What the Bank of Canada's latest rate hike means for mortgage holders

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Canadians who watched the cost of taking out a mortgage steadily increase over the last year were dealt another blow when the Bank of Canada upped its interest rate to 4.5 per cent Wednesday.

with a variable rate, homeowners should expect to pay $20 more per month, LowestRates.ca said.

Based on the Canadian Real Estate Association saying the average Canadian home sold for $626,318 last month, a variable rate of 5.25 per cent will mean monthlypayments become about $3,341, an increase of $80 per month.

 

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Lockdown was good for them. People are blind. They knew what they were doing. “Stay home, work and pay a lot more later”

Means nothing to me. I'm good until 2026. In the meantime, I stock pile extra income into TFSA-GICs, so when I have to renew I can pay down a huge lump sum. I don't trust BOC as far as I can throw them so when they told everyone rates would stay low, I refi-ed and locked in 2.52%

It means ya'll are fxked!! Hopefully ya'll go bankrupt, houses drop their price tag and I can finally buy

It means the 'bank' is going to gain a lot of foreclosures in the coming year

If you need to read an article on how a rate hike effects your mortgage, you probably shouldn't have a mortgage....

foreclosures

🖕🏻bankofcanada

Back in 1983 my first mortgage was 17%. and we made it work. we couldn't afford the bigger house.

The biggest source of inflation in my household has been the increases in my monthly mortgage payments that are 100% a result of Bank of Canada rate hikes. The federal government is my 1 source/cause of inflation. Stop it! And where is all the extra interest collected going?

It means people r going to lose they’re houses when they renew if they have a high mortgage, just like in the late 1980’s, so many power of sales, Thank Trudeau for nothing about economy, just give money away and raise taxes

That worse days are ahead, what else?

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