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Interest Rate Increase: How it Affects You
Dated: September 8 2022
Views: 57
Interest Rate Increase: How it Affects You
The Bank of Canada increased its benchmark rate by 75 basis points, bringing the key policy rate to 3.25%.
After signs of the inflation having reached its peak, the Bank of Canada signalled its intention to keep trying to reduce it to the 2% target, with possible more interest rate increases.
What does this mean for sellers and buyers?
Buyers working on a pre-approval based on a variable rate lost some purchasing power and may lose a bit more in the next months if the Bank of Canada follows through with its plan to curb inflation.
Buyers wishing to purchase before the next rate increase may wish to discuss their options with a mortgage broker.
Sellers: Don’t despair. Even though we are far from the peak in sales and activity, the home price average is still higher than it was at this time one year ago.
Good homes which price reflects the market value and that have a solid marketing plan are still selling. As most buyers prefer to move before the winter, there should still be a demand.
The next rate update announcement is scheduled for October 26th.
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