Alarms that Canadians are struggling to keep up with their mortgage debt have been sounding louder in recent months. bankofcanada | realestatenews mortgagerates economy housingmarket
Alarms that Canadians are struggling to keep up with their mortgage debt have been sounding louder in recent months.
This growing risk was acknowledged directly by the Bank of Canada this week, as Deputy Governor Carolyn Rogers indicated debt servicing requirements will only tighten further for Canadians in the near future. Those with fixed-rate mortgages are also staring down the barrel of higher rates at renewal time, depending on when they took out their mortgage, and whether they have the flexibility to extend their amortization period, Rogers added. Slowing real estate prices — which the Bank has deemed necessary to reign in inflation — is also putting pressure on those who recently purchased.
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