Time is Money - An Interest Rate Comparison

Yes, it now costs that much more to borrow money in Canada.

This means with the same parameters, buyers are qualifying for less and paying more for the mortgages they are able to get. However, it’s not all bad news heading into the final stretch of 2022.

The good news is that the Bank of Canada’s latest Policy Rate increase reflects a more balanced approach, and for good reason. With a recession looming, it’s time for our government to ease up on economic intervention in favour of respecting the Canadian citizens who will carry the burden of downstream effects for years to come.