Vernon economy going from bad to worse

[rvrepairnut]

Lol - your point? People borrow and borrow to live a lifestyle they can't afford - get themselves in a corner - use equity in their home to get out and then repeat the process

actually I have to ask you what your point is or lack of one?

[Dizzy1]

Point is that a lot of the items you mentioned isn't a result of disposable income

[rvrepairnut]

Point is that a lot of the items you mentioned isn't a result of disposable income

A lot of the items I mentioned are not from disposable income? what are they the result of? either u wait and save up disposable income and buy the unneeded so called items or you borrow against your equity and buy these items and use disposable income to make the larger mortgage payments. Get it "Dizzy"?

[Dizzy1]

A lot of the items I mentioned are not from disposable income? what are they the result of?

As I said, ask them how many times they've had to remortgage their homes to buy lots of their toys ... many of those people who have lots of nice shinny things around here had a 25-30 year mortgage 10 years ago and still have a 25-30 year mortgage today.

either u wait and save up disposable income and buy the unneeded so called items

That would be the smart thing to do, but nope, gotta have a new 5th wheel for 2 weeks of the year, gotta have a new ski boat for the summer, ooops, gotta get a new shiny struck to match that new boat and trailer, gotta get a new ski doo for the other few weeks of the year. Ooops, can't afford all these payments anymore, better hit the bank and remortgage.

or you borrow against your equity and buy these items and use disposable income to make the larger mortgage payments.

If you have to borrow, you don't have disposable income. If you're tapping into your equity to pay off debt, you're borrowing against the value of your house.

Get it "Dizzy"?

Apparently you do not.

[rvrepairnut]

depends how one views it?

Quote:If you have to borrow, you don't have disposable income. If you're tapping into your equity to pay off debt, you're borrowing against the value of your house.

actually your tapping into equity to buy something you don't have enough cash on hand to purchase but your at the income level where you have enough disposable income left over from each pay check after all your financial commitments are meet to be able to make a home equity payment. Its really no different than saving each month and then paying cash other than u pay 3% loan costs

[rvrepairnut]

In 2010, Vernon was ranked the third best city in BC by MoneySense Magazine based on prosperity, affordable housing, lifestyle and weather, and was ranked number one in entrepreneurial spirit by the Canadian Federation of Independent Business. Vernon's Historic Downtown boasts many local and unique businesses to meet all your shopping needs.

[foxygen]

Oh, you nailed it rvrepairnut! The downtown core is such a great place to spend time! Particularly with all the unstocked, semi-empty businesses, unscrupulous open-air drug dealing (and I am not talking about weed) and crackheads robbing 83-year old grandfathers at ATMs. We also shouldn't forget the multitude of small businesses going under.

#1 in entrepreneurial spirit by the illustrious Canadian Federation of Independent Business? Golly, better set up shop. Meet my shopping needs? The only businesses that are routinely busy in Vernon are grocers and liquor stores...hardly a beacon of entrepreneurial success.....

[rvrepairnut]

Oh, you nailed it rvrepairnut! The downtown core is such a great place to spend time! Particularly with all the unstocked, semi-empty businesses, unscrupulous open-air drug dealing (and I am not talking about weed) and crackheads robbing 83-year old grandfathers at ATMs. We also shouldn't forget the multitude of small businesses going under.

#1 in entrepreneurial spirit by the illustrious Canadian Federation of Independent Business? Golly, better set up shop. Meet my shopping needs? The only businesses that are routinely busy in Vernon are grocers and liquor stores...hardly a beacon of entrepreneurial success.....

I never nailed anything.its just what the city of Vernon boasts about on their web site and I found it interesting.
I love Vernon,been here over 51 years and find it just fine.I owned my own business and it was a great success.Most all people that live here love Vernon and realize its a great city.There is the odd "loon" out there that disputes these facts but who cares what they think if u know what I mean.Dont like it? then leave but don't say degrading things about such a wonderfull place as there simply not true

[Hassel99]

This thread has certainly gone from BAD to WORSE =D

[Bsuds]

removed

[rvrepairnut]

removed

[Jo]

Thread is getting a bit heated. Calm down and post reasonably.

[nepal]

.
Feel like you are getting poorer, then see this video:

http://www.upworthy.com/9-out-of-10-americans-are-completely-wrong-about-this-mind-blowing-fact-2
.

[jasond_71]

The argument that the middle class is shrinking is debatable. Canadians are more in debt than ever before. This can be good for the economy because it means we are spending money on the economy but it can also be bad (the meltdown in the US partially caused by this). Conservative or Liberal governments both try to balance increasing debt to stimulate the economy with too much debt causing the economy to crash. The reason why they lowered amortization back to 25 years max.

In terms of the Vernon economy the last report I heard was the GDP and employment had dropped by almost half from 2005-2012.
http://www.vernonmorningstar.com/news/206322251.html

School enrolment during that time has also plummeted by the same amount. I don't know if Vernonites are having less children or young families are simply moving out of town (Alberta, Northern BC) to find jobs. I would guess it is the latter. Vernon simply does not have enough decent paying jobs for families to live here considering the high cost of living. Kelowna on the other hand has had enrolment basically stay the same. I have heard no similar drop in employment and gdp for Kelowna. Since 2005 our population has increased but student enrolment, gdp and employment have all fallen. What does that tell you?

Vernon is a retirement town with very little business. We either accept that or we try to stimulate business growth in Vernon. I'm not sure that is an easy task. Enrolment has stabilized and will stay about the same or increase slightly in the next 13 years. People say way less children are playing minor hockey or junior golf etc. That is not because kids are not joining these things, we simply have less kids in Vernon.

[rvrepairnut]

Vernon is a retirement town with very little business

really? then how do we have so many many successful business,s in Vernon and so many big box retailers
what is kal tire? what is silver star resort? what is Nixon and co? what about preditor ridge? WHAT IS TOLKO INDUSTRYS????
I could go on and on but anyone with 1/2 a brain knows things are well in Vernon BC