This is what I've been telling everybody, and I've mentioned it here too. Do high house prices make us rich? They make us work hard and lower our standard of living, and when they worth a lot, you can't realise the money easily unless you sell and go and live where no one else wants to. And when most people get old, they don't want to move from an area they have lived for many years. Equity release is a horrible deal: where you work hard all your lives making bankers rich, and then they get your house for peanuts in the end. Win, win, for the financial centre.
This inequitable system relies on people being up for being made malleable zombies and millions are!
ReplyDeleteThis is how I ended up in Nova Scotia.
ReplyDeleteCashed out in 2008 thanks to ridiculous housing market in Quebec.
Housing prices in 2008 were a steal compared to prices in Montreal today.
DeleteBtw, I was one of those dummies who thought that sanitiy would eventually prevail in the coming yeaars. Boy, was I so wrong lol... A $1 000 000 buys you, if you're lucky, a shack today in Montreal.
Do they have high speed internet in Newfoundland and Labrador?
Also, whether interest rates are high or low really does not matter. It's about the monthly payment.
ReplyDeleteOne more also: To cash in if you're currently a homewoner wishing to sell, you either have to either move back in with your parents (if they're still alive), or settle for a "shack." If you sell and buy a relatively similar home, you're about even.
What we need in Quebec is another Indedependance referendum to bring the housing market to a screaching halt and even bring prices down. Then, maybe, I can snatch a house ;)
ReplyDeleteUnfortunately (actually it's a good thing since I am federalist 100%, but sometimes too much of a good thing as the saying goes...) the separatists aren't making enough babies and thus they know the demographics are against them. Why aren't they making enough babies? My theory is that they're having too much fun enjoying the good life... like fornicating and such.
I was born and raised in the Laurentians. I can't imagine how much worse it has gotten. Only place worse is Ontario cottage country, and all of southern BC.
ReplyDeleteI banked more money from selling the family home, than I saved from working. Who needs earned income, when the buyer earns or borrows the money and gives it to you!