With the Bank of Canada raising its benchmark interest rate to 4.25 per cent, how will this affect homeowners in Fort Saskatchewan?

Cheri Kucy, a mortgage broker based out of Fort Saskatchewan, says that the rise will affect young people in particular.

"As that rate increases, the qualifying rate also increases," Kucy said. "I'm finding a lot of my first-time homebuyers need co-signers no matter what because their income level isn't there yet."

The rate has been raised seven times this year, alone.

Though it might appear that only homeowners will be affected, Kucy can see this also affecting renters. 

"I find even rent these days is quite high, just because the landlords have to offset the higher interest rates as well."

As for Fort Saskatchewan's housing market, things aren't looking great.

"I get a lot of first-time homebuyers, that's kind of my preference. I love helping them," Kucy said. "When they come to me and they're trying to get qualified, it's definitely tough, because some of their parents can't cosign or they've already co-signed for one of their other children."

"It's definitely taking away a lot of buying power in our community."

Whether you're looking to become a homeowner or are expecting a renewal, the rise in interest rates isn't going to help.

In fact, Kucy said she believes there will be another increase in January.

"I've been in the industry over 20 years, and I've never seen it so difficult for people to get approved."