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Smh
The Official Toronto Discussion Thread
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Smh
in what retarded world are stagnant wages that don't match inflation paired with everything else rising to match inflation?
they really said fukk you pay me to everyone.
fukk the BOC. Straight up. Thry ducked up so hard and are now panicking. A lot of recent buyers including first time home buyers are going to get fukked hard for something that was avoidable. All the money printing all the lockdowns, head of BOC, prime minister, finance minister have no economics experience/ aptitude. Complete shyt show. The fukkers created this mess! Canadians gonna learn to vote for competent people. Drama teacher trust fund kid spending money like no tomorrow. And that interest rate gets applied to our growing debt. fukking jackass COVID patient zero a$$hole.
Told people and businesses to go out and buy and invest and then fukked them
The Bank of Canada’s continued interest rate hikes this year — including Wednesday’s surprise one per cent bump — have hit Canadians like Aashti Vijh hard.
In January, the 30-year-old marketing and communications manager was paying about $1,600 per month for the variable rate mortgage she has on her downtown Toronto condo. Now, that monthly payment will be nearly $2,000.
“It’s been a big shock and a big change for me personally,” she told Global News Wednesday, shortly after the central bank’s announcement, which added about $200 to her payments alone.
“I’m also managing the mortgage by myself, so all of these payments come out from my paycheque.”
In January, the 30-year-old marketing and communications manager was paying about $1,600 per month for the variable rate mortgage she has on her downtown Toronto condo. Now, that monthly payment will be nearly $2,000.
“It’s been a big shock and a big change for me personally,” she told Global News Wednesday, shortly after the central bank’s announcement, which added about $200 to her payments alone.
“I’m also managing the mortgage by myself, so all of these payments come out from my paycheque.”
Just a note Rogers cup rotates this year it’s the women and men are in montreal
To be honest this is the best kind of mortgage right now. You don't get the shock of having to pay up at renewal. I have a mortgage like that on one of my properties. No doubt it's a bytch though as my payments have gone up.
What do you mean by that?
So if you have a variable rate mortgage with fixed payments (which most borrowers have) the hikes do not impact your fixed payment. You pay the same regardless...however you are paying less principal and instead are increasing your amortization. At the time of renewal you will get a new, updated rate and payment. You can't have anything larger than 30 year amortization but some people may see their amortizations baloon to well past that and have to PAY UP to make up the difference.
With a variable rate that has payments that adjust with the increases or decreases in rates you will have different payments and while right now they are higher, your amortization remains the same. You are essentially dealing with the pain ahead of time. No surprises at renewal.
Those with fixed rate mortgages need to make sure they save because at renewal they will see much higher payments. So even if you have a really great rate and you're paying peanuts, at renewal your rate may triple or quadruple. Big shock.
So thee rate hikes are killer right now and they will keep going up. Folk need to be prepared. Save, save, save. Reduce your spending. Buy what you need, not what you want. Pay down your mortgages. Recession is coming (although it already feels like it's here) and not only will you have higher costs across the board, you will now not have a job and companies will not be hiring or willing to pay top dollar like the last couple years.
Make no mistake, this was caused by the excessive money printing of the central bank, shytty policies from the federal government and excessive lockdowns (which I was for, but even I felt they went too damn far.). Buckle up.
Healthcare is in shambles brehs
Good luck if you’re sick
Take in hundred of thosands of new immigrants a year but don’t have the infrastructure
Good luck if you’re sick
Take in hundred of thosands of new immigrants a year but don’t have the infrastructure
Dark days ahead brehs
And those immigrants stay for 3 years
Get their passports and bounce
Canada only good for that passport and average healthcare
Canada and more importantly Ontario has become a complete shyt show. Just useless in every way. High home prices, shyt healthcare, shyt childcare, crime...just trash man. Get out while you still can.
“If there’s a monkeypox vaccine, don’t take it. Our immune system can handle it. Justin Trudeau is just trying to scare you.”
