Justin Trudeau says the unvaccinated are racist, extremists, and eat babies. What does that have to do with Canadian housing? And what does it mean for the future of Canada's housing market and the economy?
00:01:18.920Justin Trudeau says that the unvaccinated are racists.0.98
00:01:23.520misogynists extremists uh and they eat babies and are cannibals too i think uh explosive comments0.88
00:01:31.500from the prime minister that he made in french uh that didn't seem to really make the rounds0.89
00:01:35.800into english canada until um certain family members of uh western standard uh newsroom
00:01:42.580uh had it translated from uh le francais into alberton and uh we managed to figure out what
00:01:50.120the comments were. Explosive stuff. We're going to be talking about that. A journalist from the
00:01:56.680Canadian Broadcasting Corporation, CBC, has quit and has written a very fiery response to her time
00:02:04.640there, saying the organization has become drunk on wokeness, intolerable. She was the most left-wing
00:02:11.740member of the newsroom when she started eight to ten years ago, and now she's considered a right-wing
00:02:16.200extremists, someone Justin Trudeau probably wouldn't like. We're going to dive into that.
00:02:21.300And relatively breaking news from this morning, the Canadian Housing and Mortgage Corporation,
00:02:26.740the CMHC, essentially one of the bureaucracy that oversees housing and whatnot in Ottawa,
00:02:33.160is recommending, much I believe to Liberal delight, that a home equity tax be imposed
00:02:39.020on Canadian taxpayers. Well, that one's attracting a ton of attention.
00:02:44.260uh a readership on that one is off the chart um western standard uh carried the story this
00:02:51.000morning we're gonna have more to say about that before we do though i want to thank all of our
00:02:55.680western standard members for your excellent and critical support without you we could not
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00:03:21.700Go right now. I'm waiting. Go right now. I said right now, people. Okay. Today's show is sponsored
00:03:33.020by, oh, Algodex. We got Algodex and it's come down from Algonaut. And I know this sounds a little
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00:04:04.420Excellent. And a sponsor of ours. So of course I love them. Love them. The best. They're going to be huge. All right. Well, let's get into it. Melanie, Justin Trudeau says you're a racist. And a misogynist. You're a misogynist, right?
00:05:39.500Corey, he's saying this in French, but, you know, he said pretty extreme things about the unvaccinated in English as well.
00:05:50.620You know, I think regular viewers will know that we've got mixed opinions on vaccination in the office here, but it's a free choice in this office.
00:13:58.240thin ice. I mean, you're at any point, even if Wendy Mesley can get wiped out of this organization
00:14:02.860after putting in decades, anybody can. So she's getting well again. So she's gone to independent
00:14:08.180media, Substack. I mean, there's a lot of people who have gone that way now. It's, I mean, if you
00:14:13.980don't want to go the route of trying to build a whole damn company, Substack is actually a pretty
00:14:20.240good way. I mean, many of you watching, you want to try your hand in journalism, or it might just
00:14:25.060be sharing your opinion, but you want to actually make some money at doing it. Substack. What's the
00:14:31.300other one? Daniel Smith uses it. Locals. That's more social media platform, but yeah, same sort
00:14:38.740of thing. There is a way to monetize your work now without being a part of a larger organization.
00:14:44.260Western Standard is not big, but we're growing and it's a lot of work to build something like
00:14:48.420that up, but you can get straight in. A lot of people in journalism, they have no interest in
00:14:53.120being a business owner being an entrepreneur they just they want to do just journalism
00:14:57.440um i'm not a journalist i wanted to facilitate it and do a company so i went down that route
00:15:02.560but like uh you know people like this they can um they could pick it right up like that and i
00:15:07.520think that's it's probably it's not where all journalism is going to be but i think in the
00:15:10.960future it's where a lot of it's going to go is these these small independent people it's the
00:15:14.240free market of ideas it's great yeah uh speaking of the free market you know who likes the free
00:15:20.160market, is our sponsor, the Canadian Shooting Sports Association. I love these guys. I've been
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00:17:06.240support those who are standing up for our right to legally and safely own, use, and buy firearms
00:17:13.180in Canada. Check them out. All right. Speaking of someone else with some even more difficult
00:17:19.160initials, the CMHC, Canadian Mortgage and Housing Corporation. That might sound like it's a business
00:17:25.940that does good things, but on the contrary, it's a bureaucracy. Just because you put corporation
00:17:31.100after your name doesn't mean it actually makes money. CMHC, well actually a little bit of
00:17:36.340background, the Liberals have been talking about floating trial balloons but denying till they're
00:17:41.660blue in the face over and over that about home equity taxes. They say home equity tax would be
00:17:48.060a great idea but we swear to god we're never going to do it. Well now the bureaucrats that
00:17:53.400report to the Liberal government at the CMHC have recommended a home equity tax. Tell us about it
00:17:59.120Melanie? Yeah, the CMHC, a report came out from them actually today. We broke the news this
00:18:04.160morning. Recommended federal tax be charged on home equity. Now, this is for homes that are over
00:18:11.380a million dollars in Canada. But I mean, when you look at across the country, there's more and more
00:18:17.060homes that are sort of moving into that realm, especially in Ontario, BC, Vancouver specifically.
