Mortgage qualifying a 'significant hurdle' for many potential buyers, says the British Columbia Real Estate Association.
The housing downturn throughout Canada persisted through September and, according to the Royal Bank of Canada , has a longer run ahead.
“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” he said in the report. According to chief economist at the BCREA, interest rate levels are making mortgage qualifications a hurdle for British Columbians. Ogmundson says that in the coming weeks, the Bank of Canada will raise interest rates once again by somewhere between 50 and 75 basis points.
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