Canada might actually be in a worse situation because mortgages are given for only 3-4 years and people have to keep renewing them at whatever rates are available at the time. At least in the US, you can get a mortgage for 20-30 years and you know what your rates are.
In Canada, this is also happening. I think 2/3 of all the debt in the country is mortgage. Another crisis is coming…
Canada might actually be in a worse situation because mortgages are given for only 3-4 years and people have to keep renewing them at whatever rates are available at the time. At least in the US, you can get a mortgage for 20-30 years and you know what your rates are.