June 19, 2024

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Bank of Canada hold means suffocating mortgage payments will stay

2 min read

Inflation may be cooling, but burden of high interest rates still weighing on homeowners

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Inflation may be cooling, but the burden of high interest rates is still weighing on homeowners.

That’s one of the warnings economists and personal finance experts are giving after the Bank of Canada decided to hold its benchmark interest rate steady at five per cent on Oct. 25.

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Mortgage rates in Canada are closely tied to the central bank’s policy rate, and a benchmark rate of five per cent means the cost of borrowing remains elevated relative to recent norms.

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Shantaé Campbell

2023-10-27 06:37:26

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