SEAS7 - 326 - Richard Cummins is back for another fun-filled Wildcard Episode!

Check out the latest episode of the RE/MAX Magnolia Show

"Wild Card" - Richard Cummins with host Curtis Pope! Wondering what they got up to this week? Tune in to learn more!

#remaxmagnolia #realestate #radioshow #country107.1 #realestateradioshow #realestatetips #mission #missionbc #missionrealtor #missionrealestate #fraservalleyrealtor #fraservalleyrealestate #podcast #realestatepodcast #realtorlife #realestatelife #buyersagent #listingagent

Transcript

Flower Power.
It's Saturday morning. That means it's time for the REMAX Magnolia real estate show with myself Curtis Pope, and it must be a wild card episode, because Richard Cummins is here. I'm back. It's been a while. It has been, it's been before the election, yeah? Like, Michelle's kept you away. Yeah, I've been kept very busy. She's making doing a bunch of work around the house. She said, I'm well, I tell you what, yes, we've tend to have
just a lot going on. We had, like a small hobby farm, right? So it just, you get, you have fields, and then you have, like the brambles come in. I've belly ached about this before, I'm sure. But like, 12 years, 11 years ago, this awful back thing. And every once in a while it comes. So this spring, of course, right when it was time to get everything done, I was laid up for a month, a month Curtis, when Michelle made you because she made you clear at the storage locker, that was it. Yeah, and I was going, she owned it over. She did. There was no way it wasn't getting done.
And I saw I was going bananas. And then, sure enough, you you find, oh, that's easy. And then you're, you're laid up for a month, and then everything at home grew the brown, like, we got a bramble thing, and you got to take care of it, just by a goat. Yeah? Well, I rented what's called a billy goat, and it's a big machine. Oh, they actually got goats. Yeah, rented a bit, and I was so much I broke it. Oh,
yeah. I mean, that's some that's some brambles, that's some bulls. So doing that, this that the other thing. And you know, of course, our business is still what we're just over a year now, ReMax Magnolia, so that's always growing with a lot of people coming, which is great. I think a lot of non REMAX people listening, who are Realtors should come over to yeah, we've had a couple of the new agents on here, and they've been great, and we get to know them a little bit. And yeah, it's fun. It's the growth is fun. And finally, you know, you're at this point where the office is starting to feel like a, you know, we got some things figured out, smooth running machine. But
you know what wild card means? Right? It means wild Yeah, means anything, anything goes. It's like after three days of camping, you know? And you, you're pretty gamey.
I hear, you know. But the last time I was here was before the election, and I pleaded I been that long. Remember, I think, what did I we ended the show. I said, Canadian people make a make a good choice.
And here we are. Here we are to talk about that choice a little bit and what it means to real estate. And I swear to you guys, this it might be a little edgy, but stay around for the second half, because we're going to make it light hearted. So should I say now that your opinion is out of you and not out of REMAX Magnoli or with Rogers corporation. So I get that out of the way. Now let's just do it, because maybe Biden could give me a preemptive pardon and
I could carry on.
It's, do you have an auto pen here? By any No, I don't know. I would love an auto pen. Yeah. I mean, I wouldn't have to sign anything, yeah, with the amount of guests you have, I mean, it's you
cover a lot of damage.
I like that, yeah? Well, okay, well, Carney's in,
almost, said, Carnage. Wow, where's my mind going? No, Carney's in. You know what they used to call a carnie, someone who ran off and joined the circuit. Yeah, no, that's right, somebody around in carnivals and stuff. Yeah, you're right. It was never really like a, like
a, like a, it
wasn't a, it wasn't, a it wasn't, it wasn't a compliment, not, not generally No, no, unless you were really good at, unless you were doing well, doing the political doublespeak, and you recall, except means you're really good at saying something without saying anything. That's right, kissing hands and shaking babies. Mm, hmm. Wait a second. No, there's other way around. But yeah. Well, you know what?
