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The Hard Landing: Toronto Home Prices Plummet

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FIRECracker is a world-travelling early retiree. She used to live in one of the most expensive cities in Canada, but instead of drowning in debt, she rejected home ownership. What resulted was a 7-figure portfolio, which has allowed her and her husband to retire at 31 and travel the world. Their story has been featured on CBC, the Huffington Post, CNBC, BNN, Business Insider, and Yahoo Finance. To date, it is the most shared story in CBC history and their viral video on CBC's On the Money has garnered 4.5 Million views.
FIRECracker
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So saw this scary headline the other day. Toronto’s housing market is tanking, Business Insider. Now, as much as people think I’m jumping up and down at the demise of our housing market, let me make one thing clear: I do NOT want a US-style housing crash in Canada. The US housing crash was a cataclysmic black swan event that brought down financial institutions, cratered the stock market, and brought about a global economic recession that lasted for years. I keenly remember what it was like living through that, watching our investments plummet while at the same time fearing a job […]

Contagion

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The Wanderer retired from his engineering job at a major Silicon Valley semiconductor company at the age of 33. He now travels the world, seeking out knowledge from other wealthy people, so that he can teach people how to become Financially Independent themselves.
Wanderer
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Another week, another check mark in the game of Canada’s slow-motion housing crash bingo. Let’s recap the sequence of events that led up to the US housing crash and let’s see how many of them we’ve hit so far. Step 1: Households Take on Massive Mortgage Debt This is the first step of any housing crash where average families take on stupid amounts of debt, borrowing excessively under the assumption that any amount of debt is OK because housing always goes up. Right before the American housing market collapsed, Americans borrowed 147% of their household disposable income. And in Canada? […]

What Did the Neighbours Pay?!?

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The Wanderer retired from his engineering job at a major Silicon Valley semiconductor company at the age of 33. He now travels the world, seeking out knowledge from other wealthy people, so that he can teach people how to become Financially Independent themselves.
Wanderer
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The other day a reader sent me this article on the CBC talking about the experience buying a home right now for some hapless Canadian buyers. Basically, this couple bought a pre-construction property in Whitby (a suburb of Toronto) last year and were shocked to learn that new people buying into the development right next to them were paying up to $90,000 less than they did. All in a matter of months. To come back a year later and see the same house that we bought is now $90,000 cheaper, that’s not cool,” Thompson, 52, said in an interview. ~What Did the […]

Why Pride of Ownership is B.S.

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FIRECracker is a world-travelling early retiree. She used to live in one of the most expensive cities in Canada, but instead of drowning in debt, she rejected home ownership. What resulted was a 7-figure portfolio, which has allowed her and her husband to retire at 31 and travel the world. Their story has been featured on CBC, the Huffington Post, CNBC, BNN, Business Insider, and Yahoo Finance. To date, it is the most shared story in CBC history and their viral video on CBC's On the Money has garnered 4.5 Million views.
FIRECracker
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It’s been awhile since I yelled at the Home Boners, mostly because I’ve just been so happy travelling around the world lately that I just have better things to do than argue with Internet trolls. But today I thought I’d take a trip down memory lane and talk about something that has always irked me: So-called “Pride of Ownership.” Here’s how an argument about housing usually goes: I call them an idiot, they call me a cunt. I break down their “real estate math” showing how the real estate industry tricks them into thinking their house is a good investment […]

Will Trump Kill the Mortgage Interest Deduction?

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The Wanderer retired from his engineering job at a major Silicon Valley semiconductor company at the age of 33. He now travels the world, seeking out knowledge from other wealthy people, so that he can teach people how to become Financially Independent themselves.
Wanderer
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When I asked FIRECracker about today’s article, she responded by growling and jabbing at her Chautauqua UK speech, so today I’ll be filling in for her Monday post. As you all know, I’ve been keeping a pretty close eye on what the American politicians have been up to, not because I particularly care about US politics, but because there have been a lot of things happening that could potentially affect the FIRE community in potentially devastating ways. The most obvious one being Trump’s repeated attempts to repeal and replace Obamacare, attempts I’ve written about here, here, and here. And while this […]

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