Globe & Mail: Homeowners with stronger credit scores are increasingly defaulting on mortgage payments

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Equifax said in an e-mail to The Globe and Mail that there is an “alarming acceleration of financial stress” that is rapidly expanding to more creditworthy borrowers, and said it was an indication that “severe payment shock is actively spreading from subprime borrowers into the established middle class.”
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Today, the popular five-year fixed rate mortgage is being advertised in the 3.6-per- cent to 4-per-cent range. The higher monthly mortgage payments combined with higher grocery bills and other living expenses are eating away at Canadians’ paycheques and savings.
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While the rate of delinquencies has climbed, the overall level is not high across the country for those with a credit score near-prime and above.
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oof
 
Upvote 14
if the interest increase from 2.x% to 3.x% is your financial downfall then you fucked up right from the start.

So sick of hearing about woe is me overlevered middle class retards living way above their means and then complaining about it. Guaranteed every one of these idiots:
  • Has two $500+ per month car payments.
  • Takes at least one cruise or all inclusive vacation per year
  • Wife has at least one “luxury” purse
  • Uses phrases like “self care” to describe unnecessary spending
  • never says no to their kids. Takes them to paid activities every weekend instead of as a treat.

All my friends are like this. Every time we get together the main topic of conversation is always around what trips people just took and what trips they are planning on taking. Followed closely by some complaint about how their roof is leaking and they can’t afford to fix it.

Yes prices are ridiculous but you need to adapt if you want to survive.
 
When I bought my house 12 years ago everything was setup to be done with one income. And it was indeed doable. Could pay mortgage and all my bills and maintain the used vehicles and buy fuel and groceries and still have a bit leftover.

Now I need an income and a half at least to survive. The “worst” mistake I made was finance two new vehicles in that timeframe. Because I could afford to then. Because the used car blues isn’t any cheaper.

It isn’t my fault grocery and fuel prices are out of whack. Tripled by my calculations.
It isn’t my fault maintenance and other items are ridiculously priced. I’ve looked over my finances hundreds of times and it’s all bills and mortgage and groceries and fuel.

Need new brakes? 5000.
Used car blues fixings? 10k plus.
Roof? 10k minimum probably.
Washing machine? 2000.
Flooring? I’d imagine 5k minimum for 1000 sqft.
Groceries for the month? Up to 1000. I remember moaning about 250 at Costco for a full cart of stuff. Then suddenly it was 450 for half a cart and then suddenly the random grocery store was cheaper than Costco.
Property tax? Starting at 2k, going only up.
Insurance? 1200 for my 35 year old car. 2700 for the 2019 truck. No public transport out here eh.
House insurance? 1500 at least, especially if you don’t have fancy things like hydrants and fire stations nearby.

My wages on the other hand have moved up by maybe 2-3% in 15 years at the same union job, whereas everything else has tripled, at least.

Sure there’s people who go out and party every weekend, who go to Mexico every other week, who buy themselves coffee and a purse… but at the end of the day that shit shouldn’t break the bank! People should be able to enjoy their lives! It’s sickening to think that some of you consider this shit unnecessary or wasteful… sure let’s just work work work until we are old and retire and then struggle to survive until death. Let’s sit at home and count the spots on the wall over and over again and watch paint dry, oh no wait, the paint is most likely too expensive nowadays. Fucking A! What a great life supported by those who can’t see past the end of their nose.

Sick and tired of Canadians pretending that this is somehow normal and entirely an individuals fault.

Your post reminds me of those people at work who live with their parents at 40+ years, never moved out, never paid a real bill in their lives but have advice for everyone else on how to live their lives.
 
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There are several things that occur at the same time that can all be true.

Prices are going up. No question shit is way more expensive and that is out of all of our control. We have to sit there and take it, unlubed.

However, there is still personal responsibility involved. I’m not going to pretend to know you or what career you have or where you live but I will take your post at face value. You’ve crunched the numbers on the outgoing side but what about the incoming side?

You said you’ve had the same job for the past 15 years and relied on union wage increases in hopes that it will keep you in line with inflation. What about improving your skills, getting new certs, getting a new job at a competitor, etc. in order to get a higher wage on merit? Taking a passive approach to your income with our economy the way it is wont be a long term winning strategy.

I had to do that very same transition. I had a “good paying” government job, pension, yearly wage increases etc but when the union is fighting for 2% per year and cost of living is going up 10%, changes needed to be made, starting with what I could control. Not everyone can do that, but good luck brother I hope you can find a way to improve your situation.
 
