This is How Canada's Housing Correction Begins

[masoncgy]

Highly recommended read:

https://www.macleans.ca/economy/realestateeconomy/this-is-how-canadas-housing-correction-begins/

Kirk Marsh first noticed the mood start to turn in Vancouver’s housing market a year ago. As a real estate investor who buys homes and condos then fixes them up for resale, Marsh has an excellent vantage point on the market. Since giving up his old job in tech three years ago to flip real estate—“Sitting at a desk was killing me,” he says—Marsh has bought and sold six detached homes and condominiums across the B.C. Lower Mainland. “It’s not like TV shows where you see them making $100,000 or more each time, it’s just not like that,” he says. But he’s done well, always able to find buyers and come out ahead.

Or that’s how it used to be. “Today, everything has stalled,” he says.

*Given how the shit appears to be really hitting the fan in the hottest BC markets, what do you think? Are we in for a sharp correction in the Canadian housing markets?

[Tik-Tok]

I think Vancouver and Toronto are. It's been expected for years now.

[JRSC00LUDE]

I think Vancouver and Toronto are. It's been expected for years now.

Agreed. I think the AB/SK markets are already corrected.

[Misterman]

With the extent the BoC and the government has gone to make house purchases more expensive and difficult, there really isn't any other option but a correction. The question is how much of a correction?

[Tik-Tok]

Agreed. I think the AB/SK markets are already corrected.

We've still got a little down to go. At least my mortgage underwriters seem to think so. They wanted a full appraisal of my house and didn't trust the CoC tax assessment.

[rx7boi]

I've always wondered that with Vancouver and Toronto but it was a moot question when the answer is "it's worth whatever someone is willing to pay for it."

[HiTempguy1]

I think Vancouver and Toronto are. It's been expected for years now.

100% agree. There was little underpinning Toronto and Vancouver market growth besides pure speculation and foreign cash coming in. The difference with the Alberta housing price boom was that Alberta was chronically underpriced IMO relative to the value that was there.

While the Alberta market has certainly dropped from it's peak, for the kind of wealth you can still earn here (if you can get a job), housing is not unreasonable.

The new rules aren't helping either. 5% down minimum to 10% down minimum? That's huge. Making people qualify at almost 5.5% interest rates? Insane. The only thing that keeps the qualifying rate from being too overblown is that doubling the downpayment really helps.

Still, you are looking at basically $20k down to get into even the cheapest of condos nowadays. Good news is, it's helped the bottom of the market for landlords, lots of renters is what I am hearing.

[ExtraSlow]

To most commentators Vancouver and Toronto ARE the Canadian housing market. And by size, in a way that's correct. So even if it really only affects those two markets, it does affect the whole country statistics.

[Xtrema]

When retail banks willing lowers mortgage rate on their own..... you know they see some shit coming on the horizon and they are holding shit load of toxic mortgages.

https://www.mortgagebrokernews.ca/news/rbc-lowers-fixedterm-mortgage-rate-253122.aspx

Also

https://www.cbc.ca/news/canada/calgary/200-financial-insolvency-2019-1.4986586

Vancouver is double screwed. Wonder how much Chinese money is going to leave simply to protest the arrest.

The way I see it, foreigners should never qualify for mortgages in Canada. But a lot of the bubble is created by the banks thinking that willing to underwrite anyone (foreign or Canadian) a mortgage with 20% down.

[Tik-Tok]

The banks are just following behind the smaller lenders, who lowered their 5 year fixed rates a month ago due to the bonds.

I was supposed to sign a new 5-year fixed 2 weeks ago, but read that this was coming so I'm holding off until March when the mortgage term is actually up.

[ercchry]

We've still got a little down to go. At least my mortgage underwriters seem to think so. They wanted a full appraisal of my house and didn't trust the CoC tax assessment.

That’s not their discretion... but if you’re working with a bank vs monoline it’s a little surprising since they should be able to just do it with their software in house

[ercchry]

The way I see it, foreigners should never qualify for mortgages in Canada. But a lot of the bubble is created by the banks thinking that willing to underwrite anyone (foreign or Canadian) a mortgage with 20% down.

That’s just not true... if you don’t have at least “new to Canada” status then a couple lenders will do something, like TD... but it’s like 50% down and proof you have the cash for the mortgage and taxes for the entire term

[Xtrema]

That’s just not true... if you don’t have at least “new to Canada” status then a couple lenders will do something, like TD... but it’s like 50% down and proof you have the cash for the mortgage and taxes for the entire term

Not HSBC. Was surprised how easy it was for someone with 0 status to get mortgage to purchase a place in Calgary. 20% down.

