Fast forward to September 2023. The Bank of Canada has hiked its rate 10 times, taking it to 5 per cent and the
The amount going to interest on Bob’s variable-rate loan soared from about $500 a month to more than $2,000, a fourfold increase in the less than two years, said the study. Mortgagors on variable-rates often have the option of switching to a fixed-rate, or even refinancing their loan. But the stop and go of central bank rate hikes this year has made decision-making more difficult.Article content
That decision depends on the homeowner’s financial circumstances and where lending rates are when a mortgage is renewed, he added.The Bank held its rate this month but left the option open.After the data came out Tuesday, chances of an October hike doubled to 41 per cent with markets fully pricing in another increase by the first quarter of 2024, said mortgage analyst Robert McLister in his newsletter MortgageLogic.news. Cuts were off the table for the next 12 months.
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