Something has just come up. So we talked about before, like taxing your home equity and all these great ideas that they had to take even more money you don't have in your pocket.
So let's see what they just came up with. It's called Build Canada homes, all right. So already this is diverging into our privatized, you know, real estate market, build Canada homes from a government interesting. So let me just run through this build Canada homes. It's Mark Carney's new real estate company, and he gives it to us with his spoonful of sugar. You know, if you know that reference anecdotal story of government involvement with housing market. When did it ever happen before? Well, we go through the mists of time to the golden years of the Second World War. So here's quoting his document during and after the Second World War, Canada was facing a massive housing crisis similar to today. Remember that in response, the government of the day legislated 10s of 1000s of affordable starter homes.
Dollars for returning veterans and their families. Prime Minister William Lyon Mackenzie King's policies, created new agencies to oversee construction of homes, etc. It goes on and you can see those houses still around, because you can see them from a mile away. They all look the same. They're those little boxes. Yes, and they built, yeah. And they did build a ton of them after the Second World War, because then all the veterans coming home and stuff. But that's right, and they were called victory housing. That's right, victory housing, and the Veterans Land Act was enabled for victory housing, homes built for the Second War of veterans. And as you just said, they were a blueprint for suburbs. They became a recognizable
thing, and most often so how they looked, if you think of the Pleasant Valley Sunday by the monkeys, the homes were built on large lots, winding streets, cul de sacs. Streets had names like Normandy Boulevard and the unique and recognizable designs, and they become classics. In fact, Canadian classics. But how many did they build? Well, 30,000 actually, 30,000 homes.
So when you look at it there the five W's.
This is what Kearney is giving you as his pitch for what he wants to do. So what was that? It was a patriotic endeavor for those who risked life and limb for Canada and the world. It was a World War. After all, not just a Canadian War. They missed their golden years of education to serve in the a decade, at least in the military, 18 years old to usually 30, your 20s were gone. Your 20s were gone. So you come back not you know you didn't go to
you know you knew war.
Many came back missing an arm, a leg, or didn't even come back at all, leaving a wife or two kids. So if you remember how, because I had some family who worked in with military,
so you'd live in barracks. Often you'd have like that the original military housing, small barracks. You'd have the canteen. You'd have three meals and stuff. But you did have a living arrangements. So when the veterans came back and you were, say, out of service and you're off, you could almost look at the Veterans Land Act as a bit of an extension of military living after your service. So you go from an army base to an extension a dedicated Veterans Land Act, and this was the early 1940s
and the reasons why we had low housing and a lot of other problems was you got to remember, this was a complete market crash. We were recovering from the Great Depression, like the Great Depression, and all market sectors were down, but Carney says similar to today in his pitch.
Okay, so how? What wartime effort? What veterans? Who is this? What's happening here?
If you look up any of the reasons of why we're having a crisis today, it's going to center on this. It's a cluster of completely mismanaged mass migration, foreign land buyers, unsupervised temporary residents. And what does this do? It all creates a strain on resources and infrastructure, because if you don't think about how much you can offer in service with how much people need service, you're having that cluster. And the reality is, is that home ownership is a truly it's increasingly unattainable for Canadians. Ding, okay, but Oh, and not only that, introduce a sluggish for anything like health care social services. Now the pace has just gone to a crawl. So
what does Carney do? He's got this golden age, syrupy storytelling to get you on board with his government real estate company. So contrast, he built 30,000 homes, 30,000 veterans, families on large lots, lawn winding suburban streets with historical, patriotic Canadian names, victory housing.
So Carney's plan,
he says he'll produce 500,000
units a year.
