Take someone who has a mortgage of $278,748 with a current interest rate of 3.1 per cent, and 23 years left in their repayment period. TheirFor every 0.50 per cent increase, their mortgage costs them an extra $72 in interest every month.
When rate hikes hit a three-quarter per cent or higher, “of course as a private individual with a mortgage, I’m not too happy,” says Lander. “But at least I understand what the objective is, and you do what you have to do.
“The Bank of Canada has given warnings,” says Lander. “And so there’s time that Canadians can, at the margin, adjust their behaviour — and it doesn’t require the wholesale selling of your home.” This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Now do it again…
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