Jessy Rai - JR GROUP

The Bank of Canada has just increased their overnight by 1%, from 1.50% to 2.50%. This is the biggest jump since 1998.
If you have a variable rate mortgage, you can expect an increase of $50 per $100,000 owing.
If you are Pre approved your qualification may change as the stress may increase.
However, This will result in less buyers and less competition - meaning there will be great opportunities on the market.
The Bank of Canadas next rate announcement is in September - The BoC said they will need to increase rates further to fight inflation.
Looking to buy or sell a home? Give me a call and I’d be happy to assist you!
Jessy Rai
Sutton Centre Realty
-market