3 ms·

It sounds like a system where it would just be really hard to get a loan for 5 years every 50 years.

• baq 3y ago
  maybe that's the point? maybe becoming slaves to banks and mortgage firms isn't a good thing in the grand scheme of things?
  • b112 3y ago
    Mortgages weren't even really a thing, until 70 years ago, at least in Canada. Even then, most people saved, bought land, and slowly built their house. Others just bought land from a neighbour, and paid them over a few years. And of course, even into the early 80s, there were still places in Canada where you could go, stake (fence) and work land in for 5 years, and it was then yours.
    • tejohnso 3y ago
      It's hard to imagine that such a strong cultural financial norm wasn't popular just 70 years ago. I have a relative who was in his late 20s that long ago so I'm going to ask him about his early experiences with home ownership next time I see him. Do you have any relevant reading you can recommend? > saved, bought land, and slowly built their house. That's what I'm trying to do now. It seems like there is opposition of some kind every step of the way. For example, it isn't uncommon to have a time limit on your building permit. So you can't just slowly build. And you can easily end up buying land that you're not allowed to build on at all. And I'm not just talking about zoning.
      • b112 3y ago
        I don't have any links, just talks with older relatives, people when I was younger. But bear in mind, even building codes were entirely missing, or very lax, especially in rural areas, 70 years ago.
      • krmboya 3y ago
        Outside the sphere of Western cultural influence mortgages are not a strong financial norm.