Quote Originally Posted by Spartacus View Post
'tis INSANE what I've been seeing.

I'm having the same "conversation" with Torontonians that I had on DC housing bubble blog & SD housing bubble blog ca. summer 2006.

" There will never be a Canadian housing bubble. "
" ... somewhere to sleep ... and have sex ..."

Point out that only 2 countries have "survived", Oz & the GWN and people seem to go deaf & not want to hear how we might have survived.

Condo maintenance fees are running higher than my current rent(!!!)[0], and the property tax will be around 30% of the maintenance fees)

[0] granted that in the vernacular my "apartment" is a ****hole, but still ...
Insane is a good description.

Oldest son of a long time and close friend of mine just bought his first home a couple of months ago. He and a buddy of his decided that it was "cheaper" to pay the mortgage on a house than the rent on their separate apartments.

They have a variable rate mortgage at a current interest rate that is less than 3%. His parents live in a upscale, but older neighbourhood. The house their son bought is in the same district, but on top of the hill overlooking them, about 20 years newer, and twice the size.

When I saw the pictures of the "new" house I pointed out to his father that when we were at the same stage of life as his son, house prices to income levels were much more reasonable than they are now, and yet although we both were earning professional incomes we couldn't afford such a house. The difference? Interest rates on the debt. Back then they were double digits.

Our bankers and politicians are wrecking the country...