Lower interest rates, higher disposable income, and increased investor activity have caused a stir in the mortgage market during the pandemic.
So far, the Bank of Canada has kept the interest rates unchanged but in its recent meeting in January 2022, it hinted at a future series of rate hikes between now and the end of 2022.
Experts now warn that a hike in interest rates is a near certainty.
“We’ll probably have about seven rate hikes and that will take us back to where interest rates were before the pre-pandemic. After that, it’s open for debate,” Robert Kavcic, director and senior economist at Bank of Montreal, told CTVNews.ca in a phone interview on Thursday.
The mortgage market is being driven by many factors – some of which have been unique to the pandemic.
CTVNews.ca gathered data from different sources and spoke with experts to…
