The Canadian housing market is a lot tougher than it is in the US. Strict regulations make it hard for us to get loans from banks. We must use our income, other assets, and house as collateral, we don’t have the luxury of freely pre-payable 30-year fixed rates, and our mortgage interests aren’t even tax-deductible. Although these rules may seem like disincentives for potential Canadian homeowners, we have them to thank for why we were able to avoid not only the housing crash, but also the 2.8 million foreclosures that resulted in tens of thousands of people becoming homeless as was seen in the US in the past year. Click here to read more or to feel your Canadian chest swell with pride.
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