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The norm in Canada is 30 year term, with a variable rate. It's the second part that can really get you...
by djrogers 4y ago
The norm in Canada is 30 year term, with a variable rate. It's the second part that can really get you...
- foldor 4y ago30 years hasn't been possible in Canada for several years now (thankfully).
- throwaway2037 4y agoWhat is normal? It's hard for middle class people to afford normal housing stock in highly advanced countries without 30 years of amortizing debt. Yes, I understand that some countries force you to chain bullet mortgages over ~30 years to achieve a similar effect.
- s1artibartfast 4y agoWhy is that a good thing?
- s1artibartfast 4y agoThat makes sense, I would be terrified putting 40% of my pre-tax income towards a mortgage with a variable rate
- pesfandiar 4y agoI think you're conflating mortgage term (which is typically 5 years fixed or variable in Canada) and amortization. The latter can go up to 25 years for CMHC-insured loans at the time.