The Bank of Canada’s decision to hold interest rates on Wednesday will provide relief to variable rate mortgage holders and could spur momentum in the nation's housing market, according to experts.
that began in March 2022 and included eight consecutive rate increases.
James Laird, co-chief executive officer of Ratehub.ca and president of CanWise Mortgage Lender, said in a statement Wednesday that the central bank’s announcement indicates those who have not hit their trigger rate are unlikely to.is reached if a homeowner’s mortgage payment is not able to cover interest accumulated since their last payment.
“The thing that's very interesting for the Canadian marketplace right now is that this could actually move many buyers off the sidelines with that increased confidence in the Bank of Canada,” Zlatkin said. Zlatkin said there is likely to be competition among those looking to buy a “turnkey” home. However, she sees opportunities in homes that might need work as prices are holding and inventory is down compared to the previous year.
As homes sit on the market for longer, she said there are opportunities for buyers as “no seller really wants to have their property sitting on the market for longer than two weeks.” Since March of last year, Canada’s central bank has increased interest rates eight times by a total of 425 basis points.
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