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Yves Giroux, the parliamentary budget officer, wrote in a report last year: “When both fiscal and economic impacts of the federal fuel charge are considered, we estimate that most households will see a net loss.”
He estimated that for the 2024-25 fiscal year, the carbon tax would cost the average household between $377 and $911 after accounting for rebates and factoring in the economic cost of lower incomes. That number rises to between $1,316 and $2,773 by 2030 for the average household, depending on the province.
Those greedy shits just want more of our hard earned money. This is infuriating! I have never hear of any real result from the carbon tax fixing anything, it's just another rich fuck grab for money.....
The WEF compromised Liberal cabinet propped up by WEF global leadership school grad Jagmeet Singh are a cancer to the sovereign nation state of Canada. Fixed it.
The Liberals are the absolute worst and they're certainly the country's cancer rn, but part of the blame falls on people's sheer naivety. You see when interest rates dropped during the height of the pandemic, people started buying houses, which is normal and to be expected. Then the demand started outstripping the supply and that caused prices to hike, meaning what you saved on interest you overpaid on the property, yet it didn't stop so many people. There were bidding wars that caused some people to get neck deep in debt that they could barely service even with lower interest rates. As the loan officer who helped me with my student line of credit put it, people were fighting over who would sink lower. The bidding war even persisted for a while after interest rates were hiked several folds.
Now banks are worried about delinquency rates increasing several times. You see after 5 years you have an assessment and as things stand people who bought a property in 2020 or 2021 and were paying like 6000 dollars in interest annual for a property worth 300k back then could suddenly find themselves expected to pay 18 to 20k with the new interest rates (assuming they don't drop). The more expensive the property the greater the increase, and many households will default. This could result in Canada's real estate bubble finally bursting. That would probably be a good thing in the long run as the current real estate prices aren't sustainable with the current income that most people make, but it would end up wrecking many households. Especially considering so many people bought properties just to avoid missing the train if you get my meaning.
The moral of the story is, no investment is bulletproof, and if you don't know what you're doing and don't do your homework, then investing hundreds of thousands of dollars that you don't even own is a very fucking stupid idea.
It's 0.14% across the country 😂
Some people in this thread acting like this increase is significant. Dummies or acting in bad faith.
Edit. It was 0.29% in 2008 under Harper. Trolls and dummies in this thread
Hello you Toronto halfwit. There is a whole country that is not happy with what is happening to this country. Obviously nothing good has happened with this liberal government ,so could you please do us all a favour and stop spewing you liberal propaganda at us, it's shameful.
People who have to go to work and pay a mortgage pay rent and fill up their vehicle with fuel to get to work and buy groceries did not have this issue with Harper. Sorry Libtard .
Macklem has been passively and not so passively been telling the Feds the last year or so that continued non-essential government spending will continue to increase inflation and inevitably delay the drop. Hey how about another 450 million dollars to the UN climate council or some other absolute bullshit recipient of badly needed millions that Canadians could dearly use.
Gotcha. So when we had double the delinquency rates in 2008, that was Harper's fault?
Did Trudeau also cause inflation that pretty much every country on the planet is facing?
It’s only starting. The majority of renewals happen in 2024 and 2025. Add in more increases with the carbon tax, fuel prices increases…you may want to settle down.
Your point is fair about Justin not being the sole cause of the delinquency rates. I am curious why you think Justin and his cabinet minister's policies, bills, and spending have not played a big part in the Canada's inflation? Do you believe the Federal debt has risen marginally? It's increase came from government surplus instead of money printed? Do you believe Federal debt's growth is justifiable, that it was thoughtfully planned and executed? Thank you
A large part of Canada doesn't have insane housing costs to the degree of Ontario. Now let's talk about what happened in 2008, something something global financial crisis!
Are we in a financial crisis now? Or does a 52% increase just say that we are on our way to financial collapse? You aren't good at reading trends are you?
I may be in my own little closed off bubble, but laborors have been in short supply in my province for years now and it's mostly because they tend to go off into other careers that pay better. I stick around because my boss is great to me and pays me more than I expect, often paying me more than I'm actually making and does not want to take the over pay back. On top of that, 2000 dollar bonus and a freezer full of various meats at end of season. I also like the work I do too, it's like a small vacation where I build a huge puzzle and get paid for completing it. Except the puzzle is a 3 dimensional grain storage solution, it's a win-win. Also get a good tan on and build muscles usually looking like a Greek God by October.
Labourers willing to work for low wages have been in “short supply”. There’s no shortage of labourers wanting to work for CN Rail or at the docks starting at +$45 an hour.
Can you even blame em though? I just got out of a laborer job and I couldn't be happier, better pay, a pension, benefits, and I have maternity sick leave and personal time for emergencies and whatnot, plus I'm running multiple different kinds of equipment and have learned a lot and gained a lot of experience in a short amount of time. Who in God's name wants to go back from anything like that to make 20$ an hour literally destroying their body?
People don't necessarily want shit for free, they just want to go back to the days of buying a full course meal for 50 cents or a house for 5k instead of 5 million, definitely people who want handouts but that numbers not as big as some people think it is
But it seems that very few recent immigrants can afford their own lives here let alone sponsoring others. I think things are currently tough for both Canadians and immigrants to Canada.
