04/12/2023
Interest rates are getting a lot of attention. Canada's housing market has been significantly affected by the Bank of Canada's aggressive campaign to combat persistently high inflation, which has included eight interest rate hikes in the past year.
The Bank has maintained a benchmark interest rate of 4.50%, which is the highest level seen in the last 15 years.
The central bank chose to keep the rate steady today, citing indications of a cooling economy and inflation. What does this mean for Niagara?
While Niagara’s housing market took one of the biggest hits from interest rate hikes, some experts are saying the spring market is showing early signs that the bulk of the correction is behind us. Signals are leading many economists to believe the Bank of Canada’s may stop increasing rates.
While it’s nearly impossible to predict what the Spring market will bring, history proves the real estate prices increase at this time of year. And with the potential for lower interest rates, qualifying for a more affordable mortgage could be within reach for the public.
Without a crystal ball, it’s tough to say for certain but I’m of the opinion that the best time to purchase property is always yesterday. What are your thoughts?
Source: https://www.cbc.ca/news/canada/toronto/ontario-gta-real-estate-2023-market-forecasts-1.6678177