Quote:
Originally Posted by Euro7r
I remember many years back (probably 5-7 years I think) those protesting about how they don't got $1M for a home, and how they are educated working class in good jobs can't afford. I guess now $1M is considered a dream in the city lol  |
Speaking of which, a dated but interesting take:
https://www.straight.com/news/errors...g-crisis-story
Quote:
Originally Posted by pastarocket
Long story short, this friend is renting a two bedroom condo in the downtown west end for two grand per month. He is married and has two toddlers.
He figures that IF the Bank of Canada keeps raising the key interest rate this year in order to curb inflation, many homeowners with variable rate mortgages would face foreclosure. Some new homeowners are going to have to sell their houses.
-best chance for him to buy a house? He has a big income as an entrepreneur in his event marketing and film post production business. -would be able to save up for a big down payment even though he is paying rent now to a condo owner.
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As we have seen in this thread, many folks with variable mortgages are on fixed payments who won't see their payments rise until a trigger rate is reached. There will be folks on the margin that will be in a tough spot, but most households will do everything they can to keep their homes.
And those households will be cutting discretionary expenses, like entertainment, if the costs of shelter continues to have an impact on their bottom line. I don't see how your friend's business would be immune if things got really bad - it's not like he's a police officer, a doctor, or something else considered "essential".
Quote:
Originally Posted by 68style
This in a nutshell is everything that is currently wrong with the current version of capitalism… your friend is waiting for a lot of other people to lose their life savings in order for him to jump in and get something.
Instead of ultra wealthy people just having some of their $$$ redistributed or the government hadn’t let this happen in the first place (too late for that I guess) and nobody at a “normal” level of income has to lose everything for someone else to succeed.
Doesn’t he feel just a little bit dirty even talking about that scenario?
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It's pretty much what folks on Reddit and Facebook have been calling for - to scoop in and take advantage of someone else's misfortune and buy houses for cheap and become the very thing they so despise.