While a large number of mortgage holders have seen their monthly payment rates jump over the past year due to rising interest rates, the Bank of Canada (BoC) says the impact could become greater and more far-reaching over the next three years as average mortgage payment rates could spike by up to 40 percent.
The central bank released its annual Financial System Review on May 18, outlining its national economic expectations for the next several years across a number of areas—one of which was Canadian household debt.
