1,747 new homes were sold in September, up from 974 in August. Additionally in September, the standard price for condo apartments increased, while the standard price for single-family homes softened. Royal Bank, TD, BMO and CIBC have all raised their prime lending rates from 3.70 to 3.95 per cent. Scotiabank is expected to follow suit. Economists predict more rate hikes to come. However a rate hike does not mean a borrower will have to pay the full percentage of the increase.
By: Frank Ilia