/biz/ - Business & Finance

>why aren't people selling houses in such a situation
where are they gonna go? selling also won't solve the problem, not for the price they'd actually sell it for. this is what happens when buy the top.

>>55563075
Leafs getting raked. You love to see it.

>>55563097
funny all the comments are saying "nah not gonna be homeless"

yet when a trigger point hits it starts the foreclosure process if you can't afford to make larger payments.

burger here, what’s going on with Canadian housing?

>>55563115
HERRO GWAILO
YOU NO RIKE PROPERTY PRICE???? MY FRIEND SCHLOMO INTEREST RATE VEERY AUSPICIOUS

>>55563115
everyone has 30 year mortgage in USA

everyone has 5 year variable rate mortgage in Canada.

>>55563112
They can't take us all to jail.. I mean foreclose all of us.

>>55563153
you're right, they'll only do that for the white families

>>55563115
it is being kept exactly at the point where prices are too high for people to become homeowners while too low for people who are fucked like in the OP to escape. and it's going to stay that way forever. it will never crash.

>>55563115
Ridiculously easy credit lines particularly to Chinese investors.

>>55563134
kek

>>55563115
Prices 2-5x the price with salaries 20% lower plus their mortgages aren't fixed because the housing ponzi is like 10% of Canada's entire GDP. They need another 10 million immigrants to fix this.

this only works for assets that actually go up.
its why for housing riding out very temporary downturns is the smart play, but why linkies are still waiting for their real life to begin.

>>55563137
But don't houses cost like millions of dollars there? Are Canadians paying 6 times our top-end monthly payments (California)?

>>55563270
My 4 bedroom, 3 floor house cost 353k CAD. As long as you don't go for the big overpriced cities it's fine.

>>55563270
some homeowners went from paying $1,000/month to paying $4,000/mo in canada due to interest rates

>>55563338
They really need to calm down before bank execs start getting assassinated. I say this with the utmost respect for the sanctity of, and desire to preserve, human life: North Americans won't put up with being put out of their home en masse. What are they more afraid of than the mob?

>>55563097
>where are they gonna go?
anywhere better than rektville

>>55563351
>North Americans won't put up with being put out of their home en masse.

cope. everyone wore a mask and stayed home for months! The population is sheep

>>55563375
Wasn't the stated problem that like half the country explicitly did not do those things when asked?

>>55563351
Canadians are by far the more docile goycattle subspecies when compared to Amerimutts, and that's saying something

>>55563405
the guy who runs the show in bongland thinks the public are now trained and will respond when instructed. was reading one of his books. is comically out of touch

>>55563134
For you, only 6.66%, goy

>>55563097
>where are they gonna go
They downsize like thousands had to in 2008. Not my fault they took a loan they cannot pay like a retard. Bailing these people out just punishes people like me who were not financially irresponsible.

Also why don't they sell? Baggie cope. We have a GME general still ffs.

>>55563097
Unironically I hope the fag in the OP stands his ground and declares squatter's rights on his own property. What Goldberg gonna do?

>>55563405
I'm a Canadian. I recently had to open a bank account in the US - it's the same bank as the one I use here in Canada, but two different geographic subsidiaries (and it's originally a Canadian bank too). When I call the US side, I am almost immediately connected with a human representative. When I call the Canadian side, I unironically cannot get a human being on the phone with me. There is this AI voice representative that will literally not let you talk to a human no matter what you say, and will even hang up on you if you demand to speak to one. But the AI isn't smart enough to actually answer your questions.

Even funnier: the US phone line still uses the same AI voice to greet you initially and verify your identity, but then immediately connects you to a representative after that.

Canadians are pathetic cucks.

>>55563460
generally agree, but the central banks literally said that people should borrow and that rates would stay low for a very long time. "We're not even thinking about thinking about raising rates."

>>55563295
where do you live? bumfuck nowehere saskatchewan? anywhere in bc you'd be looking at at least 800k for that

>>55563585
Doesn't matter what they said. The masses need to stop blindly trusting these people.

tents are on sale, Canafags

>>55563613
indeed anon, indeed. Just saying that there's plenty of blame to go around.

