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Higher mortgage costs set to depress already 'bleak' housing market
All five major banks raised prime rates to 4.70%, adding pressure to variable mortgages and an already weak housing market, officials said.
Summary by Ground News
5 Articles
5 Articles
Mortgage costs are on the rise following rate hike — and could hurt the already weak 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.
·Ottawa, Canada
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The Bank of Canada's increase in the policy rate on Wednesday is expected to result in higher borrowing costs for home buyers, which could add to a real estate sector that is already facing rising prices for building materials.
·Montreal, Canada
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Bank of Canada raised its policy rate to 2.5%, mortgage borrowers will pay more each month
·Montreal, Canada
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Total News Sources5
Leaning Left3Leaning Right1Center0Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
R 25%
Factuality
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