Quote:
Originally Posted by blankall
So the young family should just throw caution to the wind and take on a half million dollar debt that they can't possibly afford to maintain unless the interest rates stay the way they are? And they won't go back to historical norms....ever? This basically strips the BoC of their power to regulate the economy.
The fact that our economy is dependent on out of control housing prices, foreign investment, free borrowing, etc... is ridiculous. What a mess.
The whole system also horribly favors high income earners and children of the rich. Perhaps the median family in Calgary can afford the median house, but the wag gap is growing substantially. What about the social worker earning $20/hr? What do they afford?
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Heck, no. We are in an extremely complex and dangerous mess caused by greedy banks, careless regulators, gutless politicians, and selfish Boomer homeowners. For those reasons, I am arguing that fundamental change will only come with great political will and probably after some type of catastrophe in the housing market.