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> Specifically, those who bought a house to live in in the last 3-4 years. No, everyone in Canada has to renew their mortgage at least every 5 years, into what
by cecilpl2 4y ago
> Specifically, those who bought a house to live in in the last 3-4 years.
No, everyone in Canada has to renew their mortgage at least every 5 years, into whatever the prevailing interest rate market is at that time.
- kspacewalk2 4y agoThe vast majority of 28% of Canadian households who are currently carrying a mortgage did not buy their house at peak bubble prices, i.e. within the last 3-4 years. They carry a much more modest debt load, have paid off more of their mortgage, and this will significantly dampen the effect of rising rates on their finance.
- steve_adams_86 4y agoYes, my understanding is this tends to hit recent buyers and those who have had to remortgage. I don’t have numbers, but it seems reasonable to believe this makes up a small portion of homeowners.