>>55563658
banks gonna bank. definition of insanity. fool me once

>>55563075
"Don't tell me I can't afford this house! There's no way rates will ever go up past 3% again!"

>>55563578
Based TD Convenience Checking user. Also great in USA is $100 monthly minimum for no fees. Canada they want $5000 for the all inclusive.

>>55563075
likely because selling won't cover the amount they still owe on their mortgage so they'll still have to service that debt while also having to pay rent somewhere else.

>>55563600
Alberta, 35-40 min drive to downtown Calgary core.

>>55563137
Mutts socialize risk via 30 year rates thru government.
Mutts say they are more capitalist.
Mutts can handle raw capital costs.
Canadians take capital raw.

>>55563819
I go scuba diving at Forget Me Not. Nice place very clear visibility

>>55563224
And way higher taxes, way higher retail prices

The defaults haven't started yet. People are missing payment, 1 in 4 Canadian isn't making payment on their debt rn, and the interest rated will co tinie to raise. More pain, first.

>>55563585
Canadians and BoC are stupid.
BoC has to keep their rates close to the Fed.
When the Fed decides to raise BoC must raise.
Therefore the BoC does not set rates.

>>55563897
And Trudeau can't bail them out because CAD isn't the USD.
Canadians should remember their place in the pecking order next time and stay conservative on debt.
Any good data source on people not paying?

>>55563600
Though if you're not white then fuck off we're full.

>>55563700
Yea. You're right. I do have that account with TD US. But I was actually talking about RBC. kek. Canada is failed state.

>>55563972
Why the fuck does the ROYAL BANK OF CANADA have better service for fucking Americans?

>>55563097
I hear Skid Row is nice this time of year

>>55563137
Damn that fuckin sucks. We got locked in for 30 years at 3.25%

>>55564003
Same reason they were the biggest bondholder of Evergrande.

Because fuck you.

>>55563153
Yes the Indian and chink homeowners will be bailed out

>>55563097
Rent, motorhome, family member. Priced out, deal with it.

>>55563351
>Won't put up with being thrown out of their houses
They already did in 2008

>>55563134
very proper use of the word auspicious, I laughed at that alone

>>55564003
Because they know we're not deadbeats unlike some people

>>55563153
Based. Some anon last night had the right idea with doing a reverse mortgage and burning that shit down when you get all money you can

>>55563440
What book?

>>55564097
well the property costs 1mill because the land has value, burning down the house so they can build a condo just saves time for everyone

>>55564182
Right because construction companies are performing so well right now...

>>55563923
https://betterdwelling.com/nearly-1-in-4-canadians-unable-to-pay-their-bills-transunion/

Only thing I'm curious about is how massive immigration both legal and illegal is going to come into play. It stands to reason that if housing goes on sale, money isn't easy to come by. In any case, middle class is going to get the hurt big time from a decades worth of money laundering.

>>55563351
Canadians are worse than Americans and listen to orders and tip their caps at their new Chinese overlords. And they don’t even have guns lol

>>55563972

Lol you can get on the phone with a human at RBC I’ve done it many times

Literally just say “talk to human”

>>55563375
>he stayed home and wore a cuckmuzzle

>>55563375
Yeah, that’s totally the same as being homeless. Fucking zoomers.

>>55564519
>he didn't larp as schizo doomsdayer getting a redbull 3 times a day at yuppie markets

>>55563351
>They really need to calm down before bank execs start getting assassinated.
Lmao literally will never happen.

>>55564927
and yet the school shootings and 9/11 official stories are all totally true lmao

>>55564939
... what?

>>55563075
Whats with people thinking disposable income is "money you can play with" and not what it really is (money after tax)? Do they think that the people came up with the term "disposable income" or something?
All your bills and rent are paid with disposable income.

>>55563075
Someone help my european ass understand why on Earth are this person's payments going up like it's a fucking rental.

>>55565596
In Canada and Australia there’s no such thing as 30 year fixed term mortgages. You can fix for 2, maybe 3 years max, after that you’re back on a variable rate unless you shop around again, only by the time that happens rates everywhere have skyrocketed so unless your salary also drastically increased you are screwed.

