Canada Housing/Debt: Trust me, I'm a landlord.

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triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

People keep talking about housing crashes, OBVIOUSLY it would have happened by now if it was ever going to happen

http://www.theglobeandmail.com/report-on-business/economy/housing/sales-of-existing-homes-rise-in-october-crea/article27268106/

Things are going to keep going up up up forever! Too bad we're all priced out of the market

# ? Nov 16, 2015 19:25

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# ? Jun 8, 2024 20:50

Coylter: Aug 3, 2009

So CBC just posted this:

http://www.cbc.ca/news/business/average-house-price-up-8-3-to-454-976-in-october-1.3320674

Some of the choice comments:

quote:

Jimmy Rockford
I feel terrible for renters.

Not only are they poor but they cant afford to buy a home either.

quote:

Jimmy Rockford
Only a fool or somebody ready to sell and move would sell their home in Vancouver or Toronto in the next 10 yrs.

Those 2 cities are gold mines and Toronto especially will become the next Manhattan.

quote:

canadian_kidxxx
Even if prices correct 20% all of the people that have been waiting for the "crash" for the last five years will still be further behind than if they had just bit the bullet and bought.

and it just goes on and on...

# ? Nov 16, 2015 23:25

Furnaceface: Oct 21, 2004

Am I a horrible person for wanting this train wreck to pick up steam and see just how high we can get before the inevitable dive off a cliff?

Its going to hurt millions of people and probably gently caress over an entire generation (or 2) for their entire life, but it seems like its going to need to be a monumental event if this country is going to learn anything from it.

Also I just want to see all the realtors offices shutting down. I think I hate them more than lawyers and dentists now.

# ? Nov 17, 2015 00:07

I would blow Dane Cook: Dec 26, 2008

Furnaceface posted:

Am I a horrible person for wanting this train wreck to pick up steam and see just how high we can get before the inevitable dive off a cliff?

Its going to hurt millions of people and probably gently caress over an entire generation (or 2) for their entire life, but it seems like its going to need to be a monumental event if this country is going to learn anything from it.

Also I just want to see all the realtors offices shutting down. I think I hate them more than lawyers and dentists now.

Personally I won't be satisfied til the street runs red with the blood of bankers and realtors :getin:

# ? Nov 17, 2015 00:36

AVeryLargeRadish: Aug 19, 2011; I LITERALLY DON'T KNOW HOW TO NOT BE A WEIRD SEXUAL CREEP ABOUT PREPUBESCENT ANIME GIRLS, READ ALL ABOUT IT HERE!!!

Furnaceface posted:

Am I a horrible person for wanting this train wreck to pick up steam and see just how high we can get before the inevitable dive off a cliff?

Its going to hurt millions of people and probably gently caress over an entire generation (or 2) for their entire life, but it seems like its going to need to be a monumental event if this country is going to learn anything from it.

Also I just want to see all the realtors offices shutting down. I think I hate them more than lawyers and dentists now.

@ the bolded bit, no one will learn anything no matter how bad it is.

# ? Nov 17, 2015 00:42

etalian: Mar 20, 2006

AVeryLargeRadish posted:

@ the bolded bit, no one will learn anything no matter how bad it is.

Yeah it's the circle of life, finance sector greed along with government complacency cause a big crash.

Dumb bankers get bailed out instead of punished and the whole cycle repeats itself

# ? Nov 17, 2015 01:11

the talent deficit: Dec 20, 2003; self-deprecation is a very british trait, and problems can arise when the british attempt to do so with a foreign culture

AVeryLargeRadish posted:

@ the bolded bit, no one will learn anything no matter how bad it is.

yeah, this literally happened less than a decade ago in the united states and people are still convinced it can't happen here

# ? Nov 17, 2015 02:04

Baronjutter: Dec 31, 2007; "Tiny Trains"

There could be a massive economic collapse and before, during, and after government and capital clearly spell out what they are doing and why, recorded confessions, huge public trials, a change of government and law. We could erect giant monuments about the disaster, re-name cities, teach about it in school. A generation or two later and we'd be hopping and skipping down the exact same path because "come on it's been 30 years of prosperity we learned last time it's different this time".

