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Bank of Canada hikes interest rate to 2.5% —

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Bank of Canada hikes interest rate to 2.5% — biggest jump since 1998


Economics | 123472 hits | Jul 13 7:22 am | Posted by: DrCaleb
7 Comment

The Bank of Canada raised its benchmark interest rate by the largest amount in more than 20 years on Wednesday, sharply increasing the cost of borrowing in an attempt to rein in runaway inflation.

Comments

  1. by avatar Strutz
    Thu Jul 14, 2022 12:51 am
    My mortgage isn't due for renewal until March 2023. I've been on a fixed rate of 2.94 for the last couple of years. I recently reinvested a GIC and have another up for renewal in November so I'll be talking to my advisor then about renewing my mortgage a few months early, if it is wise to do so then, which it may be.

  2. by avatar herbie
    Thu Jul 14, 2022 2:39 am
    Paid mine off a couple years ago. The first house I bought, mortgages were 18.9% at first.

  3. by avatar Strutz
    Thu Jul 14, 2022 5:12 am
    Ouch. I remember hearing coworkers complain about that rate back in the late 80's or so, well before I was in any position to purchase.

    Good for you being mortgage free herbie! That's awesome.

    I'm not overly concerned as I don't have much left to go so we'll see how it turns out.

  4. by avatar herbie
    Thu Jul 14, 2022 6:02 pm
    I actually paid it off twice, I remortgaged and remodelled 6 years ago.
    It's easy if you live where prices are reasonable. Even at 6% like the last time.
    People in Toronto/Vancouver are completely fucked though. Your homes are not worth $1M+, there are just a lot of fools and the desperate around who'll pay that.

  5. by avatar DrCaleb
    Thu Jul 14, 2022 10:25 pm
    "herbie" said
    Your homes are not worth $1M+, there are just a lot of fools and the desperate around who'll pay that.


    And a lot of greedy realtors who work on percentages.

  6. by avatar herbie
    Fri Jul 15, 2022 3:07 am
    Yes 7% was the MLS rate back when we got our first house. 7% of a million dollar property would've bought my first property and left change.
    The BC gov't also had a $5,000 first time buyers grant. Now it has a 3% property transfer tax. And if it's a new home there's now 7% GST in that price!
    Each level of gov't is making more tax than real estate commissions currently are. Do you think they give a shit that YOU can't afford a home? They'll happily hose the guy that can.

  7. by avatar Strutz
    Fri Jul 15, 2022 3:54 am
    "herbie" said
    I actually paid it off twice, I remortgaged and remodelled 6 years ago.
    It's easy if you live where prices are reasonable. Even at 6% like the last time.
    People in Toronto/Vancouver are completely fucked though. Your homes are not worth $1M+, there are just a lot of fools and the desperate around who'll pay that.

    The assessments of property values are ridiculous around here and have been for a few years now. I bought my place in 2009 and my current assessment is way more than double now since it was then. No fucking way I'd pay that now for what I have, yet, some people have even down the hall from me. I couldn't believe the selling price, even if it was all remodelled all "pretty", I mean... more than double in 13 years... wow.

    I'm not too worried about my renewal and like I said it'll be a matter of deciding whether to do it earlier and whether to to lock in fixed, which makes me more comfortable than a variable, but perhaps on a 2yr rather than 3yr.



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  • Strutz Wed Jul 13, 2022 4:47 pm
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