Bank of Canada Holds Interest Rates Impact on Mortgages Housing Market and Borrowing Costs

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The Bank of Canada's decision to maintain the interest rates at five per cent has been regarded as a positive development for mortgage holders linked to prime rates, offering relief amid the ongoing challenge of high borrowing costs. Despite this welcome news, experts caution that the persistently elevated borrowing expenses continue to pose difficulties for homeowners.

The Bank of Canada acknowledges the strain on housing costs due to the escalating interest rates, with increased shelter price inflation attributed to rising rent and housing expenses, including elevated mortgage interest rates.

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