My monthly mortgage payments have almost tripled: Dealing with Debt

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  • Опубліковано 2 тра 2024
  • Doug Hoyes, co-founder, Hoyes, Michalos & Associates joins BNN Bloomberg, to answer viewer questions on managing their mortgage payments.
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КОМЕНТАРІ • 276

  • @nicolasbenson009
    @nicolasbenson009 6 днів тому +160

    Mortgage rates are currently at an all time high since 2000(24 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

    • @SandraDave.
      @SandraDave. 6 днів тому +3

      The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market

    • @jones9-
      @jones9- 6 днів тому +1

      True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

    • @Jersderakerguoe
      @Jersderakerguoe 6 днів тому +1

      in my opinion, it was much easier investing back in the 60s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

    • @HectorWhitney
      @HectorWhitney 6 днів тому +1

      my partner’s been considering going the same route, could you share more info please on the advisor that guides you.

    • @Jersderakerguoe
      @Jersderakerguoe 6 днів тому +1

      There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

  • @YTDataAnalyst
    @YTDataAnalyst 3 дні тому +176

    *YT Quick Survey #11:* For your shared investing ideas, what do you think will be the next Apple/Microsoft in terms of growth?

    • @DBAnalyst1
      @DBAnalyst1 3 дні тому

      None bro! the market is so unpredictable RN. 🚩🚩

    • @MichaelWeebles
      @MichaelWeebles 3 дні тому

      Not true at all... Although the market isn't so stable at the moment, it isn't as sick as some people have made it look... Companies are making record profits... Believe me or not, as a beginner investor who knows next to nothing, I have made over $15k net profit just in a couple of months... I'm a retiree, and I am using these extra resources to keep body and soul together that I want.

    • @hunantrain
      @hunantrain 3 дні тому

      Hi Mr.Michael Weebles, your profit margin is quite stunning for a beginner. Can you share your spreadsheet? I would love to follow. Thanks if you reply.

    • @MichaelWeebles
      @MichaelWeebles 3 дні тому

      I have never drawn up a spreadsheet... It's of no relevance to me. I do practically everything through an investment expert, Kelly Marie Matwick. In all honesty, she knows what she's doing. You can look her up she's registered.

  • @rapp-in1mz
    @rapp-in1mz 9 днів тому +238

    May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well.

    • @WalterDorcas
      @WalterDorcas 9 днів тому

      What I think everyone need is a Financial Adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit..

    • @Johnmark-iq4gg
      @Johnmark-iq4gg 9 днів тому

      Have been in need of an Adviser for long now..

    • @WalterDorcas
      @WalterDorcas 9 днів тому

      It alright Angela Lynn Schilling look up on that and thank me latter..!!

    • @rapp-in1mz
      @rapp-in1mz 9 днів тому

      Thanks... This Was Helpful!!... I found her page..

  • @6ix_Strings
    @6ix_Strings 17 днів тому +33

    Thank God we never listened to these "experts" about borrowing money, oh you have equity? take a heloc, renovate your home, or buy a rental, rates are low. LOL We've decided to just pay off our mortgage and we did it before we turned 40. Now we can save more money and pay cash for everything, even renos.

    • @DB-bw5fz
      @DB-bw5fz 17 днів тому +8

      Same here! It’s almost as if any sort of borrowing comes with an inherent risk that the future might not turn out as planned.

    • @APICSKH
      @APICSKH 16 днів тому +3

      Same story here, since turning 40 with paid off house. Well done mate, it’s called basic financial management.

    • @kmilochka
      @kmilochka 3 дні тому +1

      The same here. Paid off my mortgage 2 months ago at the age of 41

  • @Beachgrl581
    @Beachgrl581 7 днів тому +8

    “She’s making monthly payments on her car and has no debt” 😂😅😂

    • @FinessingFinance2024
      @FinessingFinance2024 5 днів тому +1

      She probably means no other debt apart from the car payments

  • @markfox5171
    @markfox5171 14 днів тому +10

    I'm the 80s mortgage rates were as high as 21%. 5% is pretty normal really

    • @jptrainor
      @jptrainor 14 днів тому +2

      I remember it. Lots of people who had to renew near 20% where forced to sell. Many for sale signs in front of many homes.

    • @enhancedutility266
      @enhancedutility266 4 дні тому +1

      But that was the US where your rates can be fixed and you can always refinance to a lower rate The UK and the rest of the Commonwealth countries have adjustable rate mortgages That's why they have increases in payments they don't have a fixed rate like we do

    • @ZanetkaPL
      @ZanetkaPL 2 дні тому +3

      Yes they were 21% but the price of homes were nothing compared to now

  • @BigCheese150
    @BigCheese150 17 днів тому +63

    All I see here is people not taking responsibility for their financial choices. "The bank told me this", "Tiff said that". People are over-leveraged, period. It feels like this is only the tip of the iceberg in what could be a troublesome couple of decades for Canadians.

