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REPORT ABUSIVE REPLY
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Message Subject
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calling U canucks-Canada's economic collapse begins Friday
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Poster Handle
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my2centsworth |
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Post Content
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this is so stupid. its just stupid to even say toronto and vancouver is a majority of real estate in Canada. what happens to america doesnt happen to canada. the real estate market/ subprime mortgage bubble was due to the unregulated markets in Murrrrrrica , that was really stupid on its own.
Canada isnt like that, there will be no collapse this friday for Canada.
Quoting: Anonymous Coward 22854527 I'll bet you bought a house in the past 3 years. You and millions of others are going to be slaughtered when Canada's house of cards collapses. Canadian banks are just as bad as the states. Our housing market is massively inflated. Interest rates have been essentially zero for years now. This collapse is a mathematical certainty. Friday? Probably not. But it is coming and all those people who have 200k equity in their 5-900k house are going to get completely wiped out. Penniless is where they're heading. I agree with you. People are maxing out with the low interest rates. As soon as rates rise lots of people will be screwed. That is the time to buy, just like the "dollar men" of the 80's. But they think rates won't go up for years. Even news reports say that. On CBC the other night they questioned the logic of adding more condos in the Toronto market, when they reported on a major, three skyscraper project in the offing. They did say at that time that there is no sign of interest rates rising any time soon. The financial gurus advised that those who have debt now, should work on paying the debt down over the next few years, while those interest rates remain low. Time will tell how this all washes out.
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