Many homeowners are having a hard time keeping up with their mortgage payments as home prices sit at record highs, forcing homebuyers to take out larger loans. In May, mortgage delinquency rates grew faster than any other debt type.
Canada might actually be in a worse situation because mortgages are given for only 3-4 years and people have to keep renewing them at whatever rates are available at the time. At least in the US, you can get a mortgage for 20-30 years and you know what your rates are.
Canada might actually be in a worse situation because mortgages are given for only 3-4 years and people have to keep renewing them at whatever rates are available at the time. At least in the US, you can get a mortgage for 20-30 years and you know what your rates are.