Bank of Canada Holds Interest Rate at 5%

The Bank of Canada (BOC) once again held their key benchmark overnight interest rate at 5%. They also left the door open to future rate increases if necessary.  However, for now, it seems like interest rates may have reached a plateau for the time being. This offers some predictability to where interest rates might be for the next little while.

It appears that mortgage rates might be at their current levels for the near-term. With a Fraser Valley housing market that is in overall balanced territory, with respect to sales-to-active listings, the pause in interest rate increases is positive. Now, buyers and sellers can thoughtfully and carefully assess their next moves, knowing that things are likely to be steady with respect to the cost of money and financing.

See video below from BNN: Panel Discusses Bank of Canada holding rates steady at 5%

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