Ontarios Debt.

[fastar1]

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Everything here goes up with the exception of wages. It's ridiculous and onterrible is never getting out of that debt.

Same is true everywhere. It's worse in the West though because we were always living on borrowed time with our lavish/lazy lifestyles. Then in 2008 the cover was thrown off the greatest economic deception in human history and we learned that we were living off borrowed, lying, cheating time! Do ya think it's gonna hurt a little to pay it all back?

Like, yeah.

 

[zeniceguy]

Trinidad, I can sell my house here and live like a king.
Water $50 year
Property tax same.
Gas is about $0.20 per litre or less
No gas bill (who rape us)
Electricity is almost nothing.

We have land there and will build a very nice 4/5 bedroom house there for about 90,000 Canadian.

 

[fastar1]

Trinidad, I can sell my house here and live like a king.
Water $50 year
Property tax same.
Gas is about $0.20 per litre or less
No gas bill (who rape us)
Electricity is almost nothing.

We have land there and will build a very nice 4/5 bedroom house there for about 90,000 Canadian.

What's the average income in Trinidad?

 

[Motorcycle Mike]

Based on what everyone who visits tells me, Ontario, and Canada in general, is one of the cheapest places to live in the world. Can you name a cheaper one, other than the US?

Way to thread-jack, but if you want a country with a lower cost of living, there are a ton of them: http://www.numbeo.com/cost-of-living/rankings_by_country.jsp

If you want more disposable income (amount of income left after cost of living), then all of these countries fare better than Canada: U.S.A., Luxembourg, Norway, France, Switzerland, Germany and Austria; Source: http://www.oecdbetterlifeindex.org/topics/income/.

Now, regarding your pictorial on McGuinty's debt, him being in power when the recession hit doesn't make him responsible for it, but it also doesn't absolve him from blame for the debt that has been taken since.

 

[fastar1]

Way to thread-jack, but if you want a country with a lower cost of living, there are a ton of them: http://www.numbeo.com/cost-of-living/rankings_by_country.jsp

Thread jack! Are you kidding? You don't see the connection between people always complaining about NOTHING and the government being pressured into spending a little more to keep them appeased?

That's a great link BTW. Have a look at the purchasing power (plus rent) index. That's the measure of how affordable it is for those who derive their income and live in a given country. The cheaper places are the US, Switzerland, and Oman, at a glance. So, what are you complaining about exactly?

Now, regarding your pictorial on McGuinty's debt, him being in power when the recession hit doesn't make him responsible for it, but it also doesn't absolve him from blame for the debt that has been taken since.

Fine, then every current leader in the world is incompetent. Which makes it a rather meaningless criticism of McGuinty, don'tcha think?

 

[Red_Liner740]

Lets not turn this into Liberal vs Conservative or whatever argument. In the end, just because EVERYONE is doing it doesnt make it right...truth is, most countries have gone on a spending spree for the last 20+ years...

Its like laughing at the Titanic sinking while standing in your own slow sinking boat....

 

[mmmnaked]

Either your prof is a moron or blatantly lying to you. I purchased a house in 2010. 5% down and 2.2% interest rate...I was approved for a 450K house....I havent laughed so hard in my life. At that time there was no way i would be able to afford a mortgage payment at that monetary amount and put food on the table. I told them so, and they still assured me i could. Imagine if that variable prime - 0.8 changed to 4%. I would have defaulted on the house withing 6 months.

Mortgage borrowing has changed since 2010. As of Jul 9 2012 you can't get a government insured mortgage for a longer period than 25 years, and the debt service limits were both lowered by a few points. In addition to those changes, the loan-to-value rate was also changed so that people can't access as much equity in their homes as they could before (80% as opposed to 85 before).

Might not sound like much, but it makes a huge difference. Not only does your mtg payment now have to be an even smaller percentage of your income, you can't stretch it out to 30 years like most people were doing before the changes took place.

 

[fastar1]

Lets not turn this into Liberal vs Conservative or whatever argument. In the end, just because EVERYONE is doing it doesnt make it right...truth is, most countries have gone on a spending spree for the last 20+ years...

Its like laughing at the Titanic sinking while standing in your own slow sinking boat....

That's just it, none of the political spectrum did any differently. It's not about politicians, it's about whiny, needy, people who expect the world, complain about nothing (just like some in this thread) and then blame ALL leaders when their economies are in bad shape.

 

[malim]

I've been told that if you get mortgage insurance then your down payment is low like 5% or 10% you guys have mentioned. Without insurance it is much higher. Any truth to this ?

 

[01cbr]

I've been told that if you get mortgage insurance then your down payment is low like 5% or 10% you guys have mentioned. Without insurance it is much higher. Any truth to this ?

You can do 5% down or more with insurance.
To save yourself the insurance cost you need 20% down or more.

 

[backmarkerducati]

It is not that the current gov caused the entire situation, it is the fact that they kept spending when it was obvious there was a problem and it was not short term (downturn). In short they did not cause the problem (downturn), but they sure did their part to make it worse.

Now for the mortgages, lots of people here with blinders on both sides that do not either understand how it works or are just ignoring what does not suit their argument.

Yes you can do as low as 5% down, but with insurance.
You have limits on how much you can take as a LOC (cannot usually do 100% of value, usually much less).
There calc for what you can afford is with a higher rate than the 2.XX you will get.
They reduced the max length to raise the "standard" as well.
list goes on....

