60% of Canadians renewing mortgages could see payments go up by 2026

[CdnFox]

Canadians renewing mortgage payments go up

Basically the majority of people renewing their mortgages will be paying a substantially higher rate.

This is going to be yet another strain on the economy at a time when our economy is already going to be in the crapper.

And unfortunately the number of tools we've got to address the upcoming financial challenges are dwindling every day. Inflation is threatening to rear its head again, so the bank can't just drop rates. On top of that there is a very real threat of a bond revolt where the government can't sell enough bonds at a decent rate to raise the money it needs and interest rates have to climb to attract the investment.

Carney is driving our trade situation into the toilet and we still have NAFTA to renegotiate next year and I doubt that's going to go our way either. We can't lower taxes because of the insane spending that we're still committed to so we can't attract business investment. And carney has failed to do anything meaningful on the Interventional trade front.

Carney says he wants to spur major developments but he refused to kill the bill that is standing in its way. Private investors have made it clear that they will not be interested in proposing projects with that legal framework in place as it is death

And frankly if trump doesn't get his act together america is going to be in a time of very low growth as well and it's also beginning to feel inflationary pressures. Which means the limited trade that we will have with America will also be reduced.

 

I think it's a good time to pay off your debt and keep liquid, and make sure you're spending is under control and you have some savings. I feel like the next two to three years may be a bit of a dark patch and recovery may be slow

 

[eyeball]

19 minutes ago, CdnFox said:

I feel like the next two to three years may be a bit of a dark patch and recovery may be slow.

...recovery...

LMAO!

Our world's best days are long  since behind us and receding.

[CdnFox]

11 minutes ago, eyeball said:

...recovery...

LMAO!

Our world's best days are long  since behind us and receding.

Sure you've been saying that for decades now  

Obviously it's not true. But as has always been the case of history there are definitely times, and sometimes extended times, where things are a little bleak. And I think we're probably heading into the more bleak time. Unfortunately due to 10 years of carbon tax uselessness and left-wing idiocy we are badly underprepared to cope with it. Our debt is insane, our economy was in the tank when it was still the good times, just looked today and investment is still fleeing the country, over the last few years has left affordability at a brutal low.

And now the liberals are killing our trade agreements with the US despite promising they could handle it.

Well, I guess we get what we deserve. Listening to people like you in the liberals has brought Canada to the edge of ruin.

[eyeball]

12 minutes ago, CdnFox said:

Sure you've been saying that for decades now  

Obviously it's not true

And yet here we are with you informing us things are a little bleak and are heading for a more bleak time.

 

 

[paxamericana]

Eyeball is correct here. Your numbers will not get better, it is terminal. You are facing a Greek style collapse in the next decade. Soon there won’t be money to fund hospital and school. There is only one solution here and we both know what that means don’t we neighbor.

[CdnFox]

2 minutes ago, eyeball said:

And yet here we are with you informing us things are a little bleak and are heading for a more bleak time.

 

 

What do you mean and here we are? As I said there are good times and bad times and we are probably heading into a bad time.

Your argument is that all times are bad and will get worse and worse and it will never get better. That is false. And my acknowledging that this is going to be a bad time does not in any way shape or form support your argument.

 

Just now, paxamericana said:

Eyeball is correct here. Your numbers will not get better, it is terminal. You are facing a Greek style collapse in the next decade. Soon there won’t be money to fund hospital and school. There is only one solution here and we both know what that means don’t we neighbor.

Truth be told if you actually understood economics you would realize it means the united states went down first   

Certainly there's no doubt that if trump doesn't manage to start actually producing results on the economy your growth will be at best severely retarded.

[eyeball]

Just now, CdnFox said:

Your argument is that all times are bad

Why can't you understand English?

[CdnFox]

3 minutes ago, eyeball said:

Why can't you understand English?

Why don't you try speaking it.

Your biggest problem is that you say something stupid, somebody points out how stupid it is, and then you are forced to try and claim that's not what you meant or you never said it at all when it's very clear that you did.

You literally claimed and no uncertain terms that there would be no recovery and that things would only get worse because they are receding

Now you're desperately trying to claim you didn't say that because it was so mind meltingly stupid and I'm pointing and laughing at you.

