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Albertans Concerned About Interest Rate Hikes & Housing Bubble

Published

8 years ago

6 minute read

A new survey released by MNP LTD finds that Albertans are concerned about the uncertainty of a potential housing bubble and impending interest rate hikes, adding financial stress to households already carrying a record level of debt.

Six in ten (61 per cent) of Albertans and nearly half (48 per cent) of Canadians homeowners are concerned about the impact rising interest rates will have on their finances. At the same time, more than half of Albertans (59 per cent) are worried about the potential impact that a decline in house prices might have on homeowners.

“So many are over-leveraged right now. Making matters worse, many are not making regular payments against the principal. With the financial stress of the downturn, and the threat of an increase in interest rates, many are going to find it even harder to make ends meet,” says Donna Carson, Licensed Insolvency Trustee at MNP LTD, a division of MNP LLP.

Nearly four in ten (39 per cent) homeowners in Alberta say that they will be faced with financial difficulties if the value of their home goes down, the highest proportion among other provinces. Even if home values don’t decline in the near future; three in ten Albertans (31 per cent) who have a mortgage agree that they are ‘in over their head’ with their current mortgage payments.

Homeowners aren’t the only ones concerned. Nearly eighty per cent of Albertans rate their ability to cope with a 1% interest rate increase as less than optimal. The vast majority of Albertans (83 per cent) would have difficulty absorbing an additional $130 per month in interest payments on debt.

“We’ve become far too comfortable paying only the minimum payments on our debts. It’s time to start assessing our ability to pay down those debts and ask ourselves if we can truly afford them if there is a rate change,” says Carson.

When asked about their personal debt situation, the majority of Albertans don’t feel optimistic. Nearly seven in ten (69 per cent) rated their debt situation as less than good, while sixteen per cent rated their situation as bad. On a scale of one to ten, from terrible to excellent, Albertans gave themselves an average rating of 6.

With nearly four in ten Albertans (38 per cent) finding themselves within $200 per month of financial insolvency, there is little wiggle room left to pay any unexpected bills or debts. If that amount is increased to $300 per month, a staggering forty-two per cent of Albertans would be on the verge of insolvency, with nearly one in four (22 per cent) not making enough to cover their bills and debt payments. Four in ten (42 per cent) say they are concerned about their current level of debt.

“Albertans should be bracing themselves for what’s ahead, especially those who already consider themselves to be in financial distress. Seek professional advice and start creating a realistic plan to deal with that debt,” says Carson.

Survey Highlights include:

  • Three in ten Albertans with a mortgage agree they are ‘in over their head’ with their current mortgage payments
  • Nearly four in ten homeowners in Alberta agree they will face financial difficulties if the value of their home goes down, six in ten Albertans think we’re in a housing bubble
  • Six in ten Albertans agree they are concerned about the impact of rising interest rates
  • Nearly eighty per cent of Albertans rate their ability to cope with a 1% interest rate increase as less than optimal
  • Over a quarter (27%) of Canadians with a mortgage agree that they are ‘in over their head’ with their current mortgage payments. This includes more than one in three Quebecers (35%), followed by residents of BC (32%), Alberta (31%), Atlantic Canada (25%), Saskatchewan and Manitoba (23%), and Ontario (21%).
  • Half of Canadians (51%) are concerned about the potential impact on home owners that a decrease in house prices might bring.
  • Over forty (44%) of Canadians are within $200 of financial insolvency at the end of the month, down 8 points from March 2017, and 12 points from September 2016.
  • Women are significantly more likely (48% women vs. 39% men) than men to be within $200 of insolvency at month-end.
  • Gen X’ers are more likely (48%) to be within $200 of insolvency at month-end, compared to Millennials (43%) and Baby Boomers (40%).
  • Half of Canadians (50%) are $300 per month away from being financially insolvent.
  • Atlantic Canadians are the most likely to rate their personal debt situation as ‘bad’ – the highest in the country at 22%
  • While two in three Canadians (67%) think we’re in a housing bubble, only a minority (43%) expect that bubble to burst through a decline in house prices in the next year. Half (51%) are concerned about the potential impact on home owners that such a decrease might bring.

 

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Censorship Industrial Complex

‘Don’t Write About The Laptop’: Two Reporters Allege Outlets Killed Stories About Bidens

Published on January 24, 2025

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From the Daily Caller News Foundation

By Harold Hutchison

“I was covering Biden at the time, and I remember coming to my editor and saying, ‘Hey, we need to write about the Hunter Biden laptop.’ And I was told this came from on high at Politico: Don’t write about the laptop, don’t talk about the laptop, don’t tweet about the laptop.

Two former reporters with Politico accused the outlet of suppressing negative stories about former President Joe Biden and his son, Hunter Biden during the 2020 presidential election in a video clip posted to YouTube Thursday.

Dozens of former intelligence officials signed an October 2020 letter published by Politico that claimed a bombshell New York Post report about emails from a laptop supposedly abandoned by Hunter Biden “has all the classic earmarks of a Russian information operation.” Puck News reporter Tara Palmeri and Axios reporter Marc Caputo discussed the Politico newsroom’s alleged approach to unflattering reports about the Bidens on Palmeri’s podcast, “Somebody’s Gotta Win,” though the outlet has denied their allegations.

