Canadians who watched the cost of taking out a mortgage steadily increase over the last year were dealt another blow when the Bank of Canada upped its interest rate to 4.5 per cent Wednesday.
with a variable rate, homeowners should expect to pay $20 more per month, LowestRates.ca said.
Based on the Canadian Real Estate Association saying the average Canadian home sold for $626,318 last month, a variable rate of 5.25 per cent will mean monthlypayments become about $3,341, an increase of $80 per month.
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