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What homeowners should know after Bank of Canada’s rate hike
“What you do will depend on how tight your finances are, how close you are to finishing paying off your mortgage, how quickly you can plan on paying it down, and what your outlook is for the economy and rates generally,” said James Laird co-CEO of Ratehub.ca and president of mortgage brokerage CanWise Financial. Most mortgage holders in Canada have a mortgage term of five years or less, whether its a fixed-rate or variable-rate mortgage. Samantha Brookes CEO of Mortgages of Canada has received a lot of calls in recent weeks from clients up for renewal soon and the top questions she asks them are: how much debt are they carrying, if they can renew now with the debt they are carrying and whether they can continue to carry the debt for the next couple of years.