[max_boost]

I thought it was always 50% no questions asked....anyway, 4.5 months my condo has been on the market :(

[Tik-Tok]

I thought it was always 50% no questions asked....anyway, 4.5 months my condo has been on the market :(

I just found out a friend has had hers on/off the market for 2 years. :nut:

[ercchry]

Not HSBC. Was surprised how easy it was for someone with 0 status to get mortgage to purchase a place in Calgary. 20% down.

Well, they are a touch sketchy :rofl:

Very surprising though if true as they would still have to follow the OSFI rules

[nzwasp]

When retail banks willing lowers mortgage rate on their own..... you know they see some shit coming on the horizon and they are holding shit load of toxic mortgages.

https://www.mortgagebrokernews.ca/news/rbc-lowers-fixedterm-mortgage-rate-253122.aspx

Also

https://www.cbc.ca/news/canada/calgary/200-financial-insolvency-2019-1.4986586

Vancouver is double screwed. Wonder how much Chinese money is going to leave simply to protest the arrest.

The way I see it, foreigners should never qualify for mortgages in Canada. But a lot of the bubble is created by the banks thinking that willing to underwrite anyone (foreign or Canadian) a mortgage with 20% down.

im so glad that other than my mortgage I have no house hold debt. I cant imagine many beyonders are $200 away from insolvancy? although I would be interested in how much non mortgage debt people have.

[Disoblige]

im so glad that other than my mortgage I have no house hold debt. I cant imagine many beyonders are $200 away from insolvancy? although I would be interested in how much non mortgage debt people have.
Not saying you're doing this, but it reminds me of when people flex the idea of having no debt, except their mortgage.
I know some people who do that and are so fucking house poor, it's not funny. Yeah, you got no debt, but you also are fucking broke because most of your paycheck is going into property tax, condo fees, and interest.

[Sugarphreak]

...

[SkiBum5.0]

46% of Canadians are 200$ away from insolvency? Are we including children or something in this poll?

Fuck off CBC, haha

click bait article

Disagree - look at the definition of insolvency (not bankruptcy). It means Canadians are $200 from not paying their debts. It is, however, just a poll right? Might indicate more panic than fact but given the debt/income ratio's being thrown around it's probably pretty close.

[JustinL]

Yeah, you got no debt, but you also are fucking broke because most of your paycheck is going into property tax, condo fees, and interest.

Clarify? This seems pretty awful to be paying interest when you have no debt.

[rx7boi]

I can believe it. There's already a shitload of people who don't meet savings goals, people who live pay check to pay check, and people who are up to their eyeballs in debt and think it's okay.

Doesn't debt continue to climb cyclically in tandem with recovery after recessions?


Clarify? This seems pretty awful to be paying interest when you have no debt.

You unquoted the portion where people still have mortgage and therefore interest on the mortgage payments.

[Misterman]

Clarify? This seems pretty awful to be paying interest when you have no debt.

You don't pay mortgage interest? I want that deal!!

[JustinL]

Gotcha. I got thinking mortgage free for some reason.

[lasimmon]

46% of Canadians are 200$ away from insolvency? Are we including children or something in this poll?

Fuck off CBC, haha

click bait article

I'm surprised its not higher to be honest.

[Tik-Tok]

It's definitely click bait.

The number of Canadians who are $200 or less away from financial insolvency at month-end, and the poll was done in December, the highest spending month of the year.

[max_boost]

I just found out a friend has had hers on/off the market for 2 years. :nut:

damn!

My price is realistic tho and it's still not moving. :dunno:




46% of Canadians are 200$ away from insolvency? Are we including children or something in this poll?

Fuck off CBC, haha

click bait article

There are a lot of broke people out there :D

[benyl]

My price is realistic tho and it's still not moving. :dunno:


It was said earlier in the thread. "It's only worth what someone is willing to pay."

[Tik-Tok]

I'll pay $3.50

[max_boost]

Keep dropping the price until there's a taker :D

[ercchry]

Keep dropping the price until there's a taker :D

No, no... make it shinier and more exclusive and RAISE the price, like a limited edition 911 :rofl:

[max_boost]

No, no... make it shinier and more exclusive and RAISE the price, like a limited edition 911 :rofl:

Or do what CHanel does. Simply raise the price year over year without any changes. :bigpimp: haha

[Tik-Tok]

No, no... make it shinier and more exclusive and RAISE the price, like a limited edition 911 :rofl:

Don't laugh, a few times trying to sell something on Kijiji with no bites, I've raised the price and the item is gone in 2 days.

