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..