Thursday, September 1, 2022

Canada: Mortgage "trigger point": Why interest rate hikes could set off a financial bomb for Canadians

Global News on Youtube shows that rising interest rates can soon set off a financial bomb for tens of thousands of Canadian homeowners who have fixed payment, variable rate mortgages. 

RBC estimates roughly 80,000 variable mortgages will hit what's called a "trigger point" after the next couple of interest rate hikes by the Bank of Canada. Of those variable mortgages, they say it'll mean an average increase of $200 per month. 

Kamil Karamali explains how to calculate your trigger point and what it could mean for homeowners.

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