Tue. May 28th, 2024
Bank of Canada Warns of 'Steep' Mortgage Payment Increases

#bankofcanada #CanadianMortgageRates #CanadianRealEstate

The Bank of Canada is warning Canadians (and banks) to prepare for steep mortgage payment increases as the renewal wave approaches in 2025 and 2026. However, the Bank is also noting, that for right now at least, renters are seeing the most sign of distress.

Links:

Financial Stability Report 2024 – In Brief:

https://www.youtube.com/watch?v=7GC7NswkDAE />
Financial Stability Report—2024:

https://www.bankofcanada.ca/2024/05/financial-stability-report-2024/

Bank of Canada warns of steep jump in mortgage payments:

https://www.theglobeandmail.com/business/article-bank-of-canada-warns-of-steep-jump-in-mortgage-payments/

Renters so far more ‘vulnerable’ than homeowners amid higher interest rates. Why?:

https://globalnews.ca/news/10484740/bank-of-canada-renter-vulnerability/

Bank of Canada says nation's renters showing signs of financial strain:

https://financialpost.com/news/economy/bank-of-canada-warns-renters-showing-financial-strain

Consumer Price Index:

https://www.statcan.gc.ca/en/subjects-start/prices_and_price_indexes/consumer_price_indexes

Our cost-of-living crisis: In just three years rent and groceries are up nearly 40 per cent. There are solutions:

https://www.thestar.com/business/opinion/our-cost-of-living-crisis-in-just-three-years-rent-and-groceries-are-up-nearly/article_8ed6a480-e789-11ee-ac88-fbb27d23a241.html

Canadian Household Debt Nears $3 Trillion, Over 130% of GDP:

https://betterdwelling.com/canadian-household-debt-nears-3-trillion-over-130-of-gdp/

Lenders now seeing 60-, 70-, even 90-year mortgages as Canadians struggle with rocketing interest rates:

https://www.thestar.com/business/lenders-now-seeing-60--70--even-90-year-mortgages-as-canadians-struggle-with/article_91dd72d2-bfeb-578f-a72f-bc72dc1e1e74.html

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