The Bank of Canada's first rate hike in three years will boost borrowing costs, weighing on an already battered real estate market. Rates for variable mortgage holders and those with new fixed rate mortgages will see higher monthly payments as a result.
Higher mortgage costs set to depress already 'bleak' housing market
CB
CBC - BusinessBy Abby Hughes, Jeff Lagerquist
EXECUTIVE SUMMARY
The Bank of Canada's first rate hike in three years will boost borrowing costs, weighing on an already battered real estate market. Rates for variable mortgage holders and those with new fixed rate mortgages will see higher monthly payments as a result.
Key Takeaways
- Higher mortgage costs set to depress already 'bleak' housing market.
- The Bank of Canada's first rate hike in three years will boost borrowing costs, weighing on an already battered real estate market.
- Rates for variable mortgage holders and those with new fixed rate mortgages will see higher monthly payments as a result.
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Published originally on CBC - Business