People are fucking weird.

[Manhattan]

Keep dropping the price until there's a taker :D

Why not rent it out? Rental market is not bad at all right now. Refinance your mortgage while rates are still at historical lows if you need cash.

[nzwasp]

Ive got a friend at work who makes 140K per year and has no mortgage (paid off house) and is close to that situation. Infact after each pay he only keeps a running balance of $200 in their bank account.

[Tik-Tok]

Why not rent it out? Rental market is not bad at all right now. Refinance your mortgage while rates are still at historical lows if you need cash.

Where would he take his hook...err.... I mean "friends"?

[ercchry]

Where would he take his hook...err.... I mean "friends"?

well he rents it out to hookers (who pay more)... and gets landlord discount! :rofl:

[max_boost]

Why not rent it out? Rental market is not bad at all right now. Refinance your mortgage while rates are still at historical lows if you need cash.

Personal reasons.

- - - Updated - - -


well he rents it out to hookers (who pay more)... and gets landlord discount! :rofl:

this man knows how to make money :bigpimp:

[lasimmon]

Ive got a friend at work who makes 140K per year and has no mortgage (paid off house) and is close to that situation. Infact after each pay he only keeps a running balance of $200 in their bank account.

I don't know how thats even possible :nut:

[Tik-Tok]

I don't know how thats even possible :nut:

A nice car can take up a pretty big chunk of a paycheque.

[nzwasp]

It really baffles me too - clearing atleast $3500 biweekly. No childcare expenses to take care of. His wife only works parttime though.


A nice car can take up a pretty big chunk of a paycheque.

he has a mid 90s suzuki and a 2012 second hand subaru

[Misterman]

It really baffles me too - clearing atleast $3500 biweekly. No childcare expenses to take care of. His wife only works parttime though.





At least? More like maximum. But yeah that's the thing about money, if you don't tell it where to go, it'll just go......somewhere. I remember when I was younger and lazy, and actually calculated what I was spending on eating out. It was like 2000$ a month. That's a decent mortgage!! You combine shit like that with going to the bar on the weekend, travelling, investments, car payments, Insurance, property taxes, etc, etc. It's not hard to see how someone could be living pay check to paycheck.

[max_boost]

Saving and investing can get quite addicting tho. Gains gains gains. Time to flip the script for those ppl living payday to payday

[nzwasp]

At least? More like maximum. But yeah that's the thing about money, if you don't tell it where to go, it'll just go......somewhere. I remember when I was younger and lazy, and actually calculated what I was spending on eating out. It was like 2000$ a month. That's a decent mortgage!! You combine shit like that with going to the bar on the weekend, travelling, investments, car payments, Insurance, property taxes, etc, etc. It's not hard to see how someone could be living pay check to paycheck.

84697

Even more after CPP/EI finished for the year

[Sugarphreak]

....

[ExtraSlow]

Having $200 left in your bank account doesn't mean you are $200 from insolvency. He could be saving in other places (which is smart) and even if he's just blowing it all on discretionary spending, sounds like he's got basically no debt, so if he had an unexpected bill, he could take care of is easily.

[Cagare]

Wait, you’re saying when interest rates go up house prices go down? I am shocked.

It’s like we haven’t had a decade of historically low interest rates. This isn’t a “correction” this is a normal market function. People can buy based on monthly costs, unless income increases at the same rate buying power decreases and either houses sit on the market or prices have to come down.

Although I agree there have been other factors of correction in some parts of the Country. Some places are still climbing in price but there are other factors at play.

[Misterman]

84697

Even more after CPP/EI finished for the year

The usual forum glitch of picture not displaying :-(

[Tik-Tok]

Even more after CPP/EI finished for the year

Those deductions are correct for bi-weekly, so CPP/EI won't "finish"

[pheoxs]

That also doesn't include any deductions for benefits and I'm assuming there's some sort of RRSP matching program. I have a couple friends that make it sound like they're struggling to save but they are actually already putting away lots in RRSP contributions, one has 10% and employer matches another 10%.... crazy.

[rx7boi]

It really baffles me too - clearing atleast $3500 biweekly. No childcare expenses to take care of. His wife only works parttime though.



he has a mid 90s suzuki and a 2012 second hand subaru

It's baffling but it happens:

https://www.moneysense.ca/save/budgeting/budgeting-tips-jason-jessica/

This couple makes $8000 a month and can't get their shit together.

