Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
I know so many people living beyond their means..
I fear we could be heading towards a financial crisis like we had ten years ago, but with American level pain.
Quote from: "Fashionista"
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
I know so many people living beyond their means..
I fear we could be heading towards a financial crisis like we had ten years ago, but with American level pain.
And with no way of getting our most valuable resource to international markets, we will not recover for a long time.
By the way, where's the $1000 you owe me.
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
This is over a year old too.
Taxes are so frickin high in this country and growing, governments force people into debt.
Saw that stat. As I recall, Canucks have been high on that list for a long time
Quote from: "cc"
And we have become higher and not just from Justine legalizing weed.
When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
That cannot continue.
Just keep borrowing from the future...it's what all good Ponzis do.
Quote from: "Bricktop"
But, when we can't borrow anymore, we could begin a long recession.
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
A thoughtful post, sb.
Thanks for the reminder.
I think much of the reason for this debt are the prices families pay for real estate now.
What our parents used to $10,000 for a house, now the same home costs $500,000 or more.
In Vancouver, that home is $1,000,000 and up.
Cripes no wonder so many are broke.
We're setting ourselves up for a 1990s Japan style housing bubble one day.
...but at least there should be a lot of bargains to be had after the crash.
People want a comfortable middle class life. Debt is the only way most blue collar people can achieve that. Even if it is only temporary.
Our children are paying the price.
Here, they are required to pony up 20% of the asking price of a house as a cash deposit to obtain a mortgage.
Median price here would be around $500K. So young adults have to SAVE $100,000 just to obtain finance. This is because WE have jacked the price of housing artificially high so we can make PROFIT from real estate.
Entry into the housing market is becoming almost impossible for average wage earners.
So...what happens now is we have to either give them the cash, or more likely, guarantee their loan with our property or equity.
Put another way...we have to pay for their home.
Canada is screwed.
Quote from: "Bricktop"
Here, they are required to pony up 20% of the asking price of a house as a cash deposit to obtain a mortgage.
Median price here would be around $500K. So young adults have to SAVE $100,000 just to obtain finance. This is because WE have jacked the price of housing artificially high so we can make PROFIT from real estate.
Entry into the housing market is becoming almost impossible for average wage earners.
So...what happens now is we have to either give them the cash, or more likely, guarantee their loan with our property or equity.
Put another way...we have to pay for their home.
We had the opposite problem, with too many people who could not afford a mortgage qualifying with only five per cent down.
Quote from: "JOE"
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
A thoughtful post, sb.
Thanks for the reminder.
I think much of the reason for this debt are the prices families pay for real estate now.
What our parents used to $10,000 for a house, now the same home costs $500,000 or more.
In Vancouver, that home is $1,000,000 and up.
Cripes no wonder so many are broke.
...but at least there should be a lot of bargains to be had after the crash.
This thread is not really about a housing bubble, but that is part of the problem..
When the housing bubble burst in Japan, Japanese had lots of savings in postal accounts, but they wouldn't spend it..
Canadians have consumer debt, not savings.
Quote from: "Fashionista"
Quote from: "JOE"
Quote from: "seoulbro"
Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.
Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.
Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.
https://www.cbc.ca/news/business/debt-income-1.4448098
And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.
A thoughtful post, sb.
Thanks for the reminder.
I think much of the reason for this debt are the prices families pay for real estate now.
What our parents used to $10,000 for a house, now the same home costs $500,000 or more.
In Vancouver, that home is $1,000,000 and up.
Cripes no wonder so many are broke.
...but at least there should be a lot of bargains to be had after the crash.
This thread is not really about a housing bubble, but that is part of the problem..
When the housing bubble burst in Japan, Japanese had lots of savings in postal accounts, but they wouldn't spend it..
Canadians have consumer debt, not savings.
It was was just another attempted discussion derailment by Joe. What else is new.
Quote from: "seoulbro"
What did he derail? The only derailing I see in this thread is by you.
Quote from: "Chuck Bronson"
Quote from: "seoulbro"
What did he derail? The only derailing I see in this thread is by you.
I'm not surprised you would say that.
OddBalls like OddBalls
In fairness to old Joe, it was one of the few posts that he did not insert Republicans and right wing. ac_toofunny
Quote from: "Herman"
I don't mean to derail the thread any further, but Joe thinks the GOP is not as accommodating of the transgendered community as they could be.
Quote from: "iron horse jockey"
Quote from: "Herman"
I don't mean to derail the thread any further, but Joe thinks the GOP is not as accommodating of the transgendered community as they could be.
Has old Joe made the transition yet?
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Some people have a hard time waiting and saving for something..
It's always cheaper that way.
