Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Found this infographic showing real estate data, stating that Canada's outstanding mortgage is 10 times smaller than US's . I can't seem to get my head around it. Could there be such a big difference between the two countries ?
I don't think that is correct. The chart is measured in billions. I interpreted that chart to mean that $9,900 means nine trillion, nine hundred billion, meaning that is the total mortgage debt in the US. If my math is right, assuming around 100 million households in the US, that would put the average mortgage outstanding at around $100k, which sounds about right to me. I seriously doubt the average outstanding mortgage is under $10k.
That would mean for Canada, assuming about 13 million households (I googled it), their number of $956 billion outstanding means an average mortgage of around $73k. So less than the US, but not that much less.
I don't really understand what that chart is trying show, but since the US population is almost 10 times that of Canada, it's not that surprising that there is 10 times as much outstanding mortgage debt in absolute numbers.
Overall Canadians don't actually have cheaper homes, but they probably earn better snd manage to pay a higher down payment, hence lower mortgage per household.
In Canada we do not have 30 year mortgages. Here mortgages are paid off over 25 years. Also mortgages are renewed every 5 years (some more often). That means every 5 years we get a new mortgage, at the going rate. Each time I have renewed my mortgage I have increased my payments so I could shave a little time off how long it would take to pay off.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Could there be such a big difference between the two countries ?
