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Here's the grain of salt: Canada and Australia do not have 30 year mortgages yet face similar housing woes. That said, it seems like the article buried the led

Here's the grain of salt: Canada and Australia do not have 30 year mortgages yet face similar housing woes. That said, it seems like the article buried the lede and is really complaining about interest costs.

moolcool 1y ago
Canada does have 30 year mortgages
- bryanlarsen 1y ago
  They're amortized over 30 years, but the term is a maximum of 10 years, more commonly 5. After the term is up the next term will have a different interest rate.
bryanlarsen 1y ago
House prices in Canada are dropping this year. Not much, and from an insanely high base, but the need to refinance at a higher interest rate has forced some people to sell.
- applied_heat 1y ago
  The condo market is hurting the most. Which is exactly what people have been asking for - lower prices - achieved by vacancy tax, foreign buyer ban, speculator tax, and no rights for landlords.
  - betaby 1y ago
    > The condo market is hurting the most. Are you talking about specific areas of Toronto? Condo prices in Montreal are growing at about inflation rate.
- betaby 1y ago
  > House prices in Canada are dropping this year. Where exactly? For example, I live in Montreal, the stast for August: Single-family home median price increased by 7.3% year-over-year to $633k. Condo median price increased by 3.7% year-over-year to $422k. Plex median price increased by 10.1% year-over-year to $840k.
  - dghlsakjg 1y ago
    https://globalnews.ca/news/11469803/canada-fall-housing-market-low-key-start-rbc-report/ https://globalnews.ca/news/11469803/canada-fall-housing-mark... > While some major markets — Winnipeg, Regina, and Toronto — saw home resales go up from August to September, most markets remained tepid. > Vancouver, Calgary, Edmonton, Saskatoon, Hamilton, Ottawa, Montreal and Halifax saw slight declines, “suggesting the recovery is still uneven and fragile,” RBC economist Robert Hogue said in the report. I know that out here on the west coast my property valuation has dropped from the peak. Not much, but it’s clear from talking to realtors that you just can’t buy a house and flip it a year later anymore. I think that depending on how you slice the data,
  - BJones12 1y ago
    Toronto, mainly. Other places may be down but not enough to notice. Quebec plays by its own set of rules.

moolcool 1y ago

Canada does have 30 year mortgages

bryanlarsen 1y ago
They're amortized over 30 years, but the term is a maximum of 10 years, more commonly 5. After the term is up the next term will have a different interest rate.

bryanlarsen 1y ago

House prices in Canada are dropping this year. Not much, and from an insanely high base, but the need to refinance at a higher interest rate has forced some people to sell.

applied_heat 1y ago
The condo market is hurting the most. Which is exactly what people have been asking for - lower prices - achieved by vacancy tax, foreign buyer ban, speculator tax, and no rights for landlords.
- betaby 1y ago
  > The condo market is hurting the most. Are you talking about specific areas of Toronto? Condo prices in Montreal are growing at about inflation rate.
betaby 1y ago
> House prices in Canada are dropping this year. Where exactly? For example, I live in Montreal, the stast for August: Single-family home median price increased by 7.3% year-over-year to $633k. Condo median price increased by 3.7% year-over-year to $422k. Plex median price increased by 10.1% year-over-year to $840k.
- dghlsakjg 1y ago
  https://globalnews.ca/news/11469803/canada-fall-housing-market-low-key-start-rbc-report/ https://globalnews.ca/news/11469803/canada-fall-housing-mark... > While some major markets — Winnipeg, Regina, and Toronto — saw home resales go up from August to September, most markets remained tepid. > Vancouver, Calgary, Edmonton, Saskatoon, Hamilton, Ottawa, Montreal and Halifax saw slight declines, “suggesting the recovery is still uneven and fragile,” RBC economist Robert Hogue said in the report. I know that out here on the west coast my property valuation has dropped from the peak. Not much, but it’s clear from talking to realtors that you just can’t buy a house and flip it a year later anymore. I think that depending on how you slice the data,
- BJones12 1y ago
  Toronto, mainly. Other places may be down but not enough to notice. Quebec plays by its own set of rules.