>>55565608
https://www.youtube.com/watch?v=XfBLfHV8sdQ

>>55565572
That’s wrong. You’re stupid.

>>55565629
Its literally correct, read a dictionary

>>55563075
with some home loans.
if you dont have one already.
it usually means a car payment as well.

im assuming that public transport fucking sucks in all but a few cities in canada

>>55565608
>unless your salary also drastically increased you are screwed
very true, especially because leafs always buy at the top of their own price range (because housing only went up for 15 years)

You've literally got people who make 4K household income with 1M+ houses.

if any blooded canook is going to lose their home to the government. ill be there taking nightwatch with my rifle.
just let me crash on your couch and have one meal a day.

>>55563923
He is gonna bail them out by importing more browns that will buy their houses from them

>>55564533
>Duuurrrrrrr, being a prisoner is le good!

>>55565972
Lead the way then, you dumb fucking pig.

>>55565989
>Didn't wear muzzle like a cuck and went hiking
>Don't have to wear a muzzle like a cuck ever again
Simple as, try having balls pajeetanon

>>55563115
The real answer is that Canadians only have variable interest rates. When there was historically low rates, many people got homes and many immigrants also got property leading to a supply squeeze. Asset prices kept rising with lower rates. Then the party stopped and rates had to increase. As each month goes by more and more Canadians get adjusted to the new higher rates. They all bought thinking rates in Canada would never go up. They lived on the verge of bankruptcy during historically low usury rates. Now the rates are back to normal, it pushes them into bankruptcy. This is happening in Germany, Australia and more. America is quite unique in 30 year fixed rate being normal. But fixed rates will not save American real estate either. It will merely slow the drop.

>>55566116
I got my first mortgage back in March and went with fixed. I might die slowly but at least there's others far ahead in line.

T. 5 year fixed 4.94%

CAPTCHA: TYYR0N

>>55563375
Just make it political, if you don't accept losing your home it means you're a fascist Trump supporter, and people will do anything.

>>55566116
sweden is the same, 99% of people have liquid rates. but people have so much money saved up that no one is selling at a loss, everyone still thinks its gonna go up again.

>>55563585
At what point do people stop believing what the government tell them and start using common sense? The future is unpredictable, nonone can make a statement like that and say it with 100% confidence.

>>55563075
Banks foreclosing and short selling in mass in 2008 fucked the banking system royally and they’d rather keep home “owners” in their home, paying whatever they can, in an infinitely long forbearance process.

What this means is that if you don’t own a home in the next few years you probably never will in the sense that is traditional to North America. The US and Canada will likely shift to a mortgage model that is like what they have in the UK.

>>55565572
When I talk about my disposable income I refer to the money I have left over after bills, food, mortgage, investments, and all of life’s necessities are paid. It’s literally the extra money laying around that isn’t allocated to anything in particular. In my case that’s about 3k-4K a month.

>>55563295
WRONG. Even places like Brantford you'd be paying 950k+ for that.

>>55563700
Td charges me $9.99 every time I buy or sell stock. I think I paid like $1,500 in trading fees last year. Fuckin gay dude.

>>55566845
Go to wealthsimple bro wtf

>>55566778
Brantford is Ontario you smelly pooskin, and not far from the GTA either.

>>55566723
I know how people talk about it, that's why I posted about it here. You can look up the actual definition yourself if you don't want to be wrong/seen as poorer when answering questions on your amount of disposable income.

>>55566845
Yeah dude you want wealthsimple for stock trading canadian stock. Wealthsimple is commission free for their cash accounts. If I want US stock and thats a big if then maybe TD but more likely Interactive Brokers.

>>55563874
take the dog penis out of your moth before you speak next time leaf.

>>55563075
imagine the high capital cost of being a leafcuck kek

>>55563115
Canada is about to 2008 the global economy.

>>55563075
It's not a cope if you don't cope.

>>55565789
The average savings of a new immigrant after moving costs is 20k.
Rich immigrants is a meme. Created by realtors to suck in Canadians.

>>55564255
Immigrants who are good earners have choices, they won't keep coming to Canada for high taxes, effectively no healthcare, high housing costs and high food costs.

