posted on Apr, 28 2012 @ 01:50 PM
Here we go 5 months and counting, I am a residential home builder from Toronto ,most of my clients now are Americans coming here to purchase [modestly
priced]homes and prepare them for occupancy whether it be increasing the square footage or adding another story they are coming "if you build it they
will come"most are in their mid 30 s and up ,when I ask what brings you North[ and I know its not the Toronto Maple Leafs ]the answer usually is the
same, investment purposes or retirement.
Now I am not an investment banker or wall street guru, here its [bay street ]but I know they are better investment returns on 5 year terms than
Toronto,however if your coming to dump your money and assets in a vault that is secure from outside geopolitical turmoil than Canada is the place .
We are so cheap and conservative that we make the Brits and Japanese look like party animals when it comes to loaning money.
Which comes to my last point the Banks in Toronto are not loaning to people who have don't have at least 30 percent equity in your home ,America
may be going broke ,but the folks I deal with don't even blink when I start my pricing at a 100,000 and move north from there.
I have digressed from my point I apologise [cant help it, love New York license plates when they are parked in the driveway of a potential sale]most
of my American clients don't need financing at all!
Where as Canadian clients need some type of financing when you start getting to 50, 000 and up, most banks are declining second mortgages to
couples with perfectly good credit and very profitable careers ,matter of fact I was telling this to one of my clients from New Hampshire and he
offered to do in house financing for a couple who were having trouble securing a second mortgage.
Point is, Bankers are not stupid they have stopped loaning money where the residence is collateral, if you don't have at least 30 percent up front
they shut the door,that tells me simply there is no 5 years from now. I know I have rambled on here but deception never introduces itself, you have to
look very hard for inconsistencies and usually when it comes to money its all pretty linear if the numbers don't add up then there's a problem
because the only thing that never lies in our society is greed .