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OTTAWA, Nov 9 - The Bank of Canada on Thursday said the era of super-low interest rates was likely over and warned businesses and households to plan for higher borrowing costs than they have been used to in recent years.
And at a time of higher government debt and geopolitical risks including wars in Ukraine and in Israel, long-term market rates have also moved higher. Rogers said she wanted"to stress the importance of adjusting proactively to a future where interest rates may be higher than they've been over the past 15 years".
While delinquency rates on mortgages are still lower than before the pandemic, the 60% of fixed-rate mortgage holders who must renew their mortgages by end-2026"may face significantly higher payments", she said.
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