    • @josephsmith594
      @josephsmith594 17 днів тому +9

      @@codechartreuseThat’s true, but they had no risk tolerance and chose a variable rate. I was paying 2.9% fixed while other people were paying 1.5% variable. Now I’m paying 2.9 fixed while other folks are paying 5.5%. “Variable is the way to go” is always gambling. On the other hand, who can predict a 400% increase. Ridiculous.

    • @nocucksinkekistan7321
      @nocucksinkekistan7321 17 днів тому +1

      Tiff is the BOC chairman he should have been responsible not to say that.

    • @priuss6109
      @priuss6109 17 днів тому

      More on ​@@codechartreuse

    • @TRANSPORTCANADAGURU
      @TRANSPORTCANADAGURU 16 днів тому

      When this rediculous governement started spending trillions - that's when haha. No sympathy for variable raters - even though it's gonna eventually be ALL our problems to bail out and fix...

    • @Trythis837
      @Trythis837 15 днів тому

      @@TRANSPORTCANADAGURUthe government didn’t spend trillions. The bulk of inflation comes from private debt.

  • @vert911
    @vert911 17 днів тому +42

    The people on TV need to be asking the question "Why did Tiff and Trudea both in tandem say rates were staying low when they both knew they wouldn't be?" This is the most important and troubling question.

    • @nimaakhtarkhavari8766
      @nimaakhtarkhavari8766 17 днів тому +8

      Because the WEF ultimate goal is a population on walfare...

    • @prao4603
      @prao4603 17 днів тому +5

      The BoC rates and Tiff have to closely be aligned with US Federal Reserve (otherwise CAD will go to shit). BoC likely thought Powell would not raise rates as much but he did. Hence even Canadian rates had to go higher and stay higher for longer.

    • @nocucksinkekistan7321
      @nocucksinkekistan7321 17 днів тому +1

      No one thought rates were going to go up, not a single human knew that, stop pretendin you're God.

    • @nocucksinkekistan7321
      @nocucksinkekistan7321 17 днів тому

      @@prao4603 It was still irresponsible of him to say rates will stay low when he knew there was a possibility of them going up.

    • @nimaakhtarkhavari8766
      @nimaakhtarkhavari8766 17 днів тому

      @@nocucksinkekistan7321 You can't be serious...

  • @animeloverfan18
    @animeloverfan18 17 днів тому +23

    It's not the interest rate that's the issue; it's the housing prices. Twenty years ago, people could afford a decent house despite high interest rates, but now, it's a nightmare as housing prices have skyrocketed five to tenfold over a period of 15 to 20 years. As a middle-class individual, I'm working hard, but I don't think I can afford a house simply by working.

    • @DB-bw5fz
      @DB-bw5fz 17 днів тому +1

      The interest rates weren’t high 20 years ago. Yes, they were higher than today, but they were on the decline overall compared to 20 years prior.

    • @animeloverfan18
      @animeloverfan18 17 днів тому +5

      @@DB-bw5fz 1998 interest rate was around 5 % but housing price was low comparing to today and people can afford it . If you want to compare apple to apple. And at 1990, interest rate was 13% up, people was able to afford for a house since a semi-detached was around 270k and now it is 1.5 mils around my area .

    • @DB-bw5fz
      @DB-bw5fz 17 днів тому +1

      @@animeloverfan18 You’re missing the point. Mortgage rates in 1998 were in the range of 7%, but that was down from around 10% at the beginning of the 90s, which was down again from the nearly 20% interest rates in the early 80s.
      That 7% interest wasn’t seen as high…it was seen as finally being back to normal. It’s the subsequent 20 years of constant rate declines, coupled with pandemic era stimulus and the ability to work remotely anywhere in the country that drove a lot of demand and has led to prices becoming far too high in the first place.

    • @butwhytharum
      @butwhytharum 17 днів тому

      20 years ago the interest rates were higher than today still...

    • @bdegrds
      @bdegrds 17 днів тому +1

      To afford a house, for 3 years, I worked a full time job plus 2 part time jobs, I averaged less than 4 hours sleep per night that entire time. I sacrificed any extras, personal time , health, sanity that is what it takes.

  • @user-to8ri9py2p
    @user-to8ri9py2p 17 днів тому +29

    Trust no one, listen to everyone

  • @continentalmasters5432
    @continentalmasters5432 17 днів тому +51

    Many people overbid to buy these over inflated tiny homes .take responsibility instead of blaming someone else

    • @joshfelice2831
      @joshfelice2831 10 днів тому

      Here is a smart man!

    • @rochester3
      @rochester3 10 днів тому

      if theirs a bidding war im walking away and saving myself the stress

    • @jimmason8502
      @jimmason8502 10 днів тому +2

      @@rochester3 And continue living under the overpass.

    • @rochester3
      @rochester3 10 днів тому

      @@jimmason8502 I’ll continue renting while you live in a ditch✌🏾

  • @TheGuby123
    @TheGuby123 17 днів тому +24

    Sell your damn house!

