Homeowners with variable-rate mortgages, HELOCs, or upcoming renewals should review their finances as interest rates may rise by early 2027. The Bank of Canada's policy rate is currently 2.25%, with inflation at 3.1%, influenced by gasoline prices and supply-chain issues. Rate hikes would increase payments for variable-rate and HELOC borrowers, while fixed-rate holders face changes upon renewal. Higher rates could reduce buyers' purchasing power.
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