Friday Free-for-all, NEW GOV Edition!

Well, that was exciting!

We’ve had a change of government in Canada.

And it’s time for another Friday Free-for-all!  Here are a few links to kick off the chat:

Hey Poloz, what’s up?
Where are you house-hunting?
What about elder-care?
Shoulda listened to Harper
Hot Mexican Money and Food!
Why did you vote Liberal?
Should you call the CRA?

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Madashell
Guest
Madashell

Adios harper and oliver, please take poloz along.

SK
Guest
SK

“By now we should recognize that failed experimental monetary management was the leading culprit in the so-called “worst financial crisis since the Great Depression.” So what’s at risk today from much more egregious monetary experimentation? With runaway Bubbles at risk or faltering around the globe, central bankers are left with a choice of pushing ever forward with monetary inflation and market manipulation – or coming clean. Clearly they believe they have no choice at all.”

Hobson’s Choice

http://creditbubblebulletin.blogspot.ca/2015/10/weekly-commentary-hobsons-choice.html

tedeastside
Member
tedeastside

http://www.businessinsider.com/iese-smartest-cities-in-motion-index-2014-5

20 smartest cities in the world, NY Chicago and LA made the list, Baltimore made the cut..
real estate obsessed smug dead end vancouver didn’t make it(no surprises there)

the self proclaimed ‘best place on earth’ is big on talk, small on results

Shut It Down Already
Guest
Shut It Down Already
Westside Realtor
Guest
Westside Realtor

I hope JT starts to subsidize flights of HAM from inner China.

We need more buyers from China.

Things are sllloooowwww….

Seems like mostly true blue Canadians buying with massive mortgage applications in tow…Sale of higher end homes is faltering. Badly.

Interesting.

Wish the Jays could have pulled off a win last night. That might have sparked some buying.

We need to make Chinese the official language of the Westside. That might get the party going again.

Wonder if anyone will show up to this weekends Open Houses..

WSR

patriotz
Member

@4:

That is just a survey of the media image of cites held by the general public. Vancouver is all image, so of course it rates highly.

Best place on meth
Member
Best place on meth

@Westside Realtor

Hey WSR, are you still seeing a lot of chinks these days?

Or is the armour looking pretty solid?

Shut It Down Already
Guest
Shut It Down Already

patriotz, image equals tourist dollars.

history
Guest
history
realist
Member
realist
@5 WSR says: “We need to make Chinese the official language of the Westside. That might get the party going again.” Your suggestion is not entirely the jest that it first appears to be. I expect that we are going to hear more about this subject in the future under the new PM Trudeau. The Official Languages Act (1969) was one of PM Pierre Elliott Trudeau’s many gifts to his nation, or in this particular case, to the French-speaking parts of it. But that legislation is silent on many aspects of language use, i.e., commercial. Quebec plugged that hole nicely in the 1970’s with its own language legislation. No one at the time foresaw a Canada in which neither English nor French would be the local majority language, except for small, remote, and politically insignificant ethnic enclaves. Richmond is none… Read more »
Brian Ripley
Guest
Brian Ripley
“We need more buyers from China” #5 Westside Realtor I wonder if we do as well. Here is my long term Housing Start Chart since 1956 overlaid with census growth: http://www.chpc.biz/housing-starts.html If offshore money (my preferred phrase… and can include money from Numbered Accounts, Asia, Russia, The U.S., Mexican Drug Lords, Afghan Opium Growers – they are having a big year, etal)…. if they have such a high tolerance for negative yields that 2-3 million dollar bungalows flip like pancakes, then perhaps we should partner with all the money looking for laundry services and get that money doing something useful like building affordable housing… especially lots of affordable rentals so that service workers don’t have to commute so far to their crappy westside jobs. The private sector is not going to build rentals and the public sector has too much… Read more »
GreenSalad
Guest
GreenSalad

Cutting TFSA limit unfair when our tax dollars pay for gold-plated public pensions….

http://business.financialpost.com/personal-finance/managing-wealth/cutting-tfsa-limit-unfair-when-our-tax-dollars-pay-for-gold-plated-public-pensions-citizens-group-charges

Can’t have middle class people saving for a decent downpayment…..no!……let’s cut back the TFSA contribution
allowance room and make them more dependant on debt and the banks……thanks JT

patriotz
Member

@12:

Less than half of the adult population have a TFSA in the first place, and of those who do most are nowhere near the contribution limit.

If someone really wants to save more money than the TFSA limit, is paying income tax on 1% interest going to stop them?

The savings rate was a lot higher before there was a TFSA. Why do you think that is? Maybe because people today think they can get a higher return by borrowing to buy RE?

