(Source: The Globe and Mail)
For anyone who got carried away and purchased a house by mortgaging it to the max, at an unbelievably low floating interest rate, it’s like the hangover after the party. The Bank of Canada delivered the sobering reality check last week that interest rates are bound to climb in the next couple of years. These last few months in Vancouver, the market has picked up so much there has been bidding wars over bungalows.
Read the full article by Kerry Gold, “A tricky dance of debt for home buyers” at The Globe and Mail (Dec 17, 2009).