Homeowners with mortgages have been stealing from renters and savers since 2008 with their cheap money and inflation. The inflation rate is still higher than the interest rate. Im tired of welfare for mortgagers.
@@HenryTudorVIII”When the facts change it is logical to change one’s opinion and the direction of the institution they lead.” Paraphrasing the words of a macro economist, whose name i don’t recall.
@@cyrena_ I wouldn't consider myself an economist but I'm more knowledgeable than "average" about economics. This said I suspected it was foolish to promise to keep rates low for so long. I didn't predict they'd raise so much sooner but I'm not surprised.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I have experienced significant losses, and I am holding on with the hope of recovering them. It is evident that I am in dire need of assistance. Could you please share the name of the investment adviser who guides you?
Raising interest rates is doing nothing to control the cost of living. It is making it worse. Rising wages would be much more helpful. Rising interest rates to control inflation was a tool of the last century. It doesn't work to maintain a group of unemployed people ( The "natural" rate of unemployment) to control inflation. We need price controls on basic necessities and higher taxes on the rich, not some economic wacko's wet fever dream from 50 years ago.
@@CalCalCal6996totally. No food on the table. Sell your home for a loss. Can't afford rent, to the streets. Just spend less. Thank goodness we have more carbon taxes to help us all survive.
@@CalCalCal6996 that is a fair point, however as a counter argument seeing as how the Bank of Canada just printed money for Trudeau non stop over the last 3 years; and he than went on a spending spree like a teenage girl with daddies credit card. THEY'RE IN A LARGE PART RESPONSIBLE FOR THE CURRENT ECONOMIC DISASTER WE'RE LIVING THROUGH! So why did the Bank of Canada feel they're employees deserved FORTY MILLION IN BONUSES AND RAISES DURING THE "PANDEMIC?"
I'm old enough to remember when one person on minimum wage could support a spouse and even rent a decent place. You can thank supply side economics and it BS trickle down strategy for devaluing the earnings of the middle class and reducing competitive advantage, bleeding the bottom continually to sustain growth at the top.
One reason housing costs went up is the low lending rates. If the interest rates are less than inflation it’s a no brainer to buy real estate as an investment. It’s not that simple of course there are other reasons as well. Airbnb where companies or individuals buy multiple units to rent does not help. Corporations buying up houses without any real negotiating to rent out at high rates.
I recall a very successful business woman telling me in the late 80s that the policies that stem from supply side economics will continue to devalue the earnings of the middle class for decades and she was right. Also she saw the writing on the wall so to speak in regards to how this would affect housing in the future especially by creating more favourable favourable tax treatment for capital gains. I feel bad to an extent, as we were warned in the 90s that the younger generations would be squeezed out of housing if we didn’t address and curb those polices where governments incentivized investment to extremes while punishing salaried and hourly workers, but of course not those on the executive payroll. And to “divert” folk from noticing this, governments on both sides of the political spectrum created more favourable tax treatment for capital gains and went to great lengths incentivizing investment more and more over the decades in hundreds of ways to the point of giving those gains a lower rate than personal income. No wonder folk and companies find it necessary or irresistible to use houses and condos as an investment vehicle.
Yes , MacKlem held the BoC rate at a hyper low 0.25% for nearly 2 years . This caused a massive housing price bubble . However , the BoC is about as independent as the CBC . .
We are retiring. We had a plan. Part of that plan was selling our house. A house that we can no longer afford the taxes and insurance on. We can't sell our house, because no one can qualify for an 8% + mortgage. You can only retire once. We are old, and we can't wait however long it will take to normalize interest rates with this antiquated method to control inflation. Thanks Bank of Canada, Thanks Trudeau, we will remember you in the next election.
What is your house worth on the market? You remind me of some folk in NB that were forced to sell their homes because they couldn't afford the taxes and utilities on their home and their house has a market value of 300K!
So sorry to hear that, infuriating. I live in the conservative stronghold of Alberta where we have no rental caps, mine went up 30%, many went up 40%. Insanity. Sadly it doesn't seem to matter whether if its Libs or Cons in gov't, neither give a #### about this
@@CalCalCal6996 Yes, a 'free market'... that the bank of Canada is controlling. Umm.... yeah. How come big money has a free market, but labor doesn't? Isn't it time to change an economic strategy that didn't work 50 years ago?
These rate hikes are destroying the lives of so many Canadians. Who can survive mortgage payments going up in absurdly fast succession over and over and over.
@@briankroger7879 Yep. Basically loaning free money in the end, as the rate was less than the inflation rate over time and the insane capital gains if you sold the house; gains that far exceeded what it cost you in interest let alone taxes and utilities.
And renters, especially in places like Alberta where there's bizarrely no rental cap. Mine went up 30% instantly, some people telling me theirs went up 40%. So unethical
@@sainters7 Same in NB; no rent caps. I'm now in BC and we are protected. Our rent is much less than it was in NB and the utilities are insanely low compared to NB.
Productivity is going down 😕 1 million people is ~2.5% increase in population for Canada and the economy has only grown 1.5%… in other words Canadians, on average, are becoming poorer.
Please cut from bottom, not trimming the top & hope things will simmer down. Stop the inflationary policies, cut the tax, fire bureaucratic roadblockers in the government, build houses, re-distribute immigrants to AB, SK, MB (no more ON, BC), and stop the influx of unqualified immigrants. You can't fill a bottomless jar.
Interest hikes only curb inflation if consumer spending is the driving force. In this case it's corporations making record profits by using a 1-2% increase in production costs as a smokescreen and an excuse to increase their prices by 8-10% Last time i checked, corporate profits are directly responsible for 68% of inflation, and are likely indirectly the cause of more. Because of this, all an interest hike does is cause people to lose their homes, their jobs, and in some cases their lives. Foreclosures more than doubled between 2020 and 2022, mostly due to rising interest rates.
There are plenty of empty office and warehouses in Toronto that could easily be converted with little renos. They just want to give opportunity to the super rich.
Not hurting the upper 20%... like most of the people working at the CBC for instance. The rest of us are certainly hurting for it. You people need pull your heads out of the echo chamber.
BoC is like an unskilled plumber with basic idea that you can fix anything by just hitting it hard with a hammer. 70% of the mortgages in Canada haven’t even seen the increased interest rates since the end of 2021, given the 5 year term. Wait up another 2-3 years as that debt renews.
