One of the effects of the last 7+ years of state imposed ZIRP & NIRP and mortgage default insurance subsidies is that the “value” of money has been destroyed.
Not only does cash (money) ‘feel’ as if it has no value but realtors and developers also don’t know what the value is of the product they are selling, because their value of money is being defined by a market seized by mania that is willing to pay more today than was spent to purchase yesterday and all along the way, agents in the market and government give their approval to a dynamic that will reach a limit (if not already reached in certain markets) UNLESSearnings improve.
related: April CDN Real Estate: Rocketing Straight Up.
