REAL ESTATE IN CANADA | HELOC payments are surging for some homeowners, warns broker 

If you lengthen the amortization, then you're just renting the home you think you own.

It will take drastic steps to fix the housing crisis in Canada and no one wants to do it. Homeowners don't want to see the value of homes drop but that is what will happen if they really take the steps to fix this mess.

I've decided to become a plumber to fix and build affordable housing because the gov't is too corrupt to do it. Housing is not supposed to be an investment. Stop taking basic human necessities like housing, education, healthcare and privatizing them for profit. This is the result.

Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.

In Vancouver's closest suburb the cost of an average house is closing on $2.5-$3 million while comparable homes in Ottawa cost $700,000. The arrogance of Federal officials to keep immigration numbers at record levels while millions of Canadians struggle with housing and accessible healthcare is a catastrophe.

Pay mortgage until you die. What a wonderful solution.

Hey can I extend amortization and never actually pay down any of the principle … 👍👍👍👍👍 great advice

It's a deadlock situation, keep increasing amortization, BOC will keep increasing rates

Home prices will hardly drop with these increases. There is no supply and very high demand.

A guy in Australia was posting on Facebook that his house repayments went from 1200 a month to 3000 a month, they have found human remains after his house was completely destroyed by exploding gas bottles a couple of days ago.

This guy’s suggestions are crazy

Justin said interest rates were not an issue when he was creating the biggest debt in Canadian history. I guess he’s not too smart. Or maybe it’s all on purpose.

As housing becomes totally out of reach for even middle income Canadians, the Feds insist on higher immigration to supposedly bring health and skilled professionals into the country. The staggering problem is that these newcomers cannot afford to live in the cities (Toronto, Vancouver) where they are needed most. My own young dentist says he can't afford a home in Greater Vancouver. It should not be overlooked that in Ottawa, where these decision-makers live, the average cost of a house is only about $700,000 - so they are clueless about the pain in the country. So while Trudeau says "housing is not a federal responsibility", federal policies make a bad situation even worse.

I could not have asked for a better time to be assigned to a job opportunity abroad. I will keep an eye out on sales in the Canadian market at a tropical beach...cheers!

NO PAIN NO GAIN PUMP THOSE RATES BABY!!!

What goes up must come down, that's how it works.

this bubble is long overdue to pop hard.

Canada did this to itself. Everyone who casted a vote knew exactly what they were voting for last election. None of the choices were very promising. But as a country, this government was our only certified guarantee of this situation.

no worries...those home owners get a higher pay cheque..

Prime rate should go up to 15% this madness should stop

Sounds like what they did to passenger vehicles. Can't afford the price? Pay it off in 8 years instead of 5.

This is why I don't pay taxes anymore.

Raising Interest rates and thus attempting to restrict the money supply by restricting the CREATION of money, DOES NOTHING to curb inflation. Didn't we learn that in the 1970's and 80's?

The governor of the bank of Canada himself said that the rates will continue at low rates. Today the same individual is singing a different tune that resembles the sound of sirens.

Thank Trudeau for creating the greatest housing environment in Canadian history!

Bring back free market and fundamentals. Not impulse buyers and irresponsible homeowners

And the Bank of Canada gave its employees $20 mil in bonuses?.....

Bring on the Carnage ... time to level the playing field

Sell if you can not afford before the glut.

You will own nothing and you will be happy

There is no relief strategy except the rates to come down. Wait till 2025 when the renewal comes for those who bought at rock bottom interest rate of overpriced home during COVID and then the things are going to shake up.

Iam fine upto 10% interest rates...Justin just bring it on !!!!!

A couple years back I was comparing parallels between Sr and Jr. My died-in-the-wool Liberal buddy looked at me like I had three heads ... he said we will never see double-digit rates. I said we don't need to. All we need is for the rate to double. Well, here we are.

