[iheartthed]

Originally Posted by Truenorth00

All mortgages in Canada are 5 yr terms. Even worse, a massive chunk of them are variable rate (ARMs) because a lot of buyers have been conditioned to believe that variable mortgages are cheaper than 5 yr fixed terms. That has led to record indebtedness. Far higher than what the US had in 2007.

But beyond that, we're a country that has record immigration. Canada, with a population of 39M grew by. 865k last year. This would be like the US growing by 7M in a single year. This has created massive pressure on the housing market, social and health services, etc.


Some of all this is naturally correcting with higher interest rates. But that population growth is pressuring rents.

Canada is probably more the global norm. Most Americans don't realize how unusual it is to have a 30-year fixed term loan. The only way this is possible is because of the federal government.