Canadian mortgage rates may climb up to 7% by next year: Desjardins
Better Dwelling: 'Over the next year, the 5-year fixed-rate mortgage is expected to gradually climb. Interest costs are forecast between 5.3% and 6.3% by the second quarter of 2022 and rise to 5.3-7.0% in the fourth quarter. The low range isn’t much higher than today, but the high end would likely create an economic shock.
'Here’s another curveball — they expect mortgage rates to peak by next year. The first quarter of 2023 is forecast at 5.30-7.15%, a slight climb on the high end of the range. By the end of 2023, the range falls to 4.85-6.75%, indicating an economic slowdown. That wouldn’t be too surprising since inflation or rising rates both lead to lower demand.'