    • @TheGuby123
      @TheGuby123 17 днів тому +6

      @@codechartreuse Can't find a buyer? Lower the price. You should have equity unless you were a literal top buyer.
      Unemployment's going up, people will be forced to sell eventually, I would opt into doing it before its popular.
      You sound like someone who made a bad financial decision and doesn't want to live with the consequences.

  • @annetoronto5474
    @annetoronto5474 17 днів тому +8

    Find family members who can move in and pay some rent to help with the seniors.

  • @Arielle62129
    @Arielle62129 17 днів тому +22

    Why would this guy recommend that old couple to sell their home and THEN GO RENT? Has he not seen how expensive rents are these days, and landlords are so awful about it these days? I would NEVER EVER SELL my home and then be at the mercy of some landlord. So that's some crazy recommendation.

    • @berry1669
      @berry1669 17 днів тому +5

      you rather get foreclosed and kicked out and homeless? At 85 find a place in a Govt. Nursing home and spend the rest of your Money

    • @Arielle62129
      @Arielle62129 17 днів тому +4

      @@berry1669 it's harder than EVER to find a bed in govt retirement housing. Folks are now getting thrown out of those housing all over this country. I would stay in my own home, and rent out rooms to single females or students needing a place to stay. In today's Canada I would never advise an older person to sell. Renting is simply too horrible to deal with at this time.

    • @nocucksinkekistan7321
      @nocucksinkekistan7321 17 днів тому

      You don't understand economics.

    • @Arielle62129
      @Arielle62129 16 днів тому

      @@nocucksinkekistan7321 I don't have to know or "understand economics" to know it would be a crazy thing selling that house. And then to be at the mercy of an annoying and corrupt landlord. No, thanks,

    • @maxpayne7419
      @maxpayne7419 2 дні тому

      Renting is cheaper than home ownership now. And this will likely be the case for the foreseeable future.

  • @gcalandrino
    @gcalandrino 17 днів тому +13

    A lot of people bought beyond their means during COVID and they opted for the variable rate for the lower payment. No one opted for the variable rate at .99% and made payments as if the rate was 3.99% or 4.99%. No one put down extra capital - NO ONE.
    Today, most of, if not all of them are feeling the crunch.
    Human nature...😢

  • @daiseman
    @daiseman 17 днів тому +45

    The writing's been on the wall for at least 10 years...
    If people are in such dire straights, sell your million dollar McMansion and rent.

    • @jonathanandrew2909
      @jonathanandrew2909 17 днів тому +2

      They might be underwater if they did that. The first 5 years of a mortgage is practically all interest.

    • @richardtracy5588
      @richardtracy5588 17 днів тому +8

      @@jonathanandrew2909 House prices went up drastically in the last 5 years. If they don't have equity they speculated and overpaid.

    • @jonathanandrew2909
      @jonathanandrew2909 17 днів тому

      @@richardtracy5588 have house prices gone up more than closing costs, taxes, insurance, utilities? House prices have gone down the past two years.

    • @ih8utubebs
      @ih8utubebs 17 днів тому +1

      lower your standard of life so we can all be equally miserable- communist

    • @aman888
      @aman888 16 днів тому

      @@jonathanandrew2909 That's just how it goes. It's like losing money on the stock market.

  • @peej91
    @peej91 17 днів тому +23

    The writing is on the wall. Mortgage renewals here we come ! boc didn’t do thier job and kept interest rates too low for too long

  • @Cleanasdirt2182
    @Cleanasdirt2182 17 днів тому +45

    How someone in their 80’s are not mortgage free, one may think that many bad decisions have been made.

    • @desperado914
      @desperado914 17 днів тому +20

      Life is not the same for everyone.

    • @ron.mexico.
      @ron.mexico. 17 днів тому +16

      They gave everything to their kids….thats how. Have some respect for elders.

    • @kun534
      @kun534 17 днів тому

      Many people are dumb , I know people in their mid 50s buying 800k home with 5% down. They either expect their kids to pay for their mortgage or will be working until 70-80 yrs old.

    • @BigCheese150
      @BigCheese150 17 днів тому +4

      "don't know what to do", he knows what needs to be done. Sell the bungalow and move into a condo. They just don't want to.

    • @alexg9727
      @alexg9727 17 днів тому +2

      Greed

  • @brandilowe1916
    @brandilowe1916 5 днів тому +2

    never ever ever every get a variable rate mortgage ever ever ever especially on the LIBOR index..ever....they tell you don't worry they will refi you...BS..just do not.

  • @akbaxb165
    @akbaxb165 15 днів тому +2

    My fixed mortgage rate was 7.95% in 1994. Prior to that in 1979 it was about 6.5% with an assumption of a mortgage with 3 1/2 years left. Soon after the mortgage rate went up to almost 19%. I can still remember so many people in Calgary either walked away from homes or sold them to real estate companies for $1. People who currently have variable mortgages should have known the risks they were taking. There are winners and losers who chose to play this variable rates game.

