National

Interest rates to stay high

Darpan News Desk The Canadian Press, 02 Oct, 2023 10:52 AM

Experts are warning the next few years will likely see sharp mortgage payment increases amid expectations that interest rates will stay higher for longer.

Variable rate mortgage holders have already seen their payments surge by more than 49 per cent on average, according to Bank of Canada data, but many fixed rate holders still haven't felt the sharp rise in rates.

The central bank says more mortgage holders will face higher payments next year, while the biggest impact for fixed rate holders will be in 2025 and 2026, when they could face somewhere between 20 and 25 per cent payment increases compared with early 2022 rates. (4)

Prev Next

MORE National ARTICLES

Canadian Chamber of Commerce wants B.C. port strike averted, cites economic impact

The Canadian Chamber of Commerce says it is "deeply disturbed" the British Columbia port workers' union has served strike notice and is prepared to walk out on Saturday. The chamber has issued a statement urging the federal government to "use all the tools in its tool box" to prevent a strike.

Canadian Chamber of Commerce wants B.C. port strike averted, cites economic impact

Lawyers ask Amsterdam court to reduce Canadian 13-year cyberbullying sentence to Dutch citizen

Aydin Coban was convicted last year of extortion, harassment and other crimes in a case involving Canadian teenager Amanda Todd who was blackmailed to expose herself in front of a webcam. The 15-year-old died by suicide after detailing her ordeal in a YouTube video watched by millions around the world.

Lawyers ask Amsterdam court to reduce Canadian 13-year cyberbullying sentence to Dutch citizen

Emergency department reopens after man shot dead by police in B.C. hospital

The Fraser Health authority says the emergency department at a Hope, B.C., hospital that was temporarily closed after a fatal police shooting has reopened. Police say the man received immediate medical attention but was pronounced dead at the scene.

Emergency department reopens after man shot dead by police in B.C. hospital

U.S. Coast Guard says 'presumed human remains' found in Titan wreckage

Earlier in the day, debris from the ill-fated submersible was returned to shore in Newfoundland aboard a Canadian-flagged ship that had helped search for the vessel in a remote area of ocean near the wreck of the Titanic.

U.S. Coast Guard says 'presumed human remains' found in Titan wreckage

Mounties in Nanaimo, B.C., probe theft of German shepherd puppies

Police say the theft occurred around 3 a.m. Monday morning. Since then, five of the eight-week-old puppies have been recovered, but police say the rest are still missing.

Mounties in Nanaimo, B.C., probe theft of German shepherd puppies

Rental protection for BC residents

The British Columbia government says its 500-million-dollar rental-protection fund will help renters stay in their homes and keep their rents affordable. The province has opened access to the fund that will help non-profit groups purchase rental buildings.