8 Elm on Yonge Condos.House prices are going to collapse and the Canadian dollar is going to soar? The Bank of Canada abruptly raised its benchmark interest rate by 100 basis points, or 1 percentage point, than expected today.Please Visit: 8 Elm on Yonge Condos to Get Your VVIP Registration Today!
It was the biggest increase in interest rates since 1998, sharply raising borrowing costs in an attempt to control runaway inflation.
Bank interest rates affect interest rates such as mortgages and credit lines that Canadians receive from lenders.
After cutting interest rates to a record low at the start of the pandemic, the bank has raised interest rates four times since March as part of an aggressive campaign to fight inflation, which has risen to its highest level in 40 years.
Bank interest rates affect interest rates such as home loans and credit lines that Canadians receive from lenders.
The central bank raised the overnight interest rate to 2.5%, and the major commercial banks will correspondingly raise the Prime interest rate on home loans to 4.75%. After raising interest rates for five times in a row, mortgage interest rates are 2.25% higher than in February.
Equivalent to C $1 million per loan, bank interest increases by C $22500 per year, or nearly C $2000 per month.
Vancouver ranks the lowest of all regions, ranking 42nd, with a score of only one star, and the average house price in 2020 was as high as 1.05 million 6897 yuan, 90 per cent higher than the national average. The one-year house price growth rate is 7%, the three-year house price growth rate is only 3%, and the three-year housing premium is 30, 5055 yuan.
Although the number of houses listed in the small town of Bancroft has gradually increased and the number of listings has increased by 64.7%, according to the demand of buyers, the stock of houses available for sale is only enough to last for 0.7 months, the lowest level in 30 years, indicating that the demand of buyers is very strong. Lauren Haw pointed out that as the gap between supply and demand in the region continues to widen, house prices will continue to rise in the foreseeable future.
In second place is Woodstock-Ingersoll, Ontario, with a four-star rating, with an average house price of 443,383 yuan in 2020, with a three-year house price growth rate of 67 percent. In third place is Ontario London-St. In the Thomas area, with a score of 4 stars, the average house price in 2020 was 4306,433 yuan, with a price increase of 77% in three years.