To combat record inflation, the Bank of Canada has issued several rate hikes in order to increase the interest rate for borrowers, and
rising, it also makes trying to purchase a new home even more difficult. “We spoke to our mortgage broker a couple of days ago,” says Small, “and he’s unsure if we can carry [our existing mortgage], which just adds all the stress to knowing what we can afford.”
“We’re more aware of inflation,“ says Small, “and trying to navigate that is something we consider with every purchase.” “It’s painful,” says Charbonneau, “but it’s part of the process. Otherwise, we get into a much worse situation.”The good news is that, in Charbonneau’s eyes, the rate hikes will end soon.
“By the time October comes around, the data will suggest that [the Bank of Canada] can take a pause.” The neutral rate is a rate that doesn’t stimulate or restrict the economy. Presently, the estimated neutral rate is 2.5 per cent.
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