[Swank]

It's amazing how many people save what's left after spending instead of spending what's left after saving.

[nzwasp]

That also doesn't include any deductions for benefits and I'm assuming there's some sort of RRSP matching program. I have a couple friends that make it sound like they're struggling to save but they are actually already putting away lots in RRSP contributions, one has 10% and employer matches another 10%.... crazy.

Our employer you have to contribute 9 to get an employer match of 3, its bullshit but I know he doesnt contribute to the program as he doesnt like it. Also our health/dental is quite a low employee deductible.

[msommers]

Woah....people have $200 left at the end of the month?! Nice!!

[pheoxs]

Our employer you have to contribute 9 to get an employer match of 3, its bullshit but I know he doesnt contribute to the program as he doesnt like it. Also our health/dental is quite a low employee deductible.

Even 9+3 is still a good deal.... stupid people for not taking advantage of free money. 33% gain on your investment immediately is always worth it.

[ercchry]

He either is completely on top of his own investments... or has a severe gambling problem :rofl:

[rx7boi]

It's amazing how many people save what's left after spending instead of spending what's left after saving.

Yup, best #1 rule I ever learned was to always pay yourself first.

[Manhattan]

There's no amount of money that can't be blown easily. Pro athletes do it all the time. I think people are just born with a 'bad with money' gene and its like an addiction to spend without care.

[Misterman]

Our employer you have to contribute 9 to get an employer match of 3, its bullshit but I know he doesnt contribute to the program as he doesnt like it. Also our health/dental is quite a low employee deductible.

Either way, no sense arguing over pennies. Anyone over 100k you can basically just subtract 50% of gross income to get really close to your net pay on your paycheck. Whether this guy clears 3000 or 3500 bi-weekly, I can understand how there is circumstances where he might be living paycheck to paycheck. Most people learn money management from their parents, they certainly don't teach it in school. Mommy and Daddy suck at money, chances are their kids will too. It's one of those things I had to learn to over come on my own, my parents were atrocious with money.

[rx7boi]

Most people learn money management from their parents, they certainly don't teach it in school. Mommy and Daddy suck at money, chances are their kids will too. It's one of those things I had to learn to over come on my own, my parents were atrocious with money.

Yup. Something Buster has said in the past.

[Xtrema]

Well, they are a touch sketchy :rofl:

Very surprising though if true as they would still have to follow the OSFI rules

Couldn't find that guy soon after mortgage is done. So may be this is one off and he did something sketchy to get the commission.

[Xtrema]

I don't know how thats even possible :nut:

Oh, trust me it's possible.

Got a chick telling me she got no saving to own a condo and then turn around blew $3000 on black Friday because she ain't living like a peasant.


Even 9+3 is still a good deal.... stupid people for not taking advantage of free money. 33% gain on your investment immediately is always worth it.

But what's he going to spend with if it's locked up in savings?

[Twin_Cam_Turbo]

I find I’m cyclical, one year I’ll spend all of my liquid savings while still contributing to RRSP and lump sums on my mortgage then the next year I’ll save as much as possible while still making those contributions.

[ercchry]

I find I’m cyclical, one year I’ll spend all of my liquid savings while still contributing to RRSP and lump sums on my mortgage then the next year I’ll save as much as possible while still making those contributions.

Binge saving! :rofl:

[89coupe]

I thought it was always 50% no questions asked....anyway, 4.5 months my condo has been on the market :(

I sold that two bed two bath unit I had on in Mission, 55 days. :dunno:

[Twin_Cam_Turbo]

Binge saving! :rofl:

Legit. 2017 was a save everything year, 2018 was a spend everything year.

[Mys73ri0]

That also doesn't include any deductions for benefits and I'm assuming there's some sort of RRSP matching program. I have a couple friends that make it sound like they're struggling to save but they are actually already putting away lots in RRSP contributions, one has 10% and employer matches another 10%.... crazy.

Your annual RRSP limit is 18% of income. No employer would do a 10 for 10 match for RSP's

There are still some pretty nice DB and DC plans in the O & G world probably make a lot of people mad... best i've seen is a 5 for 13 match

[TomcoPDR]

damn!

My price is realistic tho and it's still not moving. :dunno:





There are a lot of broke people out there :D

Any written offers?

