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  • Jul 2nd, 2020 3:43 pm
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Deal Addict
User avatar
Dec 13, 2016
4272 posts
3796 upvotes

I bought a house

No, I didn't because until it is paid off the house belongs to the bank.

How many Canadians actually own a condo/house outright?
6 replies
Deal Fanatic
Jan 15, 2017
5222 posts
5262 upvotes
Ottawa
According to Stats Canada, in 1999, 46% of Canadians had paid off their mortgage. This declined to 43% in 2016. I would expect this number to be lower now especially with the general acceptance of HELOCs.
Deal Addict
Nov 6, 2015
1101 posts
682 upvotes
Guelph, ON
How can the bank be the "owner" if they can't even step onto the property legally without my permission?
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4635 upvotes
Montréal
A lot of ppl get things confused, just like w cars, the buyer is still the legal owner, just they have a charge/lien on them.
Hard work, inheritance, interest on interest accumulating, and stock and real estate speculation. It's all good.
Deal Guru
Feb 9, 2009
12368 posts
11266 upvotes
My mortgage is almost paid off... seven figure value.

No one truly owns their home if they dont pay their property taxes if you really wanna go down that route...
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4635 upvotes
Montréal
Ya, that's another joke, we don't really own the land since one has to continually pay taxes on them....but I guess they could re-term them maintenance fees/taxes instead.
Hard work, inheritance, interest on interest accumulating, and stock and real estate speculation. It's all good.

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