Overall inflation slowed in May to 3.4 per cent, but interest on Canadian mortgage costs rose a whopping 29.9 per cent – the highest increase on record for a third consecutive month as central bank interest rate hikes drive up housing costs.
Overall inflation slowed in May to 3.4 per cent, but interest on Canadian mortgage costs rose a whopping 29.9 per cent
“We went from a historically low rate environment to the quickest rate increase we've seen for 30 years or perhaps ever,” Laird said in a telephone interview. “It makes sense that we are setting records.” “At this time last year, the majority of the rate hikes were still ahead of us,” Laird said in a telephone interview. “We definitely knew this was coming. I think the year-over-year number crystallized it well.”Variable-rate mortgage holders have been most affected by higher mortgage interest costs, Laird said. Figures from Ratehub.ca this month state that a homeowner with a variable rate mortgage would have seen a 62 per cent increase on their monthly payments since March 2022.
Last month, Statistics Canada credited higher mortgage interest and rent costs with partly driving the first increase in annual inflation since a year earlier.
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