If you’re tired of renting and have always wanted a home you could call your own, but thought the opportunity was just beyond your reach because of economic factors, here are some things to consider if you are thinking about taking the home ownership plunge.
Tagged: Variable Rate Mortgages
Housing sales rose in September for a second straight month while average prices reversed the falling trend with a 1.9% increase from August, the Canadian Real Estate Association said Friday.
So much for the housing market being crushed by rising interest rates.
The Bank of Canada cranked up its trendsetting overnight rate for the third time in four months on Wednesday and the impact will be felt by a wide range of borrowers. But home buyers? Not so much.
Bank of Canada governor Mark Carney raised the overnight lending rate a quarter percentage point on Wednesday morning, in line with most analysts’ expectation.
Carney raised the trend-setting rate from 0.75 per cent to an even 1 per cent.