“Over the last 18 months, we’ve suffered 10 interest rate hikes, which have had a devastating impact on people who are already struggling to get by,” wrote Ford on Sunday.
“Inflation on mortgage costs for Ontario families is now at 30%. Worse yet, Canada’s major banks expect a spike in default on loans and mortgages directly resulting from these recent hikes,” he said. “People all across our province tell me they have to choose between paying their mortgage and putting food on their family’s table. Ontarians simply cannot cope with the higher monthly payments on their homes brought about by repeated interest rate hikes.
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