So think about that
in his official What do you call it? When you find, you know, someone who's got a you find his book after he's committed the perfect crime. It's his. I'm still trying to the math on 500,000 homes a year. I'm still trying to see how, well, I guess it's going to help our lumber industry. I guess there's at least one pot. Well, he and he says units, not homes. We're not talking about Pleasant Valley star units. Okay, the lawns and Okay. So we're building some, some condos, townhouses, things like, Okay, I got you multi okay, this is him in a nutshell. Mark Carney government will create a new entity called Build Canadian homes bch, which will get the federal government back in the business of building homes. Bch will have three key functions, building affordable housing at scale, including public land. So maybe you got to think about eminent domain, catalyzing a new housing industry and providing financing. They say the word catalyzing, which just means causing. So they're going to cause a new housing industry. So
again, with that 500,000 units per year, and what do you want four or five years of this? Add that up. He says.
Yeah, this will cost initially 10 billion. And in addition, Canada providing 25 billion in debt financing and 1 billion in equity financing for pre fabricated homes, while purchasing this in bulk orders of units to create sustained demand. So they're going to buy all the stuff before it's been a proven model. You think of Solyndra back in the days when they built that Solyndra plant that right, you could see from space, and it's empty because it failed, but they preemptively like it. This has this, it's like the island in Dubai that's only half finished, or whatever that they were building all those apartments and resorts and everything else. Yeah, they only got stand still. Yeah, they got halfway. And now it's so a part of it's done, and you can see it from basically space do, well, this is, this is terrifying. I mean, I mean, yeah, we have models around the world. So, so he referenced Carney, references the Veterans Land Act and the wartime Housing Corporation, which it became the Canada Mortgage and Housing Corporation. If you think about the CMHC, which is a thing for for that in
that was in 1947 so Carney says in his
his announcement that the government will also transfer all affordable housing programming from CMHC to bch. So this thing he's doing is actually, how do I say it here? It's, it's being transferred. I say the word swallow. It's being swallowed up by his new build Canadian homes.
So it's no like he's using that as a reference, except, guess what? It's he's taking but he's getting rid of it. He's getting rid of it, and it's going to be for this, which is
going to cost an initial $36 billion okay, let's look at real estate. Whose money is that? When you're going to put down money on a home and you're going to mortgage your home, well, he says that they're
going to do the equity and the financing so
the government doesn't have money. What they have is your money, and Carney has now effectively made you the taxpayer, the prime investor, as well as the debt carrier, the mortgage company for his new Federal Real Estate Company.
Okay, if you're usually the the prime investor in a real estate company, you get things like dividends. You would hope so. Think you're gonna see a dividend, or you think you have any say.
But guess what? If it fails, you're certainly on the hook for the bill. Yeah. Was it with any with the government? Yeah, in contrast to the private sector has said and urged and begged to for this to happen privately, you got to look at taxation on new homes, development charges, permits, red tape and other government imposed costs in real estate. We begged the government to release us to to build, to have the private sector. In response, they give us build Canada homes aimed at building below market housing. Their words mental meant to double home construction to 500,000 units a year and buy unsold inventory of private land
with 36 billion of your money. Some call it a wealth transfer. I've got a word for it. It's called stealing.
So I've got a commentary on this, to probably put it in a nutshell, with the dark cloud, you know, let's leave you hanging and tune in after the break, and I'll have a commentary and some light heartedness. All right. Well, we'll take a quick break here. I'll be right back in just a couple moments. If people want more information from Remax Magnolia, have you got them? We the web address memorized yet. REMAX Magnolia, realty.com,
there we go back with more right after this. I
Hey, we're back with segment two of the remix Magnolia real estate show with myself, Curtis Pope, and it's a wild card episode with the one the only Richard Cummins, hey, hey, hey, well, well, well, and, well, I thought we were going into Fat Albert there. Hey,
we're showing our age again. Yes,
24 it's race. That's why we're on the radio. People are going Fat Albert. What are they talking about? It was a cartoon in the 70s and 80s, all right, yes, and it was rather large, yes, well, I just left everyone hanging. You did with including me? Yeah. I mean, that's a lot to digest. I know you're gonna have to listen to the show. I was just gonna leave, actually, left me hanging. I'm like, I'm done, I'm out of here. Let you do the second half. Yeah, Curtis started looking at his phone, and then he put his earplugs in, and then he started crying. And then it was a rough two minutes, he packed his bags, He cleared his desk.
