User Tag List

Results 1 to 13 of 13
Like Tree30Likes
  • 4 Post By MortgageQueen
  • 4 Post By GoodBoy
  • 3 Post By walkonby
  • 3 Post By GoodBoy
  • 2 Post By Ciel
  • 1 Post By super807
  • 3 Post By Tommycoupons
  • 1 Post By walkonby
  • 4 Post By Colsgirl
  • 1 Post By Frugalbigmama
  • 2 Post By brunt
  • 2 Post By Colsgirl

Thread: Bank of Canada raised rate 1/4% today

  1. #1
    Luv Saving People Money MortgageQueen's Avatar
    Join Date
    Mar 2010
    Posts
    3,398
    Likes Received
    6215
    Trading Score
    0 (0%)




    2
    BOC raised the rate .25% to what is now .75%. Banks are raising their prime rates starting tomorrow. With the exception of TD (3.1%) most lenders now have a prime rate of 2.95%

    FYI
    This thread is currently associated with: N/A
    Natalka, barbis9, Ciel and 1 others like this.


  2. #2
    Easy Glider in London UK GoodBoy's Avatar
    Join Date
    Mar 2017
    Location
    Spreading my time between Canada and London UK - Love London UK!
    Posts
    1,364
    Likes Received
    5011
    Trading Score
    0 (0%)




    ... and now all those who were on the cusp of not being able to pay their mortgages or other debt will be pushed over the line...
    Colsgirl, barbis9, Ciel and 1 others like this.

  3. #3
    no more door to door! :) walkonby's Avatar
    Join Date
    Jul 2010
    Location
    Scarlem
    Posts
    34,906
    Likes Received
    50650
    Trading Score
    24 (100%)




    ^^ they were warned oh so many times.
    barbis9, Ciel and GoodBoy like this.






  4. #4
    Easy Glider in London UK GoodBoy's Avatar
    Join Date
    Mar 2017
    Location
    Spreading my time between Canada and London UK - Love London UK!
    Posts
    1,364
    Likes Received
    5011
    Trading Score
    0 (0%)




    Quote Originally Posted by walkonby View Post
    ^^ they were warned oh so many times.
    100% agree - yet most never listened and extended themselves even more... I see my neighbours with young families now fretting big time and yet it was fine to have the big vacation and the third car (for 2 people!!). Sometimes I just shake my head! :o
    barbis9, Ciel and walkonby like this.

  5. #5
    Dancing bean paste bun Ciel's Avatar
    Join Date
    Jul 2009
    Location
    Ontario
    Posts
    11,634
    Likes Received
    13754
    Trading Score
    12 (100%)




    Quote Originally Posted by GoodBoy View Post
    100% agree - yet most never listened and extended themselves even more... I see my neighbours with young families now fretting big time and yet it was fine to have the big vacation and the third car (for 2 people!!). Sometimes I just shake my head! :o
    Maybe having to decide between the mortgage payment or food will help shift their priorities. Or a sudden garage sale.
    barbis9 and walkonby like this.
    2017-Year of the Rooster

  6. #6
    Smart Canuck
    Join Date
    Jan 2012
    Location
    Ottawa, ON
    Posts
    1,522
    Likes Received
    2965
    Trading Score
    121 (100%)




    Quote Originally Posted by GoodBoy View Post
    ... and now all those who were on the cusp of not being able to pay their mortgages or other debt will be pushed over the line...
    That will only affect those with variable rate mortgages. Those with fixed rates won't see any changes until their current term ends. Not saying there aren't people that have taken on far too much debt, and clearly low rates have led to some buying houses with price tags much higher than they would have with higher rates, but this Bank of Canada move, and the next one they will likely announce later this year, won't have immediate visible effects for most.
    barbis9 likes this.

  7. #7
    Smart Canuck
    Join Date
    Jun 2012
    Location
    SK
    Posts
    1,596
    Likes Received
    3041
    Trading Score
    0 (0%)




    Oh the banks are so thoughtful the last .25% reduction was passed on to the consumer as .15% and now this .25% increase was passed along as the full .25% Thank you Canadian Banks for pocketing some of the last decrease and allowing me to have the full increase.
    Colsgirl, barbis9 and walkonby like this.

