Homeowners Struggle Under High Interest Rates and Ballooning Mortgage Costs

The article discusses the impact of high interest rates on homeowners in Canada. Key points include:

• High Mortgage Rates: The Bank of Canada governor, Tiff Macklem, has stated that interest rates may need to stay "higher for longer," which means higher mortgage rates will also be present for a longer period.
• Homeowners’ Concerns: A recent survey found that many homeowners are concerned about their ability to afford their mortgages and meet their insurance needs.
• Bank of Canada’s Decision: The article mentions that the Bank of Canada may start cutting interest rates next year, which could bring relief for people with variable-rate mortgages.
• Economic Outlook: The article also touches on the economic outlook, including job market data and its implications for the Bank of Canada and interest rates.

The article is a general overview of the current situation regarding mortgage rates in Canada.