You really get the feeling the government is worried about the world of house ownership. The new rules being proposed about having new mortgage folks (in January) have to pass a “torture test” (Guideline B-20) will cause fewer mortgages to be approved (maybe). I like the rules, it makes it harder for folks to truss themselves into a financial bind. Real Estate Agents (i.e. New and Used House salesfolk) are displeased by these new rules, and it remains to be seen what interesting tactics will be used when the new rules come into place. Am I implying there will be “workarounds” for the rules put in place? Yes, that is how the system seems to work. Should be an interesting New Year in the housing world.
It was funny the first time I read the new rules I thought it was protecting the lenders (banks and such), but most pundits seem to think it is in place to protect the borrowers? I guess it protects both, however, we really won’t be able to tell for a while.
Gord Downie’s passing is a sad event. I was never a huge fan of the Tragically Hip, but I do enjoy their music. Mr. Downie’s battle against cancer was astounding to watch. He refused to give up, and simply fade away, he kept on going and for showing that kind of strength he should be admired. The world is a less interesting place with Mr. Downie’s passing.
Bombardier signed a deal with Airbus that will make their new C-Series Jets “American made”, which is an interesting way to get around the 300% levy being proposed in the States. Is this going to be a good move for them? Again, only time will tell, but the markets seem to think it was good (Bombardier and Airbus stocks are both up).
I do think that Pessimists Make Better Financial Planners, and the new rules for house buying seem to agree with my statement. So many folks I know are far too optimistic in their financial plans, and inevitably something derails those plans.
Happy Thanksgiving Canada shows off one of the finest turkeys with a bacon weave that you will ever see. Yes my wife cooked that turkey (a while ago), and it was delicious. The only question is how to get more bacon on the turkey?
Payroll Donations at Work came up when I tried to make my payroll donations directly to my Church and found out just how much is taken from my donations as “management overhead”. I am not trying to stop you from being charitable, just want to make sure all the money you give goes to those who need it.
Micro Blogging on Finance
— On The Money (@OnTheMoneyCBC) October 17, 2017