The Globe and Mail reports in its Thursday, Oct. 29, edition that the Bank of Canada raised interest rates for the first time in three years on Wednesday. The Globe's Rachelle Younglai writes that home sales have been sluggish since late 2022, and following a brief uptick earlier this year, they have declined again due to economic uncertainty from the U.S.-Canada trade dispute and high oil prices. Now, the BOC's 25-basis-point hike to 2.5 per cent will make more mortgages more expensive and add to the general malaise among buyers. RTS Mortgage Financial's Keisha Johnson says: "It will put additional pressure on an already cautious market. Buyers are being much more cautious, and even those who are financially qualified are taking longer to make decisions." Desjardins's Kari Norman says high home prices and broader economic uncertainty continue to weigh on prospective buyers. She says, "Higher borrowing costs add to already significant affordability challenges." She says the increase in the variable-rate product means borrowers will qualify for a smaller mortgage and potentially face higher monthly payments. The BOC may raise its benchmark interest rate by 25 basis points in December.