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IPFS News Link • Canada

'Harder than anything': Ontario family's mortgage payments to increase by more than $2,0

• Toronto CTV News

 An Ontario mother said her mortgage payments are about to practically double – translating to more than $2,000 extra per month if interest rates don't dip on Wednesday – and it's "harder than anything" she's ever faced.

"You're asking for $2,100 to just be pulled out of the sky and still afford all of my kids' medical needs," Shawna Wood, a 40-year-old mother of eight children – half of whom have health challenges – told CTV News.

After renting a house in Oro-Medonte for a decade, the family of ten bought the five-bedroom house about two hours north of Toronto for $800,000 in 2021. At the time, they locked in a 3.2 per cent fixed rate for three years.

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