General Discussion

Sen. Walter Sobchak

(8,692 posts)

5. The whole country is affected, Toronto and Vancouver are merely the worst

Mon Jun 27, 2016, 01:41 PM

Jun 2016

Canada would be a lot better off today if they crashed along with the rest of the world in 2008.

The Canadian mortgage situation is in many ways worse than the US one was. In effect everyone in Canada has a "teaser" mortgage and if interest rates rise many people won't be able to afford their mortgage when it renews.

On the flip side if the market crashes and people are underwater by hundreds of thousands of dollars they will just file for bankruptcy. No sane person is going to carry their million dollar mortgage on a property they won't live long enough to see rebound by even half.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

8 replies

= new reply since forum marked as read

Highlight:

Canada did not have a financial bubble in 2008, so we did not become [View all] applegrove Jun 2016 OP

Canada/Australia/US are countries with migrant history kcjohn1 Jun 2016 #1

Well if there was not massive speculation in Europe that caused a decade applegrove Jun 2016 #2

Canada's financial bubble is still ongoing Sen. Walter Sobchak Jun 2016 #3

Two markets are hot right now. People are being warned. In Vancouver applegrove Jun 2016 #4

The whole country is affected, Toronto and Vancouver are merely the worst Sen. Walter Sobchak Jun 2016 #5

Oh good gosh no. The country would not be better off if the middle class applegrove Jun 2016 #7

There is no soft landing or happy ending to be had here Sen. Walter Sobchak Jun 2016 #8

Immigration is much higher in Canada (and the US and Ireland) than in the UK but xenophobia pampango Jun 2016 #6