Mortgage interest costs across the country are now at their highest level in more than 30 years, according to data from Statistics Canada.
The federal agency said mortgage interest costs rose 11.4% on a year-over-year basis in October, the biggest rise since 1991.
Additionally, property taxes increased an annualized 3.6% during October, adding to the growing costs associated with homeownership in Canada.
Statistics Canada said that mortgage interest costs and higher gas prices led to inflation remaining steady at an annualized 6.9% in October.
The Ottawa-based agency added that housing costs jumped by more than 11% as Canadian homeowners renew their mortgages at higher interest rates.
The Bank of Canada has raised interest rates multiple times this year to lower inflation, lifting its trendsetting overnight interest rate to 3.75%.
Interest rates on mortgages have risen in tandem with the Bank of Canada rate, pushing many consumers out of the housing market and leading to a sharp slowdown in the national real estate market.
Core inflation, which excludes volatile food and energy prices, rose 5.3% on an annual basis in October, down slightly from 5.4% in September.
