This is what I don't understand.
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Mortgage interest costs have increased by 30.6 per cent in the past year. That's another record year-over-year gain, and the largest single factor in the increase in the overall inflation rate.
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This is a direct result of the rise in interest rates, being used to bring down inflation. So your inflation taming tool, is the biggest factor in causing more inflation. Isn't this just the snake eating itself? It all seems like quite the scam at this point.
I'm on a variable and my mortgage could double and we'd still be fine. We wouldn't like it, but we wouldn't be on the street. We didn't buy over our heads. But some people in the entry market, had no choice. If they wanted a home to call their own.... they had to stretch to their limit, that or continue to overpay for rent. I feel for those people.
Is Tiff Maklem gonna go beat his meat for hours when thousands of people start losing their homes? Is this guy getting off on destroying families, putting people on the street and driving them into financial ruin? We had a guy on our street self delete a couple months back, and word through the grapevine was it was directly related to these interest rates. Covid caused him to skate a fine line as it was and these rates were the final nail in the coffin and ruined him financially.
I really think they need to pause for a good 6 months and let these rates sink in a bit.