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Mortgage Pre-approvals Rate Hikes Looms

Source: Tara Deschamps The Canadian Press, globalnews.ca, November 17, 2021

A rise in both mortgage and interest rates would end an almost two-year period of rock-bottom borrowing costs.

Canadians are scrambling to get mortgage pre-approvals and rate holds before the era of low interest rates comes to an end, as some economists predict.

Real estate and mortgage brokers say their clients are increasingly seeking ways to hold on to current rates because many housing markets like Toronto are facing heated conditions making it hard to keep purchase prices down.

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