Something serious to consider....CPA, perhaps you can describe the financial effects of the circumstances below from an empirical perspective.
There are 4 million Canadian mortgages up for renewal by 2026.
Millions have purchased homes in the last 3 years all over the world. Many paid higher than asking prices and mortgaged at near zero rates.
With bank rates now topping 7%....how do you think this will effect renewals, and by extension, the economy?
This doesn't include the purchase of other expensive toys americans enjoy. Snow carriages, vessels, holiday campers etc.
All at near zero rates!
*Now do you see the storm clouds in the distance for the economies around the world? China is in the same boat. They've overextended themselves and have empty residential buildings everywhere.