Quote:
Originally Posted by Bender Unit
Right on the F--K Point.
|
a LOT of people are going to lose a LOT of wealth in the coming years.
if you plan on living in your place for 20+ years are have sufficient income to cover the increasing interest payments on mortgages over the next 10 years, you won't notice, but in this day and age, do most people stay in a house for 20 years? and most people borrow (get gifted) money as down payments and max their mortgage payments, having little contingency fund or wiggle room.
the sad thing is, there's no recourse to anyone involved, other than the owner - even the banks are relatively safe (thank's CMHC!)... and is the reason why i would almost welcome more government intervention (and i'm hte biggest fan of small government)... but then again, i'm glad there isn't, as i'll pick up loads of great investments when there's blood on the streets - i can't wait!