Saturday, July 4, 2009

First-timer home buyers like low rates | Vancouver, Canada |

This is an outrageous story of massive risk taking by a first time home buyer. I shudder to think what the consequences of these actions might be for them - bankruptcy, divorce, depression?

If this is representative of most first time buyers right now then this market is doomed.

First-timer home buyers like low rates | Vancouver, Canada |

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Traciatim said...

“But we don’t have a lot of [wiggle] room,” Morettie said. “We can go up to four percent, but then we’re done.”

Holy crap . . . they are going to be in for a shock when rates return to the more 'normal' ranges of the past few decades . . . IE, 7% or so. I sure hope they lock in so they don't lose their house.

Livingsword said...

We are now seeing the inevitable reaction of the spoilt generation…life as we knew it has changed as it will again and again…people need to live well within their means and not be obsessed with consumerism.. its not rocket science but people are gripped by over developed “self esteem” (read self aggrandizement)….our society has a propensity towards receiving largess and have romantic ideas of their “rights” to certain “liveability’s”. Wake up people! Do you see the way most of the planet lives?


Tony Danza said...

Relax guys, listen to Tamera, "the banks don't want anyone to lose their homes", they'll just keep rates where they are forever so these special people can live the dream!

mohican said...

live the dream - debt payments until you die!

Tony Danza said...

hehe nice slogan Mo.

OT just got back from 2 weeks touring the Okanagan. Beautiful region but those people are SCREWED, RE "for sale" sign makers wet dream and prices are absolutely out of this world! Makes the LM RE markets look a lot more reasonable considering the increased opportunities for employment here.

pricedoutfornow said...

Ya, I hear the Okanagan is really suffering in terms of jobs-unemployment at 11.5%!!! Of course, they keep telling me "everyone wants to live here so prices will stay high forever" Dream on, I say. There's no real economy there, tourism doesn't pay so well, construction is dead, what else is there?