Canada’s Prime Minister Justin Trudeau speaks in the course of the Leaders’ Second Plenary Session in the course of the Ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Lauren Justice
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OTTAWA, June 14 (Reuters) – Canadian Prime Minister Justin Trudeau on Tuesday stated his authorities was watching rising interest rates “with concern,” when requested in regards to the influence increased borrowing prices are having on housing affordability within the nation.
“We know full well that housing prices are a real concern, especially for middle class Canadians hoping to buy their first home,” he stated, chatting with Parliament by video convention after testing optimistic for COVID-19. “We’re watching interest rates with concern.”
The Bank of Canada raised rates to 1.5% from 1.0% this month and signalled extra will increase are coming. Some Canadians who took out mortgages in the course of the pandemic might see their funds bounce by 45% in 2024-25, in accordance a situation the central financial institution launched final week. learn extra
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Reporting by Julie Gordon in Ottawa
Our Standards: The Thomson Reuters Trust Principles.
Canada’s Trudeau says we’re watching rising interest rates ‘with concern’ & More Latest News Update
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