But here we are, folks, we're back. I do have a commentary on this, not that it's necessarily going to fix anything, but it's going to show you, at least my perspective, as we made clear in the beginning of the first segment, perspective on the matter. Yes, that it's only you.
And not that agree next Magnolia or Rogers. Just want to cover that. Michelle doesn't want the calls any more than I want them, you see, but anyone can look this up independently, and please do, which is, I always invite people you figure out your own opinion of how to look at it, read it, get educated, right, and how this works in real estate. And why I'm, I'm bringing this up is I have to say that it's, it's our
we've invested in this career as a career, and we've put our entire life into this basket.
And so we have a vested interest in this remaining a private industry. Again, like we said in some of the other shows, it is the largest GDP in Canada. It's not oil, it's not timber, it's real estate and and you got to look at motive and, and the government's already involved with all those things, except the biggest GDP, which is real estate. But look at what we're looking at today. That's all going to change unless we, you know, have a voice, which I'm really thankful to do this because at least, like we said, go take a look at it. Figure it out. See what it makes you feel like, CEO, as a homeowner, as someone like it's the biggest investment you'll ever make.
And the reward of it is not just when you sell it. It's the fact you get to live in it. It's like It's a Wonderful Life. It's deep in the man
to want to a roof over his head, a fireplace somewhere, to eat his meal, you know.
And that should be something that is done with,
I think the people, it's people understand people. Government never tends, never seems or shows that they are quite on the level as the ordinary man, the proletariat. Anyway, here is my official commentary on it.
I call it a caution against federal market intervention. I'm just going to read this out the federal government's consideration of entering residential real estate sector via direct intervention and its own housing division, build Canada homes represents a troubling shift away from our free market principles by creating a federally run competitor in the housing market, Ottawa risks distorting market signals, discouraging private investment and deepening the very downturn it seeks to solve. Now think about that distorting market signals. You start doing stuff at scale and you don't have a profit a business plan or a profit margin, you're going to distort the signal so much in the open market. I digress, instead of reducing government created cost burdens like excessive taxes, development charges and regulatory delays, the federal government is proposing to compete directly with private developers and undermining their viability. This could further erode investor confidence, delay recovery and crowd out entrepreneurial solutions or spirit, I like to say the root causes of Canada's housing woes are policy created, cost barriers, not a lack of government involvement. Ottawa should focus on eliminating red tape and reducing financial friction, not growing the state's role as a market participant, letting government build homes while developers sit idle due to regulatory strangulation is not a solution. It is state overreach, and that is my view private sector when unleashed.
It's how for look from the 1900s to here. Look how New York was built and look with a limited technology. Look at the technology we have now that was all built freely private enterprise with entrepreneurial enthusiasm, we can have that if they let us, you know, if they led us with our own money.
That's my and that's my idea. All right, I hope that you've gained something from this, somehow, or it's made you think about it in a way that is new and fresh. Absolutely. What more could you ask for? So with all that out of the way,
Curtis is a musician. I'm a musician. I'm a drummer. Let's not get too far. Oh, what did the drummer get on his IQ test? Oh, boy, I don't know if I know this one. Drool. Oh, yeah, that's fair. Yeah. Who's that guy who hangs out with musicians? That's the drummer. Yeah, not again. I'm sorry. It's not, not wrong. You can, you can insert bass player on a good day, I can count to four,
yeah, and then if you just double that, you can count to four again, exactly. Wait a second,
What's four plus four? Well, it's four plus four.