Yes, but interest paid for rental properties mortgages can be tax expensed so the impact of a rate increase really only hits the main home owner that need to renew his mortgage and the new tenant that signs a new lease. Property landlords are not directly impacted by that raise actually. Impact is limited for the wealthy again 🙂
A plumber hey? Because I didn't go to trade school for four years to learn how to analyze combustion gases and repair electrical systems on gas controls and boilers.... yes us plumbers are so dumb and hit things with Hammers...... must be why me make over 50 dollars an hour in service..... wow
@@memyself5924 for you I will explain the unsaid part ‘I was comparing BoC to an unskilled plumber (not a skilled one) who only has one solution to every problem….. just hit with a hammer…
I love it. I am debt free and are now getting 5.25 percent on my GICs. I hope they keep raising the rates to 1980s levels. If you are upset about it, you can blame Trudeau and his voters.
You somehow managed to reply incorrectly to my post. You say that the current inflation is 3.36. If I take the 3.36 from the 5.25 I get 1.89 as a difference. So you are getting a 1.89% real return on your money by using your own numbers. To me that is not great. And of course I think the real inflation rate is much higher than they claim. Look at how much rents, groceries, new cars, utilities, etc are going up in value.
@@cgtrout It's not great but it's kind of safer than gambling on the stock exchange or purchasing junk bonds. I only gamble what I can afford to loose.
@@marcoprolo1488 Fair play. Everyone has their own strategy and risk tolerance, but no one should delude themselves into thinking GICs are actually returning any more than they did in the past.
Utilities GICs are paying high returns on long terms. If you lock yours in now, you will highly likely get a much higher return and as high as 30 to 50 percent return. I locked for three years at .5 percent and got a return of 18 percent last year. Imagine what you would get now locking in at 4 percent for 3 years.
Wages have been stagnant too long; it's all coming to a head. It was inevitable in a system where corporate welfare is the norm and the tax burden is put on the middle class, which has devalued our earnings over the years. Those that reap the benefits of corporate welfare never have to use the money they offshore to maintain their wealth and businesses at home. Their sense of entitlement comes with being spoiled over the years by having their looses and failures socialized at the tax payers expense. This system has little resemblance of capitalism and real competition.
High interest rates don't cause inflation. Housing inflation is caused by low supply/NIMBYism restriction development and mortgage agents approving bad mortgages. If everyone was required to come up with a 50% down payment, we'd see a nice crash in housing and rent prices.
True but something is not right here. We should examine the causes and then target those. Demand-pull, cost-push, increased money supply, monetary and fiscal policies, devaluation, rising wages and so on...
The problem is that it also raises unemployment, and it only reduces inflation if consumer spending is the cause. People already aren't able to afford discretionary spending, so interest hikes are literally causing Canadians to starve while corporations are making record profits.
@@mrimc Do you really believe that the top economists in the country are not looking into this? There is rarely a single reason for inflation. In this case there are many factors that seemed to create a perfect storm. During Covid, and even today, the government threw tons of money into the economy, which isn't good for inflation. Government spending has been out of control since Trudeau took office, which also isn't good. Supply chain issues during Covid have contributed. A lot of people got out of the workforce during and since covid pushing unemployment rates to ridiculously low levels. The war in Ukraine put pressure on oil prices. Extreme drought in California caused a spike in vegetables. There is definitely some price gouging going on. etc etc. But keep in mind, the bank of Canada has been telling people to get their debt under control for just this reason. Interest rates are not that high yet because of high household debt, this modest increase is causing great concern.
@@mrimc The monetary policy is the controlled by the Bank of Canada. Fiscal policy is control by the PM. But spending money is how Liberal government buy votes, especially in Toronto.
May I suggest you cover the scandal of 24 some million in Bank of Canada bonuses given out. Watching Macklems reasoning mentioned his shock of how consumers are still spending..how some canadians have savings which is none of his business and please tell me why there was no mention of government wasteful overspending in the Billions. He put the blame on us the citizens. I see through these lies and I truly hope there are more out there like me who think the same way. Canadians need to stand against this corruption
Brings to mind of what a system we have where the tax burden has been shifted more onto the the salaried and hourly workers over the decades; not on the executive payroll, and the executive payroll is never effected because is it the same old same old, socialize the losses and privatize the gains and reward executives enormously on both occurrences.
The inflation is great for government tax revenue and the interest rates are great for banks. Absolutely no harm done. Now we will get a government program to help us pay for everything funded by borrowed money, which will create more inflation, then the BoC will have to raise interest rates again.
Interest rates are still negative when you account for the real rate of inflation which includes rent inflation. Savers and people doing the right thing are being robbed by the government and real estate cartel.
. Maybe Armine Yalnizyan should tell Canadians that the inflation was caused by the BoC increasing the M2 money supply from $1.8 Trillion in Jan 2020 to over $2.4 Trillion today . Maybe it was the money printing that caused the inflation . .
The current bout of "inflation" is almost entirely due to corrupt corporate price gouging; one only has to look a record-level profits which do not comport with inflation pressures due to rising costs especially during covid. The rise of production costs have little to do nowadays with internal costs and rising prices; more so to do with legal price gouging especially what we have seen in the last 40 years under supply-side Reagan-esque economics where pricing schemes and accounting schemes in marketing (that used to be illegal) has distorted perceptions of value widely. Nowadays we have a tax regime that allows accounting schemes to inflate and manufacture overhead that actually doesn't exist in order to not pay tax on it and price what the market will bear; and the savings are never passed on to the customer, but off shored. The days of enforcing antitrust and illegal price gouging is long gone.
Back then at least you could find a nice place to rent that was less than a a third of your month's wages if you lost your house; BTW houses were much cheaper then even in big cities where two people making a bit more than minimum wage could buy a modest house.
Interest rates offered to house buyers should be dynamic and should depend on whether or not you are first time buyer or 2nd or more. If first time buyer, interest rate offered should be less but if you already have a home, the interest rate should be double or triple. Also it should be subject to background check by government entity to ensure that you are not buying the house on your spouse or children's name to avoid showing that this is your 2nd or 3rd home investment. Misrepresentation should be jail term and heavy fine. This will discourage a lot of people who are buying with no intension of living in that house.
time for robinhood to make an appearance, the rich are getting richer because their savings are now growing faster and many have debt paid off, or push that increased debt load onto renters of their income properties. I fall into the debt paid off category, but I see the pain this heavy handed monetary policy is having on the majority of canadians trying to build a life. We need a more holistic strategy here. Continuous rate hikes are lazy and heavy handed.
Asset Growth ( Capital Gains ) > Income Growth . Much of the money printed by central banks is ending up in the hands of the wealthy , which is driving up asset prices .
