Hello, everyone.
I provide you with Canada’s news headlines for real estate news for today.
Bank of Canada raises interest rates for first time in seven years
According to The Globe and Mail,
The Bank of Canada’s first interest-rate hike in seven years has set in motion a complex unwinding of a near-decade-long era of easy money.
The central bank raised its overnight lending rate by a quarter-percentage-point Wednesday, to 0.75 per cent from 0.5 per cent, citing “bolstered” confidence that the Canadian economy has emerged from years of sputtering growth.
The detail is here.
Toronto’s luxury condo sales surge despite market, Sotheby’s International says
According to CBC News,
Greater Toronto Area home sales may have hit a slump but a new report suggests Toronto’s luxury condominiums are being gobbled up faster than ever by wealthy buyers willing to shell out over $1 million for apartments in the sky.
The detail is here.
Will the Bank of Canada’s interest hike affect lines of credit? Yes, and here’s how to manage it
According to CBC News,
This Wednesday could be an “oh crap” moment for some Torontonians who rely on a line of credit, personal finance experts say.
The Bank of Canada is set to raise its overnight rate — traders are about 90 per cent certain of a 0.25 per cent rate hike — and the big banks and other financial institutions will likely increase interest rates as a result.
The detail is here.
Canadian home buyers are losing steam — and cash, as rate hike looms
According to Financial Post,
Plunging sales, a surge in listings, and eroding prices that spooked these buyers may worsen if the Bank of Canada raises borrowing costs as expected this week. The move would be the latest blow for a market that’s become unhinged in just three months, with the near-collapse of mortgage lender Home Capital Group Inc. and as policy makers look to rein in runaway prices and risk.
The detail is here.
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Jethro Seymour, Toronto Real Estate Broker, Looking For Best Leaside Real Estate Listings? Contact Me!
Also published on Medium.
