this post was submitted on 18 Oct 2023
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The context here is that over half the population is 200 bucks away from not being able to make ends meet. So, clearly lots of people will not be able to handle large increases in mortgage payments. Meanwhile, those who do will be pushed further to the margins.
The mortgage stress test should have helped with this, but I also think banks took advantage of locking people into obscene debt that they realistically shouldn't have been able to do. The evidence of that is new private mortgage insurance that all the banks favoured because the CMHC thought too many buyers were too risky.
Banks also took on a lot of correlated debt by turning a blind eye to buyers using leveraged assets to secure additional mortgages. Correlated debt is bad, it's the thing that turns your risk analysis models into piles of dog shit.
The fault is entirely with the government for failing to regulate banks predatory practices.