How can you combat Canada’s looming "interest rate shock"? Tips from a money expert

Money expert Rubina Ahmed-Haq joined ‘The Morning Show’ hosts Jeff McArthur and Carolyn Mackenzie on Monday to discuss the looming “interest shock” reported by the Canada Mortgage and Housing Corporation (CMHC).

The CMHC says over two million Canadian mortgage holders up for mortgage renewals in 2024/25 could see a drastic uptick in their rates — with rates as low as 2 per cent increasing to 7 per cent in some cases.

Providing her expert opinion, Ahmed-Haq says, “It’s all about focusing on cash flow.”

To keep that cash flow steady, she suggests inquiring about a “holiday” from your mortgage payments, or even reducing how many vehicles you own, if your household utilizes more than one.
Ahmed-Haq also discusses the new report from Statistics Canada which details uneven income gains following the COVID-19 pandemic.

She says, on average, the top one per cent of income earners in Canada had their salaries go up 10 per cent, as opposed to the bottom 50 per cent’s wages diving by approximately $1,400.

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