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

4 stolen vehicles recovered in Kelowna

Police say they have recovered four stolen vehicles and arrested one male suspect after an operation in Kelowna. R-C-M-P say officers from its target team along with canine units executed a search warrant at a property in the 28-hundred block of Appaloosa Road on July 14th.

4 stolen vehicles recovered in Kelowna

Parched conditions push B.C.'s wildfire battle south, as rain brings relief in north

The BC Wildfire Service website reported 380 active wildfires Thursday with 22 listed as fires of note and 232 out of control. There have been 1,246 wildfires so far this year, burning a record 14,500 square kilometres.

Parched conditions push B.C.'s wildfire battle south, as rain brings relief in north

To Teach or Not to Teach: The Question of Drug Overdose Education in BC Schools

While advocates argue that providing comprehensive education about drug overdoses can empower students with life-saving knowledge and help them make informed decisions, opponents express concerns that discussing drug overdose education in schools may inadvertently normalize or encourage drug use among students.

To Teach or Not to Teach: The Question of Drug Overdose Education in BC Schools

7 charged in drug trafficking

Mounties with the drug and organized crime unit in Coquitlam say they launched the project in the fall of 2020 aimed at people operating within Port Coquitlam, Coquitlam, Richmond and Vancouver. The suspects range in age from 26 to 56 years old and are facing a series of drug and gun related charges.

7 charged in drug trafficking

Serious crimes unit takes over case of two missing B.C. children named in Amber Alert

RCMP say Verity Bolton was spotted by closed-circuit TV emerging from a grocery store with a loaded cart in Kamloops two days before she was expected to give her children, who are from Surrey, back to their father after a vacation. Surrey RCMP say in a news release that its serious crimes unit has taken over conduct of the investigation.

Serious crimes unit takes over case of two missing B.C. children named in Amber Alert

Fraser Health launches 9M robotic surgery program

Fraser Health has launched a nine-million-dollar robotic surgery program, giving patients access to the latest in medical technology and treatment options. The program will operate out of Surrey Memorial and Royal Columbia hospitals, and will be available to qualified surgeons for numerous procedures, from cancer to ear, nose, and throat.