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https://www.thestar.com/business/2023/06/27/rising-mortgage-rates-fixed-payment-woes-some-homeowners-seeing-amortization-periods-skyrocketing.htm

Cue the clip of smug Trudeau saying "interest rates are at all time lows" a couple years ago

There are fixed rate mortgages, but many people went with variable rate and 90% of fixed rate mortgages are 5 years or less. After 5 years the rate starts to rise quickly because after 5 years "fixed" means fixed open so you can refinance with only 3 months interest as a penalty.

I refinanced at a good rate for 10 years and I'm feeling like those economics lessons are really paying off right about now.

Problem is that high house prices makes line go up so politicians do whatever they can to keep it going despite it being bad for everyone but homeowners (and it's even kinda crappy for them)