Interest rate hike another blow to B.C. homeowners stretched thin

When Alex Tappin woke up on Wednesday, he discovered his monthly mortgage payments would be going up by yet another $250.

It’s the latest hike for the recent North Vancouver homebuyer who has watched his monthly bill grow by 40 per cent over the past year after signing on to a variable rate mortgage.

“It’s scary,” Tappin, who is also a Realtor, told CBC News. “We decided to go variable, and until today, that was the right move. This is the day our variable payments are higher than what we could have had for fixed.”

Tappin is among many B.C. homeowners who have seen their interest rates skyrocket as the Bank of Canada continues to hike its key

→ Continue reading at CBC News

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