Nearly Half of Canadian Mortgage Holders Face Much Higher Interest Rates, Squeezing Household Budgets
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2.2 million Canadian mortgage holders (45% of total) face much higher interest rates when renewing in next 2 years.
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Higher rates mean 30-40% increase in average monthly mortgage payments, totalling $15B more per year.
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Delinquency rates rising for high-value mortgages, indicating financial strain among some homeowners.
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Bank of Canada warns more interest rate hikes may be needed to curb inflation.
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Cumulative impact will squeeze household budgets and could weaken broader Canadian economy.