Darpan News Desk The Canadian Press, 02 Oct, 2023 10:52 AM
Experts are warning the next few years will likely see sharp mortgage payment increases amid expectations that interest rates will stay higher for longer.
Variable rate mortgage holders have already seen their payments surge by more than 49 per cent on average, according to Bank of Canada data, but many fixed rate holders still haven't felt the sharp rise in rates.
The central bank says more mortgage holders will face higher payments next year, while the biggest impact for fixed rate holders will be in 2025 and 2026, when they could face somewhere between 20 and 25 per cent payment increases compared with early 2022 rates. (4)
Saanich Police are investigating a sexual assault in a campus washroom at the University of Victoria. A safety bulletin issued by the university says the victim was assaulted in a men’s washroom on the first floor of a campus building on Tuesday morning.
Sergeant Steve Addison says the unnamed victim was attacked (near Carrall Street and East Hastings Street) just after 5 a.m. The man was rushed to hospital but was pronounced dead.
Canada Border Services Agency says it seized nearly 200 kilograms of opium concealed in shipping containers arriving in B-C. A statement from the agency says a bust on August 15th at an examination facility in Burnaby turned up 150 kilograms of opium hidden in steel machinery.
Health Canada has authorized Pfizer-BioNTech's updated COVID-19 vaccine for people six months and older. The mRNA vaccine targets the Omicron XBB.1.5 subvariant that is circulating in Canada. This is the second vaccine targeting XBB.1.5 that will be available in this country.
A new report from Deloitte Canada suggests the economy's near-term struggles will ease next year as the Bank of Canada begins cutting its key lending rate. The report estimates GDP will rise one per cent this year and 0.9 per cent next year. Deloitte Canada had earlier predicted GDP would contract 0.9 per cent in 2023.
Dix says the province has previously stated it would expect "enhanced masking" in health-care settings for the respiratory illness season in the fall but did not say whether the new rules will be mandatory. The minister says ensuring people who are already sick in hospital have the maximum protection possible during the season is important.
