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They are still getting richer on the money from the renters. In any case, you don't know the percentage of the holdings in the pension funds. Maybe it's small and maybe it's not.
I thought most of the rich had left. Maybe that's why I have a hard time finding goods Made in Canada.
True I haven't looked up the exact percentage but financial theories and the practises of portfolio diversification would suggest to me that pension funds do not hold very much of any one stock or of any one investment vehicle. Unlike individual investors they do not get bullish on something and then invest heavily in it. Besides the fact that these funds are run by professionals there is also legislation requiring a certain level of diversification and a limit to the risk.
So I would suggest that a better policy than Tom's 40% downpayment would be to make extra payments on your mortgage before rates go up sometime in the future. This is especially effective because most of the payment initially goes to interest. You can calculate what the payments would be at say 10% and make payments as if that was the rate. That will get you in the habit of making that amount of payment if rates do go up.
Last edited by Zeljko Kitich; Monday, 11th February, 2013, 09:12 AM.
The highest seems to be 1981/1982 but 10 to 12% was normal throughout the 80's. And in 1995 the rate did go up again to 10%.
What were prices for average homes in Toronto and GTA in that time? or maybe: What was a monthly payment in percentage of the monthly family income for an average house.
What were prices for average homes in Toronto and GTA in that time? or maybe: What was a monthly payment in percentage of the monthly family income for an average house.
Probably the same as today because you have to factor in that the purchasing power of a dollar was more back then. So a house costing $200,000 does not sound like much today but $200,000 is the equivalent of a much larger figure if brought up to today's dollars. People were complaining about their mortgage payments when interest was high believe you me.
Anyway to answer that question fully would require a lot of research that I'm not inclined to do right now. Maybe if you go to the CMHC site they might have a study already done on it or maybe not.
The highest seems to be 1981/1982 but 10 to 12% was normal throughout the 80's. And in 1995 the rate did go up again to 10%.
In late 1980 a fellow that worked for me had to renew his mortgage - I recall him being relatively ecstatic about getting a 5-year for 17% (!) and then a couple of years later regretting the long term and paying (wisely) to get out of it. When we had a mortgage, my wife and I generally went with 6 month or occasionally 1 year deals - I think in almost every case, the bank/credit union whatever would waive the usual stupid renewal fees (or we would switch to another bank usually on the back of a 'switch for free' promotion). We managed to get some very good rates along the way.
True I haven't looked up the exact percentage but financial theories and the practises of portfolio diversification would suggest to me that pension funds do not hold very much of any one stock or of any one investment vehicle. Unlike individual investors they do not get bullish on something and then invest heavily in it. Besides the fact that these funds are run by professionals there is also legislation requiring a certain level of diversification and a limit to the risk.
This has now become degrees. Since so many own some percentage it becomes a case of who you think is getting rich to some degree.
If these properties are so wonderful why do you suppose they are being sold to REITS?
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