In one scenario, the report said monthly mortgage payments could jump by as much as 45 per cent upon renewal in 2025-26 for some who took out mortgages in 2020-21. The overall increase in monthly payments during that period for all types of mortgages would be 30 per cent.
The Bank of Canada has signalled further rate hikes are on the horizon as inflationary pressures continue to build. The June hike in borrowing costs was the third in a row, and the last two were uncharacteristically large half-point increases.Article content On Friday, economists at CIBC Capital Markets changed their rate forecast due to signs of worsening inflation, reasoning that could cause the Bank of Canada to raise rates higher than expected. CIBC raised its call to a peak of 2.75 per cent for the overnight rate, up from a previous forecast of 2.5 per cent.
Rising rates have already had a cooling effect on housing markets in some areas. Toronto home prices fell for the third straight month in May, with the average selling price dipping three per cent to $1.21 million in a market that has been on a tear for years, other than a slowdown in the early days of the COVID-19 pandemic. In Montreal, prices fell in both April and May.
Manulife Bank has been conducting debt surveys for more than a decade. The latest, conducted online by Ipsos between April 14 and 20, surveyed Canadians across the country between the ages of 20 and 69 with household incomes of more than $40,000. National results were weighted by gender, age, region, and education, and Manulife Bank said the survey has a credibility interval of +/- 2.5 per cent 19 times out of 20.
financialpost But they’ve barely raised and aren’t even at pre-pandemic levels. Anyone that got a variable rate mortgage instead of fixed rate at such low rates over past couple years is a moron too
financialpost If interest rates were not already at historic lows perhaps we wouldn’t be in this pickle…
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Nearly 1 in 4 homeowners would have to sell if interest rates rise more, survey findsNearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey from Manulife Bank of Canada. incoming supply... Keep voting for nice hair, ladies! This is exactly what the federal liberal/NDP are hoping for. So misguided as 70% of Canadians own their primary residence and will never vote for either party for the next 25 years.
Source: CTVNews - 🏆 1. / 99 Read more »
Bank of Canada says some Canadians could see mortgage payments jump by 45% in 2025-26 as rates riseICYMI: Bank of Canada says some Canadians could see mortgage payments jump by 45% in 2025-26 as rates rise – via financialpost Economy
Source: VancouverSun - 🏆 49. / 61 Read more »
Bank of Canada says some Canadians could see mortgage payments jump by 45% in 2025-26 as rates riseICYMI: Bank of Canada says some Canadians could see mortgage payments jump by 45% in 2025-26 as rates rise – via financialpost Economy financialpost So anybody out there still think this wasn't done by design? Repeat of 2008-2009 recession or worse. Build Back Better my ass. financialpost Thank liberals financialpost That's the chance you take when you grossly overpay for a house to begin with.
Source: nationalpost - 🏆 10. / 80 Read more »
Income rose faster than debt for Canadians in first quarter, Statistics Canada saysStatistics Canada says the amount Canadians owe relative to their income pulled back in the first quarter from the record level set in the fourth quarter of 2021 as incomes grew faster than debt. Lol. 'But much slower than Trudeauflation' That's where the issue is. That won’t be the case for the second quarter. Families are starting to get hit hard with inflation, economy going to start to slow and jobs will soon start to disappear. Trudeau doesn’t give a rats ass as long as he can screw everyone on this Woke Green Agenda. 🤣🤣 not for long.
Source: CP24 - 🏆 30. / 67 Read more »
Posthaste: Chances of 75 basis-point rate hike from the Bank of Canada just went up\u0027The chance of the Bank of Canada following through with its hint of a larger 75 bp interest rate hike in July have risen\u0027 This guy is incompetent- he should have raised rates last year, the horse has left the barn. He is just going to cause a recession. Yay recession! Good thing Trudeau borrowed all that money to spike the housing market so it can fall and put everyone in negative equity!
Source: nationalpost - 🏆 10. / 80 Read more »
Key household debt-to-income ratio down in first-quarter as income rises faster than debtStatistics Canada said household credit market debt as a proportion of household disposable income fell to 182.5 per cent Lol just wait it be even faster if taxes were lower and we wouldnt have to pay for freeloaders ya ok
Source: globeandmail - 🏆 5. / 92 Read more »