Canada

Well the fixed-payment mortgages aren't exactly fixed. They will still get adjusted when the payment covers very little to no principal. For example mine got adjusted to get the amortization back in check when that happened. Maybe that's a choice the banks make, maybe CHMC dictates what's allowable or required there. If banks have to adjust the payments like they did for me, eventually the foreclosures will show up. Unless most of them are just under their trigger rates and the prime doesn't push them over the edge for a while. 🤔

I don't disagree in the sentiment that payments should adjust and the non-viable ones should get foreclosed on, in general.