20% of home buyers are taking out 35-year mortgages according to Genworth Financial. (Source: Toronto Star, Story Link)
Expect the trend towards mortgages with less down and longer terms to strengthen notably in Canada, as it has in the U.S.
Note however: If you get one of these products, MAKE SURE you are disciplined enough to pay down principle as soon as you can.
It’s funny how it takes years for U.S. financial products to catch on in Canada. People would have been buying interest-only and 30 year mortgages 5 years ago had they been available in Canada.
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