.jpg)
Off The Market with Team Somerville
Break down the week with Tim and Michael, as they talk about the market, tell stories, or just banter about anything and everything
Hosted by : Michael Dempsey & Tim Somerville
Produced by : Hayden McNamee
Music by : Anthony Trim
Off The Market with Team Somerville
#28 - WHY WOULD THE PROVINCE DO THAT?
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Michael and Tim discuss the province making some changes that have some heads turning.
Hosted by: Michael Dempsey & Tim Somerville
Produced by: Hayden McNamee
Music by: Anthony Trim
So what's the province even thinking?
SPEAKER_01Grab your shovel because there's a lot of holes to be dug.
SPEAKER_00Well, if you were the older, what would you do?
SPEAKER_01Wait, our flag is that old.
SPEAKER_00It's Team Somerville.
SPEAKER_01Hi, I'm Tim Somerville. And I'm Michael Dempsey, pleasantly surprised, and welcome to Up the Market with a good old team Somerville.
SPEAKER_00Yeah, number 28.
SPEAKER_01Number 28?
SPEAKER_00Oh my goodness. And I've got some great stuff to talk about.
SPEAKER_01Yeah, well, same here, but I don't have a label. Yeah, I label I know. I've got to start off by saying happy birthday to Canada. Oh, yes, yes, happy birthday is coming up. Uh so just pop quiz. Tim loves his trivia. Oh, yeah. He's already got this in the pack, though. Yeah. What year? What is our what's our birthday? How many, how old are we?
SPEAKER_00Well, we're over 100 now. We're 100, almost 160. We're almost 159.
SPEAKER_01That's right. So 159 years of uh being a uh country. However, it did take us several years to get our full, what do you call that, independence if you were to use that word? It sounds like our part of the story should act. Yeah, yeah.
SPEAKER_00You know, it was funny when that happened because there were a lot of people that were, hey, guess what? We can actually step right aside from that. And we didn't. We didn't. And it goes to show again. We we understand our heritage, our roots, and and again, I'm I'm happy.
SPEAKER_01We're still deeply uh involved with the Quran. But our flag is not 159 years old. No, it took a while. So how old do you think our flag is? Oh, give me the year. It's got to be 60, 50 to 60 years old, anyway. 61. 61. 61. So 1965 is when we officially adopted the flag. What I didn't know was we actually went through a series of different flags throughout that time. Yes. Oh, yeah. Still, of course, heavily uh you know, uh UK-based, England uh-based every area. Yeah. And uh we were just talking off-camera about how uh in 1964 there was still a little bit of blue in it. And you might remember those heritage commercials, you know, it's like, but blue is not a Canadian color.
SPEAKER_00Yeah, do you know uh and I didn't mention this to you, but do you know that our flag actually resembles or sorry, it it it's its signific its significance is that it based on peace, it's based on it's based on non-combative, non-war, the actual flag. And many of them, of course, are based on battles and so forth. Our flag is not, our flag is not, so anyway.
SPEAKER_01Yeah, well the same cup. Well, what's Switzerland's just red and white, right? That's right. Yeah, that's right. So we're kind of neutral. Okay, yeah, just uh, you know, you know, don't get us angry. I thought we like maple syrup.
SPEAKER_00Well, and not stay off the market for a moment. Go Canada. I mean, come on now, FIFA, here we go. Yeah, yes, cup. Well, we beat South Africa, right? We're gonna have to play now either Netherlands or Morocco, it's gonna be a tough one. But uh, but you know, it's getting exciting. I know not everybody can appreciate, you know, from Canada the you know, the significance of having this here in our backyard. Now, it's not here in Atlantic Canada, but boy, having world class stuff. My goodness, man.
SPEAKER_01Tim, I gotta ask you, have you seen some of the controversy around the uh sponsorship and how there's like a uh like if you go and you get a hot dog, they have the Heinz taped off. Really? Like they have all the name braids. If they're at Levi Stadium and they have the Levi covered up, so they just play at the stadium. So FIFA World Cup is very, very strict on you're like if you don't sponsor them, you're not your names not gonna be shown. Wow. I just you know we receive a lot of images, and of course, there's the the huge joke that's going around. A lot of uh countries are going home with ranch. That's right, that's right. That's right, it's right. So there's a lot of countries that uh don't necessarily dabble into the ranch dressing. Oh, yeah.