[mr2mike]

A person who makes $70K/yr saves more than someone who makes $100k/yr. I believe this was proven a few years ago in a study.

[realazy]

There are still some pretty nice DB and DC plans in the O & G world probably make a lot of people mad... best i've seen is a 5 for 13 match

Yup... definitely would make people mad. My company basically does 10% for new hires, 12% after 5 yrs, and 14% after 10 yrs. Also matches 2% if you contribute 4% on top.

So for a 10 year person, its 16% for 4% match essentially. This will be over your limit, so you will get some back in taxable cash.

[chongkee_]

Yup... definitely would make people mad. My company basically does 10% for new hires, 12% after 5 yrs, and 14% after 10 yrs. Also matches 2% if you contribute 4% on top.

So for a 10 year person, its 16% for 4% match essentially. This will be over your limit, so you will get some back in taxable cash.

Damn!
Where is this? Pm me if you like.

[mikestypes]

Your annual RRSP limit is 18% of income. No employer would do a 10 for 10 match for RSP's

I've seen 10% Employee for 15% Employer in O&G. It is a Share purchase plan, not specific to RSP.

[blownz]

Regarding housing I feel that Calgary and Edmonton have been pretty much flat for years now. And I don't really see it changing anytime soon. And even if it is flat, you are losing money when you look at inflation. Obviously not an issue if you aren't over extending on your housing or have more than 5% equity, but that is likely not the case for many people.

Regarding saving, I think most people just have no idea what they are doing and assume CPP and OAS will cover them when they retire. Perfect example, my buddies parents just came to him bragging about how they were both 65 now and ready to retire and asked if he could help them apply for CPP and OAS online. He did for both of them and the total they were going to get was something like $2,500 per month. He said they had blank looks on their faces and said "well that doesn't even cover the mortgage, truck payment and trailer payment..." He then asked them what else they had saved and how many more years of payments they have. Turns out they had saved nothing else, had like 5 years on the house, 4 years on the truck and ~20 years on the trailer! He told them they would have to work at least 5 years to pay off the house and truck before they could retire and his mom was like "but I already told them I was retiring" It is so sad it is funny. But I think there are lots of people like this out there.

[rx7boi]

Regarding saving, I think most people just have no idea what they are doing and assume CPP and OAS will cover them when they retire. Perfect example, my buddies parents just came to him bragging about how they were both 65 now and ready to retire and asked if he could help them apply for CPP and OAS online. He did for both of them and the total they were going to get was something like $2,500 per month. He said they had blank looks on their faces and said "well that doesn't even cover the mortgage, truck payment and trailer payment..." He then asked them what else they had saved and how many more years of payments they have. Turns out they had saved nothing else, had like 5 years on the house, 4 years on the truck and ~20 years on the trailer! He told them they would have to work at least 5 years to pay off the house and truck before they could retire and his mom was like "but I already told them I was retiring" It is so sad it is funny. But I think there are lots of people like this out there.

This is true. I can't fathom how anyone thinks they are going to be okay with outstanding debt on a house, truck, and trailer at the time of retirement.

I can get having dismal savings going into retirement but this anecdote paints a completely different picture of ignorance and lack of planning.

[Tik-Tok]

Holy fuck. They never ONCE looked into it? People are so dumb it's shocking. OAS and CPP aren't supposed to be covering your brand new truck and trailer payments FFS.

[ExtraSlow]

Regarding saving, I think most people just have no idea what they are doing and assume CPP and OAS will cover them when they retire. Perfect example, my buddies parents just came to him bragging about how they were both 65 now and ready to retire and asked if he could help them apply for CPP and OAS online. He did for both of them and the total they were going to get was something like $2,500 per month. He said they had blank looks on their faces and said "well that doesn't even cover the mortgage, truck payment and trailer payment..." He then asked them what else they had saved and how many more years of payments they have. Turns out they had saved nothing else, had like 5 years on the house, 4 years on the truck and ~20 years on the trailer! He told them they would have to work at least 5 years to pay off the house and truck before they could retire and his mom was like "but I already told them I was retiring" It is so sad it is funny. But I think there are lots of people like this out there. People need to have this conversation with their parents years ahead of this point if there is even a chance of this situation.

My basic rule of thumb is that you need to be payment free (including mortgage) for a decade before you can retire.

