Ontario mortgage delinquencies exceed $1 billion | Your Morning
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- Опубликовано: 26 сен 2024
- A new report from Equifax Canada finds missed mortgage payments by Ontarians are costing more than ever before.
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Fortunately, my spouse and I were able to pay off our mortgage early. While we were both still employed, we took the money we had been using to accelerate our mortgage repayment and invested it immediately. Thanks to nearly 7 years of saving what would have been our mortgage payment and to maxing out our 401K/403B plans, we were able to retire early. Fortunately, both of our parents instilled in us the need of living within our means.
Fortunately, my spouse and I were able to pay off our mortgage early. While we were both still employed, we took the money we had been using to accelerate our mortgage repayment and invested it immediately. Thanks to nearly 7 years of saving what would have been our mortgage payment and to maxing out our 401K/403B plans, we were able to retire early. Fortunately, both of our parents instilled in us the need of living within our means.
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In my opinion, housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn't king at all in this time!
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Shocker... RBC's economist tries to paint a rosy face on this impending catastrophe
so true and avoided talking about Ontario.
She is scared shitless .. you can see that.
So am I for Canada, the Liberals have shit the bed, never managed the economy just spend and tax
It's very simple, they cannot afford it any more.
Rachel is not a great liar
Nothing to worry about we have a plan.... THREADS
She shouldn't be lying....
Isn't she horrible...
This is just a start for what is yet to come.
10's of billions of more default mortgages by the end of 2026.
This happened when the central bank MISCALCULATED the Debt/Income ratio, created trillions of dollars of CREDIT out of thin air, and flooded the monetary system with CHEAP CREDIT for over 2 decades, encouraging the public to go and take advantage of cheap credit.
The asset and debt bubbles are imploding the economy and monetary system and stressing the financial well-being of the hard-working middle class.
These monetary policies are NOT sustainable and have DEVASTATING effects on all households in Canada, as we are witnessing today.
Credit card and Mortgage delinquency will reach their boiling points in the coming years, impacting Social, Economic, Political, and Security aspects of life in Canada.
The implications will be SEVERE , DEVASTATING, and UNPERDICTABLE.
Bank of Canada has destroyed the very basics of the "Social Fabric" of Canadian society, so the trend is reaching the point of becoming irreversible.
Miscalculated eh ?
Justin trudeau broke every part of canada
LOL...ya people need to live whin their means. 😅
@@GETLITUP69Dear delusional dude, Trudeau did contribute to the economic stress. Wether that’s spending more than ALL previous prime ministers combined or increasing carbon taxes or increasing CPP contributions or higher mortgage interest rates or now capital gains increasing to 66% instead of following international average of 20%. He HAS been a massive factor. Please don’t insult our intellect.
@@GETLITUP69 you're correct but so is OP
@@GETLITUP69 Pop up tents on sale in aisle three!
Funny PP wanted to fire the BOC governor for not raising interest rates high enough. Real man of the people.
So households are just spending too much? Just like our governments....
More like households are abusing business laws for their leveraged "investment properties"
And got caught with their hands in the cookie jar grabbing more than they could chew
The worst has yet to arrive, wait for 2025/2026/2027 and watch the sky falling for many.
Exactly, couldn't agree more. It will be like a slow moving train wreck.
how come those years?
Because there will be 4 million new immigrants in Canada by then
@@Plumber60423 I've noticed less Chinese people are coming to Canada. Outside of the Chinese race virtually all the immigrants coming to Canada come here penniless. The $20,000 they have to put up to come to Canada is shared amongst hundreds of people back in India.
Mortgage renewal in 2025/2026/2027 is huge compared to the peanut one 2024.
Costs too much money here. Leave Canada and we can get a better life.
No wonder Trudeau/Freelander are starting to worry. Pretty soon they might actually be getting close to being worried. 🤔😔😕
She completely dodges the question about people losing their houses Ahahah
I cant find a job😢6 months now
Might have to move to the oil fields
Summer jobs no longer exist for young Canadians. If you’re not a family member then forget about applying now.
