Wednesday’s one per cent hike — the largest single increase since August of 1998 — surprised most economists who were anticipating a 75 basis point increase in line with the U.S. Federal Reserve.The hike means a typical variable rate mortgage of 2.7 per cent on a home priced at the national average of $711,000 would see monthly payments increase from $2,845 to $3,168 — a difference of nearly $325 per month.
The rising interest rates this year have already started to cool off Canada’s white-hot housing market, with home prices seeing their first declines in nearly three years. Macklem said Wednesday’s oversized rate hiked reflected “very unusual economic circumstances” of “too high” inflation and increased consumer anxiety, which requires drastic action to reverse.Bank of Canada projects ‘soft landing’ approach to addressing inflation
In a note, CIBC senior economist Karyne Charbonneau said the Bank of Canada raising its key rate to a peak of 3.25 per cent is now more likely.
Should have got a fixed rate. Sucks but You knew the risk.
Meanwhile as people struggle and the world is going into chaos. Trudeau posts a picture of how happy he is sucking kn the ice cream. I love it. ❤
Not a shock at all. Everyone knew this was coming. Id they're shocked they weren't paying attention.
So $200 is difficult to pay. Even must of them have rented their basemnts for more than half of their mortgages. What a shame.
Sucked in by realtors!
So, people bought these houses and didn't lock into the lower rate? They had to know that mortgage rates were going to go up.
Realistically, she purchased while prices were hot. She didn't consider taking a longer term or a fixed 5 year term. It's a fact of life when choices are made and now you have to live with it. She has to adjust like the rest of us.
Well they printed and gave away billions during covid now they are trying to offset the damage of that by raising rates. Everyone thought getting paid to stay home would have no repercussions ?
In response to this news, Canada's PM JustinTrudeau tweeted that he had ice cream today at Mimi's Donuts, and 'Emily let him come and satisfy his cravings'. Best PM ever! ❤🇨🇦
Carbon tax rebate should cover that 😆
Canada is a joke fuck the new world order and this blatant attack on everyday Canadians. Remember come fall when they ask you to do CoVid again we must stand up and say no
Is she in the news in hopes someone else would pay it, generally how it works!
Canada needs 5% bank rate, and it is only 2.5%.
Just wait till you see what’s coming next 👍
She should have done a fixed 5 year term
I'll bet she voted Trudeau cuz 'he's so good looking'. Couldn't care less if liberals can't afford their houses. When vote in a r3trd that builds the economy 'from the heart out', you get what you deserve.
Hire rates impact lower income individuals more so.
ah that's nothing, ... next up is a severe recession with millions of job losses ... then we'll see how happy the covid lockdowners and covid cartel feels ... with a broke economy, rich won't be affected and the rest will get put on living wage assistance
Ya think, stop supporting the liberals, theJagmeetSingh this means you would have to stop propping them up. FYI Jags, Canadians did not want the Russians turbine’s returned and you did that !
Homeowners have already seen their asset values rise and have become rich flipping. Time to think of others
Rates aren’t that high. In the early 1980’s they were close to 20%.
Same Canadians who are complaining are the one's who are continually voting Liberal over and over again
Great form
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