  • @SamZedder
    @SamZedder 17 днів тому +5

    You’d expect a flood of homes to be on the market at this point as more people renew. Instead they are re-amortizing for 70+ years and paying only interest to keep the payments as manageable as possible

    • @aman888
      @aman888 16 днів тому

      The crunch is happening but slowly. Still many people haven't needed to re-finance. The rates only started going up two years ago and many were in 3-5 year fixed terms.

    • @Trythis837
      @Trythis837 15 днів тому +2

      Fixed payment variable rate mortgages are the reason why we haven’t seen the flood of homes you’re expecting to see. That will come in 2025 and 2026 when the fixed payment variable rate mortgages come due for renewal. Of course that’s all dependent on whether interest rates stay where they are.

  • @jillaassaad
    @jillaassaad День тому

    My heart goes out to everyone going through this..

  • @ransom182
    @ransom182 17 днів тому +17

    Variable rate mortgages are extremely risky - buyer beware.

    • @jbmop
      @jbmop 17 днів тому

      Not really. Most have fixed monthly payments. Short term mortgages are riskier when stretching yourself thin in a low interest rate environment.

    • @kamenidriss
      @kamenidriss 17 днів тому +1

      @@jbmop fixed rate isn't that much better anyway because of our 5 year term as opposed to the 30 year in the US

    • @vert911
      @vert911 17 днів тому

      the bank would only give us a variable. it was a forced trap.

    • @TheBrawlmastah
      @TheBrawlmastah 17 днів тому +1

      The US has fixed 30 year mortgages, if rates go up your payments are the same for 30 year. If rates go down you can refinance at a lower rate. Also mortgages there are non-recourse loans. Canadians get the worst case scenario. The more you know, the worse it is.

  • @macbrazzle754
    @macbrazzle754 2 дні тому +1

    If these banks pull that 💩 again trash these houses and leave only the foundation

  • @timjkinney3472
    @timjkinney3472 17 днів тому +5

    I'm 67 my first mortgage was I believe 17% Later I had 9% and 7% only on my fourth mortgage did I have something in the range of 5-6%.
    But I get it if you became accustomed to one or two or 3% interest and you mortgaged yourself to the max If you're in a position to be paying down your mortgage great.

    • @BigCheese150
      @BigCheese150 17 днів тому +2

      What was the average home price when you first purchased a home? What was your income vs home price? I hear the same things from every 70 year old. "I had 17% when I bought my first home!". Yeah, well you forgot to mention that you bought a home for 120k and you were making 45k a year, in which you paid less taxes on, groceries prices were cheaper, etc.

    • @bdegrds
      @bdegrds 17 днів тому +3

      ​@@BigCheese150young generation thinks they are entitled to their dream home immediately, your not. There are plenty of crappy homes in crappy areas that are affordable. Work your way up like every other generation did, you guys have it no harder then anyone else did. Legal working age is 16, you should be moved out by mid 20's latest, that 10 years to save money

    • @mrblend
      @mrblend 17 днів тому +1

      @@BigCheese150 BIIGG FACTS

    • @mrblend
      @mrblend 17 днів тому

      @@bdegrds AHH shadddaap. Wages have not inflated like everything else has. You are talking out of your ass

    • @BigCheese150
      @BigCheese150 17 днів тому

      @@bdegrds we have it hard enough where basic understanding of grammar is necessary for employment lol. If you had to find a job now you wouldn’t be able to stack cans at Walmart with grammar like that. Jeez.

  • @mujkocka
    @mujkocka 16 днів тому

    I was lucky. I bought in 2020 apr. I paid 2000 a month. And 20% went to paying the principal. Now the payment has doubled. And the percentage going to pay to principal is dismal. At least the home has gone up a lot in value.

  • @nospm1244
    @nospm1244 17 днів тому +5

    The sole reason why these fools cannot pay the mortgage is the greed and speculation. If they took lower loan to ensure they could handle it, they wouldn't have a problem now. Sick of these fools.

  • @ktefccre
    @ktefccre 17 днів тому +1

    I have a question: when BoC raise interest rates, where does the extra money from mortgage payments end up? Who benefits?
    I don't think it's not the lender because if it was, then we should see super record profits in the banking sector.

    • @JohnSmith-me2wg
      @JohnSmith-me2wg 17 днів тому +3

      Lol the bank of Canada / govt treasury bc they lend the money to the banks

  • @sean151h
    @sean151h 15 днів тому +1

    Why would you get a variable rate when it is at 2% more risk of it going up then not he could of locked it in for 5yrs at that point for 2.5% and been fine

  • @incipidsigninsetup
    @incipidsigninsetup 10 годин тому

    The more I look at homes and both the upfront costs and the costs over time and it becomes clear that owning a home is a trap. The institutions have you where they want you. You end up with no liquidity and an asset that is much more akin to a liability. I could buy a house tomorrow but financially it just doesn't make sense.

