In a pivotal decision, the Bank of Canada maintains its overnight rate at 5%, emphasizing a commitment to quantitative tightening. As economic indicators fluctuate globally, the impact resonates within Canada’s borders.
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Real Estate Market Impacts: Bank of Canada Holds the Line at 5%
In a recent announcement, the Bank of Canada has decided to keep its overnight rate target at 5%, and these changes have significant implications for the real estate market in North Vancouver, BC, and beyond. Moreover, understanding the real estate market impacts is vital for homeowners, homebuyers, and home sellers.
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Bank of Canada Maintains Policy Rate
The Bank of Canada’s recent decision to keep its overnight rate at 5% has significant implications for homeowners, homebuyers, and home sellers, as well as the broader real estate market. Let’s explore how this decision impacts various stakeholders in the real estate landscape.
Continue reading →Bank of Canada Rate Announcement – June 7th 2023
The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is also continuing its policy of quantitative tightening.
Continue reading →Bank of Canada Rate Announcement Apr 12th, 2023
The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.
Continue reading →Bank of Canada Rate Announcement Mar 8th, 2023
“In Canada, economic growth came in flat in the fourth quarter of 2022, lower than the Bank projected…Employment growth has been surprisingly strong, the unemployment rate remains near historic lows, and job vacancies are elevated… Overall, the latest data remains in line with the Bank’s expectation that CPI inflation will come down to around 3% in the middle of this year.”
Continue reading →Bank of Canada Rate Announcement Jan 25th, 2023
The Bank of Canada today increased its target for the overnight rate to 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.
Continue reading →BCREA – Housing Market Activity Remains Slow in November
The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year.
Continue reading →BCREA Economics – Canadian Inflation (October 2022) – November 16, 2022
Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in October, a rate of change equal to the prior month. After falling for the prior three months, a rise in gasoline prices in October kept the CPI steady year-over-year.
Continue reading →BCREA Economics – Bank of Canada Interest Rate Announcement – October 26, 2022
The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 3.75 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand and tight labour markets and as a result inflation remains elevated.
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