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| CMHC hikes mortgage insurance premiums | |
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| Topic Started: Mar 1 2014, 05:35 AM (112 Views) | |
| Darcie | Mar 1 2014, 05:35 AM Post #1 |
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Skeptic
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http://www.cbc.ca/news/business/cmhc-hikes-mortgage-insurance-premiums-1.2555076 This appears to mean that families at the lower end of income will have to pay out more to get a home for themselves. It is very difficult to save if not virtually impossible to accumulate over 20% of a value of a home at today's prices. Why is this happening? |
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| reactivate | Mar 1 2014, 05:45 AM Post #2 |
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Gold Star Member
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To do otherwise would be to follow the Americans down the path that led to their real estate crisis. Mind, these days, the Liberals seem to want to slavishly emulate America. |
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| friendshipgal | Mar 1 2014, 02:30 PM Post #3 |
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Guess everyone wants their own Trudashians
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No doubt as they have their American advisers. Let's hope we know enough not to follow their path, so far we are doing the right thing. When we bought our first home in 1972, the mortgage rate was 9.5 % a huge amount for us at that time. |
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| Dialtone | Mar 1 2014, 02:49 PM Post #4 |
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Gold Star Member
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The entire problem that will come to bite everyone in the ass is low interest rates. The lower the rates, the higher the house prices due to people who can't afford houses actually can on paper. A 1% rise in rates will drive many to bankruptcy, and the financial companies holding all the paper will be screaming.. 2007 all over again only worse. Seniors who have saved their entire lives to have a nest egg, find their nest eggs earn absolutely nothing at their friendly banks, unless they want to put it into risky investments.. caught between a rock and a hard place. We had a first mortgage of 12% and for a couple years a second at over 15%, by scratching and saving, not going on trips, not buying anything new, we managed to eventually pay it off. Since that time, we haven't bought anything we can't pay for, we've never owned a new house and if we can't afford it, we won't buy it. A lot of families today, (that I see and know) want everything now, everything has to be new, they have an arrogance that I find annoying, and they spend money they don't have due to cheap credit. I suspect it will soon all come tumbling down, the house of cards is wobbling big time. Edited by Dialtone, Mar 1 2014, 02:51 PM.
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| Delphi51 | Mar 1 2014, 06:01 PM Post #5 |
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Member title
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I heard on CBC radio that the increase amounts to $5 a month on the home payment. It will not affect the housing bubble. Yes, it seems we are getting perilously close to a crash. |
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