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Death and Taxes – and Debt

The old joke about the sure things in life used to refer to death and taxes. I think we need to add consumer debt to this list. Certainly if one considers the irrefutable fact that Canadians have borrowed more and more money each and every year – from $20 billion in the 1970s to the current outstanding consumer debt of $516 billion today. Debt is just as predictable as death and taxes.

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Real Estate and Mortgage Debt

August 20, 2013

Margaret H. Johnson

Reports are circulating once again that a crash landing of some type is still written in the stars for real estate values. What is meant by crash landing is that property values will drop 25% perhaps by 2015. This prediction came on Tuesday, July 30, 2013 from Capital Economics.

The great debate continues. A soft landing for Canada’s housing market gets the consensus amongst other analysts.

Either case sends fear up and down the economic food chain, especially for those of us trapped in middle and lower incomes, where our one and only substantial asset is our homes. What would happen if we lost 25% of the equity in our homes?

How are we supposed to react to this kind of news?

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