Richard Silver’s Downtown Toronto Blog

There is a Big Cow (not an Elephant) in the room when any discussion takes place about the US and its present credit crisis. Neither the Democrats nor the Republicans will touch this Holy Cow; Mortgage Interest Deductibility.

At its conception in the early 1900’s it was a great boon for a young growing economy but what it has created is a Society that has flourished on great amounts of debt.

A Canadian will proudly tell you that their Mortgage is paid off, an American will look at the Canadian and wonder why they would do something so foolish. Why not use the equity to buy something else until there is no more equity left, just debt. Sadly, the Bush Government has been running the Country the same way. (Read on …)

When I encounter someone not in my small circle of friends, and they ask how I am, I know that the second question will be “How’s the market?”

Without trying to be rude (my first instinct…), I try to point out that it is almost impossible to gauge any statistic that would reflect a world economic crisis as well as Canadian and American elections within a short time frame.

Of course, the Real Estate market will be affected much as it was on and after September 11. That was short-lived and people got passed the paralysis and life moved on.

Let’s give all this chance to settle out and remember that your home is not a stock portfolio. It is where you share time with family and friends and where your health is more important than any property valuation.

Happy Thanksgiving!!