Only
Posted December 9th, 2009 in Mortgage Rates, Real Estate | 
Buy A House Damn-It
Come on you are a good Canadian. You have saved and struggled to get that down payment. Heck even mom and dad have chipped in from some of their equity. We’re in this together right!
Where’s Your Faith?
Well if you are to believe Mark Carney our Bank of Canada Governor, that is precisely what he is asking everyone to do. Spend till you drop seems the message from his latest missive.
According to Kevin Carmichael and Jeremy Torobin’s report in the Globe and Mail:
“In their latest policy statement, central bank Governor Mark Carney and his deputies on the interest-rate-setting Governing Council reiterated Tuesday their intention to leave their overnight target at 0.25 per cent until at least the middle of next year.”
You Are – Very Good
“Canadians are responding the central bank’s price signal and rushing to buy homes at what many see as a once-in-a-lifetime mortgage rate opportunity.”
Only Don’t Forget
Carney also told you in his last report to be prudent.
Are you confused?
I don’t think there is a good way to snap out of this cycle, the government let things spin out of control for too long. Too many policies to increase affordability – they should have let the market correct itself. If enough people can’t afford a home, the market will correct itself. 35 and 40 year mortgages with 5% downpayments and record low interest rates only made things worse.
John,
the cycle you want to snap out of is world wide. getting everybody to dance to the same tune is extremely difficult.
“if enough people can’t afford a home” – (somebody will slam me for this but WTH I’m going to throw it out there anyway)
Thinking Trudeau, isn’t the idea of a ‘Just’ society one where the goal is to assist, when possible, all those who have the ability and maybe some who don’t, to have a roof over their head?