# ? Nov 17, 2015 02:31

cowofwar: Jul 30, 2002; by Athanatos

Baronjutter posted:

There could be a massive economic collapse and before, during, and after government and capital clearly spell out what they are doing and why, recorded confessions, huge public trials, a change of government and law. We could erect giant monuments about the disaster, re-name cities, teach about it in school. A generation or two later and we'd be hopping and skipping down the exact same path because "come on it's been 30 years of prosperity we learned last time it's different this time".

A generation? It took a generation to unwind the laws put in place after the crash of the 40s. The great recession wasn't even ten years ago and all that legislation is already gone.

# ? Nov 17, 2015 02:34

Professor Shark: May 22, 2012

I thought the rule of thumb was 10 years? That's what I learned in some Econ 1000 course

# ? Nov 17, 2015 11:28

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

CI's gonna love this video: http://www.theglobeandmail.com//rep...ideo1id27293478

Such horseshit about how "this puts a human face on the macroeconomic tragedy", etc. You placed a bet and it didn't work out. Deal with it.

# ? Nov 17, 2015 18:38

Wistful of Dollars: Aug 25, 2009

Some of us rent because we don't want to buy an overvalued house that's going to crash and burn in the end of days. :haw:

# ? Nov 17, 2015 18:47

Coxswain Balls: Jun 4, 2001

Coxswain Balls posted:

And as close to the city dump as possible. So many seagulls!

Hahah, the complaints are starting to roll in.

http://www.winnipegfreepress.com/local/MLA-says-foul-smell-in-south-Winnipeg-is-coming-from-a-city-landfill-347245582.html

What do you mean my brand new housing development smells like garbage when you build it right next to the city dump? Welp, gotta find someone to blame.

Is anyone actually buying those houses in Southwest Winnipeg?

# ? Nov 18, 2015 05:46

I would blow Dane Cook: Dec 26, 2008

Reading yet another boring article about house auctions when I spotted this dude:

# ? Nov 18, 2015 07:18

vyelkin: Jan 2, 2011

Jumpingmanjim posted:

Reading yet another boring article about house auctions when I spotted this dude:

Is Matthew Perry buying up overvalued Canadian real estate for some reason?

# ? Nov 18, 2015 07:34

I would blow Dane Cook: Dec 26, 2008

Nah the dude on the left

# ? Nov 18, 2015 07:57

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

vyelkin posted:

Is Matthew Perry buying up overvalued Canadian real estate for some reason?

Could I BE any more of a real estate genius? It's only going up up up!

# ? Nov 18, 2015 16:11

A Typical Goon: Feb 25, 2011

Coxswain Balls posted:

Hahah, the complaints are starting to roll in.

http://www.winnipegfreepress.com/local/MLA-says-foul-smell-in-south-Winnipeg-is-coming-from-a-city-landfill-347245582.html

What do you mean my brand new housing development smells like garbage when you build it right next to the city dump? Welp, gotta find someone to blame.

Is anyone actually buying those houses in Southwest Winnipeg?

St. Norbert is garbage and I'm not surprised it smells like garbage

# ? Nov 18, 2015 20:50

Fried Watermelon: Dec 29, 2008

Winnipeg needs to be in a perpetual state of constructing new things in order to keep itself from dying completely

# ? Nov 18, 2015 22:53

Rime: Nov 2, 2011; by Games Forum

Fried Watermelon posted:

Winnipeg needs to be in a perpetual state of constructing new things in order to keep itself from dying completely

If you want a vision of the future, imagine a construction workers boot stamping on fresh plywood. Forever.

Rime fucked around with this message at 02:04 on Nov 19, 2015

# ? Nov 19, 2015 01:51

resistentialism: Aug 13, 2007

triplexpac posted:

Could I BE any more of a ~~real estate~~ hair-styling genius? It's only going up up up!

# ? Nov 19, 2015 01:52

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Coxswain Balls posted:

Hahah, the complaints are starting to roll in.

http://www.winnipegfreepress.com/local/MLA-says-foul-smell-in-south-Winnipeg-is-coming-from-a-city-landfill-347245582.html

What do you mean my brand new housing development smells like garbage when you build it right next to the city dump? Welp, gotta find someone to blame.

