407 – Ben Rabidoux and Doug Hoyes Make a Bet, Talk Debt, Real Estate & the Economy

We are still in unprecedented times. House prices are going down even though inventory is limited. The unemployment rate is at a 40-year low, and yet insolvencies remain at record lows. What's going on? Will this climate last forever? Enter Ben Rabidoux. Ben returns to the podcast with Doug Hoyes to share his unique insights and research on where housing is heading, whether he sees mortgage rates coming back down, his thoughts on the employment rate and recession, and the show ends with the first-ever Debt Free in 30 wager

Links:

Ben Rabidoux on Twitter https://twitter.com/BenRabidoux

Edge Realty Analytics: https://edgeanalytics.ca/

Bank of Canada: Mortgage Rates: Bank of Canada: https://www.bankofcanada.ca/2022/06/financial-system-review-2022/#box1

Ontario Consumer Insolvency Statistics: https://www.hoyes.com/press/consumer-insolvency-statistics/

Statistics Canada, Household Savings Rate: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Episode #379, Will Housing Ever Be Affordable with Ben Rabidoux: https://www.youtube.com/watch?v=exHteyKX5Tg

Bank of Canada, 5 Year Bond Yield: https://www.bankofcanada.ca/?p=39890

Monthly mortgage payment on a typical home: https://twitter.com/BenRabidoux/status/1528768057178476544

Rising Interest Rates: What Can You Do? https://www.hoyes.com/blog/rising-interest-rates-and-debt-what-can-you-do/

Average Toronto house prices: https://wowa.ca/toronto-housing-market

Butler Mortgage (mortgage rates): https://www.butlermortgage.ca/mortgage-calculator/

Canada Historical Mortgage Rates: https://www.ratehub.ca/5-year-fixed-mortgage-rate-history

Landlord Rescue Property Management https://landlordrescue.ca/

Statistics Canada. Table 14-10-0287-01 Labour force characteristics, monthly, seasonally adjusted and trend-cycle: https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410028701

Statistics Canada. Table 36-10-0112-01 Current and capital accounts - Households, Canada, quarterly https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610011201

Statistics Canada. Table 36-10-0639-01 Credit liabilities of households (x 1,000,000) https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3610063901

Time Stamps:

00:57 Will housing ever be affordable?

04:25 Have mortgage pre-approvals impacted prices?

10:01 Will mortgage rates come down in the next few months?

11:25 Doug thinks we are in a recession already; Ben disagrees

11:50 The unemployment rate is at 40 year lows

14:55 Is the household savings rate going to tank?

16:40 Are credit card balances increasing?

22:30 Will insolvencies go up soon?

28:02 Ben and Doug make a wager