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08-22-2012, 11:08 PM
Lest We Forget
Join Date: Sep 2004
Location: Winnipeg, MB
Originally Posted by
Canadian banks have been giving out loans people cant afford not to mention loans people may not be able to afford if interest rates start to climb.
Same as the US just different names like cash back mortgages.
Canadians have CMHC. There are more guidelines and requirements in this country. You cannot borrow your down payment from the bank anymore. You have to have 20% down. The CMHC will provide 10% and you have to provide 10%. The housing market will never crash like it did in the US. Maybe if you got your mortgage in 1990 but by now you should have it almost paid off. For people looking for houses right now you have to earn a certain amount regardless of what your budget is. The Canadian banks had regulations long before the US housing market crash because they're government regulated unlike the US which are mostly privately owned. Our banks never got a bailout. I don't know any bank that offers a cash back mortgage. After the US crash our banks and the CMHC got even stricter.
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