Virtually all Canadians are adversely affected by the interest rate increase. The best option for Canadians is to act collectively and politically, to have their finanancial interest and policy entrusted in their elected representatives, who are competent and responsible directly to Canadians. The BoC is attacking demand in the market of goods and services, it has no jurisdiction over supply. However, inflation is the result of the imbalance between supply and demand. So why no one in government is concerned about increasing supply as an alternative or concurrent solution for fighting inflation. Supply is controlled by geant supplyers whose practices in term of speculation, price gouging, and anti-competion practices, if any, may need to be seriously reviewed, because that is where inflation is actually happening. Services in Canada are controlled by self regulated bodies who enjoy a large and powerful discretionary decisions in term of shaping the service supply and its prices, they also may need to be reviewed, becausee that is where prices for services are getting grossly inflated. The open market policy of the Bank of Canada alone may not be sufficient to achieve a significant result in an optimum time. It is, and will have a toll on Canadian lives and the whole economy. Its rapid and massive unpredicted interest rate increase in a relatively short period, is exacerbating inflation, by adding financial cost/inflation, to real market inflation. Without addressing the issues of supply as an important part of the inequation of inflation, the policy of the BoC,would look like someone who is trying to push the AC to the maximum to cool the car, without closing the windows, while the temperature is 45 degrees outside.

I believe they will start dropping rates by summer of next year.

Now in Canada your working for the company store for your entire life. Not worth it as far as l'm concerned.

Uhhh yes there is a cost to switch your mortgage between banks even at the end of term. There are lawyer fees.

its game over!

Who said this...."Interest rates are at historic low's Glen"

In 1981 the mortgage rates were 19.2 and the five yr was 18.13, today it's around 7% which is not even close to the 80"s

BOC please keep increasing the mortgage rates in order the housing prices to go down .BOC must increase the rate every month.

PPUMP THOSE RATES BABY!!!

Shopping around is not so easy when you have a HELOC and collateral mortgage

Homes in Canada and the United States and England and Scotland and Wales and Northern Ireland and Ireland and Egypt and Europe are going to be building houses in the future.

Canada has become a very uncomfortable . Compared to what we are use too .

Terrible advice..refinance to a 30 year amortization.??.bank's don't want you to own.

They all charge the same rates across the board, because they can! There is no shopping around. Lower rates and just regulate.

I like idea of living off grid.

All are the products of "SOLD! OVER ASKING", "BLIND BIDDING"

I’m glad I just pay rent.

Increase your term from 25-30 years and pay an additional 100,000 per 500,000 you've borrowed, brilliant.

Ron, you did great

This problem will only get worse, considering the current "solution" of every municipality is to demolish one home and replace it with 2 homes that cost twice as much as the original.

I read yesterday that the banks are not going to allow extending amortization

Affordable housing for everyone !!

All by design. No governments or banks can be that stupid.

Bubble is coming (:

And? Did you think it will stay at 0%?

Clients are saying thank yo SoB Tiff

still capitalizing the interest with the smith manoeuvre here. dont need to come out of pocket

Raise the rates help the responsible savers not the irresponsible home buyers who didn't care about the ridiculously overinflated housing prices you think the realtors cared about buyers they along with the banks screwed them over and now they screwed themselves because the buyers caused this inflationary juggernaut to escalate 🤔🏦🐷

The elderly stay in their 4,000 plus sq ft mansions, with zero mortgages, while their children suffer-CRIMINAL

you don't own your home. you never will.

More immigrants will solve this because they'll build houses. Just need more immigarnts.

THE KINGS OF CASH WILL PAY OFF THEIR LOANS!!!

You will own nothing, and be happy.

Cash is king

Homeowners 😂😄😂, modern word for debt slaves to make and feel them happy

Thanks Trudeau!!!

Ron! nice

Crash the markets baby!

oh please Ron honestly

We are paying 1.9% for the next 3 years. Lets hope it goes down by then.

$10,000 debt is your problem, $1,000,000 debt is the banks problem.

🤔👍

I see the poors are at it again.

Thank you to the liberal regime for this😡

“Hopefully” Lolol

Thanks for raising interest rate. Finally Inflation coming down. I will vote Liberals again.

Just had to tell my wife she has to start an only fan's.😅

I remember back in the 80's when interest rates where in the double digits. This is nothing.

Lol...idiots think.housing to go higher...never drop😅

no worries folks the wealthiest already quadrupled their property values and they the one who will save the canada economy 👍🏻

Extending your mortgage from 20 year-30years is the best way to be broke for ever. How about you sell and buy something you can afford.

Time to cash out and rent, before home prices start to freefall. Time is limited.

Fail on a small credit - you will be punished. Fail on a huge credit - bank will be punished.

Still can’t beat the 17% of the 80’s, you got it made today.