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Home Interest Rate

Ways to handle your money as interest rates increase

by Matthew Upton
June 3, 2022
in Interest Rate
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Ways to handle your money as interest rates increase
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The Bank of Canada increased its policy interest rate this week by half a percentage point to help cool the effects on inflation.

But what does that mean for the average spender?

Read more:

Bank of Canada hikes key interest rate 50 basis points for 2nd time in a row

“When the market’s like this, it’s always a good time for clients to maybe re-visit their whole financial situation, maybe look at their total debt load,” said financial advisor Kevin Kranzler, adding consolidating is a solid option for many.

“That way you can wrap up all your debt at one interest rate and then you can manage your payments.”

It might also be time to reign in unnecessary spending habits or hold off on buying that new car, Kranzler said.

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Click to play video: 'Benchmark interest rate hike expected to normalize Okanagan’s real estate market'






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Benchmark interest rate hike expected to normalize Okanagan’s real estate market


Benchmark interest rate hike expected to normalize Okanagan’s real estate market

For those with some extra discretionary funds, investing right now is another avenue to consider.

“When the market is down, that’s the time to invest because you’re buying at the lows.”

When it comes to real estate, the higher interest rates likely won’t have an impact right away, according to Lethbridge mortgage broker Vittorio Oliverio.

“When people hear prime going up, they think the fixed interest is going up,” Oliverio said. “And while the fixed interest (rates) have gone up, you have to realize that the last two years it’s been crazy with the interest (rates) being as low as they were.

“One of the reasons why people are buying houses like crazy right now is because they have pre-approval with the interest rate of 2.2 or 2.4, that kind of thing. Those pre-approvals will end at the end of July (or August).”

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Read more:

Alberta brokers favouring variable mortgages over fixed rates as Bank of Canada raises rates

After that, Oliverio expects the local market to slow down as buyers have no other option than to use the higher interest rates.

That will be hard on home buyers, especially those looking to own their first property.


Click to play video: 'St. Albert mortgage broker educates women on recent interest rate hikes'






4:42
St. Albert mortgage broker educates women on recent interest rate hikes


St. Albert mortgage broker educates women on recent interest rate hikes – Mar 6, 2022

“Even though they have very good jobs, and they live in Calgary,” he said of family members, “they cannot qualify for a mortgage because the payments are a little bit too much, and now with the new increases? They will not qualify.”

According to REMAX, the average asking price for all Lethbridge properties currently for sale was just over $370,000 as of Thursday.

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“My advice is simple: if you have the means to buy a house now, yes. Go ahead. Don’t sit on the fence,” Oliverio said.

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© 2022 Global News, a division of Corus Entertainment Inc.



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