The problem with housing in Toronto and all of canada is this toxic and dangerous 'mass immigration'. We're trucking in unskilled immigrants by the hundreds of thousands if not millions per year now. It's insane! All businesses that grow extremely fast in an unbalanced way all fail. It's the same for countries. We simply don't have the housing for our current situation not to mention continued mass immigration. We moved from Toronto to closer to Niagara for better housing affordability. It worked but we pay through the rough for gas now and there's no daycare out here. We live in a daycare desert. It's common in the burbs and it's not ok. Gen Z and Millennials are going to pay for these old Boomer ideologies. It's because boomers failed to repopulate adequately that they justify mass immigration. It's the boomers that are the ones saying that we need mass immigration to continue having a workforce in the economy otherwise our standart of living will decrease by 20%! It's the biggest BS! There's no data behind their theory. It's all theory. Don't listen to them. The more people that come into canada skilled or unskilled the more housing costs increase and so does the rest of costs of living. Don't listen to the boomers. They are the problem. Gen Z complains that less then 3% of housing is being Airbnb'd. Thave no idea what mass immigration has been doing to housing and what it will continue to do for many years unless it's stopped!! Dangerous and toxic mass immigration is what we need to be talking about.
Just think about what will have to happen for raising interest rates to work: Massive amounts of foreclosures, which will cause massive increases of rent prices, and homelessness. Can we please think of a solution that doesn't target the middle class?
@@tchevrier No they weren't, at least not by the government. Quite the contrary. They've been told interest rates will remain low, and immigration will keep demand up for housing. Combined with fear of missing out due to runaway prices, we can see exactly why things happened the way they did.
@@milhouse8166 LOL. YES, They most certainly have been warned. Repeatedly. For years. David Dodge was warning people almost from the day he assumed the position as the head of the BoC. So was Mark Carney and his successor. If you believe that the BoC was telling people otherwise, then you are greatly mistaken. They've been telling Canadians to get their household debt under control for decades. Why? Because of this scenario. C'mon man.
The only ones doing well from rate increases are financial institutions, rich business owners and the government. Everyday public is suffering more and more. Food stamps next? Atrocious!
We all know taking on debt is risky. Not my fault someone decided to buy on debt more than they could afford. Asking for help when if you gamble and lose at the casino is the same thing as asking for help when you gamble on buying too much house. Interest rates need to be higher and that is why it is happening. The thing about thermal dynamics is it doesn't apply to economics and perpetual monetary supply is a thing, especially when that new cash was* created for almost free. Higher for longer, both mortgages and central bank rates. Rip off the band-aid, bring the pain and let's fix inflation. I can't even being to correctly guess "the price is right anymore" on how inflated prices are here in Canada.
Thankfully in Ontario the renters board protects renters from above 2% annual increases. The poor people that were forced to find rentals in the last 2 years are basically slaves to landlords. …correction, they are slaves to landlords. Your government and central bank either owe you an apology and should step down for their incompetence, or should be jailed as terrorists for WEF, if this was intentional.
Doug Ford to protect his cronies stopped properties after Nov 15 2018 from being under rent control. Properties decades under rent control every time there is a new renter LL will put rent up & up. Doug Ford won't do anything about it as he's a part of Trudeau's confederates.
Funny you should say that. It was Doug Ford who removed rent control on new units in 2018. There is part of the problem, we are seeing the impacts of that now. Again...developpers in his pocket...Ford is destroying the middle class, does nothing for low income Ontarians and is destroying our health care system in Ontario. Time to get him out!
If big greedy businesses didn’t get to lobby crooked politicians we would still be a country with a good standard of living. Money. The root of all evil.
Middle class getting another shake down. It was impossible to be approved for a mortgage then once approved, now we see more money evaporating on a overpriced homes. Also trying raise a family is getting impossible. If Interest rates would have just stayed at 2.5% and allow inflation will go down over a long time. Instead of crushing everyone in all directions because the government gave away some much free money. Mortgage payments are through the roof and adding to inflation. If I had their paycheques. I’d say no big deal too.
4:05 " Armine Yalnizyan " Russia has up ended the apple cart for most of the world . " Total Bull S __ t. If that were true , how does that account for sky rocketing rents and dairy prices ??? If that were true , how does that account for the fact the Switzerland , Canada and Britain have completely different rates of inflation ??? .
@@MrRiodiamond yes if they would its been 3 years since I've been watching this stuff and I havent seen any new ones being built so they should keep raising taxes to make it all crash to reset the unrealistic prices of houses
Tiff Macklem gave people false hope at the beginning of all this by suggesting that inflation was “transitory” and that rates would not have to increase. Many people believed it unfortunately 😔
Higher interest rates are suppose to encourage saving and discourage borrowing and, in turn, spending, but that doesn't work that well when big companies and corporations can price gouge and hide profits by means of accounting gimmicks and schemes, which used to be illegal. Before trickle down economics took hold, when raising rates happened, companies usually increased their prices more slowly or even lowered them to encourage demand, which lowered inflation. But those days are pretty much long gone. Small businesses during "real inflation" experience getting squeezed in regards to competing, but the problem is nowadays large monopolistic corporations and their conglomerates don't.
@@michaelanderson3096 I hope. It seems there is a demographic spending like crazy and willing to pay too much for goods. Ever hear of “decoy” options? It is when corporations used marketing and accounting schemes to distort perceptions of value so many folk will pay something that costs 3 dollar an item to make and distribute and pay over 150 for it. No big corporation today is competing for low overhead; and internal costs have nothing to do with consumer pricing.
BoC has lost all credibility with me, have no faith in Tiff to do what is right or to come up with anything other then doing whatbwe did in the past which a computer program could do.
Default will happen and when bank starts to have toxic paper. The government going to do something? Please kick them out already. NDP can take away their support
They need to balance it out & find a solution to much people coming in & not enough help in the construction industry thats why some people are quitting in construction like i want to for a few years now.This causes to much stress & fights in construction they are making the problem not solving it as they should thats 100% true.
McDonald’s combo is almost double the price..gas, food,household bills, insurance, property tax, car repair, dealerships markups, bidding war on houses all went up like there’s no tomorrow but peoples are keep spending like they have money trees in theirs backyard so, I will not blame BOC raising interest rate!
Lol if you want a cheap meal do the surveys on the back of McDonalds, Wendy’s and Burger King receipts bro. The price you will be charged with the offers they send you is cheaper than pre-pandemic prices.😂
True, I am amazed at how many people still use grocery delivery companies with their exorbitant fees over just going to the grocery store and they complain about food prices.
Atleast other 2 percent to be increased in the coming months to cool down the inflation. Otherwise, people in the long term suffer a lot.😉 We can expect few more increases possible. Even BoC increases, I won't suprised.
