Patrick

[Patrick @pattycuts89]

My 2023 Predictions:
1) Commodities (Oil, Silver, Gold, Copper) will continue to outperform
2) S&P500 will close below 3000
3) Global recession leading to 24/25 start of depression
4) CDN housing market continues downward spiral
5) BoC raises rates 50bps & no cuts until 2024

[Genevieve Roch-Decter, CFA @GRDecter]

Alarming U.S Financial Stats of 2023:

- Debt at record high 
- Interest expense on debt to reach record high
- Credit card debt at record high 
- Average interest rate on credit cards at record high
- Average monthly payment for new car at record high
- Housing prices near record high

These are records we don’t want to be setting 🥴

[Patrick @pattycuts89]

@nationalpost Do all these Vancouver councillors live in something other than a single-family detached home? Probably not, anything to continue raising the value of their home at the expense of everyone else. Absolutely laughable, ppl making decisions for other but really themselves 🙄🙄🙄

[IEDM - MEI @iedm_montreal]

2 out of every 3 Canadians agree taxes are too high, and a majority believes Ottawa spends too much, on the wrong things. Changing cabinet faces won't do much to change that reality. @franco_nomics #cdnpoli
https://t.co/fTaM1y1xsI

[Patrick @pattycuts89]

CPI for June at 2.8% is very misleading headline. Everything came from gas going ⬇️ yet in next few months gas will surge. Food inflation was 9.1% a 0.1% ⬆️ from May. Over the next 3 months my guess is we see inflation back to 3-3.5% and the BoC will need to raise rates again 🤷🏼‍♂️

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

We must stop climate solutions from killing biodiversity

Without thinking through where we put wind and solar facilities, we risk accelerating nature’s destruction
https://t.co/B9Q3OvIZmt

[Patrick @pattycuts89]

The headline is misleading. The reason is a sharp fall is gas prices. Yet food prices rose 9% YoY. Add Clean Fuel Tax starting July 1 & Im willing to say inflation becomes more stubborn at this clip & plateauing for 3-4 months. I think we got a way to go & 1 more hike post July🤷🏼‍♂️

[BNN Bloomberg @BNNBloomberg]

#BREAKING Canada's inflation rate fell to 3.4 per cent in May, Statistics Canada says. That's the lowest it’s been since June 2021. https://t.co/PSMEDr35zf

[Better Dwelling @BetterDwelling]

🇨🇦 is giving $328 per Canadian to Volkswagen to build a battery factory, the country’s largest corporate handout ever.

A fun fact via @Wealthsimple.

Is spending $2.3m per job a sustainable way to accommodate population growth? 🤔

#cdnpoli #onpoli

[Patrick @pattycuts89]

US Banking sector has had 3 Bank failures in under 2 months. Yet not one alarm bell is ringing? What happens when its the bigger banks with no one but the Fed to throw another bailout once the next 2008 crisis repeats. Let’s see how this plays out when the dust settles 🧐🫨

[Ron Butler @ronmortgageguy]

Let's Face It: Government's Addiction To More Tax Revenue Is Part Of The Housing Crisis

There was no Land Transfer Tax for more than a Century
Then there was

Then Toronto added DOUBLE Land Transfer Tax

Now other cities want to do it

CMHC just raised premium costs

2/

[Patrick @pattycuts89]

This should be alarming to many. CIBC saying that mtg pmts on 20% of their book can’t cover interest only. Essentially 1 out of 5 mtgs is in default. TD/RBC mtg books for 30+ yr AM has gone from 0 to 30% in 1 yr. The fact that MTGs are treated like a credit cards is beyond scary

[The Food Professor @FoodProfessor]

"Not one study has looked at how a $170/mt carbon tax will be impacting Canada's food affordability. Not one." https://t.co/gwR5d7wEcO

[Patrick @pattycuts89]

The @bankofcanada just spent last 12 months raising rates to cut them 6 months later🧐 Inflations been north of 6% for 12months (stickier) with rate hikes working slowly. If they cut rates too early thinking inflation is done IMO it’ll be a bigger problem
https://t.co/as2bZyiRkU

[Patrick @pattycuts89]

B2Gold
First Majestic Silver
Fortuna Silver
Barrick Gold
Meg energy
Enerplus

6 of my top stocks for 2023

[Patrick @pattycuts89]

My 2023 Predictions:
1) Commodities (Oil, Silver, Gold, Copper) will continue to outperform
2) S&P500 will close below 3000
3) Global recession leading to 24/25 start of depression
4) CDN housing market continues downward spiral
5) BoC raises rates 50bps & no cuts until 2024

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

Regardless of your stance..everyone should be angry at unelected officials living in seaside mansions, flying into Davos in their private/rented jets attempting to make decisions for your life. Agree, we need to make the world a better place...but these people dont care about you

[Patrick @pattycuts89]

@BNNBloomberg Idk, The BoC may pivot to continue rate hikes. The unemployment data last week now has 95% likelihood of 25bps but I think 50bps is probable due to 12+ months of inflationary pressure and now being entrenched in items. House price will continue to fall as borrowing costs rise

[Patrick @pattycuts89]

2018 - $1MM loan at 3.40% rate on 30 yr AM is monthly payments of $4,435 and At maturity would be $895k outstanding to pay.

2023 - Renewing at 895k on a 5.50% on 30 yr am is monthly payments of $5,081 and at maturity would be $828k

$500 more in monthly P&I to borrow 105k less

[Patrick @pattycuts89]

IMO the CDN Housing market downturn has yet to peak. Active listings keep plummeting yet so do prices. Shouldn’t prices rise as supply falls? Shows how interest rates fueled the 20/21 mania. Ppl renewing 2023 are going from 3.5% (2018) to 5%+. P&I will be same or more for less $$

[Patrick @pattycuts89]

Thinking 50bps from BoC today to bring rate to 4.25% (Prime = 6.45%) Pause for 3-6 months and see how it goes thru the market. IMO inflation now stickier and will be harder/longer to bring down to 2-3% range. Price increases are not leaving in food. Wage growth should slow too 🕳️

[Patrick @pattycuts89]

@joshyoung $MEG