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Originally Posted by pseudoreality
This jobs report combined with the US saying they are not pausing on raising rates makes me think that the BOC is going to re-think taking a pause on increasing rates. We'll see.
It is funny how people's opinions are so biased based on their personal situation. Personally, I have no consumer debt and my mortgage is fixed for another 3.5 years. However, inflation is kicking my butt with the increased cost of goods and services. Also, my employment is not dependent on cheap money. So if raising interest rates can help combat inflation, I'm all for it.
On the other hand, people who gambled on variable-rate mortgages, have been snorting cheap consumer debt, or are in industries fueled by cheap money feel the direct pinch of interest rate hikes.
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This is where things really start to get concerning for the market overall in Canada. A lot of people locked in mortgages in 2020 and it looks like when they start renewing in 2025 that rates are going to be substantially higher than where they were a couple years ago.