Author: Stan S.

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    Vancouver realtors turning down unrealistic clients as home sales lowest since 2020

    Real estate experts say there is another indication that the real estate market in Greater Vancouver is changing. Vancouver realtor and investor, Steve Saretsky, says the market is becoming so saturated that realtors are turning down listings. “The inventory is stacking up, it’s not selling,” he said. “Which is to say, there are a lot of realtors out there working for free.” Home sales in Greater Vancouver are at their lowest since 2020 and Saretsky said sellers’ expectations in a buyers’ market are not always aligned with reality. This means that listings that may have sold fast and over the asking price now might take more resources and time to close the deal — if at all. Story continues below advertisement 1:36 ‘Sign’ of the times: B.C. real estate signpost company offers credit for return of posts Realtor Roman Krzaczek told Global News that people need to adjust their expectations a little bit. Get daily National news Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day. “It seems like there’s a lot of listings that are being relisted because they didn’t sell last year and people are expecting the same price and that’s not very realistic in today’s market,” he said. Krzaczek said many people do not realize that realtors have to put time and money into selling a home, including spending money on marketing materials. “It cost me about $2,000 to list the property and it’s a lot of work; (it) takes a couple days to get the whole package put together,” he added. He said he has to look at other properties that are available, take photos of the property to list it and complete any reports as needed. Story continues below advertisement Krzaczek said he recently lost a listing because the seller wanted to post the property for higher than what Krzaczek thought it was worth. “Somebody else listed the property now,” he said. “So I wish them luck. Great people. I really hope that they sell because that’s, you know, they really need to move.” Trending Now 2:07 Metro Vancouver condos sitting empty amid housing crisis He added on Monday he saw a listing on Quadra Island drop from the $1.4 million list price to $1.3 million. “My listing, we recently dropped the price from $1.2 (million) to $995,000,” he added. “Big drops in price and beautiful properties, water or oceanfront properties. So there’s definitely some of that happening. And as long as we have clients, sellers that are realistic and they do listen to us, pricing is not a science, it’s more of an art form and I’m fully immersed in the market… If it’s priced well, it will sell. If it is not, it probably won’t sell. Not every listing sells.” Story continues below advertisement Krzaczek said he has not seen price drops like this in the market since he started in the business 10 years ago. “Usually a price drop is $10, $20, $30,000,” he said. “But $130,000 $200,000 drops, that’s huge. So I don’t know what’s happening but it looks like there’s some kind of a price adjustment happening right now.” &copy 2025 Global News, a division of Corus Entertainment Inc.

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    This is how Canada’s new GST cuts on home sales up to $1.5 million for first-time buyers will work