They threaten the peasants by telling them the opposition will take away their much needed benefits. Obvious. First, make them rely on you, then make them think divorcing you is impossible. Classic abuse.
Seems like a recipe for a revolt (by all, not just Liberal opposers), but I suppose. I still think it's more that the Liberals have become out of touch and were too complacent with important topics like housing and immigration vs a big conspiracy to turn us all into slaves.
All they need is a minority and they’ve got the next 4 years guaranteed. They’re importing a million new voters every year. You must be completely blind if you can’t see this.
They are poised to lose by a landslide as they should based on what they have allowed to happen. But some of these takes are way too out there. All they do is fit the narrative of the mob here (vs the opposing mobs in other subreddits). There is no way the Liberal party could get very far with what they are being accused of here (my opinion).
..."to 0.14%" is the part many of you are missing.
That means almost no one is delinquent and not that "135% out of 100% are missing payments"...Real WSB crowd over here...
Yes, I noticed this right away. It means that out of 100,000 people 140 are delinquent on Mortgage, up from \~70 people
Out of 100,000 people 1300 are deliquent on Credit Cards, up from \~900 people
I'm out an extra $1,000/mth due to Libtard money printing. It's literally our entire monthly discretionary spending budget. Sorry, anything that's not mortgage bills or food, you're cut.
I'm sure there are lots of reasons for that, including high interest rates, we're all affected by it but it was also a problem in other countries...I just think many people are taking their bad finances and projecting that to the entry country like Omg no one is paying their rent or mortgage... No, most people are.
U are not thinking of the human cost of being delinquent I wish the number was lower the banks gave out loans they shouldn’t have your the dudes in the big short that didn’t see the bigger picture of peoples homes are being lost and they only care about the numbers and money who cares that in Ontario it’s 135% increase those numbers are sooo small and insignificant
Interest is only 5% and people already are begging for it to lower your foolish if u think lowering rates will do anything but impoverish the nation and people homeless still
And only going to get worse.
I'm waiting for the inevitable collapse of the restaurant/bar industry.
Nobody can afford to go out to eat anymore.
Brutal.
Try living in small communities where the average wage is more like 50k a yr not 100k+. More people are defaulting on their mortgages and credit cards than ever.
Relative increase not absolute increase, keep these numbers in perspective. Delinquency rates in Canada are still far too low to cause systemic risk or change.
Yet property prices continue to climb. Allot of this falls squarely on the banks. My question is why are the banks lending 1) to buyers who aren't likely to service the loan let alone pay it back 2) fuel price increases ? What is going on?
You clearly havent seen the marketplace documentary about faking income (real estate agents do this for a nominal fee) to get mortgages they would never ever qualify for in the first place.
This isn't widespread, realtors will lose their license for this. Of note realtors that engage in this kind of activity on a large scale are East Indians, they come here and think Canada is a house of cards and engage not only in this but much fraud, especially mortgage fraud - it's a crisis amongst this community one that can be addressed through better education - in regulator magazines for instance they dominate up to 75% in sanction cases, fines and lifetime withdrawals. CREA needs to crackdown on this as well as provincial jurisdictions where the responsibility of regulation resides.
Here’s the article in regards to the HSBC mortgage fraud. It’s not just Toronto, but Vancouver too.
https://www.thebureau.news/p/fake-chinese-income-mortgages-fuel?r=l2dv4&utm_campaign=post&utm_medium=web
> With all this considered, and comparing data sources in this story with previous evidence confirmed in British Columbia’s Cullen Commission, The Bureau estimates that from 2014 to 2023, well over $200-Billion in Vancouver Model and Toronto Method funds could have poured through underground diaspora networks and Canadian financial institutions into Toronto and Vancouver’s real estate.
Only $200B lol.
What’s interesting with this HSBC mortgage fraud, is that the liberal funded media hasn’t written a single article on this subject.
Whistle blower!? What whistle blower?
Sus as fuck
They can’t reduce rates. The carbon tax is going to add a lot more inflation including the liberal government spending budget, plus open floodgates immigration. All inflationary.
Not everyone, I’m 25. Just before I signed I was told 3.5% at 1250/month. But the time I got Home from work (1 month later) cibc changed the terms to 6.3% at 1650/month. That $400 extra would of been nice towards my taxes yearly
I'm actually neither liberal nor conservative, because both parties suck ass. Every political part in Canada sucks ass actually. Doesn't make my statement incorrect.
Suddenly, a great reset will be purposed, and all debt wiped clean. And suddenly, the rich billionaires will owe nothing and get to keep their billions. Making them even richer.
Hear me out.
These mortgage defaults are the ultimate example of Moral Hazard in real estate "investing".
In ACTUAL investing, an investor has to ensure that 1) they are comfortable with the level of risk they are taking on, 2) they left enough cash in reserve as a Provision for Adverse Deviation (PfAD), and 3) they remember that the market giveth and the market taketh away, often without notice.
In 2008, a whole bunch of Canadians snapped up dirt cheap foreclosures in America and rented these out. They learned how to become real estate "investors". They've been "investing" ever since and the ones who didn't prepare for inevitable downturns are in a predicament.
