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)

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