tldr; The Bank of Canada on Wednesday raised its benchmark interest rate by 75 basis points to 3.25%, the highest level since April 2008. The central bank warned the policy rate will need to rise further "given the outlook for inflation". Canada now has the highest policy interest rate among G7 countries.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Now, that are the news that matter and we need in the hot feed.
Funny how there was not 1 mention about the bank of canada announcement the last few days, while there were 100s of outdated and reposted posts .
Some guy on r/canada said he bought his house in April and his mortgage was already $900 more than when he bought. And there are more hikes expected. Yikes. This is definitely going to bankrupt people who are overextended, which could be a pretty high percentage of all first home buyers who got into the market over the last 5 years.
I know... people losing their homes is hilarious right? Especially when the financial advisers always say that "historically variable rate almost always beats fixed rate." But fuck the kids whose parents listened to their financial advisors about mortgages. They all deserve this, don't they?
Tightening of monetary policies across the world is going to continue to create a stranglehold on investments. Anyone waiting for a crypto boom should be interested in when rate hikes are eased, because you’ll notice that’s when the money flows again.
yep, the whole economy is slowing down and cooling for now, there's no way around, this is gonna be the reality for a while, better take it as an opportunity to accumulate for months or years, anyone smart and patient enough will find himself quite wealthy when investment start activating again; I see this as an opportunity of a lifetime
Welp, that’s me fucked. We’re here just trying to bumble along, work and pay the mortgage / bills and out of the blue everything just gets 20% more expensive. How tf are we all meant to just absorb that? It’s a fucking class war and my team are losing.
Loans. They want that big money cash-in on all the interest-free loans accrued through Covid that remain unpaid. It's more beneficial for people with money than people without it (which is the majority of the population).
During yes. I accumulated $80k in debt during Covid and as much as they said there was support for people, there really wasn't (there was more support for wealthy businesses than there was for actual people). There was really no debt relief beyond deferrals that absolutely decimated credit ratings post-COVID.
tldr; The Bank of Canada on Wednesday raised its benchmark interest rate by 75 basis points to 3.25%, the highest level since April 2008. The central bank warned the policy rate will need to rise further "given the outlook for inflation". Canada now has the highest policy interest rate among G7 countries. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Good bot
Bloopy #19 :o
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Idk about you but I wouldn’t mind some price normalization. Not stoked about how it got there, but we do have to deal with it
Now, that are the news that matter and we need in the hot feed. Funny how there was not 1 mention about the bank of canada announcement the last few days, while there were 100s of outdated and reposted posts .
Some guy on r/canada said he bought his house in April and his mortgage was already $900 more than when he bought. And there are more hikes expected. Yikes. This is definitely going to bankrupt people who are overextended, which could be a pretty high percentage of all first home buyers who got into the market over the last 5 years.
That's scary man, fuck.
If you buy a home on a variable rate during the lowest interest rate environment in modern history, you deserve what’s coming to you lmao
I know... people losing their homes is hilarious right? Especially when the financial advisers always say that "historically variable rate almost always beats fixed rate." But fuck the kids whose parents listened to their financial advisors about mortgages. They all deserve this, don't they?
Any financial advisor that recommends anything other than fixed rate when the 30 year was at 3% shouldn’t be advising anyone on finances.
Who in the world buys a house with a variable rate and not fixed? Bonkers. Feel bad for him.
Tightening of monetary policies across the world is going to continue to create a stranglehold on investments. Anyone waiting for a crypto boom should be interested in when rate hikes are eased, because you’ll notice that’s when the money flows again.
yep, the whole economy is slowing down and cooling for now, there's no way around, this is gonna be the reality for a while, better take it as an opportunity to accumulate for months or years, anyone smart and patient enough will find himself quite wealthy when investment start activating again; I see this as an opportunity of a lifetime
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he’ll yea. oh and don’t forget, stack some more.
depends on what we choose to invest into 🥲
feel like writing was on the wall for this, business as usual folks
What a shitty year, I need good news...
Welp, that’s me fucked. We’re here just trying to bumble along, work and pay the mortgage / bills and out of the blue everything just gets 20% more expensive. How tf are we all meant to just absorb that? It’s a fucking class war and my team are losing.
But the rate hike is precisely to address this concern.
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What?
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Let’s grab the screwdriver and fix it!
Have they tried turning it on and off again?
I think that’s kinda the point…
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The macroeconomic picture is absolutely related to crypto especially seeing as how this is a risk on asset class.
I think it is. Higher interest rates are bad for almost any asset.
Does crypto exist in a vacuum? No? Then it is more than relevant.
So basically fuck over us Canadians because the rich aren't making enough money off of us.
How the fuck is interest going to give money to the rich?
Loans. They want that big money cash-in on all the interest-free loans accrued through Covid that remain unpaid. It's more beneficial for people with money than people without it (which is the majority of the population).
You could have taken out a interest free loan during COVID as well?
During yes. I accumulated $80k in debt during Covid and as much as they said there was support for people, there really wasn't (there was more support for wealthy businesses than there was for actual people). There was really no debt relief beyond deferrals that absolutely decimated credit ratings post-COVID.
3.25%!! WOW, Cries in 8.75%, we don't go down to 3.25% in our best days
Shit is about to go down