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Available Expert - Bank of Canada raises benchmark interest rate

Wednesday, September 6, 2017

Queen’s University real estate expert John Andrew is available to comment on this morning’s news that the Bank of Canada is raising its benchmark interest rate again. The rate jumped by a quarter of a point to one per cent.

“I think this, on top of the increase in July, could have a significant effect on the psychology of real estate markets, which are already cooling a lot in Ontario thanks to uncertainty introduced by the province’s Fair Housing Plan in April,” says Professor Andrew. “Buyers and sellers could easily now feel that the days of ultra-cheap mortgages (sub three per cent rates) are over, and that may well stimulate a resurgence in transactions as those sitting on the sidelines waiting to see what fallout the April policy changes will have will now jump into the market.  But it could also cause prices to slide a bit across Canada, since a rise in overall mortgage costs causes buyers to be able to afford less of a home.”

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