• Rumblestiltskin@lemmy.ca
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    1 year ago

    Is that enough people out of work for the Bank of Canada to stop trying to bankrupt mortgage paying Canadians?

    • dom@lemmy.ca
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      1 year ago

      It won’t be enough until they see foreclosures. Just hope they stop tightening before you’re up.

      Currently my biggest fear.

      We make good salary and have a mortgage half the amount the banks approved us for.

      But we took bad advice from our broker to take variable when the rates were at 5% fixed because “they can’t keep it this high for long so it’ll come back down. You don’t want to buy high and sell low”

      Hoping trusting that advice isn’t enough to sink us.

      • sbv
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        1 year ago

        I guess you can’t lock in?

        • dom@lemmy.ca
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          1 year ago

          I can at 1% higher than my rate… so 7%

          I’ve got over 4 years left in the term.

          I dont know what the right decision is because if it doesn’t actually go up again then we’re paying insane interest for the whole term.

          I’m again worried about the “buying high, selling low” due to fear on my part

          • sbv
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            1 year ago

            I can at 1% higher than my rate… so 7%

            Oof. That is punitive. Your mortgage broker gave you terrible advice.

            • dom@lemmy.ca
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              1 year ago

              Yup. I honestly don’t know what to do and don’t know who to trust at this point.

    • markev@lemmy.ca
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      1 year ago

      Meanwhile the federal government is worried about population demographics and spurring immigration in response.

      A nice game of tug of war. Inflation will be with us for a while…

      • neighbourbehaviour@lemmy.world
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        1 year ago

        With the way the 3 levels of government are structured, federal, provincial and municipal, along with independent agencies like the BoC, is it really surprising that we get disjointed, misaligned policies? On the other hand, we know that centralizing and streamlining the chain of command can lead to too efficient policy making that can efficiently introduce bad policy… 😔