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According to the Canadian Association of Insolvency and Restructuring Professionals, Canada set a brand-new record in 2023 for the largest increase in service insolvencies, ever.
Also today, we look at the following stories:
We review the US Federal Reserve Board Rate Choice, and Update U.S. Task numbers
⚖ CIBC and Mackenzie Financial will have to face a new class-action suit
Disney is Punishing Password Sharing
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profits have plummeted and prices are skyrocketing…whats going on???
Business expenses are outpacing sales growth. Rent, insurance, property tax, utilities, etc.
There using Trudeau math. Remember he said interest rates are at all time lows
I get the feeling that the wish washy announcement about US interest rates cost me a few bucks in my portfolio…well….unrealised losses! Not going to sell…
This news does not bode well for the economy!
Huge labor shortage. Need more immigration.
lol@@WizardHarry69
Variable mortgage. I’m getting smoked! Took on a part time job at night.
Should probably sell that house you can’t afford them.
@@WizardHarry69for 30% less than he paid, then rent an apartment for 3k a month lol
Im variable too and its brutal. I started a youtube to hopefully kickoff when i cant manage anymore. I could manage a hike or two more but i dont want to. I hope you make it out of this friend.
Nobody is foreseeing upcoming huge financial crisis where dedollarization will destroy lots of accounts. If you have capacity to move your investments to include international exposure and solid assets you will have better luck!!!
As a small retail store owner in Calgary I can tell you all the expenses are getting insane. Rent, utility rates doubled in Alberta, insurance, property tax, margins are going down even with increasing prices. My sales were up 15% YOY but I made much less at the end of the day.
and the middle class folks are not getting the raise that they deserve, which leads to a diminished purchase power. This won’t help you until the middle class wage actually catches up. The recent rapid minimum wage increase is only deepens the ever-decreasing purchase power for most Canadians, nevermind the inflation butterfly effects flowing from US to Canada….
2nd home owner needs to pay 50% more property tax…or sell it
Exactly! Real estate investing should be illegal or at least heavily restricted. They are taking houses away from families!
Thanks Marc! I always find your updates/talks informative and entertaining!
Thanks for the summary! Can you please let us know the model of the camera you are using?
“Are insolvency filings increasing, decreasing or staying the same?
Insolvency filing numbers plummeted following the lockdowns as the government threw money around like drunken sailors – giving CERB money to folks the government knew, or ought to have known, did not qualify in addition to pushing down interest rates to create a housing bubble. As a result, massive volumes of unsecured debt was consolidated into mortgages and CERB funded payouts for many other impecunious folks.
Before the correction in real estate pricing, precipitated by a correction (return to near average) in interest rates, the mortgage industry was far busier than normal, and people were flocking to get licensed as agents. We would, otherwise, anticipate insolvency filing numbers (based on population and credit usage trends) for 2023 we would have otherwise anticipated about 150,000 filings instead of the 123,233 that were actually filed. “
There will be some falls. I think we will recover over time
paid back all my cerb so I could save 10k… now my sales are in the toilet.. Never seen business this bad. Im in the furniture industry.
Also I dont know who thought there would be cuts in March, thats next month !! I was thinking May or June for a cut.
US maybe I dont think Canada will have any cuts