In today’s transitory news;
Concurrently, a growing number of financial experts are expressing their apprehensions regarding the potential impact of yet another rate hike on consumers. And their concerns are not unfounded. Let us examine the evidence.
Undoubtedly, food and housing constitute the fundamental necessities of life.
Pertinent data reveals that the cost of housing exerts a considerable influence on our grocery expenditures. Notably, despite prevailing inflation, the latest quarterly results from Empire/Sobeys/IGA indicate a $16 million decline in food sales compared to the corresponding quarter of the previous year.
That’s right, $16 million. Similarly, Loblaw/Provigo experienced a mere 3.1% increase in food sales over the past year, despite inflation consistently exceeding 9% for the preceding 12 months. Metro witnessed a modest 5.8% rise in food sales at their stores during the last quarter.
Bloomberg: Canadians’ concern about debt, ability to pay bills reach all-time high (h/t David M)
When people do not have enough money to pay the cost of living they often consider crime in order feed their families. Desperation is a terrible thing and it is a growing problem in Canada when men cannot support their families anymore.
It’s going to get really ugly if nothing is done about Trudeau.
Keep the socialists in power and we will soon have nothing but hunger. By the way, liberals are socialists.
Old guy
And a co-worker, a Jewish gentleman told me 90% of Kanadian Jews vote liberal, and the same goes for Katholiks.
During the cold war 2 “democratic” countries had viable communist parties, Israel and Italy, so go figure!
I just told you were the problem lies!
True in part. Large numbers of Canadians benefit from Justatwit’s regime, and Canadians always vote their wallets. Justatwit and his goons have been very good for the public sector which has grown heavily over the past eight years.
“The budget will balance itself,” said the actor pretending to be Prime Minister.
So the public sector and their unions tend to support the Liberals heavily. Those parts of Canada most dependent on federal handouts, the Maritime provinces also vote for the Liberals. Again, its in their best interest to vote for the party that rewards them at the expense of the rest of the country. Remember that Justatwit doesn’t actually decide anything. Katie Telford is the one calling all the shots just the way Gerald Butts used to do.
I dislike Jew haters.
Trucking is the slowest it has been in 15 years. The busiest freight corridors have hundreds, even thousands, of trucks sitting days for a load. Many trucks have parked at home indefinitely. 2023 started out bad with over 9,000 trucking companies in the US shutting down in the first quarter. The second quarter was worse. For trucking this is as bigger or bigger than the 2008 crash, which the left like to call “The Great Recession.”
Sobeys/Thriftys and Pattison’s empire (SaveOn/Buy’Low’/QF) are always THE most expensive grocers, and not even close. Only go there for an item or two on sale and that’s it.
This week at Thriftys on the Island, Top Sirloin, 7.99/lb. Not as cheap as it used to be, but beats Costco Sirloin @ $14/lb, and just as good.
These chain stores are never crowded and never so busy as to turnaround and leave.
Their business has disappeared to Costco. Always BUSY and congested.
All other grocer retailers should be very worried about this, Loblaw Liberals included. It’s the prime reason for their declining sales figures.
I heard an interesting statistic this morning that 70% of US mortgages are at a 4.00% interest rate or less. Many borrowers locked in at low rates and are trying to ride out the increases. Yet the FED wants to keep raising rates because nobody is jumping out their window yet. But if they’re patient they will see their damage done.
Many borrowers have longer mortgages (15, 20, 30 year) in the US, versus the max you can get in Canada is a 10 year, and you pay a premium for it.
Who pays a premium? People with 30-year mortgages? Is that what you meant? What kind of premium? My husband and I have a 30-year mortgage at 3.2% on a four-year-old house. No premium involved. We could pay it off (I would prefer that) but we’re better off not to, says our finance advisor, and my husband agrees. (FYI: he’s 77; I’m 70.)
Remember when we could afford a Sunday roast? Even hamburger is running close to $7/lb most of the time. $10 for small watermelons at all the stores just now. $4 for celery. $4+ for a dozen eggs. The government is trying to starve us into submission, with people like the Westons as willing partners in this. It may be time for an insurrection.
For some real statistics, have a client who is paying off a loan at just over $3,000 per month plus interest. Back when the interest rate on the loan was 2.45% (February 2022), the interest paid was $226.64. Last month, despite the principal being just over $49,000 less, the interest was up to $417.66. Fortunately, this client can cope. But someone with higher interest vs prinicpal changes won’t be able to afford a doubling of the interest charges.