Money is no longer almost interest free. After 20 consecutive rate hikes by the
Bank of Canada (BoC), the interest rate of 5% is now the highest in two decades.
Mortgage holders are praying the governor of the BoC Tiff Macklem stops the run
on anxiety when he makes his next rates decision on September 6.
But few expect he will hold back because inflation has not yet hit the desired 2%.
There are presently 6.08 million homeowners with mortgages (out of a total of
10.01 million owner-occupied dwellings in Canada.) So, rates are important to millions.

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