Why some homeowners are falling into a mortgage payment trap they can't escape | About That

Video Overview & Insights

Many Canadian homeowners took advantage of historically low mortgage rates during the pandemic to lock in for five-year terms. Andrew Chang explains the perfect storm happening now as these terms come up for renewal at much higher rates at the same time as a depressed housing market.

Intro - 00:00

Trouble in paradise - 01:06

The 'death spiral' - 04:58

The fallout - 07:52

(Photo credits: The Canadian Press, Reuters, Adobe Stock and Getty Images)

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