Wednesday, 13 July 2022
By Mortgage Outlet
Leah Zlatkin quoted on BNN Bloomberg: ‘How the Bank of Canada’s Rate Hike Will Impact Mortgages, Loans and Spending’
Leah Zlatkin, a licensed mortgage broker with Lowestrates.ca, said in a release that every $100,000 someone holds in a variable rate mortgage will result in about $55 more in costs per month.
Based on the Canadian Real Estate Association’s average home price of $711,000 in May, a variable rate of 2.7 per cent will result in monthly mortgage payments of roughly $2,845. At 3.7 per cent, which she considers the best mortgage rate, those payments will total $3,168, an increase of $323 per month.
