With interest rates set to keep rising, the Bank of Canada is sounding the alarm on the risk record high house prices and an increasing number of households with high mortgage debt could have on the Canadian economy.
“In Canada, elevated levels of household debt and high house prices remain two key interconnected vulnerabilities,” the bank said in its annual Financial System Review.
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Hey Tiff, you put them there just like you were told to do.
Here it comes!
Gee, who would have thought that 700 and 800 thousand dollar mortgages wouldn’t be affordable forever. They learned absolutely nothing from the 2008 housing bubble south of the border, or they just didn’t care. Blame the greed of the Banks and the individuals who have no idea what they can afford. That F you got in math is coming back to haunt you.
they learned. They learned they can do what they want & not pay for it when it blows up
Lol well said.
Blame the low interest rate, and more money printed out.
When the dollar crashes and you can’t pay your mortgage they will come for your homes.
Why do you think there trying to ban the boom sticks?
If you don’t pay your mortgage, the bank owns your home. Same as its always been. The home owners walk away.
@Dirtea Fairy The collapse is gonna happen when the over mortgaged see their new payment.
Why did they do absolutely nothing for so long?
Federal government
Because it’s planned, not an accident or ineptness. The worlds a stage and we’re watching a movie. It’s all scripted down to the last detail!
you will own nothing and be happy
@Rob Davidson thankfully that’s been dealt with.
Our worries in the long run?
How to cope with money for the long haul
We got greatness coming our way.
Gesara
5d to adventure on from there.
When can we expect another recession??
Where’s your Finance Minister?
Inflation is more like 25%. Most things went up 25~30% when you take into account both price and quantity. Unless you got a 25% raise in the past 2 years, you took a pay cut.
Yeah at least 20%
BOC kept rates ultra low for too long up until last fall election (coincidentally?). Now inflation has arrived- who knew. The consumer reacted to ultra low rates that the BOC controlled not the other way around.
He knew what was to come….
The most indebted are the ones getting all the tax rebates, benefits and using all the social services. Especially those with children that really just live with the parent and are not supported by them by one nickel. Buy a bigger house.
And our PM has been recorded in a video stating he can’t add 23 plus. 24
strange. the system that causes the trouble predicts the demise of households. does that make it ok?
A real CEO would have planned for this way ahead of time. This guy has the JT VIRUS.
the whole joke here is the BOC allowed home owners to borrow millions to buy homes at 0% and now their alarmed. The BOC and all the banks, Realtors should be ashamed for this crises they helped fuel. But oh no don’t blame them blame the borrower’s this is sickening.
The budget it’s going to balance itself, nothing to be worried about…
yes thats how it works
Wasn’t chrystia freeland just bragging a couple months ago on how well Canada is doing economically? 🤔 that we have “no problems” and Canada is one of the top countries among the G7? 🤔 seems this is contradictory now doesn’t it.
Inquiry should be made how come mortgages approved with less income
Say a $400 Mtg at 2%, a $1500 payment on renewal will be $1800. Add the high gas price and grocery inflation, increase of $500 monthly. Crushing families 🤕
we’ve all known this for over a year. what is this guy doing every day to seem so surprised? That’s some high level incompetence
So, ‘Canadians’ took mortgages? Why don’t we settle at this: ‘Banks’ gave risky mortgages and failed to assess borrower’s vulnerabilities. Why don’t we accept that ‘BOC’ let inflation reach so high that borrowers are in trouble now?
Take some ownership! Don’t throw poor citizens under the bus