Homeowners Feeling the Sting of Rising Interest Rates

An increase in household debt levels added to the recent hikes in interest rates means that many homeowners are starting to feel a financial “sting.”

In its nationwide WealthScapes 2018 report, the researchers found that the effects of rising interest rates were particularly acute in Metro Vancouver, where the average household incurred an additional $1,152 in interest charges in 2017.

That is more than double the Canadian national average, which was an increase in interest charges of $544, compared with the year before. Overall, said the report, Canadians paid $9 billion more in interest charges in 2017 than they did in 2016. 

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