  • @Icecold0505
    @Icecold0505 17 днів тому +4

    Just get a second job like me. Work your life away to pay the renewed mortgage at sky high rates. We need 15 and 30 year terms.

  • @trails3597
    @trails3597 17 днів тому +3

    For our first home in the 80s we had a second mortgage from a private lender, the builder. I was never so glad to get that paid off. But it did allow us to start a family and we had equity after that.

  • @travisholte3241
    @travisholte3241 17 днів тому +3

    I like this guy

  • @Johnnynomadic
    @Johnnynomadic 15 днів тому +1

    Now this will be reflecting in weaker gdp due to more money spent on interest payments instead of going into the real "productive" economy. This will then result in lower interest rates that will crash our dollar and send inflation higher. Either way this country is screwed.

  • @mingdianli7802
    @mingdianli7802 17 днів тому +2

    5:09
    "Now he has no monthly payment"
    Of course he does. He just took out a reverse mortgage for $250K.

  • @vichysaho2135
    @vichysaho2135 17 днів тому +3

    I’m mortgage free in 2023 15 years of biweekly , stayed on variable at the start went from 7.5% all the way to -0.75 then eventually closed out last term was 2.75% , damn good luck on those 9-18% you missed the low rates, now expect decades of higher rates

  • @palestinelucas
    @palestinelucas 17 днів тому +11

    Canada allowed illegal money launders in real estate. Please see the TD bank fasing penalty for allowing illegal money and has no restrictions on foreign property buyers

    • @stephenmorris8557
      @stephenmorris8557 17 днів тому +1

      What is your point !

    • @palestinelucas
      @palestinelucas 17 днів тому +6

      @@stephenmorris8557 point is simple Canada should have restrictions on property buyers from outside country they should remove the Freehold title from property and have strict rules on where the money is coming from today you can make a shell company and buy as many property illegally

    • @Knowledge.to_Come
      @Knowledge.to_Come 17 днів тому +1

      Its capitalism and a free country suggesting anything otherwise would be communist. Either you are a successful capitalist or you are a victim of ignorance

    • @ransom182
      @ransom182 17 днів тому +1

      Building more homes is the primary solution.

    • @annalee5751
      @annalee5751 17 днів тому

      ​@Knowledge.to_Come
      That makes no sense. If he's a capitalist, he'd love the money laundering (Snow washing they call it).
      And ya, they say they have a massive wage in China that the lenders fail to verify. Chinese wages are about 25% of ours, so making $10 grand a month would Xi's wage.
      There's a top secret doc "Project Sidewinder" that the Creitien Liberals shredded pre Harper much like justin archived Harper's internet history.

  • @renevargas8616
    @renevargas8616 День тому

    Listen to this guy. He knows

  • @420bin7
    @420bin7 17 днів тому +1

    My mortgage 25 year 150k at 2.99% was 60$ cheaper biweekly then my current 4.99% rate.

  • @brendaechols5929
    @brendaechols5929 6 днів тому

    Thats crazy!

  • @mrnice9922
    @mrnice9922 12 днів тому

    Mine doubled only and tenants say. I can't raise rent more than 2.5%.

  • @Dam-a-fence
    @Dam-a-fence 13 днів тому

    That title is the future I saw when the landlord asked me to move out for $5 000 4 years ago.
    I said, "no, $25 000 would be enough though".
    Could've put a down payment on a mobile home and they could've doubled the rent for this unit, like they did the other 6.

  • @user-to8ri9py2p
    @user-to8ri9py2p 17 днів тому +3

    Rich indians srilankans russians Chinese have dumped lot of money in real-estate

    • @parkerbohnn
      @parkerbohnn 6 днів тому

      Me thinks its just the latter.

  • @ThomasMullaly-do9lz
    @ThomasMullaly-do9lz 17 днів тому +2

    Canada should drop the rates on mortgages not other consumer debt. You need a house to live in but you can cut down on other consumption.

  • @Generic321
    @Generic321 17 днів тому +2

    It's amazing to me that everyone who quotes the infamous "lower interest rates for longer" statement from BoC has never actually watched that 45 minute press conference. Tiff was referring specifically to the next several quarters and that took place in 2020. In the time since then, all throughout 2021, 2022 the bank of canada was repeatedly warning people not to over leverage. The Bank of Canada is a convenient scapegoat for mortgage investors who gambled and lost.

  • @alexwalker9721
    @alexwalker9721 16 днів тому

    here in the same boat

  • @yingyang1875
    @yingyang1875 17 днів тому +3

    Sucks for people who fell for the trap and bought beyond their means. Maybe started a family and now the shit hit the fan. I personally dont see any growth in the market for a decade. Hope everyone is ready to ride this out as the BOC is trying to cash in on baby boomers wealth transfer

    • @pauls5819
      @pauls5819 16 днів тому

      The multitude of people got shafted the bad news is Banks don’t grease shaft the people have to grease their bom or take it dry.

    • @yingyang1875
      @yingyang1875 16 днів тому

      @@pauls5819 😆 🤣 😂.

