“Variable-rate mortgagors are set to see significant payment shock, perhaps as high as 84% by 2026 if interest rates do not decline.”
Nov 01, 2023
Most Canadian mortgage holders don’t know their monthly payment ‘without looking it up’ — but experts point out that today's borrowers are facing an unprecedented level of nuance.
The Real Estate and Mortgage Institute of Canada reports that “mortgage malaise” is setting in amongst Canadian borrowers, with 45% anticipating they will be paying off their mortgages until the age of 60.
Alongside National Bank, RBC is one of the few major Canadian banks to get their FHSA up and running in April. Scotiabank, CIBC, and BMO have indicated that their FHSAs will be available for customers later this year.
Inflation is down, but it's rarely ever a one-and-done phenomenon — something the BoC is well aware of when implementing a rate hike.
BMO is allowing customers affected by the worst wildfire season of the 21st century to defer their mortgage payments.
After weeks of favourable predictions that the BoC would end its aggressive rate hike cycle, some in the industry are changing their tune.
Given its status as the seventh largest bank in Canada, HSBC offers mortgage shoppers key leverage when negotiating their rates.