Looks like the Governor of the Bank of Canada, Mark Carney doesn’t agree with Canadian banks that there is a housing bubble in the making. Luckily, Finance Minister Jim Flaherty has been convinced of the same…for now, but this may change and we could see an implementation of lower amortizations with a maximum to 30 years.
Personally, I think they should let it be. Once the rates start to move upwards it will cool down the market and all will be right in the world again. At that time, we will really need the 35 year amortization when rates have been normalized. I feel it is shortsighted to pull the 35 year amortization now.
Kim Gibbons, Your “Mortgage Superhero ®”