• ☆ Yσɠƚԋσʂ ☆OP
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    1 年前

    Just wait until all the people who got their mortgages at 1-2% start coming up for renewal at 6-7% next year.

      • ☆ Yσɠƚԋσʂ ☆OP
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        1 年前

        Having signed up for 6.1%, you’ve presumably budgeted so that you can actually pay it going forward at that rate. The problem for people who signed up at around 2% is that they budgeted to pay at that rate. And since a lot of people have no savings, they can’t afford a large rate increase now. So, when mortgage renewals start coming up, a lot of people are gonna end up being insolvent.

    • Anticorp
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      1 年前

      Why on earth would anyone sign an ARM when rates were lower than at any previous point in history?

        • Anticorp
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          1 年前

          Wow, that’s ridiculous! So you have no idea what your mortgage is going to be from semi-decade to the next. Fucking crazy.

        • Funderpants @lemmy.ca
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          1 年前

          You are screwed for sure if you shopped at the top of your approval range in one of the hotter high value markets or immediately ate up the rest of your GDS/TDS with truck/SUV loans, renovations or other expenses. However, There will be Canadians who are in a position to handle a rate increase from 2.3% to 6% or so, when their renewals come up.

          • ☆ Yσɠƚԋσʂ ☆OP
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            1 年前

            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.

        • Anticorp
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          1 年前

          We don’t have to renew in the USA. Someone else explained the way they work in Canada and yeesh! That’s hella lame.

          • ☆ Yσɠƚԋσʂ ☆OP
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            1 年前

            Yeah, I was talking with a friend in US about this and he was absolutely shocked that you have to renew the mortgage every 3 years of so in Canada.

            • Anticorp
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              1 年前

              I can’t imagine having to completely re-adjust your budget every 3 years, despite making a 30 year commitment and shelling out most or all of your life savings.