Rising Interest Rates Impact Homebuyers' Affordability

The Bank of Canada's decision to raise interest rates has resulted in increased mortgage payments for homeowners, impacting their affordability. Variable rate mortgage holders, as well as those needing to renew their fixed rate mortgages, are experiencing higher monthly payments. Many homeowners are finding it difficult to afford these increased costs, leading to financial strain and sacrifices in other areas of their lives. The surge in rates has caught homeowners off guard, especially considering the already challenging economic climate. The value of properties has also been affected, further exacerbating the affordability crisis. Despite these challenges, some homeowners are determined to hold onto their properties, even as the market becomes more unpredictable.