TORONTO — The Bank of Canada increased its key interest rate by one percentage point Wednesday in the largest hike the country has seen in 24 years.
Leah Zlatkin, a licensed mortgage broker with Lowestrates.ca, said in a release that every $100,000 someone holds in a variable rate mortgage will result in about $55 more in costs per month. "It's going to be a situation where a lot of people are going to be rethinking whether they can continue to afford that home," she said.
"A lot more of their money is going to be going to interest and they probably want to up their payment, if they can, to cover that and make sure they get out of that debt quickly," Campbell said. If you can't pay off your debt and your financial situation isn't set to improve, she recommends seeking help from a licensed insolvency trustee.Between inflation, supply chain snags, shortages and rising rates, most goods and services are becoming more expensive.
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