"I personally know several people who have purchased not just one, but two or three properties in the last 12 months. I've been waiting a long time, renting, waiting while fools rushed in."

sallysmith at Mish’s (Mike Shedlock’s) Global Economic Trend Analysis comment section 2 May 2010 11:02 am -

“I’ve been watching this bubble inflate for about 5 years now. It began to deflate in 2008, however was rescued when the Bank of Canada dropped interest rates to .25%. Now, they have no choice but to raise them, given the so-called “recovery” in our economy. However, this “recovery” has been mostly based on people running out and buying houses. I personally know several people who have purchased not just one, but two or three properties in the last 12 months. All at low-interest rate mortgages. They are in for a real shock when rates go up starting June 1st (variable rates, controlled by the BOC-banks have already raised their 5 year mortgage rates-we in Canada can only lock in for 5 years(less often 10) or take a variable floating rate) . This feels like it will be a disaster. I can’t see any other way out of it. But I’ve been waiting a long time, renting, waiting while fools rushed in.”