alt Hacker News70 years? That's just plain false.
This website from the government of Canada here says the max term is 25 years, or 30 if it is your first property: https://www.canada.ca/en/financial-consumer-agency/services/...
Edit: ah, I missed one part. You can have longer terms if you have more than 20% cash down. TIL.
Replies
tamimio • 08/01/2025
Nope, it’s true and even hit higher, this is one example of many: https://files.catbox.moe/rpp5fp.mp4
Yeah, it’s a scam, the whole thing is one giant scam, yet it’s legal and normalized and everyone is ok with it!
true_religion • 08/01/2025
People refinance to take lower rates or pull equity out of the property and that resets the clock.
They didn't say 70 year mortgages, they said 70 years to pay off a mortgage, which is still a bit exaggerated (maybe), but would come from the contingent of people who got themselves into variable rate fixed payment mortgages for comically expensive properties, and that had a significant amount of interest remaining before the feds started cranking up interest rates.
If rates go up from 2% to 6+% while you're holding onto a $2m detached house, it's a bad situation to be in.
https://www.bankofcanada.ca/2022/11/staff-analytical-notes-2...