The Bank Of Canada interest rate went up a full 100 basis points today. The BoC announced Canadians can expect further increases this year in an attempt to ease record inflation.
Speaking with a TD advisor (i’ve known this person for over 20 years) – they are being told customers will likely see a full bank prime rate of over 8% at all Canadian banks by the end of the year.
An 8% bank prime rate is unprecedented and will collapse the housing market. It will put millions of Canadians into risk of foreclosure.
No one. Absolutely no one.
WILL BUY A HOME AT 8% PRIME.
There is no doubt this is being done to purposely destroy the housing market and put Canadians in financial ruin.
8% is not a correction rate, a recession rate, or a depression rate. 8% is criminal.
h/t DMIX333