Canada Wants to Make Homes Affordable Without Crushing Prices bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Fernanda Santos and Gustavo Pereira of London, Ont., purchased their home in March 2022 and got the keys in June. Within those months, their mortgage had already increased. Because of ongoing Bank of Canada interest rate hikes, the couple is now paying $4,400 a month, up from $2,800.
A group of Ontario residents who purchased pre-construction homes in Brampton at the peak of the recent real estate frenzy say they're now struggling to close on their deals because of a perfect storm of rising interest rates, falling home prices and stricter federal mortgage rules.