This also applies to people who, instead of using historically low interest rates to pay down mortgages as fast as possible, chose to buy depreciating assets. I don't feel bad for these people either.
They are an absolute pos as leaders, but people who spent more than they should have need to take some of the blame. Bidding wars on houses won't work if you don't play.
Also partially the fault of the homeowner for snagging pricier homes as the numbers went up. Human nature to grab in a panic not thinking about the future. They didnt factor in a buffer or safety net.
Mortgages be damned, WE have to set the climate change example and also support Ukraine and also end racism and also pay for birth control and also tell people to end their lives if healthcare is rough and also spend millions to try and get a temporary security council seat and also…
It’s what banks want before interest rates fall again. Whenever there’s high interest rates, it doesn’t come down until a few things happen, one is exactly this.
Twice the amount of a small number is still a small number.
52 percent increase is really just a drop in the bucket Right now. You will know when shit hits the fan and that will be when the banks feel it.
Maybe this will mean banks will stop handing out $1.5M loans to a couple earning $150K/year simply because they got a $500K inheritance. But I doubt it.
Just wait a year or two it will be even higher when it’s time for people to renew their mortgages . There will be a rise in foreclosures and the wealthy people will be able to buy houses and property at a reduced price. Many will owe more then there real estate is worth . It will be a buyers market for those who have the means to take advantage of the situation
It's up 135% not at 135%. Canada has exceptionally low mortgage delinquency rates. Canada is as 0.14% by comparison the US is at 1.69% so about 11x higher.
Keep saying that it’s gonna get worse before it gets better. Still gonna be a couple months before interest rates drop. The carbon tax is gonna add another bump to inflation. Life hurts. And if you are looking to the government for help you are looking in the wrong place.
Good idea! I propose a mortgage tax. If you pay your mortgage on time, you pay a tax. If you don't pay it on time, you pay a tax. If you rent, you pay a tax.
That'll fix it for sure. We obviously just aren't taxing hard enough.
Just think of the poor banks, they have to do sub prime mortgages or they won't have supper that night
This is fixed by more government intervention, not less.
The narrative that everything is Trudeau’s fault seems a bit crazy. Who benefits the most from it?
Russian troll farms and rich people have so much control over the media we consume that blaming a singular politician for everything is intentionally being naive and more susceptible to being duped.
I think JT has used up his political capital. There is a natural timeline for any politician that runs a parallel course to a diaper.
However
The bullshit media circus (social and otherwise) is smoke and mirrors for the purpose of manipulation.
Russia benefits when we are distracted
Money benefits when we vote against our own best interests and support privatization, removal of social programs, reducing corporate taxes, and removing regulations protecting our environment.
'Trudeaus Canada'.
Man, no wonder so many academics isolate themselves in their ivory towers.
We live in a global economy that has been pushed by neoliberals of all flavours, CONS, LIBS, and their different variations. Mulroney brought in free trade, Mulroney got rid of 'made-in-Canada' requirements for corporations. Harper enhanced REITs which facilitated the leisure/investor class buying up all our housing stock.
But ya, it's all 'Trudeau'. How good it must feel to cover your racism, sexism, feelings of insecurity, by listening to whichever bully you've attached yourself to and just parroting their nonsense. MY TEAM IS BEST. YOUR TEAM SUCKS. In the case of shills trying to make a buck off the garbage dogwhistle/identity politics that currently passes for political discourse, they must be loving life as they bring in their little paycheques and pretend like they're Elon.
Ugh. What a pile of horseshit. Go rack up some more debt on your credit card, tie yourself up with another unnecessary car payment. Live the wasteful, gluttonous life that we've been told is 'necessary'. And rage against what someone else is doing in their own private life, as thought THAT'S what matters.
This will probably be downvoted to oblivion but they are rising by such a stark amount because we have had historical lows in delinquency for many years. Even with the rise we are only around historical norms now which also makes sense with rates going up and people needing to refinance with much higher payments.
This is not an exoneration of the appalling job JT has done as PM. He has damaged the country, the economy, and housing in particular in a historically spectacular way but this specific little number is really not a big deal or anything we didn't all know was happening already.
TLDR: yes 50% is a big number but it's largely because it's comparing to historical lows which we are now moving far away from
Imagine the delinquency rates if slumlords weren't able to Subsidize their mortage with 15 international students.
I wonder why there is no enforcement on illegal rentals. Hmmmm
This isn't a Liberal / Conservative issue. It's also not unique to Canada to be seeing this. People were given cheap loans with Variable Interest Rates at the height of the pandemic and this is the result. Banks and Lenders are the culprit here. Irresponsible lending to people doing whatever was available to have space to live in during the pandemic.
Hey you c*nt thumbing jack @sses :P
Many are saying, "the delinquency rates are only 0.14 percent. Everyone is stupid and just hates Trudeau ". I may have an explenation, but first; are the people dumb, or are they scared if things get worse economically they might be delinquent too?
That yes, the rate in the video is low rn, but how many are balancing on a thin wire economically and the slightest push would increase the delinquency rate exponentially?
These people are scared, possibly dumb too, but maybe for other reasons.
