and will indirectly cause shelter costs, such as the price of rent, to rise as landlords look to pass off higher costs to tenants, housing experts warn.
“Today’s rate hike is going have a psychological effect that will keep homebuyers on the sidelines as they wait for rates to come down – meaning more people will now compete for a rental unit,” he added. “These rising rates are acting as a blockage for more properties to come online as people hold off on selling or buying homes in an uncertain interest rate environment,” Phil Soper, president and chief executive officer of Royal LePage, told BNN Bloomberg in an interview on Wednesday.
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