Bank of Canada warns homeowners of increasing mortgage

Bank of Canada warns homeowners of increasing mortgage rates in the near future,
the bank of canada’s strategy of raising interest rates is beginning to affect canadian homeowners,
many now being warned to brace for a huge spike in their monthly mortgage payments.

The economy can handle indeed needs higher interest rates,
and given the unsustainable strength of housing activity,
some moderation in housing would be healthy.

Regular mortgage payments increase by as much as 30 percent over the next five years,
that is also putting off potential home buyers.

They doubling down making sure that people are prepared for higher interest rates,
they raise rates for the second time at 2.5 or 50 basis points,
and that was already called an oversized rate hike.

And now basically saying that canadian mortgage holders,
those in debt need to get ready for higher interest rates,
because they’re coming.

They sure a 0.5 hike again in July, and now also talking about a 0.75 percent hike,
the governor basically saying that he wants to get 2 about 3 percent,
or believes that he needs to get to about 3 percent overnight lending rate,
before inflation is going to get under control.
That’s why Bank of Canada warns homeowners of increasing mortgage rates in the near future.

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