{"id":33289,"date":"2023-04-14T14:46:26","date_gmt":"2023-04-14T14:46:26","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/04\/14\/interest-rate-shock-is-hitting-canadian-homeowners\/"},"modified":"2023-04-14T14:46:26","modified_gmt":"2023-04-14T14:46:26","slug":"interest-rate-shock-is-hitting-canadian-homeowners","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/04\/14\/interest-rate-shock-is-hitting-canadian-homeowners\/","title":{"rendered":"Interest rate shock is hitting Canadian homeowners"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> Mortgages <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> This is what the Bank of Canada sees happening on the ground <\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-callout=\"\"> <span class=\"callout__text\"> Get the latest from Stephanie Hughes straight to your inbox <\/span> <button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"\/author\/shughes\/newsletters\/\" type=\"button\"> <span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg><\/span> <\/button> <\/div>\n<div class=\"article-meta\">\n<p> <span class=\"published-date__since\">Published Apr 14, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 31\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span> <\/p>\n<\/p><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Anyone seeking a home loan is seeing the highest interest rates in recent memory, and those on variable-rate mortgages have seen their rates soar. <\/span> <span class=\"credit\">Photo by Postmedia<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Canadians are about to feel the full effect of the interest-rate shock the Bank of Canada put in motion a year ago.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group 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and behind-the-scenes analysis from our award-winning journalists<\/li>\n<li>Support local journalists and the next generation of journalists<\/li>\n<li>Daily puzzles including the New York Times Crossword<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<h2>REGISTER TO UNLOCK MORE ARTICLES<\/h2>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div><\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Anyone seeking a home loan is seeing the highest interest rates in recent memory. You could get a variable mortgage with a rate of about 1.5 per cent a year ago \u2014 and if you did, you\u2019ve had an uncomfortable year, as variable rates are now closer to six per cent, according to Bank of Canada data.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories294637096134463531266231242850304\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories294637096134463531266231242850304\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The Bank of Canada\u2019s interest rate increases between March 2022 and January 2023 haven\u2019t shown up yet at the macro level. The unemployment rate still is hovering near a record low and the central bank\u2019s latest forecast predicts stronger growth this year than it had been anticipating.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>But the positive surprises are probably nearing an end. Bank of Canada governor Tiff Macklem hinted this week that interest rates will need to stay \u201chigher for longer\u201d to get inflation back to the two per cent target. That\u2019s going to leach demand for goods and services because highly indebted households will have less disposable income on hand. Behaviour will change.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment5427039962064048774920057879789568\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5427039962064048774920057879789568\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>For the first time this week, the Bank of Canada sketched in solid lines what it thinks is happening on the ground. Here\u2019s what it looks like:<\/p>\n<h2>Putting brakes on demand<\/h2>\n<p>The higher rates climb, the more the appetite to borrow falls. That\u2019s because the cost to cover debt leaves households with less to purchase non-essential goods. This gradually saps demand for goods and services. A family is less likely to eat out when mortgage payments and car loans balloon.<\/p>\n<p>Of course, this is what the central bank has been aiming for over the past year. Policymakers determined the economy had \u201cexcess demand,\u201d an impulse to buy goods and services that exceeded the ability of companies to keep up. Prices naturally rose. The Bank of Canada is now trying to constrain demand and give supply a chance to catch up, ultimately easing price pressures and cooling off inflation.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment1417159404697074638699587505750016\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1417159404697074638699587505750016\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Since Canada is a housing-obsessed country, the effects are nearly immediate. The Bank of Canada\u2019s new quarterly Monetary Policy Report noted that in 2022, mortgages took up more than half of households\u2019 total debt-service payments. Variable-rate mortgage holders take the first hit, then fixed-rate mortgage holders get whacked in the second wave when they are forced to renew at higher rates.<\/p>\n<p>The Bank of Canada created a scenario to gauge the potential impact rising rates would have on households\u2019 debt-service costs. Staff assumed the benchmark rate follows the path reflected in a market pricing in early April. That path would result in the effective interest rate on variable-rate mortgages peaking in the first half of this year, while the effective interest rate on fixed-rate mortgages rises through 2024 as home loans with low rates expire and are replaced or renewed at higher rates.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment1012315659962780166772151944216576\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1012315659962780166772151944216576\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Bottom line: there\u2019s nowhere to hide.<\/p>\n<h2>Pinched like it\u2019s 1999<\/h2>\n<p data-async=\"\">The Bank of Canada researchers went on to compare mortgage interest payments to disposable income. In their scenario, they found mortgage payments plateau at 5.5 per cent of disposable income in the third quarter of 2023, which would be the highest since the late 1990s and two percentage points higher than when the Bank of Canada started raising interest rates in March 2022.<\/p>\n<p>\u201cBorrowers may be able to mitigate some of these increased costs,\u201d the report said. \u201cHowever, their budgets will continue to feel the strain of these costs over the coming quarters.\u201d<\/p>\n<p>The Bank of Canada predicts economic growth will slow to 1.4 per cent this year (from 3.4 per cent in 2022) and 1.3 per cent in 2024.