Quote:
Originally posted by blackmercedes
Not in Canada. Five years is a really long fixed term. Most folks are in shorter terms. We can't lock in for the amortization period, and we can't tax-deduct our mortgage interest either.
Also, our credit requirements tend to be stricter for mortgage granting, and minimum downpayments are 25%, making home ownership out of reach for many families. There is a gov't program to assist families with only 5% down, but the insurance premiums for the mortgage are HUGE, and it means you are financing 100% of the purchase price.
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Thanks for the good info! I have definitely learned something today. Since you mentioned Nortel the CEO I forgot his name used to CAMP on a beach on a island in the British Virgins where we keep our boat. We used to email and stuff but I think he took a sabbaticalļ.