On this episode of In Focus with Melanie Risdon we check in with Calgary Mortgage Broker Danielle Di Marco to discuss growing concerns from homeowners and new buyers over several interest rate hikes in the last eight months. .Di Marco, a 16-year mortgage broker and owner of Mortgageline in Calgary, said she's seeing panic among homeowners and new buyers over the rate hikes and the fallout with regard to the affordability of monthly mortgage payments. .Bank of Canada (BoC) Governor Tiff Macklem, in a press conference on Wednesday, said Canadians will see additional increases before the end of the year and suggested the economy is slowing down, but did not use the word "recession." . Bank of Canada Interest Rate Increases June 2021 - Oct 2022 .Since March 2022, policy interest rates increased six times with the latest increase bringing the target overnight rate to 3.75%. The next rate announcement is scheduled for December 7 where rates are expected to increase, yet again. .According to former BoC governor David Dodge, the current head of Canada’s central bank made the right decision to increase the key interest rates as quickly as he did. In an interview with CTV's Question Period with Joyce Napier, Dodge said the BoC took too long to begin raising interest rates and needed to keep inflation low. .Whether a current homeowner or someone in the market looking to become a first-time home buyer, Di Marco shares insights on how to best navigate the rate fluctuations..Tune in Tuesday, November 1 @ 7 p.m. (MDT) for the full interview including tips and strategies for both current homeowners and those looking to buy for the first time.