SPEAKER_00And so the joke is Okay, but can you tell me what is in ranch dressing?
SPEAKER_01Uh deliciousness. If you check the back for the label, I don't know. I mean, it's just a weird thing that you we don't even think, you know, like ranch for me, you know, you dip your baby carrots in, you know, or your french fries, you know, or this or that, or you oh yeah, listen, here we go.
SPEAKER_00Okay, okay, okay, let's let's rope her back in. Yes, that's really because again, I really do want to start with some stuff again again regarding real estate. So, so one thing I wanted to talk about was that um uh before I get into the other topic I want to talk about, I want to talk about that. Um the paper reached out to me. Paper reached out to me about uh land, stating that the province is looking at ways of taxing people that own land that are not building on it, they're just holding land. And the the tax base on land is substantially less than, of course, the residential, and for good reason. There's no structure, there's nobody living on it, there's no this, no that, and everything else. But the province is looking very seriously at changing the way that they tax land. So paper reaches out to me and they say, Okay, what do you think? Now, what I believe, and again, you can, you know, you can have your own thoughts, but I believe what's important is that these people that own land, they should be compensated. There should be, you know, different ways of saying, okay, guess what? We're going to offer grants, we're going to offer programs, so that if you do build on it, you're going to get incentives back. So, because again, once you put a home on it, they're making that much more, of course, in taxes. So the idea to penalize somebody because they own land, I think, is absolutely ludicrous. I agree. But to reward them for building on it, no, there's another story, especially where new construction is not cheap right now. It'd be great to say, okay, you own three parcels of land. If you build on any of them in the next three to five years, this is what we're going to offer. Once it's completed, you'll get this much back towards the land, a land incentive program. And then again, you could look at some of the programs if it's energy efficient, if it's this, if it's that. So, again, I think they're looking at it wrong. Just penalizing somebody is not my cup of tea.
SPEAKER_01No, I I I completely agree. And I remember when uh they reached out to you and um I was thinking the same thing. I'm like, well, why would you penalize them for holding on to it? Because some people may look at their land as well, it is an investment, don't get wrong, right? So you're holding on to you know several acres, and it's just you know, it 10 years from now, that 10 acres is going to be worth significantly more, right? And so if you just penalize them, say double or triple taxes to say you really should have built on that. No, I know. Well, then they've made nothing, right?
SPEAKER_00So and not just that, you have to remember that you hit it on the head when when you go to build on it, you may think you can do specific things, you may want to subdivide, you may want to do this. Believe it or not, many of the municipalities, uh, you know, the jurisdictions are going to prevent you from doing specific things. So make sure if you do own land, um, that if you have a plan, make sure that you can actually go through with that plan because when you look at your subdivision plans and having this done and that done and so forth, you'd be surprised with the restrictions that are now in place on some parcels of land. Absolutely. And that's not even discussing the environmental side. Could be wetlands, could be this, could be that. How much road front did you have? Is it connected to municipal services? If not, you know, how far are you away from any water sources? Just so much.
SPEAKER_01Absolutely. So you there's there was there's land uh that we can have for sale where it's within a condo corporation. And so back on the day that you know, I would say 26 years ago, that condo never existed, right? You know, so now that it does, I mean you can't have fencing, like you know, I put a fences in that area and all that stuff. So it takes like you said, you know, you really got to know the zoning and uh the covenants, the rules, regulations. Yes, that goes.
SPEAKER_00I I don't know what the province was thinking. They really don't, but at the end of the day, I know that again, any growth that we see and anything that's being built is advantageous to any city. So so don't penalize people because again, if all of a sudden now we have eight million listings of land, it still doesn't put us in a very good position. You agree? Yeah, yeah, 100%.
SPEAKER_01So that's one way to get the inventory up. Yeah, strong inventory.
SPEAKER_00That's true.
SPEAKER_01Oh, that's true. Okay, yeah. What do you got for me? Well, speaking of uh land and development and all that good stuff, I kind of wanted to take a couple minutes and talk about some of the big projects that we have going on, not we personally. I wish we had a little bit of investment in it.
SPEAKER_00Well, yeah, well, I've got that 12, yeah, but these are a bit bigger.
