This week Andrew and Andrew discuss the coming financial collapse as mortgages across Canada become even more unaffordable.
Intro
Hello to all you patriots out there in podcast land and welcome to Episode 397 of Canadian Patriot Podcast. The number one live podcast in Canada. Recorded June 19, 2023.
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What are we drinking
And 1 Patriot Challenge item that you completed
Andrew - Old Fashioned
Better Andrew - Home brewed Acerglyn, Mead with maple syrup - 8.5%.
Grab the Patriot Challenge template from our website and post it in your social media
Listener Feedback
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Upcoming Events
Army Run - Virtual September 8- 29
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News
Ontario minimum wage to increase to $16.55 per hour in October
https://www.cbc.ca/news/canada/toronto/minimum-wage-increase-ontario-1.6797153
Households now owe more than Canada's entire GDP, housing agency warns
https://www.cbc.ca/news/business/household-debt-gdp-1.6852027
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"We need to create a situation in which you are 35 years old, you're married, you have two kids and you are renting — nothing is wrong with you,"
"The situation is getting worse and worse and worse so we have to treat it as a crisis — and the rental solution must be part of it."
Benjamin Tal, an economist with CIBC
Bank of Canada hikes interest rate again — and there may be more to come
https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6868206
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The Bank of Canada decided to raise its benchmark interest rate to 4.75 per cent on June 7
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Big Banks have all moved to match rate hike, moving prime to 6.95%
Canadian Mortgage Default Risk Is The Highest In The OECD: IMF
https://betterdwelling.com/canadian-mortgage-default-risk-is-the-highest-in-the-oecd-imf/
Consumer confidence is surging just as banks brace for defaults. What's going on?
https://www.cbc.ca/news/business/economy-warnings-column-don-pittis-1.6852987
Posthaste: Canadians' high mortgage debt a 'ticking time bomb' as renewals loom
https://financialpost.com/news/canadians-high-mortgage-debt-a-ticking-time-bomb-renewals
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Borrowers on five-year fixed terms can expect their payments to rise around 15 per cent once they start renewing in 2025 and 2026, assuming the Bank of Canada starts cutting rates at the end of this year, and its policy rate falls to 2.5 per cent by the end of 2024.
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one way to soften the blow and keep payments where they are now is by making a lump sum payment onto the principal at renewal -LOLZ
Canada’s national debt
https://www.debtclock.ca/about-debtclock/debt-history/
Debt: $612 bil → 2015 → population = 35.8 mil (don’t know if that is all ages or just 18+)
Debt: $757 bil → 2023 → population (2022) = 38.4 mil
https://twitter.com/Roman_Baber/status/1664968626141634564
Outro
We’re on Guilded now https://www.guilded.gg/i/k5a9wnDk
Andrew - https://ragnaroktactical.ca/
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Apologies to Rod Giltaca
Remember, “you are a small fringe minority” with “unacceptable views”