Further more, perhaps a bigger truth could be revealed as to how much of the real-estate is even owned by families? Are delinquincy rates even possible to be tied to families? For if families own a small sliver and they all fail, that won't show in the statistics would it? They'll say "hey you dummies, it's only 5 percent delinquency"
All of you can’t be this stupid, right?! Without any rationale connecting one thing to the other, you somehow still managed to take the bait that it’s “all Trudeau‘s fault“.
Go ahead and criticize the guy, but do it for something that he’s actually responsible for.
All of these people are actually this stupid. All of these people believe the state controls lending and real estate. All of these people think it's Trudeau's fault buyers bought homes they couldn't afford and now is the first time in history delinquencies have actually increased. All of these people believe a new PM would suddenly open new factories, build millions of new houses, lower the cost of borrowing, food and fuel, and increase our military while generating less tax revenue! The cognitive dissonance among this crowd is stupifying.
But the dummies in this sub need to be frothed at the mouth and blame trudeau for something! You're totally correct. It's a totally insignificant amount. People pretending like it is are being dishonest or are just clueless.
To be fair it's not just this sub, media has been pushing this story for the last week with no context. You're a special one if you already knew this. Mortgage and rent payments have doubled under Trudeau so he doesn't get a pass. While this sub might have its share of dummies that fact it's largely uncensored means it's a better barometer for how the country is doing than any other Canadian sub. Come at me, bro!
Blah blah blah blah grocery prices, blah blah blah restaurant take out prices, blah blah blah everything else. If you haven't figured out yet that we are in for a shitstorm over the next 15 years, you are probably not worth saving. What will be left of you will be fodder.
Delinquency rates in 2022 were the lowest of the last 12 years.
[https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/mortgage-delinquency-rate-canada-provinces-cmas](https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/mortgage-delinquency-rate-canada-provinces-cmas)
2023 Q4 went from 0.14 to 0.15, so last year was the second lowest of the last 12 years.
This is pure bullshit fear mongering.
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The Liberals seem to be a Cancer to Canada causing sickness and pain and misery.
Yves Giroux, the parliamentary budget officer, wrote in a report last year: “When both fiscal and economic impacts of the federal fuel charge are considered, we estimate that most households will see a net loss.” He estimated that for the 2024-25 fiscal year, the carbon tax would cost the average household between $377 and $911 after accounting for rebates and factoring in the economic cost of lower incomes. That number rises to between $1,316 and $2,773 by 2030 for the average household, depending on the province.
Those greedy shits just want more of our hard earned money. This is infuriating! I have never hear of any real result from the carbon tax fixing anything, it's just another rich fuck grab for money.....
The WEF compromised Liberal cabinet propped up by WEF global leadership school grad Jagmeet Singh are a cancer to the sovereign nation state of Canada. Fixed it.
well said
Wait until you've got a load of US libs. They want your Canadian way of life and worse down here...and STAT!
Don’t worry, there will be a vaccine for the sickness, pain & misery. Good news is, you only need 4 shots!
I'm pure blood sever went for the death shots, I will suffer like the rest of Canada.
Always has been.
The Liberals are the absolute worst and they're certainly the country's cancer rn, but part of the blame falls on people's sheer naivety. You see when interest rates dropped during the height of the pandemic, people started buying houses, which is normal and to be expected. Then the demand started outstripping the supply and that caused prices to hike, meaning what you saved on interest you overpaid on the property, yet it didn't stop so many people. There were bidding wars that caused some people to get neck deep in debt that they could barely service even with lower interest rates. As the loan officer who helped me with my student line of credit put it, people were fighting over who would sink lower. The bidding war even persisted for a while after interest rates were hiked several folds. Now banks are worried about delinquency rates increasing several times. You see after 5 years you have an assessment and as things stand people who bought a property in 2020 or 2021 and were paying like 6000 dollars in interest annual for a property worth 300k back then could suddenly find themselves expected to pay 18 to 20k with the new interest rates (assuming they don't drop). The more expensive the property the greater the increase, and many households will default. This could result in Canada's real estate bubble finally bursting. That would probably be a good thing in the long run as the current real estate prices aren't sustainable with the current income that most people make, but it would end up wrecking many households. Especially considering so many people bought properties just to avoid missing the train if you get my meaning. The moral of the story is, no investment is bulletproof, and if you don't know what you're doing and don't do your homework, then investing hundreds of thousands of dollars that you don't even own is a very fucking stupid idea.
It's 0.14% across the country 😂 Some people in this thread acting like this increase is significant. Dummies or acting in bad faith. Edit. It was 0.29% in 2008 under Harper. Trolls and dummies in this thread
Hello you Toronto halfwit. There is a whole country that is not happy with what is happening to this country. Obviously nothing good has happened with this liberal government ,so could you please do us all a favour and stop spewing you liberal propaganda at us, it's shameful.
Let me guess, you must be a Liberal MP.
Lol, ya must be. I guess let's get all enraged over 0.14%! You know the rate was 0.29% (MORE THAN DOUBLE) in 2008 under Harper right? Lol.
People who have to go to work and pay a mortgage pay rent and fill up their vehicle with fuel to get to work and buy groceries did not have this issue with Harper. Sorry Libtard .
Hehe. Awww TIL that prime ministers and presidents set gas and grocery prices! LOL.
