RE:RE:RE:RE:RE:RE:90,000 jobs created in December won't stop a rate cut. okgonow wrote: i dont get it since when i it up to the government and the bank of Canada to save people who have not planed ahead properly???
all those who bought homes, cottages, investment property at higher prices but at low interest with the mantra: its all good we can service our debt the rates are soooo low??
was the only plan that interest rates would never go up and house prices keep rising and everything is good into perpetuity ???
now with mortages coming due its almost expected that the government,BOC does everything in their power to get thoe rates down....... no one is allowed to fail!.........i remeber the 80' when mortage rates went as high as 18% people lost their homes thats what happens if you are not prepared for worst case scenarios!!
how will people learn not to do stupid things if there is no downside??
Absolutely. I came to Canada in late fall 1989 right into big real estate recession. Living in St. Catharines with unemployment around 22% .People losing jobs and houses. After 6 months of ESL got kicked out of Government program for having a K car in order to keep my 2 cleaning jobs trying to add the cost of the car plus insurance on the top of my government loan. Did not sign the paperwork told the manpower lady that I will rather go to jail. When asked manpower for the apprenticeship to learn CNC machines I was denied . I have mechanical engineering background back then I knew how to program them. Couldn't collect unemployment or go on welfare. Kept one cleaning job plus worked on the farm. 1991 found machine operator job in Toronto just to get laid off after 2 months. My wife working in Doughnut shop and I was working on the farm and smuggling the cigarettes. Not easy money but I had to make living. In 1992 called back to work from being laid off for one year. In one year saved $45 000 and bought the house. $ 45000 represented 25 % down payment. My mortgage was 8.5% for one year. That was the last time Canada was a good country definitely not the Government. Main difference is that back then Federal government and BOC bankers didn't sleep in the same bed in order to save people from losing their homes by dropping interest rates while inflation flying high.