DMiller
Senior Member
Not really, cost of fuel, cost of cement has not gone down but rather UP. Labor to produce and haul Concrete then finish it out will keep those prices high.
I still believe cash is king and those that have it will be in a better place coming out of a recession.
In Canada most mortgages are for 20 or 25 years although you can get longer ones.
However every one to five years depending what you signed up for you have to renew your
mortgage at the current interest rate.
With the very low interest rates people bought homes that they probably should not have. Around 60% of Canada's mortgages were renewed between January 1st 2020 and June 30th 2022 while interest rates were very low and most with a five year term. When these mortgages come up for renewal the people will see a substantial increase in their payment. Most will go up another $1500 to $2000 a month and that is if interest rates don't go up any more in the next one to three years.