00:18:25.520a lot of people are going to be facing this potential new tax. So at this point, CMHC
00:18:31.740recommending it to the feds. The feds have many times said, no, we won't bring this in. They vowed
00:18:38.800never to do it, but it feels like from some of the reporting coming through, they're considering
00:18:46.320it now. I mean, we're looking at them raising potentially $5.83 billion for the federal coffers
00:18:55.460with that tax. So that I'm sure is enticing. Well, I think there's a simple solution to this.
00:19:04.200If your house is over a million, which is pretty much, if you've got a tool shed in Vancouver,
00:19:08.760it's probably over a million. If you've got a house over a million, it's simple.
00:19:13.280You sell it as, you subdivide it and you sell it as two. You just declare it's two sides and
00:19:19.060you tell someone, okay, this side of the house is one side and this side is the other one. And
00:19:23.160you sell it as two, and you've beaten it. Maybe. I mean, where there is a will, all this is going
00:19:29.100to do is distort the market. I mean, anyone who's ever visited Amsterdam, done a tour there, all the
00:19:34.120tour guides will tell you the reason that the houses are so damn skinny, you know why they're
00:19:37.700so skinny? Because you used to get taxed on how wide your house was. So everyone built these
00:19:43.480houses. There's one that's about as wide as, well, the three of us abreast here. It's the slimmest
00:19:49.520house in Amsterdam they're not normally that skinny they're these slim tall houses so all it's
00:19:54.880going to do is distort the marketplace further uh housing prices are out of control in some areas
00:19:59.740uh but the biggest reason for that is interest rates that you have the Bank of Canada
00:20:03.940artificially keeping interest rates low because governments will go broke if we um actually
00:20:10.680allowed uh interest rates to hit a natural point we've got uh high high no one when you have high
00:20:16.700inflation, you also have to have high interest rates. Well, we've got high inflation and high
00:20:20.820interest rates, sorry, and low interest rates, which is pretty contradictory for basic economic
00:20:26.260orthodoxy. And this is driving housing prices through the bloody roof. Inflation is driving it.
00:20:32.000And by having low interest rates, artificially low interest rates, it incentivizes mortgage
00:20:39.600lenders and banks to lend money for mortgages below rate. Like right now, the interest I pay
00:20:45.900on my mortgage every year is lower than the rate of inflation. The bank is paying me to own my
00:20:49.460house. It's crazy. That is what's driving housing prices, not the fact that we're not taxing them
00:20:53.660enough. Well, and they're hoping that this is going to curb the runaway home prices. However,
00:20:59.000some people believe it could backfire because then people will turn around and say, well,
00:21:03.260I'm going to be taxed this much. So I'm going to add that to the cost of my home when I,
00:21:07.740you know, determine the price to sell it. So it could backfire and actually end up bringing the
00:21:13.400prices of the homes up. So surely when you go to buy a chocolate bar, the convenience store likes
00:21:22.180to eat the cost of the GST. They don't raise the price of the chocolate bar for the GST, right?
00:21:25.820They just eat the cost, right? Yeah, that's how it works. Actually, my example actually doesn't
00:21:31.860work entirely because the Western Standard eats the cost of the GST on your memberships. It's just
00:21:35.520$10 and we pay the GST on that. It still gets taken when you guys are like your members are
00:21:41.800paying GST, but we eat it on our side. But in most cases, with only very few exceptions, when you buy
00:21:47.420something, the tax is added on top. And so this is actually probably going to increase the prices
00:21:51.620of a lot of these houses, I think. Well, it might. I mean, it might devalue it too. So I mean,
00:21:57.660they've been working on this for years. I mean, Black Locks first broke it, and I wrote on that
00:22:01.200in July 2020, I look back on it. And everybody went haywire, and they commissioned a study,
00:22:06.060same thing in UBC. And the language in it was something that was distressing, because they
00:22:09.380calling it windfall money that these people had in these homes and basically they literally said
00:22:14.020one of them said there was like a lottery win for the people who had equity so they're framing it
00:22:17.860already saying you don't deserve that money you didn't earn it we should take it we should share
00:22:22.100it i mean socialism at its most disgusting uh well it's disgusting in every level typically but0.95
00:22:27.2202020 they denied i think starving ukrainians is the most disgusting ah yes yes that's another
00:22:32.660aspect of its supply management at its most extreme so we got that you get a year later
00:22:39.700get towards the election another study services again it comes out everybody's fuming about it
00:22:44.180and they said no no no we're not going to do that and then I wrote about it last December because a
00:22:47.300guy named Pomeroy another study comes out same sort of thing same sort of language and yeah he
00:22:51.620was really couching it and saying this is to calm that superheated market if we just make it
00:22:56.500undesirable to buy homes I mean he was kind of you follow this guy's line of thinking he wants
00:23:00.820government owned row housing come on we can just all get together we don't have to bother with this
00:23:04.180sick capitalist equity market where people are owning their own homes but what we got to realize
00:23:08.580is the government keeps denying it but they keep asking for it and they're sitting in i mean what
00:23:12.420a lot of people don't realize too you might notice when you do your taxes there's a parcel on the
00:23:16.340bottom if you sold your primary residence if you don't report it you could pay an eight thousand
00:23:20.340dollar fine even though it's not taxable you have to report it to cra they're getting ready they're
00:23:26.900getting ready. And they're there. Well, they already hit our secondary residences. They
00:23:31.060already hit with capital gains. And that's what they're going to do with these. And that's what
00:23:34.100they want. There's a capital pool. They smell. They want that money. They got to figure out how
00:23:37.420to get it. And this is where they started to with the politics of envy. Hey, it's only those rich
00:23:41.000people. It's only those people with a house over a million dollars. And it's only going to be a
00:23:44.500little bit. Come on. We know how that works. They get in. And then, you know what? Budget's not
00:23:48.540really good this year. We're going to drop it down to 800. And then we're going to drop it down to
00:23:52.080600. And next thing you know, they steal your retirement. And it's theft. It's bloody theft.