Is anyone actually buying those houses in Southwest Winnipeg?

I want to name that neighborhood Stenchville. It reeks every time I have to drive through it.

# ? Nov 19, 2015 02:23

Ccs: Feb 25, 2011

Baronjutter posted:

There could be a massive economic collapse and before, during, and after government and capital clearly spell out what they are doing and why, recorded confessions, huge public trials, a change of government and law. We could erect giant monuments about the disaster, re-name cities, teach about it in school. A generation or two later and we'd be hopping and skipping down the exact same path because "come on it's been 30 years of prosperity we learned last time it's different this time".

People say this about the film industry too, totally ignorant of the tax credit system and how provincial governments, if they need to save some money, will totally take an axe to those subsidies.

Yet younger film-makers in Toronto are still convinced that they're getting all this work because they're more talented than their American counterparts...

# ? Nov 19, 2015 04:19

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Ccs posted:

People say this about the film industry too, totally ignorant of the tax credit system and how provincial governments, if they need to save some money, will totally take an axe to those subsidies.

Yet younger film-makers in Toronto are still convinced that they're getting all this work because they're more talented than their American counterparts...

This also exists with the R&D tax credit, which partly fuels the tech sector. A good portion of the salaries are being subsidized by the government for doing R&D in country :ssh:

# ? Nov 19, 2015 06:33

Flocons de Jambon: Apr 11, 2015

vyelkin posted:

Is Matthew Perry buying up overvalued Canadian real estate for some reason?

He sent the son he had with Newt Gingrich as his proxy.

# ? Nov 19, 2015 06:38

Suplex Liberace: Jan 18, 2012

Fried Watermelon posted:

Winnipeg needs to be in a perpetual state of constructing new things in order to keep itself from dying completely

When is Mike Holmes building those condos right next to the Fort Gary Train Yard? Those sound like they would be bought up asap.

# ? Nov 19, 2015 16:14

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

And so it begins:

The Calgary Herald posted:

A mortgage brokerage operating in Calgary for nearly four decades has been placed in receivership with $122 million in investments from 240 investors recorded in its hand-written books � but no indication of it having any outstanding mortgages, documents indicate.

# ? Nov 19, 2015 17:53

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Franks Happy Place posted:

And so it begins:

If it takes 40 years for a real estate ponzi scheme to fall apart we are going to be in for a very long wait for our, hopefully not entirely criminal, housing market to return to normality. (I have to assume that they we doing some honest business at some point.)

# ? Nov 19, 2015 18:16

Antifreeze Head: Jun 6, 2005; It begins; Pillbug

Coxswain Balls posted:

Hahah, the complaints are starting to roll in.

http://www.winnipegfreepress.com/local/MLA-says-foul-smell-in-south-Winnipeg-is-coming-from-a-city-landfill-347245582.html

What do you mean my brand new housing development smells like garbage when you build it right next to the city dump? Welp, gotta find someone to blame.

Is anyone actually buying those houses in Southwest Winnipeg?

Yeah, they are selling. People really like stucco covered houses where 20% of the curb appeal is a garage door.

But a trash pile next to homes isn't a new concept for Winnipeg. Westview Park is the tallest hill in the whole city, it is a landfill covered over by dirt. The entire Weston neighbourhood was built there when it was still an operational landfill. My dad remembers sneaking into the place when it was still a landfill and finding printing plates for the Eaton's catalogue. Now, people still call it garbage hill and it is basically the best place in the city to go tobogganing.

So cheer up South Winnipeg, in 70 years you'll have a rad place to do some sledding.

EvilJoven posted:

I want to name that neighborhood Stenchville. It reeks every time I have to drive through it.

I can support that. I will do likewise and hopefully it will spread.

Antifreeze Head fucked around with this message at 20:22 on Nov 19, 2015

# ? Nov 19, 2015 20:20

cowofwar: Jul 30, 2002; by Athanatos

Franks Happy Place posted:

And so it begins:

So $122m in with $80m "lost" to bad investments despite no record of any of these investments?

