Quote:
Originally Posted by Traum
Everyone in Vancouver that wholly owns their home is probably a millionaire. When I finally pay off my mortgage by 65, I should be a multi-millionaire too~! (2 is still more than 1, dammit!)
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But the sad part is that for most, their home is their greatest asset. That is a problem in my opinion.
The residence served no other purpose than a forced saving account and shelter.
Worse, many, specially in Canada went into the housing market with the belief that housing market would just keep going up. This is not true. In the very long term, housing just keeps up with inflation. If your house is your largest asset, I'd suggest to take a second look at your finances.