Rising interest rates can soon set off a financial bomb for tens of thousands of Canadian homeowners who have fixed payment, variable rate mortgages.
RBC estimates roughly 80,000 variable mortgages will hit what's called a "trigger point" after the next couple of interest rate hikes by the Bank of Canada. Of those variable mortgages, they say it'll mean an average increase of $200 per month.
Kamil Karamali explains how to calculate your trigger point and what it could mean for homeowners.
