RE:RE:RE:RE:RE:Next week CPI and FED rate decision...Housing is definitely a big concern here. But, Trudeau and Freeland are changing the rules to make sure the sector doesn't implode as it contributes the most to our GDP. In her last budget she quietly gave banks special permission to extend the amortizations temporarily to 40 years and more (some reported at even 80 years) since the interest due has exploded higher on those who took out cheap variables during covid. They are buying time in hopes for inflation to ease. Tiff tried to slow the pain but now had to move to catch up with the US in fear of falling too far behind the curve.
scarface9 wrote: Just wait until the mortgages reset. It'll cost an average of $1300/mnth EXTRA or $15,000/year. The whole housing market will implode with everyone scrambling to sell. The ripple effects will hit everything.