EliG
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Posts posted by EliG
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A former deputy governor of the Bank of Canada wrote a column arguing that central bankers should
(a) abandon short-term inflation targeting
(b) focus more on avoiding "boom-bust" credit cycles
The Dangerous Delusion of Price Stability
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CNBC Transcript: Stanley Druckenmiller Speaks With CNBC's Kelly Evans Today
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I got this link by googling the article title.
http://license.icopyright.net/user/viewFreeUse.act?fuid=MjYzNjcyODA%3D
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As a local resident in one of the hottest areas in all of Canada and a big beneficiary of Chinese/Iranian money, bring it on!
As a father of a student who will be entering the work force in a couple of years, I am disgusted by what is going on. Good jobs are hard to come by, and housing is out of reach. What a way to run a country.
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The tax will have exemptions for skilled workers in the Ontario worker nominee program and refugees will be exempt. Anyone obtaining a permanent residency or Canadian citizenship within four years of purchasing their home would receive a full rebate of the NRST. Any international student enrolled full-time for at least two years would receive a full rebate. If you’ve worked in Ontario from the date of purchase of your home, you also get a full rebate.
The last one seems like a big loophole. Register an Ontario corp and hire yourself or/and spouse. Voila, you get a full rebate. What am I missing?
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It's "funny" they found it necessary to give international students an exemption. This is in a market where even upper middle class Canadians are priced out. What a travesty.
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They just announced a long list of exceptions to the foreign buyer tax e.g. it does not apply to: international students, refugees, people applying for PR, non-citizens employed in Ontario, etc...
It seems like these taxes/policies will be easy to avoid.
Yes. It's just a dogs and ponies show before the election.
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We should make that the new Canadian motto. Go to school, work hard, and maybe you'll get to live in squalor.
Rent is still actually pretty cheap. Cap rates are between 2-3%.
Rent is only cheap compared to insane house prices. It's definitely not cheap compared to income. Average 1 bedroom condo in Toronto rents for $1750 - $1800. That's 21K annually. Median Canadian individual income was 33K in 2014.
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Ontario is poised to announce sweeping measures to deal with its overheated Toronto housing market, with sources close to the situation saying a 15 per cent tax on non-residents buying in the region is at the top of the list.
The provincial government is said to be aiming the tax at speculators in the market but it will only apply to foreigners purchasing in the region known as the Greater Golden Horseshoe (GGH), an area of southern Ontario that is home to nine million people.
The move, along with several other changes that could be unveiled as soon as Thursday, is aimed at cooling a Greater Toronto Area housing market that saw prices rise 33 per cent in March from a year ago with neighbouring communities reporting massive price increases too.
Ben Rabidoux on twitter:
https://twitter.com/BenRabidoux/status/854740938408833025
"If Toronto rolls out a foreign buyer tax, get long anything in Ottawa and Montreal. #HotPotato"
I think he is right. Maybe I should trade my modest Ottawa home for a swanky McMansion before it's too late? Hmmm....
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Can you show me a 223k listing in Ottawa please?
Disclosure: I live in the Ottawa region.
Townhouse, 200K to 250K range, 155 listings
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Commercial Real Estate Underwriter in Toronto -->
https://twitter.com/canafin/status/845812638928003072
20 unit townhouse, 100% pre-sold before construction started, 95% Chinese buyers, $700+ per square foot, took just 1h to sell.
His closing tweet:
"people say this isn't sustainable but it has been going for quite a while now and there are no signs of slowing"
He may very well be right, as long as wealthy Chinese keep bidding. They don't need a mortgage, so all mortgage calculations upthread are irrelevant.
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This is getting comical.
My aunt and uncle who live in Woodbridge have been borderline bankrupt for years just refinanced their house with none other than Home Capital Group. Home Cap gave them a $700K mortgage and they are in their 70's! My uncle is retired and my aunt works as the deli manager at Metro. How on earth can they ever pay this back? There only hope is to sell before the market goes down. If they don't they're bankrupt. But how can a lender give someone in their seventies $700K? And this is to people who have been on the verge of bankruptcy for years. They have only kept their house because they have borrowed over $150K from family members. This makes no sense to me.
50, you need to provide some context otherwise your statement makes no sense.
how much is the house worth ?
if it's worth $2M. a 700k loan is no big deal at all. even if they default or if market corrects 30%, the bank is still ahead by repossessing.
$950K but it depends on bidding war. So it doesn't matter about paying back the loan. Only selling the house?
Is it an insured mortgage?
$950K number is kinda curious. Hight enough to keep LTV under 75% but low enough to be eligible for CMHC insurance (< $1M). I wonder if HCG deliberately low-balled the appraised value to off-load the risk to the taxpayers.
