Canadian personal finances bleak.

According to a recent poll by the Canadian Payroll Association, nearly half of the workers in Canada are struggling month to month to cover their living expenses.

Nearly a quarter say they probably couldn’t come up with an extra $2k if they needed it for an emergency in the next month.

More than one-third of respondents – 36 per cent – said they feel overwhelmed by their level of debt and 12 per cent indicated they doubt they will ever be completely free of debt.

Forty-eight per cent of those surveyed said it would be difficult to meet their financial obligations if their paycheque were delayed just one week, up slightly from the annual poll’s average of 47 per cent over the past three years.

The report, released Wednesday, comes in the wake of economic data indicating Canada experienced two consecutive quarters of contraction – technically speaking, a recession – although home sales in August (except in Alberta) were strong and a report last week showed 12,000 net jobs were created last month.

Clearly the answer to the debt problem is more debt in the form of a home equity loan! Read the full article here.

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space889
Guest
space889

How is this even news?? This type of survey has exists for years and every single year it is basically the same results. The average family don’t have adequate emergency savings.

It’s been like this way throughout history, and that’s why people used to work until they dropped died.

space889
Guest
space889

Vancouver’s Rental 100 program:
http://www.vancouversun.com/business/commercial-real-estate/vancouver+looks+ease+housing+crunch+with/11347998/story.html?__lsa=bc31-e3fe

Well, I guess all those over leverage homeowners can save $$$ by renting instead. Or not…given how high the rent is.

But off course rent is not high since landlord can only charge what the market can bear. It’s just you aren’t making enough $$ to pay the rent. Unlike housing costs which is too high because you don’t make enough $$ to buy a house.

southseacompany
Member
southseacompany

“Trudeau vows to review escalating home prices in markets like Toronto, Vancouver”, CTV News

http://www.ctvnews.ca/politics/election/trudeau-vows-to-review-escalating-home-prices-in-markets-like-toronto-vancouver-1.2554421

“Trudeau did not provide specific details, but said he’s been working closely with Liberal candidates in markets with affordable housing issues. “If there’s issues and speculation then yes, the federal government has potential tools to step in, in concert with provinces and municipalities who of course know best what challenges their communities are facing.””

“In August, Conservative Party Leader Stephen Harper made a similar pledge, vowing to look into the possibility that foreign home ownership may be driving up prices in major cities.”

bestplaceonearth
Guest
bestplaceonearth

you people keeps spreading fears among yourselves.

there is an earthquake coming; raise your hands if you have three weeks supplies to support yourself when the big one hits !

Summer weather again, miserable people. Get out there, enjoy the sun, the city, and the people before the Fall arrives.

southseacompany
Member
southseacompany

And here’s Trudeau’s plan; dip into your RRSP. Sounds familiar.

“Liberals vow to relax rules allowing Canadians to dip into RRSPs to buy homes” The Herald, Halifax

http://thechronicleherald.ca/canada/1309936-liberals-vow-to-relax-rules-allowing-canadians-to-dip-into-rrsps-to-buy-homes

“The federal Liberals are promising to let Canadians dip into their registered retirement savings more often to pay for a home, which Justin Trudeau said may be their best source of equity heading into their twilight years.”

david
Guest
david

Unemployed Canadians should all head to Vancouver…I hear there’s lots of money to be made from all the Chinese laundry business there.

bullwhip29
Guest
bullwhip29

dennis gartman must be the economic advisor to BoC and Harper admin.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

>Clearly the answer to the debt problem is more debt in the form of a home equity loan!

canadians are being bailed out by china. this is how the economy now works. from top to bottom it is encouraged or ignored.

Many Franks
Member

@southseacompany: The Conservatives have also vowed to expand the homebuyer’s plan — they’ve promised to raise it to $35k. I won’t be surprised to see the NDP tinker with this as well, for what it’s worth.

crikey
Guest
crikey

# 5 said: “And here’s Trudeau’s plan; dip into your RRSP.”

Yes, that would fix housing price bubble….
if by “fix” one means give people more “loaned” money (since that is what RRSP dipping is) to bid outbid each other with.

