Real Estate Professional: Household spending may fall to cope with higher borrowing costs

The Bank of Canada’s governor says that households may need to curb spending as mortgage renewals increase their debt-service ratio. Canada’s big banks were quick to announce increases to their prime interest rates following Wednesday’s rate decision by the Bank of Canada. CIBC, TD, RBC, BMO, and Scotiabank all announced increases from 3.45% to 3.70% soon after the BoC’s decision to increase its overnight rate target to 1.5%. Although it is currently on target, the bank’s Governing Council believes that higher interest rates will be needed to keep it on target. Read more...


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988