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inanna

(3,547 posts)
Sat Oct 7, 2017, 12:22 PM Oct 2017

Mortgage carrying costs to rise 8% for new buyers next year, Scotiabank says

Posted: Oct 06, 2017 3:41 PM ET Last Updated: Oct 07, 2017 12:52 PM ET

New buyers can expect home ownership to become even less affordable next year as mortgage costs rise, while current owners will be largely insulated from higher rates.

That's one of the main takeaways of a new outlook from Scotiabank, which forecasts mortgage carrying costs to increase by about eight per cent next year because of rate increases and tougher mortgage rules.

That's almost three times more than the 2.5 per cent the bank expects household incomes to rise.

More expensive mortgages coupled with less income to pay for them is a bad combination for new buyers, which is why the bank sees affordability getting further out of reach next year.

...

http://www.cbc.ca/news/business/scotiabank-royal-bank-mortgage-rate-forecast-1.4344124

I will NEVER be able to afford home ownership in this country....

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