What new 30-year mortgage rules might do to the housing market

[@DRPL766]

Just more debt. Don't fall for the trap

[@lettuceforbuns]

Agreed! Do the math and most people still can't afford it if they don't want to be in debtors prison.

[@alexhakimi7642]

If we put aside rich who got richer past few years, What I see day to day is that people suffering financially so these rate cuts or new housing programs won’t push up the housing market much!

[@paulinebowen5170]

House prices still unaffordable. U people need to stop talking SHIT!!

[@izzy2116]

Just more gaslighters telling you that it helps affordability.. Are people that gullible to believe this?

[@byroninkelowna]

Well it does help affordability... in the short term. First time Homebuyers can armortize current prices over a longer term, so monthly payments will be lower. Ta-da! More affordable! Unfortunately, long term, this just means prices will start moving upward again until we hit the same unaffordable threshold. I give it five years.

[@izzy2116]

@@byroninkelowna Nonsense!

[@palestinelucas]

Income is not catching up to inflation

[@AnitaSridhar]

Yup that’s the biggest problem

[@xxMagicMike]

It’s chains not change!!!!!!

[@izzy2116]

@xxMagicMike Yes I agree, that's a good quote, sums it up great!

[@wongralvju]

30 year mortgage is good for the builders and lenders.

[@dev4statingx90]

Canadian's, spend less, pay off debt and save cash. Don't fall fornthe debt trap. The government wants you to bail out the economy they screwed up.

[@bestofpkl0853]

No one is stupid to buy 1.5million dollars home with 10% down payment

[@dev4statingx90]

LOL there's alot of suckers out there

[@vancouverlife1040]

What if home prices keep going up? And if they plan to sell the house after the increase?

[@angelovirone-v8c]

@@vancouverlife1040 What if they stay stagnant ?or dollar goes down

[@Casey-qm1nd]

​​​​​​​@@dev4statingx90true but the pool of dummies is shrinking by the day. Many of the suckers have been exhausted already. What happens when there isn't a big enough supply of fools to keep prices supported? Then sellers will compete in a saturated market full of other unrealistic sellers. I have my popcorn ready. There are a lot of naive people out there, sellers included. Imagine what will happen to the mass psychology once the rates have to settle much higher than most expect. Eventually rates will have to rise into an environment where the consumers are already pinched, that will help tamper down seller expectations and give them a more realistic perspective of the worsening economic conditions. At the moment, many are under the assumption that low rates will save the day, but what happens when the pattern of interest rates reverses and starts a new trend up? Rates have been falling since 1981, but the cycle is in the process of reversing. Gone are the days of easy money, at least for the foreseeable future. Summed up: mass psychology is lagging the economic realities due to the confirmation bias embedded in their heads for the past 40 or so years. So that psychology is tough to crack, hence sticky prices.

[@ivanguliuk1515]

Then 40, 50 and ends up with grandkids paying for their grandparents mortgages.

[@byroninkelowna]

All this does is put more money into an under Supplied market. I'm glad that they acknowledged that this will have the long term effect of further increasing prices.

[@jomo4435]

The mortgage lengths are interchangeable through the mortgage 30,25,15, variables matter...benefiting those who use conservative metheods like we did in the past ....just have to want to own and not stay being a renter called owner invester ....other peoples money never was free.!...😅

[@InterestbearingCBDC]

If they cut rates, I want my interest-bearing central bank digital currency. Commercial bank is clearly not competitive enough.

[@HipsterFromMars]

Just save up for a down payment if possible (everyone situation is different) and buy a house immediately. At the end of the day you will die, so might as well buy one and see if you succeed in the mortgage, otherwise they will only get more and more expensive over time. If you can’t buy, then rent. Simple.

[@Plumber60423]

Better to pay the bank than to pay the landlord

[@izzy2116]

Not at these prices it isn't! Do the math before you comment something so ridiculous!

[@Plumber60423]

@@izzy2116 When I bought a rental studio for $331,900 (369 sq ft) in 2019 it was considered stupid by many people. After the last 2 years of price decrease its sitting for $410,000 as of now. Take my advice when you buy real estate, time is your best friend. The longer you can hold on the better of you’ll be

[@whitelightningyoubet]

You are assuming a lot

[@Plumber60423]

@@whitelightningyoubet That was an honest piece of advice but as a landlord myself I wont sway your answer either.

[@freestylefranc2653]

welcome to baby boomer world😂

[@evdb7246]

I thought Amanda Lang was dead.

[@ivanguliuk1515]

She can’t, still obliged to pay out 30 years mortgage.