BANK OF CANADA HOLDS KEY INTEREST RATES, WHAT NOW?

The B.O.C. has decided to hold its policy rate at 4.5% this week after eight consecutive interest rate hikes since March 2022, finally providing some relief to variable-rate mortgage holders.

As the inflation rate continues to inch down closer to the target rate of 2%, the Bank of Canada has followed through on the public expectations that it would hold interest rates. This could increase the confidence of prospective buyers and move many off the sidelines and into the market pushing sales up for Spring.

Read the full article here

ABODE Market Update

February continued to show that the public is still hesitant to engage in the housing market which led to lower than average sales activity. The number of homes available in the Greater Vancouver region continues to inch upward though the sales are still well below historical norms.

We expect that price trends will continue to level out over the next few months though, as data shows, it is firming up in most areas. Some indicators show that we might see some price increases this spring as more prospective buyers come out and the mortgage rates hold steady.

“In the somewhat unusual market environment, we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”

View the stats here