What mortgage holders need to know about the Bank of Canada rate hold
BNN Bloomberg
Homeowners are feeling the impact of elevated interest rates, real estate experts say, though the Bank of Canada's latest rate hold will not raise mortgage payments for those with variable or fixed products.
The Bank of Canada elected to hold its key policy rate at five per cent on Wednesday for a fourth consecutive meeting, the highest level in 22 years.
Daniel Vyner, principal broker at DV Capital, told BNNBloomberg.ca that from the perspective of many mortgage owners, a rate hold is better than a rate hike – but it will still weigh on borrowers.
“Don't underestimate the impact of a Bank of Canada rate hold in an elevated interest rate environment, especially on those who entered the real estate market and budgeted for homeownership at lower rates and mortgage payments,” he said in a Wednesday interview.
