Abie's Debt Review

Maricar Gallardo says:

All I can say this couple is so brave, maybe their household income a year is 250k so 1M mortgage is ok

AceProductions says:

The baby has the same name as me…. I've never welt so special in my life ???

Tony Smith says:

Million dollars but the children eat really ‘healthy’ food. ?

himakgam says:

it's crazy how some inferior journalists and wannabe economists are distorting the picture in australia and canada about 'debt levels'. in simple terms they take the whole debt in the country and divide it on the number of the population or household, depending on the type of calculations. in reality a big chunk of that debt has nothing to do with neither the country's population nor the household. that chunk of debt provided by local banks is serviced from outside investors. that servicing power is quite strong hence no housing crash happens and nobody's running for the cover. if we deduct that chunk of debt from the total number the level of debt for actual population is well within guidelines. for some part of the population it has increased from the rest it has gone down dramatically (for youth). there is a vast amount of 'cool youth' who has no interest in saving, owning house, having driver's license, driving a vehicle, cooking at home. this is the biggest problem of the society and it rots the society from within. i'm not sure the guy driving uber and wearing the kind of t-shirt he had may have a shot on anything based on his choices. sure it's harder every day to get ahead but it's doable and opportunities are vastly more and larger. dedication, perseverance, rolling up the sleeves are key. once the tables are turned, ride is more enjoyable than ever before.

Fei Pan says:

poor australian, you guys should let chinese come in and bring you jobs, rather than let plumber makes $70 bucks per hour

MrFourkinghell says:

Australian house prices are expected to rise by double-digits in 2020 – starting in January.
From the start of next year, first-home buyers will be able to get a home loan with a five per cent deposit.
Taxpayers will be funding the rest of the 20 per cent deposit, under the federal government's new $500million First Home Loan Deposit Scheme.
Doug Driscoll, the chief executive of New South Wales real estate agent Starr Partners, said this would spark a short-lived flurry of activity in the new year among housing newcomers, particularly in Sydney.
'While I stand by my argument that this was a pre-election gimmick by the Coalition government to win votes, it will undoubtedly lead to an immediate stampede of first home buyer numbers in the first few weeks of next year,' he said.
'This is a "first-in, best-dressed" scenario, so I won't be surprised to see first home buyer numbers slow once these spots are filled.'
The broader housing market is also expected to recover next year, with Mr Driscoll forecasting median property price increases of up to 10 per cent.
'With relatively low property stock continuing alongside increased buyer interest, house prices will rise between five and 10 per cent next year, depending on the suburb – if the political and economic environment remains stable,' he said.
Starr Partners operates in Sydney, the Central Coast and Newcastle. 
Since June, property prices in Sydney and Melbourne have been recovering, partially recovering a downturn that began in 2017.

Caitlyn Taylor says:

the commonwealth bank CEO barely blinks during that whole interview, wtf

Jason Scott says:

10:40 She on a "budget" and buys lamb chops? Uh huh apparently watching every cent she spends….

Diana Y says:

The real reason for the coming depression: the Keynesian monetary system is dead, but the central bankers don't want to admit defeat, and the populace is blind.

the Unrepentant says:

Land strategy that was devised to concentrate wealth is leaving citizens homeless. The astronomical price of shelter comes from robbing present and future generations of their lifetime earnings.

Average sales price in Vancouver in 1969: $23,939. Over the previous several decades a variety of spurious pretexts were employed to place a halt on the further use of land. The price of homes in Vancouver, for example, rose from $12,000 to $3,000,000 from $27,000 to $4,000,000 and from $59,000 to $10,000,000. (A three-bedroom home in Detroit costs $15,000). A home in Vancouver that should cost $230,000 based on earnings level combined with inflation is offered for $5,000,000.

Citizens were enslaved and the nation turned into a vassal by creating an illusion of land scarcity.

While we have abundant land it has been placed off limits for use in housing, creating an illusion of scarcity. Agricultural land on which no crops can grow. Farmhouses of 1000 sq. ft. replaced with 40,000 sq. ft. mansions and land is left fallow. A tiny nine-acre farm recently sold for $9 million. Forest that you can follow for 1000 miles northward and 3000 miles eastward. A mile at the forest edge over a short distance near major cities would eliminate the housing issue permanently. Organized opposition puts a stop to each attempted use of land. Local regulations with unattainable requirements and excessive delays serve as a barrier to prevent new home construction. These have caused home prices to escalate beyond reach. Their true objective is to consolidate ownership and concentrate wealth into fewer hands.

The property needs of a growing population were ignored and a disproportionate amount was declared parkland and forestland. Those most affected unwittingly tighten the snare on their own demise. A generation that had everything was determined that those that followed afterwards should have nothing. Don’t touch that tree. That all homes and farms with the exception of those on the prairies are on forestland that was cleared is conveniently ignored. Farmland is saved by making forest land available for housing.

Homeowners are multi-millionaires, but cash broke. They must slave to retain their homes. If they sell, their heirs become slaves. To realize cash they may borrow on their equity, which means their property must be sold to repay loans and deferred property taxes upon winding-up of their estates. Ownership by individuals is ending.

Where and how is the property tax money from what are now multi-million dollar properties that were formerly in the tens of thousands range, or 180 times their former value, being invested? Civic maintenance costs might have doubled or even tripled during that time, but are not 180 times their former level. Is this excess money being siphoned/gifted out of the country on the pretext of “investing” in the equivalent of “municipals” that return $3 of capital in forty years time for each $100 spent to acquire them turning Canadians into vassals of a foreign state? A city has taken on a life of its own with an annual billion dollar surplus over the previous half dozen years. A third of the world away a hill of sand is transformed into a metropolis.

A deliberately created artificial shortage has resulted in a multi-million dollar gulf to home ownership. Foreign purchases, a convenient scapegoat, is a visible symptom that exacerbates the issue, but is not the source. With no prospect of ever becoming established couples have stopped having children. The sense of fulfillment gained from home improvement and the legacy they will pass on to their heirs is absent when living in an apartment. Consumerism fails to fill this purposeless void so they seek escape in Islam. They serve the corporation, die in debt and building their home is relegated to the afterlife.

Immigrants unaware of the impossibility of achieving the Canadian dream arrive to fill this gap.

A few large corporations will end up owning all homes. Astronomical home prices justify corresponding rents. Rent absorbs as much as eighty percent of employment income and now exceeds pension income, serving as an abject reminder that citizens are victims of their misguided policies formulated without vision.

Homelessness and drugs decimate the underclass and middle class. (Homeless count in Vancouver: 2223). While the numbers are still low at about 100 deaths per month in Vancouver, (or 1000 per month in Canada) for example, they are accelerating. The post-industrial, post-national era is neo-feudalism in which all property is owned by a few wealthy landowners. Rent is their source of income. Government will pay rent for new arrivals, at least for a while. When their benefits expire they are easily replaced from a global pool. Boundaries are redundant.

Sharia Law is essential in a neo-feudal society comprised of two classes, wealthy landowners that grow richer daily without effort and the remainder that exist to serve their landlords and are separated from them by a multi-million dollar gulf, in order to protect the assets of the former and to keep in check the latter.

In unending sequence yet another tract of land is “protected” (a euphemism describing a measure to retain their unearned equity) and this tract is prevented from use by citizens.

All of the property on this planet belongs to the chosen few, together with the increase that it yields.

It is being redeemed.

Footnotes:

In 1969 I earned $7284 per annum that increased to $9180 eighteen months later. A home in Point Grey was on the market for $29,000. An offer of $27,500 was finally accepted. An equivalent home in Winnipeg cost $11,000. Vancouver was an expensive city. Prior to 1972 it was difficult to sell a home and might take two or more years. Then legislation that placed a stop to the use of land turned homes into a commodity and created a virtually monopoly market with monopoly prices.

(Average sales price of houses in Vancouver in 1969: $23,939.)*

$27,500/$7284 = 3.8. In 1969 a home cost the equivalent of 3.8 years earnings.
Today that home is worth $5,000,000 while an equivalent salary is about $60,000.

Wage rise due to inflation: $60,000/$7284 = 8.2 times.

Cost of home now in terms of equivalent earnings: $5,000,000/$60,000 = 83.3 times or the equivalent of 83.3 years earnings.

A price comparison yields: $5,000,000/$27,500 = 181.8 times its former cost.

The home should cost $60,000 x 3.8 = $228,000.

With both earnings and inflation taken into consideration $5,000,000/$228,000 = 21.9 times its normal value.

The market for homes used to be a free market like that for cars and persons at each income level could afford to buy one as homeowners whose income increased moved on to newer, more expensive homes leaving their old homes to be purchased by new entrants.

Home prices may be verified from actual transactions for those years at the public library. My example is for Point Grey. A home in East Vancouver cost about $12,000 or less at that time.

Property in Canada is not a human rights issue? Life, liberty and property as inalienable rights was changed to life, liberty and the pursuit of happiness. From the very founding of America the International Socialists had their sights on takeover. Thousands living on the streets.