Canada's household debt larger than the country's economy
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- เผยแพร่เมื่อ 24 พ.ค. 2023
- Canada's household debt ratio is the highest of any G7 country. Heather Wright explains.
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When housing became an investment, the problems started. Too many investors both in Canada and offshore buying properties to rent. I remember when homes were lived in and maintained by the owner. Not now. Buy a house, have someone else pay your mortgage and ignore property standards. Time to taxes these homes with a surcharge on their property taxes.
Yup someone next door has a place they rent out for rbnb and they never maintain the yard
in my Canadian city, 50% of all homes built were done by investors. thats insane to me.
It will form a hidden "real" rental market for private owners who are honestly looking to rent their basement etc. Such landlords should not speculate their price of rent based on condo affordability however, they won't find a tenant.
The real issue is mass immigration.
They’re dropping hints because they know that these small rate hikes aren’t enough to quell inflation. There’s a reason rates were unfathomably high in the 80s, it was the only way to save the economy from inflation. This isn’t going to end anytime soon and inflations still going to trend higher than it should
Sunyways. Welcome to Trudeau's Canada 😐
? Trudeau was elected in 2015. The problem started in at least 1993.
@@justanotheropinion5832 Doesn't matter a PM is supposed to focus modernization and trudeau has not, he's bankrupted this country.
@@justanotheropinion5832 That's true. But if you look at the Index of Real House prices in Canada, it surges in 2016; the year after Justin Trudeau was elected.
Don't worry Liberals. Eventually Trudeau will deliver on his 2015 election promises. 😂😂
Yes, this budget will balance itself. Might take a complete restart of currency, but it'll happen.
Trudeau’s government took all the loonies and stamped two on them.
I graduated in 2014, and every year in my adult life Canada has gotten worse in every aspect. Healthcare, housing, veterans benefits etc etc. I don’t even love Canada anymore I remember it like a dead grandparent. I say we get annexed by America.
Trust me, Americs is run by crooks as well. Look at Joe
Something terrible happened to Canada in 2015.... I think voting for pierre pollievre in the next election can change that.
@@DieNibelungenliad
But America is better off than Canada.
@@roshanramesh2634 Voting in conservatives won't change anything, only somewhat slow down the rot. Joining the USA is the way to go.
The increase in dollar currency value is tempting lol. But you know USA is facing a similar issue. Unless we fix our policies regarding the housing market and immigration, then we ain't going nowhere but down.
The problem is that the banks in Canada have little to lose when it comes to approving overrated mortgages, which has led to this catastrophy
Thing is there all overrated. The housing/renting market is in absolute shambles.
How are we supposed to have money saved away in case rates go higher still, if every penny we make now already goes to affording a place to starve in?
Oh don’t worry about the interest rates. Every time the carbon tax goes up you will pay more for everything you need to survive. When the tax goes up it raises the cost for every aspect of getting food and goods to your house.
Its a rug pull
It is a rug pull. Wall streets been trading volatility for a few years now..
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About 2 years ago, BoC advised to borrow money as rates are low and will continue to be for years to come.....
And every non government economist in the world said the opposite.
No they didn’t. Show some proof
If your struggling and you vote liberal 😂😂😂
Don't worry, it will all balance itself!
That was the gist of the Conservative platform in the last election....
Anyone who buys into these prices deserves to lose their shirt.
And how many foreign nationals have gobbled up housing over there? Vancouver BC is a great example.
The state must pay firms to build more homes to either sell or lease one to each Canadian, but the best way to cut costs is to not let in more folks from else where. Towns in Canada are full.
Canada has enough land and resources to build house and sell them cheap. But then you can’t have a functioning economy because the banks, real estate and related industries would essentially collapse. And the country doesn’t really produce anything else of value to export
@@rajivravio Canada has oil
@@DieNibelungenliad yep, that’s housing prices in Alberta is very stable and correctly valued
@@DieNibelungenliad
But much rather import it then produce it.
I’m not going to work hard to pay for this crap. Its not my responsibility.😡
Get your Prime Minister under control
Totally agree. If you have ideas, Canadians would love to know!
@@13boochRemember how Mussolini ended up?
You are trump fan?
@@mujkocka no.
@@Lan96 which right wing fan club do you belong to then?
All that [you] have to do in a case like this is to just ignore the alleged problem, and [it] will simply disappear. So easy!
