enough, is enough. Once your basic needs are covered, more money and more things show diminishing / temporary returns wrt happiness. Real contentment comes from elsewhere.
Some head the call though.
Here’s one channel I check out regularly. I’d classify them as “rural minimalist adventurer” types. They got more $$ in equipment than RE, and their lifestyle is really appealing with all the hunting, fishing, remote exploring, and a massive amount of food prep. Lots of work, but these kids undoubtedly get a big dose of “happy chemicals” on a daily basis.
Very much agree Garth. I have not transacted in RE market in 20 years. Today’s prices not of my doing.
Now on supply-demand, many boomers are looking to downsize or “right”size. As their sale is followed by their purchase, the overall effect is at least lessened.
As I have mentioned on numerous occasions, I will move when I am ready, in either a high or low market, when I am confident of having a selection of purchase options.
Speaking of “Blame Game”
https://nationalpost.com/news/world/two-people-charged-in-austria-for-allegedly-playing-speeches-by-adolf-hitler-on-train-intercom
Those wacky Austrians are at it again……
#91 crowdedelevatorfartz on 05.14.23 at 9:51 pm
I dont think Yevgeny’s days as the head of Wagner are going to last much longer…..
—
T-1 month to defenestration
#122 Don Guillermo
I vaguely remember the fellow from Montreal and the old bird.
Small world..
@ #126 IHCTD9
“owned almost nothing”
Except for his 50 acres with river on property? House I’m living in (the basement of) was built around 1928 too. Is it enough? For a dog, maybe. But that’s what you get for $2k/month if you still need to buy pants and hoof it to the office every day.
Now people expect to still be rocking when they’re 82.
I imagine you playing a guitar at a Rock concert at that age.
“Now development charges and municipal levies are extreme because governments for several decades have been unable to live within their means.”
No, Garth. Wrong. I’m sorry. Unless, by “unable to live within their means,” you mean “unable to ensure that new development pays for itself.”
Development charges seem high but the costs they are supposed to cover were always high. When you build houses on 20m lots, you create a ton of infrastructure that has to be maintained in perpetuity. Very early on, the cities themselves paid the up-front cost; eventually developers had to build it themselves, but the long-term cost of maintaining all that road, sewer, water etc. falls to the tax base. Development charges don’t capture that.
Additionally, what development charges are collected, are only for specific things and encourage certain behaviours. In Ontario you can take all you need to pay for highway expansions to handle the extra traffic, but public transit is deemed a soft cost and you can’t, for example, collect enough DC’s to provide light rail.
The fact that property taxes are assessed per dollar of value, rather than e.g. the amount of infrastructure needed to service the property, is also a recipe for ongoing disaster. Picture a 20m wide lot with, say, a $500k house on it. Now picture that same lot with eight units worth $250k each. The latter pays four times the property tax (more if one of those multi-unit extra levies applies, which often do because everyone knows renters aren’t full citizens.) The more dense development is subsidizing all the low-density development–all the more so because, at the densities you get with 20m lots, everyone’s gonna have to drive.
This was a big reason for the municipal mergers back in the early 2000’s. The sububurban “municipalities” that grew up around old cities ran out of space to expand, therefore no more space to get new development to subsidize the costs of fixing the stuff that was built thirty or forty years previously.
I’ve worked in municipalities for twenty years. They are not profligate, not in the sense that gummint-haters mean it. They’re struggling under the deferred costs of decisions made two generations ago, to actively promote freehold houses and universal car dependency while pushing the real costs off the books of the initial homebuyer and developer, and into the laps of people forty or fifty years down the line.
Sorry, clarifying my earlier post: The high-density urban dwellers who are less likely to drive, impose WAY less cost on general infrastructure (not just the 20m of street in front of their building, but also because you’re not building expressways and road widenings and spreading everything out ever further to make room for their cars.)
The enshrining of car dependent built form has triggered a vicious circle where the only way to make room for all the cars is to spread everything out more, which requires more driving and more traffic, which requires wider and longer roads, which makes it harder to provide transit at any price or walk anywhere, which means more cars…. There’s plenty of blame to go around here, but the “profligate spending” by municipalities is to cover the costs incurred decades ago, not because of anything they’ve done recently.
Always appreciate your insights Garth. But respectfully, sometimes I’m Ron Swanson.
A reminder that our Rulers no longer work for us.
You hint was, that in March 2020 new condo construction never was shut down.
The Long Game lads, learn how it is played.
We are living in an open air Tax Slave farm, our elected Rulers exist to factory farm us, more stalls needed. Uppa up.
https://www.cp24.com/news/it-s-devastating-ford-government-slammed-for-doubling-size-of-mississauga-development-1.6398913
Mississauga Mayor Bonnie Crombie is speaking out after the Ford government used a controversial zoning tool to add thousands of units to a new development planned for the city’s Lakeview neighbourhood.
On Friday afternoon, the province issued two ministerial zoning orders (MZO’s) impacting developments currently underway in Mississauga.
One of the orders will allow the size of a new mixed-used community planned for Lakeshore and Dixie roads to effectively double, from approximately 8,000 to 16,000 units.
The other order will fast-track development on two parcels of land at 3355 and 5645 Hurontario Street.
A staff report that was to be tabled at that meeting warned of a number of “significant concerns” around adding units to the development, including “insufficient” road and school capacity and the undermining of a years-long planning process