has signaled its historic tightening campaign is nearing an end, though economists expect the central bank’s policy rate to remain at a 15-year high of 4.25 per cent or 4.5 per cent throughout 2023, putting downward pressure on prices.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
But she cautioned it will be a far cry from the boom triggered by the COVID-19 pandemic, when prices soared 52.4 per cent in the two years to February 2022 as record-low interest rates, the desire for more space, and speculation set the market on fire. “It’s scary for someone that’s looking to buy,” said Victor Tran, a mortgage expert with online broker Ratesdotca. Variable rate mortgages — home loans in which the interest rate fluctuates based on market conditions — have more than tripled since March, with strict stress tests making qualification even tougher.