# ? Nov 19, 2015 20:38

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

quote:

http://www.torontosun.com/2015/11/19/bankrupt-man-actually-earning-180gs-rcmp

'Bankrupt' man actually earning $180Gs: RCMP

TORONTO - A Toronto man who declared bankruptcy and received EI was actually earning $180,000 and owned a $790,000 home, RCMP say.

Investigators claim that while getting Employment Insurance benefits from the government, Guido Paniccia, 56, was billing for services under a company name and earning more than $180,000 a year.

He also allegedly concealed his 50% ownership of a house that subsequently sold for $790,000.

Paniccia faces numerous charges under the Bankruptcy and Insolvency Act and Criminal Code including two counts of conceal property with the intent to defraud creditors and knowingly making a material omission in a statement or accounting.

Since January 2014, the RCMP�s Integrated Bankruptcy Enforcement Unit has charged 21 people and four corporations with 121 offences under the Bankruptcy and Insolvency Act and 92 offences under the Criminal Code, with liabilities totalling about $104 million.

# ? Nov 19, 2015 23:22

Baronjutter: Dec 31, 2007; "Tiny Trains"

Good, I hope they more aggressively go after poo poo like this. This is the sort of "welfare leech" I'm concerned about, not the homeless guy not disclosing his pandhanding income or the single mom earning a bit on the side babysitting.

# ? Nov 19, 2015 23:31

I would blow Dane Cook: Dec 26, 2008

quote:

Morrison prepares enormous Boomer bribe

By Leith van Onselen

Treasurer Scott Morrison must believe that �ending the age of entitlement� does not extend to older Australians.

As reported in The Australian, Morrison has put forward the ingeniously inequitable plan to allow retirees to sell-off their expensive large homes, pocket the money, continue to collect the Aged Pension, and be exempted from paying stamp duty on their next (smaller) dwelling:

Scott Morrison is canvassing bold tax reforms designed to persuade retirees to downsize to smaller homes and plough more money into retirement-income products�

The plan would include a one-off exemption from stamp duty on the purchase of a smaller house.

As an extra incentive, profits from the sale of the family home would be excluded from the Age Pension assets test provided they were channelled into an �approved retirement product such as life annuities and aged-care bonds.

As regular readers will know, I am strongly oppose stamp duties on equity and efficiency grounds. One of my biggest concerns around stamp duty is that it discourages housing turnover by unnecessarily penalising people that move to homes that better suit their needs. As such, stamp duties inevitably lead to an inefficient use of the housing stock, such as empty nesters occupying large homes with multiple spare bedrooms, or young families cramming into small apartments.

That said, I cannot support abolishing stamp duties for retirees only, whilst continuing to financially penalise young families upgrading to more suitable accommodation. Such age-based measures will unfairly shift the tax burden even further onto the younger generations, burdening the very segment of society (young families) that are arguably already under the most financial strain.

Nor can I support Morrison�s plan to allow oldies to pocket the windfall from their sale without affecting their access to the Aged Pension. Morrison must honestly believe that it is equitable for younger people�s taxes to rise in order to pay for the bloated entitlements of those who had the good fortune of purchasing their homes cheaply before watching them skyrocket in value, to the detriment of their children and grandchildren, who must now support them in old age?

Genuine and equitable budgetary reform is about sharing the burden of adjustment. However, by creating a special class of citizens exempted from bearing any pain � i.e. home owning retirees � Morrison would effectively shift the burden of repairing the Budget to the younger generations.

If Morrison had any budgetary sense, he would instead advocate:

For one�s principal place of residence to be included in the assets test for the Aged Pension at some point in the future (e.g. 1 July 2020), thus allowing current retirees and prospective retirees adequate time to make arrangements.
Replacing stamp duties for everyone with a broad-based land values tax.
Extending the existing state sponsored reverse mortgage scheme, the Pension Loans Scheme, to all people of retirement age so that asset (house) rich retirees can continue to receive a regular income stream in exchange for a HECS-style liability that is recoverable from the person�s estate upon death, or upon sale of the person�s home (whichever comes first).

Under such a plan, pensioners could continue to receive an income stream as they do now under the Aged Pension, but with less drain on the Budget and on younger taxpayers. The stamp duty to land tax switch would also deliver more efficient use of the housing stock, but without favouring one generation over the other.

