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TORONTO - The roughly 75,000 Canadian homeowners awaiting mortgage renewal notices next month are bracing for a shock interest rate jump due to a surprise global bond rally, which will further squeeze already tight household budgets.
Canadians are already struggling to repay their debts amid high costs of living and rising interest rates. That has forced banks to put aside money in case of defaults, weighing on their overall profits. The rate for a five-year mortgage was about 5.34% in November 2018 and the three-year was priced at 3.59% in November 2020, according to data compiled by financial data firm Wowa Leads.
Now the fixed-rate mortgages, driven by bond yields, are rising as well leaving homeowners nowhere to hide. One homeowner said on X social media platform that his previous rate of 2.6% is now jumping to 6%."I don't know how people can afford to live in these G7 countries."
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