Quote:
Originally Posted by Fuzz
What do you mean "getting screwed"? Interest rates are at rock bottom levels, and have been for years. Everyone has been warning to expect higher rates one day. Well that day is coming. No one is getting "screwed" by rising interest rates, anymore than we are getting "screwed" by inflation. Everyone has been getting a sweet deal for so long, they forget this isn't normal. I think my first mortgage rate was around 5.5%.
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You may be able to handle a rate increase to 6% or higher, but do you think most canadian households are in the same boat? And when that shoe drops, will you be ok with your property value dropping along with it?