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This advertisement ran in our local real estate paper last week, and provides the exact explanation as to why we're experiencing economic climate change these days:
30% of your monthly income is the rule-of-thumb for how much you should allow for housing. For Henry, this is $500 a month. An online mortgage calculator tells me this amount pays for a $70,000 home -- either a run-down home in northern Canada or a smallish trailer in southern Canada.
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A fuller snapshot of the mortgage craziness is here: http://housingbubblecasualty.com/part-i-an-inside-view-literally-of-the-subprime-industry-new-century/
The craziness in BC can't compare with the craziness in California, but, yes, many areas of Canada are going to have a pretty good bust, just like California, Florida, Arizona, etc.
Posted by: Tony | Oct 24, 2008 at 01:25 PM