Housing prices just aren’t skyrocketing like they used to. More like falling into the center of the earth, in fact.
Mortgage delinquencies in Ontario have skyrocketed 50 per cent higher than pre-pandemic levels, and more than 11,000 mortgages in the province missed at least one payment in the fourth quarter of 2024, nearly three times the number seen in 2022, Equifax Canada said in its quarterly credit report.
The big question now is: can the banks foreclose on brown people? We are going to find out. I suspect that most of these will become zombie mortgages.
So what are the main reasons for this? Reduced immigration?
I think people bought houses that were way over priced then the market crashed, and their mortgages came up for renewal. They can’t afford to keep the houses and there is no one to sell them to because our economy is collapsing. Very few people have the income or job security to be able to afford to buy a house, especially if they are currently renting and the rent costs half their income. There is still a housing shortage because houses cost more to build than people can afford to spend, so new supply doesn’t grow. We’ve pretty much entered a doom loop at this point and I expect my kids will never be able to afford to move out despite being well educated and employable.
Since our GDP per capita is only better than Mississippi, we have way more takers than the makers can afford to support. Hard to make the payments on my house when my high taxes on my income, which would have been used to pay for my house, is used to house/feed/support countless others who chose to not work and add to society when there is no incentive to do so. Not to mention the countless government beurocrats that also live on my income without adding anything of value to the economy.
“You will own nothing – and you will be happy!” Marx Carney
People that live in this place don’t really care about all this mortgage stuff…
They elected a clown three times.