$500 would push 16% of homeowners into default

A recent Bank of Montreal poll finds that approximately 1 in 6 Canadian homeowners would be pushed into default if payments rose $500.

According to the bank, 16 per cent of respondents said they would not be able to afford such an increase, while more than a quarter, or roughly 27 per cent, would need to review their budget.

Another 26 per cent said they would be concerned, but could probably handle it.

Such an increase would be generated in the case of a three percentage point hike in interest rates — from 2.75 per cent to 5.75 per cent — on a $300,000 mortgage with a 25-year amortization period.

Given that interest rates are likely to increase in the foreseeable future, the bank said there was no better time to put together a detailed debt management plan.

Read the full article here.

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Reasonfirst
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Reasonfirst

w Says 132

he also said this in the same breath: “There is a flexibility that I know Stephen Harper must dream about: having a dictatorship where you can do whatever you wanted, that I find quite interesting.”

adds a little context doesn’t it.

trackback

[…] house on 19k a year income –Wealthy Chinese blamed –Not the most rigorous study –How to solve the Vancouver problem –Overbuilding? […]

w
Guest
w

“There’s a level of admiration I actually have for China. Their basic dictatorship is actually allowing them to turn their economy around on a dime.”

Justin Trudeau

“You can be critical of lots of regimes around the world and you can question how worthwhile democracy is in a lot of countries right now which frankly are ignoring the biggest crisis in the history of our species with climate,”

Gregor Bethune Robertson

southseacompany
Member
southseacompany

“Real Estate Watch: Canadian housing market continues to defy gravity”, BNN video

http://www.bnn.ca/News/2015/10/8/Canadian-housing-activity-speeds-ahead-of-estimates.aspx

“Canadian housing starts surged unexpectedly in September while new home prices also beat forecasts in August, prolonging a housing boom in the country despite signs of weakness in other parts of the economy.”

“Canada’s housing boom has defied predictions of a slowdown for years, buoyed by historically low borrowing costs that have offset slow economic growth and a technical recession in the first half of 2015.”

“The Bank of Canada has cut rates twice this year to help stimulate the resource-dependent economy amid weak oil prices.”

doc
Guest
doc

for the math challenged

500 * 12 = 6K after tax $$

Average salary = $50K less 30% tax = 35K

6K / 35K = 17% salary reduction

Per the Title
$500 would push 16% of homeowners into default

Thus if you earn the average salary and are a homeowner a 17% reduction in salary will result in default. Not so far fetched.

Or maybe 16% of homeowners make the “average” salary of 50K
🙂

realist
Member
realist

1. All parties take advantage, if they can, of the herd mentality that minority groups are particularly subject to, and immigrants are just one of those minority groups.

2. The immigrant vote has long been sewn up by the Liberal Party, especially after the Canada Citizenship Act 1977, when they positioned themselves as the champions of multiculturalism for non-white immigrants from India/HK/Caribbean etc.

3. Times change. The ex-3rd world is not “progressive” in social terms, e.g. views about homosexuality, and the Cons have been nimble in capitalizing on that. Thus Richmond Centre 2011.

vangrl
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vangrl
right-or-wrong
Guest
right-or-wrong

I have a message for the “Premier’….

“YOU HAVE SOLD US OUT!”

franko
Member
franko

@121
” I don’t know if that’s what he’s trying to do….”

I know what he’s trying to do, and the total conservative vote in Richmond of 58% in 2011 does not mean the majority of the Chinese population voted that way. I find BBB’s link in post #101 much more convincing.

@greensalad
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@greensalad

Christy is obviously lying. It’s whether the sheep buy it or not.

Whoever controls the sheep control it all.

GreenSalad
Guest
GreenSalad

Premier plays down foreign buyers’ role in skyrocketing Vancouver real estate prices

http://www.vancouversun.com/news/metro/premier+plays+down+foreign+buyers+role+skyrocketing+vancouver/11425159/story.html

patriotz
Member

@121: ” Perhaps he’s trying to paint the Conservatives as the “Chinese” party ”

Perhaps. No perhaps with this guy:

“These are the values of the Chinese Canadian community and they are also Conservative values.”

GreenSalad
Guest
GreenSalad

@ Many Franks

Yeah….and it took the media to bring the loophole to light……it would be great if all the squalking Patriotz and Crikey do around here was matched by their parties in government. Maybe that’s why they’ll still be languishing in opposition benches in November.

w
Guest
w

First, historically, Richmond center has been more red than blue.

Second, Chinese-Canadians aren’t homogeneous group. Richmond HK immigrants are very different from Chinatown/East Van Chinese that have been here for generations, and they are all different from the new wave of manlanders.

Third, the 2011 election saw the federal liberals loose support across the board, not just in Richmond.

Fourth, the Conservatives outspent the Liberals by 60% in Richmond Center in 2011. This is another historical anomaly.

I’m not sure why patriotz is being so disingenuous. Perhaps he’s trying to paint the Conservatives as the “Chinese” party, knowing that there is a racist anti-Chinese element on this blog. Perhaps by doing this he can convince these people to vote Liberal.

I don’t know if that’s what he’s trying to do but if it is, it’s pretty low.

paulb
Member

New
168
Sold
153
TI:11263

http://www.paulboenisch.com

patriotz
Member

@116: “The go-to party for our Chinese community always has been and will be the liberals.”

Here are my facts. Got any?

With respect to visible minority status, 50.2% of the population are Chinese; indeed, (Richmond Centre) is the riding with the largest Chinese population (56,940) in all of Canada, and also the only federal electoral district where a single visible minority is the majority.

2011 federal election redistributed results
Party Vote %
Conservative 19,789 58.06
Liberal 6,391 18.75
New Democratic 6,203 18.20
Green 1,699 4.99

Whistler or bust?
Guest
Whistler or bust?

I just heard a stat the the average rent in Vancouver is $3.00-$3.60 a sq ft. That sounds about right to me. Does this match what you guys are seeing?

I will say there seems to be a lot less for rent on the market these days.

Many Franks
Member
Active Member
franko
Member
franko

@101
” Metro Vancouver’s Multicultural Voters Gravitate Towards Liberals ”

Almost as painful to agree with BBB as it is to read about Patriotz’s relentless political agenda, but thanks for setting him straight.
The go-to party for our Chinese community always has been and will be the liberals. Not that I expect any of the contestants to do very much about foreign ownership or money laundering, but the libs are the least likely to do anything.

patriotz
Member

@105: “Right, cuz all those Asian cultures have a history of turning out extremists who thinks blowing up innocent people will get them into heaven where 72 virgins awaits to fullfil their every fantasy?”

Naw, just extremists who think murdering millions of people will help them create heaven on earth.

But to be fair Europeans started it.

ostritch
Member
ostritch
space889
Guest
space889

@Joe – I guess China want to field test some new military hardware, and get some combat experiences for its navy and army. I don’t think Chinese army have engaged in any actual combat ops since the Vietnam wars back in the 70s. Training only gets you so far, which isn’t very far most of the time.

space889
Guest
space889

@Best place on meth – Yeah, cuz you are such a brave man, hiding behind Internet anonymous and shouting your hate to your own little group of haters, while not able to do squat about anything.

US isn’t going to be stupid enough to provoke China, and frankly they don’t want to field test the DF 21D for China either. As far as China is concern, US can sale around the islands all they want, pretend to be the big kid around the block, while China is actually building up its defenses.

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

Putin’s boost in battle against ISIS: China preparing to ‘team up with Russia in Syria’

http://www.express.co.uk/news/world/610286/China-preparing-to-team-up-with-Russia-in-Syria-Boost-for-Putin-in-battle-against-ISIS

Joe
Guest
Joe

@109
I would not be surprise to see a major crisis as China will want face and will not let the US push them around regardless of consequences. Pass the popcorn, this could be very interesting.