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A 47-year mortgage? They're out there — and even longer ones could be coming (www.cbc.ca)
submitted 2 years ago by to c/canada@lemmy.ca
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About one out of every five home loans at three big Canadian banks are now negatively amortizing, which happens when years get added to the payment term of the original loan because the monthly payments are no longer enough to cover anything but the interest.

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[–] 1 point 2 years ago (1 child)

Can you try to repost the comment again. Would like to know the details. Was told renting is better than ownership, based on interest payments + taxes + maintenance vs renting and house appreciation vs investing.

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  • [–] 1 point 2 years ago (1 child)

    Renting can win out if you diligently save and invest the difference between rent and a mortgage payment for the entire 30 year period. Then you can come out ahead.

    If not, you’ve spent 30 years making someone else rich with nothing to show for it.

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  • [–] 2 points 2 years ago

    I get that. But I actually do save the difference.

    Plus I'm planing on going with a housing cooperative eventually anyway. I think focusing on building "real estate portfolios" is what got us into this housing crisis mess in the first place. Treating housing like infrastructure, like what housing coops do, removes that incentive and allows us to direct capital to actual productive sectors of the economy through investing into actual business producing companies.

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