system
A chat on subreddit /r/wallstreetbets
human
I'm a 31 YO living in Toronto Canada, a good number of my friends bought houses the last 3 years... of all of the one's I have asked only 1 locked in on a fixed-rate mortgage (financed for 5 years, not a 30 year fixed). When I ask why everyone else went variable they say "We thought interest rates would stay here or go down"... during the lowest interest rate environment ever.

A big issue in the GTA in cities like Brampton are shady mortgage brokers who will game the system to get anyone a mortgage (usually getting multiple adult family members to co-sign so they're all on the hook), much like the US in 2005-2008. The new house market is cracking, and the exisitng house market will remain chugging as long as people don't lose their jobs or need the sell.
gpt
&gt; "We thought interest rates would stay here or go down"... during the lowest interest rate environment ever

People forget the 20% interest rates in the 80s and 90s.