... Exact figures on how many power-of-sale proceedings are occurring ... three month moving-average of new listings was up 21 per cent in November
... in Ontario and B.C., we're seeing quite a significant increase in missed payments and delinquencies... a significant portion of consumer debt is from mortgages, which have now reached $2 trillion in total debt, up about $80 billion on an annual basis.
And the third nail in the coffin...
My job of finding doom and gloom is getting a lot easier these days, and that worries me. Its like watching a forest fire, and hearing that yes the rains are coming... ok thats great, but the fire isn't out, and its still moving closer to town... becasue the wind is behind it... Well the wind is still burning our economy and still happening, yes inflation has stalled at 3.1, but the pressure is still there... so we know it will keep moving, of that there is no doubt as we can see it progress downward... but how much more needs to be destroyed for the water to be applied... A lot more. Without a drastic cut in interest rates...( not happening) very soon... the tsunami which is building, will consume everything in its path... they created the problem in the first place with too much liquidity for too long... and now the pedulum has swung the other way, in my opinion, far too aggressivly.
But heres the good news...
Rents falling? could it really be? Not in BC, but elsewhere there seems to be some movement. But it could happen here soon. A double whammy is coming, with less jobs, a possible recession, and now Air BNB operators getting slammed with the new rules coming into effect.
So you have 6 months to rake in the dough before your shut down, and your unit is back in the rental pool. That will help renters, but have a negative effect on house prices. Lets revist this in May, it could get real interesting.
To recap, inflation has stalled, delaying any talk of interest rate cuts, at the same time, defaults, layoffs, and house prices are crashing... and there is no end in sight... all while the words downturn, and recession
are popping up in forcast's more and more... I bet I can find a few of those articles too... shouldn't be too hard...