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I think most places outside of the US has fixed term lengths of max 5 years for which you can lock in your interest rate.

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Yeah, the US is an outlier. In most countries the government doesn't back mortgage loans so we have to refinance after a few years. Basically every mortgage in countries like Canada and the UK is what the US would consider an "ARM".

Canada's government backs mortgages through the CMHC.

We have shorter term fixed rates, usually capped at 10 years. We also have variable rate mortgages, which are ARM equivalent.

yeah common in Canada. Generally 5 year. House is amortized over 25 but you basically renew the loan every 5 years.

US-style 15 and 30 year are unheard of. Kinda glad I didn't buy during COVID cuz I'd be getting slammed now...

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