Canada's Big Banks Prepare for Mortgage 'Trigger Point' with Bank of Canada set to Raise Rates

Описание: #CanadaMortgageRates #CanadianRealEstate #CanadianBanks

Canada’s Big Banks are preparing for tens of thousands of homeowners to reach their “Trigger Point,” the rate at which the banks need to revise the terms of mortgage, as the payment no longer covers the interest.

As such, three of Canada’s top banks are actively preparing customers for their options when/if that ‘trigger point’ is hit – with some offering to extend amortizations, others planning to increase mortgage payments, and others discussing the potential for lump sum payments.

Links:

Tens of thousands of Canadians could soon reach mortgage 'trigger point':

https://globalnews.ca/video/9086544/t...

TD and CIBC comment on mortgage renewals and trigger points:

https://www.canadianmortgagetrends.co...

Interest-Rate Hikes May Trigger Bigger Bills on 80,000 Mortgages, RBC Says:

https://www.bloomberg.com/news/articl...

More trouble incoming for the Canadian housing market, says BMO's Porter:

https://www.mpamag.com/ca/news/genera...

How bad is inflation? Most Canadians say their wages aren’t keeping up, poll finds:

https://www.thestar.com/politics/prov...

80,000 Mortgage Borrowers to Hit “Trigger Point” as BoC Keeps Hiking Rates:

https://storeys.com/80000-mortgage-bo...

Mark Mitchell – Mortgage Broker London Ontario
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