>>55568815
Canada is way too insignificant to cause global issues

>>55563115
>import millions and millions of chinks and poos
>suddenly Canada has run out of houses as the population demand has exceeded supply
Canada is hell on earth

>>55563075
My mortgage is coming up for renewal in early 2025, I'm hoping rates have started to go back down by then.

Kek

Canadians pushing wealthsimple trading app. Imagine giving a fuck about trading fees if you can make money in the market.

Ya anon, get a trading app that doesn't let you buy or sell every ticket, doesn't let you buy puts and doesn't let you trade options

You guys are fucking losers. But hey, atleast your last trade saved you a few pennies lmfao

>>55563075
This will end well

>>55571757
> Tonnes of land everywhere
> Govt won't let you build
> You can see this land everywhere
No, you have to pay 700k for an existing home or a condo

>>55563112
It's Canada. They're not going to evict immigrants from their houses. They'll pass some mortgage pause law or something. Even America almost forgave student loans. There's almost no public appetite for pay your debts.

>>55571757
They keep pushing this narrative too in Australia

>increase to immigration will cause housing shortages and price increases

But here immigrants can't put their name on a mortgage without having residency, which takes years. The only exception is the "investor visa" which requires millions in equity to be deposited in australia; those visa holders can purchase property.

So unless if all of these immigrants are investors, I can't see how this could drive up prices for at least 5 years. It would drive up rental prices however

>>55572124
Really years? You can get a PR card in a few months in Canada.

>>55572124
I would imagine it could be that if you can get an investor visa, you probably have so many investments from where you're at that you could have as much as tens to hundreds of millions to invest. Only a few dozen investors could affect markets.D

>>55563395
yeah, I think the US had that problem. Not sure about Canadians. My understanding is most of them complied.

>>55563075
>>Home ‘owners’
>>Bailed out by the banks.
>>My sides.

>>55572040
That and only idiots buy Canadian stocks. Just buy American via Interactive Brokers.

>>55571707
timber anon, thats a big thing

>>55572124
That's not true.
They just have to pay $15k for an application through the foreign investment board, and anyone can buy a house.

There are a few """rules""" to make sure it isn't unfair:
- temporary residents can only buy if they agree to sell when they leave (lol)
- non-residents can only buy if they agree to rebuild or ""renovate""" the property (lmao)
- they can freely buy empty land, because it will create jobs for "australians" to develop

It's a joke. We need more properties and less immos simple as.

The prevalent western government monetary policies have created a situation where earning positive real yield on excess savings is increasingly difficult.
In recent times, the best option to avoid getting slaughtered by decaying currency has been to effectively open a leveraged short against the local currency itself. Mortgages are the best vehicle with which to undertake this trade.
It's also nice to own your own home, of course.

Naturally, this has lead to some pretty massive moral hazard. People are making retarded choices because it's become the obvious decision over the past decade.
Outside of a few major global metro areas that are essentially fully developed and now have large land value premiums and high taxes, there is no reason that housing should ever be unaffordable in a normal economy - at least not permanently

>>55563075
>>55563097
Maybe sell the house and take the cool million you make from selling it to rent a nice place for a bit and see if prices drop then buy a cheaper house? People are acting like they're being tossed onto the streets with nothing. Downgrading isn't going to kill you.

>>55563134
i raffed

>>55572211
Suburban municipal governments choke development by denying permits for multi-family housing and refusing to develop public transportation links with the cities. To be fair, this is because urban populations only bring chaos and further development often forcibly evicts existing residents and small businesses by increasing property taxes and rents. Also government housing & mortgage policies unusually favor suburban single-family homeowners while offering nothing but high taxes and unfavorable regulatory burdens to multi-family housing developers.

In countries that do not have these roadblocks such as China more than 90% of households own their home.

>>55572355
Also, another important and perhaps the most important fact, is that government blocks the importation of skilled and unskilled laborers to work on construction such that wages are now in excess of $15/hr. even for laying asphalt.

>>55572372
Minimum wage is essentially $15 across Canada. If anything construction workers are underpaid. Half of Canada's working population is public work force. That is who is massively overpaid

>>55563075
Are you as perplexed as some Anons here? Anon, I'd rather earn income via Eloop by owning a fraction of a Tesla than f**king sell. Get this in to your d*ck head.

