The Bank of Canada recently hiked its overnight lending rate to five per cent, which represents a significant bump from the 0.25 Canadians saw just over a year and a half ago. This has left many Canadian mortgage holders, including those in Barrie and Simcoe County, facing impending crisis, or worse.
While those with a fixed-rate mortgage will face significant increases when it comes time to renew, those with a variable-rate mortgage are feeling the pinch every day. This includes Cora Cook, a Barrie-area esthetician who has been forced to put her family's dream home up for sale after their mortgage payments ballooned from $2,850 to $6,200 since moving into their Springwater home in January 2022.
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