Quote:
Originally Posted by The Fonz
https://www.wsj.com/livecoverage/fed...ates-june-2022
Someone more knowledgeable on this please correct me if I'm wrong, but doesn't the BOC typically lead the Fed by about .5 of a percentage point? That'd put our BOC rate at 3.5% to 3.8% by year-end, and Prime rate at about 5.5% to 6.0%.
These Prime+1% HELOCs may very well be paying 6-7% interest by end of 2022.
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Really curious what the average HELOC balance for those who have drawn on their HELOC. There's stats available on # of mortgages
https://cba.ca/mortgages-in-arrears and $ of HELOC drawn
https://www.bankofcanada.ca/rates/ba...credit-helocs/ but hard to find info on # of mortgages that have actually drawn on their HELOC.