What does the loom of rising interest rates mean for the mortgage market?

Image courtesy of CTV News

By Ian Bickis, The Canadian Press , July 10, 2017

CALGARY — Canadians are starting to take note that the key number determining how much they pay for a mortgage is very likely going to soon go up.

“My email is exploding right now,” says Ryan McKinley, senior mortgage development manager at Vancity Credit Union.

McKinley and other mortgage specialists are increasingly hearing from people in the property market now that the Bank of Canada has strongly hinted it could hike the key interest rate as early as July 12, which would be the first increase in nearly seven years.

Read full article here…..