BoC thinks that it's only difficult for some, are you kidding? These kinds of people don't have a heart for the regular Canadians...who are these some you're talking about,😂😂, such a joke Carolyn, when some is already about to lose their homes, then there's this some who's working 2-3jobs just to make ends meet, then there's other some who's cost of living is times 3 just to buy the same amount of food from when the interest was just under 2 percent.. surely she has a big house and a large amount of funds to spend that she thinks it's only the problem of some😂. the government needs to stop their Idiocracy, Canada have so much professionals especially international professionals who were here for more than 5yrs...they just need to create a new way for them to transcession to be qualified under Canadian standards..maybe Canadian government needs to learn from their counterparts eg, usa, Australia, NZ and even UK...with all those professionals you can create more work and control inflation more.. plus creating more short term jobs while helping all these people to be Canadian professionals, BoC don't have to increase rates, these people thinks a bandaid solutions, and hiking rates is their only way, sad😢..the experts and highly educated 😅.. Canada don't have sanctions but acting like one😂😂
Supply & demand. No supply right now and high demand. Banks increasing rates allow for supply to hit the market, people who truly can't afford it won't qualify. Prices should drop like they've needed to for years now. Some of these people losing there homes didn't set themselves up for success, they were to focused on getting in the market instead of what could happen. Yes it's awful some will lose their home, but in the larger picture this will be good for canada, and those really struggling.
@@AlphaKorr And about a third of the population is indifferent to homeowners facing higher interest rates when they come up for renewal for good reason.
The interest rate hike is necessary. Otherwise the living costs and housing price will go up crazy. In that case, what we earn can not catch up with all the expenses.
The problem at this point is that it is hurting those who are already hurting the most (and not hurting those who are wealthy/successful). The government needs to do more to address this. Raising the interest rates is not the only tool to address the current problems.
Holding inflation down is more important than worrying about those that lived on cheap borrowings on houses, cars, vacations etc Keep in mind the freebies offered by the Liberals to the lazy
Indeed. And keep in mind the freebies offered to oligarchs and corporations for decades by both parties. Freeloaders never admit they are freeloaders even when they know they need corporate socialism to be functional; such is the world of not getting rid of the policies that came about from supply side economics and its BS trickle down strategies. We live in a mixed market economy, i.e., in a Western Democracy where there will always be freeloaders on the very top and bottom. Unfortunately we now live in a society where the richest of the richest has to a large extent thwarted the goal of the mixed market system - to achieve a balance in regards to taxation and its outcomes, which we see it tipping in the wrong direction favouring corporations and the very rich over the middle and upper middle class. I’d be more worried about the freeloaders at the top, as the reality is we are in an era where the economy at the bottom is continually bled to sustain growth at the top.
Some Canadians, its hurting a lot of Canadians
Not the rich and people who own homes without mortgages.😂
And a lot are not hurting; especially those with a lot of capital to invest and many with a house paid for.
Everyone enjoyed the low interest rates decade. Now it is payback time
Homeowners with mortgages have been stealing from renters and savers since 2008 with their cheap money and inflation. The inflation rate is still higher than the interest rate. Im tired of welfare for mortgagers.
@@thunderbird4709 Exactly. It's similar to corporate welfare on a smaller scale ; )
" We foresee rates remaining low for a very, very long time" Tiff Macklem
Do you mean "Thief" Macklem? He doesn't deserve the office he's occupying.
@@HenryTudorVIII”When the facts change it is logical to change one’s opinion and the direction of the institution they lead.”
Paraphrasing the words of a macro economist, whose name i don’t recall.
@@cyrena_ I wouldn't consider myself an economist but I'm more knowledgeable than "average" about economics. This said I suspected it was foolish to promise to keep rates low for so long. I didn't predict they'd raise so much sooner but I'm not surprised.
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
I have experienced significant losses, and I am holding on with the hope of recovering them. It is evident that I am in dire need of assistance. Could you please share the name of the investment adviser who guides you?
No, assistance will further fuel inflation…even so-called “targeted assistance”.
Portable Housing benefits.
Raising interest rates is doing nothing to control the cost of living. It is making it worse. Rising wages would be much more helpful. Rising interest rates to control inflation was a tool of the last century. It doesn't work to maintain a group of unemployed people ( The "natural" rate of unemployment) to control inflation. We need price controls on basic necessities and higher taxes on the rich, not some economic wacko's wet fever dream from 50 years ago.
@@susannicky Investors is very good, been with them over 20 years and my portfolio is doing well...
"We understand how difficult it is, however we don't CARE!"
As homeowner We don’t care about you who doesn’t own home and when rent price is going up. Right back at you. We don’t care about renters too!
Are they supposed to? Just pay down your debt or sell your assets.
@@CalCalCal6996totally.
No food on the table. Sell your home for a loss. Can't afford rent, to the streets. Just spend less.
Thank goodness we have more carbon taxes to help us all survive.
@@CalCalCal6996 that is a fair point, however as a counter argument seeing as how the Bank of Canada just printed money for Trudeau non stop over the last 3 years; and he than went on a spending spree like a teenage girl with daddies credit card. THEY'RE IN A LARGE PART RESPONSIBLE FOR THE CURRENT ECONOMIC DISASTER WE'RE LIVING THROUGH! So why did the Bank of Canada feel they're employees deserved FORTY MILLION IN BONUSES AND RAISES DURING THE "PANDEMIC?"
I don't know if anyone has noticed or cared but we have families with TWO working parents who can't afford to live.
I'm old enough to remember when one person on minimum wage could support a spouse and even rent a decent place. You can thank supply side economics and it BS trickle down strategy for devaluing the earnings of the middle class and reducing competitive advantage, bleeding the bottom continually to sustain growth at the top.
Time to introduce a third parent in that relationship 😂
Don’t lynch me, I’m being satirical
Carbon Tax! and Interest Rate Hikes!...Double Billing the population will cause nothing but grief!
Harm for people, good for wealthy friends of politicians.
Canada must change the system - all power to the people! ✊🏻✊🏿
Yes, let’s govern by slogan. Yes, that will work. 🙄
@@mensrea1251👉 Vote new leader.
Getting rid of government exorbitant pensions and the carbon tax would help Canadianss.
One reason housing costs went up is the low lending rates. If the interest rates are less than inflation it’s a no brainer to buy real estate as an investment. It’s not that simple of course there are other reasons as well. Airbnb where companies or individuals buy multiple units to rent does not help. Corporations buying up houses without any real negotiating to rent out at high rates.
