"persistent strength in the housing market" is a major reason why the Bank is raising rates....."The latest resale data show precisely zero signs of a let-up."Douglas Porter, deputy chief economist Bank of Montreal
A robust housing market and the Bank of Canada's recent increase in interest rates may indicate more "modest" rate hikes in the future.
Investors who hold multiple mortgages should add a higher interest rate to their spreadsheets and prepare for the rates to increase in the future. Higher interest rates mean higher mortgage payments and lower cash flow. So check and double check your numbers!
For the current interest rate CLICK HERE
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