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A recent report by economist Derek Holt of RBC economics put a positive spin on the Canadian mortgage market due to innovations such as 30 and 40 year mortgages.

Holtz says that unlike the conventional 25 year mortgage of 1980s, the past year has seen the introduction of extended amortization mortgages to broaden the ways in which households can cope with payment shock through higher mortgage rates.

It seems Canadians are jumping all over these new products as our housing market continues to boom with several large urban centers setting all-time sales record this past summer.

Longer amortization periods mean a rising rate might not hurt home affordability. The way home affordability is typically measured is housing payments over income. To offset a one percentage point increase in rates a borrower would need to go from a 25 year mortgage to a 33 year mortgage assuming the same house price.

Unfortunately consumers who go for longer amortization are often not aware of what it will eventually cost. A survey conducted for Trans Union found that 45% of Canadians under estimate the lifetime cost of their mortgage. Only 1/5 of people who answered the survey correctly responded that the average Canadian home owner will ultimately pay 1505 to 200% of the original loan amount. For longer amortization periods it's even worse.

Alan Silverstein a Toronto real estate lawyer told the Toronto Sun that taking out a 40 or mortgage "is like a life sentence."

In my opinion, the Canadian mortgage industry needs to be careful that these new products are not just picked up by everyone. In Canada our criterion remains far stricter than in the States, so I don't think we need to be concerned at this point. Apparently Holtz says the mortgage delinquency rate remains firmly planted at the rock bottom level of 1/10 of 1% of all mortgages outstanding. I think that this says something about us as Canadians, something we should all be proud of.

TerriAnn Ford is a Real Estate Agent. She specializes in Guelph homes for sale. Ford is an Accredited Buyer Representative and also offers free foreclosure listings to people looking for a bargain in real estate.

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