Micheal Gayed of the Lead-Lag Report interviews Canada’s foremost real estate expert Ron Butler in a recent podcast. Well worth the listen as it covers all the main points about Canadian real estate. In a nutshell, the Canadian housing market might be where the US was in 2008, or maybe even worse.
I’ve been mortgage free since 2019. I’m retrofitting my house so my children can live here. We’re back to manor times…
Yep and seeing this in places in our area, houses being expanded, where as a bungalow was/is fine for a couple.
We can’t believe the rents, not to mention the lack of availability.
No young person/couple can hope to purchase a house at these costs.
Onr thing that is never mentioned is that when you get a 15 or 30 year mortgage in the US, that rate is good for the life of the mortgage, So, you have the scurity of no having to worry about renewals, but if rates drop, you can renegotiate if the savings are worth paying a break fee.
In Canada, five years is the max to negotiating a new rate and anything can happen in that time.
https://www.perplexity.ai/search/how-do-mortgages-for-houses-di-jRH9r1IEQ7OESwPk1x_KVw