The Bank of Canada just announced their 3rd rate hike of 2022, and third in a row, raising the overnight rate to 1.5%. This equals 1.25% in hikes in just 4 months, rapidly changing the landscape - and peoples borrowing power and payments. The most recent time rates increased was during 2017 to 2018 where it took a whole year to increase by 1.25%.
Understandably, people are on edge wondering what's going to happen to their mortgage and other debt payments, buying power and the real estate market in general.
Our special guest Mychal Ferreira from the Bank of Montreal sheds some light into what you should be doing, what a Trigger Rate is and if it might affect you and how many more hikes you can expect this year.
www.thevancouverlife.com
mychal.ferreira@bmo.com
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