The Bank of Canada today announced that it was keeping it's key overnight lending rate steady at 0.25%. This means the rate that variable rate mortgages are based off of remains on hold. The BOC suggested that their lending rate would remain low for a very long time still.
There is no expectation of any interest rate increase from the Bank at least until 2022 at the earliest.
Low mortgage rates have been and look to likely remain very supportive of the hot housing market in the Fraser Valley. The late summer sales and price boom we've experienced in the markets of Surrey, Langley, Abbotsford and Chilliwack may endure for a while longer still.
It is a great time for qualified buyers with secure incomes to purchase a home, with money being so cheap. There is great value in detached homes, townhouses and apartments in the Fraser Valley suburbs of Vancouver.