SPEAKER_01Yes, go on. So we're gonna talk about big developments that's underway here in St. John and surrounding areas. So you may have heard of the Fundi Kuei development. Yeah. So this project is a uh quay or key? Key, Fundi Kui, uh Key. That's right. You know what? I was in PEI and we went to a uh a restaurant, Peaks Kwe. Anyways, I always said it wrong, and the boys that I was with are from PEI and they just looked at me in disgust. Yes, I know. So is it key? I think it's key. Funny key. Fundy key. Qui. There is a development taking place near the waterfront. Uh that's certainly revitalizing our our waterfront. Yes. And uh, so what is what does it uh consist of? Tell us. It's a multi-phase project that will eventually have five different buildings that's gonna take over 70,000 square meters of of land. Wow. Uh so how does that impact us? Well, once it's fully built out, we should have up to 677 high-density top tier top tier dwelling units. So that's a fancy way of saying ritzy rits. Yeah. You know, some nice units. Yeah. So these aren't gonna be your you know, your thousand dollars a month lease. These are gonna be a lot of them will have like all your um items included. So it might be water, hot water, heat, all that good stuff. It's gonna be parking probably under parking underground. Yeah. Um, there's gonna be different tiers, like I said. So that's huge. 677 units uh coming to the waterfront. It's gonna be nice and fancy. Now, if you want to go bigger, let's talk Percy Wilbur project. Oh, yes. So, what's that? Yeah, well, located uh, of course, in St. John.
SPEAKER_00Yeah.
SPEAKER_01Uh 99 King Street, isn't it? Yes. It is backed by a combination of municipal funds as well as uh federal funding, 2.2 million. Yeah, federal low-cost construction um loans to 46 million. Yeah. So what are the details? Basically, we're gonna have 152 units and they're gonna be geared towards middle class and working class renters. Okay. Now, do the middle class even exist? That's a different podcast. But it's gonna be focused in that price range. Wow. Uh construction slated for uh completion the end of uh this fall, so it's uh it's underway, but that's another 152 units coming.
SPEAKER_00So I have a question. So these two that you're mentioning, and you may or may not know, I think I know the answer. Commercial. Is there any commercial space in those buildings? Because I believe there is. So let me don't see in the Fundy Key, I believe there are.
SPEAKER_01Yes, in Fundy and in uh Percy Wilbur. Oh, okay. Uh there they said that there's going to be parking underground, ground floor dedicated to retail and commercial services, as well as uh, of course, multiple floors. That's what I was like.
SPEAKER_00That's why I've a so you think about that as well. Not only are you bringing in residential, but you are bringing in some good commercial space. Absolutely. So that's good.
SPEAKER_01In fact, uh the waterfront already has, I can't say it, il toli um mechanic, the gathering space, tidal steps, uh, outdoor rice, uh rice ice outdoor ice rink. Oh my goodness, I'm all over my place. Yes, tongue tied today. Yeah, tongue tied. Yes. So we talked about top-tier fancy race. We talked about the middle class. Well, we also have a lot of affordable and what we call supportive projects. Yeah, lower. Lower income, yeah. So we got the sunny side tiny home community. So that is an affordable housing development and spearheaded by the United Way. Yes. Uh so St. John, Kings County, and Charlotte County, United Way. Do you know how many? Uh tiny homes, 75. 75. I thought it was they're gonna offer up to 75 high-quality, deeply affordable tiny home units. Uh, so this is actually designed with trauma-informed support services to ensure that the vulnerable residents uh can remain safely in front of those and they're away from maybe some of their, what do you call it, triggers or things that might them go into relapse and things like that. Uh, engineering by Hooten. Are you familiar with Haggard? Hooten. Yeah, of course. Big name. Yeah. Uh this one's new to me. Uh Michener Village. Where's Mitchiner Village? No idea. Okay, so it's an it was announced uh just a couple weeks ago. Uh it's a targeted joint federal, provincial, and community funding project aimed at youth at risk of homelessness. So the youth between ages of 19, 25. Okay. Um, so the impact, of course, they're gonna have nine dedicated bachelor units alongside uh some non-residential office space, and that'll be utilized by the Center for Youth Care that we provide on site support. Yes. So that's huge. And then there's uh bridge housing and neighborly homes. Okay. Part of the city's active housing for all roadmap to address uh some of the homeless homelessness, and that's going to be a 14-unit bridge house site.
SPEAKER_00So what you've said right there is you have literally a hundred properties close to that will be, of course, put up for, of course, either homeless or, of course, in dire need individuals. And it goes to show that again, it's scary that again, we again with our projects realize that there is a need for that, but that kind of need in our little city. I know. Wow.