The Coalitions concerns about fighting �inter-generational theft�, so often espoused by former Treasurer Joe Hockey, will be for naught if it proceeds with Morrison�s plan, which places the welfare of asset rich retirees well above their children and grandchildren, who will be left picking up the tab for Budget repair.

http://www.macrobusiness.com.au/2015/11/morrison-prepares-enormous-boomer-bribe/

# ? Nov 20, 2015 03:02

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

# ? Nov 20, 2015 03:19

I would blow Dane Cook: Dec 26, 2008

http://workplace.stackexchange.com/questions/57959/msdn-subscription-for-job

Saw this and thought of you guys.

# ? Nov 20, 2015 03:24

Deep Dish Fuckfest: Sep 6, 2006; Advanced
Computer Touching; Toilet Rascal

BYOD: Bring your own documentation

# ? Nov 20, 2015 16:53

sbaldrick: Jul 19, 2006; Driven by Hate

Jumpingmanjim posted:

http://workplace.stackexchange.com/questions/57959/msdn-subscription-for-job

Saw this and thought of you guys.

We can't afford one but need it, pay for it for us.

# ? Nov 20, 2015 17:18

Furnaceface: Oct 21, 2004

sbaldrick posted:

We can't afford one but need it, pay for it for us.

Vancouver.txt

# ? Nov 20, 2015 22:12

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

quote:

http://www.cbc.ca/news/canada/edmonton/fort-mcmurray-food-bank-tightening-belt-as-demand-exceeds-supply-1.3327203

Fort McMurray food bank tightening belt as demand exceeds supply

Wood Buffalo Food Bank slims down food hampers to meet demand

The food bank in Fort McMurray is struggling to meet growing demand as the oilsands-based economy continues to flounder.

"We've seen job lay-offs and certainly shifting and transitioning in the community ... draws heavily on our non-profit society, but first and foremost it's got to be our food bank," said Mayor Melissa Blake.

"It's hugely concerning that we've had the people in our community affected as they have been by the sustained low oil pricing."

The food bank is seeing 70 per cent more visitors this year over last.

In 2014, the food bank handed out 2,300 hampers, but by the end of this year, staff project the number of hampers for 2015 to reach 4,000.

That means that many people who used to donate money or goods to the bank are now clients which increases demand while shrinking donations.

"It just makes us worry that we're going to have to work that much harder to raise the funds necessary because as need goes up, our expense goes up whereas the donor base is going down," said executive director Arianna Johnson.

In response the food bank is shrinking the size of hampers in order to meet demand, she said.

"We certainly are having to do a lot of things to stretch our food stocks further and make sure that we have enough food to give some to everybody," Johnson said.

She hopes the Christmas fundraising season will help.

"Coming into the fall and the Christmas season of course, our food stocks increase drastically because that's when the majority of our food drives are."

Johnson said she has confidence that people in Fort McMurray will survive the crisis.

"We know how isolated we are and therefore we know we have to take care of each other," she said. "We are a village that makes sure nobody goes without."

From 191 to 333 hampers per month for a family year over year.

An old article below

quote:

http://www.cbc.ca/news/business/alberta-food-bank-surge-sign-of-bad-times-for-all-1.3160641
Alberta food bank surge: sign of bad times for all?

The number of people turning to food banks is surging across Alberta and inching up in other parts of the country.

With so many rumblings of a recession, those on the front lines believe the upswing could be a sign of tough times ahead for much of Canada.

Alberta insolvency rates rise as oilsands slump
Canada's economy 'dead in the water,' headed toward recession

When the economy's in trouble, they say, the early signs appear at the food bank. It's where people turn when their employment insurance runs out or their savings account runs dry.

"It's where they go when they hit the wall," Gail Nyberg with Toronto's Daily Bread Food Bank told CBC News. "It's actually gauging those most vulnerable."

Bad signs in Alberta

Due to a slow down in the oil patch, food banks across Alberta are suddenly overrun with demand. Today, Alberta Food Banks is issuing a news release with an urgent call for donations, saying "the shelves are bare" at many locations.

"I've personally talked to a dozen food banks in the last two to three months and I can't think of one that has said their numbers haven't increased," executive director Stephanie Rigby said. "We know that there may be more to come, and I know the food banks are bracing."

