the biggest interest rate hike in decades aimed at tempering rising inflation, Canadians have been assessing the impact on their purchase decisions and financial futures.Canadians what impact the unexpectedly large rate hike will have on their lives.
Kevan Spice, another homeowner from Alberta, emailed to say that the interest rate increase is driving him to a financial “breaking point.” Another Canadian homeowner, Tjreddy Pierrefonds, who did not disclose a location, wrote that costs towards vacations, home improvements and entertainment expenses now need to be cut to offset the increase in payment.'POSITIVE' IMPACTS:
“I'm not a homeowner and my business does not own our space, and lately there's been no hope of that ever changing,” he wrote to CTVNews.ca. “The only place where my money has had any chance of growth for several years now has been the markets, which have now tanked and wiped out a significant amount of my wealth. The pandemic has crippled my business substantially and we haven't come close to bouncing back yet .
The pure reality of a Justin Trudeau led country.
Keep voting liberal Canada!
Once again we see that elections matter. The gov borrowed money so u wouldn't have to 🤣🤣🤣. Budgets balance themselves 🤣🤣🤣. Grow the economy from the heart out.
Could have taxed the rich instead
When someone (many people) say 'I have a $70k truck and a million dollar house', my response is: 'you're totally screwed ... or do you make a few million a year?'.
In short ... while we may have had low interest rates for many years lately, that is not normal historically. Stop assuming rates won't fluctuate and in our current world, they may fluctuate wildly. People have got used to not thinking about interest rates ... crazy.
I guess if you're maybe 40 and under this would be strange to you. Used to be interest rates went up and down quite a bit. I bought a car in 1990 at 15.75%, totaled it and bought a new one 6 months later at 1%. My childhood (1970s) savings account had a 10% interest rate.
Canadians deserve what they elected, and the worst has yet to begin.
Dutch farmer protests might have something to do with rising costs. Should you choose to cover that massive story
Wait until The Rates hit 30% then we will be Totally Screwed..The News for the later Horizon of Increase’s in another Year or Two is being Projected to Hit 30%…
How many of them said two years ago that 'the economy will bounce back and human lives are more important than money and an economy'? The conspiracy theorists said this would happen if lockdowns remained. We planned and prepared. I guess choices really do have consequences
If you gamble on the variable rate you can get the 'horns' of rising rates. Recent news showed about 30% of Canadians have no clue how the BoC rate affects the mortgage rates etc. They are about to learn a hard lesson.
If Covid didn’t break the family unit this should do the trick.
Suck it up ForwardForEveryone cafreeland ctvqp
Many with variable mortgages are really going to be hit hard. Especially home owners without a lot of equity.
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