Bank of Canada interest rate increases have expanded mortgage rates and are causing financial hardship and anxiety over renewals. Read on.
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But even if they’re not having financial issues right now, homeowners overall say they’re worried about what the future may hold when it comes time to renew their loan agreements. Three-quarters admit to being anxious over how high their mortgage payments might climb once they renegotiate terms with their banks. Recent homebuyers are especially anxious and 91 per cent of those who have 25 or more years left on their mortgages say they’re concerned.
The Bank of Canada has lifted interest rates eight times since March 2022, sending the key policy rate to 4.5 per cent from 0.25 per cent.have followed suit with some variable-rate mortgages above six per cent from around 1.5 per cent a year ago.
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