In short not perfect but the standards are much higher here than the US (and what they were here in the past) but we could still hit a bubble like pop.

 

[mmmnaked]

I've been told that if you get mortgage insurance then your down payment is low like 5% or 10% you guys have mentioned. Without insurance it is much higher. Any truth to this ?

CMHC insurance is required for borrowers who have less than 20% downpayment, and you pay for it directly. It's not a good thing, and its not insurance for you, its insurance for the lender.

 

[GreyGhost]

CMHC insurance is required for borrowers who have less than 20% downpayment, and you pay for it directly. It's not a good thing, and its not insurance for you, its insurance for the lender.

And damned expensive. With the minimum down payment, it adds years to your mortgage (or correspondingly higher payments during the term).

 

[mmmnaked]

2.75% if you go in with less than 5% down. On a 500k house that's like 15 grand just for insurance.

 

[油井緋色]

Based on what everyone who visits tells me, Ontario, and Canada in general, is one of the cheapest places to live in the world. Can you name a cheaper one, other than the US?

You guys might be right my prof being wrong...

But I'm pretty sure most of the Asian countries are cheaper (except Japan). I went back to Taiwan for a month and stared in awe when I saw 1 liter bottles of beer at 711...for a buck Canadian.

Housing and rent is quite a bit cheaper too but the space isn't as large. However, supersport motorcycles are stupidly overpriced (4x/5x of here?). Don't know about other bikes, just saw a bunch of damn scooters.

 

[Red_Liner740]

Housing is cheaper in Europe, at least Estonia, Ukraine, Russia and Serbia where me and my friend have contacts. Utilities are also dirt cheap, car insurance is laughable compared to here. Overall, everyone from there thinks i'm filthy rich here because of how much i make. When i tell them my ins is $113 dollars a month they stagger back, when i then tell them i have a clean record and live in a low insr bracket area they are even more shocked. Thats what they pay for an entire year give or take.

In the end, its not about the cost of living, its not that we dont pay high taxes, we do. Almost 45% of your paycheck goes to taxation before you spend it on ANYTHING, between Income tax of average 30% and 13% HST. Its not that we're carrying this huge public debt and slowly paying it off, we're adding to it, and at an exponentially rising rate.

Who here seriously thinks that this debt will EVER be paid off? Where is this money going to magically come from? Its pure robbery that we now have to pay this ever increasing interest back. Money that was by and large spend on overinflated, useless programs.

 

[油井緋色]

Housing is cheaper in Europe, at least Estonia, Ukraine, Russia and Serbia where me and my friend have contacts. Utilities are also dirt cheap, car insurance is laughable compared to here. Overall, everyone from there thinks i'm filthy rich here because of how much i make. When i tell them my ins is $113 dollars a month they stagger back, when i then tell them i have a clean record and live in a low insr bracket area they are even more shocked. Thats what they pay for an entire year give or take.

In the end, its not about the cost of living, its not that we dont pay high taxes, we do. Almost 45% of your paycheck goes to taxation before you spend it on ANYTHING, between Income tax of average 30% and 13% HST. Its not that we're carrying this huge public debt and slowly paying it off, we're adding to it, and at an exponentially rising rate.

Who here seriously thinks that this debt will EVER be paid off? Where is this money going to magically come from? Its pure robbery that we now have to pay this ever increasing interest back. Money that was by and large spend on overinflated, useless programs.

Debt's gonna get worse imo

My folks had 6 siblings on either side. I've got one. Most of us in the generation of freshly graduated, or in university, have a similar # of siblings. How is our tax going to cover the folks retiring? It obviously isn't -_-

 

[fastar1]

It is not that the current gov caused the entire situation, it is the fact that they kept spending when it was obvious there was a problem and it was not short term (downturn). In short they did not cause the problem (downturn), but they sure did their part to make it worse.

Expenditures of that size aren't anything that can be turned off on a whim like a tap. That's why no single government on all of planet earth has managed to maintain their pre-crisis budget plans. Are you saying you're smarter than all of them?

 

[matt220]

Based on what everyone who visits tells me, Ontario, and Canada in general, is one of the cheapest places to live in the world.

<Sarcasm>
Yeah, Ontario is so cheap...
What are the prices of tiny homes in a ghetto area? $500,000 you say? That's pocket change!
Car insurance for a 20 year old with a clean record? $6500/year for an old s#it box? What a deal!
Ontario is very affordable.
</Sarcasm>

 

[Red_Liner740]

So explain the ever growing debt since 1980's...Stop making it sound as if though this debt all came from the 2008 crisis and the gov "helping" us out. Its been proven time and time again, you cant spend your way out of deficit.

Those guys are incredibly smart, the problem is that they are looking out for #1, whether its pocketing the skim themselves or promising free **** to get themselves reelected and living in the lifestyle they are accustomed to. Almost all politicians become advisors on some or other corporations payroll after their term is finished. I wonder why they hire them? Maybe their returning some favors to the politicians? They spend and promise stuff to make themselves look good now, let the next generation pay for my lavish spending.

Expenditures of that size aren't anything that can be turned off on a whim like a tap. That's why no single government on all of planet earth has managed to maintain their pre-crisis budget plans. Are you saying you're smarter than all of them?

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