Trade War Uncertainty Sends Fixed Mortgage Rates Soaring
The Bank of Canada has kept its benchmark interest rate steady at 2.25% for nearly a year, but the ongoing trade war is causing uncertainty in the market.
Fixed mortgage rates have risen as investors' concerns about U.S. debt, inflation, and the U.S.-Iran conflict drive up bond yields, which influence fixed-rate mortgages.
As a result, it's now difficult to find a fixed rate below 4%.
In Toronto, return-to-office mandates are bringing workers back to the downtown core, transforming the urban economy and causing frustration among employees due to long commute times and limited desk space.
The city of Calgary is seeing an increase in multiplexes as it allows for densification on previously zoned lots, giving designers more flexibility to build livable multi-family dwellings with character.