How interest rate hikes could impact BC real estate

Описание: The chief economist with the B.C. Real Estate Association says the sluggish real estate market could continue as the Bank of Canada hiked interest rates by 0.25 per cent on Wednesday to 2.5 per cent, marking the first change to its benchmark in a year and the first increase in three years.

Brendon Ogmundson with BCREA says people with variable-rate mortgages will notice the impact right away, but he isn't expecting an increase to fixed-rate mortgage rates right now.

"Interestingly, the statement didn't... guarantee that we would have more rate increases to come, and so we could actually see a situation where short-term rates rise this morning; but because markets have kind of been priced [expecting] a much more aggressive Bank of Canada, long-term interest rates and maybe fixed rates could come down in the next couple of weeks," Ogmundson said.

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