>>55563110
Please nuke us

>>55563351
2008 let the cat out of the bag. They can rob entire generations of the prospect of ever owning a house or building any wealth and nothing happens.

>>55572621
isnt canada a country of lumberjacks? why is no one building homes? why is demand not getting met by supply??

>>55566865
wealthsimple loans shares out, to steal from you

>>55572661
Canada allowed 1 million immigrants to enter the country last year moving the population from 39 million to 40. Add in that foreign buyers also use Canadian real estate as speculation and demand is a run-away train. Plus major red tape to build anything new in Canada, and it's the worst of both worlds.

>>55572124
More immigrants = more renters = more real estate investors = higher housing price

>>55563075
Are people just supposed to sell their homes ans become homeless?

>>55572923
Ideally you would sell and downsize in this situation, or sell and rent until situation improved. Foreclosure is very bad, you wont get the best sale price.
Another option is seeking roommate to pay.

>>55563137
>everyone has 5 year variable rate mortgage in Canada.
That's not true. You can go fixed rate on 5 year terms too.

>>55563075
at this point, canadians deserve everything trudeau does
alberta is the only province i have some sympathy for, but they need to man up and leave

>>55572040
>doesn't let you buy puts and doesn't let you trade options
I await your biz thread when you lose it all you degenerate gambler.

>>55572621
Misleading chart dumb leaf. Show US home prices vs wage growth.

> 55573079
> “no anon you cannot collect premium from writing covered calls on blue chips you degenerate”
> “no anon you cannot ensure profit with protective puts, you might as well go put it all on roulette, I only bet on black because reasons…”

>>55563134
lmao

>>55572124
They want immigrants because they put upward pressure on housing and downward pressure on wages.
During their time stuck waiting for citizenship it's hard for immigrants to negotiate pay rises, which businesses also love.

>>55572193
Timber will continue to flow, whatever happens to the proles in Toronto and Montreal

>>55563115
bro you been awake past three years?

>>55572621
The Juan de Fuca plate movement of the Pacific to sink all landmass west of the Rockies into the Cascadia Trench. Vancouver housing price expected to double”

>>55572621
The big one (9.0 earthquake needs to happen) or a government need to come in that is anti-immigration, and make laws to either prevent investors from buying up all the house. Videos related to the earthquake.
https://www.youtube.com/watch?v=76b_WGzCI54
https://www.youtube.com/watch?v=nZs4yCyxyFk

>>55563578

Always has been. The only reason Canadians say "Sorry" so often is their refusal to do any sort of meaningful customer service.

>>55575734
>um, akshually

>>55563075
>real estate

>>55571983
>>55571983
>>55571983

Pay penalty and renew now, anon. I really hope you get this message. Do it ASAP. It's only up from here
Inb4 insider

>>55572301
Because most of these people would be selling at a loss. They're not walking away with "a cool million."
>buy house for $800,000
>owe $760,000 to bank
>About a year goes by
>Oh shit I need to sell
>no one will buy at original price because you paid well over asking price
>Sell house for $650,000
>Still owe $100k to the bank
This is called an "underwater mortgage." Selling the house wouldn't get you out of debt.

why are people suggesting to rent instead? there is a reason why people would start stealing food and not spend a cent on anything as long as they can still pay their mortgage

>>55572941
That Anon means (I assume) that because it must be updated every five years to the new interest rate, that we effectively all have variable rate mortgages, which I guess is somewhat true.

>>55563351
Is this why Trudeau drives around in a huge security convoy?

>>55563153
They can if everyone is too pussy to shoot

>>55579166
There is virtually no foreclosure in Ontario. If you live in Ontario you are safe 99% of the time you get an underwater mortgage. In Ontario, you get endless chances in the courts to catch up on payments, and if you still fail, the worst that happens in power of sale, which means you are relieved from your obligations, lose the house, and walk away with your hands clean.

>>55563075
Sorry whitoid, Chang needs his 14th rental property. We have a place ready for you in the tent city.

