I’ll suggest a better title for this piece: Canadians built a $2 trillion wall of debt during the pandemic.
A new report by BMO Capital Markets shows Canadian households’ net worth rose an astonishing $2 trillion during the pandemic.
“That represents a titanic 17 per cent increase to $13.7 trillion, equal to 933 per cent of disposable income — up 50 ppts from 2019 levels, and double the ratio thirty years ago,”
Canada has become a ranch whose business plan is to barbeque the breeding stock.
Unfortunately all the other ranches in the neighborhood have the same plan.
Eating all your food planted and failing to save any planting seeds for next years crop would be the same analogy.
But are they so willing?
They are suggesting the “average” Canadian family has 1 million dollars in assets. That is preposterous. The average is heavily skewed by the 1%.
Absolutely absurd article because, as you note, there is no context given as to the distribution of the wealth. Not only would this be skewed wildly by class but by region as well.
If I were King of Canada I would declare the 371million owed to China free and clear. I would then send China a bill for the rest.
Dream along with me.
bank propaganda. richer than you think, indeed.
I asked all my kids…”Do feel like a million dollars this year?”
None gave a positive reply…propaganda indeed.
I’ll take my beef tenderloin medium…thanks for asking. 🙂
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North”
Yes, but Canada is in both a housing and stock market bubble. There are some good finance discussions suggesting craziness in the stock market, and we could see a crash soon. Same with Canada’s housing bubble.
I have a spare room. Could I have mine stacked in there and in gold bars, if you don’t mind, I don’t trust Canadian currency especially when its been printed by this government.
For every dollar of lost income due to the Spawn’s Covid Stalinism, the Spawn’s kleptocracy stole from the future and spent 20 dollars. And some wonder why he is set to win the next election.
There was a Simpsons episode in which Homer and two of his more dim-witted co-workers were sent to watch a jar of bees while the rest of the nuclear power plant underwent an inspection.
If I could use that episode to illustrate the current state of Canada, I would say that Justin is Homer and Canada is the more dim-witted pair of co-workers.
That might explain some things.
Soon we’ll all be millionaires! Just like Zimbabwe.
“Transitory” millionaires!
Can’t wait to line up for my $1-billion loaf of bread.
1 million in assets or 1 million in assets less X in debt?
A friend was over recently. They consolidated their debt (some of it business/Wuhan caused) and remortgaged.
They now owe $200,000 on a house they figure is worth $700,000.
Sounds good except they bought the house for way less than $200,000 (17 years ago!) and there is no way its worth $700,000 – let’s say Five to be kind.
Lotta grasshoppers in Canada.
Glad I’m a boring ant.
Fact is that is what is called a bubble. Dollars inflated by the prolificate borrowing and printing and devaluation of the currency. The total government debt is over 6 Trillion for 36m people even under the shitcon Harper it was already 4.1 Trillion in 2014. Before Trudeau. What do you really think happens next. We owe more than almost the whole of the EU. https://www.google.ca/amp/s/torontosun.com/2014/04/11/all-levels-of-canadian-government-debt-total-41-trillion/wcm/5ce2d058-f666-4105-8ace-a7be79c9d674/amp/
Shhheeeeeiiiit! If I’d known you could spend your way to prosperity I’d have started years ago.
I looked around the house, I can’t find my extra $1,000,000 that’s supposed to appear out of nowhere. Either a government or banker wet dream.
“…the wealth of other assets at their disposal suggests a spending boom may not be as transitory as previously forecast. Indeed, sustained spending from splurging Canadians could see inflation lasting a much longer time than previously suggested.”
No kidding.
But, but, but it’s transitory, and/or Harper’s/Trump’s fault.
It is bullshit. Just like how they calculate CPI. The calculate inflation based on products that are not really apart of the average budget. And leave out the biggest inflationary ticket of all in cpi. Cost of Government Taxes. Taxes take more out of the family budget than all other items combined. Why would the cost of government taxes not be included?
Today at the grocery store….
One single red grapefruit: $5.99
Well of course there will be a “spending Boom” if everything keeps rising in price..
Zimbabwe Mon.
Faster Harder,eat your zoo animals first,then your pets and then?
Will the Jefferie Dalmar Urban Diet take off in Canadian Cities?
Propaganda…
Your house isn’t worth a million dollars. Your dollar is worth only a millionth of your house.