No of course they do. As you know, variable interest rate mortgages are cheaper than a fixed rate (at least during the initial stages). A significant amount of people, who either don't fully understand the risks or those who just desperately want a cheaper mortgage, purchase them. The bet that's made (which always fails) is either that interest rates won't go up and or that real estate prices will keep rising so that they can just refinance.
FSW WORLDWIDE
- Thread starter js555
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people are usually pretty stupid for anything that is related to anything financial in my country but even here more than 70% of mortgages are fixed.
You're joking right? You can't get anything below $650K downtown and 450K a little outside
Psyoptica
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Dang. I thought there was an off chance I could find one. I found some listings under 200K though.
Of course. We have a wide selection of treehouse. Land not included.
This was the best one I saw
https://www.cbc.ca/news/canada/toronto/dilapidated-garage-modern-house-1.6290127
Site of dilapidated Toronto garage that sold for $712K could soon become a $2M house
The problem that's occurring is that most new mortgages are variable. And with an inevitable rise in interest rates, you're going to see a pretty disastrous crash. The same is occurring in the US at the moment. Greed is quite powerful.
@EscoBlades and other inlanders: How did you get your copr? Was it an email from "donotreply" saying your application is updated, or did you get an email with the subject line "Ready for Visa" and a link to your PR Portal?
Just curious. I'm assuming that since IRCC now has my Canada address on file I'll more or less be treated as inland.
Just curious. I'm assuming that since IRCC now has my Canada address on file I'll more or less be treated as inland.
I got a "eCoPR Available for Download" email from the IRCC PR Portal "donotreply" email address. Then i logged on to the portal and it was available there to download.
Thanks! Did you get an email from "donotreply" prior to that, letting you know your application was approved?
I really doubt the gov will let it crash. Maybe not rise, but it would be a big crisis if this pyramid scheme crashes. They probably would rather raise interest really slow and keep inflation high.