Comments on: Canadian Mortgage Default Risk Is The Highest In The OECD: IMF

By: Trevor

Trevor — Sat, 17 Jun 2023 12:19:52 +0000

In reply to Ike. I’m paying more with Scotia but my amortization is still going down. Those that had a 25 year amortization that have the same payments are above 40 years now. It’s the young first time homebuyers that put 5% down on a million dollar plus home or townhome in Greater Vancouver at a rate of 3% or under that will be standing in line giving the keys to the bank and asking if they could rent it back. Maybe it’s time for a bubble bursting wake up call.

By: Scott

Scott — Tue, 06 Jun 2023 18:24:01 +0000

This is all part of the dismantling of Canada so its resources can be extracted by US, China, Europe etc. without the bother of having to deal with a nation state…

By: JCH

JCH — Tue, 06 Jun 2023 01:42:12 +0000

In reply to george.

You got it! There’s nothing Canada won’t try for supporting home prices; eventually the gov will introduce a program to buy houses directly from homeowers for their outstanding mortgage balance plus some profit – can’t have any voters feel any pain from their bad decisions 🙁

So the rest of us who didn’t want to play the game will lose out yet again, by never being able to buy at even 2015 prices let alone where they should be – 2005 prices!!

By: Jason Azevedo

Jason Azevedo — Sun, 04 Jun 2023 02:20:19 +0000

In reply to george. Prices across Canada have dropped substantially already and people said that would never happen. Debt is good and helps economies make progress but too much can also hinder and lead to a crisis. And Canadian debt is in that danger zone that leads to crisis. The writing is on the wall yet people deny.

By: Rick

Rick — Sun, 04 Jun 2023 00:42:05 +0000

The so called financial experts have been calling for the collapse of the Canadian real estate market and the banks for decades. What they always fail to understand is, Canadians are fiscally responsible savers who always pay their debts. The market will go down and some people will suffer but they will be no collapse.

By: Bob Vila

Bob Vila — Sun, 04 Jun 2023 00:08:15 +0000

But if none of the global ratings agencies care about Canada’s banks flouting sound financial rules, then it doesn’t matter what they do. So I’m not sure where the impetus for change comes from. OSFI seems like a joke agency with either no actual power or not a care about this risk at this point.

By: Iver

Iver — Sat, 03 Jun 2023 10:25:22 +0000

Comments being deleted. No subprime in Canada. Eh?

By: Ike

Ike — Sat, 03 Jun 2023 03:49:36 +0000

Nah. Not when our banks let us keep the same monthly payment no matter the interest rate. Except those with Scotia. Sorry

By: Elizabeth Robinson

Elizabeth Robinson — Sat, 03 Jun 2023 03:15:08 +0000

George, you are absolutely spot on, just like all the other “investors” who have heaps of money riding on real estate, they will not let the average Canadian own a home on the sort of terms that are anywhere near what we can afford!

By: Hillbilly billy

Hillbilly billy — Sat, 03 Jun 2023 00:46:21 +0000

In reply to george. Exactamundo, the ponzi must and will continue for perpetuity. Canada is now just for trading houses and watching the leafs lose every year. Our only productive industry is oil and lumber which we tax to oblivion. God bless this nation and may we live long and suffer