The Bank of Canada has raised its benchmark interest rate to 4.75%, the highest level since 2001. This move is in response to stubborn inflation and surprising resilience in the Canadian economy, and will immediately affect Canadians with debts that have variable interest rates. The effects of the rate hike will include an uptick in consumer delinquencies and a potential impact on the rental market. Vancouver's expensive real estate market has prompted some to explore non-traditional options such as living in a floating house, and a converted church near Toronto's High Park is also featured as a unique home worth a look. Fixed-rate mortgages may be a better option for those
The Impact of Interest Rate Increases on Canadians: Latest Canadian Real Estate News on June 10th
