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Bank of Canada says prime lending rate could hit 4.5% by 2026

The Bank of Canada stated people who borrowed heavily to buy a home when mortgage rates were low last year could see their monthly payments increase by up to 45 percent when their mortgages come up for renewal in 2026.

The central bank has already raised its rates by a full percentage point this year and more increases are set to follow as inflation continues to surge.

It’s forecasting rates of around 4.5 percent in four years’ time.

That would push up payments by between 25 percent for those with fixed mortgages, to as much as 45 percent for those holding variable-rate mortgages.

with Vista Radio newswire

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Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

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