52
51% of Canadians $200 away from not making ends meet
(www.bnnbloomberg.ca)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 18 Oct 2023
52 points (85.1% liked)
Canada
7280 readers
331 users here now
What's going on Canada?
Related Communities
๐ Meta
๐บ๏ธ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
๐๏ธ Cities / Local Communities
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Guelph (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
Sorted alphabetically by city name.
๐ Sports
Hockey
- Main: c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montrรฉal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL): incomplete
Football (CFL): incomplete
Baseball
Basketball
Soccer
- Main: /c/CanadaSoccer
- Toronto FC
๐ป Schools / Universities
- BC | UBC (U of British Columbia)
- BC | SFU (Simon Fraser U)
- BC | VIU (Vancouver Island U)
- BC | TWU (Trinity Western U)
- ON | UofT (U of Toronto)
- ON | UWO (U of Western Ontario)
- ON | UWaterloo (U of Waterloo)
- ON | UofG (U of Guelph)
- ON | OTU (Ontario Tech U)
- QC | McGill (McGill U)
Sorted by province, then by total full-time enrolment.
๐ต Finance, Shopping, Sales
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
๐ฃ๏ธ Politics
- General:
- Federal Parties (alphabetical):
- By Province (alphabetical):
๐ Social / Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca
founded 4 years ago
MODERATORS
Just wait until all the people who got their mortgages at 1-2% start coming up for renewal at 6-7% next year.
That might be me. I just hope to all the gods that rates come down before renewal.
I signed on a 6.1% variable rate and I'm dreaming of the days when 2.5% was the norm
Having signed up for 6.1%, you've presumably budgeted so that you can actually pay it going forward at that rate. The problem for people who signed up at around 2% is that they budgeted to pay at that rate. And since a lot of people have no savings, they can't afford a large rate increase now. So, when mortgage renewals start coming up, a lot of people are gonna end up being insolvent.
Why on earth would anyone sign an ARM when rates were lower than at any previous point in history?
Wow, that's ridiculous! So you have no idea what your mortgage is going to be from semi-decade to the next. Fucking crazy.
even people who signed for a fixed rate are screwed when they have to renew though
You are screwed for sure if you shopped at the top of your approval range in one of the hotter high value markets or immediately ate up the rest of your GDS/TDS with truck/SUV loans, renovations or other expenses. However, There will be Canadians who are in a position to handle a rate increase from 2.3% to 6% or so, when their renewals come up.
The context here is that over half the population is 200 bucks away from not being able to make ends meet. So, clearly lots of people will not be able to handle large increases in mortgage payments. Meanwhile, those who do will be pushed further to the margins.
The fault is entirely with the government for failing to regulate banks predatory practices.
We don't have to renew in the USA. Someone else explained the way they work in Canada and yeesh! That's hella lame.
Yeah, I was talking with a friend in US about this and he was absolutely shocked that you have to renew the mortgage every 3 years of so in Canada.
I can't imagine having to completely re-adjust your budget every 3 years, despite making a 30 year commitment and shelling out most or all of your life savings.
it's a completely nonsensical system