In talking to many even in my senior circle and certainly those younger they have never experienced a 
high interest rate environment or have forgotten.    YA BUT THIS TIME IS DIFFERENT, mentality.

Many if not most cannot make the distinction between NEED and WANT.   They need a roof over their heads but not 5000 sq ft,  three car garage, swank neighborhood.     Then they get into this home and then proceed to do umpteen thousands of dollars of renos.

In an financial show yesterday the talk was that while interest rates in the US Will be raised shortly as their economy seems to be doing ok for now, here in Canada they will not raise the rates as our economy is declining.  Non energy exports are dropping according to the latest figures which does not bode well.

In reading some time ago about who was buying these expensive homes my group (the seniors) were a significant part of it.  

Woe unto those who cannot or have not often used their brains.