You nailed it and the govenment is allow them to do it and that's the #1 issue not intrest rates
I recall a very successful business woman telling me in the late 80s that the policies that stem from supply side economics will continue to devalue the earnings of the middle class for decades and she was right. Also she saw the writing on the wall so to speak in regards to how this would affect housing in the future especially by creating more favourable favourable tax treatment for capital gains. I feel bad to an extent, as we were warned in the 90s that the younger generations would be squeezed out of housing if we didn’t address and curb those polices where governments incentivized investment to extremes while punishing salaried and hourly workers, but of course not those on the executive payroll. And to “divert” folk from noticing this, governments on both sides of the political spectrum created more favourable tax treatment for capital gains and went to great lengths incentivizing investment more and more over the decades in hundreds of ways to the point of giving those gains a lower rate than personal income. No wonder folk and companies find it necessary or irresistible to use houses and condos as an investment vehicle.
Yes , MacKlem held the BoC rate at a hyper low 0.25% for nearly 2 years . This caused a massive housing price bubble . However , the BoC is about as independent as the CBC .
.
We are retiring. We had a plan. Part of that plan was selling our house. A house that we can no longer afford the taxes and insurance on.
We can't sell our house, because no one can qualify for an 8% + mortgage. You can only retire once. We are old, and we can't wait however long it will take to normalize interest rates with this antiquated method to control inflation.
Thanks Bank of Canada, Thanks Trudeau, we will remember you in the next election.
What is your house worth on the market? You remind me of some folk in NB that were forced to sell their homes because they couldn't afford the taxes and utilities on their home and their house has a market value of 300K!
So sorry to hear that, infuriating. I live in the conservative stronghold of Alberta where we have no rental caps, mine went up 30%, many went up 40%. Insanity. Sadly it doesn't seem to matter whether if its Libs or Cons in gov't, neither give a #### about this
This is literally the free market. Lower your asking price until someone buys. Otherwise your house wasn't worth what you thought it was.
@@sainters7 Economically, there is very little difference between Liberal's and Conservative's.
There is only one party that offers a different path.
@@CalCalCal6996 Yes, a 'free market'... that the bank of Canada is controlling. Umm.... yeah.
How come big money has a free market, but labor doesn't?
Isn't it time to change an economic strategy that didn't work 50 years ago?
These rate hikes are destroying the lives of so many Canadians. Who can survive mortgage payments going up in absurdly fast succession over and over and over.
Back in the 80's interest rate was 19.9% .
Yawn. These are normal interest rates. The ridiculous rates of the past 15 years is what wasn't normal.
@@briankroger7879 Yep. Basically loaning free money in the end, as the rate was less than the inflation rate over time and the insane capital gains if you sold the house; gains that far exceeded what it cost you in interest let alone taxes and utilities.
And renters, especially in places like Alberta where there's bizarrely no rental cap. Mine went up 30% instantly, some people telling me theirs went up 40%. So unethical
@@sainters7 Same in NB; no rent caps. I'm now in BC and we are protected. Our rent is much less than it was in NB and the utilities are insanely low compared to NB.
Productivity is going down 😕
1 million people is ~2.5% increase in population for Canada and the economy has only grown 1.5%… in other words Canadians, on average, are becoming poorer.
Please cut from bottom, not trimming the top & hope things will simmer down. Stop the inflationary policies, cut the tax, fire bureaucratic roadblockers in the government, build houses, re-distribute immigrants to AB, SK, MB (no more ON, BC), and stop the influx of unqualified immigrants. You can't fill a bottomless jar.
The last time we saw a similar economic mess Justin’s father was Prime Minister. Yet we still vote Liberal.
Interest hikes only curb inflation if consumer spending is the driving force. In this case it's corporations making record profits by using a 1-2% increase in production costs as a smokescreen and an excuse to increase their prices by 8-10%
Last time i checked, corporate profits are directly responsible for 68% of inflation, and are likely indirectly the cause of more.
Because of this, all an interest hike does is cause people to lose their homes, their jobs, and in some cases their lives. Foreclosures more than doubled between 2020 and 2022, mostly due to rising interest rates.
👍
Carbon tax contributes to inflation
do you work for a corporation
YES BROTHER!!! This is the answer!!! Corporations needs regulation! Let’s vote someone in that can do that!
No its just money printing and QE
As long as we don't increase housing supply, prices will stay high
Need to cap immigration until the housing situation is solved as well.
There are plenty of empty office and warehouses in Toronto that could easily be converted with little renos. They just want to give opportunity to the super rich.
Not hurting the upper 20%... like most of the people working at the CBC for instance. The rest of us are certainly hurting for it. You people need pull your heads out of the echo chamber.
Not some but most of the Canadians Madam.
BoC is like an unskilled plumber with basic idea that you can fix anything by just hitting it hard with a hammer.
70% of the mortgages in Canada haven’t even seen the increased interest rates since the end of 2021, given the 5 year term. Wait up another 2-3 years as that debt renews.
I once saw an ad where a leak was "fixed" with chewing gum. This is beyond a leak, folks. This is a flood. 😮
Yes, but interest paid for rental properties mortgages can be tax expensed so the impact of a rate increase really only hits the main home owner that need to renew his mortgage and the new tenant that signs a new lease. Property landlords are not directly impacted by that raise actually. Impact is limited for the wealthy again 🙂
A plumber hey? Because I didn't go to trade school for four years to learn how to analyze combustion gases and repair electrical systems on gas controls and boilers.... yes us plumbers are so dumb and hit things with Hammers...... must be why me make over 50 dollars an hour in service..... wow
@@memyself5924 for you I will explain the unsaid part ‘I was comparing BoC to an unskilled plumber (not a skilled one) who only has one solution to every problem….. just hit with a hammer…
I love it. I am debt free and are now getting 5.25 percent on my GICs. I hope they keep raising the rates to 1980s levels. If you are upset about it, you can blame Trudeau and his voters.
That's barely above the real level of inflation, so you really are not making much.
You somehow managed to reply incorrectly to my post. You say that the current inflation is 3.36. If I take the 3.36 from the 5.25 I get 1.89 as a difference. So you are getting a 1.89% real return on your money by using your own numbers. To me that is not great.
And of course I think the real inflation rate is much higher than they claim. Look at how much rents, groceries, new cars, utilities, etc are going up in value.
@@cgtrout It's not great but it's kind of safer than gambling on the stock exchange or purchasing junk bonds. I only gamble what I can afford to loose.
@@marcoprolo1488 Fair play. Everyone has their own strategy and risk tolerance, but no one should delude themselves into thinking GICs are actually returning any more than they did in the past.
Utilities GICs are paying high returns on long terms. If you lock yours in now, you will highly likely get a much higher return and as high as 30 to 50 percent return. I locked for three years at .5 percent and got a return of 18 percent last year. Imagine what you would get now locking in at 4 percent for 3 years.
wont workers start asking for higher wages DUE TO HIGH INTEREST RATES causing inflation?
That's the whole problem. Wages have not been increasing. Keep em all poor...easier to control and take advantage of us.
