What is the effect of a 4% interest rate on a mortgage application?
British Columbia, Canada
The following excerpt is from Shaw v. British Columbia Hydro and Power Authority, 1983 CanLII 533 (BC SC):
It was urged I should not exercise my discretion as there was an alternate remedy. There is no alternate remedy, only an appeal. It was also agreed the right of appeal should likewise influence my discretion, following Harelkin v. Univ. of Regina, 1979 CanLII 18 (SCC), [1979] 2 S.C.R. 561, [1979] 3 W.W.R. 676, 26 N.R. 364, but what we deal with in the case at bar is a date of payment: the appeal is to the amount, and I so distinguish the case on the facts. In any event, in view of all the circumstances of this case, and particularly the 4 per cent interest rate, I think it unjust to withhold the remedy.
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