@Shockadee It’s 5000 for new brakes on a half ton truck done by the dealership the truck came from by a mechanic who does things the way we would do. That’s at cost cos we have a buddy who happens to be the service manager at the dealership. We priced it out and all. Sure would rather do it in the drive way ourselves but can’t afford to build a pad for a shop or the shop.
 
@ButteryBastard
We have to sit there and take it, unlubed.
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No we don’t but people have been brainwashed to believe just that. We used to tar and feather people because we were unhappy with their performances and what not. I would love to see that again at the bare minimum.

What about improving your skills, getting new certs, getting a new job at a competitor, etc. in order to get a higher wage on merit?
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With what money? What jobs?

I looked into nursing to expedite my leaving this shithole country but that’s like 30k minimum plus courses I can’t take cos it interferes with my day job which I need to survive.

I’m a 40 year old white girl in the lower mainland. Good luck finding work at the same rate or better here or anywhere. Good luck starting to claw your way back up the ladder in 2026 at that age. No one cares about skills anymore, it’s about finding the cheapest and dumbest, most likely to say yes and not complain kinda folks.

I work in food production, I work 12 hour shifts with a 3 hour roundtrip commute. Plus overtime as much as I can get. There are no jobs for smart white people who remember how things used to be and should be in the lower mainland, I just need to look around at the garbage we have hired in the last two years and what everyone else has hired around me. Education doesn’t equal high income or intelligence for that matter. I mean all our managers are the dumbest wastes of oxygen you could ever meet and on top of that make less money with their salaries than we do on the floor.

I don’t know if you’re naive or lack exposure or what.

I also didn’t say I relied or rely on wage increases. I pointed it out to show how ridiculous it is to blame people for things they have no control over. When prices go up 300% and your wages go up 2%. There’s a problem.
 
@Squishybear This is just the beginning, I am afraid. We won't have CPP/OAS to help us out in 25 years, (I seriously doubt Canada will even exist as we know it by then) You will be expected to pay your own way or get MAID once our generation is in our 60s.

I honestly don't know how anyone with a mortgage even survives in the Lower Mainland. It's so bloody expensive.

The most pluralistic our demographics get, the worse off we will be. At our current pace, I would say we have maybe 3-4 years left before shit starts to get real for what's left of the white middle class. They want to take your home. They want you to give up die. That much is clear to me.

Some people don't like to hear that but until we understand what's at stake, there's no hope for any change. Too many Canadians are still afraid/ignorant/in denial.
 
I'm single at the moment but the only way I could ever hold a gf/wife (had a wife once too) down was spending money.

I know a handful of a guys who got laid off and then all of a sudden their relationship coincidently ended after the severance ran out and they hadn't found a new job yet. One of the guy's ex-gf was so blatent that as soon as he found a new job, she begged him to take her back (he didn't). If the workhorse is defective, the women aren't going to stay around.

You ask why these people with a family spend so much, it's probably because if they weren't spending that much the family wouldn't be together.
 
Everyone around me seems to be over leveraged. If u know people suddenly going vegan or vegetarian it is because all those costs are adding up so they cut from their food budget. Zero or very little meat. Imagine going to Disney Land every year or other and telling the kids we only eat once a day now cause of fun reasons. These are people i know. They are pissed when my kids eat beef sandwiches and all the goodies while they watch and starve as well as pretend their way is best way
 
That's what the WEF wants. Eat meat as a 'treat' that way you die quicker and are less useful in general. Demographic replacement is happening and they want an easy to control plebiscite class. Those white folk are too upitty and freedom loving.
 
White people are all mostly slaves and always have been. In fact Whites makes the most obedient slaves. The problem is that Whites are the most expensive slaves. For most of civilization, the cost-to-benefit ratio of Whites slaves more than paid for itself and it still does to this day; however, there's a competing group of jewish masters that hate Whites enough that they don't care about the benefits White slaves provide because they feel the costs are too great. They've made a compelling argument to the other jewish slave masters that with AI and advances in technology, the benefit of White slaves no longer outweighs the costs. The idea is that the jewish slave masters can use non-Whites as slaves to mostly the same effect as White people thanks to modern day technology but for a substantially reduced cost.

Thus White people have mostly lost their value as slaves which is why the only Whites that will be around soon are the elites who've made their bed with the jewish masters. The peasant class Whites are being eradicated because they're too costly but make no mistakes, Whites make great slaves if you build an expensive enough fence around them.
 
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