Borrowers to “feel the strain” of high interest rates for several quarters to come, says BoC

According to the Bank of Canada (BoC), borrowers in Canada are expected to face the impact of high interest rates for several quarters. The article from Canadian Mortgage Trends discusses the BoC's forecast and highlights the potential strain it may put on borrowers. The BoC's projections suggest that interest rates will remain elevated for an extended period due to factors such as inflationary pressures and economic conditions. The article emphasizes the importance of financial planning, responsible borrowing, and considering the potential impact of rising interest rates on mortgage payments and overall affordability.