Quote:
Originally Posted by OldDutch
I think rates went up around 18% at one point, for an extended time. I remember this because my parents bought a bungalow in Millrise for $64,000. It was 80% finished, and the construction company just walked away, and it was a bank repo.
Imagine buying a house on your credit card, that is how bad the rates were...
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That's the interesting thing, the current first time home buyers (and people with selective memory
) can't really imagine not being able to pay their mortgage - free money!!! For the chart below, I would imagine you need to add the offset/additional portion the banks charge on "their prime" above and beyond BoC prime.
