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

  1. #1
    Luv Saving People Money MortgageQueen's Avatar
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    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%

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    ... 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...
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    no more door to door! :) walkonby's Avatar
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    ^^ they were warned oh so many times.
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    babies teach us acceptance

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    Easy Glider GoodBoy's Avatar
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    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
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    Bean bun going offline Ciel's Avatar
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    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.
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    2021-Bring on the sunshine, sweets & online shopping.

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    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.
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    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.
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    no more door to door! :) walkonby's Avatar
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    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.




    babies teach us acceptance

  9. #9
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    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.
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    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
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  11. #11
    tightwad and proud of it! brunt's Avatar
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    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.
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  12. #12
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    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.
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  13. #13
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    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!

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