The interest rate increase is expected to deal another blow to Calgarians looking to purchase a home or renew their mortgage. yyc
Calgary homeowners and prospective buyers are expected to feel another increase to the benchmark interest rate by the Bank of Canada, the tenth such increase in the last year and half.
“Doesn’t seem like a whole lot, $15 a month extra for every $100,000 borrowed,” Tran said. “But for some people it can be quite, quite challenging.”How the Bank of Canada’s decision affects Calgary’s food security Housing prices in Calgary are expected to remain steady for the foreseeable future, with demand outstripping a narrow supply.
“Certainly erodes affordability and prices are already up fairly significantly,” Albrescht said. “It reduces peoples buying power.” A challenge for Luis Sanchez, an international University of Calgary student who was placed on a waitlist for on-campus housing and had to look elsewhere with a limited budget.
Nearly half of Albertans surveyed in the report are also concerned about their current level of debt, with the debt becoming too much for others.
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