As Canadian homeowners struggle to make ends meet, the traditional 25-year mortgage plan is no longer enough, leaving lenders to grapple with increased risk of loss, and pushing more and more Canadians into 30+ year payment plans. Alex Pierson, speaks with Ron Butler, Mortgage Specialist with Butler Mortgage about rising interest rates that are forcing Canadian homeowners into decades of debt, as a staggering 30% of mortgages are now stretched beyond 30 years, leaving many struggling to keep up with the increasing financial burden.
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The Alex Pierson Show