  • @CDN1975
    @CDN1975 13 днів тому +1

    Rent is super expensive and rentals hard to come by. Selling a house to start rent seems riskier than staying put and pinching pennies.

    • @Dam-a-fence
      @Dam-a-fence 13 днів тому

      pennies?
      Harper cancelled them because he said they cost too much to make, which said our money is under valued to me.
      Bad enough people can earn tenths of a cent in the stock market without a physical tenth of a cent in the real world, now there isn't even a cent in the real world.
      I will never stop calling for the return of the penny.
      costs 1.03 cents to make one.
      K, does it cost $1 to make a loonie?
      $2 to make a toonie?
      Why did those nearly 30 000 counterfeit toonies come in from China at $0.58 ea. then?
      Hard to pinch pennies if they do not exist.
      Axing the penny cost me $10 - $25 in saving a year, which might not seem like much, but when I tell you the maximum I can save in a month is $140, if no emergencies arise, and the average is $15-$20, when I account for those emergencies, you might think more.

  • @wayneho71
    @wayneho71 10 днів тому

    The current government has already presented a solution to the old Canadians and it's called medical assistance in death (MAID). Starting in March 2027, Canada plans to make medical assistance in death (MAID) available to people with mental illness (I wonder if depression consider a type of mental illness), expanding a program that was already accessible to patients with terminal or chronic physical illness.

  • @ThomasMullaly-do9lz
    @ThomasMullaly-do9lz 15 днів тому

    What the average family takes in 5000 monthly and the mortgage is 3500 that doesn't leave much to spend in the economy or save for retirement. Canada brought in newcomers and made them spend their life savings to come to Canada trapping them in poverty. This is wrong

  • @stephanienguyen6992
    @stephanienguyen6992 17 днів тому

    Banks = NO Refuse.
    Audit = Mortgage Loan Application = FRAUD

  • @ImNotNormAll
    @ImNotNormAll 17 днів тому +1

    3.69% signed March 2022
    Wonder what the rates will be in 2027?

    • @parkerbohnn
      @parkerbohnn 6 днів тому

      The same because I have a GIC due July that year so rates have to fall a lot.

  • @JessT-vg7ib
    @JessT-vg7ib 17 днів тому +11

    Home owners can always get a third job if their mortgage is this high. What do they expect anyone to do? Tax other people to help them with their mortgage? Have these people ever thought of getting a better job or a second job? Complaining or taxing other people doesn't get anyone anywhere.

    • @priuss6109
      @priuss6109 17 днів тому +3

      100%.,homes are costly today because these more ons overbid and with no conditions

    • @cinpeace353
      @cinpeace353 17 днів тому +1

      None of the home owner in the video talking about taxing other to help them. Homeowners are actually the one being taxed to help others like roads etc in the city. They all just asking for advice. Some are even at old age. Simple way to solve it is to sell something you can't afford anymore. Owning a home is nice, but not a must. Owning a home is getting more and more expensive. Higher property tax to help the city, higher insurance, mortgage is just part of it.

    • @JessT-vg7ib
      @JessT-vg7ib 17 днів тому

      @@cinpeace353 Who are the home owners helping by being taxed?

    • @cinpeace353
      @cinpeace353 17 днів тому

      @@JessT-vg7ib Part of city funding are from property tax.

    • @relaxationmusic2986
      @relaxationmusic2986 11 днів тому

      ⁠@@JessT-vg7ibevery step of the way homeowners get taxed, they pay tax on buying it selling it property taxes when u build a new house you pay the city hundreds of thousands for permits creating hundreds of jobs for people and labor workers basically your whole economy is running on homeowners

  • @centralmountain4241
    @centralmountain4241 15 днів тому

    I damn damn damn agree.

  • @aaronsullivan1628
    @aaronsullivan1628 17 днів тому +1

    The talk here is nonsense. The bank WILL certainly seek to renew the mortgage as the bank has no choice. If they let the mortgage default then they are stuck with a house the sale of which won’t cover the loan. The bank is screwed. The guy is screwed too, but wait till rates go up another 1.5% …wow it’s going to blow up!

    • @aman888
      @aman888 16 днів тому +1

      If the bank is "stuck" with the house, they should be able to sell the home to cover most, if not all of the loan. That's why they don't loan on 100% of the home value.

    • @aaronsullivan1628
      @aaronsullivan1628 16 днів тому

      @@aman888 Explain to me the term “short sale”…

    • @aman888
      @aman888 16 днів тому

      @@aaronsullivan1628 Yes, but you're assuming the value of the house is below the mortgage amount. Why are you jumping straight to that conclusion?

    • @aaronsullivan1628
      @aaronsullivan1628 16 днів тому +1

      @@aman888 Experience. I started studying economics in 1979. I lived through Volkler. And I know and understand the numbers now. When the housing market turns hard, and it will… the number of underwater mortgages will soar. The subprime iceberg is hiding its true mass just under the surface.