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment5571298434342278191772562033213440\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5571298434342278191772562033213440\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>On the surface, the Canadian economy was unaffected by weaker household spending power in the late \u201990s. Back then, gross domestic product grew 4.3 per cent in 1997, 3.9 per cent in 1998 and 5.2 per cent in 1999.<\/p>\n<p>That probably had something to do with globalization, which was taking off at that time. Companies were warming up to the North American Free Trade Agreement, production in the oilsands was ramping up, and China\u2019s supercharged rise from poverty was stoking demand for commodities. Canadian export volumes increased 8.9 per cent in 1997, 8.7 per cent in 1998 and 11.6 per cent in 1999, according to the International Monetary Fund (IMF).<\/p>\n<p>Globalization is now in reverse. The fund\u2019s prediction for Canadian export volumes in 2023 and 2024 is 2.6 per cent and 1.4 per cent, respectively. There will be fewer offsets to weaker consumption this time. Rising interest rates will pinch harder.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_7\">\n<section aria-describedby=\"advertisment1492322507175188707145780450820096\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1492322507175188707145780450820096\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h2>Behaviour change<\/h2>\n<p>The central bank\u2019s analysis of higher interest rates on household budgets also looked at how consumer behaviour is changing. Researchers found an overwhelming preference for variable-rate mortgages has flipped: borrowers now want to lock in for a couple of years.<\/p>\n<p>Back in 2019, roughly half of all new mortgages were fixed for five years. Demand for such home loans has plunged, dropping to about 15 per cent at the end of 2022, according to the Bank of Canada\u2019s analysis of data collected by the Office of the Superintendent of Financial Institutions.<\/p>\n<p>New issuance of variable-rate loans has dropped almost as much \u2014 after representing more than 50 per cent of all new mortgages through much of 2020 and 2021. The most popular loans now are ones that come with fixed rates for one or two years and three or four years, according to the Bank of Canada. The former set now represents about 30 per cent of all new mortgages, the most since at least 2017.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_8\">\n<section aria-describedby=\"advertisment3116423721476128176376068595253248\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3116423721476128176376068595253248\">Advertisement 8<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<section aria-labelledby=\"moreTopicLabel437946513956284365837921536704512\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Bank of Canada Governor Tiff Macklem takes part in a news conference after announcing an interest rate decision in Ottawa.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=96&strip=all&quality=80&sig=lapt_QtXWedp2GMdv7S7vg,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=192&strip=all&quality=80&sig=h6tGCjL-aBdRWPAQYKrFHw 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/no0413boc-1.jpg?h=288&strip=all&quality=80&sig=_SMa2NE9n-yi-3paV5f5ww 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Bank of Canada&#8217;s chance of soft landing has gone up <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"None\" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=96&strip=all&quality=80&sig=W55gDE9s86sSxU6pcCAqQw,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=192&strip=all&quality=80&sig=EydZmcCAnIRrqmYKUu2kgw 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0413-ph-2.jpg?h=288&strip=all&quality=80&sig=jscbXJpsmMertBb6LKSTHA 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> 3 things the Bank of Canada told us at its press conference <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"None\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=96&strip=all&quality=80&sig=7j_FhiZgnnnzAf1xrBwZIw,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=192&strip=all&quality=80&sig=rEPkXXSdPI-hSkGWJEJzxQ 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2023\/04\/bank-of-canada-0412-2ph.jpg?h=288&strip=all&quality=80&sig=A4I6W1XV1iW5L7Hd1RSXYw 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Where do interest rates go from here? <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<p>There\u2019s information in these shifts. The bet these mortgage-seekers are making is that the rates they\u2019re seeing now won\u2019t stick around over the longer term. They may have a point: many economists expect that a rate cut could come as early as next year. Royce Mendes, head of macro strategy at Desjardins Group, even sees the central bank cutting rates as early as this year.<\/p>\n<p data-async=\"\">\u201cMany borrowers are assuming that mortgage rates will be lower in a few years,\u201d Bank of Canada staff concluded in their assessment.<\/p>\n<p data-async=\"\"><em>\u2022 Email: shughes@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" control_fields=\"\" link=\"\" href=\"https:\/\/twitter.com\/StephHughes95\" rel=\"nofollow noopener\" target=\"_blank\">StephHughes95<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<details class=\"expansion-panel comments__section__list\">\n<summary class=\"expansion-panel__summary\">\n<h4 class=\"expansion-panel__summary-label\"> <span aria-hidden=\"true\" class=\"article-card__comment-icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" height=\"16\" viewbox=\"0 0 20 20\" width=\"16\"><path d=\"M19.99 2C19.99 0.9 19.1 0 18 0H2C0.9 0 0 0.9 0 2V14C0 15.1 0.9 16 2 16H16L20 20L19.99 2Z\" fill=\"#555555\"\/><\/svg><\/span> <span>Join the Conversation<\/span> <\/h4>\n<\/summary>\n<\/details>\n<\/section>\n<\/div><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Interest rate shock is hitting Canadian homeowners<\/a><br \/>\n<br \/>2023-04-14 14:46:26<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Mortgages Economy This is what the Bank of Canada sees happening on the ground Get the latest from Stephanie Hughes straight to your inbox Sign Up Published&#8230;<\/p>\n","protected":false},"author":2,"featured_media":33290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/mortgages-2-0414.jpg?quality=90&strip=all&w=288&h=216&sig=p-cgPcCkXFh701ddu6eXAQ","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-33289","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/33289","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=33289"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/33289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/33290"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=33289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=33289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=33289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}