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Bank of Canada raises its interest rate to 5%
(www.cbc.ca)
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this post was submitted on 12 Jul 2023
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I'm sure there's an argument to be made about not buying things you can't afford, but looking at the graph in that article, people are going to get fucked on mortgage renewals. Anyone that locked in for 3/4/5 years are going to be renewing between now and the next couple of years and going from BOC rate of 0.25% to 5% or more is going to hurt.
Someone I know is looking at renewing their mortgage in the next couple of months and they're already looking at a jump from 3% to >6%.
Yep. It's like this is specifically targeting people who could finally fucking afford to buy homes in their thirties and jumped on it before it was too late. (I know it isn't actively malicious, but the effects down the line - and let's just throw in https://lemmy.ca/post/1338829 while we're at it - are going to be horrendous).