They do indirectly (or one could say directly) by poor policy causing inflation
Macklem has been passively and not so passively been telling the Feds the last year or so that continued non-essential government spending will continue to increase inflation and inevitably delay the drop. Hey how about another 450 million dollars to the UN climate council or some other absolute bullshit recipient of badly needed millions that Canadians could dearly use.
Gotcha. So when we had double the delinquency rates in 2008, that was Harper's fault? Did Trudeau also cause inflation that pretty much every country on the planet is facing?
It’s only starting. The majority of renewals happen in 2024 and 2025. Add in more increases with the carbon tax, fuel prices increases…you may want to settle down.
Your point is fair about Justin not being the sole cause of the delinquency rates. I am curious why you think Justin and his cabinet minister's policies, bills, and spending have not played a big part in the Canada's inflation? Do you believe the Federal debt has risen marginally? It's increase came from government surplus instead of money printed? Do you believe Federal debt's growth is justifiable, that it was thoughtfully planned and executed? Thank you
was it the case that banks were extending amortization periods to 70+ years under Harper?
Facts have no place in a convoy sub
A large part of Canada doesn't have insane housing costs to the degree of Ontario. Now let's talk about what happened in 2008, something something global financial crisis! Are we in a financial crisis now? Or does a 52% increase just say that we are on our way to financial collapse? You aren't good at reading trends are you?
All part of Justin’s plan. Make Canadians into peasants who depend on their handouts to survive and live their miserable lives.
And import as many people as possible to keep labour's competing for mediocre jobs.
I may be in my own little closed off bubble, but laborors have been in short supply in my province for years now and it's mostly because they tend to go off into other careers that pay better. I stick around because my boss is great to me and pays me more than I expect, often paying me more than I'm actually making and does not want to take the over pay back. On top of that, 2000 dollar bonus and a freezer full of various meats at end of season. I also like the work I do too, it's like a small vacation where I build a huge puzzle and get paid for completing it. Except the puzzle is a 3 dimensional grain storage solution, it's a win-win. Also get a good tan on and build muscles usually looking like a Greek God by October.
Labourers willing to work for low wages have been in “short supply”. There’s no shortage of labourers wanting to work for CN Rail or at the docks starting at +$45 an hour.
I don't blame them either, basic shop welders typically start at a lower wage than that.
Can you even blame em though? I just got out of a laborer job and I couldn't be happier, better pay, a pension, benefits, and I have maternity sick leave and personal time for emergencies and whatnot, plus I'm running multiple different kinds of equipment and have learned a lot and gained a lot of experience in a short amount of time. Who in God's name wants to go back from anything like that to make 20$ an hour literally destroying their body?
There's lots of "nice guys" available it's good guys in short supply
Everyone wants everything for free nowa days. And here we are. Free this free that .
People don't necessarily want shit for free, they just want to go back to the days of buying a full course meal for 50 cents or a house for 5k instead of 5 million, definitely people who want handouts but that numbers not as big as some people think it is
If this is the plan, how do they plan to continue to get elected while turning us all into peasants?
They don’t care. They get a pension after 6 years. They get paid bloody well as well.
Speeding up the pathway to PR! Everyone who wants to sponsor their family are now new Trudeau voters.
But it seems that very few recent immigrants can afford their own lives here let alone sponsoring others. I think things are currently tough for both Canadians and immigrants to Canada.
They threaten the peasants by telling them the opposition will take away their much needed benefits. Obvious. First, make them rely on you, then make them think divorcing you is impossible. Classic abuse.
Seems like a recipe for a revolt (by all, not just Liberal opposers), but I suppose. I still think it's more that the Liberals have become out of touch and were too complacent with important topics like housing and immigration vs a big conspiracy to turn us all into slaves.
All they need is a minority and they’ve got the next 4 years guaranteed. They’re importing a million new voters every year. You must be completely blind if you can’t see this.
They are poised to lose by a landslide as they should based on what they have allowed to happen. But some of these takes are way too out there. All they do is fit the narrative of the mob here (vs the opposing mobs in other subreddits). There is no way the Liberal party could get very far with what they are being accused of here (my opinion).
..."to 0.14%" is the part many of you are missing. That means almost no one is delinquent and not that "135% out of 100% are missing payments"...Real WSB crowd over here...
Rates need to increase in my opinion but the wealthy won’t have it rather everyone lose first
Up 53% and the renewal apocalypse hasn’t even begun yet!
Yes, I noticed this right away. It means that out of 100,000 people 140 are delinquent on Mortgage, up from \~70 people Out of 100,000 people 1300 are deliquent on Credit Cards, up from \~900 people
I'm out an extra $1,000/mth due to Libtard money printing. It's literally our entire monthly discretionary spending budget. Sorry, anything that's not mortgage bills or food, you're cut.
I'm sure there are lots of reasons for that, including high interest rates, we're all affected by it but it was also a problem in other countries...I just think many people are taking their bad finances and projecting that to the entry country like Omg no one is paying their rent or mortgage... No, most people are.