1200 people laid off in my union local... we are doomed
Bank failures coming soon.
The National Bank just bought Canadian Western Bank at a 110 percent premium to market. That doesn't sound like any run on the banks to me.
@@nickyfurlano8531Big fish eats all the little fish. Eventually only one big fish, the Bank of Canada with a digital dollar.
@@nickyfurlano8531Saudi Arabia decoupled the US dollar from their oil. The Canadian dollar is backed by the failing US dollar. When the US dollar collapses it will be worth zero and same the Canadian dollar. Millionaires who don't own precious metals and other assets will be broke!
The government will just raise taxes to bail out the banks!
What do you expect when mortgae rate goes up from 2% to 6%. BOC will have to drop interest rate fast and hard, otherwise, we all are doomed.
Up goes inflation again
LOL I'M HOMELESS AND LOST MY 200K UNDERWATER CONDO SO DON'T LISTEN TO THESES PEOPLE THEIR DATA IS ALWAYS SUPER BEHIND :)
we need more like $100 billion in defaults then the housing prices will start to fall.Let the show begin.
Doesn't include the amortization extensions used by banks to hide the insolvencies?
There’s people in Brampton that smell like doo doo
I wholeheartedly agree with you there.
Lol
People should remember: poverty is not an accident, a coincidence or an inevitability. It is something which is manufactured by the ruling class, that's why investment is the key to sustaining your financial longevity
You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.
I agree with you. Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.
yeah investment is the key to sustaining your financial longevity but venturing into any legit investment or business without a proper guidance of an expert can lead to great loss too.
*Exactly and many of us don't know where to invest our money so we invest it on wrong place and to the wrong people*
Absolutely they are looking at a situation where it all falls down.. in fact the smart ones are taking a loss and getting out..
Great job Justin. Special mention to his lapdog Jag.
Solution is for BoC to buy up all MBS with taxpayers money. 2) then cut the rate to 0.25 immediately 3) sell the bonds at a profit 4) hike the rate back up to 4.75 percent
Will say 3%
All the young people are leaving Canada. Your solution will just make things worse.
Guys look for your self what the delinquency rates were. They use the 23% increase in delinquencies but that is a misleading number as they use they use the relative term form- a common trick to make things (Headlines) more dramatic. As per EQUIFAX "Delinquencies for mortgages over 90 days past due rose in Toronto from 0.09 per cent to 0.14 per cent, and in Vancouver rose from 0.11 per cent to 0.14 per cent between Q1 2020 and Q1 2024.6"
That is .11 PERCENT!!! Not 11%. The media is using relative terms to send a shock wave to be able to have a show. In absolute terms we are talking about .03%!!!!. Humans are great at adapting. Is this current environment fun? No, guess what, people have to make some sacrifices the way our parents and grandparents have. Use a longer term time horizon for your decision making people. God Speed.
The unemployment rate is correlated to mortgage delinquencies….she finally said it.
OVERLEVERAGED
What a nothing story. Great reporting.
Home Owners = you are making Big Banks = RICH = WAKE UP.........
Where are they supposed to live ? In a tent ?
@@hexxlaxx2992 a mortgage is debt... If interest rates go up and you can't afford it doesn't matter equity shmquity interest payments larger than you can afford is a toxic asset.
Renting isn't all so bad when we have 5 yr renewals for mortgage rates. A lot can happen in 5 years... We're not even 5 years out from 2020...
Then run to tax payers we can work more !!! And give more tax !!! While we can’t afford to live or even see a doctor!!!
Lazy analysis. Change in consumption patterns more to interest. What does that mean. It means less spending on consumption. On persons spending is another person's income. How can you miss that.
Economic 101
Worthless drivel from an RBC economist. I wouldn't trust economists from any bank.
Yes but where are the discounts on realistate???
Real estate must be allowed to fall in price. It will be painful but it will be better long term.
House in Ontario was so expensive and people buy their home that time was so expensive and the interest was so high and people not making very good income
2022 there was 169k listings across Canada on realtor now there’s 308k
311 now
So you know what comes next, bailing banks with your hard earned money....
