New research from the Bank of Canada finds variable-rate mortgages now account for about one-third of total outstanding mortgage debt, up from about one-fifth at the end of 2019
Three-quarters of variable-rate mortgages have fixed payments. However, the portion going toward interest costs rather than the principal is adjusted when interest rates increase.
Since March, the Bank of Canada has raised interest rates six consecutive times, embarking on one of the fastest monetary policy tightening cycles in its history. Rogers’s speech focused on Canada’s financial system stability and the role housing plays in it amid rising interest rates.
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