this post was submitted on 06 Dec 2023
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4
Canadians missing mortgage payments as credit card debt hits $113-billion record (financialpost.com)
submitted 2 years ago by [email protected] to c/[email protected]
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[–] [email protected] 5 points 2 years ago (1 children)

Overall, missed mortgage payments are still lower than they were pre-pandemic, but Equifax expects more pain ahead. The Bank of Canada has signalled interest rates may need to stay higher for longer, which will push mortgage payments higher come renewal time.

Good news, followed by “how can we create a problem, guys?”. 💁‍♂️

[–] [email protected] 6 points 2 years ago (1 children)

Bank of Canada: Our metrics indicate people aren't suffering enough.

[–] [email protected] 6 points 2 years ago

More like: Our metrics indicate that people are enduring the suffering and show signs of being able to take more and longer.

[–] [email protected] 4 points 2 years ago* (last edited 2 years ago) (1 children)

So we're just going to ignore that debt dropped and savings rose substantially during COVID thanks to stimulus payments and this might just be a rebound?

Hell, they even bury this pretty damn important detail at the end of the piece:

Overall, missed mortgage payments are still lower than they were pre-pandemic

Also a) inflation has come back down and b) the economy is broadly healthy (minus the obvious and looming problems in housing and mortgages).

But just keep telling those doom and gloom stories, media. You'll be right eventually. Broken clocks and all that. #permabears

[–] [email protected] 1 points 2 years ago (1 children)

Historically aren't mortgage payments the last thing a person is going to sacrifice?

[–] [email protected] 2 points 2 years ago* (last edited 2 years ago)

I honestly don't know.

But the point is missed payments are lower now than 3+ years ago. That they're increasing again is an interesting data point but it's a bit much to be setting off alarm bells. For all we know this is just part of the generalized ongoing reversion to the pre-pandemic mean.

[–] [email protected] -1 points 2 years ago

Plz crash. Kthxbai