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Showing posts from October, 2012

Rules Rules Rules

Howdy friends

I read this morning that the Canadian government is again starting to consider tweaking mortgage rules.

http://www.canadianrealestatemagazine.ca/news/item/1384-imf-warning-rattles-flippers

This is being considered in order to protect the Canadian economy from the increasing debt toll the average individual Canadian is carrying. I have agreed with most of the measures that have been implemented to secure our housing market, and continue to agree that something must be done to address the potential financial crisis that would be inevitable if people fail to change their spending/saving habits, I also don't believe that mortgages are where our greatest vulnerability lies.

I would like to suggest that it is not secured debt that has us veering towards a cliff of economic uncertainty but rather our unsecured financing options that will finish us if we are not careful. 

Currently the requirement to gain a mortgage far exceeds any requirements to get a Visa, Mastercard or other …