The Bank of Canada’s decision to hike interest rates in July could put further financial pressure on over leveraged landlords and leave tenants in a precarious situation, one realtor is warning.
The BoC hiked rates by 25 basis points on Wednesday, bringing the overnight lending rate to 5.0 per cent. The aggressive rate hikes by the bank has already caused some landlords to sell their investment properties as costs are simply too high to cover -- and July's hike will be a breaking point for many other landlords, Davelle Morrison, broker at Bosley Real Estate Ltd, told BNN Bloomberg in an interview on Wednesday.
She only expects rent to rise from here as interest rate hikes will force landlords to up prices in order to keep up with the higher mortgage costs. Tenants are not only facing higher rents, but they are also up against limited supply — both are problems that are only made more challenging through these rate hikes, another realtor warned.
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