    Prime Minister Mark Carney is fulfilling one of the key promises the Liberal party made during the recent federal election campaign, specifically relating to eliminating the federal five per cent Goods and Services Tax (GST) on home prices for first-time homebuyers. “My government has a mandate to bring down costs. We are delivering this mandate by cutting taxes — so Canadians keep more of their paycheques to spend where it matters most,” said the prime minister, with the specific plans for the GST cuts now released following King Charles III’s speech from the throne on Tuesday. This will be applied as a rebate — the First-Time Home Buyers’ GST Rebate. For first-time buyers only, there will be zero GST applied on new homes sold at up to $1 million. For new properties bought at a price of between $1 million and $1.5 million, there will be a reduced GST for first-time buyers and their new homes. This means that for homes priced at up to $1 million, first-time buyers will save up to $50,000 by not having to pay the GST. Buyers with new, more expensive homes will be eligible for a reduced GST rebate, which falls incrementally from home prices of $1 million to $1.5 million. For example, a home price of $1.1 million would be eligible for a 20 per cent rebate of $40,000, a home price of $1.25 million would be eligible for a rebate of $25,000, and a home price of $1.4 million would be eligible for a rebate of $10,000. A “new home” purchase is defined as property bought from a new home by a builder, a self-built home or a self-contracted new home, or an acquisition of shares of a co-operative housing corporation. Individuals are eligible for the rebate if they are adults and Canadian citizens or permanent residents. As well, they must not have lived in a home that they owned or that their spouse or common-law partner owned in the calendar year or in the four preceding calendar years. This existing ownership status consideration exists both within and outside Canada. At least one of the purchasers in a sale must be a first-time buyer for use as their primary residence, with this individual required to occupy the home following the sale. The sale agreement must be made between May 27, 2025 and Dec. 31, 2030. Homes that have yet to be built under the agreement must begin construction before 2021, with substantial completion by no later than the end of 2035. For rebates for owner-built homes, an eligible individual — at least one of the owner-builders who qualify as a first-time homebuyer — can recover up to $50,000 of the GST or the federal part of the rebate. Construction on the property must begin on or after May 27, 2025, with substantial completion by the end of 2036. And as for the rebate through the co-operative housing corporation share acquisition, an individual can similarly claim up to $50,000. The acquisition and construction timelines are the same for this option. This amounts to an adjustment, expansion, and refinement of Carney’s promise made during the election campaign to eliminate the GST on “new and substantially renovated” home sales up to $1 million for first-time buyers. Conservative party leader Pierre Poilievre vowed to axe the GST for new homes up to $1.3 million, accounting for the higher home prices in markets such as Metro Vancouver and Greater Toronto. Carney’s policy move is endorsed by the Canadian Home Builders’ Association (CHBA), which states that they have been advocating for such changes for a long while, and that these regulations have not changed since the introduction of GST in 1991. They say the federal government at the time originally committed to adjusting the GST New Housing Rebate thresholds every two years to reflect changes in housing prices and protect housing affordability over time. But these thresholds have not been changed for about 35 years now. Prior to this week’s policy details announcement, the federal government offered a smaller rebate amount of up to $6,300 or 36 per cent of the GST payment that would be required for a home that costs $350,000 or less. If the home costs more than $350,000, the rebate is gradually reduced, with the rebate reaching zero for a home price of $450,000 and over. “For years, CHBA has been advocating for a change to the GST thresholds on new construction homes to help address housing affordability challenges in regions across the country, and this measure is a very positive step forward for Canadians,” said Kevin Lee, CEO of CHBA, in a statement. “Previously, without details around the implementation of this measure, Canadians wishing to enter the housing market were holding out on buying a new construction home, which results in fewer home starts, so it is encouraging that today first-time buyers can have the confidence to move forward.” But Lee suggests the rebate thresholds should be more expansive to provide a greater number of homeowners with relief. CHBA wants to see the zero GST threshold increased to new home prices of $1.5 million, with the gradual reduction kicking in for prices between $1.5 million and $2 million, which would expand the eligibility for first-time homebuyers in Metro Vancouver and Greater Toronto, where there are higher home prices. They are also urging the federal government to expand the rebate to all new homes

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    Warning Signs of a Bad Tenant: What Every Landlord Should Know

    Having reliable, responsible tenants who pay rent on time and take care of your property is one of your main goals as a landlord or property manager. Unfortunately, not all tenants meet these requirements. Identifying bad tenants early can save you a lot of time, money, and stress in the long run. Problematic tenants can…

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    The Process for Estate Sales in BC

    Estate sales in British Columbia generally involve the sale of a deceased person’s property, usually handled by the estate executor named in the will or appointed by the court if no will exists. The process can vary depending on whether the deceased left a will and the type of assets involved, but generally follows several…

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    Foreclosures in BC – Everything You Need to Know

    Some of my clients have been asking me if I have been seeing more foreclosures in our market place. Some have also been curious as to what I think about foreclosures as a vehicle to potentially buy property for less than market value. To better engage in this conversation I feel that it is important…

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    Canadians will see some new laws and rules kick in next month

    Several new laws and regulations will be implemented in Canada next month. From a bill that protects shoppers from deceptive marketing practices to expanded dental care, these changes could affect workers, consumers and low-income Canadians. Here are the new laws and rules you can expect in Canada in June 2025. Canadian Dental Care Plan expansion and renewal Jacob Lund/Shutterstock The Canadian Dental Care Plan (CDCP) now accepts applications from eligible people aged 18 to 34. On May 29, the program will expand to include those aged 35 to 54. The program was implemented in 2023 to decrease dental costs for Canadians earning less than $90,000 annually. If you’re already part of the dental care program, don’t forget to renew for the 2025 to 2026 period before June 1 to avoid a possible gap in coverage. To do this, you must have filed your 2024 tax return and received the notice of assessment from the Canada Revenue Agency. Check to see if you qualify for the CDCP. “Anti-scab” law In May last year, the federal government passed Bill C-58, a law that aims to protect unionized workers during strikes or lockouts. Under the legislation, which will take effect on June 20, federal employers won’t be able to use replacement workers, AKA “scabs,” to do the jobs of unionized employees during legal strikes or lockouts. This is an offence punishable by a fine of up to $100,000 per day. The exceptions to this law include needing to use a replacement worker to prevent threats to life, health or safety of the public and prevent serious damage or destruction to their property. However, employers need to offer the opportunity to bargaining unit members first. Law holding businesses more accountable for greenwashing Bill C-59, which kicked in on June 20, 2024, also brought important changes to the Competition Act, specifically when it comes to greenwashing, or misleading consumers about a business’s environmental impacts. According to Canadian law firm BLG, the changes to legislation won’t only make it easier for the Commissioner of Competition to hold companies accountable, but also for private parties like environmental activists and climate advocacy groups. Starting June 20 this year, these groups can bring action against companies for deceptive greenwashing marketing practices before the Competition Tribunal if they can show “public interest.”

