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    Angry Mortgage

    No Good News | EP. 71

    Tue May 21 2024
    mortgageswedding ceremoniespodcast moderationpolicy disagreementsmoney launderingreal estate transactionshousing market trendsmortgage ratesfinancial challenges faced by young people

    Description

    This episode covers various topics including mortgages, wedding ceremonies, podcast moderation, policy disagreements, money laundering, real estate transactions, housing market trends, mortgage rates, and the financial challenges faced by young people in Canada.

    Insights

    Insight 1

    Weddings in the past were not as expensive as they are today, leading to fewer weddings now.

    Insight 2

    The podcast creators monitor and moderate comments on various platforms, removing hateful or inappropriate content.

    Insight 3

    Government officials sometimes reach out to podcasters like the hosts for discussions, but the hosts maintain their independence in expressing their opinions.

    Insight 4

    TD Bank in the US was involved in a money laundering investigation starting in 2016, with a potential fine of $2 billion.

    Insight 5

    Alberta has been experiencing growth and rising housing prices, with some areas still offering reasonable prices compared to British Columbia and Ontario.

    Insight 6

    Mortgage rates are tied to US bond yield movement, with potential for further reduction in rates.

    Insight 7

    Young people in Canada face significant challenges in achieving success due to tough economic conditions.

    Chapters

    1. Podcast Introduction
    2. Podcast Moderation and Independence
    3. Policy Disagreements and Predictions
    4. Money Laundering and Real Estate
    5. Housing Market and Mortgage Rates
    6. Challenges Faced by Young People
    7. Financial Challenges Faced by Young People
    Summary
    Transcript

    Podcast Introduction

    00:01 - 07:20

    • The podcast features an opinionated and swearing host discussing mortgages.
    • The podcast has reached 10,000 subscribers on YouTube.
    • There is a discussion about the upcoming long weekend in Canada and a team member getting married.
    • The historical significance of big wedding ceremonies is explained in relation to passing down agricultural land through generations.

    Podcast Moderation and Independence

    06:56 - 14:11

    • Weddings in the past were not as expensive as they are today, leading to fewer weddings now.
    • The podcast creators monitor and moderate comments on various platforms, removing hateful or inappropriate content.
    • The podcast focuses on mortgage and housing news, acknowledging the lack of good news in their field.
    • The hosts emphasize their commitment to citing sources and discussing political figures' statements without demonizing them.
    • Government officials sometimes reach out to podcasters like the hosts for discussions, but the hosts maintain their independence in expressing their opinions.

    Policy Disagreements and Predictions

    13:47 - 20:42

    • Government officials are not part of a worldwide conspiracy but may hold different views
    • It is important to focus on policy disagreements rather than personal attacks
    • The podcast host predicts that the Bank of Canada will not cut rates, offering a $10,000 bet on it
    • TD Bank has set aside half a billion dollars for potential fines related to victimization in some U.S. locations since 2016

    Money Laundering and Real Estate

    20:26 - 28:01

    • TD Bank in the US was involved in a money laundering investigation starting in 2016, with a potential fine of $2 billion.
    • The issue primarily involves branch-level individuals engaging in nefarious activities, not Canadian employees or customers.
    • Money laundering through real estate transactions is a concern due to the ease of washing money by buying and selling properties.
    • Transfers of down payment funds from overseas are under increased scrutiny, especially from high-risk countries like the Gulf, Middle East, Russia, and India.
    • Regulators are focusing on scrutinizing international money transfers to prevent illicit activities like using fake job letters for deals.

    Housing Market and Mortgage Rates

    27:31 - 34:27

    • Alberta has been experiencing growth and rising housing prices, with some areas still offering reasonable prices compared to British Columbia and Ontario.
    • Edmonton is highlighted as a city with reasonable housing prices compared to other major centers in Canada.
    • Quebec City is mentioned as a beautiful and inexpensive place to live, but there may be a language barrier for non-French speakers.
    • Advice is given to carefully monitor budgets and understand the market before buying a house in Alberta.
    • Variable rate mortgages can lead to increased payments when interest rates rise, requiring borrowers to manage their payments effectively.

    Challenges Faced by Young People

    34:03 - 41:18

    • Mortgage rates are tied to US bond yield movement, with potential for further reduction in rates.
    • Housing market is not performing well, with low spring activity and expensive prices deterring buyers.
    • Increase in listings seen in Ontario, particularly in rental condos and vacation properties.
    • Real estate professionals facing challenges with slow market conditions and need to consider their career options realistically.
    • Young people in Canada face significant challenges in achieving success due to tough economic conditions.

    Financial Challenges Faced by Young People

    40:51 - 47:16

    • In the past, it was easier for people to achieve success and own homes without facing as many financial challenges
    • Today's young people face a narrow path to success, requiring support from parents, good education, manageable student debt, and choosing a high-paying career
    • Job opportunities have shifted, with traditional well-paying jobs like factory work now paying poorly
    • The rising cost of housing compared to income levels makes it difficult for young people to afford homes
    • There is frustration towards the current system and government for the lack of opportunities and financial challenges faced by young generations
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