Mortgage Rates 2024 Forecast Canada. Prime is currently at 7.2%. While the bank of canada expects that at least 8 in 10 mortgage holders will face a “relatively large” mortgage payment increase by the end of 2025, expected interest rate cuts in the years ahead.

However, the high cost of mortgage payments is a barrier to homeownership, especially for millennials and gen z. Federal reserve slashed interest rates for the first time in four years, and in the same week, canada’s inflation rate reached the.