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    Vancouver aiming to grow urban forest canopy but don’t expect the promised 100,000 new trees soon

    Article content Vancouver’s “greenest” city plan, approved in 2011 by the city’s then Vision-Vancouver-majority government, set a target of planting 150,000 trees by 2020. According to a 2020 city presentation, 139,000 trees were planted by that deadline — an average of almost 13,900 a year, far more than the recent pace. Article content Vancouver staff said Wednesday that the city’s focus will be not on the number of trees planted, or the number added, but on the percentage of the city’s land mass protected by tree canopy. Article content ABC Coun. Sarah Kirby-Yung said she understands the shift to focus on canopy percentage over tree numbers. But she asked staff whether the target of 30 per cent could be higher, or it could be achieved sooner than 2050, considering that canopy cover increased from 21 per cent in 2013 to 25 per cent in 2022. Article content Joe McLeod, Vancouver’s associate director of urban forestry, responded: “I think the last five per cent of this goal is going to be a lot harder.” Article content Article content “The cream has been skimmed off the top, so to speak,” McLeod said. “During the ‘greenest city’ decade, from 2010 to 2020, all the easiest, least inexpensive tree-planting spots were capitalized upon. And now we’re getting into the harder-to-reach areas. … It’s going to be trickier.” Article content Also, the city wants to prioritize adding trees to areas where the need is greatest. Article content During Vancouver’s June 2021 heat wave, vulnerable people living in areas with less forest canopy were at higher risk of death from heat-related illness, this week’s staff report says. Article content The report includes maps that reveal a stark divide between Vancouver’s cooler and leafier — and traditionally more affluent — west side, and the historically lower-income east side, which is hotter and has fewer trees — especially in and around the Downtown Eastside. Article content Tree planting by the City of Vancouver along East Hastings in one of the areas of Vancouver with the smallest tree canopy. Photo by City of Vancouver Article content A similar pattern plays out across the region. A 2021 analysis by Postmedia journalist Nathan Griffiths found that wealthier neighbourhoods were significantly cooler than their lower-income neighbours who were surrounded by more concrete and roads, and fewer trees. Article content Article content It can be more difficult — and expensive — to plant trees in these “very urbanized environments,” McLeod told council. Article content Removing pavement and excavating to create a new tree pit can cost as much as $20,000, he said. Article content “It is a costly endeavour, but it improves the public realm and obviously provides great benefits to the community.” Article content He cited the 700-block of East Hastings as an example where the city has recently been able to add several new trees to a tree-deficient area. Article content ABC Coun. Mike Klassen proposed directing staff to explore innovative ways to reduce urban heat islands in neighbourhoods with less tree canopy cover, including areas where it is challenging to grow trees. Article content Klassen’s proposal, which council supported, mentioned the example of “vegetated shade structures.” These are roughly four-metre-long sail-shaped awnings covered in vegetation, which are designed by a Spanish company and have been installed above urban streetscapes in Spain, England and Turkey. Article content Asked whether ABC’s 100,000-tree campaign promise was unrealistic, Klassen said: “I’ll never apologize for being ambitious.” Article content “I think all innovative solutions have to be brought to bear,” he said. “What’s our goal? Our goal is to create cooler conditions in the face of a changing climate, and we’re using whatever tools are at our disposal to achieve that.” Article content Article content Article content

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    B.C. could face huge challenges if Alberta declares independence

