Former Bank of Canada governor David Dodge says the central bank has a year to 18 months to get inflation under control or risk a return to the “pretty awful era” between the mid-1970s and ’80s characterized by a lack of pricing predictability and social upheaval ...
He likened this to the early 1980s when Canadians paid as much as 18 per cent interest on mortgages .
That's right kiddies!! If you're hard pressed to make your mortgage payments now, imagine what dire straights you'll be in when your 5 year term ends and your new rate is 18 percent!!! Or 4x higher. Ouch!! Thank you Mr. Trudeau!!
Read Full Financial Post Article Here.
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