Penticton Mortgage Rates Update – April 2022
In last month’s Penticton mortgage rates update we detailed the recent (at the time) Bank of Canada announcement regarding the Policy rate. In March they increased the rate from .25% to .5%. We predicted that the Bank would once again raise the cost of borrowing incrementally through the months ahead, with another projected this very month (April). This morning (April 13) they did just that, with a move that the Financial Post and others are calling a super-sized rate hike. Is mainstream media being dramatic? More importantly, should new buyers reconsider getting a mortgage through the remainder of the spring and summer of 2022? Let’s review.