- Penalizing all for the mistakes of the few
- July 10, 2012 - 19:46
The conditions that were put forth are going to effectively prevent young people from buying a home. 20% down payment is ridiculous. The regulating body should have set standards that limited the amount that could be borrowed with regards to credit rating and overall debt ratio. The problem is that the banks encouraged and allowed individuals to overleverage themselves. Now, responsible people are effectively being prevented from being able to own a home and are forced to rent - The government effectively prevents them from building their asset base.
- a business man
- July 28, 2012 - 11:49
On the other hand, people being prevented from buying a home and being forced to rent is a good thing - for landlords. I own rental properties, so this will benefit me. Thus, I support it. Furthermore, as a responsible parent and successful business man, I have invested in real estate and purchased many properties that I can distribute among my children when the enter university, when the get married, and so on. I see that real estate values are always going up. so I just bought and bought so that I could give my family an advantage in the future. As a result, so responsible people may be forced to rent, but my children will not. Both scenarios are good for me. Again, I am pleased with the government.
- July 10, 2012 - 09:02
“The cumulative impact of these new regulations has created a significantly higher hurdle for young buyers seeking their first home and comes at a time when the market was slowing of its own accord. The timing of this intervention was unfortunate,” Soper said. Of course it was unfortunate, for Royal LePage. It will keep people out of the housing market that shouldn't be there in the first place. Too many spend more than they can afford