Real Estate Industry Reacts to Latest Bank of Canada Rate Hike

, pulling its Overnight Lending Rate up by 50 basis points to 3.75%.

However, other market insiders aren’t convinced the Bank of Canada is slowing its roll, given its lingering inflation challenges., to STOREYS. “I think what that probably means is they’re going to go 50 in December and not 25, but it’s anybody’s guess.” That means the rate pain being felt in all corners of the real estate industry — from beleaguered would-be homebuyers, to commercial developers — will persist for at least the foreseeable future.The impact of rate hikes on the real estate market can’t be understated; both sales and average prices have tumbled across the country since March, with comparisons to the February peak revealing steep declines in Canada’s largest markets.

He points out that this year’s market declines are in direct comparison to a record-breaking 2021, and that he still hears of multiple offer situations in strong markets, despite interest rates’ impact on buying power. However, rising rates have fuelled demand for the most affordable market entry points.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank of Canada interest rate hike adds pressure to tight rental marketPrices for rentals \u0027getting out of control\u0027 even as housing market Drop rates the house gets more expensive. Increase rates and payments are more expensive. Either way is more expensive. Housing will never get cheaper. Why should people who worked hard to pay off their mortgages lose money because some irresponsible millenials want it cheaper? I have three kids in their 30s. Two with houses and one renter. All doing just fine. They followed a tried and true path. Get a good education. Get a job. Work hard. Save. Invest. None of them had time to whine and complain about 'Freedom' in one of the best countries on earth!
Source: nationalpost - 🏆 10. / 80 Read more »