this post was submitted on 24 Aug 2023
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I think the government has been whispering to banks to extend amortizations on variable mortgages. They could play with amortizations of distressed fixed mortgages too upon renewal. Keep people in their properties, paying only interest?
The banks have started doing "infinity mortgages", in which the lendee only pays the interest and never the principle because of how the interest rats have gone. CTV News did a little primer on infinity mortgages,
When you boil an infinity mortgage down, it sounds like renting since there is no prospect of paying off the principal. Are infinity mortgages here to stay? I don't know, I do know I won't have shocked pickachu face when they stay a fixture of the Canadian mortgage market.
It might be the smallest of all evils. Maybe.
Maybe they will do that, maybe it will work. But if they are doing this, i doubt home prices will keep going up. They need low benchmark interest rates to justify current prices.
Agreed. I speculate there's not much money left to keep the current prices where they are let alone to keep them going up.