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Most people can’t afford the real cost of a home and instead end up paying something like 2.5 times the value in interest over those 30 years. Those who can will always go for a 15 year loan and try to pay it off somewhere in the 10 - 12 year range, the rest just pay interest for decades.
In Canada the typical amortization is 25, but you renew at market rates every 3-5 years.
Some people are gonna be fucked raw next renewal period after this rate run but the government instituted a stress test rate you would have to meet to qualify for mortgage which should help keep things stable. Should.
Most people can’t afford the real cost of a home and instead end up paying something like 2.5 times the value in interest over those 30 years. Those who can will always go for a 15 year loan and try to pay it off somewhere in the 10 - 12 year range, the rest just pay interest for decades.
In Canada the typical amortization is 25, but you renew at market rates every 3-5 years.
Some people are gonna be fucked raw next renewal period after this rate run but the government instituted a stress test rate you would have to meet to qualify for mortgage which should help keep things stable. Should.