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When Will Variable Rates Stop Climbing?
– canadamortgagenews.ca
For millions of Canadians, the Bank of Canada meetings are a major cause of anxiety. Will rates go up? By how much? Will I continue to be able to meet my monthly mortgage payments? It’s only natural to ask these questions. Recent hikes have been dramatic to say the least. And to make matters worse, the media has a way of making everyone feel like these hikes are in a perpetual uphill climb.
But in my opinion, a plateau is coming sooner than expected.
A Refresher on Rate Hikes
To understand why rates might start to level out, it’s important to remember why they’ve been skyrocketing in the first place. Prior to the pandemic, Canadians were used to the Bank of Canada rate going up or down by 0.25%, or not at all. Now we’re seeing drastic increases at every single announcement – some up to a full percentage point.
The idea here is to battle inflation caused by – you guessed it – the pandemic. Rate hikes are a surefire way to cool down red hot inflation, and given the out-of-control inflation we’re seeing, hikes of this magnitude are a necessary evil…
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When a family member dies, who pays for the mortgage?
Thanks for writing in, Louine; your question is something that we hear often from family members who are dealing with a property in an estate after the death of a loved one. Let’s review how properties can be owned, who is responsible for the mortgage payments, and the impacts for the executor of the estate.
When someone dies, the executor (the person who manages the estate’s administration) must create a list of everything the deceased owned and owed at time of death…
