Almost like we got a new federal gov. who loves to spend spend spend spend….

Your credit card interest should have only changed if you missed a payment or have bad credit and present a risk. Plenty of room between the overnight rate and the 1`9% interest rate they charged at the pandemic low.

These sophisticated investors have already maxed out their HELOC’s buying depreciating assets at all time high’s. Only down 20 to 25%… so far.

Hahaha

However, over the last decade, Canadian banks and the Canadian government decided to bury their heads in the sand and this has led to the current situation where they are all saying ” we do not know what happened ”

Let’s face it – everyone knew what they were doing. The situation we are in is not by accident. It was willful and created with the full presence of mind of all those involved.

We are NOT a fiscally responsible nation. We are just a bunch of greedy gamblers.

Which ordinary working class Canadian can AFFORD a home today ?

Please save me the nonsense that a home is worth the $1 million that it is selling for.
The vast majority of Canadians earn less than $30 per hour
The overwhelmingly vast majority of Canadians do NOT have $200 000 cash to put down a deposit on a home purchase

So now the slicksters in power have a new story to tell …….

” It is not necessary to buy a home to be happy ”

Yesterday their story was …..
” True success is to buy a property ”

That’s the American dream that you always read about ….

Did I say American ? I mean that’s the Canadian dream …..

To be able to buy a home, have a family, buy a car, a phone, go for a vacation, have a BBQ, send the kids to school and be HAPPY.

Now they want us to believe that it is OK to work 2 jobs – both the husband and wife, let the TV do the baby sitting , or better still, don’t have kids because it’s too expensive, don’t buy, just rent and be happy, cancel the vacation and BBQ, you don’t have time or money for that, do Uber on the side so you can get some spare change for the sky rocketing prices ……

The ” conservative ” banks have been dishing out these home equity loans on home values that they KNOW are just hot air waiting to deflate.

They know and rely on a government bailout that is GUARANTEED.

Nobody has been fiscally responsible
Everybody has just been fashionably GREEDY and jumped on the greedy wagon so they do not lose out.

What happened to all the ” smart ” people that supposedly worked in the banks and the government.

Happy hour lasted too long

Everything has consequences…..

Unfortunately we do not have responsible people to deal with our current situation.

Seriously decreasing housing prices remain an existential threat to multiple levels of the Canadian government federally and provincially (+ banks), let alone a whole slew of degenerate gamblers er I mean Canadian “investors”; I wouldn’t bet on the whole thing collapsing.

As they have done several times in the past, dear Gov will probably find a way to keep prices from spiraling, regardless of the consequences. After all, protecting the most financially wreckless is written into our constitution (isn’t it?).