Here Come 30 Year Mortgages

drew562 said:

My wife and I have a 20 year mortgage period we owe 240K. Used to pay 1700. in order to stay in the 20 year timeframe we had to up the payment on renewal New payment is $3250 per month without property tax.
I told my bank I need some help. gotta be a better way.
They offered me up to four miss payments. The trick is I would have to pay those four payments of $3250 back upon signing my next mortgage term. In other words, they don’t give a fawk. Thank God, all my toys are paid for. We are seriously considering selling. I could rent a home for cheaper.
Keep our equity and rebuy when chit s martens up

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Bnorth said:

Harper brought in 40 year mortgages back when houses cost a 1/3 of what they cost now. This helped start the unsustainable house price growth that we are currently suffering but who wants to talk about that?

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ABMax24 said:

That was only around for 6 years. It was announced in 2006 as 40 year, cut to 35 year in 2008, 30 year in 2011, and was back to 25 year by 2012.

The bulk of the housing inflation has occured since 2015. If Harper gets 10% of the blame then Trudeau deserves 90% of it.

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Bnorth said:

Trajectory started around 2002 so Harper's move was not at all needed but yes everything about being a Canadian has definitely gotten worse since 2015.
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ABMax24 said:

During Harper's years housing prices went up mostly due to increasing affluence in Canadian society. The economy was doing well and housing went up accordingly, as to be expected.

Trudeau through his policies has flatlined growth in Canada, yet housing prices rise faster than at anytime before.

This is best shown on a GDP growth chart. If we would overlay this with your chart the comparison between the two leaders would be drastic.

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papajake said:

So if I calculated that right you would end up paying 780000 on top of what you have already paid

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fj40 said:

So on half a mil the difference between 25 to 30 year is around $200 an month.
If you need this extra cash on hand you are living way over your income.
People just need to learn to live within their means.
Sooner or later the house of cards is going to fall

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mclean said:

To an extent but just to have the bare necessities nowadays, you need to be making a decent amount.

Mortgage, groceries and a car payment wipe a lot of people out. To me, those are must haves...which one do you get rid of?

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deaner said:

Pay cash for a beater and save up for something better. Alot of money to be saved on groceries too. Most of the groceries we buy are a luxury. Basic nutrition doesn't cost that much.

Not saying any of this is ideal, but when things are tight you do what you have to do

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mclean said:

To an extent but just to have the bare necessities nowadays, you need to be making a decent amount.

Mortgage, groceries and a car payment wipe a lot of people out. To me, those are must haves...which one do you get rid of?

Click to expand...