There's an upside to higher interest rates, despite the pain to borrowers — via financialpost PersonalFinance Debt interestrates
The first question on the minds of Canadians is just how high rates are going to go, something Central bank governor Tiff Macklem addressed last week when he testified before the House of Commons Standing Committee on Finance.
of over five per cent are feasible. This is a far cry from the sub-two-per-cent rates that were available in 2021 — suddenly the implementation of the mortgage stress test in 2018 seems more prudent.Article content Higher rates may cause a strain for highly indebted borrowers in the short run, but over time they may also help recalibrate housing budgets for borrowers based on real life monthly payments. This may also help stabilize the housing market, hopefully leading to a soft landing instead of a housing crash.
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