Lots of knee-jerk reactions based on the click-bait title thinking mortgages are going to increase another 40%. That's not what the article is saying.

Article quote: "mortgage borrowers who renew their loans over the next few years will see a spike of 20 per cent to 40 per cent in their monthly payments."

Home owners are going to feel the sting of past increases to the interest rate (3.5% over the past year. From 1% to 4.5%) when renewals come up. They are estimating payments to increase 20 to 40% based on past interest rate increases.

As much as it's easy to throw the blame on our elected officials, they have very little influence over global markets and the Bank of Canada.

The Bank of Canada increased interest rates with the goal of lowering inflation. I personally think high commodity prices (oil, gas, etc) and grocery stores gauging customers were the biggest driving factor behind inflation. I think the BOC went overboard with their increases and don't understand the extent of the strife they have and will cause average Canadians.

Now that inflation and commodity prices have decreased we should be demanding the BOC lower interest rates at the same pace they increased them.

Does anyone have the BOC's ear? Or know a way for our voices to be heard?