The Bank of Canada left its interest rate unchanged on March 6, announcing the interest rate is being held at 5%
The Bank of Canada Interest Rate hold at 5% is the fifth consecutive decision to hold the interest rate. Although some people may have thought interest rates may drop, the Bank of Canada says its “too early” to cut interest rates. Officials at the Bank of Canada have signalled the benchmark interest rate might be high enough. The discussion shifting now to how long the interest rate needs to stay elevated to bring inflation down to the Bank of Canada’s mandated target of 2%. Here is the full article.
What the Interest Rate hold means for the Real Estate Market in BC?
There are early indications that the Real Estate market is getting busier heading into the spring market. The interest rate hold announcement may come with lowering mortgage rates. Mortgage rates have slowly decreased since their peak in the fall of 2023. The interest rate hold announcement will increase confidence among real estate speculators.
For Real Estate Buyers and Sellers, this may be the time to make a your move into the market. Whether you are looking to downsize, upsize, relocate, or simply discuss local market conditions. This may be the right time to make a call to your local Real Estate Professional.