4:24 even if people keep their jobs they are now facing or about to face an increase to their mortgage payment of $700 per month or more. All the while Food and Fuel prices are at record highs. All the while wages remain flat, even employed people are on the verge of losing everything. This interview feels like that Jim Carey movie where the Jr exec gets asked to do a media interview at the same time his company implodes. Except she knows what's up and doesn't want to cause a panic or tell the truth.
They missed a mortgage psyment to pay for christmas for their kidx and vscations !!
She need to learn from Veterans in Real estate industry on how to tell lies by mixing truth with lies and lies with truth.
Not sure what she is talking about. She seems to be talking in economist lingo that most CDNs will NOT understand. Can't CTV get someone who can clearly/easily explain the reason for the hike in delinquencies in lame terms for the general public?
How else are the mortgage holders going to learn if you don't let them go bankrupt? The Bank of Canada rate should never have been cut as it was already half a point lower than in America.
If I was in my 20s now I would leave Canada and never come back.
What is Rachel Smoking? I wonder how secure is her job once the banks start to scale down
Migrants should get a zero percent morgage rate and Canadians pay for them with new property taxes and fair windfall taxes and start taxing Canadians more to pay for migrant in Quebec and Ontario and Maine.
My neighbour can’t pay her bills and pretends to be a designer. She had asked me to take out a mortgage for her I told no wtF. She is shady person. She never pays her bills. She and husband are fakes and disgusting.
1 billion / $3000 = 33,333 mortage payments missed.
bobbiejoe4726 .Wrong calculation.
Well if people spend less for non essential goods.... then people working for a non essential goods business will make less money... And there for have less money or no job at all to paye the mortgage.
Greedy commercial banks and old system of inflation causing a lot of stress for new buyers or retiring seniors who were eyeing home equity as their financial support
This is unprecedented. But the real estate agents say everything is fine and we should keep buying.
First quarter alone $1 Billion.sweetheart
Not surprised! It was going to happen! The worst is yet to come!
People bought few houses of Covid relief money of CRA as investors. There is no housing shortage. I know friends having ten condos.
yep its disgusting how many "homes" are really just empty investments
Average house price 2 million.... so 500 people defaulted, statistically speaking that's about average. But if your concerned... start laying blame on your provincial Conservative government, as housing has always been a provincial responsibility. The Conservatives must make investment properties like Airbnb illegal... that would INSTANTLY dump over 100,000 homes into the market, and instantly drop the house prices. Also, the provincial Conservative Gov't could make blind bidding illegal, therefore stopping the artificial increase of price at the time of sale. Also, the provincial Conservative Gov't, could make laws to limit greed from real estate agents, and builders and house-flippers. Your Conservative Provincial government is responsible for it's own housing, and they have failed.
Write your MP (a letter, on paper - postage is free) and tell them to start talking again about the negatives of massive immigration.
People will loose their home , no because they were never their from start , home owner is a fancy word created by lenders and banks for debt slaves to feel them good
Once you get behind, it's almost impossible to get ahead
Excuse me in what part of the world government increases interest rate to control inflation? We are sufficating here because of high rate.
Every part of the world. It's a concept in macroeconomics.
You have a LOT to learn about economics.
Australia, Canada, Ireland, England, United States, Switzerland, France, Germany, Russia, Italy, Spain, Brazil, Chile, Hungary, New Zealand, Norway, Peru, Poland, South Korea and so on... It's fairly standard.
In every part of the world with fiat currency.
It’s has risen up to a billion$$ and you’re not worried 😧… sounds to me like a huge problem..
2020 and 2021 was some absolute subprime, real estate bubble lunacy. What do you expect when all this leverage rolls over at higher rates while the value of these houses rightfully shrinks back down to where they’re fairly valued ? Homeowners should before they buy a house first go play around in the stock market on margin find out what it’s like to grossly overpay for an asset and watch the value of it fall off a cliff while you’re on the hook for it because it was someone else’s money you were playing with. There is nothing worse than not only being broke but also in debt.
