Canada is the envy of the world when it comes to our mortgage and banking regulations. This article in the Huffington Post questions why is there a 30 year fixed rate mortgage term and points to Canada’s mortgage and banking system as a better, more viable option.
In case you didn’t know, 30 year fixed rate terms are the norm in the U.S. 5 year Variable rate mortgages are the more common mortgage product around the world, including Canada. 200 U.S. Banks have failed since 2008… NONE in Canada… and in 1985, almost 3,000 U.S. banks failed but only 2 Canadian Banks closed their doors....
Go ahead Canada, feel good about yourselves…!
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.