Surprising to not see Sweden on the list. A majority of mortgages are on variable rate now, and basically everyone has been eating shit since last year.

I’ve seen my ongoing mortgage costs basically double just from the interest rate increases alone. I’m in the privileged position to be able to absorb the costs without having to worry too much about it, but my financial situation is far, far from the norm. Theoretically, there should be limits in place from the banks side so that everyone have the margin to absorb the costs, but I honestly doubt that, given all of the inflation we’ve seen as well.

You’d hope that this would be the triggering event to reform our highly dysfunctional housing market, but that’s definitely not going to happen with the current government at the helm. What’s more likely is that poor people and immigrants are going to get blamed, and we get to ride the decline all the way down instead.

It’s behind a paywall but Iceland has an archived version