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Some people have a hard time waiting and saving for something..
It's always cheaper that way.
That's the problem. They want it right now. It like it's a big competition or something. All these people I see everyday in their flashy cars, Starbucks coffee and dressed to the nines...none of them actually own a single thing they have, they're still paying for it. It's quite hilarious really.
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Some people have a hard time waiting and saving for something..
It's always cheaper that way.
That's the problem. They want it right now. It like it's a big competition or something. All these people I see everyday in their flashy cars, Starbucks coffee and dressed to the nines...none of them actually own a single thing they have, they're still paying for it. It's quite hilarious really.
It's irresponsible and immature.
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Some people have a hard time waiting and saving for something..
It's always cheaper that way.
That's the problem. They want it right now. It like it's a big competition or something. All these people I see everyday in their flashy cars, Starbucks coffee and dressed to the nines...none of them actually own a single thing they have, they're still paying for it. It's quite hilarious really.
It's irresponsible and immature.
Theres no shortage of these kinds of people.
I once saw a video of this guy...he was a teller at a bank...he was explaining two kinds of people, and it's TRUE....first kind is the person in the new hot car dressed to the nines, but have nothing in their bank account and have massive debt....the second kind is the person who drives and older car and dressed like a regular person, and actually has a savings, some of them have millions, youd never guess. That's being smart.
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "Berry Sweet"
Quote from: "Fashionista"
Quote from: "cc"
We know so many people with a mortgage, car payments, and credit card debt they can't afford..
And they have good jobs.
Cause they dont live within their means. They all want, want, want...spend, spend, spend.
Just because a person makes good money doesnt mean they should buy up everything cause "they can afford it".....I too know people like this....I dont like hearing about their debt problems...they did that to themselves and it's no ones fault but their own.
Some people have a hard time waiting and saving for something..
It's always cheaper that way.
That's the problem. They want it right now. It like it's a big competition or something. All these people I see everyday in their flashy cars, Starbucks coffee and dressed to the nines...none of them actually own a single thing they have, they're still paying for it. It's quite hilarious really.
It's irresponsible and immature.
Theres no shortage of these kinds of people.
I once saw a video of this guy...he was a teller at a bank...he was explaining two kinds of people, and it's TRUE....first kind is the person in the new hot car dressed to the nines, but have nothing in their bank account and have massive debt....the second kind is the person who drives and older car and dressed like a regular person, and actually has a savings, some of them have millions, youd never guess. That's being smart.
I'd like to see that video.
Debt is slavery.
Quote from: "iron horse jockey"
And who doesnt have any?
We are all slaves we just dont realize it. The dumbest ones are the ones who think they are the shit with their frivolous crap. I swear more and more people today are losing brain cells by the second...
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
And who doesnt have any?
We are all slaves we just dont realize it. The dumbest ones are the ones who think they are the shit with their frivolous crap. I swear more and more people today are losing brain cells by the second...
There is smart debt( a reasonable mortgage) and stupid debt(electronics, furniture, trips etc).
Quote from: "iron horse jockey"
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
And who doesnt have any?
We are all slaves we just dont realize it. The dumbest ones are the ones who think they are the shit with their frivolous crap. I swear more and more people today are losing brain cells by the second...
There is smart debt( a reasonable mortgage) and stupid debt(electronics, furniture, trips etc).
Oh yes, the dumbest ones...there are many...credit cards filled with dumb shit like you posted....I once looked at a cousin Visa statement (he lives to spend) so many ridiculous purchases, even a purchase at 711 for a dollar...wtf!?! Just rack it right up hey??
Having home is a good investment but not all people are smart enough about it...they want everything lavish and pick a house or mortgage beyond their means...I've known of people to screw up really badly and start using their credit cards to make mortgage payments, eventually maxing out all their credit cards. Real winners fer ser.
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
Quote from: "Berry Sweet"
Quote from: "iron horse jockey"
And who doesnt have any?
We are all slaves we just dont realize it. The dumbest ones are the ones who think they are the shit with their frivolous crap. I swear more and more people today are losing brain cells by the second...
There is smart debt( a reasonable mortgage) and stupid debt(electronics, furniture, trips etc).
Oh yes, the dumbest ones...there are many...credit cards filled with dumb shit like you posted....I once looked at a cousin Visa statement (he lives to spend) so many ridiculous purchases, even a purchase at 711 for a dollar...wtf!?! Just rack it right up hey??
Having home is a good investment but not all people are smart enough about it...they want everything lavish and pick a house or mortgage beyond their means...I've known of people to screw up really badly and start using their credit cards to make mortgage payments, eventually maxing out all their credit cards. Real winners fer ser.
People should buy as much home as they can afford.