If you went into a bank in the USA now at 50 years old asked for a 30 year mortgage you would be laughed out of the building. Even in Canada its a well known fact your earning power past the age of 60-65 is negligible.
How come I know so many people with mortgages that will run into their low earning pension years?
We don't have exactly the same problems but we have our own problems. The government guarantee has been a gift to real estate in Canada. Someone will pay the bill eventually.
Heloc's are also a major issue in Canada, as well as 20 year boat and RV loans.
Everything reverts to norm eventually.
The problem with a lot of theses threads is guys like me don't understand its different here.
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