Amidst government interventions, rising mortgage rates, and declining sales activity within the Greater Toronto Area (GTA), luxury condo prices have remained comparatively resilient. According to new figures released last week by Royal LePage, luxury condo prices outpaced luxury detached homes in the GTA over the first four months of the year, with average prices rising […]
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What Rising Mortgage Rates Mean for Canadian Homebuyers
Last week, three of the five largest banks in Canada, TD Bank, CIBC, and RBC, raised their benchmark rates for five-year fixed mortgage rates, igniting concern amongst homebuyers and homeowners. TD Bank began the rippling effect of rising interest rates last Wednesday, increasing its five-year fixed rate 45 points, from 5.14% to 5.59% – not […]