this post was submitted on 06 Sep 2023
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I don't think you have to be extreme right wing to have legitimate concerns for the future of Canada. The country is literally on fire. Houses are over $1 million and health care is barely functioning.
I'd hate to see the other guys I guess.
Groceries are fucked, gasoline is fucked, interest rates are fucked, can’t buy a house, can’t buy a car (or probably shouldn’t right now), dollar is fucked, schools probably going on strike again, a Canadian team hasn’t won the Stanley cup in 30 years …..
This just tells me that you don't know what fucked is.
Interest rates topped 21% , while mortgage rates topped 18% in 1981. Inflation was over 11% at the time. We'd just gone through two massive oil shocks, where the price of gasoline was almost double what we have now when adjusted for inflation, while cars struggled to get under 20L/100km and were rotted through by their third year.
Strikes were rampant, but so was high unemployment, at times topping 10%. A lot of industries just closed up shop, only accelerated as the Canada-US FTA came into effect.
By 1990, a lot of that had settled down due to the high interest rate treatment, but the accumulated debt of the Trudeau and Mulroney years had us facing a debt crisis just as we fell into a deep recession in 1991-92.
Ya and my mom bought her house for $45k in 1980
I’m looking at 4 bedrooms right now for about $1.2m
Dunno where she found a house for $45k ($160k in today's money) in 1980. Dad bought a new, three bedroom, split-level in Moncton in 1979 for $79k ($310k in today's money). Moncton at the time was really struggling with the recession. Prices in the GTA were much higher.
Housing prices were rapidly increasing in the GTA, and did so through the 1980s, finally flatlining at the end of the decade, before taking off again around 2000.
Also, prime mortgage rates at the time hit 16% in 1980 and peaked at 21.75% in 1981.
I just sold a 2500 sq ft, 4 bedroom house in Regina for a bit under $390k a few years ago. My current place in Winnipeg is a 1000 sq ft, two bedroom, two bathroom unit. and it was $260ish.
I purposely avoided transfers to the GTA or Greater Vancouver. There is no way I'd give up my free time and disposable income to be that miserable.