Big toys filling repo business floor
18.09.2008 18:02
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- Source: cbc.ca
 Marvin Boman, owner of Calgary Repo Sales, says business is booming.(CBC)An increasing number of Calgarians can't afford to make payments on some of the big toys that have come to symbolize wealth in the province, says one local repo company. More and more motorcycles, snowmobiles and high-end SUVs seized from Alberta owners who couldn't pay the bills are up for sale at Calgary Repo Sales, said owner Marvin Boman. "We've experienced a huge influx in business in the past two months," he said. "We're absolutely over-capacity as far as square footage to park repossessed assets, foreclosed assets." Between July 2007 and July 2008, Alberta experienced a 24 per cent increase in bankruptcies, according to the Office of the Superintendent of Bankruptcy in Canada. In July, 494 Albertans declared bankruptcy. Calgary credit counsellor David Smith said he is also seeing an increase in home foreclosures. "People [who] a year ago could have refinanced their house to deal with outstanding credit now don't have equity in their home, or they did refinance two years ago," Smith said. "Those second mortgages are up for renewal, and the property is worth less now, and they're not able to renew." Calgarians who were relying on equity to handle their debts are hitting a wall, said Smith. The average price of a single family home in Calgary in August 2008 was $440,625, a decrease of 9.32 per cent from the previous August. "Some people, justifiably, were thinking they'd hit a home run by investing in real estate," said Smith. "So they were doing quite well, but now, they're caught with two and three properties that they're trying to sell, and it has put them in a very bad financial situation." He expects more people will have financial problems and file for bankruptcy in Calgary this year than have over the past several years. Consumer HeadlinesHarper defends minister who made listeriosis jokesConservative Leader Stephen Harper came to the defence of Gerry Ritz on Thursday, a day after his embattled agriculture minister came under fire for making jokes about the listeriosis outbreak.Leave the loaves, Italians urgedConsumers in Italy are being asked to boycott bread on Thursday to protest escalating food prices and demand that government keep prices in check.U.S. to consider genetically engineered animals as food sourceThe U.S. government said it will start considering proposals to sell genetically engineered animals as food.Supreme Court refuses to hear appeal over ringtone tariffThe Supreme Court of Canada won't hear an appeal of a decision that gave musicians and songwriters a percentage of royalties for cellphone ringtones.Air Canada drops 2nd checked bag chargeAir Canada will drop its $25 fee for a second checked bag on its flights as a result of falling fuel prices, the airline announced Thursday. Consumer Life FeaturesWEALTHU.S. tycoons Special Report: The Forbes 400YOUR INTERVIEWJim CarrollEconomic expert on the global economy and CanadaSAFETYRecalls and AdvisoriesTRAVELPenny pinchingWallet-friendly last-minute getawaysBLOGFood BytesA zinger of a zucchiniCOMM-ODDITIESAuctionsJapanese eye glass designer grateful to Sarah PalinPeople who read this also read …
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