Ever wonder why Canada's banks didn't threaten to crumble as did the American banks in 2008 and 2009? Check out this article. I say there are three dominant factors: full recourse loans (no walkaways from an underwater mortgage), more prevalent mortgage insurance, and no tax deductability for mortgage interest.
In general, I dislike using the tax code to encourage socially acceptable outcomes and mortgage interest deduction is but one example. The temptation for political shenanigans is just too high for politicians to resist. I've read about similar home mortgage environments in places like Holland and Denmark. The Canadians seem to have done this one right.
Woke Terror
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