Mortgage interest costs surge by nearly 70% in the past year

The article highlights a significant surge in mortgage interest costs in Canada, which have increased by nearly 70% over the past year. The rise in interest costs is primarily attributed to the increase in mortgage rates and the high demand for housing. Factors such as inflationary pressures, tighter lending regulations, and the impact of the COVID-19 pandemic on the economy have contributed to this upward trend. The article discusses the implications of higher mortgage interest costs for borrowers and provides insights into potential strategies to mitigate the impact.