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Great Canadian housing bailout: How real estate unaffordability is being propped up
(nationalpost.com)
this post was submitted on 11 Jun 2023
25 points (96.3% liked)
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Holy shit. Longer than 35 years? Like... People are buying a home at 30 and not planning to pay it off until age 70?
That's absolute insanity. I get that payments are rising with interest rates, but holy hell.
Then again, I've heard of so many people having their rentals sold out from under them that maybe I'd take a 40-year amortization if it was the only way to afford payments on buying a house. I can't imagine being forced to move year after year with kids, yet I literally met a guy who's had that happen to his family earlier this week.
Ya, 35+ years is a long time. I worked on mortgage application software for a bit for a major bank a few years ago and I don't remember amortization periods being able to go past 30 years.
Edit: Holy shit, 25% ish of the major banks mortgage portfolios is of mortgages with 35+ year amortization periods.
Up to 35% already for CIBC's customer base. Funny how our life expectancy went down down 2 years in a row, but our amortization periods keep going up. Almost like another disaster waiting to happen for our economy. ___
I mean, considering COVID, are you surprised?
Look on the bright side ... 35 years from now, civilization as we know probably won't even exist anymore, and that'll include banks. Yay, no debt!