Wages have been stagnant too long; it's all coming to a head. It was inevitable in a system where corporate welfare is the norm and the tax burden is put on the middle class, which has devalued our earnings over the years. Those that reap the benefits of corporate welfare never have to use the money they offshore to maintain their wealth and businesses at home. Their sense of entitlement comes with being spoiled over the years by having their looses and failures socialized at the tax payers expense. This system has little resemblance of capitalism and real competition.
High interest rates don't cause inflation. Housing inflation is caused by low supply/NIMBYism restriction development and mortgage agents approving bad mortgages. If everyone was required to come up with a 50% down payment, we'd see a nice crash in housing and rent prices.
the purpose of increasing interest rates is to slow down consumer spending.
True but something is not right here. We should examine the causes and then target those. Demand-pull, cost-push, increased money supply, monetary and fiscal policies, devaluation, rising wages and so on...
A contractionary monetary policy from our federal leaders could help.. but that's hopium
The problem is that it also raises unemployment, and it only reduces inflation if consumer spending is the cause. People already aren't able to afford discretionary spending, so interest hikes are literally causing Canadians to starve while corporations are making record profits.
@@mrimc Do you really believe that the top economists in the country are not looking into this?
There is rarely a single reason for inflation. In this case there are many factors that seemed to create a perfect storm. During Covid, and even today, the government threw tons of money into the economy, which isn't good for inflation. Government spending has been out of control since Trudeau took office, which also isn't good. Supply chain issues during Covid have contributed. A lot of people got out of the workforce during and since covid pushing unemployment rates to ridiculously low levels. The war in Ukraine put pressure on oil prices. Extreme drought in California caused a spike in vegetables. There is definitely some price gouging going on. etc etc.
But keep in mind, the bank of Canada has been telling people to get their debt under control for just this reason. Interest rates are not that high yet because of high household debt, this modest increase is causing great concern.
@@mrimc The monetary policy is the controlled by the Bank of Canada. Fiscal policy is control by the PM. But spending money is how Liberal government buy votes, especially in Toronto.
Over 20 million dollars in bonuses for BOC executives? Such a fair system we have under the Trudeau regime.
those who rising interest don’t feel the difference anyway
Without wage and price controls, increased interest rates only serve to increase inflation.
May I suggest you cover the scandal of 24 some million in Bank of Canada bonuses given out. Watching Macklems reasoning mentioned his shock of how consumers are still spending..how some canadians have savings which is none of his business and please tell me why there was no mention of government wasteful overspending in the Billions. He put the blame on us the citizens. I see through these lies and I truly hope there are more out there like me who think the same way. Canadians need to stand against this corruption
Same old same old socialize the losses and privatize the gains and reward executives enormously on both occurrences.
It seems Justin wants the BOC to take his responsibilities.
Reducing government expenditures may be more effective in fighting Canadian inflation than another interest rate hike.
Bank of Canada employees got bonuses is there something wrong with this for doing a bad job?
What were they supposed to do? Bonuses have nothing to do with it.
Brings to mind of what a system we have where the tax burden has been shifted more onto the the salaried and hourly workers over the decades; not on the executive payroll, and the executive payroll is never effected because is it the same old same old, socialize the losses and privatize the gains and reward executives enormously on both occurrences.
Carolyn Rogers should say inflation is good for some and bad for the majority of Canadians
The lady has a better perspective on this inflation crunch than the man.
Man was just a shill supporting gov policy
The inflation is great for government tax revenue and the interest rates are great for banks. Absolutely no harm done. Now we will get a government program to help us pay for everything funded by borrowed money, which will create more inflation, then the BoC will have to raise interest rates again.
Corporations don't pay taxes, people do. If everyone is on unemployment, who contributes to fundingprograms?
@@fabienneisore7831 I know, I wasn’t being literal.
Interest rates are still negative when you account for the real rate of inflation which includes rent inflation. Savers and people doing the right thing are being robbed by the government and real estate cartel.
Rates should have been at 10 % long time ago, they are only catching up to long lost train.
This guy should at least apologize to Canadians for telling them that interest rates will remain low for a very long time, like one year !!
.
Maybe Armine Yalnizyan should tell Canadians that the inflation was caused by the BoC increasing the M2 money supply from $1.8 Trillion in Jan 2020 to over $2.4 Trillion today . Maybe it was the money printing that caused the inflation .
.
Shhh! They almost have everyone convinced it's due ro everything else.
Inflation is to a great degree caused by CORPORATIONS HUGE PROFITS! Deal with this please. Never gets talked about!
The current bout of "inflation" is almost entirely due to corrupt corporate price gouging; one only has to look a record-level profits which do not comport with inflation pressures due to rising costs especially during covid.
The rise of production costs have little to do nowadays with internal costs and rising prices; more so to do with legal price gouging especially what we have seen in the last 40 years under supply-side Reagan-esque economics where pricing schemes and accounting schemes in marketing (that used to be illegal) has distorted perceptions of value widely. Nowadays we have a tax regime that allows accounting schemes to inflate and manufacture overhead that actually doesn't exist in order to not pay tax on it and price what the market will bear; and the savings are never passed on to the customer, but off shored. The days of enforcing antitrust and illegal price gouging is long gone.
It’s going to be worse than the 18% in the 1980’s 😱😱😱 so many lost their home
The only difference is in the 80s the cost of homes was not what it is today. And salaries have not gone up that much since then.
Back then at least you could find a nice place to rent that was less than a a third of your month's wages if you lost your house; BTW houses were much cheaper then even in big cities where two people making a bit more than minimum wage could buy a modest house.
Interest rates offered to house buyers should be dynamic and should depend on whether or not you are first time buyer or 2nd or more. If first time buyer, interest rate offered should be less but if you already have a home, the interest rate should be double or triple. Also it should be subject to background check by government entity to ensure that you are not buying the house on your spouse or children's name to avoid showing that this is your 2nd or 3rd home investment. Misrepresentation should be jail term and heavy fine. This will discourage a lot of people who are buying with no intension of living in that house.
There isn’t a person alive that think higher interest rates are a good thing outside of Ottawa..
time for robinhood to make an appearance, the rich are getting richer because their savings are now growing faster and many have debt paid off, or push that increased debt load onto renters of their income properties. I fall into the debt paid off category, but I see the pain this heavy handed monetary policy is having on the majority of canadians trying to build a life. We need a more holistic strategy here. Continuous rate hikes are lazy and heavy handed.
Asset Growth ( Capital Gains ) > Income Growth .
Much of the money printed by central banks is ending up in the hands of the wealthy , which is driving up asset prices .
