By Nivedita Balu and Fergal Smith TORONTO (Reuters) - Highly indebted Canadians hoping for relief from a rapid rise in mortgage rates are in for some ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Nivedita Balu and Fergal Smith
Nearly all Canadian mortgages have a term of five years or less, compared with the 30-year term that is common in the United States. As of January 2023, residential mortgage debt stood at C$2.08 trillion , according to the Canada Mortgage and Housing Corporation . At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows.
The odds of another interest rate hike in September have only risen after inflation rate moved back above the Bank of Canada's target range, while robust economic growth, particularly in the United States, has fanned fears of rates staying higher for longer.
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