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Climbing interest and mortgage rates cool outlook for housing market

These recent mortgage interest rate increases are doing what they were anticipated to do – and that is cooling the red-hot housing market. This is good news for first-time buyers! Investment Executive writes, “The rate hikes have quelled the unruly bidding wars seen in many markets in the winter and encouraging prospective buyers to wait for greater price drops.”

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Fixed-rate mortgage? Here’s how much more you may have to pay when you renew — and what to do if you can’t afford it

“Homeowners with fixed mortgages will, sooner or later, be renegotiating their rates and with the Bank of Canada hiking rates, many will see their monthly housing payments increase.”

Here are some suggestions of how to lessen or avoid the worry!