LMFAO!!!!!

I think you meant to reply to someone but in any case, the real delusion is taking out a specialized product most Big Six banks don’t offer and then pretending the average person did that too.

Almost all of the Big Six banks said on their last earnings call that variable mortgages didn’t worry them because the trigger rate had sufficient clearance to not be triggered.

Just because the banks priced more hikes into their models doesn’t mean that they didn’t plug in other rates and saw the poopoo scenario.

The FED just added another 75bps (2x in a row, July 27, 2022). In response, the BoC must match 75bps or even go higher to 100bps just to keep the CAD trading at 75c to the USD (Sept. 2022 meeting).

Guess what, the US inflation is 1% higher than ours! It’s going to be bad – for every G7 nation that juiced the economy like a roided up body builder. Just like a roller coaster ride, gravity will win.

The only good news is that there “may be” new laws and regulations to prevent such housing bubbles from ever forming again and hurting the common plebs like you and me. The rich engineered this – wake up. The class war is being fought and the very planet we live on is at stake. Housing is just a distraction.

Also stress tested for 100% increase in fuel and utilities and grocers and electronics and cars and…. etc

My case is exactly the same as yours. I just scheduled to double-up my payments for the next year, so I am not sure if I will get a call from the bank to increase my base monthly payment

You would be one of the exceptions of people that have a variable rate product where the payment adjusts as rates rise. RBC exec said the other day those products are rare, so they aren’t worried about their customer seeing an immediate risk.

Averages don’t consider edge cases of 30-year mortgages. The share of 30-year amortizations is practically nil. You would be on the higher end of the average since they’re looking at the market.

The spread people pay would also be different, with people who don’t negotiate and pay the posted rate reaching a trigger much faster.

They priced in 3 more hikes @ 3.25% overnight rate. Averages mean some people will be worse off and others less. In any case, you were all stress tested sufficiently for it so the share of people who will actually be in trouble is slim to none. Less than 1%.