Quote:
Originally Posted by InTheSlot
You'll have to forgive an American here, but are most traditional/conventional mortgages in Canada (or Calgary) 25 years? Here in the U.S. they're typically 30, though you can definitely get 10, 15, and sometimes 20 years.
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The typical amortization is 25 years but the big difference is that in the US (thanks to government backing), you have 30 year fixed rate mortgages at an interest rate not much higher than what the US Treasury pays to borrow for 30 years. In Canada, there's nothing close to that, the interest rate terms are around the 5 year range, going higher requires a significant premium in interest rates. So a Canadian every few years has to renew their mortgage at the prevailing interest rates at that time.