  8. #8
    no more door to door! :) walkonby's Avatar
    Join Date
    Jul 2010
    Location
    Scarlem
    Posts
    34,906
    Likes Received
    50650
    Trading Score
    24 (100%)




    another bump today

    Bank of Canada raises key interest rate to 1 per cent
    The Bank of Canada has raised its key overnight lending rate to one per cent, its second rate hike since July.
    Watch CP24 or visit CP24.com for details as they become available.
    Frugalbigmama likes this.






  9. #9
    Smart Canuck
    Join Date
    Jul 2008
    Posts
    3,144
    Likes Received
    1189
    Trading Score
    8 (100%)




    Quote Originally Posted by walkonby View Post
    another bump today

    Bank of Canada raises key interest rate to 1 per cent
    The Bank of Canada has raised its key overnight lending rate to one per cent, its second rate hike since July.
    Watch CP24 or visit CP24.com for details as they become available.
    We knew it was coming> I work with lots of young people who have huge mortgages (the sort of numbers that would stop me sleeping at night). They are ok for now as they have 5 yr fixed rate, but I dread to think what the rate will be in 5 years.
    Open an account with EQ Bank Savings Plus Account, they pay 2.30 % no minimum balance required, use my referral code: RE-F027830200195 and you and I will both get $25 when you open an account www.eqbank.ca before June 20, 2017!

    Open an account with Tangerine (ING) using my ORANGE KEY: 44683723S1. www.tangerine.ca

  10. #10
    Canadian Genius
    Join Date
    Apr 2013
    Location
    North of Toronto
    Posts
    6,970
    Likes Received
    31618
    Trading Score
    53 (100%)




    Quote Originally Posted by Colsgirl View Post
    We knew it was coming> I work with lots of young people who have huge mortgages (the sort of numbers that would stop me sleeping at night). They are ok for now as they have 5 yr fixed rate, but I dread to think what the rate will be in 5 years.
    Yup very stupid. I like to sleep at night
    dededi likes this.

  11. #11
    tightwad and proud of it! brunt's Avatar
    Join Date
    May 2009
    Posts
    499
    Likes Received
    499
    Trading Score
    0 (0%)



    A half of a generation of low interest rates has been a once in a multi-lifetime opportunity to pay down debt easily. All too frequently, this opportunity has been squandered as it also became easier to increase ones debt in the short term.

    I have had numerous discussions with people who have told me earnestly that "the government won't let rates go up" - the government does not set interest rates, the market sets interest rates. They can poke and prod to try to push rates in the short term into a given direction, but ultimately, the rates are set by the bond market.

    So yes interest rates can and will increase. If you are in a position where you cannot financially handle higher rates, then you best rearrange your matters so that you can.

    My first mortgage was at 12.625% and that was down significantly from a few years before.
    barbis9 and dededi like this.

  12. #12
    Smart Canuck
    Join Date
    Jul 2008
    Posts
    3,144
    Likes Received
    1189
    Trading Score
    8 (100%)




    Quote Originally Posted by brunt View Post
    A half of a generation of low interest rates has been a once in a multi-lifetime opportunity to pay down debt easily. All too frequently, this opportunity has been squandered as it also became easier to increase ones debt in the short term.

    I have had numerous discussions with people who have told me earnestly that "the government won't let rates go up" - the government does not set interest rates, the market sets interest rates. They can poke and prod to try to push rates in the short term into a given direction, but ultimately, the rates are set by the bond market.

    So yes interest rates can and will increase. If you are in a position where you cannot financially handle higher rates, then you best rearrange your matters so that you can.

    My first mortgage was at 12.625% and that was down significantly from a few years before.
    My first mortgage was 15.00% in the 1990's.
    barbis9 and dededi like this.
    Open an account with EQ Bank Savings Plus Account, they pay 2.30 % no minimum balance required, use my referral code: RE-F027830200195 and you and I will both get $25 when you open an account www.eqbank.ca before June 20, 2017!

    Open an account with Tangerine (ING) using my ORANGE KEY: 44683723S1. www.tangerine.ca

  13. #13
    CaNewbie
    Join Date
    Aug 2017
    Location
    USA
    Posts
    7
    Likes Received
    5
    Trading Score
    0 (0%)



    The increase is big, but what can we do about this? lol Right now, I've been talking with my investing chat room group, to seek for alternative that we can get profits or rewards. As always it is easy to lend money but hard to pay them back due to this increase rate. It's time to manage finances!

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •