Is that enough people out of work for the Bank of Canada to stop trying to bankrupt mortgage paying Canadians?
It won’t be enough until they see foreclosures. Just hope they stop tightening before you’re up.
Currently my biggest fear.
We make good salary and have a mortgage half the amount the banks approved us for.
But we took bad advice from our broker to take variable when the rates were at 5% fixed because “they can’t keep it this high for long so it’ll come back down. You don’t want to buy high and sell low”
Hoping trusting that advice isn’t enough to sink us.
I remember paying 22.5% interest on my mortgage when I was young.
Buckle up
When mortgages were 100k.
22.5% today would cause literal riots in the streets.
This is Canada, we don’t riot. Maybe QC.
I can still see my pregnant wife with our toddler by her side standing in front of an empty pantry.
Things were tough
Meanwhile the federal government is worried about population demographics and spurring immigration in response.
A nice game of tug of war. Inflation will be with us for a while…
With the way the 3 levels of government are structured, federal, provincial and municipal, along with independent agencies like the BoC, is it really surprising that we get disjointed, misaligned policies? On the other hand, we know that centralizing and streamlining the chain of command can lead to too efficient policy making that can efficiently introduce bad policy… 😔
I see that we’re winning the fight on inflation.
