The Bank of Canada just raised its interest rate from 0.5% to 0.75%, the first increase for quite some time. Prior to the increase, speculation about whether it would happen helped heat up the Calgary real estate market, with buyers wanting to secure an interest rate.
The increase is overdue, but after many years of low rates, it could have a psychological effect on the Calgary real estate market. While most households will be able to absorb the increase, some people who have borrowed against their home equity will be affected.
If you have any questions related to Calgary real estate, the team at Jesse Davies Real Estate is always there to help.
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