Bad year for landlords
NIMBY'S should be building garden suites to pay for their mortagage
I wish these "Valley Girls" would talk like women
The millennial generation amaze me , they pay what ever price is asked on everything , what a gullible generation they are , now they have gotten themselves in way over there heads , by the time this is done I bet they know what a dollar is worth ?
Yikes 😳
Yeah it’s prob nothing…lol
What a clown 🤡
So everything is great, 23% jump in a year because Ontario population increased by 23% in a year Great, missing mortgage payments for 90 days is all great no signs of worry COOL. Actually we are heading in right direction we are getting richer. SHE KEPT HER JOB DOING THIS MISLEADING INTERVIEW
The bubble is coming.
Its Been dropping for 2y’s…
Interest rates are at historic lows Glen... it's really unfortunate Canadians listen to people like Zoolander.
Inflation will go down to 0 shortly.
BOC should be worried about housing and obvious recession already underway. They might jave to lower interest rate just like the way they raised. Just hang in there and stay put. That is the best course of action. Getting out of RE is only fools errand.
The missed payments aren't an issue because house values are high??? Lol the high values are the cause ff sakes
unemployment rate in Toronto is 7.9%
I'm Insolvent before the bank steals my money
Dah...higher payments lower values...
Ya right your full of it
It’s a bubble. If you’re a buyer, caveat emptor 💀
YESSSSSSS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Schadenfreude
Is there anything Climate change can't do? 🇻🇳🇻🇳🇻🇳
It's just the beginning it's gona get worse
This is the reason u have a silly PM in Canada.
Nothing to worry about we have a plan.... THREADS
CAPPPP
Canadian Governments and Canadian banks should keep giving billions of dollars to Israel and Ukraine, that will solve things in Canadians (sarcasm).
Your woke agenda needs to take a hike, go on a long walk in the snow so to speak.
A biased analysis to say the least.
Lol
People who are delinquent should have their names made public. I want to know who the losers of society are.
That would be a very long list. Seeing as just about everyone in society has been playing the real estate game. I mean Canada has NO economy except housing as our entire GDP. All of the good paying jobs were exported years ago. Honestly what was left that would allow people to make a quick buck on ?
Just a odd comment
People have struggles in life
Stop being bitter
At least they can sell if in trouble get out from u see it
Meanwhile, you'll be made out to be a loser if you DON'T own/lease a home. So which is it? This is how they finish off the middle class, and now tradespeople, the only ones left from the lower classes who could buy homes, are learning the lesson that we've been warning them about for a decade.
@@StephenRoss-po1rpTrudeau is out to destroy the middle class he wants poor and rich only his selfish way of life Trudeau will live like a king the working class will have nothing
@@vovin8132 tradespeople arent part of the lower class...they make some good $$$...maybe if u became one you wouldnt be poor
but but but the interest rates are going down? bahahahaha what a joke this country has become.
The only interest rates that have gone down is line of credits we tried renewing early but rates are still higher we found out at the bank mortgage rates were not affected the liberals are misleading canadians
When the entire working class of Canada has no spending power because most of their income goes to housing then businesses will close and more jobs will be lost which means even more people will default on their mortgages or lose their rental housing. This is a disaster. And an entirely predictable one. And now we've got millions of unemployed ukrainians and other refugees who don't speak a lick of English further depressing our medical and social systems and exhausting our food banks (yes countries have an obligation to take on refugees but Canada went way overboard as usual)
So much for the “forever home”.
Not rosy...and doom days are ahead!
Uh ohhh
Wow the most well spoken person who i would never follow this ladies advice. She's throwing common sense out the window
Battaglia ? Who’s her dad because I smell lobbyist or an elite family.
Things ain’t good
Thanks Justin. You and your party is hopelessly incompetent.
Last previous week we are in Vancouver I notice too many houses for sale the price around 1.5 million Canada dollar and the house was too old need some works
People are trying harder than ever and we're just getting Ducked
Time to sell your homes folks - at a loss.
Blink if you are ok?
People have made tons of money in housing sector. They will continue to buy even it hurts them. The prime of ownership and also social pressure adds a lot of details.