Conservative leader Pierre Poilievre said it is wrong a Springwater, ON, resident will have to move because her monthly mortgage payment has risen to $6,200. .“Trudeau said rates would stay low right before his deficits forced the Bank of Canada to hike them,” tweeted Poilievre on Thursday. .“We can’t afford his incompetence.”.Springwater resident Cora Cook was forced to put her family’s dream home up for sale on Thursday after their mortgage payments ballooned from $2,850 to $6,200 since moving into it in 2022. .“To have to leave the home that we spent so much blood, sweat, and tears into building — everything was custom-built for our family here — and to now give that up, it definitely feels hard,” said Cook. .“But now, looking at rentals, we're looking at rentals for $4,000 a month.”.Even with Cook’s esthetics business and her husband working two construction jobs, she said they have been forced to sell their furniture and hold garage sales on a regular basis to settle their monthly mortgage bills. .She said it is not like her husband and her are struggling for work. While they have good jobs, she said they “want to be able to live our lives and not be putting every dollar toward a mortgage.” .To add insult to injury, she said her business was shut down during the COVID-19 pandemic and qualified for the Canada Emergency Response Benefit. She was later told she would have to pay it all back. .Cook called this experience “very scary and, certainly, my hands are behind my back.” She asked what is she supposed to do. .“How am I supposed to live when I did absolutely everything I could do to survive during that terrible time, to get to this?” she said. .While they have not turned to the food bank, she said she can understand reports of families making $100,000 or more going to one. .Barrie Food Bank Executive Director Sharon Palmer said the Bank of Canada’s rate hike will increase demand on an overburdened service. .“A hike in interest rates for those with variable mortgages or loans will push more people to use our services,” said Palmer. .“Anything that increases the cost of living means more individuals and families will struggle to put food on the table.”.Palmer said the Barrie Food Bank is seeing more large families and single people coming to it for the first time. She indicated it saw more than 700 first-time visitors in May and June, when demand was double what it was one year ago. .Bank of Canada (BOC) Governor Tiff Macklem said on July 13 interest rates will remain high until 2024 — the highest they have been in 22 years. .READ MORE: Surging food costs surprised Bank of Canada, interest rate hits 5%.Macklem said high grocery prices have surprised him. The BOC increased its key rate on interbank loans by 25 points to 5%. .“Inflationary pressures are proving more persistent,” said Macklem.
