Quote:
Originally Posted by hillmar
I made a decision to get out of the real estate market early this year, it was a hard decision to make but I didn't feel comfortable that if the interest rate did go up, my family would struggle making mortgage payments and living expenses.
This video late last year got me thinking even though I'm not a big fan of Kevin O'Leary.
-84 percent of pre-tax income in Vancouver for mortgage payment was stated by RBC, doesn't take much of a interest rate increase to put people in the red.
-How much longer can the bank of Canada keep these historic low rates.
Kevin O'leary on Canadian Housing Bubble - YouTube |
you made the right decision, not many people have the guts like you do. I bought my house in 2009 during the recession and I don't have much mortgage left so I keep justifying that I'll be okay if we go into another recession or if the interest rate spikes. But I'm still worried and keep contemplating on selling and locking in my capital gains...