"According to the Canada Mortgage and Housing Corporation (CMHC), 1.4 million mortgages will be renewed by the end of the year, representing about 23 per cent of all mortgages. Many of those would have received much lower rates from 2021."
"Fixed-rate mortgages have risen particularly quickly because they are backed by bond yields, which can fluctuate in response to world events like wars."
"The forecast has now changed. Along with the war and Iran's subsequent closure of the Strait of Hormuz, continued U.S. tariffs are also impacting fixed-rate mortgages in Canada."
The ongoing Middle East war has led to a 0.5 percent increase in three- and five-year fixed mortgage rates in Canada. Approximately 1.4 million mortgages are set to renew by year-end, with many homeowners unaware of rising rates. Fixed-rate mortgages are particularly affected due to their connection to bond yields, which fluctuate with global events. The Bank of Canada's interest rate remains unchanged, but forecasts have shifted due to the war and other economic factors, including U.S. tariffs and energy price spikes.
Read at www.cbc.ca
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