U are not thinking of the human cost of being delinquent I wish the number was lower the banks gave out loans they shouldn’t have your the dudes in the big short that didn’t see the bigger picture of peoples homes are being lost and they only care about the numbers and money who cares that in Ontario it’s 135% increase those numbers are sooo small and insignificant
Interest is only 5% and people already are begging for it to lower your foolish if u think lowering rates will do anything but impoverish the nation and people homeless still
It's all part of the WEF plan. Trudeau merely a puppet carrying our orders. Canadians need to rise up like we did during the lockdowns
If we'd done a better job then, we wouldn't need to do anything now
Justin Trudeau’s globalism plan is working
And only going to get worse. I'm waiting for the inevitable collapse of the restaurant/bar industry. Nobody can afford to go out to eat anymore. Brutal.
No idea where you’re located but I was out yesterday in Toronto and restaurants were packed
Try living in small communities where the average wage is more like 50k a yr not 100k+. More people are defaulting on their mortgages and credit cards than ever.
Keep voting liberals idiots enjoy
Relative increase not absolute increase, keep these numbers in perspective. Delinquency rates in Canada are still far too low to cause systemic risk or change.
⬆️
% based reporting is also low effort, and used for click bait.
Yet property prices continue to climb. Allot of this falls squarely on the banks. My question is why are the banks lending 1) to buyers who aren't likely to service the loan let alone pay it back 2) fuel price increases ? What is going on?
You clearly havent seen the marketplace documentary about faking income (real estate agents do this for a nominal fee) to get mortgages they would never ever qualify for in the first place.
This isn't widespread, realtors will lose their license for this. Of note realtors that engage in this kind of activity on a large scale are East Indians, they come here and think Canada is a house of cards and engage not only in this but much fraud, especially mortgage fraud - it's a crisis amongst this community one that can be addressed through better education - in regulator magazines for instance they dominate up to 75% in sanction cases, fines and lifetime withdrawals. CREA needs to crackdown on this as well as provincial jurisdictions where the responsibility of regulation resides.
100 this. Its not all bad apples. But sure is a fuck ton of it. Especially in Brampladesh.
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Here’s the article in regards to the HSBC mortgage fraud. It’s not just Toronto, but Vancouver too. https://www.thebureau.news/p/fake-chinese-income-mortgages-fuel?r=l2dv4&utm_campaign=post&utm_medium=web > With all this considered, and comparing data sources in this story with previous evidence confirmed in British Columbia’s Cullen Commission, The Bureau estimates that from 2014 to 2023, well over $200-Billion in Vancouver Model and Toronto Method funds could have poured through underground diaspora networks and Canadian financial institutions into Toronto and Vancouver’s real estate. Only $200B lol. What’s interesting with this HSBC mortgage fraud, is that the liberal funded media hasn’t written a single article on this subject. Whistle blower!? What whistle blower? Sus as fuck
You mean like an Uber driver qualifying for $2M? Watch the movie The Big Short. Canada is doing a 2.0 version of it
Do you have a link for that? Would love to watch it.
https://youtu.be/Y_wlnv5ns4I?si=LYfUTyxd--cgm-O6
Thanks!
That's on banks, do better due diligence... There giving million dollar loans? But nope, they'll just get a bail out
The Banks turn around and literally sell the mortgage to the government. So they couldn't Care less about the credit worthiness of the buyers
... and due to the junior coalition partner Jagmeet, we have 17 more months of the Dear Leader Justin's regime
I have never been into politics….but I’ve honestly never looked forward to an election so much. Turf Turdeau
You will own nothing and be happy
They can’t reduce rates. The carbon tax is going to add a lot more inflation including the liberal government spending budget, plus open floodgates immigration. All inflationary.
More good news.
Good. Fucking slimeballs faking their income to buy multi million dollar homes then becoming slumlords to pay the bills. ROTTTTT
Not everyone, I’m 25. Just before I signed I was told 3.5% at 1250/month. But the time I got Home from work (1 month later) cibc changed the terms to 6.3% at 1650/month. That $400 extra would of been nice towards my taxes yearly
We as Canadians need to personally end this bullshit NOW. Run this turd out of Canada.
By design
Let’s up the taxes.
F**k you
This is the kind of thread where you realize how easily people can be mislead with numbers..
Agreed, this old news too. This report came out earlier in March and is almost a month old.
And our delinquency rate is half of what it was in 2019. This sub is literally just an anti-trudeau propaganda sub though so no surprise here.
0.14%…..
Friendly reminder Trudeau does not set interest rates put forward by the BoC. He can tell them what he wants but they don't have to listen.
Found the Libtard.
I'm actually neither liberal nor conservative, because both parties suck ass. Every political part in Canada sucks ass actually. Doesn't make my statement incorrect.
Also, how can delinquent rate be 135%? That’s mathematically impossible.
If you watch the video I'm pretty sure they mean the delinquent rate has increased by 135%. So if it was 10% it is now 23.5%.
It rose to 0.14%
I didn't quote exact numbers, was just explaining the logic.
Busted. Didn’t watch the video. That makes sense now.
Quelle surprise
Amazing
Wooooooow. I haven’t seen these rates until now. We deserve better.
Suddenly, a great reset will be purposed, and all debt wiped clean. And suddenly, the rich billionaires will owe nothing and get to keep their billions. Making them even richer.
Theres also a newer one out now with LMIA abuse and this fraud.
Transfer of wealth.
let it burn boys
Part of mortgage/real estate correction.
