Questionmarktarius posted...NES4EVER posted...
Plus my mortgage is low enough that interest rates could double or triple and I'd still be fine.
Fixed rate doesn't exist in Canada?
They do. However most people don't do longer than 5 years or so. I work for a bank. Quite a few people in toronto locked in @ 2.4 or 2.5% for the next 5 years but are going to get that rate double by the time they are done.
Prime rate set to go up about 1.5% in the next 18 months. Toronto housing market is about to burst and tank HARD. Vancouver in about 6 months will start to see lower housing costs. Rest of the country will see slowing markets/pricing but overall won't be hit as hard as those 2.