Part 1 of more: As supply inflation rises to a higher and permanent level so workers must demand much higher wages to live. As fixed mortgage terms up for renewal (every 5 years), some now, existing monthly payments of 5% insurance payment included is about C$2,000.00 per month on C$500,000.00 real estate property. With new interest rates, monthly cost is 6 times or C$12,000.00 per MONTH NOW and RISING!
Many cannot afford to pay and will as has happened before, just give house keys to lending bank and walk away. NOW at 6 months later, maybe interest rates cut back to what they were a year ago.
Now the same person COULD pay the monthly payment, but the house is gone in foreclosure. Banks get rich from higher interest payments and property rich from temporary payment inability of mortgage holder. No refund now. No real estate property either. All legal.
Higher and rising cost of living, higher and rising interest on debt payments to lender banks, excessively higher mortgage payments. Less real estate property for sale, higher and rising rental costs, low and lower wages, more and more unemployment, less jobs.
When labour begs for more wages, Central Banks call it inflationary! It is not, as any economic student knows from first year studies. The people are having their money legally removed from them exactly when they need whatever income they can get doing anything to eat and feed their children.
Shame on all governments that allow this state of affairs to start, persist and grow to enrich banks and lenders. Vote only for representatives who will work to improve and protect workers lives. Are there now any lawyers willing to help the people as defenders of their public right to life? Only silence.
Same with doctors who keep silent for over 2 years about danger and deaths of Sars-Cov-02 and other respiratory diseases and new sub variants of Omicron virus.
“Get informed, get organized, get involved.” – Contact Mike Restivo to learn how to survive the coming depression and availability of other services, basics for free, details for fee.