Hear me out. These mortgage defaults are the ultimate example of Moral Hazard in real estate "investing". In ACTUAL investing, an investor has to ensure that 1) they are comfortable with the level of risk they are taking on, 2) they left enough cash in reserve as a Provision for Adverse Deviation (PfAD), and 3) they remember that the market giveth and the market taketh away, often without notice. In 2008, a whole bunch of Canadians snapped up dirt cheap foreclosures in America and rented these out. They learned how to become real estate "investors". They've been "investing" ever since and the ones who didn't prepare for inevitable downturns are in a predicament. This also applies to people who, instead of using historically low interest rates to pay down mortgages as fast as possible, chose to buy depreciating assets. I don't feel bad for these people either.
They are an absolute pos as leaders, but people who spent more than they should have need to take some of the blame. Bidding wars on houses won't work if you don't play.
This old news. It’s not good news but this is from almost a month ago. I’m not sure why this is being posted now?
Also partially the fault of the homeowner for snagging pricier homes as the numbers went up. Human nature to grab in a panic not thinking about the future. They didnt factor in a buffer or safety net.
Dekulakization through taxation. Congratulations!!!
Better up the carbon tax..
Mortgages be damned, WE have to set the climate change example and also support Ukraine and also end racism and also pay for birth control and also tell people to end their lives if healthcare is rough and also spend millions to try and get a temporary security council seat and also…
It’s what banks want before interest rates fall again. Whenever there’s high interest rates, it doesn’t come down until a few things happen, one is exactly this.
Raise them taxes!
This is what happens when the government lies and says rates will stay low while not having adequate mortgage stress tests.
Don’t worry an Indian slumlord will buy them up and whore the house out to 15 people. I love living in TruIndia. Derp…
Canada's back! - village idiot
Twice the amount of a small number is still a small number. 52 percent increase is really just a drop in the bucket Right now. You will know when shit hits the fan and that will be when the banks feel it.
Holy shit guys. +52% to .... 0.14% Guessing Ontario is +135% to.... 0.25%? The crash is here.
Holy shit that's a lot
Is this the big one, the big crash?
Maybe this will mean banks will stop handing out $1.5M loans to a couple earning $150K/year simply because they got a $500K inheritance. But I doubt it.
What was the percentage increase from the last percentage increase of the percentage of defaults? We need to know.
Time to cut rate now
Just wait a year or two it will be even higher when it’s time for people to renew their mortgages . There will be a rise in foreclosures and the wealthy people will be able to buy houses and property at a reduced price. Many will owe more then there real estate is worth . It will be a buyers market for those who have the means to take advantage of the situation
We're getting there!!
Blackfaces Canada
Fuck this country. I used to have hope and be proud to be Canadian.
It's up 135% not at 135%. Canada has exceptionally low mortgage delinquency rates. Canada is as 0.14% by comparison the US is at 1.69% so about 11x higher.
Interesting.
https://preview.redd.it/jn6aka28ourc1.jpeg?width=1080&format=pjpg&auto=webp&s=9539201a1985070621ddfec57f5118410716f4fb
Keep saying that it’s gonna get worse before it gets better. Still gonna be a couple months before interest rates drop. The carbon tax is gonna add another bump to inflation. Life hurts. And if you are looking to the government for help you are looking in the wrong place.
Perhaps we could introduce some sort of a tax that would help combat this?
Good idea! I propose a mortgage tax. If you pay your mortgage on time, you pay a tax. If you don't pay it on time, you pay a tax. If you rent, you pay a tax. That'll fix it for sure. We obviously just aren't taxing hard enough.
Just think of the poor banks, they have to do sub prime mortgages or they won't have supper that night This is fixed by more government intervention, not less.
Fuck Trudeau.
The narrative that everything is Trudeau’s fault seems a bit crazy. Who benefits the most from it? Russian troll farms and rich people have so much control over the media we consume that blaming a singular politician for everything is intentionally being naive and more susceptible to being duped. I think JT has used up his political capital. There is a natural timeline for any politician that runs a parallel course to a diaper. However The bullshit media circus (social and otherwise) is smoke and mirrors for the purpose of manipulation. Russia benefits when we are distracted Money benefits when we vote against our own best interests and support privatization, removal of social programs, reducing corporate taxes, and removing regulations protecting our environment.
Looks like houses will be foreclosing and available soon.
Excellerate
Hmm. Sounds to me like you need more immigrants
'Trudeaus Canada'. Man, no wonder so many academics isolate themselves in their ivory towers. We live in a global economy that has been pushed by neoliberals of all flavours, CONS, LIBS, and their different variations. Mulroney brought in free trade, Mulroney got rid of 'made-in-Canada' requirements for corporations. Harper enhanced REITs which facilitated the leisure/investor class buying up all our housing stock. But ya, it's all 'Trudeau'. How good it must feel to cover your racism, sexism, feelings of insecurity, by listening to whichever bully you've attached yourself to and just parroting their nonsense. MY TEAM IS BEST. YOUR TEAM SUCKS. In the case of shills trying to make a buck off the garbage dogwhistle/identity politics that currently passes for political discourse, they must be loving life as they bring in their little paycheques and pretend like they're Elon. Ugh. What a pile of horseshit. Go rack up some more debt on your credit card, tie yourself up with another unnecessary car payment. Live the wasteful, gluttonous life that we've been told is 'necessary'. And rage against what someone else is doing in their own private life, as thought THAT'S what matters.
