5% interest rates

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PAOV — The Bank of Canada has hiked interest rates to 5%, the highest they’ve been in 22 years. People across the country, like petition starter Sukanya, are struggling to meet their rising rent or mortgage payments. Sukanya is a new mom and living on one income — the constant interest rate hikes are taking a toll on her mental and emotional wellbeing. Sign her petition to demand better solutions for hard-working Canadians.

Reduce Mortgage Interest Rates & Prevent Further Hikes

3,259 have signed Sukanya M’s petition. Let’s get to 5,000!

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As a new mother, I have recently experienced the overwhelming burden of living on a single income while facing continuous interest rate hikes. It is disheartening to witness my hard-earned money being drained away by exorbitant mortgage interest rates. I am confident that many property owners are also grappling with these challenges on a daily basis.

The current economic climate, coupled with rising inflation, has already led to an increase in grocery prices and other essential expenses. These additional financial burdens make it increasingly difficult for families like mine to make ends meet & money just goes in drsinThe constant worry about how to cope up with these mounting costs is taking a toll on our mental and emotional well-being.

It is imperative that we address this issue promptly and effectively. By reducing mortgage interest rates and preventing any further hikes, we can alleviate the financial strain faced by countless individuals and families across the nation.

Here are some relevant facts supporting our cause:

1. Impact on Homeowners: According to data from the Federal Reserve Bank of St. Louis, even a slight increase in mortgage interest rates can significantly affect homeowners’ monthly payments, making it harder for them to manage their finances effectively.

2. Economic Stimulus: Lowering mortgage interest rates will encourage more people to invest in real estate or refinance their existing mortgages, thereby boosting economic activity within the housing market.

3. Historical Precedent: In times of economic downturns or crises, governments worldwide have implemented measures such as reducing interest rates to stimulate growth and provide relief for struggling households.

4. Positive Effects on Consumer Spending: When homeowners have lower monthly mortgage payments due to reduced interest rates, they have more disposable income available for other expenditures such as education, healthcare, or saving for emergencies – ultimately benefiting local businesses and communities.

By signing this petition, you join me in urging policymakers and relevant authorities at both national and local levels to take immediate action in reducing mortgage interest rates and preventing any further hikes. Together, we can create a more stable and affordable housing market that supports the financial well-being of individuals and families.

Let us stand united against the burden of high mortgage interest rates, ensuring a brighter future for ourselves, our families, and our communities.

Thank you for your support.

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