Big Blow
Posted April 10th, 2010 in Mortgage Rates, Real Estate | 
Rising Rates
The storm arrived in the night.
Be Ready
The weather man had warned us to expect a blow. Likewise, the Bank of Canada’s Governor Carney, and many other economist types have echoed similar reports in recent months regarding the impending rise in mortgage interest rates.
They Didn’t Listen
Walking along Kits beach I came upon a current unfortunate example of those who don’t head warnings.
Sad it was, to see their lives broken and washed up on shore, laid open as the curious public walked by.
Not My Fault
Standing close aboard, the blustery wind carried one owner’s lamenting words. The essence of his words – the result was ‘all somebody else’s fault’!
His words struck home as thoughts moved to those who have not listened to the warnings issued by banks and economists. There is another storm coming in the form of rising mortgage interest rates.
Like this boat, one of four, stranded or destroyed on Kits beach, can we expect to see the predicted interest rate storm casting those with minimal down payments and high debt load on to rocky shores?
But Larry!
What possible effect would it have on the market?
(Hmm…let’s hear it)
@boombust
feeling somewhat glib I would say the market will have more sand in its shoes?
Larry,
Unfortunately, the owner of one of the beached boats had been ordered out of safe harbour (False Creek) by the VPD, despite his protests that a strong wind storm was imminent.
Maybe a parallel can be drawn here – when CMHC needs to be bailed out, will those of us who have saved and waited for irrationality to blow through have to unwittingly pay for other’s shortsightedness.
Penult –
Typically that is the way it works.
I guess a not-so-subtle difference is that no one’s forcing me to ‘leave safe harbour’ and take out a mortgage, try as the mainstream media parrots might to coerce me.