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Letter: Return to a shaky economy
To the editor:
It is with great disdain that I read this column indicating a return to the pre-2008 mentality of multiple buyer bidding wars. [Housing Sales Momentum Still Spreading, May 23 Capital News’ New Home Showcase.]
How quickly people forget the crucial financial situation the world plummeted into, and return back to the behaviour that perpetuated it.
The intent behind the Canadian government suppressing interest rates was to forgo the precipice many Americans found themselves falling headlong into because of poor financial decisions, and not to make it easy for more Canadians to make the same mistake.
Home ownership is not an entitlement for all, and many factors need to be considered when making such a huge financial decision. If the rates were to suddenly return to where they should be, how many will find themselves in turmoil, looking for help to bail them out of the dilemma of their own creation?
Think before you buy!