Any reprieve from the rate pain will depend heavily on four developments:
- Higher unemployment (Next jobs report: July 7)
- Slowing GDP (Next GDP report: June 30)
- Tumbling core inflation (Next inflation report: June 27)
- Easing home values (Next real estate board reports: first week of July)
The BoC interest rate announcement on July 12 is probably pretty significant too. 😬
As someone with a renewal coming up in November, I guess I’m interested to see just how much danger I’m in. How exciting?
I had to go back and check. We are only 1 year into interest rate hikes. The maximum effect is probably going to be around year 3 or 4 when the majority of low interest mortgages have renewed into high interest.
Good luck for yours. Things are going to get expensive!