(People) don't trust the stock market so they dump very dollar and then some into housing. Not good.
Bob2 agrees with Maclean's. The renovation industry, he says, IS over-inflated with too much debt-based spending and unrealistic expectations on returns on resale
By Steve Payne
But one of our readers AGREED with that Maclean’s article that the renovations industry is over-fuelled by too much consumer spending and too much debt…
Here’s what Bob2 wrote…
“I think there is way too much money being dumped into RE that is taking away from other parts of the economy, whether that’s buying an overpriced house or spending on unnecessary renovations, so I have to agree with the article to a degree.
I travel quite extensively in Ontario and I see this phenomenon everywhere; people have become obsessed with housing, they don’t trust the stock market so they dump every dollar (they have) and then some into housing. Not good.”