Quote:
Originally Posted by Red
I think it's safe to say that all Canadian mortgages are ARM. Not in the teaser rate sense, but none the less, if rates go up here people will be affected at renewal.
And we had 40 year mortgages with 0 down here, not just 30 year. The rates were no different.One hopes that the banks did their due diligence with approvals on those.
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The 40 year mortgages were ended almost a decade ago (2008), so I doubt there is much risk left for those, as the value of the property is probably high enough that the bank won't lose money in it goes into foreclosure.