40 YEARS OF DEBT

Do not pay until 2047. It has a nice ring to it for Canadians seduced into home ownership but unable to afford the price tag that comes with buying property. No money for a down payment? Little cash to make monthly payments? No worries. The Canadian real estate industry has come up with the perfect product- the 40-year amortization Benjamin Tal, a senior economist with CIBC World Markets, says the change in the way Canadians pay off their mortgage is the most significant innovation to hit the industry in almost three decades.