Millions of Canadians will soon feel the impact of jumps in interest rates as their mortgages come up for renewal. In some cases, their payments could go up by 40% or more.
What will happen to Canadians already struggling to make mortgage payments?
What could the impact be on real estate prices?
And as banks set aside hundreds of millions more in reserves for bad loans, are there risks to Canada’s economy and financial institutions?
Ron Butler, mortgage broker at Butler Mortgage and host of the Angry Mortgage Podcast, explains.
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