    • @jptrainor
      @jptrainor 14 днів тому

      Sure it will cover the loan. That's why they want a down payment - to provide that buffer. If the down payment was small then the mortgage is insured.

  • @deecee284
    @deecee284 17 днів тому +12

    What a novelty! "Do your own stress test"!, 🤦‍♂️ almost like making people accountable for over- leveraging them selves!! I've been wanting to buy a home for 8+ years and thought the market was over inflated in 2015, I make a good income 100k + a year, have a plenty of a downpayment but still not willing to buy because noone should be putting 40+ percent of their income into their dwelling!! And did you really think that intrest rates would not go up!?!? Never in Canadian historyhave they been below 2% ..people need to start taking accountability!! If your not responsible enough to look to the future and recognize what you CAN REALLY AFFORD, it's your own doing.

    • @danielindrigo7992
      @danielindrigo7992 17 днів тому +5

      Interest rate aren't even high, they are just in the low range of normal. The problem is that the banks were far too willing to lend you more money when rates where low, and too many people foolishly took them up on that. If you were maxed on on monthly payments when the rates were at historical lows then you've set yourself up for failure.

  • @dawna4185
    @dawna4185 11 днів тому +1

    I love how cruelly judgemental folk are here in the comment section of these types of videos. Everyone thinks they know better about a complete strangers circumstances and they always have some highly simplistic miraculous solution!! It's like they've done everything perfect in their lives and they cowardly get on here behind their screen and type nasty remarks...oh what a world this has become....

  • @frankpizzardi9290
    @frankpizzardi9290 17 днів тому

    0:02

  • @dougpatterson7494
    @dougpatterson7494 16 днів тому

    This is the first news clip/article that really helps me sympathize, empathize eve, with people who were “foolish” to over borrow when interest rates were low.
    I do believe some of the people with some knowledge of the economy and interest rates that led ignorant people to choose variable rate over fixed were silly. I was semi-skeptical in he pandemic that these lower rates were a bad idea and
    That these rates won’t stay so low.

  • @pauls5819
    @pauls5819 16 днів тому

    At this present moment 4th may 2024 there are so much Canadians in denial

  • @debbiesmith1687
    @debbiesmith1687 17 днів тому

    People cant so easily sell a home if they have penalties. Some penalties can be $50k

  • @jeremyrleetx9302
    @jeremyrleetx9302 День тому

    Glad see a guy with same eyebrow

  • @oddballchic
    @oddballchic 5 днів тому

    I had to google what a mortgage renewal is to understand what was happening lol

    • @enhancedutility266
      @enhancedutility266 4 дні тому

      Australia and the UK have adjustable rate mortgages as well every 2 to 5 years It's never a 30-year fixed like the US

  • @jimmyjay689
    @jimmyjay689 6 днів тому

    Got a headache

  • @stephaneracicot791
    @stephaneracicot791 17 днів тому

    AAAA yes the famous credit line,,,,,,,,don't ever use it never...youl be glad u did.... cannot afford it sell the house or don't by it that's it...

  • @Charlesbjtown
    @Charlesbjtown 5 днів тому

    Canada is weird. So they don't do fixed rate mortgages?? You have to "renew"......Basically "ARM"??!!

    • @enhancedutility266
      @enhancedutility266 4 дні тому

      It's like that because their financial system is not big enough to offer the rates that America has the UK and Australia have similar characteristics when it comes to housing financing

    • @Charlesbjtown
      @Charlesbjtown 4 дні тому

      @@enhancedutility266 So I guess this is the price paid for "Free Healthcare".

    • @enhancedutility266
      @enhancedutility266 4 дні тому

      @@Charlesbjtown not exactly there's just not enough money to go around in those countries I mentioned they're going to get you one way or the other is simply window dressing

  • @hologramhouse729
    @hologramhouse729 6 днів тому

    Feeling pinched, gutted or assaulted? Im not 👻

  • @APICSKH
    @APICSKH 16 днів тому +2

    I think it’s a lesson for some who treat their house like an ATM.

  • @dev4statingx90
    @dev4statingx90 17 днів тому

    Not my problem?????

  • @Chris-ip9qg
    @Chris-ip9qg 14 днів тому

    simple sell home take profit LEAVE canada and work part time to keep busy... economics 101

  • @Matt-YT
    @Matt-YT 17 днів тому

    If you can't afford your house, SELL!

  • @andg5194
    @andg5194 17 днів тому

    3.69% to 5.69% increase 43% increase in monthly payment?
    his math doesn't add up.

    • @DB-bw5fz
      @DB-bw5fz 17 днів тому

      I agree. The only way that makes sense is if it was originally a fixed payment adjustable rate term that negatively amortized for a while, and has now reset.

  • @bathombre9739
    @bathombre9739 17 днів тому

    What do i do about my adult child 🤣

    • @jonathanandrew2909
      @jonathanandrew2909 17 днів тому +1

      Encourage them to buy a house now at all time highs with putting down the minimum.

