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Over a Third of Canadians Canβt Pay Their Mortgages Anymore
A recent survey by REMIC uncovered that one-third of Canadian homeowners express regret about their current mortgages, primarily due to concerns about affordability and feeling stuck with unfavourable rates. The findings highlight a significant need for increased financial awareness as homeowners navigate the challenges posed by recent interest rate hikes.
The Bank of Canada Holds Rate at 5% but Warns About Rate Increases Later Down the Road.
The Bank of Canada has opted to maintain its benchmark interest rate at 5%, marking the second consecutive instance in which the central bank has refrained from adjustments. This could indicate a shift towards a more conservative stance, given the ten rate increases enacted in the past year.
Where will the next generation live?
Toronto housing has simply become unaffordable. Some experts suggest there's a 0% chance of affordability ever returning to the GTA real estate market. As mortgage interest rates continue to rise, this has resulted in a significant decline in home sales activity. Where will the next generation live?
Bank of Canada Holds Rates at 5%! What Does It Mean for You?
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5ΒΌ% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.