Rates.ca analyst Victor Tran said the BOC's policy-rate increase will
immediately put upward pressure on variable-rate mortgages, pushing their rates
closer to fixed rates. Fixed-rate mortgages have risen about 100bp since early
September with no sign of reversing. As the central bank begins a tightening
cycle, variable rates are likely to climb sharply in the coming months;
mortgage-rate pressure on homeowners is expected to persist for 12–18 months.
