I thought this was an interesting bit that's been overlooked:
Quote:
|
Mr. Flaherty announced Thursday that insurance from the Canada Mortgage and Housing Corp. and its private sector competitors will only be available on homes worth less than $1-million starting on July 10. This means that anyone wanting to purchase a home above that price must put down at least 20 per cent to secure an uninsured mortgage.
|
The article is your usual Vancouver/Montreal only matter BS but I think it'll have some real meaning here in Calgary/EDM/Sask where the "newly rich" are doing all sorts of stupid things in the name of status. Quite a few people buying houses beyond their means in the (overated IMHO) areas of Aspen in the $1M+ range just like they would buy an Audi A4 or BMW 3 series instead of a Civic or Accord.
http://www.theglobeandmail.com/globe...rticle4365313/