GreenSalad
Guest
GreenSalad

If someone really wants to save more money than the TFSA limit, is paying income tax on 1% interest going to stop them?

1% interest? Not anyone who can do even slightly more with ROI than fog a mirror.

The savings rate was a lot higher before there was a TFSA. Why do you think that is?

Because BOC rates have fallen (for now). ZIRP, which the BOC themselves have cautioned won’t last indefinitely has encouraged sky high debt levels. All the more reason why JT should be encouraging saving.

Whistler or bust?
Guest
Whistler or bust?

Rents? I keep hearing that rents have gone up but when I look at $3.0-$5.0 mil places for rent on CL the rents are $5500-$6500. I know that is a lot of money but that wouldn’t even begin to cover the expenses on a house of that value.

Aren’t rents supposed to be near the cost of ownership? Before you Bulls say its the HAM who paid in cash. HAM doesn’t like things lived in which is why they keep them empty.

Can anyone add anything?

UBC in Crisis mode
Guest
UBC in Crisis mode

Thanks to government policies, here the land double every 5 years:

Year / sale price

2002 / $1,100,000
2007 / $2,368,000
2012 / $5,600,000
2015 / $9,800,000 (asking price, on market more than a year)

http://www.realtylink.org/prop_search/Detail.cfm?areatitle=&ARPK=&ComID=&agentid=&MLS=V1088985&rowc=4&rowp=1&BCD=GV&imdp=9&RSPP=5&AIDL=21&SRTB=P_Price&ERTA=False&MNAGE=0&MXAGE=200&MNBT=0&MNBD=0&PTYTID=5&MNPRC=4000000&MXPRC=31900000&SCTP=RS

Quantumind
Guest
Quantumind

Legalizing cannabis will be a boon for the economy. Canada will get an edge (we are the first).

Quantumind
Guest
Quantumind

The site might have issues temporarily but in the long run we win.

Shut It Down Already
Guest
Shut It Down Already

“1% interest? Not anyone who can do even slightly more with ROI than fog a mirror.”

That’s not a sentence, but the stats generally show that most people are fooled by the banks’ presentation of TFSAs as savings accounts rather than investment vehicles. The average person thinks, for some inexplicable reason, that getting a ROI which is less than inflation is somehow a great deal.

So I’d say in the majority of cases 1% is a pretty decent estimate.

patriotz
Member

@14: ” All the more reason why JT should be encouraging saving. ”

Sure, governments should encourage saving. How can they do that – well the answer is no mystery. Higher interest rates and stricter rules for borrowing, particularly higher down payment and income requirements for mortgages.

And this of course, means lower house prices which the majority of the population, being homeowners, DOESN’T WANT. Plus higher debt service costs which the majority of the population, being in debt, DOESN’T WANT.

As has been well documented, Harper’s economic strategy was based on expanding consumer debt. Pretending to encourage savings by increasing the TFSA limit was just smoke and mirrors. The only effect would have been to expand tax avoidance opportunities for the well off.

HAMster
Guest
HAMster
Shut It Down Already
Guest
Shut It Down Already

“The only effect would have been to expand tax avoidance opportunities for the well off.”

Not quite true. The opportunity was there for all to use. Most chose to use it poorly. The well-off didn’t get that way by chance.

yellowfever
Guest
yellowfever

@20

I don’t know you can call me “well off” when I can’t even afford to place to live in. Yeah, I can easily max out $10K TFSA contributions and have zero debt. So what? I know people making more money than me who have zero savings.

Ford Prefect
Guest
Ford Prefect

#22: Shut It Down Already: “The well-off didn’t get that way by chance.”

Actually most of them did, from what I have read over the years. We always hear the Horatio Alger stories, viz. Steve Jobs, Bill Gates, Warren Buffet etc. but most of the wealthy inherited their dough. In Canada think David Thompson, richest man in Canada, or Conrad Black.

Anecdotally, over the years I have known at least a half dozen very wealthy and entirely unknown people. Every one of them inherited all of their wealth.

Shut It Down Already
Guest
Shut It Down Already

Ford Prefect, all depends on how you define “well off” I suppose. I wasn’t trying to suffer at you could turn from pauper to billionaire just by utilizing a TFSA, but you cloud definitely transition from “struggling” to “doing OK”, or “doing ok” to “doing just fine”. The 99%ers should be trying to elevate themselves rather than trying to take down others. Replace the “high interest” savings with a balanced portfolio before campaigning for the vehicle itself to be wound back, and understand that throwing all your cash at Tesla stock isn’t an investment strategy (and that blaming “the system” when you lose all your cash as a result isn’t reasonable). Be sensible, don’t gamble, get rich slowly.

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