The Bank of Canada surprised everyone this morning raising interest rates a full 100 basis points - the largest single increase in 24 years.
We’ve now seen rates increase by 2.25% in just 5 months, radically transforming the lending landscape and housing.
Buying power is down over 20% and mortgage payments compared to January of this year are upwards of 50% higher.
Understandably, this is going to drastically affect house prices. Already down 13% from the February high, you can expect prices to drop further - likely to the tune of 20% or more.
Mychal Ferreira, the number 1 mortgage specialist for the Bank of Montreal in Canada, joins us on this episode to discuss how the recent rate hikes affect those with existing mortgages, those about to renew and for people thinking about buying a home.
Buckle up, things are changing fast.
Contact Mychal Ferreira
https://www.linkedin.com/in/mychalferreira
https://www.instagram.com/mychalferreira/
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