Quote:
Originally Posted by tvp2003
It's hard for me to criticize -- unless you've owned a property for more than 10 years, you've probably never seen an interest rate above 4% let alone 5% or more.
But yes, there was seemingly nowhere for interest rates to go but higher -- negating a lot of the upside of going variable. In my case I had the option of renewing for a 4-year term versus a 5-year term (both fixed); I ended up doing 5 years even though it meant paying a little more -- we'll see how that turns out.
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It's been 30 years since we have seen over 6%, that's beyond practical living memory for almost everyone, no one is paying attention to interest rates and housing markets at 10 or 15 years old, my generation, 60 and above, are the only ones that remember, albeit briefly on our first mortgage, rates in the 10 and 15% range.
For almost everyone in Canada's/Vancouvers lifetime housing has only ever gone up and you could never lose money, the more a house cost the more money you made