— Bartholomew’s #onelastbounce Quandry (@BartsQuandry) March 21, 2024
A secret report from the Royal Canadian Mounted Police (RCMP) is raising red flags, warning that Canada may be on the brink of civil unrest as citizens grapple with the harsh reality of their financial woes.
Titled “Whole-of-Government Five-Year Trends for Canada,” the report paints a grim picture, predicting a further deterioration in living standards over the next five years. Shockingly, it highlights that many Canadians under 35 may never be able to afford their own homes, exacerbating economic despair among younger generations.
What’s more, the report, marked as “secret,” serves as a wake-up call for decision-makers within the federal government, emphasizing the urgency of addressing economic challenges before they escalate into social unrest.
But the grim outlook doesn’t end there. As more Canadians teeter on the edge of bankruptcy, the average consumer debt load stands at a staggering $22,000 per person, with mortgages looming as a significant threat. Unlike in the US, where fixed long-term mortgages offer stability, Canadian mortgages come with short-term terms, leaving homeowners vulnerable to fluctuations in interest rates.
With the majority of mortgages set to renew in 2025 and 2026, the specter of rising interest rates looms large, potentially rendering many unable to afford their monthly mortgage payments and risking foreclosure.
For our American friends, it’s essential to understand the unique challenges facing Canadian homeowners, where the inability to lock in favorable long-term rates poses a significant risk to financial stability.
As Canadians grapple with mounting debt and uncertain economic prospects, the need for proactive measures to address these challenges becomes increasingly urgent. Will policymakers heed the warning signs before it’s too late?
Sources:
We did it!
Successful degrowth.
We're a little slow on the environmental improvement front, but at least people are miserable and poorer than they think!Sincerely,@JustinTrudeau and Satant.co/8WbXMufkhH
— Dr Jordan B Peterson (@jordanbpeterson) March 20, 2024
Police in Canada worry a civilian uprising and civil war is brewing while younger generations begin to realize they will never be able to afford to buy a home as living standards continue to plummet to record lows.t.co/5JaPShvxhz
— Technology Feed (@TecFeed) March 15, 2024
This is Huge! ⬇️😳. pic.twitter.com/nx8oiFB8ce
— CB (@niloc21) March 21, 2024
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