LETTER: Fixed mortgages can lock in interest rates – so why the huge increase in rent in N.L.?

With many fixed-rate mortgages coming up for renewal, homeowners will see a significant jump in costs as interest rates creep up. — UnsplashSaltWire's Atlantic regional weather forecast for August 22, 2023 | SaltWireHistorically, it has taken a minimum of three years of rising interest rates to tame inflation.

Recently, interest rates began rising in 2022, levelling off in 2023, and likely will decline in 2024, and will likely bottom in 2025. In summary, for those having existing mortgages and taking the best advice available at the time, mortgage holders – whether they own multi-unit buildings or private house units – can ride out higher interest rates with comfort.Those property owners who will pay a heavy price for high interest rates are those who did not listen to the Governor of the Bank of Canada and those who bought their properties after interest rates increased.

The costs of operating real estate properties are mainly capital costs , maintenance and aesthetic costs, and heating costs. The latter costs are usually the responsibility of the renter. Maintenance costs are low, except for older properties and in the latter case the mortgage costs are lower, unless the owner re-financed the properties. Hence the operating costs of owning real estate are certainly not excessive.According to CTV news, Newfoundland saw an average rental increase of 29.

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