The chickens will never come home to roost, ever! Right? lol

Well, that leaves only one major party (NDP) that hasn’t said something stupid about their plans regarding the real estate bubble.

bullwhip29
Guest
bullwhip29

@ #9

the average cdn doesnt even have 35k in their rrsp

bullwhip29
Guest
bullwhip29

@ #10

i’m sure out there in lala land there are thousands of folks who originally borrowed to contribute to an rrsp (to get the tax break), spent the tax refund on a holiday, withdrew the funds via the HBP to buy an overpriced home located somewhere in the burbs, then tapped into a heloc to buy a new car and a whole bunch of shiny stuff for their new home. these people now have to make payments on their rrsp loans, HBP repayment, mortgage and heloc (not to mention credit cards, taxes etc etc) and are probably wondering how did i get into this mess and thinking that they somehow got screwed in the process. whatever…

southseacompany
Member
southseacompany

@#10 Mulcair may not have said stupid. But, one can be judged by what one says… and by what one does;

“Thomas Mulcair has remortgaged his home 11 times since 1980s”

http://news.nationalpost.com/news/canada/mulcair-has-remortgaged-his-quebec-home-11-times-since-early-1980s

Oracle
Guest
Oracle

Only bleak for half the population. The other side is doing great.

Price for the new iPhone 6s with taxes = $1000+ for base model.

Will you be part of lineup? The other 50% will be there.

Debt based capitalism is a zero sum game. You are on the debt side.

space889
Guest
space889

@Oracle – Actually I think it is worse than a zero sum game since the interest must come from somewhere as well.

Westside Realtor
Guest
Westside Realtor

Our team added a couple more new listings this week…

Wonder when we’ll hit 13,000…

WSR

Best place on meth
Member
Best place on meth

@8

“canadians are being bailed out by china.”

For a limited time only, until China goes tits up.

And then who will bail out the Chinese?

southseacompany
Member
southseacompany
“No End in Sight for Slide in Singapore Home Prices as Rates Rise”, Bloomberg http://www.bloomberg.com/news/articles/2015-09-08/no-end-in-sight-for-slide-in-singapore-home-prices-as-rates-rise “Rising borrowing costs and a weaker currency bode ill for Singapore’s home prices amid their longest slide in more than a decade.” “House prices may drop as much as 5 percent this year, set for the biggest decline since 2001” “Developers are already grappling with falling values and lower sales after the government began introducing curbs on residential transactions as low rates and demand from foreigners prompted concerns that the property market was overheating.” “The government’s curbs included a cap on debt repayment costs at more than half of a borrower’s monthly income, higher stamp duties on home purchases and an increase in real estate taxes. ” ““The impact of rising rates would exert a downward pressure on prices for homes,” Tan said. “If the… Read more »
Oracle
Guest
Oracle

WSR:

Read my post #14.

You are definitely on the ‘debt’ side if you want to keep up with the Jones’.

Rather than trying to convince the 30 or so people that visit this blog that the sky is falling, why don’t you do something that will effect change like advocating for a political party (election is only a month away).

If there is no correction by February, I’m going back in. Making sure i buy a house with one legal suite and a potential for a second.

FYI, all the political parties are fighting each other on who can take in the most migrants. Upward pressure on quality rentals in the future.

Mark my words. It will be a very scary situation for those renting and have no money to buy.

paulb
Member

New Listings 326
Price Changes 77
Sold Listings 180
TI:11880

http://www.paulboenisch.com

Oracle
Guest
Oracle

space889:

Interest keeps those in debt in check. About 25% of the people can control the other 75%. The 75% will fight amongst themselves.

Human psychology is amazing.

say-it-aint-so
Guest
say-it-aint-so

Our great premier and Mayor having successfully solved the problem of homelessness and affordability in our city and Province have now turned their attention to the unfortunate Syrian refugees, so they may also benefit from their wisdom.

Nice people who know exactly what to say, as to doing anything useful for anyone here or there, that’s another story!

w
Guest
w

“the average cdn doesnt even have 35k in their rrsp”

The average vancouverite has well over $1 million in home equity.

70% of the people in vancouver are paper millionaires.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

The market must be really hot, even this over priced duplex (leasehold) got a “sold” sign.

Oh, Wait, maybe it is just a scam:

http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1135390&REBoards=All&From=MLS

patriotz
Member

Green Party Platform
Platform starts out talking about housing affordability, but proposes nothing for the general market. Only proposals are for special needs such as homeless, aboriginals, and elderly.

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