  • @central3425
    @central3425 7 днів тому

    The daughter does have debt, she has a car loan

  • @quietcorner_1
    @quietcorner_1 16 днів тому

    Sell your house to a corporation Robert

  • @Dictone-kg3tq
    @Dictone-kg3tq 17 днів тому +5

    Or just don't buy what you can't afford. Do you really want to buy the most expensive house possible and not able to afford furniture, travel, or anything else?

    • @tommyshanks4198
      @tommyshanks4198 17 днів тому

      Yes.. cause the most expensive house typically has the best investment upside

  • @Simon-je7ko
    @Simon-je7ko 13 днів тому

    What is going on here? How many times can your face change when you talk? Is the interviewer related to the Addams Family? LOL Where is the thing? LOL

  • @zeetheprince
    @zeetheprince 17 днів тому +1

    I am on mortagage 2 percent interest now , in 2 yrs I am renewing , how should I manage , currently I am having 900k and paying 4K monthly . I am really worried how can I manage and how much I need to pay when I renew in 2 yrs .

    • @gregfraser2763
      @gregfraser2763 17 днів тому

      Fill your house with roomers in every room, sometimes two or three to a room.

  • @Lisa-vk2jw
    @Lisa-vk2jw 17 днів тому

    Hello, this guy is clueless rent in BC and Ontario is as much as a mortgage, if you can find a place to rent!

    • @jonathanandrew2909
      @jonathanandrew2909 17 днів тому

      Yes, but you don’t have to worry about fixing the roof or HVAC if they break down.

    • @gmalda
      @gmalda 17 днів тому

      My tenants will never leave! I wish they would….

  • @seanmeagher4754
    @seanmeagher4754 17 днів тому +5

    Goddamn man...at no point between the mortgage rate going up from 2 to 7 did you think "better lock in?"...gtfo with blaming the BoC governor, and inflation, look in the mirror. Also why are you writing in to this show, you think this dude has a silver bullet to help you? The answer is either you and your wife are getting second/third jobs or you do what everyone has to do when they bought something they can't afford and SELL. You don't have a god given right to live in whatever house you live in at sub-2% rates forever. Sell it and count yourself lucky that prices also happened to go up because if they went down then you'd extra boned, all of which would still be your fault.

  • @user-hy3vp5kp1o
    @user-hy3vp5kp1o 5 днів тому

    A fool and his money will soon part, that's in the bible!

  • @Simon-je7ko
    @Simon-je7ko 13 днів тому +1

    The issue is not the mortgage. It that you have no idea whatsoever how to manage money. That's it.

  • @user-pp4ve6qo1b
    @user-pp4ve6qo1b 17 днів тому +5

    Canadians are so spoiled with interest rates. We were paying 22% in 1980. Why people are freaking out over interest rates of 7% or 10% is ridiculous comparatively. I had to take on two part time jobs to keep our house. Ya gotta do what ya gotta do.

    • @dingdong8242
      @dingdong8242 17 днів тому +7

      Yes . When the house price was 70k .2 , max 3 times your income.
      Nice comparison pops .

    • @bathombre9739
      @bathombre9739 17 днів тому +3

      Yeah boomer small interest of a big number is greater than high interest in small number- go back to sleep

    • @dingdong8242
      @dingdong8242 17 днів тому

      @@bathombre9739 in the 80s if you had to borrow 10 times your income to buy a house , we would never hear the end of it from their generation.

    • @diawatts578
      @diawatts578 17 днів тому +1

      Ya....our current interest rates aren't actually 'high'......but really just average in the historical sense. We're simply not accustomed to paying average interest rates after paying artificially low ones for so long

  • @MyRuslan1982
    @MyRuslan1982 17 днів тому

    😂😂😂

  • @TheSharkasmCrew
    @TheSharkasmCrew 14 днів тому

    Lost all their savings in the stock market? Wasn't the past year a super bullish run for NA markets? Those must have been some absolutely terrible bets 😂

  • @MrSoloDev
    @MrSoloDev 16 днів тому +1

    It's no one's fault but his if he is financially illiterate and have to rely on what other people say. I have no words to describe how stupid he is to rely on what politicans say to make decisions. Financial literacy is as important as knowing how to read and knowing how to take care of yourself. When interest rates are historically low why gamble and go with variable rate ?!!? Then he loses everything on the stock market. Poor decisions after poor decisions is what got him in trouble. His financial illiteracy is what makes him unable to apply critical thinking to advices given to him. Not all advices are good advices.

  • @justinaldrich1719
    @justinaldrich1719 17 днів тому

    haha

  • @tarawhite4419
    @tarawhite4419 9 днів тому

    Cry me a river

  • @thehockeyhumor
    @thehockeyhumor 14 днів тому +1

    Fools. The answer is simple. Cancel Disney plus😂

  • @user-wh2dx8ro9v
    @user-wh2dx8ro9v 12 днів тому

    This guys a fool

  • @A.--.
    @A.--. 13 днів тому

    Madeup stories, madeup solutions