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Posthaste: How another Bank of Canada rate hike will affect the housing market

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Bank of Canada interest rate hike tomorrow could put the prime rate at 7.2 per cent, the highest in 22 years. Find out more

“But more balanced conditions point to a slower pace of appreciation in the months ahead,” said Hogue. “Higher interest rates are poised to keep homeownership affordability extremely challenging for buyers.”More than 70 per cent of those polled said anotherMore than 63 per cent did not expect housing to become more affordable within the next year, and for now they are prepared to wait.

Sellers are showing the same hesitancy. More than 73 per cent said they were planning to wait a year or longer before selling their home.also expect the housing market to slow. “A hike will put downward pressure on home prices, which have rebounded since the beginning of the year, and cause transactions to slow over the summer,” said James Laird, co-CEO of Ratehub.ca and president of CanWise mortgage lender.as well as the bond market reacts, he said.

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