Comments on: Canadian Households At “Risk” As Debt Nearly Doubles Income

By: Jamie

Jamie — Tue, 11 Jul 2023 16:16:06 +0000

In reply to Hogsback. You're looking at the wrong data set. That's households and non-profits, seasonally adjusted. Unadjusted data for households checks out on Bloomberg. Sorry, not sure what the table number is for Stats Can but it was the first thing to come up when I looked. It's also in the Statescan daily email.

By: Chris McFetridge

Chris McFetridge — Sat, 08 Jul 2023 18:20:02 +0000

I really hate articles like this that carry the insinuation that Canadian households are financially irresponsible by “racking up so much debt”. And with headings like “Moral Hazard blah blah”.

Here is a question for the author and editor: have you been paying attention to what is going on in our society since the start of the pandemic? Every single essential good that is controlled by oligopolistic companies has almost doubled in price: gasoline, heating oil, groceries, insurance premiums. The list goes on. Have incomes doubled? Nope.

So, is it really any wonder that debt has spiraled out of control? If the Trudeau government had any moral sense or real political power, they would have passed legislation to stop these greedy companies from essentially profiting off the hardship of nearly every Canadian, just as the government did when profiteering was forbidden during the second World War. I don’t care what Galen Westin says about supply chains and cost increases, his companies have still profited at a time when everyone else is taking a hit. So are the banks. So are the oil companies.

We are supposed to be a society, which means we share collectively in the good years and the bad. These companies had decades of good years to grow and profit. It was finally time for them to give a little of that up in the interests of the common good. But they refuse to do so. Not only have they refused, but they have used an international health crisis to further tighten the screws. Absolutely disgusting and soulless behavior.
So, next time you feel tempted to write a piece chock full of statistics that essentially paints Canadians like a bunch of frivolous financial retards, maybe don’t.

By: Dan

Dan — Thu, 06 Jul 2023 12:23:10 +0000

The Canadian economy is built on a house of cards (cheap credit) and bringing even more people each year to the country. This is as irresponsible as it can get and more the doings of banana countries. But hey, the people who already owned a property prior to 2018 are indulging in their superficial grandiose thoughts thinking they are millionaires now because their properties are worth over 1 million. They seem to fail to realize that so is everyone else’s! Meanwhile their kids are in their 30s and living in their basements and looking at 50 year mortgages to be able to own a piece of home ownership. Add to this longest waits in history in hospitals, health shortages across the industry, crowded classrooms and highways thanks to the millions of newcomers the govt brings in to try to keep the house of cards from crumbling down… We need to stop mass migration for 2 to 3 years in order to let the country, health sector, and economy catch up and go back to some sense of normalcy.

By: Yoroshiku

Yoroshiku — Wed, 05 Jul 2023 19:43:50 +0000

My neighbour is a bigwig for one of the big banks. He told me 2 years ago that they had clients burning up to 65% of their income on mortgages. That’s bonkers.

By: John

John — Wed, 05 Jul 2023 18:49:01 +0000

Is Better Dwelling still going to appear on Google News after C18 goes into affect? Really hoping you guys are smarter than mainstream and avoid the “Canadian” label.

By: Samir

Samir — Wed, 05 Jul 2023 14:01:12 +0000

Canada CAN NOT and WILL NOT be stopped.

#canadastimetoshine
#becauseits2023

By: Vern Shein

Vern Shein — Wed, 05 Jul 2023 00:50:49 +0000

In reply to Brandon. The budget will balance itself.....

By: Donna Majcan

Donna Majcan — Tue, 04 Jul 2023 22:07:11 +0000

I would haphazard a guess that it is not the low interest fates that have caused the increase in household debt, but rather the extreme rising costs of day to day living expenses that have far exceeded the common wages. Until the balance of income and living expenses is realistic, not to mention attainable then, yes households will take to using credit to pay for groceries, heating, electric etc. It is no longer a question of living within your means when the means cannot meet the necessities.

By: Brandon

Brandon — Tue, 04 Jul 2023 21:52:52 +0000

Which data series is this? I’m seeing 184.52% as the most recent number. Still very high, but I’m not seeing a huge Q/Q increase.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3810023801&cubeTimeFrame.startMonth=01&cubeTimeFrame.startYear=1990&cubeTimeFrame.endMonth=01&cubeTimeFrame.endYear=2023&referencePeriods=19900101%2C20230101

By: Hogsback

Hogsback — Tue, 04 Jul 2023 18:18:58 +0000

I’m not seeing 198.5 anywhere on this table, which shows Q1 2023 debt to disposable income at 182.8.

https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3810023501

Can someone tell me where that figure came from?