3 ms·
That would help the startup scene (at least in the form of less risky VC), but real estate I'm not sure. Canadians are mortgaged up to their eyeballs. That 5y d
by wnolens 3y ago
That would help the startup scene (at least in the form of less risky VC), but real estate I'm not sure. Canadians are mortgaged up to their eyeballs. That 5y due date is coming up for a many folks with 2-3% mortgages, and will add a $1000-1500/mo drain to their budgets. Canada is not a place where you can easily capture a 12k/y raise.
- xwdv 3y agoI wish Canadians would chime in on what exactly they do when that scenario comes. Is there going to be a flood of people selling homes that have become too expensive to make mortgage payments on? Or will they just eat shit because they have no choice?
- bluefirebrand 3y agoWe will just eat shit because we have no choice. Same reason our telecom prices are higher than almost anywhere in the world. Canada isn't as great a county as a lot of people think.
- 3vidence 3y agoBanks have the ability to do "negative amortization" on mortgages in canada. Which means instead of raising the monthly payment on a mortgage the owner is essentially just paying off the raised interest, and in some cases aren't even paying off the interest so the total owed is actually increasing. Idk seems like a scary scenario.
- xwdv 3y agoWow so you could just be paying a bank forever.