    File photo: B.C. Premier David Eby, left, speaks to reporters with Alberta Premier Danielle Smith during meetings with Canada’s other premiers at the Council of the Federation meetings in Halifax on July 16, 2024. Photo by Darren Calabrese /The Canadian Press Article content A vote for independence in Alberta would divide Canada at a time when U.S. President Donald Trump is threatening the country’s sovereignty and could pose headaches for B.C. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content Article content The trading relationship between B.C. and Alberta is estimated at well over $30 billion annually and “Wild Rose Country” is B.C.’s most important economic partner within Canada. Article content Ports in B.C. rely on railways, pipelines and highways that cross Alberta to move goods to and from the rest of the country, and there could be enormous challenges if these routes are disrupted. Article content Article content Premier David Eby has been reluctant to weigh in so far on the possibility of a sovereign Alberta outside of comments calling for national unity in the face of Trump’s 51st state threats. Article content By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content However, he’s not been shy about calling out his displeasure with outside actors becoming involved. Article content “It is a tired trope. It is a waste of time, and it is an attack on the unity that we have right now as a country standing up to the Trump administration, for political, partisan gains,” Eby said in April in response to former Reform Party leader Preston Manning’s column in the Globe and Mail suggesting a victory for Mark Carney’s Liberals in the federal election could lead to Western secession. Article content Conservative Leader John Rustad has been more supportive of Alberta’s grievances, saying Carney needs to “step up to the plate” after his victory. Article content The fires of separatism leading up to the April 28 federal election have been exacerbated in the weeks since by Alberta Premier Danielle Smith’s move to lower the number of signatures needed to trigger a referendum, from 600,000 to 177,000. Article content Article content A new Alberta Republican party has also been organizing to get those signatures in time for a 2026 referendum. Article content Article content Those developments could cause tension this week as the premiers of B.C., Alberta, Saskatchewan, Manitoba, the Yukon, the Northwest Territories and Nunavut are meeting in Yellowknife for their annual conference. Article content As that meeting began on Wednesday, Eby lamented separatism, without using the word “Alberta,” saying it’s hard to “imagine a worse time to be tacitly or overtly supporting voices” that want to break Canada apart. Article content Stewart Prest, a University of B.C. political scientist, said the challenge for Eby is to balance his belief in Confederation with an understanding of Alberta’s, and to a lesser extent Saskatchewan’s, concerns they aren’t receiving their fair share. Article content “If I were the premier, I would be finding ways to say that Alberta is heard and seen as part of Confederation, but also that this federation is stronger for Alberta’s presence than if Alberta is separated,” said Prest.

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    TransLink to extend North Shore RapidBus route to Metrotown starting in 2027

    Currently, the R2 Marine Drive RapidBus is a west-east route serving the North Shore, running between Park Royal in West Vancouver and Phibbs bus exchange in the District of North Vancouver, with a key connection to the SeaBus terminal and Lonsdale bus exchange. Starting in 2027, TransLink will extend the R2 RapidBus from its existing easternmost terminus of Phibbs bus exchange to Burnaby. Its route will be extended southward, across the Ironworkers Memorial Bridge to provide transfer opportunities with two SkyTrain stations — Brentwood Town Centre Station on the Millennium Line and Metrotown Station, the RapidBus route’s new southern terminus, on the Expo Line. It will also connect with the R5 Hastings Street RapidBus, and provide a new way to reach the BCIT Burnaby campus. This expansion of the R2 service was made possible by a key decision earlier this month, following the endorsement by TransLink’s board and the Mayors’ Council of new measures to increase fares, parking taxes, and property taxes. These changes aim not only to avoid service cuts — offering an interim solution to the transit authority’s fiscal cliff — but also to expand and enhance transit services. In addition to the new revenue raised by TransLink, the provincial government has also committed to providing new interim operating funding of $312 million through 2027. Based on TransLink’s newly released ridership statistics, the existing R2 running between Park Royal and Phibbs bus exchange recorded 1.944 million boardings in 2024, with averages of 5,700 per weekday, 5,000 per Saturday, and 4,000 per Sunday/holiday. This is slightly down from 1.965 million in 2023, with averages of 5,800 per weekday, 5,050 per Saturday, and 4,100 per Sunday/holiday. Currently, the R2 is TransLink’s 42nd busiest bus route out of 195 across Metro Vancouver, and ranks fifth out of the six RapidBus routes. While the precise extended R2 route has yet to be finalized, after making its bridge crossing, the extended RapidBus is expected to run along Hastings Street to reach Willingdon Avenue for the remaining journey to Metrotown. There is already strong ridership demand on the corridor between Phibbs bus exchange and Metrotown via Ironworkers Memorial Bridge, Hastings Street, and Willingdon Avenue. In 2024, the No. 130 Metrotown Station/Phibbs Exchange bus route was TransLink’s 20th busiest, with 3.256 million annual boardings — averaging 10,200 on weekdays, 7,000 on Saturdays, and 5,200 on Sundays/holidays. This is up from 2023, when the route saw 3.181 million boardings, with daily averages of 10,000 on weekdays, 7,100 on Saturdays, and 5,300 on Sundays/holidays. The No. 222 Metrotown Station/Phibbs Exchange — the express bus equivalent of the No. 130, running on the same route with limited stops during peak hours only — recorded about 950,000 annual boardings in 2024, with averages of 3,800 per weekday. This is up from 912,000 in 2023 and 668,000 in 2022. Currently, it is TransLink’s 80th busiest bus route. During optimal traffic conditions without any issues on the bridge crossing, the end-to-end travel times for the No. 130 and No. 222 are currently about 35 minutes and 45 minutes, respectively, during peak hours. Similarly, the end-to-end travel time on the existing R2 within the North Shore is roughly 40 minutes. The funding decision earlier this month also enables TransLink to conduct detailed design and planning work to launch three new Bus Rapid Transit (BRT) lines. An initial public consultation for the King George Boulevard BRT and Langley-Haney Place BRT was conducted in early 2025. In Summer 2025, TransLink will launch a separate initial public consultation on upgrading the R2 RapidBus to a Bus Rapid Transit (BRT) standard, including an opportunity for input for the interim move of extending this RapidBus route to Metrotown. The proposed BRT standard includes dedicated bus-only lanes, traffic signal priority, and other transit-priority measures, along with enhanced passenger amenities such as specialized shelters resembling those found at Light Rail Transit stations. Another public consultation in Fall 2025 will focus on the road design changes to support the King George Boulevard BRT and Langley-Haney Place BRT. TransLink is also expected to consider longer-term rapid transit solutions such as Light Rail Transit and SkyTrain for the route between the North Shore and Metrotown. To better support the R2 RapidBus/BRT and other new and improved bus services, TransLink is also in the process of considering a major expansion and redesign of the bus exchange at Metrotown Station to “potentially increase bus service capacity as our system expands in the coming years.”

