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With current uncertainity in consistent 8 interest rates hikes effecting mortgage rates and monthly mortgage cost, the questions the home owners are wondering is that if the Bank of Canada continues hiking rates then what should I do now as a home owner?

The Bank of Canada has announced a 25-basis-point hike to its benchmark rate today to bring it to 4.5%, and this will likey bring the Prime rate to 6.7%, which effects variable rates mortgage only and not fixed rates mortgages, as fixed rate mortgages increase and decrease are dependendent on Bonds growth or declining.

This BOC rates also means, a further increase that would see mortgage costs spike once again for some or many borrowers.

Very likely this BOC rate hike is final, which are expected and may go down significantly sometime later this year.

Nobody has a magic wand to see the future to have a perfect answer, but the best course of action for mortgage holders with that anticipated hike in mind depends on their individual situation, and their ability and tolerance for further possible hikes down the line.

If you have fixed rate mortgage then nothing to worry about , unless and if your mortgage is coming up for renewal within this year.

The first question borrowers on a variable rate should be asking themselves is whether they can absorb the impact of past and today rate hikes, and a potential further increase by the Bank of Canada in its March 8, 2023 meeting.

If you have variable rate mortgage then question to ask yourself is, “Can you hold out and can you still afford those monthly mortgage payments based on current and next possible hike” . “If the answer is yes, and you’re in a position where you can do that for another 12 months after that, I would say hold out and then shortly after that, we’re going to expect to see rates starting to drop heavily.

“This being said, if you can’t hold out right now, if you feel the pressure, if it’s too expensive for you, or if you’re just sick of paying the rates that you’re paying right now, the bond yield has been incredibly volatile over the last three, four weeks, and there have certainly been some opportunities to lock in Very low fix rates on short 2 year and 3 year terms.”

Best of luck!

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