SPEAKER_01Yeah, I imagine there's gonna be some type of um, you know, rules and things like that in order to get into these projects. And uh it's for the people that want the help and are really, you know, struggling. Of course. Um it it it's it's tough for them out there and uh, you know, we always say, you know, you gotta want to change. Sure, and there's gonna be people and projects in place to help you uh well.
SPEAKER_00My issue is is that again, when you look at your urban residential areas and you say, okay, we're bringing this into a specific neighborhood, right? Many of the, I guess you could say the community members that are in that area are going to be against us. So it's very difficult sometimes for these to actually get past because again, I mean, when you look at the neighborhoods and the communities, many of them are saying, Hey, I don't want that in my backyard. So if these are up and running and getting to that point, it's good that we absolutely we have the communities that are willing to uh have this, uh, you know, again, because again, the need is there.
SPEAKER_01We do have one street uptown that gets a really bad red bad name, and they're working towards getting that cleaned up.
SPEAKER_00Yeah, you know, good old Waterloo. Yeah, Waterloo Street. Waterloo Street actually used to be a gorgeous and phenomenal property. And I slung coffee there at 15 years old. Oh my well, yeah. Well, here's what I'll say though, is when we look at Waterloo Street and Axmith and all those around there, we also know that there are still some gorgeous properties in that area. So, again, to see this and and hopefully a little bit of gentrification, as well as you know, just that whole Renaissance uh uh making some changes, that's that's great. That's what we need.
SPEAKER_01So, real quick, uh CMAC has some projects on the go. We're uh at 1461 Manawaganish Road. We're gonna be adding 19 affordable units, okay. Uh, and that's via the Federal Uh Affordable Housing Fund. So, as you can see, we have a lot of provincial, uh, federal funds, grants, things like that that are gonna help us uh develop. Okay. Now, I'll go out on a limb and I will admit that for them for the last couple of years, St. John was not moving as fast as our sister cities. True. You know, Moncton and Fredericton were quite a bit uh booming. They put a lot of emphasis on multi-uh rental units and and things like that. And uh I know we were a little bit slower going, uh, but we're catching up.
SPEAKER_00We are. Uh I was in one the other day, and that was the discussion. It was an older, 100-year-old property, north end, Kennedy Street. And we were discussing all the new buildings that are going up. Now that does one of two things. It means that some of these older buildings now may not have tenancy, and so now people are having to either spend money to fix them up, or I hate to say it, some of them are being torn down. And when they're being torn down, I mean, the old spot where the arena was, North End on Main Street, uh, used to be the arena, like and I mean, this was the whatever civic arena or whatever it was called. Um, they're putting a ton of fill in there. So there's going to be growth, and the growth is not happening in just one area, like you said, west side, uptown, and there's some north. So it's nice to see that they're branching it out so it's not all in one area. Absolutely.
SPEAKER_01And we're also starting to see a lot of the uh there's some suites available at uh is it 59 King Street or the top of King Street. Yeah. Um, we started seeing you can check out uh Timpsonroll.com, Realtor.ca. You can check out they're starting to lease some of those suites. Okay.
SPEAKER_00So if you put it or any 99 99 I King Street, 99, yeah, yeah.
SPEAKER_01Yeah, you know, it was a hole for many years.
SPEAKER_00No, well it's looking good now. Yeah, yeah. The IMAX was supposed to go there years ago. So new sweet. I remember when it was Woolworths, yes, byway, yeah, all kinds of weird fun stuff. Okay, so I still have more on the market. What else do you have for me?
SPEAKER_01Well, that's all I have for the developments. Again, these are big ticket, big pillars. We have various home builders. I mean, you know, over the years, Chris Pam Sys is blown up a lot of new subdivisions, things like that. So uh there's still a lot of single family residential uh going out there. Well, they great a couple garden homes, things like that. So yeah, yeah.
