Mortgage payments in Montreal to rise by average of $243 following interest rate hike

According to a forecast by RBC, the one percentage point increase in interest rates by the Bank of Canada since March will cause a considerable increase in mortgage payments across the country, including in Montreal.

Mortgage payments in Montreal are projected to increase by $243 on avergage, which pales in comparison to the increases felt in Canadian cities where the average home price has surpassed $1-million. In Vancouver and Toronto, the average mortgage payment will increase by $526 and $483, respectively.

In Canada overall, the average cost for a mortgage payment has increased by $315.

The Bank of Canada will reportedly raise interest rates to 2.25% on Wednesday, an increase of .75, which will result in even higher mortgage payments.

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