Blog Article

Wednesday, 31 August 2022

By Kim Owen

Leah Zlatkin quoted in the Toronto Sun: ‘Real Estate Activity Remains Muted in Face of Steep Rate Hikes’

https://torontosun.com/news/real-estate-activity-remains-muted-in-face-of-steep-rate-hikes

“Right now were bracing for a hike,” said Leah Zlatkin, LowestRates.ca expert and licensed mortgage broker. “For those people who are impacted, it is a dramatic increase. But, hopefully, people have budgeted accordingly.”

It is unclear exactly how many Canadians hold variable mortgage rates, which rise as the central bank hikes.

But in February, the Canada Mortgage and Housing Corporation (CMHC) said 55% of Canadians with mortgages chose a variable rate.

That was before the Bank of Canada started hiking aggressively.

“If you’re thinking back about a year ago when rates were closer to two per cent for anybody who bought a home at that time, this feels very much like a freight train hitting you.”