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BOC Says Half of Variable Mortgage Holders With Fixed Payments Have Hit Trigger Rate
Source: Craig Lord Global News, Nov 22, 2022
The Bank of Canada expects 65 per cent of these mortgages will hit trigger rates by mid-2023.
The Bank of Canada estimates half of Canadian homeowners who took out a variable-rate mortgage with fixed payments have already hit their trigger rate.
Hitting a trigger rate means a mortgage holder is no longer paying down any principal on their loan and is only covering interest — a key point that can prompt the lender to force a homeowner to make additional payments.
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