[msommers]

Regarding saving, I think most people just have no idea what they are doing and assume CPP and OAS will cover them when they retire. Perfect example, my buddies parents just came to him bragging about how they were both 65 now and ready to retire and asked if he could help them apply for CPP and OAS online. He did for both of them and the total they were going to get was something like $2,500 per month. He said they had blank looks on their faces and said "well that doesn't even cover the mortgage, truck payment and trailer payment..." He then asked them what else they had saved and how many more years of payments they have. Turns out they had saved nothing else, had like 5 years on the house, 4 years on the truck and ~20 years on the trailer! He told them they would have to work at least 5 years to pay off the house and truck before they could retire and his mom was like "but I already told them I was retiring" It is so sad it is funny. But I think there are lots of people like this out there.

Wait a minute. I thought it was only millenials wanting the latest iPhone who had no idea how to save and were bad with their money?

[bjstare]

Wait a minute. I thought it was only millenials wanting the latest iPhone who had no idea how to save and were bad with their money?

Who do you think taught them how to live that way?

[msommers]

Oh, no doubt. It's always comical reading comments where it's the latest generation that is the problem.

[ercchry]

People need to have this conversation with their parents years ahead of this point if there is even a chance of this situation.

My basic rule of thumb is that you need to be payment free (including mortgage) for a decade before you can retire.

Having children is the retirement plan! CPP, OAS, reverse mortgage, and allowance from children! Live high on the hog and leave them nothing!!!

[ExtraSlow]

Live high on the hog and leave them nothing!!! See, this I agree with. Leaving your children nothing SHOULD be the plan. My mom subscribes to the "die broke" philosophy and I totally support that.

[vengie]

Having $200 left in your bank account doesn't mean you are $200 from insolvency. He could be saving in other places (which is smart) and even if he's just blowing it all on discretionary spending, sounds like he's got basically no debt, so if he had an unexpected bill, he could take care of is easily.

Absolutely this.

He has clearly been smart enough to pay off his house, doesn't own any flashy cars etc...
My assumption is he has the financial literacy to understand and is following a growth plan where ALL of his money is being put to use in investments, RRSP's etc.

[SkiBum5.0]

Anyone have any insight into the acreage values surrounding Calgary?

[max_boost]

Who do you think taught them how to live that way?

Boom!

[Sugarphreak]

...

[Xtrema]

My basic rule of thumb is that you need to be payment free (including mortgage) for a decade before you can retire.

Now given the boomers were upgrading instead of downsizing, I wonder how many actually are in heavy debt when CPP/OAS kicks in? Especially ones that expects to retire on selling or reverse mortgaging the primary residence to fund retirement.

[Swank]

My MIL retired a couple of years ago with a mortgage. Given her much lower income will this be a problem at renewal time?

[Xtrema]

My MIL retired a couple of years ago with a mortgage. Given her much lower income will this be a problem at renewal time?

Depends on equity. A couple with OAS/GIS/CPP should clear $2500 to $3000. That means it should have enough to support $800-$1000/mth of mortgage payment. Also, depends on age and how much RRSP/TFSA they got, it may be beneficial to withdraw from those to reduce your mortgage instead of losing to government when RRSP turns into RRIF at 71.

If they don't have plan, talk to someone good with $ in your family or a financial advisor. Still it is preferred to retired without debt.

The planning is all about 60-71, once you hit 71, you should have some plan how to wind down and become broke by the time you kick the bucket around 90.

[ExtraSlow]

My parents subscribe to the "living broke" philosophy, I strongly discourage this

There's a big difference between living broke and planning to die broke.

[max_boost]

:werd:

Leave them something but definitely not the lotto.

Perhaps the 3 months salary applies here haha

[Tik-Tok]

I'm just going to leave enough for a large funeral with coke and hookers. It's up to them if that's what they spend it on.

[blownz]

People need to have this conversation with their parents years ahead of this point if there is even a chance of this situation.


For many years I have told both my parents and my wifes that I don't expect a single dollar from them but in return I expect them to fund their retirement. And if they can't for some reason, I will still remember they are family and put them in a home or apartment, but that it will probably be norther SK or MB and I will never visit. lol

Oddly enough 3 of the 4 have retired in the last year and it does make me nervous...

[Twin_Cam_Turbo]

My parents drilled money into my head from a young age so I started saving for retirement at the age of 22. They keep insisting they want to be able to leave me money to help me out and I keep insisting it’s not needed and I do not count on it.

[tonytiger55]

Having children is the retirement plan! CPP, OAS, reverse mortgage, and allowance from children! Live high on the hog and leave them nothing!!!

Not if the wife leaves and takes everything first. :rofl: