Real Estate

Canadians added an incredible $127-billion to their savings in the first half of the year

  • Last Updated:
  • Sep 19th, 2020 10:32 am
Member
Oct 29, 2015
241 posts
55 upvotes
mazerbeaner wrote: Why not condos? They were occupied before, the people who left went somewhere. I suspect a lot of students and young professionals moved back with their parents due to wfh.

They won't stay at their parents forever, eventually they will move out and they probably won't be able to afford $1.5 million for a house.
Anecdotal, but in my circle, uni students went full online. The oens that did go back to campsu went to party (London, kingston guelph) the Younger professionals have all moved back home or are spending time at the cottage. No popint in spending $1000 + in rent
Deal Addict
Nov 13, 2013
2317 posts
1117 upvotes
Ottawa
mazerbeaner wrote: Nice, I am just saving cash, not really sure why and should probably figure out what to do with it. I could pay off my car but interest is 1.99%. Mortgages are 1.55% and 1.97%. Nothing else to pay off.
1.99% tax free is a decent return. Certainly nothing else guaranteed will pay that much.
[OP]
Deal Fanatic
Feb 22, 2011
7251 posts
7665 upvotes
Toronto
DecayHeat wrote: Anecdotal, but in my circle, uni students went full online. The oens that did go back to campsu went to party (London, kingston guelph) the Younger professionals have all moved back home or are spending time at the cottage. No popint in spending $1000 + in rent
Right but how long will they stay at home? I imagine they will want to move out eventually and they probably won't be able to afford a house to start.
[OP]
Deal Fanatic
Feb 22, 2011
7251 posts
7665 upvotes
Toronto
fogetmylogin wrote: 1.99% tax free is a decent return. Certainly nothing else guaranteed will pay that much.
That's true, it is a good option. I have until Sept 30 to figure it out, might call Tangerine and see if they will extend the 2.5% promo rate.
Deal Addict
User avatar
Jul 8, 2010
1376 posts
1069 upvotes
Ontario
JayLove06 wrote: Gotta say...I saved tens of thousands of dollars, no deferrals and a wife on mat leave. There is nothing to do. No restaurants, no basketball games, no travelling, no exhibitions, no bars, no TTC, no buying lunch outside, no weekend trips, nothing. All that money saved.
Summary - nothing to do, boring life... at least you have time to care of little Jay... Bright side, you have tons of money to invest in RE....
Deal Guru
Feb 29, 2008
12247 posts
7358 upvotes
Isostar wrote: Summary - nothing to do, boring life... at least you have time to care of little Jay... Bright side, you have tons of money to invest in RE....
Indeed. It’s a boring life when you can’t go anywhere.
Deal Addict
User avatar
Jul 8, 2010
1376 posts
1069 upvotes
Ontario
JayLove06 wrote: Indeed. It’s a boring life when you can’t go anywhere.
Buy a motorcycle, make life little more interesting :)
Penalty Box
Apr 1, 2010
278 posts
82 upvotes
Toronto
Wonder how much of the savings is just CERB rotting in ppls accounts.
Jr. Member
User avatar
Jun 28, 2018
192 posts
244 upvotes
Aurora, Ontario
Isostar wrote: Buy a motorcycle, make life little more interesting :)
Not gonna lie. That thought has crossed my mind. 🤣

But I have owned multiple bikes before and have an M license.
Newbie
Feb 25, 2018
5 posts
divx wrote: our government added way more in debt though
Agree. For those that get through this relatively unscathed, I fear the small amount saved these days will pale in comparison to the future changes coming (Public sector wage freezes/layoffs, higher income taxes, wealth transfer tax, changes to capital gains taxes, taxes on primary residences)

Perhaps the least likely to be implemented would be a tax on primary residence (least palatable by the populace), so perhaps paying down the mortgage isn't too bad an idea right now.
Deal Fanatic
Oct 7, 2007
7470 posts
3578 upvotes
SKL1981 wrote: Agree. For those that get through this relatively unscathed, I fear the small amount saved these days will pale in comparison to the future changes coming (Public sector wage freezes/layoffs, higher income taxes, wealth transfer tax, changes to capital gains taxes, taxes on primary residences)

Perhaps the least likely to be implemented would be a tax on primary residence (least palatable by the populace), so perhaps paying down the mortgage isn't too bad an idea right now.
I would really like to see more of our population, especially the younger people, educated in some basic principles of Finance and the financial state of affairs of our country. Questions for contemplation include:
1. Do our young people understand the real difference between a million, a billion and a trillion dollars?
2. What does that mean in terms of taxes for the people who live in a country with sizeable debt obligations?
3. What are the risk factors to the country that can make things worse than they are right now?
4. What events in history resemble where we are right now and how were those situations managed?
5. What is inflation, how is it measured and what does mean to our standard of living?

I think understanding the situation is important to the future of the country so that people understand the magnitude and concerns associated with the current financial picture. This is especially important when it comes to voting because some people still think that the government is capable of giving away FREE stuff when most people who pay taxes know where the "free" stuff comes from. When governments say they are giving stuff away for free they are taking advantage of people who don't understand or people who don't care about the impact on the hardworking, taxpaying people of a country because no one who pays taxes and is working hard wants to see their purchasing power continually eroded through higher and higher taxes. Pretty soon the hardworking people leave for greener pastures or they stop working because there is no reward for doing so.
Newbie
Oct 28, 2018
37 posts
68 upvotes
choclover wrote: I would really like to see more of our population, especially the younger people, educated in some basic principles of Finance and the financial state of affairs of our country. Questions for contemplation include:
1. Do our young people understand the real difference between a million, a billion and a trillion dollars?
2. What does that mean in terms of taxes for the people who live in a country with sizeable debt obligations?
3. What are the risk factors to the country that can make things worse than they are right now?
4. What events in history resemble where we are right now and how were those situations managed?
5. What is inflation, how is it measured and what does mean to our standard of living?

I think understanding the situation is important to the future of the country so that people understand the magnitude and concerns associated with the current financial picture. This is especially important when it comes to voting because some people still think that the government is capable of giving away FREE stuff when most people who pay taxes know where the "free" stuff comes from. When governments say they are giving stuff away for free they are taking advantage of people who don't understand or people who don't care about the impact on the hardworking, taxpaying people of a country because no one who pays taxes and is working hard wants to see their purchasing power continually eroded through higher and higher taxes. Pretty soon the hardworking people leave for greener pastures or they stop working because there is no reward for doing so.
All governments give stuff away for free and take advantage of taxpayers. If you think there's a difference between the right and the left on that fact, I've got a bridge to sell you.
Deal Addict
May 4, 2014
4511 posts
5356 upvotes
Toronto, ON
JayLove06 wrote: Gotta say...I saved tens of thousands of dollars, no deferrals and a wife on mat leave. There is nothing to do. No restaurants, no basketball games, no travelling, no exhibitions, no bars, no TTC, no buying lunch outside, no weekend trips, nothing. All that money saved.
Pay a visit to "Hot Deals" and the money saved will go to good use.
Deal Guru
Feb 29, 2008
12247 posts
7358 upvotes
er34er34 wrote: Pay a visit to "Hot Deals" and the money saved will go to good use.
I try to stay away. Already bought a TV which I needed since the one it's replacing died out of nowhere. Aside from some WFH stuff I haven't made any purchases and don't plan on it...hopefully I just breeze right by Black Friday.
Deal Fanatic
User avatar
Sep 8, 2007
8641 posts
9411 upvotes
Way Out of GTA
DarekP84312 wrote: Not gonna lie. That thought has crossed my mind. 🤣

But I have owned multiple bikes before and have an M license.
Insurance on motorcycles is way up from what I’ve read in the Auto forums....might wanna check into that also.
"It is in times of great fear or greed that the most opportunity exists."

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