BoC Update June 2023

Tiff Maklem is at it again. After a brief rate hold in March, the Bank of Canada has raised the interest rate another 25 basis points to 4.75%. This is the highest rate we have seen in more than 20 years, 2001 to be exact.

This will most likely take the weak winds out of the sales of the real estate market, especially with the summer months around the corner. Don't get me wrong, the market will always have some sort of base activity, but the strength we have seen after the rate hold from March to May will most likely subside to the renewed uncertainty of the mortgage rates and how high it really will go.

If you would like to know more about this or other real estate market related topics, please feel free to contact any member of the IMPACT Real Estate Group and get your questions answered.