Real-estate market 'almost at a crisis situation'

Canada has the largest mortgage debt in all the g7.

Bank of Canada pointed out people who purchased from 2020 to 2023 have more credit card debt then those who purchased from 2017 to 2019. Using more credit to pay they're bills.

All the banks have set billions combined to cover the bad credit loans. That they predict will fall.

As our government makes life more expensive to force you into making a transitional moves and putting in mandates that drive up the cost living. Not sure what they are thinking, when they sure as heck know many are struggling to make ends meet for many many years.

In my opinion it's all by design and is the cost of the transition. . What investment firm holds 120 billion in us real-estate through various investment groups? It's not the banks lol again it's just another conspiracy with the people who will own everything and the one who will own nothing. Yeah those people lol.

Our government funded those bidding wars in the best interests of Canadians I'm sure.



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I'll just put this here how blackstone and our pensions work together. How much of the billions went into gobbling up the the Canadian real estate?

Again part of the group that predicts we will own nothing and be happy.


https://www.cppinvestments.com/publi...-pension-plan/

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I think the vast majority should shred their credit cards until their debts are paid off. Some people just can't wrap their head around how much interest they're paying. Then again, I don't care, mines at zero.

It was much better in 2005.

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Originally Posted by Fisherman

I think the vast majority should shred their credit cards until their debts are paid off. Some people just can't wrap their head around how much interest they're paying. Then again, I don't care, mines at zero.

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one better....don't even have one
Only problem with that I have 0 credit history.
Should of seen the bank go crazy when I applied for a mortgage. With zero history they didn't want to give me a mortgage, but with a 60% down payment in cash they couldn't decline either. Had to get approval from "Head office" on a preferred client bases.

The fastest way to an "850" Beacon Score is a credit card with a low limit that gets used regularly over a one year period and paid off in full every month that earns the CC company ZERO in interest. It gets flagged by their algorithms and makes credit managers effin' insane.

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Originally Posted by trimmer21

The fastest way to an "850" Beacon Score is a credit card with a low limit that gets used regularly over a one year period and paid off in full every month that earns the CC company ZERO in interest. It gets flagged by their algorithms and makes credit managers effin' insane.

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Been my strategy all along! Ha! Earn rewards and good credit.

I was surprised to notice the interest rate was going up to 22% on my card, I couldn't imagine running in the red at that price!

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Originally Posted by dean.f

Been my strategy all along! Ha! Earn rewards and good credit.

I was surprised to notice the interest rate was going up to 22% on my card, I couldn't imagine running in the red at that price!

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Data suggests that millions of Gen Y and millennials do on a regular basis out of sheer ignorance and sense of entitlement. They're about to learn their lessons the hard way.

Funny story with 1 bank: they sent me a notice saying that they would remove my line of credit as I hadn't used it for about 20 years. I took out $150 from the LOC and then paid it back 24 hours later. It cost me about 2 cents interest but the cost to them had to be more for management. My credit rating got knocked down 20 or 30 points for a few months but I thought it was hilarious.
John

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Originally Posted by finsfurfeathers

one better....don't even have one
Only problem with that I have 0 credit history.
Should of seen the bank go crazy when I applied for a mortgage. With zero history they didn't want to give me a mortgage, but with a 60% down payment in cash they couldn't decline either. Had to get approval from "Head office" on a preferred client bases.

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No credit cards for me either. It definitely doesn't help with the credit but hey that's okay me. My wife has great credit why do we both need it lol.

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