Three of Canada's largest banks are seeing ~20% of their outstanding mortgages in negative amortization.
— The Kobeissi Letter (@KobeissiLetter) September 18, 2023
What does this mean?
Monthly payments on ~20% of mortgages at BMO, TD, and CIBC are no longer enough to cover interest expense.
This means you end up owing more than your… pic.twitter.com/pGHhOQ7G2D
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