[refurb]

The problem is that interest rates have been on a long, slow downward trend for almost 30 years in Canada. Anyone less than 50 years old hasn't be around in a rapidly increasing interest rate environment.

It's very common to always go with a floating variable mortgage and for the past 3 decades it's been the clear winner to locking in a rate for 3-5 years.

It also explains why last year the average sale price of a Canadian house was double that of the US. Let that sink in, in a country with higher taxes, lower wages and variable mortgages...the price is double.

It should be the other way around. You'd expect the US to be the same or maybe a small premium to Canadian home prices.