, according to May’s consumer price index, which could worsen over the next few years if interest rates remain elevated.
“In Canada, most people are on a five-year mortgage term or less, meaning the entire market is moving toward higher rates,” said James Laird, co-CEO of mortgage brokerage Ratehub.ca and president of CanWise, a mortgage lender. “People need to calculate what their new mortgage rates could be in order to prepare.”
It’s important to note, said Laird, that homeowners with a variable-rate mortgage, where the monthly payments fluctuate based on the Bank of Canada’s prime rate, are feeling the payment increases in real time — meaning they pay more each time the bank raises its key rate.
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