2008 was a difficult year for many Americans, particularly those who were unable to find work flipping burgers or afford the houses that were cheap but out of reach for the average person. It was a great year for the wealthy, however, as they profited from the situation and took advantage of opportunities such as Brampton mortgages and NINJA loans.
As we can see from the data provided, employment fell more rapidly during this recession than any prior in recent decades. Even 47 months after its start, employment levels remained well below what it had been before.
Today’s housing market is much different than it was in 2008: many people are now able to take advantage of mortgage options such as 650-700k budgets for 1+1 or small 2 bed properties and cash back incentives from realtors when they purchase property. Immigration continues to play an important role in driving up prices around Brampton — despite some wrong impressions that may have been formed based on social media — making it more expensive than other cities like Markham and Mississauga when it comes to housing prices.
Given current inflation projections, most people are not anticipating a quick drop in interest rates anytime soon — especially considering how Canada will likely be following US policy or else risk devaluing their currency and importing inflation into their economy. Those who overextended themselves with HELOCs may find themselves paying off debt longer than anticipated if they cannot afford rent and groceries while servicing their debt load; while others with savings accounts can expect increasingly higher returns as interest rates go up over time.
Overall 2008 showed us just how deep of an impact economic downturns can have on both individuals seeking work as well as entire populations looking to purchase homes; while 2021 has opened our eyes to the possibilities available when economic conditions improve significantly over time — though without reckless leverage which only serves to put people further into debt long-term rather than helping them get ahead financially in life.
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Author Eliza Ng