>>55581926
Imagine being white and not owning property, while first generations indians are owning multiple rental properties. Average whites are pathetic

>>55563075
It's still a loss if you are forcibly liquidated

>>55563585
>generally agree, but the central banks literally said that people should borrow and that rates would stay low for a very long time. "We're not even thinking about thinking about raising rates."
Central banks are reactive, they don't/can't predict the future

>>55563075
I make 140k in Toronto and live in the same room from when I was 12. Feels comfy with family, hope the prices crash and burn so I can sluuurp up some properties.

>>55563075
I wish that there is a clause to slaughter over leveraged landlords and protect homeowners that if you yourself are not directly occupying the house your mortgage is automatically adjustable or something so that way you can just be raped on a whim and then preferably the properties seized by a National Bank and redistributed for citizens to actually live in not be your absentee retirement portfolio

>>55563585
>generally agree, but the central banks literally said that people should borrow and that rates would stay low for a very long time. "We're not even thinking about thinking about raising rates."


Life tip- trust what people do , not what they say,words lie and twist , actions never lie, they might be stupid but they always reveal what people are actually thinking.


Think of a fat lady saying she only eats salads and runs 5 miles a day.

Is her body lying or are her words lying ?

>>55580776
>lose the house, and walk away with your hands clean.
And this is similar to walking away "with a cool million" how?

>>55566719
The banking system is dyeing off gradually. I like what Brillionfi is bringing to the table. As you make transactions, you'll automatically accumulate DUA, you'll be able to transfer cash from your linked bank account to a USDC pool or participating in an NFT sale using your cashback to pay gas fees. Any investment in it right now is a good one

>>55582294

>>55583560
>wish that there is a clause to slaughter over leveraged landlords and protect homeowners that if you yourself are not directly occupying the house your mortgage is automatically adjustable or something so that way you can just be raped on a whim and then preferably the properties seized by a National Bank and redistributed for citizens to actually live in not be your absentee retirement portfolio
They're already doing that round here.

The council tax, about a thousand a year, will now be applied to second homes and unoccupied houses. They're doubling it for unoccupied houses and already have the scope to triple it.

The problem? Loads of these fuckwits are boomers on the council or that know people on it. So the house across the road, that's been dormant for 15 years and allowed to be smashes to bits, magically went up for sale two months before the letter was sent out to everyone else, for instance.

They've also now released 25k in grant funding to fix them up. Boomers tipping their own fucking property portfolios via the tax system. The ones they've left to rot for decades whilst no new planning permits are granted (which the council also controls).

>>55582685
That's where the beauty of decentralized systems comes in. Decentralized systems empower the collective intelligence of the community. If you care about privacy, welcome to the hub. This why, I'm participating in the Dua Brillionfi LM campaign on Alliance Block and I've join the beta test for the rewards it come with.

>>55563351
Canadians (and americans) won't do shit. North American whites are obedient goyim niggercattle who accept all forms of abuse and humiliation.

>>55563639
Sounds cold lol

>>55563075
you vill live in ze pod and you vill be happy

>>55563075
>"its not a loss if you don't sell"
That's the reason why I've been HODL'ing and staking AstraDAO for the long term, bitches. It's never a loss.

>>55585007
>the beauty of decentralized systems comes in
It's the power of decentralization that attracts me as well. Imagine getting involved in DAO governance and making an impact in index investment platforms like AstraDAO. What a chance.

>>55572621
1+ million new people coming in every year with a population of 38 million will only make this worse

There is really only 2 options:
giga rate hike to 10 or 15% to crush housing market. Will Create massive homelessness but will save the economy.
massively reduce immigration to 100 or 200k per year keeping current rates

>>55563115
Canada is basically a scam that traps foreign workers regardless of industry with a massive PR campaign and sucks them dry for a few years. The housing market is kept deliberately fucked by heavy limits on what can actually be built. The heavy immigration drives pay down, increases the number of renters, and with the artificial housing limit only constricts housing more and more.

>>55563613
>masses
stop using jewish words, the correct term is npcs as they have neither soul nor reason

>>55564533
US cities prove there’s no difference retard

>>55571668
So they make the loan requirements to zero down, but only for browns

Wish i was joking