Tag Archive for: Globe and mail

Housing market continues to cool.

I just read this article in the Globe and Mail, you can read it here. If not here is my take. Current stats seem to indicate that we are slowly changing from a seller’s market to a buyer’s market. The change is sweeping us from West to East. As the market was at it’s hottest in the oil rich Alberta. This is nothing out of the ordinary in the cycle nature of real estate.

Cheers,

Pat

 … Read more

It's not me, it's the economy!

According to an article in the Globe and Mail this morning it says we are carrying too much debt in comparison to our assets. However don’t worry CIBC conomist Benjamin Tal said that it is because of the economy! So let me get this straight, we are spending more than we make, putting ourselves deeper in debt and it is not really our fault it is the economy. He is right about one thing, the economy is not as rosy as it was just few short years ago. That should not be an excuse to over do it! What people fail to realize is that we make this economy go round, and if we are forced to cut back our spending to keep up with our debt service needs, what will happen then?

The point that I am trying to … Read more

The worst is over? Think again

As taken from the Globe & Mail. See my comments below.

The stock market would have you believe that the worst of the financial mess is over, and that it’s time again to buy, buy, buy. But Barry Ritholtz, who writes The Big Picture Blog, thinks the buying frenzy of the past week is a head fake that will end badly.

“The anticipated bear market bounce in financials has led to the usual fools’ chorus that the worst is behind us, the economy is on the mend, and a recession is avoided,” he said. “How’s the economy doing? You tell me.”

He then goes on to list (and it’s a long list) the problems that continue to plague the U.S. economy. For one, General Motors Corp. and Ford Motor Co. are suffering, but so is mighty Toyota Motor Corp., … Read more

Ottawa tightens mortgage rules to avoid 'bubble'

 

I just finished reading this on the Globe and Mail site. I am putting it here because I do not agree with it. Please feel free to send me your comments.

Thanks

Pat 

LORI MCLEOD AND KEVIN CARMICHAEL

From Thursday’s Globe and Mail

July 9, 2008 at 8:16 PM EDT

 

 

OTTAWA — The federal government is cracking down on the mortgage industry in a move that could help protect against a U.S.-style housing bubble, but will also make it tougher to borrow money to buy a home.

The Finance Department said Wednesday it will stop backing mortgages with amortization periods longer than 35 years as of Oct. 15.

It will also start demanding a down payment equal to at least 5 per cent of the home’s value, rather than guaranteeing mortgages where they buyer has borrowed the total amount.

“Today’s … Read more