Plus, this week’s lowest variable and fixed mortgage rates
The struggle of exorbitant building costs
Construction costs for residential real estate across much the country are exacerbating Canada’s housing affordability crisis,. In 11 major Canadian cities, the cost of building homes and apartment complexes was up 54 per cent in the first three months of 2023 compared to 2019, StatsCan data shows. Labour shortages, the high cost of materials, and rising interest rates all contribute to high financing costs for developers.
. Striking the right balance can lead to difficult questions around money: Should parents charge rent and if so, how much? How involved should parents be in their adult children’s finances?Almost every leading one- to five-year fixed rate rose ten or more basis points this week,Government bond yields, which lead fixed mortgage rates, have ridden a steady incline for almost two months. The drivers are bafflingly strong economic data and expectations of more central bank rate hikes.
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