The problem with housing in Toronto and all of canada is this toxic and dangerous 'mass immigration'. We're trucking in unskilled immigrants by the hundreds of thousands if not millions per year now. It's insane! All businesses that grow extremely fast in an unbalanced way all fail. It's the same for countries. We simply don't have the housing for our current situation not to mention continued mass immigration. We moved from Toronto to closer to Niagara for better housing affordability. It worked but we pay through the rough for gas now and there's no daycare out here. We live in a daycare desert. It's common in the burbs and it's not ok. Gen Z and Millennials are going to pay for these old Boomer ideologies. It's because boomers failed to repopulate adequately that they justify mass immigration. It's the boomers that are the ones saying that we need mass immigration to continue having a workforce in the economy otherwise our standart of living will decrease by 20%! It's the biggest BS! There's no data behind their theory. It's all theory. Don't listen to them. The more people that come into canada skilled or unskilled the more housing costs increase and so does the rest of costs of living. Don't listen to the boomers. They are the problem. Gen Z complains that less then 3% of housing is being Airbnb'd. Thave no idea what mass immigration has been doing to housing and what it will continue to do for many years unless it's stopped!! Dangerous and toxic mass immigration is what we need to be talking about.
Just think about what will have to happen for raising interest rates to work:
Massive amounts of foreclosures, which will cause massive increases of rent prices, and homelessness.
Can we please think of a solution that doesn't target the middle class?
Foreclosures will increase rents LOL
@@Blademaster1989 what do you think homeowners become when they lose their homes? 🤡
the middle class has been warned for nearly 20 years to get their household debt under control for exactly this reason.
@@tchevrier No they weren't, at least not by the government. Quite the contrary. They've been told interest rates will remain low, and immigration will keep demand up for housing. Combined with fear of missing out due to runaway prices, we can see exactly why things happened the way they did.
@@milhouse8166 LOL. YES, They most certainly have been warned. Repeatedly. For years. David Dodge was warning people almost from the day he assumed the position as the head of the BoC. So was Mark Carney and his successor.
If you believe that the BoC was telling people otherwise, then you are greatly mistaken. They've been telling Canadians to get their household debt under control for decades. Why? Because of this scenario.
C'mon man.
Our pensions need to be $200] a month to live on us seniors are struggling to make ends meet
The finance minister should’ve been grilled about this for the last year. I saw her last press conference nothing but smiles and softballs.
She wouldn’t answer any questions regardless.
All you need to do is cancel your Disney+ subscription
Rising gas prices along with food prices, looking like possibly one more rate hike of .25 basis points in October.
Stop overspending government from destruction of home owners
The only ones doing well from rate increases are financial institutions, rich business owners and the government. Everyday public is suffering more and more. Food stamps next? Atrocious!
"Interest rates and inflation are making it very difficult for some... but not for me, so that's too bad for y'all" *shrug*
- BoC
We all know taking on debt is risky. Not my fault someone decided to buy on debt more than they could afford. Asking for help when if you gamble and lose at the casino is the same thing as asking for help when you gamble on buying too much house. Interest rates need to be higher and that is why it is happening. The thing about thermal dynamics is it doesn't apply to economics and perpetual monetary supply is a thing, especially when that new cash was* created for almost free. Higher for longer, both mortgages and central bank rates. Rip off the band-aid, bring the pain and let's fix inflation. I can't even being to correctly guess "the price is right anymore" on how inflated prices are here in Canada.
Yes
Thankfully in Ontario the renters board protects renters from above 2% annual increases. The poor people that were forced to find rentals in the last 2 years are basically slaves to landlords. …correction, they are slaves to landlords. Your government and central bank either owe you an apology and should step down for their incompetence, or should be jailed as terrorists for WEF, if this was intentional.
Doug Ford to protect his cronies stopped properties after Nov 15 2018 from being under rent control.
Properties decades under rent control every time there is a new renter LL will put rent up & up.
Doug Ford won't do anything about it as he's a part of Trudeau's confederates.
Funny you should say that. It was Doug Ford who removed rent control on new units in 2018. There is part of the problem, we are seeing the impacts of that now. Again...developpers in his pocket...Ford is destroying the middle class, does nothing for low income Ontarians and is destroying our health care system in Ontario. Time to get him out!
If big greedy businesses didn’t get to lobby crooked politicians we would still be a country with a good standard of living.
Money. The root of all evil.
Yes... of course it is
Middle class getting another shake down. It was impossible to be approved for a mortgage then once approved, now we see more money evaporating on a overpriced homes. Also trying raise a family is getting impossible.
If Interest rates would have just stayed at 2.5% and allow inflation will go down over a long time. Instead of crushing everyone in all directions because the government gave away some much free money. Mortgage payments are through the roof and adding to inflation.
If I had their paycheques. I’d say no big deal too.
Those duedes are in heaven
Who locked fixed mortgage in 2020
4:05 " Armine Yalnizyan " Russia has up ended the apple cart for most of the world . " Total Bull S __ t.
If that were true , how does that account for sky rocketing rents and dairy prices ???
If that were true , how does that account for the fact the Switzerland , Canada and Britain have completely different rates of inflation ???
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No this Govt doesn’t do any favour to Canadian .. because of Justin our PM this is Al happening
Well they should raise it more the housing market prices are hurting more then the intrest rate
Agreed
Wouldn't building more houses make more sense?
@@MrRiodiamond yes if they would its been 3 years since I've been watching this stuff and I havent seen any new ones being built so they should keep raising taxes to make it all crash to reset the unrealistic prices of houses
@@MrRiodiamond No because they are not building affordable housing!
High interest rate is not the answer to increase taxes, increase wages and limited supply which all contribute to higher prices and inflation
Revolution is needed in Canada...
They tried that in Ottawa and now they are facing jail sentences! Don't be ridiculous.....
Tiff Macklem gave people false hope at the beginning of all this by suggesting that inflation was “transitory” and that rates would not have to increase. Many people believed it unfortunately 😔
That was Jerome “money printer” Powell, not Macklem
Nothing is an accident, will your rent get lowered when these interests go down? You know the answer...
Interest rates corrects people's spending behaviour - more expensive to borrow money from the government.
Higher interest rates are suppose to encourage saving and discourage borrowing and, in turn, spending, but that doesn't work that well when big companies and corporations can price gouge and hide profits by means of accounting gimmicks and schemes, which used to be illegal. Before trickle down economics took hold, when raising rates happened, companies usually increased their prices more slowly or even lowered them to encourage demand, which lowered inflation. But those days are pretty much long gone. Small businesses during "real inflation" experience getting squeezed in regards to competing, but the problem is nowadays large monopolistic corporations and their conglomerates don't.
