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woohoo, everyone borrow more!

the journal of Michael Werneburg

twenty-seven years and one million words

Phew, the Bank of Canada just lowered interest rates – good thing we don't have a housing bubble. Right? It's just been a string of good years with unprecedented "returns". For instance, the average price for a detached house in Toronto went up 14% in the past year. In Vancouver, the average house was up 20% in one year. Residential housing makes up more than a quarter of economy now, and nearly a third of our employment market. No problem there! Clearly time to encourage people to borrow. I mean, they know what they're doing, right?

In unrelated news, one of our next steps in general preparedness is to buy a trailer hitch for the car. In normal times, it will serve us with a bike rack. Should society undergo a wrenching change due perhaps to an economic failure .. it'll serve for pulling a trailer with our bug-out bags.