Higher mortgage payments 'tough to swallow' as interest rates rise in Canada
‘EVERY OPTION IS ON THE TABLE’
, Mahajan said he received a call from his bank stating he would need to increase his monthly mortgage payment by $800 to maintain the same amount of principal he was paying in April. With another increase anticipated for Dec. 7, Mahajan said he will need to find a way to fork over even more money. If interest rate hikes aren’t reduced or halted in the near future, he said his family may have to downsize in order to afford major expenses in the future, such as sending his daughter to post-secondary school abroad.
The 43-year-old has a variable-rate mortgage of about $600,000. Interest rate hikes implemented by the Bank of Canada between March and October have led his monthly mortgage payments to increase from about $2,400 to $3,600, he said. The interest rate on his mortgage now sits at just over five per cent.
“Our mortgage broker advised us it was a great idea to stay variable just because you benefit from the lower rates,” he told CTVNews.ca in a telephone interview on Nov. 3. “If I knew what I know now, when I first went to go get my mortgage, I would have definitely locked in [a fixed rate].” By purchasing his first home, Adam Pekeski said he was hoping for a sense of security. But with rising interest rates driving his monthly mortgage payments higher and higher, the only feeling he is left with is stress, he said.
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