Quote from: "Bricktop"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 jackassed 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.

Quote from: "JOE"

Quote from: "seoulbro"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">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.

Quote from: "Fashionista"

Quote from: "JOE"

Quote from: "seoulbro"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">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.

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: "seoulbro"It was was just another attempted discussion derailment by Joe. What else is new.

Quote from: "Chuck Bronson"

Quote from: "seoulbro"It was was just another attempted discussion derailment by Joe. What else is new.

What did he derail?  The only derailing I see in this thread is by you.

Quote from: "Herman"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: "iron horse jockey"

Quote from: "Herman"In fairness to old Joe, it was one of the few posts that he did not insert Republicans and right wing. ac_toofunny

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: "Fashionista"

Quote from: "cc"When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

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: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "cc"When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

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: "Fashionista"

Quote from: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "cc"When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

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: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "cc"When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

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: "Fashionista"

Quote from: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "Berry Sweet"

Quote from: "Fashionista"

Quote from: "cc"When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

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.