Many newcomers, such as Pamela in Edmonton, are first-time users. "I never thought it would come to this," she said about seeking donated food.

'It's hard, it's beyond hard right now'
- Tamisan Bencz-Knight, Edmonton's Food Bank
Until she was laid off at Christmas, Pamela was earning $38 an hour working in the oil industry. We are withholding her last name because she worries publishing it will hurt her chances of landing another job.

Pamela says she and her husband, who's off work due to an injury, finally decided to turn to the food bank because they're running out of cash. They can barely keep up with their bills and are struggling to make the minimum payments on $17,000 in credit-card debt they've racked up to cover costs. []

"We've fallen upon hard times," Pamela said, adding that it's "a common experience" in oil country.

Wood Buffalo Food Bank Association Fort McMurray
The shelves are running bare at Fort McMurray's Wood Buffalo Food Bank. The number of food bank users is spiking across the province. (Alberta Food Banks)

Tamisan Bencz-Knight with Edmonton's Food Bank reports its numbers are surging. The number of people collecting monthly hampers has risen 12.5 per cent compared with this time last year.

"You see a lot of tears, a lot of people broken down a little bit," she said. "It's hard � it's beyond hard right now."

The Wood Buffalo Food Bank Association, which serves Fort McMurray, the heart of the oil industry, is also seeing a lot of new faces. The association reports a staggering 57 per cent jump in usage in the first half of 2015 compared with last year.

"We've not really seen anything like we've seen this year. It's been a little bit scary," said Arianna Johnson, Wood Buffalo's executive director.

Canary in the coal mine

As Canada's economy continues to sputter, Nyberg with Toronto's food bank sees the growing numbers in Alberta as a bad sign. She suspects it's "the canary in the coal mine this time."

The last time, she says, Ontario took the lead. Months before the 2008 recession, Toronto and surrounding regions saw the signs first � a sudden spike in people turning to food banks.

"It was like, 'holy moly, what's going on?' I was kind of thinking, how come the [financial] banks don't see what's happening and nobody's saying we're in a recession," Nyberg said.

Ontario was first to feel the pain during the last recession because of the downturn in manufacturing, Nyberg said.

Now, with a downturn in the oil sector, she suspects Alberta's food banks are a harbinger of harder economic times.

Still waiting for recovery

Other regions are also showing signs of trouble as Canada's economy continues to sputter.

Thunder Bay's Regional Food Distribution Association is reporting a jump of six to 10 per cent, and Winnipeg's Harvest food bank has reported a 3.6 per cent increase in users.

Vancouver and Toronto report that their numbers are holding steady, but Nyberg warns that's no reason to celebrate.

"We're remaining pretty stable so that is the good news," she said. "But the bad news is, stable from the hit we took during the recession."

Just like the economy, Canada's food banks still haven't recovered from the last recession.

Toronto's Daily Bread Food Bank reports that the number of visits to locations across the region was more than a million in 2014, a number first reached when the bad times hit in 2008.

'Not a good feeling'

Fort McMurray's food bank finds itself struggling with its growing clientele. To cope, it's had to cut back the amount of food it gives to clients.

"It's not a good feeling," Johnson said, adding she also believes Canada may be "teetering on the edge of a recession" with Alberta in the driver's seat.

However, she pointed out, the province's oil sector helped Canada weather the past economic downturn, and an eventual rebound in that sector could help the country out of its current slump.

Pamela, the recently laid-off oil worker, is trying to remain hopeful, but she says she's doing it by exploring other career options.

"We are looking at different things," she said about herself and her husband. "We're not just sitting around for the oil industry to pick up because we understand that it may never pick up."

People turning to food banks in McMurray are rising even further in the 2nd half of the year.

# ? Nov 23, 2015 16:31

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# ? Jun 8, 2024 20:50

cowofwar: Jul 30, 2002; by Athanatos

It takes a long time for things to fall apart. People can hold up appearances for quite some time, especially if they have access to a lot of credit. Once people run out of credit and lifelines and start getting desperate that's when you'll start seeing mortgage defaults and a housing market crash.

# ? Nov 23, 2015 17:44

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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