Mortgage rates increased by 10 basis points just this week from 4.14 to 4.24, and could reach 6.20 by next year.
The economy is growing in Canada, says François Gagnon, the employment rate is high, wages are rising, but not as fast as inflation. In the end, the population is getting poorer from week to week. Things won’t get any better, François warns, interest rates will continue to rise, which will double the cost of buying a house and the cost of borrowing.
Also, François returns to the inflation which worries at the dawn of a food crisis in Africa. Also, motorists are more likely to break down while trying to save on gasoline.