By the numbers: What the latest interest rate hike means for your mortgage

That means the cost of borrowing in this country is now the highest it's been since 2001. Here's a by-the-numbers look at how that has been impacting Canadians with mortgages:In March, 2022, based on a prime rate at the time of 2.7 per cent, this couple's monthly payment would have been $1,122.07.

At today's prime rate of 7.2 per cent, these St. John's homeowners will need to make monthly payments of $1,746.38 — or an extra $624 a month compared to what they were paying 16 months ago. At an interest rate of 7.2 per cent, over 25 years, this couple would pay close to $279,000 in interest over the life of their mortgage.In March, 2022, based on a prime rate of 2.7 per cent, this couple's monthly payment would have been $2,578.47.

At today's prime rate of 7.2 per cent, these Vancouver homeowners will need to make monthly payments of $4,013.11 — or an extra $1,434 a month compared to what they were paying 16 months ago.

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