As you may well have heard, the Bank of Canada has been steadily increasing interest rates to combat inflation. This hits hard all over the place, namely because Canadians hold the highest debt ratio of any G7 country and the increase will doubtlessly affect interest rates on most of that debt. But homeowners will see a couple of interest points turn into a HUGE increase to their mortgage (currently roughly 1/3). In this video Kent walks through what this means dollar wise to 8 tiers of mortgages, and how he wishes he could tell you how to pull an extra $1,000 out of your butt every month.
