“Thanks Flaherty, you’ve just put millions of Canadians ‘underwater’. Thanks for making my home worth less than what I paid for it 6 months ago. I have no problem affording my mortgage no matter if rates went up or whatever. I waited years and years to buy a home, people keep telling me to wait and wait, so I did but there seemed to be no end in sight to the prices. After waiting 7 years I decided to just do it. I don’t have any regrets but I fail to see how changing mortgage laws is going to help people, it only serves to help corps renting out to people making home ownership even further out of reach. In the past 7 years of renting and waiting I’ve spent nearly 100,000 on rent. What a waste. You [bears] are always telling others to wait…do you even own a home yourselves?”
– Jasonn in two comments at the Globe and Mail, 21 Jun 2012
“..people keep telling me to wait and wait, so I did..”
No, you didn’t, you bought.
“I fail to see how changing mortgage laws is going to help people.”
Easy: prices will drop, then drop more, and eventually come vaguely into line with underlying fundamental values (plus, of course, the modest Vancouver-warm-weather-premium). Then people will be able to purchase homes at remotely reasonable prices.
“In the past 7 years of renting and waiting I’ve spent nearly 100,000 on rent. What a waste.”
How much have you wasted on food during that same period?
“I don’t have any regrets..”
(translation: “I have regrets..”)