"The budget will balance itself"
that does not add up...
these über drivers buying those 2.5 milli houses in B-town, I love it.
as i get ready to buy a condo i should be happy youd think however it is depressing and sad
This is why Boc had to stop hiking the rate even though inflation is far from over, Several more hikes would bring about the biggest financial crisis ever. Inflation is a slower death comparing to a complete housing collapse
Mortgage interest rates hit some 20% back in 1981. Society somehow managed to cope.
@@primmakinsofis614 houses were very cheap
And how long do u think this would continue, perhaps to eternity pile up as much debt as possible and someone else will pay for it. Everybody wins right !
@@Glory-to-God.Because of high rates.
Sounds like some senior loan officers quiet quitting out loud eh.
The Great Canadian peso is coming to a city near you folks.
Banks and shareholder driven companies get most of the benefit out of the economy. When the slower times hit they don't lose they just hold the shares. Wages are set so the real workers can't afford to buy shares like they do. Workers in the fields get lay offs and often lose everything. Banks that lend you money that they don't even own only to get your house when you lose your paycheck.
Must be those lines of credit.
Yayyyyy can’t wait to leave Canada 🤍🤍🤍🤍🤍🤍
All Stores Please Lower the cost of all Military and Local for all Brands of Economy Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏
This liberal government needs to vacate like YESTERDAY.
8 years ago... hiring mr smiley sock was a huge mistake!
Yepp ridiculous
But freelands says we’re doing the best in the whole G7 🤯 and Trudeau said the country is not broken
So sad....i remember my parents struggling when it went to 22.5 and many lost homes.
Always playing catchup to the USA only to find out that the gap widens every year!
And what percentage of that household debt is held by NEW Canadians? Foreigners approach loaning money much differently then Canadians do. In addition they might be hiding outstanding loans in a foreign country. This might influence whether or not the loans here get repaid. Did our banks take this into account? Or was it the new immigrants who shouldn't be in these positions in banks signing off on their loans.
Banks should be repossessing houses that are at risk for international fraud for the remaining balance on the mortgages. Better do it fast before another bank tries to claim there's a mortgage on it.
You want property confiscation because you dont understand how secured loans work and you imagine fraud? Dude....
Stop spending more money than you earn and you wont have an issue. This is due to greed and bad spending habits, nothing more.
Personal greed to be exact.
Of course it is. We have a drama teacher who pretends he is leading Canada. Call an election. Let’s end this headache now!
Great government funded news
Wooo hoooo🎉 go canadaaaaa❤
House hoarding by the ultra wealth hedge funds and corporations driving the greatest generational wealth transfer of all time.
Blame the successful. Very liberal
Housing should never have been allowed to become a speculative market. This has been a failure of all levels of gov’t for the last 30 years. Unless gov’t steps up to build non-market housing the bubble will only get worse.
@@CarFreeSegnitz
Governments don't build anything. They hire private firms to do that on their behalf including the non-profit housing you want built.
boc needs new governor
Pure corruption
boc is to blame for housing debt shame
Canda is doomed
Raise the interest rate to 8percent. Wash them out!!! Canadians and the government are hooked on cheap credit.
Uh oh
Sniff....I can lay into this democracy lol
Who did this bro's make-up here coz gaahdamnn they made him look photoshopped in real-time 😂
Makes ya wanna vote liberal, dont it...
We do not have high house prices. We have an issue we high interest rate.
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Don't worry, more immigrants will solve all probelms.
LOL
The solution isnt more taxes, just ban investors from buying affordable housing
And let it fall into disrepair, because there's no money for renovations like a lot of city housing.
Is the money being printed backed up by anything .Each dollar printed needs to be backed up by gold in the mint.
Because prices are very high for everything, groceries, rent, mortgage rates bank increase interest rates, Canadians cannot afford it all. Our government needs to help Canadians especially in this challenging time, let the groceries rebate be permanent, until the inflation goes down, for groceries rent and others.
That's is not going to help in the long run.
The only thing that will help Canadians is to call an election and ditch Trudeau
Canadians need to help themselves.. cause that is what the government cronies are doing
Hahahahaha canada is broke AF
What? A family of four can no longer afford to live in a McMansion with two 50000 dollar cars, a big screen, all new appliances, and send their kids to Montessori?
Seems to me a lot of the middle class feels entitled to what was in my day a lifestyle of the rich.
Party’s over.
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