Variable home loan rates have risen as the country's central bank has hiked benchmark interest rate to a 22-year high of 4.75% in its bid to tame inflation.
The Office of the Superintendent of Financial Institutions told Reuters in June that lenders should manage such risks as soon as possible. More than 20% of the mortgage portfolio of the big six Canadian banks had a repayment period of over 30 years in the first quarter, according to Desjardins analyst Royce Mendes.
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