Just give me four on the floor, and I can drum for you all day. Yeah, and I can drive a Mopar. That's right. Why not another interest of ours? But you know what? Okay, so remember back in the day, we can say that now, back in the day of the gardens Real Estate Group, this is way before REMAX Magnolia radio show, folks,
I'd done a little song for Michelle called somewhere girl, and we used it as it was. It was
59 seconds long, yes. And essentially I had,
I just took the template of Nowhere Man from the Beatles and I reversed, you know, he's a real Nowhere Man and nowhere man. She's a somewhere girl.
She's a somewhere girl, and instead of not knowing his place, she knows her place, and she's making things happen. And so it was a really easy kind of thing to write, but I was sort of writing jingles at the time, and then when this came along, we needed something, you know, for the REMAX Magnolia show, so for the music fans out there and stuff. This is just a little bit of brevity, and what you usually hear is just the end part, the Magnolia part, that's sort of the end, the bookends, but there's actually a whole minute and a half version, and we're going to show it to you today, folks at the end of this segment.
And it's called Flower Power. And I originally wrote it as a little jingle. It had no lyrics, and it was called free with coupon. I was going to use it for something free with you, turns into flower power. Turns into flower power.
Yeah. And so, you know, we thought of, okay, we like Chip and Joanna Gaines, we like magnolia. So, you know, we're very inspired by that. We're REMAX Magnolia,
totally trademarked and copyrighted. So Chip and Joanna, if you're listening, if you try and do any real estate in Canada, you actually have to get a license from us to use magnolia. And that's the honest truth.
Don't call your lawyer. No, it's so in this song, I thought, okay, so REMAX Magnolia, that's a flower. But then REMAX has always been the cloud the balloon, yeah, which always thought it said above the clouds. It was actually above the crowds. Oh, and which helped me, because then I could rhyme clouds with crowds. I could just use them both perfect and then, or like, or even now, like Elon Musk and things like this, we have not just a balloon. You can have a starship. What rhymes with balloon to the moon?
See how it's a June spoon moon. This is songwriting one, oh, I was gonna say, Well, we're learning something about songwriting.
So, and then it mentions Magnolia, like you put plant your seeds and watch a flower grow, just like real estate, you know, you invest and you hopefully
not borrowing. You know, our first segment, put some money in a home, watch it bloom.
But, yeah, I thought, wouldn't it be fun seeing how I'm here and I'm here every once in a while, hopefully more more often, but running you don't hurt your back again, yeah? And I'm not put out a month. Maybe I should, if I hurt my back, I should be, you know, up here in a bed. Yeah, we just wheel you in, like Yoko in the recording session, right? Be eating your McVie crackers, and we'll just wheel you in and you'll do your thing. We'll get the mic nice and low for you. No, I'll be here all day long.
Oh, great.
Tiptoe around you all day. Yeah, and all in fact, I'll be here, yeah? This is, um, for anyone who's been in this office. It's a very nice, uh, broadcast office. I like it. I like it. I've been here 18 years, so I better like it. Yeah, it's got air conditioning. It does
that window can get hot too. It can, let me tell you, you know, about six o'clock at night when that sun is coming. Oh babe,
oh boy, yeah, crank it up. Crank it up. I'm usually, and this, I like it when I'm singing, usually on stage, I'm always under the air conditioning. Air conditioning, as you know, takes moisture out of the air and
but I could appreciate it now, yeah, I just left my Beatles tribute group. We were called the tribute now, that's right, the fab forever. For about 15 years, I replaced a guy named Jody Tennant, so he was sort of spearheaded the group. But the last couple years, if you ever saw us, it was me. And again, life being so busy, look at me putting aside music to become, you know, to grow up for now. Yeah, can you grow up in at 50? I don't know. No, I think you're done. But folks, if you haven't heard it, this is going to be the REMAX magnolia flower power, the entire thing, and it's catchy, free with coupon. I like it all right. Let's play it Okay, above
all the crowds, even up in the clouds, hot air balloon
or a starship, too.
Sit back and watch your garden grow
and blank. Flowering blue
a starship too. In this our
happy hour, we
can find a flower
power.