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

Fourth doses not yet needed for most: experts

Prime Minister Justin Trudeau said Monday that the country will have enough third and fourth doses for all eligible Canadians — if or when they're needed — with contracts signed through 2024 with Pfizer-BioNTech and Moderna.

Fourth doses not yet needed for most: experts

Ottawa backs away from trucker vaccine mandate

Only days before Canadian truck drivers were required to be fully vaccinated for COVID-19 to get into the country or face quarantine, the federal government is backing away from the vaccine mandate. The new rule will still take effect for American truckers starting this weekend, with drivers being turned away at the border unless they've been inoculated.

Ottawa backs away from trucker vaccine mandate

Canada joining Mexico to dispute USMCA auto-rules

Canada is joining forces with Mexico to challenge how the United States is interpreting the new rules that govern duty-free cars and trucks. Mexico last week asked for a dispute resolution panel to challenge the stringent U.S. interpretation of the auto rules of origin enshrined in the U.S.-Mexico-Canada Agreement.

Canada joining Mexico to dispute USMCA auto-rules

Canada lacks data to help adapt to climate change

A new report suggests Canada is not doing enough to adapt to and prevent the effects of climate change and is lacking the critical data it needs to do so.

Canada lacks data to help adapt to climate change

Two B.C. schools make closure decision: ministry

Two schools have stopped in-person classes in British Columbia, less than two days after most students returned to classrooms following an extended holiday break due to the surging COVID-19 Omicron variant. The Education Ministry says schools in Hazelton and Surrey recently made the decision.

Two B.C. schools make closure decision: ministry

Provincial state of emergency extended

Given the continued need for public safety measures under the Emergency Program Act and ongoing work to repair damaged highways, the provincial state of emergency is being extended until the end of day, Jan. 18, 2022.