[SumAznGuy]

When I ask for qualifications, I am asking for reasons why we should listen to what you have to say.
We know Gridlock and Dinosaur have some clout in what they say since they are actively looking/working in the industry.
I respect what 4444 has to say because he is in the market and has an econ back ground.
I respect what ieatclams has to say because his post seem to be well thought out and he does try to back them up.

On appearance, I like what you wrote xpl0sive. It was well thought out and the math backed it up. What I was asking was for sources that says the banks will ask for more money when you go to renew.

It is based on this that now I am changing my opinion.
You quoted my responses and even went as far as talking about my experience, so you know I was talking about the bank asking for money when you go to renew your mortgage.
Then you go off and start name calling, including JT for calling me a knob, and saying I am one of those people that believe the market can only go up.

For the record, I believe in market corrections. Do I believe in the bubble bursting in the next 5 years, I do not. Maybe, it could happen. Massive earthquake, world war 3, European market meltdown, China, etc.... These are things we cannot predict and can only guestimate based on history. I agree with 4444 that money is cheap to borrow and there are many people who are mortgaged to the tits and when/if the market falls, they will be the ones to get hurt the most.
I also believe that the market prices are too high right now to make being a landlord, a good investment.

I also believe RE is about long term. 5 years is a very short period of time to look at in terms of renting vs buying and I refuse to get into that debate as you will always be able to find examples to support your argument.

As for your comment about the banks asking for money because the market has fallen, well that is just not true. I am a curious person, that is why I asked for sources. I don't care to call anyone out. This is the internet, so I am not butt hurt, but I am curious. Knowledge is power and I can tell everyone that banks do not do that. I called RBC and asked a mortgage specialist and she said they do not look at market price changes on your property when you go to renew a mortgage.
However, they will when you refinance/remortgage/apply for a second mortgage because to them, that mean there is some financial difficulties in your life that makes it a risk to loan you money.
Just in case anyone is thinking i am pulling this out of my ass, you can PM the number for the RBC mortgage customer service line, or google it. I don't want anyone to think I have a vested interest and am trying to sell something here.