Thursday, February 10, 2011

2011 - The year houses started owning people

With more and more people voicing concern over Canada's housing bubble, and with mortgage rates climbing and lax mortgage lending rules tightening, this is looking more and more like the year when houses could very well start owning people instead of the other way around.

In fact some are already there, meaning if they sold their homes they'd still have money owing. Just think, people paying a premium over what a lease would cost so they can say they "own" their home, only to sell it and still be paying for it. In another few years I think we may very well see people turned off of real estate in the same manner as some who lost their shirts in the stock market who now avoid equities like the plague.

Even with all the 35/40 year ams and no money down mortgages out there, some people like to think 'Canada is different'. Uh huh, that's why the city of Saskatoon is loaning first time middle income buyers 'down payment' money: Leader Post Article

People earning 45-70K in Saskatoon can apparently qualify for low interest loans...Ah well, at least there will be a place for hurting Real Estate agents to move.

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