SPEAKER_00Well, then I'm going to get right into what I want to talk about. I'm very excited for this. Yes, yeah. We sell a lot of multis, we deal with a lot of investors, and I will tell you the word that we hate saying out there, two words is cap rate. And that's because at the end of the day, I have no idea what the province was thinking. But there are landlords out there that have purchased properties substantially higher, you know, than probably what it was three, five, seven years ago. Based on what they bought it for, of course, their expenses have all gone up too. Taxes have gone up, water and sewer, your insurance in particular, electricity has gone up. Definitely insurance. Heat, while you look at the price per fuel, so if it's heated by oil in particular, I mean, you know, but when you add all those expenses and what they bought it for, if you're a landlord, what are you supposed to do? You're not buying these buildings to pay into them, you're buying them with the hope that you're making some money. Because if not, guess what? I'll just invest in something else. I'll invest in the market, I'll invest in whatever I want, other than this three or four unit that was on for 220. I ended up paying 280, right? Needs work, right? At a 280, if it's a four unit, that means it's $70,000 a door, where the average right now is about $150,000. Oh, yeah. Yeah, depending on how many units and so forth. So you're over $100,000. So now you're investing money back into this building only to have your taxes go up. And now the rents haven't been touched in some of those units for 28 years. So now you've got a three-bedroom apartment that's being rented out at $650 a month. Heat it.
SPEAKER_01Yeah. Because they've been there that long.
SPEAKER_00Right.
SPEAKER_01Long-term tenants are great.
SPEAKER_00Oh, yeah. So what ends up happening is the landlord now says, okay, what do I do to make sure that again I can look at this and say, okay, how do I make it so that I can make this building profitable, so that I can pull money back into it, and at the end of the day, maybe even buy more. Because I'll ask you this because I know this is a loaded question. Yeah. Over the last few years, would you say it's been easier or harder to sell multifamilies? Extremely difficult. Yeah. Yeah. Uh financing is one thing. Finding the right buyer, another thing. But once you have somebody that can gain financing and is the right buyer, now we have to look at the properties to make sure they make sense. Now, I always say to any investor, there are three main rules uh when you look at buildings in St. John and surrounding area. And these three main rules, not everybody's going to agree with. But number one of those three rules is it has to make money. Because why are you buying it if it does? So some of them is like, well, maybe I can buy this and I can strategize so that again I can get the rents where I need to. But with a 3% cap rate, you know, on a 650, okay, well, I guess I'm moving that up 20 bucks a month. You know, that $20 a month, which works out to $250 a year, does squat compared to the changes on your taxes and so forth.
SPEAKER_01So you already said it. We would estimate, you know, as a landlord, your expenses are increasing eight to ten percent year over year. Right. You know, and so just to have the revenue go up three percent. But no, I mean, I hate to say it, but oh no, I get it.
SPEAKER_00Oh, I get it. And I had this conversation I was showing uh my building uh earlier today, and I said to the one person, My goal is where there are 11 similar units, that all 11 units will have the same rent at any one time. The lady that I was showing it to told me that the apartment she's in now, when she rented it out, it was advised to her not to ask any other tenant what their rent is. Because, as we know, there could be somebody there that's been six years and this is their rent, and now somebody's in there recently over the last couple months and Rent is here. And in between those two are a variety of different rental costs. My goal on mine is hey, if the units are similar, then the rent should be similar, right? I agree. Right. I shouldn't be advantageous to say, oh my goodness, this guy's moving out. I'm gonna raise the rent $300. And you do that, of course, because you're trying to, of course, hit a specific ratio. And again, when we look at our cap rates and and you know, again, what we're making on it, we look at our net income and we say, okay, here's our net income. What's the percentage compared to? And if you're not coming out with six to eight percent, yeah, well, then why wouldn't you just invest it? Would you agree?
SPEAKER_01I agree. But you said it yourself, there has to be some landlords that unfortunately are or sorry, they are I can't talk, they are putting the rent up a little higher and say market rent should be for that area because they're trying to make up that gap. I'm not speaking for every landlord. No, it's gonna be a couple that are hurting.
