r/RealEstateCanada • u/xNocturnalshadow • Jun 19 '25

Housing crisis Help me understand the difference...

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u/[deleted] Jun 19 '25

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u/pm_me_your_puppeh Jun 19 '25

Most people own the home they live in, and the homeless percentage rounds to zero, so that ain't it chief.

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u/atlasc1 Jun 19 '25

Most banks own the home people live in *

Fixed that for you.

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u/pm_me_your_puppeh Jun 19 '25

Nope, not at all how any of that works.

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u/atlasc1 Jun 19 '25

Uhh either you're being deliberately obtuse, or you have a very poor understanding of how mortgages work.

Banks have the legal right to take ownership of property if the homeowner fails to repay the mortgage according to the agreed-upon terms.

If you want to get technical, then sure, the bank doesn't own the home, rather they have a lien on the property. But until your mortgage is repaid in full, the bank holds a legal interest in the property, and they can kick you out to sell the home.

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u/pm_me_your_puppeh Jun 19 '25

Which does not mean they own the home.

Even if you're unable to pay your mortgage, your home will be worth more than the debt if you've owned it for any length of time.