Canada completely relies on housing. So many people work in a field related to it. The average person is in WAY over their heads with debt. But they are counting on prices to continue to rise forever and rates to remain low. Wishful thinking!
In your opinion how much further do rates have to rise before people start sinking?
Canadian banks have increased mortgages rates. They didn’t wait for the central bank to do so. This can happen at any time in any country. Don’t think it must be the central bank who directly increasing the rates you pay. This is now the second time in a row that this has happened in Canada. It will probably happen again once the Bank of Canada increases interest rates. A double whammy. Are you ready?
RBC hikes mortgage rates, joining TD – The Globe and Mail
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