[gonepostal]

There are longer then 3-5 year mortgage terms in Canada. I believe up to 15 years is commonly offered.

Amortization length of a mortgage can be up to 35 years for residential mortgages. 35 year amortizations were only eliminated for CMHC/insured mortgages.

I would contend that the system is more stable when borrowers are forced to consider the consequences of future interest rate increases.