Among Canadians impacted by the Bank of Canada's latest benchmark interest rate hike are Kartik Soni, left, who is in a variable-rate mortgage, and Anne Leitch of Kilworth, middle, who has a fixed-rate mortgage. Amandeep Singh's mortgage rate is also fixed.its benchmark interest rate by a full percentage point to 2.5 per cent last week.
Soni has a variable-rate mortgage on the home he bought in London after moving from Brampton with his family six months ago."In January this year, I was paying somewhere around $1,920 and now I'm paying $2,500," said Soni of his monthly mortgage payments.Both Soni, left, and Singh moved to London within the last six months and are concerned about how the interest rate hikes will affect their mortgages.
Singh moved from Manitoba to London two months ago because his family didn't like the winters there, but home prices are much more expensive in Ontario. Singh figures once he negotiates the terms of his new mortgage, he'll also be on the hook for another $500 a month.Like Soni, he hopes his wife can get a better job. "She's working remotely, but she's looking for something bigger because we cannot survive in that."
Source: Loan Digest (loandigest.net)
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