All posts by VCI Admin

Friday Free-for-all! May 12th 2017

It’s the end of another week in luxury land and that means it’s time for another Friday Free-for-all! This is our regularly scheduled end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Six Canadian banks cut by Moodys on debt
Strata must pay 554k to replace tree
Always a good time to buy
Home Capitol to sell $1.5b mortgages
Best option to move across the water?
We need this graph

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

the $200 margin of error

This is hard to believe, but apparently more than half of all Canadians are just $200 away from not being able to pay their bills.

“With such a small amount of wiggle room, any kind of unanticipated hardship, such as a job loss or even a car repair, could send an already struggling family into financial despair,” said Grant Bazian, president of MNP’s personal insolvency practice, which is one of the largest in Canada.

For 10 per cent of Canadians, the margin of error when it comes to household finances is even thinner, at $100 or less.

But those with anything at all left at the end of the month were in better shape than many: A whopping 31 per cent of respondents said they already don’t make enough to meet all their financial obligations.

Then there’s this little detail:

Another hair-raising finding from the survey: Roughly 60 per cent said they don’t have a firm grasp of how interest rates affect debt repayments.

The statistic helps explain why many indebted Canadians end up taking on more debt and high-cost loans, said Bazian. “That’s how so many end up in an endless cycle of debt,” he noted.

Shouldn’t be a problem, interest rates are low forever now aren’t they?

Read the full article over at Global News.

Friday Free-for-all! May 5th 2017

Whats up? Happy Cinco De Mayo!

It’s the end of another glorious workweek in debt paradise and that means it’s time for another Friday free-for-all post.  This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few links to kick off the chat:

This is an ugly market
Home Capitol contagion?
high density housing just like slave ships?
highest price houses are for lowest incomes
Toronto owners scramble to cash out
Does standby financing give you confidence in lenders?

So what are you seeing out there? Post your news links, thoughts and anecdotes in the comments below and have an excellent weekend!