Quote:
Originally Posted by hulkrogan
I can't see interest hitting 7% within a couple years unless things are really good again.
Unless people are making a lot more money in 3-5 years when all of these ultra low fixed mortgages come up, there is no way the BoC will raise prime high enough that were at risk for another huge round of foreclosures.
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I agree for the most part, the only thing that bugs me is that I also can't see the BoC keeping the interest extremely low for several years either. Odds are most people will be making about the same money 5 years from now and they raise it at some point, foreclosures or not.
It will be interesting to see what happens.