@@rps1689 6% interest by the end of the year will be ideal to stop people's selfish spending habits.
@@michaelanderson3096 I hope. It seems there is a demographic spending like crazy and willing to pay too much for goods.
Ever hear of “decoy” options? It is when corporations used marketing and accounting schemes to distort perceptions of value so many folk will pay something that costs 3 dollar an item to make and distribute and pay over 150 for it. No big corporation today is competing for low overhead; and internal costs have nothing to do with consumer pricing.
When he say nobody would complain then, that's crap all those thatblost their jobs and were crushed by the recession it caused complain alot
BoC has lost all credibility with me, have no faith in Tiff to do what is right or to come up with anything other then doing whatbwe did in the past which a computer program could do.
Jimmy Jean was one of the economist saying a 1.5 year ago that inflation was temporary... Well his speach quite changed since then 😅
yes it is bringing more harm than good. Trudeau to go
Yes it is
Default will happen and when bank starts to have toxic paper. The government going to do something? Please kick them out already. NDP can take away their support
Moderation of Interest Rates and Large Chunks of Money being deposited in Capital Funds are the way forward.
They need to balance it out & find a solution to much people coming in & not enough help in the construction industry thats why some people are quitting in construction like i want to for a few years now.This causes to much stress & fights in construction they are making the problem not solving it as they should thats 100% true.
McDonald’s combo is almost double the price..gas, food,household bills, insurance, property tax, car repair, dealerships markups, bidding war on houses all went up like there’s no tomorrow but peoples are keep spending like they have money trees in theirs backyard so, I will not blame BOC raising interest rate!
Lol if you want a cheap meal do the surveys on the back of McDonalds, Wendy’s and Burger King receipts bro. The price you will be charged with the offers they send you is cheaper than pre-pandemic prices.😂
True, I am amazed at how many people still use grocery delivery companies with their exorbitant fees over just going to the grocery store and they complain about food prices.
@@Sam19509 Yeah but we are talking about real food, not cheap junk food.
Who created interest it shouldn’t exist human greed at some point someone sold something to somebody for more money than anyone had
Atleast other 2 percent to be increased in the coming months to cool down the inflation. Otherwise, people in the long term suffer a lot.😉 We can expect few more increases possible. Even BoC increases, I won't suprised.
Of course it is …..
Ultimatley BoC does what BoF and the Fed Reserve does. If the USA raises we will have to raise. I think we will be seeing 9-10% lending rates in 2024.
I figure 7 to 8
@@acriticalvegan6164 It's already 7.2% for the lending rate not the BoC rate
mortgages rates were 12% in 1991. Yet people still survived and purchased homes.
@tchevrier How were home prices in the 90s? Definitely not the prices we have now?
@@HenryTudorVIII A friend bought a studio in Gastown for 60ish that was around 95 96. Another bought a loft for around 100
Where are those Realtors
Who sold DREAMS, that by end of 2023 rate will go down
25 bp hike coming in September 😂 ! Monetary policy is not restrictive enough in Canada
Of course its a terrible idea. Bad policy all around when it comes to this liberal government
BoC thinks that it's only difficult for some, are you kidding? These kinds of people don't have a heart for the regular Canadians...who are these some you're talking about,😂😂, such a joke Carolyn, when some is already about to lose their homes, then there's this some who's working 2-3jobs just to make ends meet, then there's other some who's cost of living is times 3 just to buy the same amount of food from when the interest was just under 2 percent.. surely she has a big house and a large amount of funds to spend that she thinks it's only the problem of some😂. the government needs to stop their Idiocracy, Canada have so much professionals especially international professionals who were here for more than 5yrs...they just need to create a new way for them to transcession to be qualified under Canadian standards..maybe Canadian government needs to learn from their counterparts eg, usa, Australia, NZ and even UK...with all those professionals you can create more work and control inflation more.. plus creating more short term jobs while helping all these people to be Canadian professionals, BoC don't have to increase rates, these people thinks a bandaid solutions, and hiking rates is their only way, sad😢..the experts and highly educated 😅.. Canada don't have sanctions but acting like one😂😂
Yes.
Let’s keep Trudeau in power for a few more years. He’ll get us out of it. 😂
yes this is to create good people into slaves. people need to work for there own home not to make someone freer at their expense or corporation!
Supply & demand. No supply right now and high demand. Banks increasing rates allow for supply to hit the market, people who truly can't afford it won't qualify. Prices should drop like they've needed to for years now. Some of these people losing there homes didn't set themselves up for success, they were to focused on getting in the market instead of what could happen. Yes it's awful some will lose their home, but in the larger picture this will be good for canada, and those really struggling.
$2000.00
BOC made huge mistake raising rate this high. Tiff you will pay for this.
They’re not that high. If one only looks at the recent past yes but it’s not like banks only starting charging interest 15 years ago…
@@dougpatterson7494 easy for you to say if you aren’t homeowner. Half of the population in Canada are homeowners and got big hit by these clowns.
@@AlphaKorr And about a third of the population is indifferent to homeowners facing higher interest rates when they come up for renewal for good reason.
The interest rate hike is necessary. Otherwise the living costs and housing price will go up crazy. In that case, what we earn can not catch up with all the expenses.
You say that like we'll eventually get better here? Not gonna happen.
The problem at this point is that it is hurting those who are already hurting the most (and not hurting those who are wealthy/successful). The government needs to do more to address this. Raising the interest rates is not the only tool to address the current problems.
If the bank of Canada told you to jump off a bridge would you do it?
Liberals 😅
I'll dance when Russia nukes Rattawa
Are #RisingInterest rates doing more #harm than good? Unconditionally: #YES!
Why are you asking questions to which everyone already knows the answer? 🤔
Holding inflation down is more important than worrying about those that lived on cheap borrowings on houses, cars, vacations etc
Keep in mind the freebies offered by the Liberals to the lazy
Indeed.
And keep in mind the freebies offered to oligarchs and corporations for decades by both parties. Freeloaders never admit they are freeloaders even when they know they need corporate socialism to be functional; such is the world of not getting rid of the policies that came about from supply side economics and its BS trickle down strategies.
We live in a mixed market economy, i.e., in a Western Democracy where there will always be freeloaders on the very top and bottom. Unfortunately we now live in a society where the richest of the richest has to a large extent thwarted the goal of the mixed market system - to achieve a balance in regards to taxation and its outcomes, which we see it tipping in the wrong direction favouring corporations and the very rich over the middle and upper middle class. I’d be more worried about the freeloaders at the top, as the reality is we are in an era where the economy at the bottom is continually bled to sustain growth at the top.
anyone think the excise tax for smoking and drinking to high? only can comment on some stuff i c u cbc
yes