Her lot’s not even graded — let alone prepared for foundation — and Domenica Daley’s dream home has already gotten much more expensive.
She closed the deal for a parcel in Paradise in June, and quickly got to work clearing out trees and rocks. But in the few months since her first offer, mortgage rates have climbed, and Daley is facing a much bigger bill.
“It’s looking like the two and a quarter [percentage points] that it’s gone up over the last couple of months is going to be about $250 to $300, depending on the type of mortgage we choose,” Daley said. “Every month … for a generation.”
Rising interest rates are reshaping the real estate market in Newfoundland and Labrador, and aspiring homeowners are scaling down their expectations on what they can afford — even…