Canadians bursting their own real estate bubbles

The government isn’t going to hold our hands when interest rates rise

Editor, The Times:

When are Canadians going to stop inflating the real estate bubble?

Household debt in Canada is the highest among G7 nations.

The main culprits are low interest rates combined with high housing costs.

We are borrowing more than we make and continue to do so because we are paying astronomical prices for housing and unnecessary items.

The government isn’t going to hold our hands when interest rates rise and we have to renew our mortgages and pay hundreds of dollars a month extra.

The banks don’t care because it’s more money for them.

We keep listening to realtors as if they know best about the economy, while they enjoy hefty raises from high housing sales.

We must wake up and take control of the pricing and stop paying inflated prices.

Warning bells are ringing.

Steve Andrews

Kamloops, B.C.