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Mortgage rates are again on the rise in Canada, increasing the likelihood of a slowdown in the national housing market.
On Wednesday, Royal Bank of Canada hiked its five-year, fixed-rate mortgage by 20 basis points to 3.89 per cent, one day after the Bank of Montreal raised its benchmark rate to 3.79 per cent.
Just five months ago Finance Minister Jim Flaherty publicly scolded both BMO and Manulife Financial for posting ultra-cheap mortgages. Since then, when advertised rates sunk to as low as 2.89 per cent, the cost of mortgages has climbed by almost 25 per cent.
To read the rest of this article visit:http://www.theglobeandmail.com/report-on-business/economy/rbc-hikes-mortgage-rates/article13900832/