Interest rate hikes

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Published on Sunday, 29 November -0001 16:00

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PAOV — “I got my first home and now my entire pay (less 42 dollars) is going towards my mortgage payment.” Many homeowners in Canada are struggling to keep up with ever-increasing mortgage payments. In an attempt to curb inflation, the Bank of Canada has raised interest rates five consecutive times since March 2022 — one of the bank’s most aggressive hiking cycles ever conducted. The bank’s interest rate impacts the rates that Canadian consumers get from their banks on things like lines of credit and mortgages. With experts predicting that interest rate hikes will continue, homeowners are urging the government to provide relief from rising rates. You can help by adding your signature.

5,124 have signed BC Inflation’s petition. Let’s get to 7,500!

The Bank of Canada continues to raise interest rates at a staggering pace and not allowing Home Owners to adjust accordingly. Further, the BC
Provincial Government has taken measures such as 2% rent increase cap without any counteracting measures to provide relief to Home Owners so that the Home Owners could also have a fighting chance against inflation. The Bank of Canada should come up with other strategizes instead of flatly and across the Board increasing the BoC’s Overnight Rate. The Federal Government and the Bank of Canada are simply waiting for hard working Home Owner Canadians, who borrowed to buy a home as a responsible and productive member of the economy and the Canadian Society, to go under before they think of meaningful strategies?! We urge you to sign this petition and letting the Government along with the Bank of Canada know that they are hurting Canadians in their rapid response to fighting inflation, instead of looking at alternative ways to help bring Canada out of this situation. The Government and Bank of Canada must understand that the current debt levels of Canadians are out of their control. External global factors affecting the economy are unique factors of the current Canadian society which cannot simply be balanced by old methods/simple strategies as they have been been implementing in the past. Government and Bank of Canada must change and develop new strategies of different slabs regarding overnight interest rates for the residential, commercial, agricultural, and other line of credit products to help fight the current inflation situation. This should be done in a way that gives HOME OWNERS a relief of a reasonable (bearable) residential overnight interest rate which ultimately allows the HOME OWNERS a fighting chance against the current inflation!

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