And yet rising real estate has created the illusion of wealth. Salaries and wages have trailed inflation. See what I mean? House prices nationally have more than doubled in the last decade.
![gta 4 all that glitters mission gta 4 all that glitters mission](https://i.ytimg.com/vi/Gtm0eunmEQE/maxresdefault.jpg)
Third, rising house prices mean diddly when they’re supported 100% by rising debt. Of course, a quarter point’s hardly worth getting undressed for, but you can bet it will be big news. Floating rate loans will be a quarter point more expensive in the coming months, just like fixed rates. What this means: No more prime-minus-a-half ultra-cheap variable rate mortgages. (And forget this urban myth about interest rates decreasing. So by goosing VRMs borrowers are given more of an incentive to lock in, prior to the interest rate increases coming in 2012. They exist to make money, and profits augment when people take fixed-rate terms. Quietly, the big banks have been raising the cost of variable rate mortgages to the point where often just a quarter point separates VRMs from fixed-rate home loans. Second, mortgage rates – at least the most popular kind – are about to increase, even though the Bank of Canada (as expected) left its key rate unchanged this week. In Toronto those sales shot up 18% in October, then fell to 11% last month while Vancouver saw a 6% decline from 2011. Across the country transactions are running 5.6% ahead of last year, down sharply from 11% in October.
#Gta 4 all that glitters mission plus#
Meanwhile the pumpers and humpers at Re/Max are forecasting even higher sales and prices next year, plus ponies for everyone.įirst, home sales are slowing for a third month, as deals in Vancouver wither and the brakes come in the GTA. This is a burden exactly 200% greater than in the US the year before that bubble burst. Actually, it would take that family 11 years to pay for this if all of their take-home income ($70,708) was devoted to the purchase. The average SFH in 416 is now $776,017, which is eight times the average income. “With all the financial issues and debt around the world, shouldn’t the Toronto housing market have had a correction by now?”
![gta 4 all that glitters mission gta 4 all that glitters mission](https://i.ytimg.com/vi/AU-7flxXlS8/maxresdefault.jpg)
Tony’s a contractor, so you’d think he’d know a mess about houses.