eyeball Posted August 26, 2023 Report Posted August 26, 2023 Canadian banks have allowed customers to stretch payments for longer periods to help them bring down their monthly payments after a rapid rise in rates. Unlike in the U.S., it’s difficult for homeowners to lock in their rates for long periods. Most either have mortgages where the rates are fixed for one to five years, or variable-rate mortgages that reset with every move in the central bank rate. https://www.bnnbloomberg.ca/homeowner-stress-bursts-into-view-in-canada-banks-mortgage-data-1.1963673 As I understand it Americans benefit even more because they're allowed to deduct their mortgage interest from their income tax. I bet that allowance would help a lot of Canadians right about now. Quote I said now watch what you say they'll be calling you a radical, a liberal, oh fanatical criminal
CdnFox Posted August 26, 2023 Report Posted August 26, 2023 3 hours ago, eyeball said: As I understand it Americans benefit even more because they're allowed to deduct their mortgage interest from their income tax. I bet that allowance would help a lot of Canadians right about now. Yes, and it does make sense. We don't charge capital gains on the sale of a primary residence - so not taxing the interest portion of the mortgage would be in keeping with that. However - the fact is with the situation we face right now anything that makes it easier to afford a home simply drives up the cost of homes in short order. Quote "That which doesn't kill me... Had better start running."
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