this post was submitted on 09 Jun 2023
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Canada
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It won't be enough until they see foreclosures. Just hope they stop tightening before you're up.
Currently my biggest fear.
We make good salary and have a mortgage half the amount the banks approved us for.
But we took bad advice from our broker to take variable when the rates were at 5% fixed because "they can't keep it this high for long so it'll come back down. You don't want to buy high and sell low"
Hoping trusting that advice isn't enough to sink us.
I remember paying 22.5% interest on my mortgage when I was young.
Buckle up
When mortgages were 100k.
22.5% today would cause literal riots in the streets.
I can still see my pregnant wife with our toddler by her side standing in front of an empty pantry.
Things were tough