this post was submitted on 13 Jul 2023
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Bubble has not popped.
When people are handing the house keys back to bank and saying fuck it, then you will know it has popped.
A good indication of that is when you start seeing for sale signs popping up everywhere and those signs stay there.
Seen it before elsewhere. Canada has done an amazing job with smoke and mirrors to keep the bubble inflated but Canadians have run out of money to prop it up.
When it pops, the government will have already run through all the ink in the money printing machines to do anything about it. Rough times ahead. Hopefully it doesn't come to that, but it seems the writing is on the wall.
That's what I'm saying though, is it's effectively popped, it just hasn't sunk in yet. Economic changes are what's known as "sticky," in that macroeconomic changes take time to spill down through the varying stratas that make up our economy. A change made today will not be felt or measureable for a few months, and so on.
Give it a year, and those signs will be staying out I think. Could be wrong, I'm not a prophet, but I agree that I also think rough times are ahead.
When people are handing the house keys back to the bank and saying fuck it, then you'll know that you're no longer in Canada. No recourse mortgages aren't a thing here.
Lol, when someone doesn't have the money to pay the mortgage and realizes they are in way over their heads and file for bankruptcy, that's a no recourse mortgage right there. What's the bank going to do? Make you extend your mortgage for 70 yrs?
--
There are are jurisdictions with no recourse mortgages. There you really can just say "fuck it", hand in your keys, and walk away. But Canada is not one of them.
Is it that you are not Canadian or is it that you focus your attention on US media and have forgotten that Canada is a different country?
Oh, I'm not saying they can walk away and just hand in their keys, done and dusted. Granted bankruptcy? You do understand that all loans in Canada are civil matters. If you move through the proceedings of declaring bankruptcy, and it's genuine because you don't have the money to continue to pay you mortgage, bills and debts, you think that you will be denied the option to proceed with that? Or do you think a consumer proposal to pay out all the outstanding charges on a defaulted mortgage and loan will be suitable when you can't pay it?
I don't even know of any places where you can just hand in your keys and walk away without reprocussions. But trying to pay for a repossessed house isn't really for many in that situation.
fmhy.ml user, so... most likely the former.
Instance shaming now? Hilarious.
Canadian for my entire life last time I checked.
Curious how you came to that conclusion based on a comment and instance?
track record from instances is poor
lots of tankies that just so happen to be whatever nationality that want to be
Lol. Want my fucking address?