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Home Economics: Borrowers beware as Bank of Canada shifts tone on rates


Home Economics: Borrowers beware as Bank of Canada shifts tone on rates
BNN Bloomberg
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Near the start of the pandemic the Bank of Canada lowered interest rates to near bottom levels signalling to Canadians they will remain low for a long time. Now with Canada s economy recovering faster than expected, the Bank of Canada is shifting their tone on rates, saying they may rise by the second half of 2022. CTV s Chief Financial Commentator Pattie Lovett-Reid explains why borrowers in a variable rate mortgage might want to make the switch to a fixed one.
 
 
Nearly half of first-time homebuyers in Canada are looking further afield into the suburbs for a prime piece of real estate. A survey by the Bank of Montreal found that 47 per cent of respondents are ditching downtown for more affordability and larger spaces, and it’s a trend that’s expected to continue in a work-from-home world. Only 30 per cent of those surveyed are s ....

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