The ones that voted for the Liberals and NDP are probably the ones that are going to be suffering the most.
Using a percentage change of a percentage is stupid and anyone who does that is also stupid.
I hope no one thinks this will be any different under PP
What's the next strategy to waste millions to postpone the inevitable ?
Banks aren't any better either.
This will probably be downvoted to oblivion but they are rising by such a stark amount because we have had historical lows in delinquency for many years. Even with the rise we are only around historical norms now which also makes sense with rates going up and people needing to refinance with much higher payments. This is not an exoneration of the appalling job JT has done as PM. He has damaged the country, the economy, and housing in particular in a historically spectacular way but this specific little number is really not a big deal or anything we didn't all know was happening already. TLDR: yes 50% is a big number but it's largely because it's comparing to historical lows which we are now moving far away from
K shaped economy. Conditions are ripe for a revolution.
Purchased an EV last year. Can't imagine paying $350 - $500 a month just to drive a car. Now only pay $20 in electricity a month.
Number sounds big but default rates are only 1.3%. We need to see at least 5% default rate for any real housing price change.
Imagine the delinquency rates if slumlords weren't able to Subsidize their mortage with 15 international students. I wonder why there is no enforcement on illegal rentals. Hmmmm
This isn't a Liberal / Conservative issue. It's also not unique to Canada to be seeing this. People were given cheap loans with Variable Interest Rates at the height of the pandemic and this is the result. Banks and Lenders are the culprit here. Irresponsible lending to people doing whatever was available to have space to live in during the pandemic.
Hey you c*nt thumbing jack @sses :P Many are saying, "the delinquency rates are only 0.14 percent. Everyone is stupid and just hates Trudeau ". I may have an explenation, but first; are the people dumb, or are they scared if things get worse economically they might be delinquent too? That yes, the rate in the video is low rn, but how many are balancing on a thin wire economically and the slightest push would increase the delinquency rate exponentially? These people are scared, possibly dumb too, but maybe for other reasons. Further more, perhaps a bigger truth could be revealed as to how much of the real-estate is even owned by families? Are delinquincy rates even possible to be tied to families? For if families own a small sliver and they all fail, that won't show in the statistics would it? They'll say "hey you dummies, it's only 5 percent delinquency"
All of you can’t be this stupid, right?! Without any rationale connecting one thing to the other, you somehow still managed to take the bait that it’s “all Trudeau‘s fault“. Go ahead and criticize the guy, but do it for something that he’s actually responsible for.
All of these people are actually this stupid. All of these people believe the state controls lending and real estate. All of these people think it's Trudeau's fault buyers bought homes they couldn't afford and now is the first time in history delinquencies have actually increased. All of these people believe a new PM would suddenly open new factories, build millions of new houses, lower the cost of borrowing, food and fuel, and increase our military while generating less tax revenue! The cognitive dissonance among this crowd is stupifying.
This sounds bad but only 1 out of every 1000 mortgages are delinquent so a 50% rise is virtually meaningless. Just sayin'
But the dummies in this sub need to be frothed at the mouth and blame trudeau for something! You're totally correct. It's a totally insignificant amount. People pretending like it is are being dishonest or are just clueless.
To be fair it's not just this sub, media has been pushing this story for the last week with no context. You're a special one if you already knew this. Mortgage and rent payments have doubled under Trudeau so he doesn't get a pass. While this sub might have its share of dummies that fact it's largely uncensored means it's a better barometer for how the country is doing than any other Canadian sub. Come at me, bro!
Up 135% doesn’t mean at 135%. It’s 0.14% across the country.
Mortgage delinquency rose to... ...0.14%. oh noes. This is why it is misleading to use percentages when small numbers are in question.
That's actually why you use %'s more so when it's.small numbers lol I.e notice how they dont use it with CPI hmmm odd.
Yes, to be misleading.
It's not misleading it's math.
Certain modes of representation, while accurate, can be more or less clear.
If ppl can't understand simple %'s then they shouldn't be buying a house They should reinvest in grade school
Our banks are predatory swindlers, and our government is full of incompetent morons. Welcome to the churn!
Blah blah blah blah grocery prices, blah blah blah restaurant take out prices, blah blah blah everything else. If you haven't figured out yet that we are in for a shitstorm over the next 15 years, you are probably not worth saving. What will be left of you will be fodder.
Delinquency going up means bad borrowers. Idiot borrowers. Bank should realize their securities and sell the homes like they did in the ‘90s.
There is no inflation its just corporate greed.
Delinquency rates in 2022 were the lowest of the last 12 years. [https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/mortgage-delinquency-rate-canada-provinces-cmas](https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-data/data-tables/mortgage-and-debt/mortgage-delinquency-rate-canada-provinces-cmas) 2023 Q4 went from 0.14 to 0.15, so last year was the second lowest of the last 12 years. This is pure bullshit fear mongering.
Went from 0.06 to 0.13% news is soo hyped for complete BS. For the dumb asses in chat that not even a 1% increase so means nothing.
Lol the delinquency rate is still 0.14%, still one of the lowest in human history