The Bank of Canada (BOC) held it's key benchmark interest rate at 5%. This will offer a pause and repreive for people with variable rate mortgages and/or floating rate debt like Home Equity Lines of Credit.
Although the BOC paused it's interest rate hiking campaign (for now), it left the door open for more increases if inflation does not come down into it's target range.
It is not certain how the Metro Vancouver or Fraser Valley residential real estate market will react to this. It's possible that some cautious home buyers that have been on the sidelines may be more comfortable advancing their buying progress. Especially if they sense that there is some degree of stability in current mortgage rates.
Many homebuyers are probably looking for some degree of stability and predictability around mortgage rates to ensure that they can truly adhere to sustainable affordability metrics if they do move ahead with buying a house, townhome or condo in Metro Vancouver.
Watch BNN video Bank of Canada holds rates at 5%, sees excess demand easing
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