As you may have heard, this morning the Bank of Canada has increased the overnight rate by another 0.25%.
Please do not panic when you turn on the news and hear this. Here is what you need to know below…please forward this link to friends and family if they are worried
Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership.
Interest rates have risen rapidly this year, triggered by the Bank of Canada’s efforts to curb inflation. And the July MNP Consumer Debt Index found that 59% of Canadians “are already feeling the effects of interest rate increases.
Why has the impact been so widespread? In part, due to the rising popularity of variable-rate mortgages. According to the Canada Mortgage and Housing Corporation, in the latter half of last year, the majority of mortgage borrowers opted for a variable over a fixed interest rate.
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The Bank of Canada has raised its interest rates three times since the beginning of 2022. The central bank's latest move on the first of June pushed the rate to 1.5 per cent, and indicating further hikes in the coming month to curb rising inflation. What does this mean for Canadians who have taken on debt? Many worry that rising rates will put a damper on home sales and lead to increased payments with lower valuations, but is this really the case? What are the other economic factors contributing to these changes, and how might they impact Canadian real estate moving forward?
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