this post was submitted on 24 Aug 2023
227 points (97.5% liked)
Canada
7134 readers
389 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
🍁 Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This really helps me understand the situation better. I appreciate the time and thought put into this response. It's times like these I am thankful I didn't overspend. I listened to my parents and bought a house that wasn't flashy but was suitable for my situation. Most people I know did not do that, and I constantly wonder how they are making ends meet. Some of them make less than I do.
Just imagine how young people are coping in other countries without 30 year fixed mortgages. Many of them are coming up for renewal with big rates rises.
The US has 30 year fixed mortgages. We don't. Ours are typically fixed for up to 5 years. Then you get renewed at whatever the current rate is for the remainder of the mortgage.
We actually do have 30 year mortgages too, they just arent common because they cant be insured and you need to have a larger down payment (I think its 20%). The US hands them out like bubblegum. We all know how diligent they are with their lending, but it's not like we are really any better here either.
I'm aware we have 30 year amortization mortgages. When you say 30 years, do you mean that the term is 30 years? That is, the interest rate is kept fixed for 30 years?