Canadians with fixed-rate mortgages ‘terrified’ in face of higher interest rates upon renewal

After seven interest rate hikes implemented by the Bank of Canada in 2022, Anita Gupta says she won’t be able to afford her home payments by the time her fixed-rate mortgage comes up for renewal in March.

As a result, Gupta said she has no choice but to sell her home.

“We don’t stand a chance … we’re packing right now,” Gupta told CTVNews.ca in a telephone interview on Thursday. “It’s going to be extremely difficult to renew because the interest rate is going to be twice as much.”

Diagnosed with fibromyalgia, the 62-year-old Kitchener, Ont., resident said she is currently receiving disability support while her husband receives a pension. With a fixed income, the couple won’t be able to handle any increases in their mortgage payment, Gupta said.

Due to rising interest rates, some Canadians expecting to renew their mortgage in the near future will likely lock in a higher rate, which may leave them paying hundreds more each month, Zlatkin said. |Read more https://www.ctvnews.ca/business/canadians-with-fixed-rate-mortgages-terrified-in-face-of-higher-interest-rates-upon-renewal-1.6191490|
#cdnpoli #homes #mortage #affordability #inflation

New Fossil Investment Far Exceeds Paris Climate Goals: Carbon Tracker

The assessment of 52 large fossil companies found https://carbontracker.org/reports/paris-maligned/ that nearly two-thirds of them had approved a combined US $136 billion in new project investments last year and another $30 billion through March 31, 2022. Almost all of that capital spending was inconsistent with a 1.5°C future, 62% of it would exceed the official “well below 2°C” target in the Paris climate agreement, and $58 billion of the total would push average warming past 2.5°.

Highest-spending companies on the Carbon Tracker list include Shell, Chinese state fossils PetroChina and Sinopec, Equinor, TotalÉnergies, and Eni, with Canadian fossils Suncor, Cenovus, and Canadian Natural Resources Ltd. showing up in the report.

Out of the entire list, Carbon Tracker says only three companies are planning to reduce oil production and only one, BP, expects to see gas extraction decline by 2030.

Instead, companies are pushing ahead with what they see as business as usual in spite of clear warnings https://www.theenergymix.com/2021/05/19/its-the-end-of-oil-blockbuster-iea-report-urges-no-new-fossil-development/ from the International Energy Agency and others that no new oil, gas, or coal projects are consistent with a 1.5°C future. “Even alignment with a well below 2°C scenario requires production declines of at least 14% by 2035, with our modelling indicating that a significant proportion of proposed oil and gas developments need not see the light of day,” Carbon Tracker writes.

Even that assessment is based on the IEA’s “less ambitious interpretation of the Paris goals” that relies excessively on carbon capture technologies that haven’t proven they’re ready for prime time.

“The science is clear: to reduce the rate of global warming, greenhouse gas emissions must fall rapidly, necessitating a fundamental shift in our energy system,” the report states. But “as a result of Putin’s invasion of Ukraine, 2022 has been a bumper year for the oil and gas industry. Majors such as ExxonMobil, Shell, and Chevron are reporting consecutive record quarterly profits, and the current high-price environment is tempting investment in new developments and exploration.” |Read more https://www.theenergymix.com/2022/12/12/new-fossil-investment-far-exceeds-paris-climate-goals-carbon-tracker/|
#climate #cdnpoli #FossilWarnings #CarbonTracker