Americans can lock in a mortgage for 30 years. Canadians face a new interest rate every five years. Your payment can jump $760 a month.

🇨🇦 I told an American friend how mortgages work in Canada.

He thought I was joking.

🇺🇸 In America, you can lock in a fixed mortgage rate for 30 YEARS.

🇨🇦 In Canada, five-year terms are common. Then you renew at whatever rates the market offers.

Imagine buying a home in 2021 at 2%.

You budget carefully. You make every payment. You do everything right.

Five years later, your mortgage renews at 5%.

On a $500,000 balance with 20 years remaining, that’s roughly $760 MORE every month.

Over $9,000 a year.

Not because you bought another house.

Not because you borrowed more money.

Simply because your mortgage contract expired.

A Canadian family can spend five years building financial stability, only to have global inflation, bond markets and central bank decisions rewrite its household budget.

The Bank of Canada estimated that roughly 60% of mortgages renewing in 2025–26 would face payment increases.

And here’s the part Americans find astonishing:

In the U.S., a 30-year fixed mortgage can protect your interest rate from the next crisis. In Canada, the next crisis can become your next mortgage payment.

This is a difficult thing to explain to new Canadians especially while their rates are renewing at 3-5% vs US rates. They think they’re winning. When they have high income jobs and a good work ethic, it doesn’t compute.. 🤦🏻‍♂️ Wonder what the 2M migrant effect will have on the…

— David Larry (@YoungDavidLarry) November 10, 2026