2022 was NOT a good year for Canadian Real Estate holders and, I am sorry to be the bearer of bad news, but 2023 is likely to be worse. My office is replete with people who are losing homes, facing impossible financial
Totally agree. The problem in Canada is there is no such
thing as a long term mortgage, the longest you can lock a rate is 7
years but you start paying points above 5 after the lock it goes to
full variable or lock in for 5 more years at much higher rate.
I would not be surprised if the government has to step in
this time around and force the greedy banks to change the rules.
I'm shocked they have allowed banks to thieve like this for
decades.
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Housing market crumbling in many
Bank of Canada rate decision is tomorrow. Last two moves ...
Posted by steve on 6th of Dec 2022 at 10:39 am
Housing market crumbling in many of those bubble areas in Canada - below is a Canadian Stream from Mark Morris
Canadian Housing
Totally agree. The problem in
Posted by fredsaid on 6th of Dec 2022 at 10:44 am
Totally agree. The problem in Canada is there is no such thing as a long term mortgage, the longest you can lock a rate is 7 years but you start paying points above 5 after the lock it goes to full variable or lock in for 5 more years at much higher rate. I would not be surprised if the government has to step in this time around and force the greedy banks to change the rules. I'm shocked they have allowed banks to thieve like this for decades.