Blacklock’s- 51% Struggle With Mortgage
Most mortgage holders are struggling to pay their debts with nearly a quarter now using credit cards or other borrowing to meet bills as they fall due, CMHC said yesterday. The federal insurer said financial well-being of householders had deteriorated over the past year.
“There was an increase in the proportion of consumers who stated they had difficulties maintaining debt payments,” said the 2025 Mortgage Consumer Survey. A majority, 53 percent said they were “concerned about defaulting on their mortgage.”
l went rhru this twice.
1st time my now ex put a 2nd mtg on the place 2nd time abt decade later took out a reverse mtg right at the peak of housing prices in 2022. and paid off the ex among other things.
at the time l decided time to let go of the place and spent a goodly portion of those proceeds prepping the place for the for sale sign.
give me 3-4 months when the dust is settled my CPP pays the rent on the new place, meanwhile l do lots of research and mebbe find a tiny home right in the middle of a collapse mkt that gives me once again my own ‘castle’ which is actually an oversized dog house which lm sharing with 3 part time mastiffs.
etc.
ps tq tq tq turdeau for severely screwing it up for those getting *in* the mkt because what better time to get *out* and turn into a scrooge mcduck sitting on a huge pile of cash?
(lm mindful and harbour a belief when 10 houses on every city block have a for sale sign instead of 1, it presents a chance to get back *in* for 25 cents on the dollar?)
godam Lieberals, but, who am l to dispute almost a century of voting patterns of my fellow citoyens of Canaduh?
I live in Regina and there is a severe undersupply of housing. The mortgage problems are only in certain areas of the country – Vancouver, perhaps Calgary, Toronto, Montreal.
I have posted previously, “Do not spend money you do not have”- this motto has served me well over the decades.
Orange Man Bad.
Elbows Up.
Modular Housing.
MAID.
No budget.
Did I miss anything?
Fwank
MAiD is a personal choice you can opt out of, many cons (not bible pounders) support the rite to choice on MAiD, abortions, and gay marriages. Problem is cons want less gubbermint, but pounders want to force their religious BULLSCHITT on others, which constitutes more gubbermint. Now keep yer emotional religious BS for your self!
Interesting religion you have there. Let me guess, the drunken and depraved priesthood of secular humanism gave you your worldview?
I think it was the relentless compulsive buggery that did it for his worldview. The priests just sold the film rights.
Yes, you forgot dropping the BoC interest rates to ZERO …
https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/
Well snow Mexicans just re-elected the Turdhole Government, but this time with an ex Goldman Sacks banker and another WEF hustler as their ruler.
So that 51% that struggle with Mortgage payments should be easily increased to 60 or 70 %.
In a year from now that number of 51% struggling economically to keep a roof over their heads will seem like the good old days.
Snow Mexicans are not too bright, they are Globalists and they are a fearful, cowardly and obedient cult that cannot understand basic cause and effect economics.
They voted for more of the same, but faster.
Snow Mexicans will have nothing and love it.
Canadian Peso coming soon
And the guys who voted for Biden were rocket scientists right? And if you didn’t vote for him, you’re too stupid to know how to run an election and too cowardly to do anything about the obvious fraud. So Americans who are becoming more real Mexicans every year are proven Morons and proven cowards, so might want to get of the high horse.
Rusty, I’m a dual and have spent quite a bit of time on both sides of the border, would self identify as Canadian first. IMO, Canadians are worse than Americans, they default to “save me mommy government” much more than Americans.
For years we’ve heard that so many Canadians are $200 away from not being able to meet their monthly budget or hanndle an economic emergency. Apparently, they increasingly turned to Canada’s safety hammock (net) to avoid catastrophe. The Liberals keep increasing the size of that safety hammock in order to stay in power. Canadians are going to be some disappointed when the ‘easy life’ suddenly turns hard. Which is it, 10 or 20 % of Canadians are in poverty and using a food bank?
What a fckin load.
Most people can’t manage their money because they can’t temporarily do without things they don’t need and they can’t stop doing without those things they don’t need when they make a mortgage commitment.
You’ll find my sympathy in the dictionary between shit and syphilis.
And if you’re blaming the government you’re a fckin retard.
“shit and syphilis”, sounds like your mind is full of both.
If that makes you feel better…
Or at least less of a fool for thinking you should be given guarantees in life, so be it.
But I’m still correct.
Canadians – of all political spectrums – have voted for mass immigration and government interventions in their daily lives for as long as I’ve been on the planet.
Then they, and you, go Boo Hoo when reality peaks in.
FYI: the home ownership rate in Cuba is 90%.
There’s just not enough $150k per year pretend jobs doing make-believe work out there.
The government should do something!
Seems most people just buy as much house as they think they can afford. With no forethought that interest rates may change, cost of living may change or they might lose their jobs. Those that have done their homework and live modestly within their means, having paid off mortgage and vehicles will also be punished. The gubmint is eyeballing taxing the equity in your house. With this, and rising municipal taxes, maybe you will be unable to pay up and have to sell to outfits like Brookfield and become a renter. Trying to leave your children something to help them get ahead is becoming very difficult.
If you look at the average income of Canadians, it looks like any house you buy these days is a house you really can’t afford. 🙁
The best thing to leave your children is advice, “get out early, don’t get trapped”. I gave both of mine that, and it worked.
I never cared for the idea of debt. I got into debt a couple of time where I couldn’t see a way out and I had no money and not much of a career …. I realized at that time the debt was very bad and most of it is totally unnecessary.
In 1982 … we cut up our credit cards and didn’t spend a penny on anything that was not a dire necessity. The debts were not huge so, it only took about a year to get on top of it.
To this day, the only credit I had to use was for a mortgage. A modest starter home and a no frills life was working … I took only 6 years to pay off the mortgage. They we started piling up money. Then we moved to a much nicer place which we were able to pay of … again in only 6 years.
We got used to not blowing money foolishly … Savings continued to grow and interest accumulated.
My advice to anyone who suffers from crushing debt … change your life style. You are not entitled to everything and anything you want. Choose your spending wisely. An uncomplicated life with no debt is the only way to go unless you are greedy and need it all right now. Not sure what kind of life that would be.
I am now retired with no debt and enough money to pay for a lengthy retirement. I do not have a pension because I was always self-employed. But I did save … so with Riffs and Tax Free accounts, thanks to Mr. Harper … Thing worked out and life is good.
To sum up …
Always live below your means
Don’t be greedy
Save and invest money
Take care of your health
Be selective about who your friends are.
Consider a back up plan to get our of Canada if Carney does what I think he is going to do …
This is the best advice posted. (not that I’ve followed it as closely as you, but I’ve tried) It’s easy to get used to having a good income and even living slightly below your means can lead to dire consequences if you find yourself without a paycheck. *(knock on wood)
Most people can make money, but only well disciplined people can save it. This should be drilled in to the minds of every child starting at age 2. Good on you for having the discipline.
(Libs still suck.)
Sage advice. Very sage. Every dollar saved (not spent) is a dollar earned. Money should be invested in appreciating assets … not spent on crap you’d have never missed
Yeah. All those millions living paycheck to paycheck, they’re just a bunch of undisciplined lazy slobs.
You people are too much.
HaH, just bought a new toy, and will hold till I see were the housing market goes, before making any moves.
This article is behind a paywall. Any way to read it without paying for a subscription?
The gov’t ruined the economy, forcing people into tent cities, and some people here blame the victims.