Are we headed for an economic collapse? Here’s food for thought –

Back when my in-laws were looking to buy their first home, first they saved for a couple of years to come up with a down payment of a couple thousand dollars. They then qualified for a mortgage with a twenty-five year term and an interest rate of around 5% for the entire term. New homes at the time were about double the average annual family income, based on the wife staying at home to raise the kids and Dad working. Dad was an electrician making about $6,000 a year and their three bedroom new home in Brampton was $12,900. Affordable. Continue reading