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Bank of Canada raises interest rate by 100 basis points to 2.5%
Dated: July 18 2022
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Bank of Canada raises interest rate by 100 basis points to 2.5%
Last week, the Bank of Canada raised the interest rate by a full percentage point. This rate jump is the highest since 1998. Its intent is to reduce the inflation rate which currently sits at 7.7% increase (year-to-year).
What does it mean for sellers and buyers?
The hike comes as we are seeing a softening of the housing market but rest assured. Real estate is fluid. People relocate, people downsize or upsize as their family situation changes, people immigrate, etc., meaning that there will always be a pool of buyers and sellers. As we mentioned in one of our previous blogs, the market is adjusting to the economic situation and is heading towards a balanced market. That being said, house prices remain well above the ones we saw before the pandemic.
Some experts believe that we will see a buyers’ market by the end of this year. But that doesn’t mean buyers won’t be faced with some challenges. Buyers and mortgage renewers will need to show that they can qualify at a 5.25% rate or 2% higher than what the bank is offering, whichever is greater).
The next policy rate announcement is expected on September 7, 2022.
As many factors come into play when buying or selling a property, be sure to reach out to us. Our team will provide you with the data you will need to make an informed decision. We will guide you through the necessary steps to create the right plan for you according to your circumstances and the market conditions.
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