so was mine and then I renewed at 16.5. Although it is a great thing to have when you bought at 250,000, a million dollar home is beyond the range of most Canadians and a million is low in this market. Until the housing availability catches up with the demand and the market comes down and until interest rates go lower as well there are going to be a lot of tales like that above. People need to learn to say I can't afford it.I live in what would qualify as « huge » I guess.
my very first mortgage in 2001 was about 5.4%. People just got used to abnormally low rates for a long time. But it’s not rates per se, it’s the house values that are a bigger issue.