Canadians deep in debt and getting deeper

The Globe and Mail nicely sums up the current Canadian obsession with taking on household debt. This infographic has all the pretty charts related to the current situation in which current debt totals a record $1.8 trillion. Just over a trillion of that is Mortgage debt, with the other big growth seen in lines of credit and car loans.

One Trillion is a big number and it can be hard to visualize.  Here’s one way to put it into perspective:

If you spent $1-million every day, it would take you 2,740 years to spend $1-trillion.

Albertans carry the largest debt to income ratio followed by BC. It seems the nation loves debt, but the west loves it best.

Read the full article here.

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vangrl
Member
vangrl

#55

ya I only saw Van Vuzz and CTV as well, but something happened this afternoon to increase the signatures fast, just not sure what it was. They skyrocketed for about 3 hours, similar to when Van Buzz first released it.

Maybe someone on facebook that has a tonne of followers posted it?

southseacompany
Member
southseacompany

“Speculators scramble to cover bets against the Canadian dollar”, Globe & Mail

http://www.theglobeandmail.com/report-on-business/top-business-stories/speculators-scramble-to-cover-bets-against-the-canadian-dollar/article24363602/

“Playing into all this, too, of course, are the different paths of the Canadian and U.S. central banks.”

“In its latest forecast, BMO Nesbitt Burns suggested that the Bank of Canada will hold its key rate at 0.75 per cent until July of next year.”

” Which means Canada’s central bank will lag the Federal Reserve in starting to bring rates back to normal.”

“And which in turn means that the Canadian dollar should tumble again.”

w
Guest
w

So far the only media to pick up the petition story are vancitybuzz and ctv vancouver, and they ran their stories on Friday.

I think the number of signatures is growing because it’s being passed around on facebook.

southseacompany
Member
southseacompany

“Bond traders see almost no chance of another Bank of Canada rate cut, Globe & Mail

http://www.theglobeandmail.com/globe-investor/investment-ideas/bond-markets-starting-to-share-polozs-belief-there-wont-be-more-rate-cuts/article24376243/

“Traders have almost completely priced out another rate cut in banker’s acceptances contracts, a predictor of interest rates.”

space889
Guest
space889

Some of you bears (looking at you team BPOM) should be happy about foreign landlords willing to accept super low or negative yields on their RE investments, subsidizing spoiled hypocrite brats like vangrl who can then spend their energy about how unfair everything is.

Talking about biting the hands that feed you.

Living in office for 500 days in LA.
http://www.alternet.org/economy/i-secretly-lived-my-office-500-days

Van_Coffee
Guest
Van_Coffee

Petitions won’t do anything to solve the Foreign “Investor” / Quebec IIP / “Parents buying house for little mandarin to attend school here” problem….or all other version of this issue.

There is an election coming up.

The Liberals want your vote. The Conservatives want your vote.

The only way to make something happen on this issue is to make it an election issue, and get the parties to build election promises around it.

Wearehere
Guest
Wearehere

@50

It’s called MONEY LAUNDERING.

w
Guest
w

When they say they will pay “cash” they mean just that. You will get cash. Many houses in Richmond change hands without needing financing.

It’s normal in Richmond to see offers that are without any subjects. Not subject to financing, not subject to home inspection.

If you lived here you’d understand.

paulb
Member

New Listings 311
Price Changes 94
Sold Listings 251
TI:13243

http://www.paulboenisch.com

Wearehere
Guest
Wearehere

Here is how you find your councillor. Lets do it. Send them the link. Ask them what they have to say.

http://vancouver.ca/your-government/city-councillors.aspx

Follow-up with a call.

If we don’t put pressure on the politicians they wont do anything and we can keep coming here to whine and complain.

Wearehere
Guest
Wearehere

Lets do it. It is taking on a life of it’s own. 13,300 people signed it so far.

https://www.change.org/p/premier-christy-clark-mayor-gregor-robertson-mayors-and-city-councillors-of-the-gvrd-restrict-foreign-investment-in-greater-vancouver-s-residential-real-estate-market/u/10324691

FIND YOUR MLA here

https://www.leg.bc.ca/mla/3-1-1.htm

Send them the link and ask them what do they have to say about it? Lets push them. they are OUR representatives! They are not just waiting for their pension and some lucrative job.

w
Guest
w

CBC is competing along with private news organizations for a limited number of eyeballs.

if we ended the CBC the quality of existing news organizations would increase or they would face a new private competitor.

Slagathor Says:
May 11th, 2015 at 4:17 pm 41

…Why we pay for a national broadcaster in this day and age is beyond me….

Because the alternatives are: ‘Sun News’ and the ‘Vancouver Sun’.

StupidityCheck
Guest
StupidityCheck

Petition getting 1,000 signatures/hour this afternoon! Over 13,000 now!

StupidityCheck
Guest
StupidityCheck

37: Paying with “cash” means you don’t have to wait for them to sell their other home and then get a mortgage. Did you really not know this?

Yunak
Guest
Yunak

@40

Smuggling cash in containers to Vancouver for laundering and investment purposes sounds quite doable and simple, it all happens at one place.

Police say organized crime maintains this foothold on the waterfront for strategic purposes — so drugs and other contraband can be smuggled in some of the more than 1.5 million containers that pass through the four container terminals at Port Metro Vancouver every year.

See more at: http://www.timescolonist.com/news/b-c/drug-pipeline-how-crime-groups-infiltrate-vancouver-s-docks-1.1930220#sthash.POSlsCJ3.dpuf

UBC in crisis mode
Guest
UBC in crisis mode

Here is your politician to talk to if you live in Van West:
http://joycemurray.liberal.ca/

Slagathor
Guest
Slagathor

…Why we pay for a national broadcaster in this day and age is beyond me….

Because the alternatives are: ‘Sun News’ and the ‘Vancouver Sun’.

Softy
Guest
Softy

My wife had lunch with her account manager at the bank and was told that people commonly come in with suit-cases full of cash to deposit at the bank after selling their houses.

patriotz
Member

@38:

How about starting with Harpervision, aka “24 Seven”. You know, the guys who broke security protocols in Iraq.

Dave
Member

patriotz, just defund the CBC and solve two problems in one go. Why we pay for a national broadcaster in this day and age is beyond me. I bet somewhere deep in Ottawa there are still bureaucrats managing the telegraph.

patriotz
Member

@36: ““We get flyers all the time with offers to pay ‘cash.’”

Isn’t every seller paid cash, unless they do vendor financing? I don’t really think they mean with bags of money.

vangrl
Member
vangrl

“Meanwhile, the pressure is on the Coopers to sell their house, too, and go along with all the rest.

“We get flyers all the time with offers to pay ‘cash.’ They say, ‘Everybody is selling, don’t lose out,’ ” Linda Cooper said. “This won’t end until every original house in the neighbourhood is gone.”

http://www.theprovince.com/Concern+over+empty+Richmond+mansion+mostly+with+silence/11047453/story.html

Yunak
Guest
Yunak

@34

Nope, just one.

patriotz
Member

China’s trash is taking over

That’s a double meaning for you. 🙂

UBC in crisis mode
Guest
UBC in crisis mode

Shocking! Zoocasa is still alive, and got a few agents signed up:

http://www.zoocasa.com/en/real-estate-agents