Friday, August 7, 2020

Toronto Real Estate -- The Zombies Jump

 A very thin market has allowed a big jump.

This is a zombie market, held up by the fact that the gov't and banks will not allow it to fail.  The banks have millions in arrears, but, what the heck?  Anyway, a medium 3 bedroom house near us sold for way over 1.3 mill.  These are peak prices.  

I used to wonder how long people could hold out.  The real question now is how long the banks can hold out.  Everybody should stop paying mortgages, and have a party.  No bank would dare to be the first to foreclose.  Yeah for a game of chicken!

ps.  just thought that one million people defaulting on one million each, is one trillion.  Is our economy that big?

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