I often read the Toronto Star, and the Homes section of the paper. They normally have informative, useful articles related to all aspects of real estate.
So imagine my disappointment when I noticed the article "You Can Buy a House with No Money Down."
Seriously?!?!
The idea of buying a house when one is unable to save anything for a downpayment is insane. This is one of the problems that led to the housing crisis in the U.S. that saw foreclosure after foreclosure. If you have a good income and good credit, it should NOT be a problem to save, at an absolute minimum, 5% of the purchase price of the house. If you can't? You can't afford to buy.
I hate to even link the article, but here it is.
I have written a letter to the editor voicing my displeasure at the irresponsible nature of the article. The last thing we need is people buying houses with 'no money down.'
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