SPEAKER_00And and so then I was watching something, I think it was on CBC. It was a couple years ago, but I watched it on my YouTube channel here a couple days ago. What bothered me, and this is why I'm talking about this, is that the journalist and again, yes, the tenant, it was all about sad song. There was one from Halifax, one from Alberta, and there was one other. And they were saying the one said that they were in a house, and I want to say it was in Ontario, and she was paying $1,400 for the house in Ontario. Ontario. Right. The landlord is trying to get her out, gave her notice and everything else, because he knows that he cannot get her rent to where he needs it to be. So she on this, you know, on this uh uh episode was going through and looking at the rentals, and she's saying, see, every one of these is double. And that is the problem. The problem is that yes, people have had it good in some ways because if their rent is substantially less than market value, it's not like they're coming to us and saying, Hey, guess what? I know I'm paying $800 less a month than I have for three years. So here's a here's a check for $20,000. That's not happening. And I don't blame the tenants, of course. If they're in a unit at a reasonable price, that's fantastic for them. But at some point, the landlord should have better rights to be able to do that. And here's one of the worst cases, and I think you'd agree. Let's bring it into real estate. There are very few re ways that a tenant can be removed. But the one thing that Michael and I, I think we'll agree upon is if you're buying a multifamily or a single family with a tenant and you want to move into it, the rule states that the current owner only has a few ways of evicting that tenant. And one of them states that the current owner is going to move into the unit. Michael and I would both, I think, agree that we would much prefer the province to understand that if somebody writes an offer on a property and if that deal is firm, that at that point notice can be given to the tenant as of the first of the month. Because if the person is moving in, and I'm just being honest, the financing could change because many of the banks, if you're not moving into that property, they're going to want 20%. Yeah. Right. But if you're moving in, it's it's five. Five percent. Yeah. And that could make or break for some people, right? Especially we talk about here average right now is still 340, 340. Yeah. Could you imagine if you're doing that in say Toronto, where the average is 850,000 or higher, a million, and the difference of five percent and 20. That's a big difference, absolutely, right? So I guess all I'm saying is please understand that as a landlord, yes, I there are some things that I am totally dead set against. But one thing I will say is that when people are buying these properties, they're buying them with the hope that they're making money. Absolutely, right? Oh, and so I said there were three things. Number one is you make money, make money. Number two, there has to be something about the building. So it could be that it's the location, could be the condition, could be the size of the units, could be this, could be that. Low expenses, yes. But number three, believe it or not, and this is an odd rule. Remember, you're not living there. Yeah. And why is because some of the apartment buildings that we do show, they're probably not in the condition that your house is. And so you have to understand when you go into some of them, you have to have vision. And again, we believe here at Team Somerville on most of our investment properties on a buy and hold strategy. What does that mean? It means that you're not looking at trying to make a million dollars on this building three months after you own it. We believe five, but if possible, 10 years is what you have to look at on that investment, right? Long term. Yeah. And if you do that and you invest in that property annually with the income that you're making, then you can see the difference. And the biggest difference is probably the equity. You can take the equity up and buy another one. But again, right back to you have to be able to buy it. And number two is if you don't have, I guess you could say, the stomach to you know go through the good and bad of investing property in properties, it could be uh it could be a long uh roller coaster going up and going down. And we always like those great days, but uh middle of the winter and the pipes freeze, or this happens or that happens, you know, yeah. Yeah.
SPEAKER_01Yeah. So I will say uh the whole government has announced that that 3% rent cap will still be in effect in 2027. So I'll throw it out to the listeners and I'll even throw it out to Tim. What is the number for 2028? Should there be a number? Yeah, you know, there has to be a happy medium. We have a what do you call it, rental tribunal new, uh, where if somebody was to, we use the term jack up the rent quite a bit, yeah. Um, you have a process in place to, you know, go uh towards the board and say, like, you know, $200 rental increase is huge, whatever. So there's processes in place.
SPEAKER_00Well, I believe that if you base it on square footage, if you base it on some of the, I guess you could say amenities that come you know with it. So it should, it could be from, you know, are you paying your own heat lights, your utilities, everything else, what's included? There should be a formula in there that when you punch that in, that you're getting what I would say is an average market value. And those average market values, if it is below, I believe instead of 3%, it should probably be 7 to 10% until it hits market value. But at market value, then it should be 3%. But if you're below market value, you shouldn't be penalized with a 3% cap rate. But it still should have a limit so that if anybody does want to move out because you've increased it 10%, then guess what? They have the right to do so, and then at that point you can clean it up and get the rent you want.
SPEAKER_01Well, the whole government has no problem raising our property tax 10% year over year. I get it. I get it. That's another podcast. So, yes. Well, thank you again for joining us 28. Uh next time 29. Very excited. Again, hope you and the family have a wonderful candidate day. Get the barbecue and get outside, get some fresh air.
SPEAKER_00From all of us, I'm Michael and I'm Tim, and this is Bean off the market with Team Somerville.
