“Not surprised. It was pretty expected,” said Peter McGrath, a Kelowna mortgage broker with Axiom Mortgage Solutions. “So that 25 basis points is kind of in line with what everyone was expecting.”The latest hike is the first of 2023 but the eighth consecutive one in less than a year as the Central Bank works to curb inflation.
McGrath told Global News that for the average homeowner with a variable mortgage, the latest increase will amount to about $15 more per every $100,000 of borrowed money. “So that isn’t really going to be a massive hit to the pocketbook, however, there’s a lot of backlog and planning that has already had a lot of stress to families.”
For those on fixed mortgages who are facing renewal, the hit as a result of the continued hikes may be substantial. “You’ll be affected by your renewals coming up and it’ll go from where you had it five years ago to today’s rates,” McGrath said. “It could be a big jump.”
Just watching your news. You reported said the protesters are protesting the restrictions the government has forced on Canadians. They are not over! In BC nurse’s can’t go back to their jobs!! How is that not happening? Maybe you need to look closer at real people not just MPs!