Rise in the key rate: the bill for housing could skyrocket in Quebec

Quebecers fear the domino effect of the increase in the key rate, which will force them to tighten their belts once again to find housing, while the cost of living is already exploding on all sides, all sides.

Rise in the key rate: the bill for housing could skyrocket in Quebec

Quebecers fear the domino effect of the increase in the key rate, which will force them to tighten their belts once again to find housing, while the cost of living is already exploding on all sides, all sides.

• Read also: The Bank of Canada raises the key rate by 100 points, to 2.5%

• Read also: The median price of a house jumps by 20%

"It worries me. With everything going on around the world. It's already increasing. I would be the type to shop around for my interest rates at the next mortgage renewal,” said Jessica Quenneville, a nurse, whom we met this Wednesday in a Longueuil shopping center.

For the resident of Montérégie, these increases are especially likely to bleed the budget of first-time buyers.

"I had a variable rate, but maybe I'll go for a fixed rate," she breathes with a thought for them.

In the Journal, the mother of three children concedes that she will have to cut elsewhere to arrive. “We cut on travel, vacations. We cut a little more. At least we bought before the pandemic,” she says.

Rent increases

At the Corporation of Quebec Property Owners (CORPIQ), a jump in rental prices is expected.

“Inflation affects our members,” confirmed its spokesperson Marc-André Plante, by press release.

For Daniel Bourdage, crossed in a parking lot of a shopping center on the South Shore, tenants will probably taste it soon.

"It may eventually drive up the price of rents drastically," he fears.

“The bargains will start to be rare,” concludes the one who has just unearthed a three and a half at $730.

– With the collaboration of Hélène Schaff

NEXT NEWS