All Signs Point to Canadian Interest Rating Increasing Within the Next Year
An economic growth spurt is bringing the prospect of higher mortgage rates at a time when many Canadians in the country's largest cities are stretching to afford homes.
Some analysts expect the Bank of Canada will raise the rate it charges financial institutions to borrow money overnight this fall after the central bank's No. 2 executive gave an upbeat assessment of the economy, saying growth has returned to most industries and regions. An increase in the overnight rate would immediately raise the cost of variable-rate mortgage and home -equity lines of credit.
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792