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The allure of home ownership in America is the fixed mortgage rate among other things. (Rent goes up each year, without question).

I purchased a home at the start of this mess with an 2.6%. Right now it's hovering around 6%. I would say I MASSIVELY lucked out.

Does Canada not fix the rate? I am confused -

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No, the US is the outlier with the 30 year fixed rates. Canada not only has variable rate mortgages, but instead of the rate just adjusting, they essentially have 5 year mortgages, with a balloon payment at the end. If you can't roll it over into a new load (say because your debt to income is now too high), you're screwed.

Sounds the same as UK then.

Wow - this is mind boggling. Also..kind of scary? I guess any big financial decision is scary but I didn't know that was America exclusive. Do you know if European countries have fixed rates or does it go up ever 5 years or so

Europe is like Canada. Often there is 3 or 5 years of fixed, but then it's often euribor 12month + spread. Often in Albania it's euribor 12M + 3 or 4.

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