00:23:55.600in my neighborhood, a million dollar house would get you a lot of house. But there are like say
00:23:59.900parts of Calgary where, you know, inner city and you got somebody who's lived there for a long time
00:24:04.240and their property, they might be living in a pretty small little post-war house, but the
00:24:08.260property itself altogether is worth more than a million dollars. And that's not just the rich.
00:24:13.880And first of all, I don't resent people being rich. Great. Everyone wants to be rich. Raise
00:24:20.260are hit if you don't want to be rich. But you've got a lot of people who have just had land
00:24:25.640appreciate, the property's appreciated over time, and they're not rich, but they're going to get
00:24:29.840hit with this kind of thing. Well, and the problem too is this has been a really classic example of
00:24:36.300how people have planned for their retirement for many, many years. So you step in to somebody who
00:24:42.520sort of banked on that and you start implementing this stuff now. I mean, I think that seems like
00:24:48.540an unfair, you know, cash grab for people who really sort of focused on paying that property
00:24:57.620down. And that was going to be how we retire. It's almost a punishment. Absolutely. And it's
00:25:03.080not just the rich as Derek was saying. I mean, some of those houses, those areas where people
00:25:06.180who just happened, yeah, they got into them 30 years ago, but they worked their butts off and
00:25:09.240they paid their mortgage down. And this is what it turned out to be. Some people bought in a bad
00:25:12.640area and their house depreciated. That's part of the challenges too. I mean, it's so insulting to
00:25:17.500say it was windfall or lottery. You know, Jane and I, I didn't buy my first place till I was 40
00:25:21.900and that was down British area. And it turned out it's just done pretty good in equity,
00:25:26.360but we had to cash my RSPs. We had to borrow. I had to have a very good credit rating. I mean,
00:25:32.000we had to save. We, we went tight for a couple of years because that down payment was a lot to get
00:25:36.220together. And to say now that because I've got equity in it, I've won the lottery, just my ass.1.00
00:25:41.240I know some people in Calgary, they bought their houses during the National Energy Program.0.97
00:25:48.700The National Energy Program came in 1980, housing prices crashed, and you could walk
00:25:53.700into a pretty good house in 1980 if you still had the capital and you had a credit rating
00:25:58.500and you could come in and you could get a pretty decent house.
00:26:02.840But they bought these things, they weren't worth a ton at the time, but they were looking
00:26:08.120at market forces. Ottawa decided to destroy Alberta's economy and the oil industry.
00:26:12.920They buy a house while it was low. And guess what? It's higher today. You're supposed to be
00:26:18.280punished because you bought in while the last Trudeau tanked the Alberta economy?
00:26:22.760There's something sick and perverse about that. There is on lots of levels. It's a government
00:26:26.680that's greedy for dollars. They've overspent themselves and they see one of the biggest,
00:26:30.600if not the biggest capital pool in the country is private home ownership. They can't leave that
00:26:34.120golden egg alone. Yep. All right. Well, we're going to wrap it up there. I want to thank all
00:26:39.160of our Western Standard members for your continued support. Without you, we couldn't have all the fun
00:26:43.760that we do here. If you're not yet a member of the Western Standard, please go to westernstandardonline.com.
00:26:48.740Click on membership. It's only $10 a month or $99 a year. Try it free for 15 days.
00:26:53.640Promise you're going to like it. Well, that's it. Corey, Mel, it's been a slice.
00:27:00.740have a good evening yeah and tune in tomorrow i got more ranting to come
00:27:05.440tomorrow yes uh tomorrow uh 11 30 a.m every weekday actually at 11 30 a.m
00:27:11.120mountain standard time check out triggered with cory morgan i love it thank you very much