@rosy: …In the U.S. you can right off your mortgage interest expense so it’s in everyone’s best interest to have as much rolled into your mortgage as possible – including wealthy people. Comparing it to Canada is apples to oranges ….

So, I guess when interest rates are really low, it's less of a factor since there's less to deduct?

@fixie guy: …The news today was talking about record rain …..

Don't you just love the way the Vancouverites dwell on the notion of setting a rainfall records, as it it’s something new? If I had a nickel for every time there was a rainfall record set in Vancouver I'd have enough money to buy a condo somewhere else.

Here’s a tip for those of you not originally from Vancouver: a new rainfall record was set yesterday, another one will be set today, another one tomorrow and another the day after that, etc. etc. Feeling cold and wet this spring – it’s normal, this is Vancouver – get used to it!

Bought a presale in 2008? Take your loss now.

http://www.youtube.com/watch?v=uH5lPzSa1bI

[swirlyman]: Eric Sprott simply re-invested some of the proceeds of PSLV into a combination of silver bullion and silver mining shares, because he felt the premium on PSLV shares had gotten too high.

Modded down for telling the truth? The Sprott interview on this matter is here:

http://kingworldnews.com/kingworldnews/KWN_DailyW…

“Well Eric in response to your question, any proceeds that we’ve received from selling PSLV have immediately gone back into silver or other silver equities. And I can tell you we have the highest position in physical ownership that we’ve ever had, and we have not lost one ounce of our encouragement for the outlook for the silver price.”

Exactly what I mean Rosy. So if 40% of Canadian own their homes and there is no benefit for Canadians to roll everything in to a mortgage for tax benefits, do they have separate personal debt that would put them over the edge. So it would be nice to get the following stats:

"Of the 40% of the Canadians that own a home, how much personal debt do they have? And would this personal debt force them to sell their house when interest rates go up."

In the U.S. you can right off your mortgage interest expense so it's in everyone's best interest to have as much rolled into your mortgage as possible – including wealthy people. Comparing it to Canada is apples to oranges

I am wondering. Even if 40% of Canadians own their own home without a mortgage, are alot of them using their home equity as an ATM? Sort of like what the US was doing when the real estate market went belly up. So personal line of credit and credit card bills may not show up as a lien against their house. So the 40% ownership rate may just be part of the story. If we dig in to the bigger picture, these so called wealthy owners may be in as much debt as another owner who can only afford a 5% down payment. After all, interest rates have been so low, that it's probably worthwhile to borrow for a nice home reno, vacation, or a big suv.

4o% have no mortgage. I wonder how many of them have reached into their piggy banks(overvalued RE) and gave jr the downpayment on their house. It is numerous as I know a few. Ignorance is bliss and if you are a believer you do so blindly. There is no question that this will end very badly.

Eric Sprott simply re-invested some of the proceeds of PSLV into a combination of silver bullion and silver mining shares, because he felt the premium on PSLV shares had gotten too high.

@jesse: I have no doubt we are going into a period of financial hardship for many households in Canada. Just from the people I know, several of them are "living on the edge"-the credit is starting to run dry. Even some who seem to be in relatively stable positions have high mortgages and will be struggling once rates go up. It is inevitable and the numbers tell the story. Even if rates stay low, we are already seeing housing sales drop by huge percentages outside of Vancouver. I think this tells us the party is over, and prices are soon to follow. Sure, some people may be able to keep paying their mortgages, but if any life event occurs (a marriage, a divorce, a new child) there will be hardship. And if they can't sell for more than they paid,… Read more »

Australia: "I don't think we'll ever have a boom and bust cycle in this country again." Hat tip Automatic Earth.

http://www.smartcompany.com.au/economy/20110505-p…

@Jack:

40% with no mortgages, but instead are HELOC'd up to their arses.

@Jack: I think that excludes line of credit. They were saying the same thing in US before the crash and it turns out that a lot of those no mortgage owners still owe a lot of debt.

40% with no mortgage! Wow! They didn't mention flipping iPAD2 in a Lexus SUV is better than a 9-5 regular job. Hint: Lexus SUV smashed in to Lansdown Mall last Thursday.

Millionaire nation: Canada tops G7 rich list

http://business.financialpost.com/2011/05/06/cana…

"And with 40% of Canadian homeowners owning their home outright with no mortgage, it is no surprise that there is substantial wealth locked into property, he added."

Wow, 40% have no mortgage……wonder how much debt the other 60%

must be carrying

Ravishing Rick:

Stop spending time with other people’s wives. Yours is really starting to bug me.

She wants it too often from me, the other night when you were off tying helium balloons and serving donuts at the open house, she almost sucked one of my kidneys through my urethra, and that was after a 2 hour pounding.

The poor woman is starved. Quit blogging, make some real sales calls, and start performing your conjugal duties. PLEASE

Heard on BNN this morning, Aarper sending Gordo to UN as our Ambassador to pump BPOE.