Renewing Your Mortgage When Rates Are High: Panic or Plan?

It's hard to believe that since March 2022, the Bank of Canada (BOC) has increased the overnight rate ten times, resulting in a total increase of 4.75%. This overnight rate directly affects the prime rate (now 7.20%), which is the rate that we, as Canadian consumers, pay on our mortgages (variable-rate mortgages only), lines of credit, and any other lending products that use the prime rate to determine its lending rate. These rate increases have put a significant strain on Canadians'...