“If you’ve got a mortgage or if you’re considering making a major purchase, or you’re a business and you’re considering making an investment, you can be confident rates will be low for a long time,” Bank of Canada Governor Tiff Macklem said at a press conference in July 2020.
I was the idiot who followed this advice and opted for a variable-rate mortgage in early 2021. I got slaughtered. Still am getting slaughtered.
Why don’t Canadian banks offer 25 and 30 year fixed rate mortgages at competitive rates like US banks do?
How about allowing Canadians to claim a tax deduction on mortgage interest on their principal residence?
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