Real-estate market 'almost at a crisis situation'

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Originally Posted by Fisherman

I think the vast majority should shred their credit cards until their debts are paid off. Some people just can't wrap their head around how much interest they're paying. Then again, I don't care, mines at zero.

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With 76 million visa or mastercards in Canada the average Canadian has 2 . They estimate another 6 million cards will be in use by 2025 for 82 million. With today's higher prices people are using them just to get by. When the price to live passes the wage growth more and more will pile on more debt until they are finally broken and collapsed. Visa is another partner in the you will own nothing group. So keeping Canadians in debt is key.

Was at a concert last night they went cashless and are sponsored by 2 another partners rbc and AmericanExpress 6 bucks for a water lol.
My kid took out 200 bucks to take and it was usless they don't except it. Just another coincidence of who is pushing what forward.

I cut up my visa over 10 years ago also took off the over draft . If the money ain't there I'm not getting it that's the way I look at it . I'll just keep working and minding my own business lol. I'm not worried about what's to come I've said that a few years since the beginning of the pandemic and opportunity we will be ok.



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Nothing wrong with credit cards if you know how to use them properly. I make my credit cards work for me and not the other way around. One of the cards I have gives me points to use toward paying down my grocery bill. Since I've owned that card, I have literally used thousands of dollars in free groceries. Another card I have will allow me to convert my points into actual cash......so the credit card actually pays me back!

Never have I ever maintained a balance on my credit card and if things got a little tight one month, I would use my line of credit to pay for the card as the interest rate on the line was way less than the card.

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Originally Posted by huntervinni

Nothing wrong with credit cards if you know how to use them properly. I make my credit cards work for me and not the other way around. One of the cards I have gives me points to use toward paying down my grocery bill. Since I've owned that card, I have literally used thousands of dollars in free groceries. Another card I have will allow me to convert my points into actual cash......so the credit card actually pays me back!

Never have I ever maintained a balance on my credit card and if things got a little tight one month, I would use my line of credit to pay for the card as the interest rate on the line was way less than the card.

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Yeah all the ones my wife has also have great benefits and make them work to our benefit.

Our next point purchase is bacon when it goes on sale plann on grabbing 22 pounds for no more than 40 bucks and the rest off the points. Next time it's on sale for 10 99 a kilo for the thick PC stuff. It doesn't take long for them to biuld up when you look for the points and promotions.



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Bank did another hike yesterday as a surprise they still plan on a hike in July. A top Toronto banker said the other day that a hike is needed as the prices of homes have increased. That in turn makes inflation higher that puts more hikes in place. Nasty cycle.

Just in time for Canadians start missing payments new data came out with an 18%increase that people are missing none mortgage payments. Those are the first steps and I said last year people will pay of their mortgage first untill they can't. Credit cards lines of credit and car payments will always be the first missing payments. They also took notice that most missed payments came from people who just recently renewed.

After all is no surprise when the banks did say that your mortgage payments will be 20 to 40 percent higher in the coming years.

Heck our finance minister said 2 years ago only the deep pockets would walk away ok. Did we forget about that warning

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We could be building a lot more homes in Ontario if it weren’t for the builders holding a monopoly in that market. They are artificially creating this price hike by intentionally slowing down the amount they build. Greed and the never ending race to beat yesterdays profit report is a nasty drug to be addicted to.

Never be fooled into thinking a credit card rewards program actually "gives" back anything. They don't. It's simply a ploy to entice consumers into using a certain credit card corporation's product. Somewhere along the line,consumers are paying for those rewards,either,in inflated prices at the checkout or fees hidden within the card itself. There's no such thing as a free lunch.

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Originally Posted by Birdbuff

We could be building a lot more homes in Ontario if it weren’t for the builders holding a monopoly in that market. They are artificially creating this price hike by intentionally slowing down the amount they build. Greed and the never ending race to beat yesterdays profit report is a nasty drug to be addicted to.

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Hopefully that's not the case.
To meet their goals they need to have a house built almost every 3 minutes. Someone said they would need all the builders in Canada to work just in Ontario to make it happen.

It's turning out like the trees or fresh drinking water dreams lol.

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They say investors have no influence over the prices. But an area an investor purchases hundreds of homes the prices have increased 51% over 3 years. Down now as expected but it proves investors over bidding can have an effect on the home prices in an area. .

I will say London Ontario has rises extremely fast after they purchased a large number of properties since they started buying up.


Just my observation.
How do we compete with a housing market that investors put billions of dollars into it.

What does that do to the average Joe and the many Canadians who already feel pushed out of the market.

Edit
As a side note we purchased our Las car from London last year . The guy selling it was a small business owner complaining about how much the area has gone up in price and it was hardly affordable for a small family. Now I'm thinking this could be the effect. Our area didn't peak out at 51 %.



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Put these 2 links here.

If they are wef affiliated they will own London sooner than later. After the crash thier expecting their investments will average out later on. When looking into these newer investors they seek a longer term investment strategy something we the ordinary people don't have. They don't need to make profit right away it's investments. And alot of their strategy mentions longer terms for alot of their partners.

Pretty staggering numbers for London.

https://lfpress.com/news/local-news/...-london-expert

https://www.cbc.ca/news/canada/londo...erty-1.6739784





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70 to 90 years to pay off your mortgage?
It's a new generational game of your kids will pick up your mortgage.

With rates going higher so is the length of time paying down your debt.

So for the ones making the minimum payments are not even paying the interest rates. Each month the remaining principal payments is getting added towards your mortgage increasing your loan. If you kept your payments the same then your probably not even paying the full interest rates again adding it to the total price .

Average house is down 87 thousand from the peek despite our month over month gains. . With another crash expected don't be surprised if we see another 200 thousand drop in the near future.

We are about to witnesses the fastest growth on record and as history has shown this spike will will result in a crash just like all the other times. It's about to peak.



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