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But it still would impact you. Across all Canadians, we're talking about $1.5 trillion (CAN) in mortgage debt. That's on par with the GDP. If you hike the int
by btilly 4y ago
But it still would impact you.
Across all Canadians, we're talking about $1.5 trillion (CAN) in mortgage debt. That's on par with the GDP. If you hike the interest rates to match your inflation, that's like sucking 5% of your GDP into interest payments. This will be a pretty dramatic event, no matter how it is distributed.
- kspacewalk2 4y agoIt will certainly be a dramatic event, but it still matters how it is distributed. To make up some numbers by way of example, if 4 million people have to pay $50/month more, I believe it has a significantly smaller effect on the economy than 1 million people having to pay $200/month more.