Question about Toronto housing

[Steve_Stevens]

10% interest rates will do that.

If we get that high tons of people will lose their houses, though really, I'm sure that it won't take that much of an interest rate increase when you add in food and energy inflation.

I would love 10% interest rates.

 

[eddie kerr]

That only works as long as interest rates raises don't make your mortgage payments more than your rental income.

Anyone recall when mortgage rates hit approx. 18% in the 1980s? Many people had to just walk away from their homes. Particularly low income families and single mothers, etc.

 

[Steve_Stevens]

Anyone recall when mortgage rates hit approx. 18% in the 1980s? Many people had to just walk away from their homes. Particularly low income families and single mothers, etc.

GIC rates were 12.5%. The good old days.

 

[eddie kerr]

GIC rates were 12.5%. The good old days.

That did not help low income families that had very little extra money for savings investments.

 

[Steve_Stevens]

That did not help low income families that had very little extra money for savings investments.

But it rewarded those who were debt free.

 

[Frankfooter]

But it rewarded those who were debt free.

Allow me to introduce you to a new concept.
Its called 'compassion'.