Interest Rates on The Rise..

With Interest rates on the rise it is sure to put a damper on the market. It didn't take long for

Canada’s big banks  to announce increases to their prime lending rates to 3.2% Wednesday.

The Bank of Canada increased its overnight target rate to 1% despite expecting growth to moderate in the second half of 2017,.

The first of the country’s largest lenders to add a quarter of a percentage point to its prime rate was RBC but TD, Scotiabank, CIBC and BMO followed shortly afterwards.

This is not good news for young family's or new comers to get a mortgage now. Time will tell how this increase will cool off the market..

Troy Mutch

Troy Mutch

REALTOR®
CENTURY 21 Westman.com Ltd.
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