Bank of Canada says the adjustment to higher interest rates will be painful for recent homebuyers with variable\u002Drate mortgages. Read more
Speaking before the networking group Young Canadians in Finance in Ottawa Tuesday, the senior deputy governor says the share of households with a variable-rate mortgage has increased over the last year.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
According to her prepared remarks, the senior deputy governor says mortgage costs have already gone up for some Canadians and warns they’ll likely go up for others as well. In a research paper released with the speech, the Bank of Canada estimated that about 50 per cent of variable-rate, fixed-payment mortgages have reached their trigger rate, the point where additional payments may be needed. That’s about 13 per cent of all Canadian mortgages.
Rogers says risks around Canada’s financial stability are elevated because of high levels of household debt along with rising interest rates. However, the senior deputy governor says the Bank of Canada expects the financial system as a whole to withstand this period of stress.
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