
Kamloops homeowners with variable rate mortgages to pay more after latest interest rate increase
KAMLOOPS — From interest rates at 1.45 per cent in March to now 4.95 per cent after the latest increase from the Bank of Canada, Kamloops homeowners who are in a variable rate mortgage will see another jump in their monthly bills.
“It’s a different rate environment than we’ve ever been in,” noted mortgage broker Travis Colman from Colman & Associates. “Rates have consistently been pretty low. The market has been increasing year over year over year since 2015, so this is the first time in a decade essentially that we’re seeing rising rates and a contraction in the market.”
On Wednesday, the Bank of Canada increased the benchmark rate by a half a percentage to 3.75 per cent in an effort to calm inflation.