“Politico did that terrible, ill-fated headline: 51 intelligence agents, or former intelligence agents, say that the Hunter Biden laptop was disinformation, or bore the hallmarks of disinformation. Turns out that story was closer to disinformation because the Hunter Biden laptop appeared to be true,” Caputo told Palmeri, who responded. “But then Facebook also pulled all stories down about the Hunter Biden laptop, and I think Twitter did at the same time, too.”

WATCH:

Twitter locked multiple accounts, including the New York Post’s and the personal account of then-White House Press Secretary Kayleigh McEnany for sharing the Oct, 14, 2020 report, citing a “hacked materials” policy. Documents released to journalist Michael Shellenberger by Elon Musk show that the FBI contacted Twitter about the potential for leaks involving Hunter Biden prior to the New York Post’s report.

“Correct, they punished The New York Post, that didn’t help. I mean, Politico, my former employer and I knew at the time, didn’t do itself any favors,” said Caputo. “I was covering Biden at the time, and I remember coming to my editor and saying, ‘Hey, we need to write about the Hunter Biden laptop.’ And I was told this came from on high at Politico: Don’t write about the laptop, don’t talk about the laptop, don’t tweet about the laptop. And the only thing Politico wound up writing was that piece that called it disinformation, which charitably could be called misinformation, at the least.”

Palmeri claimed to have experienced difficulty getting a story regarding Hunter Biden’s purchase of a .38-caliber revolver in 2018 published. Hunter Biden was convicted on three felony counts related to buying the gun in June 2024, but received a pardon from his father on Dec. 1.

Biden pardoned five other family members shortly before his term ended.

“Yeah, I mean, I had a hard time — you know I wrote some pretty serious reporting on Hunter Biden, which actually ended up getting him prosecuted — the story on the gun,” Palmeri said, with Caputo responding, “Yeah! And I remember you consulted with me cause you had, you did the original report on the gun and you came to me like, ‘How do I write about this?’ I’m like, ‘Honestly, I don’t know.’”

“Cause it was hard to get it done. I spent three months on it, I went to the laptop shop, and I did all of the reporting in Delaware, and I did all of that. But yeah  it had, it had to be like much, it had to be 100% nailed down. I had everything, you know, the police reports, every, like, you know, I’m a solid reporter. But I do wonder if it could have, if it would have been published a little quicker if it was a different type of story,” Palmeri said. “It was the beginning of his administration, it was a honeymoon period — you know what I mean?”

Caputo recounted that Hunter Biden’s laptop was not the only story regarding the Bidens that was allegedly killed by Politico’s editors.

“Since we’re spilling tea about our former employer, I still have a copy of the story on my external hard drive. In 2019, a rival presidential Democratic campaign of Joe Biden’s gave to me the tax lien — the oppo research — the tax lien on Hunter Biden for the period of time that he worked at Burisma,” Caputo said. “And I wrote what would have been a classic story saying, you know, ‘The former vice president’s son was slapped with a big tax lien for the period of time that he worked for this controversial Ukrainian oil concern, or natural gas concern, which is haunting his father on the campaign trail.’ That story was killed by the editors, and they gave no explanation for that either.”

“We just get called, like, ‘the terrible mainstream media.’ It’s like you don’t understand the process there,” Palmeri said, with Caputo responding, “Well, you also don’t understand the dumb decisions of cowardly editors that are made above us.”

Politico disputed Caputo’s recollections in response to a request for comment from the Daily Caller News Foundation and sent a list of references to their past reporting on the Biden family.

“It’s bullshit. During the years referenced, POLITICO journalists lead the way on wide-ranging reporting on the business dealings of Joe Biden’s closest relatives. Ben Schreckinger was probably the top reporter in the country reporting on these matters—he literally wrote the book on it,” a Politico spokesperson told the DCNF. “Through deeply reported coverage—both pre- and post-election—POLITICO provided readers with a nuanced understanding of the dealings of James Biden, Hunter Biden, and other relatives of the president, along with the ethical questions they raised. Notably, POLITICO was the first to confirm that Hunter Biden’s laptop contained genuine material and to report on the gun incident that led to his conviction.”

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Business

Facebook / Meta’s Mark Zuckerberg on the Joe Rogan Experience

Published on January 10, 2025

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Earlier this week Mark Zuckerberg rocked the world of information with the news that Facebook, Instagram, and his other Meta properties would no longer use third party fact checking groups to censor information.  As the week wraps up, Zuckerberg sits down for an extended conversation with Joe Rogan.  For anyone interested in the world of information, this is a must see / listen.

From the Joe Rogan Experience

Mark Zuckerberg is the chief executive of Meta Platforms Inc., the company behind Facebook, Instagram, Threads, WhatsApp, Meta Quest, Ray-Ban Meta smart glasses, Orion augmented reality glasses, and other digital platforms, devices, and services.

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