This is news?
Postmedia Network, owners of such bastions of liberal journalism as the National Post and Ottawa Citizen, is reporting that NDP leader Thomas Mulclair has a mortgage on his west island Montréal home.
How much does he owe? Thanks to Postmedia's dogged research Canadians now know the mortgage is valued at a whopping $300,000. Whoa Nelly, STOP THE PRESSES!!!
Of course, that's not really very juicy is it? Gotta give it some spin, and here's where Postmedia really shines. Apparently the property has been refinanced numerous times!!!
The headline in the Ottawa Citizen reads: NDP leader has remortgaged his home 11 times since early 1980s.
I wonder how many people will bother reading the article? My guess, not many. That's the beauty of a juicy and prejorative headline.
Okay, so what we're being told is that Mr. Mulclair has refinanced his home on 11 different occasions over the past 30 years and that the amount owing on the mortgage is $300K. I bet there are lots of Canadians who would love it if their home only had a mortgage at that amount. Think of all the poor saps who've been buying into the Canadian housing bubble over the past 5 years or so. Given the west island address I'm going to assume there's a fair bit of equity there as well.
Why refinance? Why not? With uber-low interest rates and many investments offering superior gains it can certainly be argued that freeing up equity to get your capital working is a very wise move. Dare I suggest it could even be argued that is shows business and fiscal savy?
From where I sit this is very good news for the NDP. It suggests to me that Conservative minded media outlets are paying attention. Why? Because the NDP under Mulclair is gaining some traction, and with the Liberals continued weakness, that could prove troublesome for the governing Tories down the road.