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^^^ Trudeau's senior advisor.
I think it's a clear signal that CG or/and dividend taxes are going up.
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I didn't make any changes. I plan to retire within 5 years, at which point my income will drop a few brackets. With 66% inclusion rate, I may end up paying 1% - 2% less than I would pay now. With 75% inclusion, I may end up paying 0.5% - 2% more.
I'd be very surprised if they jack up the inclusion to 75%. 66% is a more likely number, if they change anything at all.
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23-25% marginal tax on cap gains would imply you're pretty much in the top few % of income. For most people it's lower.
It's lower now with 50% inclusion rate.
http://taxtips.ca/taxrates/on.htm
With 75% inclusion: 23% marginal CG tax if you make between 74K and 84K.
With 66% inclusion: 22.5% marginal CG tax if you make between 84K and 87K.
Not exactly the stuff of riches.
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Are you married? You can transfer positions to a spouse before Wednesday, effective immediately (assuming you have separate accounts at the same brokerage).
You can choose to transfer at the market price or ACB. You can make that election retroactively after the budget is announced. Transferring at the market price triggers a capital gain for you.
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What are your thoughts on investing in these bank stocks?
Big 5 Canadian banks are a cozy, protected oligopoly. They are able to extract outsized rents from the Canadian economy, and their oligopoly isn't going away any time soon.
On the con side, they are quite expensive at present. But that is only a relatively minor consideration; the elephant in the room is the state of the Canadian real estate market. Read this thread for some insight:
http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/garth-turner-greaterfool/
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Does anyone have a good understanding of it? It seems pretty confusing to me.
How will this be different from ObamaCare?
That is a good question...nobody even tried answering though. I would like to have someone explaining it, with facts!
NYTimes has a helpful summary comparing Trumpcare and Obamacare.
https://www.nytimes.com/interactive/2017/03/06/us/politics/republican-obamacare-replacement.html
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Desert-Rat
Once again you did not report all the facts, just the part that fits your opinion. Yes, she was detained in December and asked to come back the next day. Reason: U.S. immigration had problems with their computers!
She came back next morning and was allowed in.
Yep, here's the quote from the article:
She first had trouble getting into the U.S. last December, before Trump took office. She was with friends and her fiancé when her car was pulled over for what she was told was a random check, she said.
She was made to fill out a number of forms, but was eventually told there was a problem with the computer system and they should return the next morning.
When they went back, she was let through without any problems.
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No evidence but I'm ripped with common sense. No one would be detained if they had proper papers. Guarantee it.
Maybe not detained/arrested. But held back, searched, personal/electronic data copied, made late, connecting flights lost. Just what everyone dreams of on a holiday. Being inconvenienced and treated like a criminal.
I'm pretty sure they know they're gonna act like dicks when they're already anticipating that people are gonna call the cops on them.
Sorry but i don't believe it. If a person has proper papers and they're not a retard when asked what the purpose of their visit is, they won't be detained. If you have any knowledge of this being incorrect, enlighten me.
Canadian born? Check
Canadian citizen? Check
In possession of a valid Canadian passport? Check
OTOH, she was guilty of a heinous crime. Crossing the US border while being brown skinned.
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EliG,
Obamacare wasn`t without it`s implementation problems either you will recall. Did you trash the entire obama admin for that and will you be good with trump once the ban implementations are handled more smoothly. Is that really the problem you see here.
False equivalency. Obamacare is several orders of magnitude more complex than a temporary travel ban. Green card holders are legal permanent residents who have the right to be protected by all laws of the United States. Their inclusion in the ban is a symptom of ideological extremism and incompetence.
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Friday night: green card holders are included in the Muslim Ban.
Sunday night: a complete reversal...
Quality of governance: banana republic
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In a meeting last week with The Post editorial board, Jason Chaffetz (R-Utah), chair of the House Oversight Committee, said he was weighing legislation to require presidents to undergo an independent medical examination, including for mental health. Chaffetz cautioned that he wasn’t “talking about some of the rhetoric that’s flying around” about Trump. Still, he said, “If you’re going to have your hands on the nuclear codes, you should probably know what kind of mental state you’re in.”
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Interesting graph. Trump got less popular votes than Romney and McCain. It wasn't a Trump surge but a Clinton collapse.
Bots scanning The Corner?
in General Discussion
Posted
Don't you people know about search bots? I thought it was a common knowledge even for non-computer types.
The search engines (Google, Bing, Yahoo et al) have bots that constantly crawl the web to index the new content, be it brand new pages or changes to the old pages. These bots may or may not count as views, depending on how this forum is configured.
You can ask Parsad to tweak forum configuration to show the bots as visible active users. If he chooses to do that, you would be able to see that search bots are present at all times.