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What Will Mortgage Rates Look Like in 2023?

One of the most significant pain points for homeowners, buyers and sellers this past year has been rising interest rates from the Bank of Canada, sending mortgage rates up alongside them. Unfortunately, higher interest rates will impact almost everyone regardless of their situation.

To gain further insight, we spoke with mortgage broker and author of The Mortgage Code, Angela Calla. “I feel there will still be interest rate hikes in 2023,” says Calla. But, she reminds Canadians that lenders are working to look for new offerings to help. “You are not in this alone.”

If you’re up for mortgage renewal in 2023, you may feel high amounts of pressure and stress. However, Calla says the best thing you can do is start the process early. “If you have a renewal in the next six to 12 months, start consulting with an independent mortgage broker that can consider your whole finances, NOT just the mortgage.”

How Does This Increase Affect My Mortgage?

According to Calla, anyone with a variable-rate mortgage, home equity line of credit (HELOC), or mortgage renewal will immediately see their mortgage payments increase. She says that on a $500,000 mortgage amortized over 25 years, your monthly payments would be:

  • 5.5% interest = $2,908.02 per month

  • 6.0% interest = $3,109.33 per month

  • 6.5% interest = $3,349.12 per month

If you’re looking for a mortgage and are speaking to lenders, you must research and compare rates. “Canadians can not afford to make the costly mistake of looking only at the rate or being sold with a bias during these times,” says Calla.

Should You Choose a Fixed or Variable Rate Mortgage in 2023?

This decision is based entirely on what the market looks like when you purchase or renew. So, hiring a broker you trust and researching market trends is vital. For instance, if you want to choose a fixed-rate mortgage, you may think that inflation will stick around for a while. Or your finances are tight, and you can’t afford fluctuation or potential increases; fixed could be a great choice.

On the flip side, a variable rate mortgage might be the right choice if you believe the Bank of Canada will stop with rate raises and that they may go down in the next one to two years. However, remember that they have yet to allude to rates dropping anytime soon.

Breakdown: Be vigilant with your budget and use a mortgage calculator to better understand your payments on various mortgage rates if you’re up for renewal or plan to buy in 2023.

We're here to help guide you through these market changes and ease recovery. Get in touch with us at so our team can evaluate your financial situation and provide you with unbiased advice!

This article is courtesy of Zolo.


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages.

In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her the 2020 Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please get in touch with Angela at or at 604-802-3983.

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