this post was submitted on 14 Aug 2023
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For most people, nothing. The amount owing is always less than the value of the home in Canada. The economic bubble in the US was caused by people mortgaging 100+% of the value of a house. You'd get people with marginal income financing 100%, plus borrowing an extra $50k or $100k to "make improvements". No wonder that went down in a ball of flames that almost toppled the US economy.