519-646-2222Don’t believe what you are being told!
Seriously, don’t believe what you are being told without first doing your own research. Recent reports suggest that mortgages in arrears are worse in the USA and the UK than in Canada – but mortgages in arrears in the USA and the UK are deemed to be in arrears after one missed payment, while Canada’s definition is “AT LEAST 90 days in arrears of a payment”
Try to find an accurate value for Canadian consumer debt – it is all over the map, Trans-Union has its data Equifax has its, the Bank of Canada has another value and so on. So let’s get right back to raw data. The google search terms that yielded the results in the meme above were “what is the population of Canada?” and “how many Canadians have mortgages?” as well as “What is the average value of a mortgage in Canada?”.
Lets do the math:
Apparently, 35.5% of Canadians have mortgages. There are reportedly 41,288,599 people in Canada and the average mortgage value is $338,522. Let me know if you have any problem with the math: 35.5% of 41,288,599 = 14,657,453 so apparently some 14,657,453 people have mortgages.
The average m mortgage value is $338,522 so times that amount by the 14,657,453 people with mortgages and we get a total value of $4,961,870,304,466 in Canadian mortgage debt. Oh, but wait some people are coupled, so let’s figure out how many share mortgages”In 2021, 43.1% of Canadians aged 15 and older were not in a married or common-law union. This includes people who are single, divorced, separated, or widowed.“
Hmmm okay so 56.9% of the mortgages are shared the rest are single folks, fair? So single people have mortgages totalling $2,138,566,101,224 and couples own the balance at $1,411,652,101,621. I hope this makes sense so far!
When we add these two numbers together it appears that Canadians owe some $3,550,218,202,844 in total mortgage debt. This is in addition to about $850,000,000,000 in credit card debt, based on data from the Canadian Bankers Association (published in 2019) as well as a plethora of other debt.
According to Google’s AI (Anti-Intellectualism) 85% of mortgages that were contracted when the Bank of Canada’s interest rate was below 1% will be one due for renegotiation next year. Will you be able to keep your home, and does it even make ay sense at all to try, in 2025?
Okay, now let’s get real!
Just for fun, let’s enjoy a clip from the movie JFK that explains very succinctly how we are all duped by statistics. Check this link and imagine you are the elephant. At least that is what the establishment, politicians and bureaucrats would have you believe.