394 replies to this topic

[Mike K.]

Dasmo Not being able to buy a home here has nothing to do with your social credit score.

Your credit score ( not social credit score) affects your ability to get a mortgage and the interest rate that you have to pay on a mortgage.
For some current renters an increase in credit score will make a difference and allow them to make a home purchase.
If you have a good credit rating you may not be required to have as large a deposit as a down payment and can borrow a larger amount if needed.
I bought my first house totally on borrowed money.

Renters buy houses all over Canada not only in the most expensive cities.

I think we need to define what a ‘credit’ score actually is, because I don’t think rent is a debt re-payment.

Credit scores refer to repayment of debt and servicing debt. It doesn’t include what you buy using your debit card, because that’s not debt or credit.

The only thing I can see a rental payment credit score impact being is a negative one. If you don’t pay your rent, it dings your credit. But since rent isn’t debt, how can it positively impact your ‘credit’ score when there is no credit being provided? It’s all so odd.

Poilievre is going to have a field day with this one. How could the Liberals not see this as a major foible?

[dasmo]

That is why it is a social credit score. Just the start. It has nothing to do with credit.... 

[Mike K.]

Aha!

You’re two steps ahead dasmo, excellent work.

[dasmo]

Trudeau did say he looks up to the Chinese.... This is social credit in China. 4 years ago. https://youtu.be/0cG...9yg_AZCA7eN5qRJ

[Tony]

The focus here is how renters may get an increased credit score provided by credit agencies that are used as one factor in the evaluation process of candidates for loans both for house mortgages and business loans.

A minimum credit agency score has been used in the past for example to get a CMHC mortgage loan.

 

Anything else is obfuscation to the core issue. 

[phx]

I think we need to define what a ‘credit’ score actually is, because I don’t think rent is a debt re-payment.
 

 

You could regard credit score as a measure of credit worthiness. Regular rent payments could increase your credit score.

[dasmo]

Focus? This is a made up problem to create a new class of person for the us vs them crap. Since when was people’s access to credit remotely on anyone’s bingo card of issues? A renters bill of rights coming from the same government that just violated our bill of rights? Give me a break.

[Matt R.]

Sure did. I sold it for 90% more than it cost less than 5years later......... great Toronto house price boom period. Used the equity to buy a single family home that I then lived in for 24 years.
The most important element here is that I had a good enough credit score to allow me to do that.

I had trash credit, had to buy with a B lender. Worked out great.

[Mike K.]

The focus here is how renters may get an increased credit score provided by credit agencies that are used as one factor in the evaluation process of candidates for loans both for house mortgages and business loans.

A minimum credit agency score has been used in the past for example to get a CMHC mortgage loan.

 

Anything else is obfuscation to the core issue. 

 

Sorry Tony, but you can't squish a square into a round hole.

[dasmo]

In May, Canada officially became the G7's most debt-laden country, with the cost of homeownership singled out as the largest contributor. So Trudeau is making it easier for more people to get into more debt?

[LJ]

Read it and weep

 

 

https://ca.finance.y...-161733655.html

[Mike K.]

Exhibit B: In 2022, Trudeau dismissed billions in German investment to build a major liquefied natural gas hub in New Brunswick, and he even questioned the “business case” of doing so. German companies have since started doing more business with Australian energy suppliers.

 

 

Oops.

[Nparker]

Read it and weep

...Canada’s Liberal government has allowed unprecedented levels of immigration, which has swamped health-care systems and driven housing prices to unaffordable levels. Australia, on the other hand, has kept immigration relatively steady compared to pre-pandemic levels, admitting around 80,000 permanent residents last year, compared to 471,770 in Canada...

https://ca.finance.y...-161733655.html

[Victoria Watcher]

Meta's news ban changed how people share political info — for the worse, studies show

News is being replaced by memes, says media expert


https://www.cbc.ca/n...-news-1.7174031



Studies show. Expert.

Edited by Victoria Watcher, Yesterday, 11:02 AM.

[Matt R.]

Sounds like something a meme would say.