What homeowners need to know about today's rate hike

Plus, the damage to Rogers' public image and finding love through the classifieds [The Star] First Up [By Manuela Vega] By Manuela Vega Good morning. Here’s the latest on how another rate hike will affect mortgages, the public perception of Rogers and a couple brought together by a classified ad in the Toronto Star. DON’T MISS Canadian Press/Justin Tang real estate [An even bigger rate hike is expected today — issuing another blow to housing]( Experts say the Bank of Canada is poised to raise its overnight interest rate again — making mortgage payments more expensive for some homeowners while decreasing their property values. The anticipated hike is the latest example of how interest rates are climbing at speeds not seen in decades. The changes are part of an aggressive campaign to slow consumer demand and avoid a recession. [Here’s what homeowners and prospective buyers can expect](. - By the numbers: Bay Street analysts anticipate the Bank of Canada will raise its overnight rate by 0.75 of a percentage point, bringing its policy rate to 2.25. - Wait, what? According to ratehub.ca, a homeowner with a five-year fixed-rate mortgage of 1.99 per cent on a $500,000 home, amortized over 25 years, has a monthly mortgage payment of $2,155. If their mortgage rate increases by two per cent, their monthly payments rise to roughly $2,528. - What we know: Home prices are taking a dive in Toronto and climbing in Montreal. [Take a look at the price tags](. - What we don’t know yet: How much will house prices decrease this year? [It depends on who you ask](. Canadian Press/Graham Hughes business [Rogers’ public image — and bottom line — is taking a hit]( Despite the hassle of switching telecom providers, Rogers customers might be ready to finally take their business elsewhere. Following the nationwide outage that left 12 million Canadians without phone and internet service — and suspended 9-1-1 capabilities and Interac services — outrage continues to brew on social media, complaints are piling up and threats to leave are mounting. Now, the telecom behemoth is offering five days’ credit to “restore Canadians’ confidence.” [Here’s why the latest outage may have been the last straw](. - More: Service disruptions continue for some. [Here are five things you need to know about the Rogers outage](. - Heather Scoffield’s take: We should have known the Rogers outage was in the cards. [Here’s why it was destined](. - Another angle: We’ve been Rogered. [Canada wants a wireless revolution](. Paige Taylor White/The Star classified love [They met through a Toronto Star classified ad in 1994. Now, 28 years and 11 grandchildren later, they’re married]( Shelly Berenbaum was 42, an exhausted synagogue office manager and single mother of four who hadn’t found the will to jump back into the dating pool after her previous marriage fell apart. Then, her 12-year-old daughter found a classified ad in the Star — one taken out by Chuck Litman, a 45-year-old Jewish real estate lawyer and father of two teens. Litman, a self-described “teddy bear type,” was looking for someone “caring, witty and charming.” Today, the ad still hangs on Berenbaum’s wall. [Here’s how the two met and chose to spend their life together](. - Context: At the time, newspaper ads were a popular way for singles to meet. The Star had published thousands of them before dating websites appeared in the mid-1990s, ushering in a new era of matchmaking. [Food Crawl launch] Eat your way through the best of the GTA. From strip mall standouts to downtown gems, nobody knows Toronto like the Star’s food team, and our new newsletter Food Crawl is your guide to where to go, what to order and why you’ve got to try it. [Sign up for free here](. WHAT ELSE Almost 220,000 Toronto students use food programs every day. [Here’s what they face when school is out for summer](. [Here’s what stunned members of Toronto’s Tibetan community are saying]( as the motive in the deadly TTC fire attack remains a mystery. Russia’s invasion of Ukraine is a wake-up call for security and sovereignty in the Arctic, Canada’s northern premiers say. [Here’s what they fear the most](. A second Patrick Brown campaign co-chair has thrown his support behind Jean Charest. [Here’s the latest on his crumbling campaign](. Premiers say they won’t accept any strings attached to health care funding. [Here’s why tensions are rising with the federal government](. A former neighbour says the RCMP did “nothing” about the N.S. killer’s spousal abuse. [Here’s why she’s standing by her story](. [Watch new footage of Uvalde police milling in hallways]( during the school massacre. Could you be killed by falling space junk? [Here’s how likely it is, according to a UBC study](. The Canadian health-care system has enough problems. [Don’t take Pete Davidson’s advice, Vinay Menon writes](. [Leafs fans may not like it but Matt Murray was as good a choice as any other goalie out there]( Damien Cox writes. “Succession,” “Squid Game,” “The White Lotus” and more — [here’s who scored Emmy nominations](. [Here’s what to expect at the LCBO as wine import costs increase](. GET THIS Toronto Star Graphic [Food prices are rising faster than inflation rates. Here’s how grocery stores are making major profits.]( CLOSE-UP NASA/ESA/CSA/Space Telescope Science Institute CARINA NEBULA: The “Cosmic Cliffs” are seen with the James Webb Space Telescope. The Carina Nebula is one of the largest and brightest in the night skies, approximately 7,600 light-years away, in the constellation Carina in our Milky Way. [See the scope’s stunning new images here](. Thank you for reading. You can reach me and the First Up team at [firstup@thestar.ca](mailto:firstup@thestar.ca?source=newsletter&utm_source=ts_nl&utm_medium=emailutm_email=6C53B63A8E3FAD70AD4EF13004527437&utm_campaign=frst_134270). I’ll see you back here tomorrow. [The Star]( If you're not enjoying these emails, please tell us how we can make them better by emailing newsletterfeedback@thestar.ca. Or, if you'd prefer, you can unsubscribe from this newsletter by clicking the first link below. [Unsubscribe From This Newsletter]( [Sign Up for More Newsletters and Email Alerts]( [Become a Star Subscriber]( [View in Browser]( [Facebook]( [Instagram]( [Twitter]( Toronto Star Newspapers Limited. One Yonge Street, 4th Floor, Toronto, ON M5E 1E6. 416-367-2000 [PRIVACY POLICY](