Interest rates in Canada: Mortgage renewal forces Ontario man to sell

“I'm happy to see, finally, a rate cut. I wish it came a lot faster,” Gerry Best, a 66-year-old homeowner in Kitchener, Ont., said.

But for Best, it won’t be enough to move the needle before his mortgage renewal on July 17 – just one week before the next interest rate announcement. To stay afloat, Best turned to a private lender and is now paying $3,660 per month. But come July, his payments are projected to swell to around $6,000 to $6,500.

“Although it’s going in the right direction, I'm still a little concerned about what do I do – do I do longer term? Do I do a shorter term because it’s going to still keep going down? Or is it going to change and go back up?” he said Unwilling to uproot his family from their newly settled neighbourhood, they’ll have to cut back on spending – placing a pause on hosting extended family birthdays, going on vacations, and eating out.For Wills, and Canadians alike, the quarter point drop realistically isn’t going to make a massive difference in the short term, Douglas Hoyes, a personal finance expert in Kitchener, said.

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