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    Surprising new indicator of B.C.s sluggish real estate market

    Call it a sign of the times? “There are so many listings right now in the Metro Vancouver area that there’s not enough signposts,” Kaitlyn Herbst, realtor with MRKT Real Estate Group said. “The company is actually offering, if we take down the signpost, if it’s already sold property and give them their signpost back so that they can use it for a new client, they will give us money back on our next signpost.” Herbst said in April there were more than 15,000 listings in the Greater Vancouver area. “That’s a lot of signs,” she said. “I mean, condos don’t always have signs and stuff, but buyers, they’re just not showing up. They’re a little bit uncertain with everything that’s going on and kind of taking a little more time to look.” Story continues below advertisement 2:07 Metro Vancouver condos sitting empty amid housing crisis Real estate experts say it has been an interesting start to the year in Greater Vancouver. “What we expected to happen was the market to be a little more active than what we’ve seen so far,” Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors, told Global News. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. “Our forecast called for some growth in sales for the year, but sales have come in pretty slow since the beginning of the year.” Lis said it could partially be due to the uncertainty brought about by U.S. President Donald Trump’s tariffs, the political uncertainty around the Canadian election and the federal government’s overall housing strategy plan. “So it could be a number of factors keeping buyers on the sidelines, but things have been sort of quiet on the buy side,” Lis said. Story continues below advertisement “On the sell side, we have a lot of people coming to market with their property. So we’re actually at a point right now where we have some of the highest levels of inventory we’ve seen in almost over a decade. So a really interesting time right now for the market.” Lis said that sales are down about 24 per cent year-over-year. “They’re hanging below our 10-year seasonal averages, you know, around 20, 30 per cent. They’ve kind of been around those levels for some time.” Lis said that the market started to pick up late last year but has been slower in the first part of 2025. “On the inventory side, however, what we’ve seen is a pretty significant increase in inventory levels in our region,” he added. “Our inventory level in the Greater Vancouver region that we track at our board has surpassed the 16,000 mark, which we have not seen in over about a decade.” Trending Now 4:55 New cabinet role puts former Vancouver mayor back in the spotlight Lis said that for buyers, it’s a good thing as there is finally some choice across the board — condos, detached houses and townhouses. Story continues below advertisement However, they have seen more sales of detached homes than attached or apartments. “Generally, price trends have been fairly flat over the past few months and even actually over the last couple of years,” Lis said. “There’s some very small minor ups and downs — a per cent here, up, down a per cent there — but generally the price trend has been flat and that’s been pretty much true across all product types.” Herbst said she has never seen a market like this. “When a couple years ago there was no subjects, you were buying places, sight unseen,” she said. “I had clients buy homes I had never actually seen. Subject free, all that. Now we’ve got, ‘Okay, we’ll come back and see you a second time’.” Herbst said there are even sellers adding incentives to lure in prospective buyers. “There is one home (in Langley) that is for sale that the realtor is offering a Disney Cruise to the buyers of this family home. A four-person Disney cruise,” she said. “It’s not cheap, but it’s a way to make it stand out. It’s a way to get those families through the door. And there’s a lot of options for those buyers. So it’s comparing apples to apples, but this one I get to go on a trip with my family.” &copy 2025 Global News, a division of Corus Entertainment Inc.