Typical mortgage payment could be 30% higher in 5 years, Bank of Canada warns | CBC News

Bank says those who took out a home loan in 2020 or 2021 should brace for higher rates at renewal.

The article says bankofcanada predicts fixed Mortgage rates to be 4.5 by 2025. Someone should tell them that’s literally what rates are right now

Pricing the next generation out of home ownership, all by design. 'You will own nothing and you will be happy.'

I’m sure this will help home affordability.

Mortgage rates are already up 3% from last years low. Thats a 25%+ hit on your payments / house price decline built in and we just getting started.

Don't worry. Corporations will buy them up from you. You will own nothing and be happy is the motto. You clowns voted for a dictator like Trudeau, so enjoy!

No need to worry about a mortgage...the government will take care of it for you TrudeauIsDestroyingCanada

Funny from the people who said inflation was temporary last year, lol these clowns have zero credibility

You voted liberal or NDP. Now your paying the price. 🤣😂🤣😂🤣😂 Problem is so is everyone else

Let's just call modern homeownership what it really is; A lifelong, self-imposed grift.

That means wages must go up 30% in 5 years so much for fighting Inflation

It will be interesting to see what happens, that's for sure. Especially for those who purchased in markets like GVA/GTA, where mortgages of over $800,000 are common place. A 30% increase on that size of debt could be crippling.

Guess the “covidiots” weren’t the ones warning about the effects of the covid response.

Really , I think most people know that!

If anyone doesn't think Trudeau had his hands in the BoC would be naive. Canadian's seriously need to wake up. This dictatorship government is slowly ruining Canada right in front of us, buying you so you'll keep voting for Liberal's. He's even telling school kids to not vote PC.

I am not surprised by this. I thought it was risky for people to extend themselves for mortgages when it was only a matter of time that rates would increase. Here is an article from six months ago talking about rate hikes.

Thanx J.T.

A lot of the causes for inflation are potentially temporary, War and Covid. It was a couple of years ago that oil prices plummeted. Predictions are often wrong. The worker shortage driving wages is going to be an issue that is not

Wow, no hope to buy a house in the future either. What the fk is wrong with this picture?

Good. holding back on buying a house will pay off down the road.

Remember when CBC accused people of fear mongering and attacking the credibility of the Bank of Canada for pointing out this obvious conclusion 2 yrs ago? Is it really the consumers fault for listening to the direct advice from the Bank of Canada to borrow your brains out?

The liberal economic plan is coming together perfectly!

After losing all home equity in a divorce I've been slowly building up to be a home owner on my own. Looks like conditions should be ripe in about five years.

Buy buy buy before the recession starts up. That's what I'm reading

WayneMurphy2010 Someone is trying to temper the housing market … Will be devastating for so many.

BambinoJalapeno So 3 years or sooner then. And double. Guaranteed.

Tiff & the BoC promised Canadians that inflation was transitory and wouldn't effect homeowners. Pierre Poilievre is right. He needs to be fired and held accountable

The Bank of Canada is scrambling. They're trying to shut the barn door after all the cows have gotten out . Incompetence pure and simple.

There’s a shocker!

That's Progress!

BambinoJalapeno

Bank of Canada caused this problem! Must be nice to be the problem and then make matters worse trying to fix the problem you created.

My God! Who could have seen this coming? Actually, most people who didn't buy a house during the pandemic.

Tiff said rates low for some time. Created this crisis/bubble. Thx bankofcanada

You voted liberal. Now your paying the price. 🤣😂🤣😂🤣😂 Problem is so is everyone else

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