Real Estate Woes: The secret lives of house rich - cash poor Canadians

[tjthemanto]

Real estate woes: The secret lives of house-poor Canadians

https://ca.news.yahoo.com/real-estat...090000545.html

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This is the sad reality of people in Canada buying big big houses they can barely afford to buy , especially in GTA & Vancouver.

Long amortizations & low interest rates is the only reason they are in these houses .

Nothing but a house of cards. They have made very little down payment & have very little equity in these houses ..just a matter of time before it all crashes down.

[tjthemanto]

Real estate woes: The secret lives of house-poor Canadians

https://ca.news.yahoo.com/real-estate-woes-secret-lives-090000545.html

[Frugalbigmama]

That's why I always tell people not to be fooled by the fancy house and shiny car. It means nothing!

[MortgageQueen]

That's why I always tell people not to be fooled by the fancy house and shiny car. It means nothing!

I DISAGREE! It probably does mean something. A Big Mortgage and an expensive car loan! Lol!!

[Candini]

I DISAGREE! It probably does mean something. A Big Mortgage and an expensive car loan! Lol!!

I live in Toronto and I always thought for so long, WOW all these people with expensive cars and huge houses, how do they afford it, what kind of career do they have.. Guess that answers my question

[Giseledta]

we have a local guy, he is a mortgage broker...... he has a facebook site .. and constantly says things like... the bigger your house, the lower your rate............let me how you how..........

I always sigh with that logic......

[MortgageQueen]

we have a local guy, he is a mortgage broker...... he has a facebook site .. and constantly says things like... the bigger your house, the lower your rate............let me how you how..........

I always sigh with that logic......

Maybe he tells buyers to rent out the rooms! ​Bwa ha hahahaha!

[John Rivers]

I live in Toronto and I always thought for so long, WOW all these people with expensive cars and huge houses, how do they afford it, what kind of career do they have.. Guess that answers my question

I must disagree. Not everyone who has a nice house and a nice car is debt ridden and on the brink of collapse. Some have worked hard, or use their money wisely or even started saving early. The power of saving some money here and there and having it compound can do wonders.. $2,000 compounded over a lifetime starting at an early age can turn into hundreds of thousands of dollars.