Try saying intelligent things and you won't have to go back and rewrite what you said or Retcon it

[eyeball]

1 minute ago, CdnFox said:

Why don't you try speaking it.

I did but it's clearly not what you read.

 

3 minutes ago, CdnFox said:

You literally claimed and no uncertain terms that there would be no recovery and that things would only get worse because they are receding

Go read it again.

[eyeball]

11 minutes ago, paxamericana said:

Eyeball is correct here. Your numbers will not get better, it is terminal.

LMAO! You'll be going over the cliff long before we do...in fact you're already in free fall.

13 minutes ago, paxamericana said:

There is only one solution here and we both know what that means don’t we neighbor.

Try not to get any on you when the Big Splat happens.

[CdnFox]

6 minutes ago, eyeball said:

I did but it's clearly not what you read.

 

 

I'm afraid it is, it would seem that words don't mean what you think they do

Quote

Go read it again.

It says exactly what I said it said.

You spend more time being ashamed of what you said than any person I've ever met

[August1991]

8 hours ago, paxamericana said:

Eyeball is correct here. Your numbers will not get better, it is terminal. You are facing a Greek style collapse in the next decade. Soon there won’t be money to fund hospital and school. There is only one solution here and we both know what that means don’t we neighbor.

Very strongly disagree. Greek style? This post/Global link is hyperbolic.

=====

People renewing mortgages have known about this. New buyers have known about this. In Canada, we have five-year terms.

The Bank of Canada has been transparent.

If anything, I'm with Trump. The Fed should cut rates.

[CDN1]

15 hours ago, eyeball said:

...recovery...

LMAO!

Our world's best days are long  since behind us and receding.

This is true, but for none of the reasons you believe.

[suds]

19 hours ago, CdnFox said:

Canadians renewing mortgage payments go up

Basically the majority of people renewing their mortgages will be paying a substantially higher rate.

This is going to be yet another strain on the economy at a time when our economy is already going to be in the crapper.

And unfortunately the number of tools we've got to address the upcoming financial challenges are dwindling every day. Inflation is threatening to rear its head again, so the bank can't just drop rates. On top of that there is a very real threat of a bond revolt where the government can't sell enough bonds at a decent rate to raise the money it needs and interest rates have to climb to attract the investment.

Carney is driving our trade situation into the toilet and we still have NAFTA to renegotiate next year and I doubt that's going to go our way either. We can't lower taxes because of the insane spending that we're still committed to so we can't attract business investment. And carney has failed to do anything meaningful on the Interventional trade front.

Carney says he wants to spur major developments but he refused to kill the bill that is standing in its way. Private investors have made it clear that they will not be interested in proposing projects with that legal framework in place as it is death

And frankly if trump doesn't get his act together america is going to be in a time of very low growth as well and it's also beginning to feel inflationary pressures. Which means the limited trade that we will have with America will also be reduced.

 

I think it's a good time to pay off your debt and keep liquid, and make sure you're spending is under control and you have some savings. I feel like the next two to three years may be a bit of a dark patch and recovery may be slow

 

Yep.  After 10 years of Trudeau, this is where we are at now. He may have had good intentions, but left us with a country that's in such a mess I fail to recognize it anymore. Carney in my opinion, while being a vast improvement, leads a party that is basically unchanged and in no way deserved  to be re-elected. His hands may be tied. I see recovery as something in terms of decades, not years.

[suds]

10 hours ago, August1991 said:

If anything, I'm with Trump. The Fed should cut rates.

Cut rates and risk higher inflation. Raising rates also supports USD which has been under attack. I say let the Feds do their job.

[eyeball]

18 hours ago, CdnFox said:

It says exactly what I said it said.

That's right, it doesn't say what I said.

[eyeball]

4 hours ago, CDN1 said:

This is true, but for none of the reasons you believe.

I never mentioned any reasons.

And why do they even matter if the result is the same?

[Aristides]

11 hours ago, August1991 said:

 

If anything, I'm with Trump. The Fed should cut rates.

Rates are still high because of inflation and Trump's policies are inflationary. He has no one but himself to blame.

[taxme]

21 hours ago, CdnFox said:

Canadians renewing mortgage payments go up

Basically the majority of people renewing their mortgages will be paying a substantially higher rate.

