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The new Canadian Mortgage Charter explained
(www.cbc.ca)
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this post was submitted on 23 Nov 2023
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I've been in my house for 2 years. Based on housesigma.com my valuation is already up $150k. I could care less if it tanks. Something is severely fucky when they have no idea if/what work I've done and my valuation is up that much after 2 years.
If you have a mortgage, you should care, you should probably care if you don't.
Lets imagine that a $656,6253 house were to go back to it's 2010 price, about $339,030.
If you have a mortgage you now have about 600k in debt on an asset worth 340k.
I bought for 750k. There is no logical reason why my house would now be worth 900k. So yes, it can tank. By tank I mean stop appreciating at the ridiculous levels we've seen the last 10 years.
If housing prices were to completely stagnate or depreciate by 10% tomorrow I would still be even or ahead.
Stagnation is way different then reduction, I'd also be fine with that, as i suspect would be other home owners.
Tank "to suffer rapid decline, failure, or collapse" is different from stagnate. The OP said:
This jives with tank, but not with stagnate.
Touché