Well, the Bank of Canada raised the interest rate today to 1.75%, which means I’ll be paying more for my mortgage. At this point, I’m still paying less monthly than if I were renting my apartment but the margin between the two figures is getting smaller.
While that was happening, the stock market continued to tumble. Since I have lots of money tied up in the market, I am now worth less paper. Who knows how far the market will continue to plunge.
Having to pay more and being worth less is not a great combo.