As many of you may have already heard, today the bank of Canada increased its rates again by half a percentage point to one percent, in its latest move to rein in high inflation. It’s the biggest one-time increase in central bank’s rate since 2000.
Economists were expecting the move, and with inflation flirting with six per cent, they expect more to come, at least until the central bank’s rate gets up to two per cent and possibly beyond. [Pete Evans· CBC News]
What does that mean for mortgages? A .50% increase in rate is equal to $24 per $100,000 on your mortgage each month. Calculate what it means for you at: Mortgage calculator
The good news is that COVID restrictions continue to lift, helping businesses grow and making us feel more comfortable as we can go out more freely. This in turn helps our economy.
I can’t stress enough that if you are feeling uncomfortable or anxious about your mortgage and/or mortgage needs, let’s talk.
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Lisa Reynolds, B.A.Sc, AMP
Your Mortgage Broker | Real Mortgage Associates #10464
T: 289.259.5095 | F: 289.348.0465