This is going to be yet another strain on the economy at a time when our economy is already going to be in the crapper.

And unfortunately the number of tools we've got to address the upcoming financial challenges are dwindling every day. Inflation is threatening to rear its head again, so the bank can't just drop rates. On top of that there is a very real threat of a bond revolt where the government can't sell enough bonds at a decent rate to raise the money it needs and interest rates have to climb to attract the investment.

Carney is driving our trade situation into the toilet and we still have NAFTA to renegotiate next year and I doubt that's going to go our way either. We can't lower taxes because of the insane spending that we're still committed to so we can't attract business investment. And carney has failed to do anything meaningful on the Interventional trade front.

Carney says he wants to spur major developments but he refused to kill the bill that is standing in its way. Private investors have made it clear that they will not be interested in proposing projects with that legal framework in place as it is death

And frankly if trump doesn't get his act together america is going to be in a time of very low growth as well and it's also beginning to feel inflationary pressures. Which means the limited trade that we will have with America will also be reduced.

 

I think it's a good time to pay off your debt and keep liquid, and make sure you're spending is under control and you have some savings. I feel like the next two to three years may be a bit of a dark patch and recovery may be slow

 

Well, look at it this way. Once Canadian homeowners lose their homes due to high interest rates, the federal government could then put one of those illegal refugees families into one of those homes for free. A win-win for all illegal refugees. All the lieberals here would just love to see that happen. 

[herbie]

Thankfully, I no longer have a mortgage to worry about.

And as one who shelled out 18.5% interest on our first home I have limited sympathy for those who aren't thankful for years of savings with absurdly low rates and now must borrow for slightly more.

It's simple math. Mortgaging $500,000 + is gonna be bloody expensive regardless of the rate.

[CdnFox]

3 hours ago, suds said:

Yep.  After 10 years of Trudeau, this is where we are at now. He may have had good intentions, but left us with a country that's in such a mess I fail to recognize it anymore. Carney in my opinion, while being a vast improvement, leads a party that is basically unchanged and in no way deserved  to be re-elected. His hands may be tied. I see recovery as something in terms of decades, not years.

Well so far he's spending more than Trudeau did. Also he's lied to Canadians, and he's already failing to deliver on his promises.

So I don't know how much of an improvement is going to be exactly. And you're right he's got the same team behind him

[CdnFox]

2 hours ago, herbie said:

Thankfully, I no longer have a mortgage to worry about.

that's because your "House" that you live in has the word "Out" in front of it  

For people who've been in the game for a while even if they have a mortgage it's not going to be a killer. Someone who bought 15 years ago for example is going to have a small mortgage and can always refinance it if they had to. 

But for the people who bought 5 years ago this could be a serious blow. And unless rates go down that will be true next year and probably the year after as well. 

2 hours ago, herbie said:

And as one who shelled out 18.5% interest on our first home I have limited sympathy for those who aren't thankful for years of savings with absurdly low rates and now must borrow for slightly more.

It doesn't work that way. When interest rates were 18.5%, housing prices were artificially low as well. At the end of the day it's not the interest rate or the purchase price that matters for most people, it's how much you pay each month. As interest rates go up affordability goes down and as we saw in the 1980s when you must have bought your first place if you paid that much housing prices either went down or became exceptionally static

So there's no actual savings. As interest rates go down housing prices go up such that the amount that people pay per month is still the maximum amount that people are able to pay per month. And unlike the 80s it has now become necessary for two incomes to be able to afford a decent house.

The kids today are paying more of their disposable income than you did for a similar quality home. And they've been maxing out, spending every last dollar just to get into the market, and now they're struggling financially and with higher rates its' going to hit even worse,

[CdnFox]

3 hours ago, eyeball said:

That's right, it doesn't say what I said.

What I said was what you said.

I don't think you really understand how English works   Maybe that's why you keep having to go back and try and rewrite what you said

[eyeball]

15 minutes ago, CdnFox said:

What I said was what you said.

It wasn't even close.

[CdnFox]

2 hours ago, eyeball said:

It wasn't even close.

It was pretty much word for word. You sure spend a lot of time being embarrassed about stuff you've said