The Vancouver Life Real Estate Podcast Bank Of Canada Rate Hikes May Have Come To An End
This week was all about macro economics as we looked at how the BoC raised rates again by 0.25% and we also assess the forward guidance provided by Tiff Macklem. Can we expect to see the BoC hold rates at the next announcement? Have they done enough to curb inflation? We also evaluate their credibility considering the last year, and will they achieve their inflation target given the respective timeframes?
We have also recognized that Mortgage Rates at some of the major institutions across North America have already begun cutting their rates, especially insured rates, as the volume of sales continues its decline in the housing sector. With that being said, there are local rumours of stale listings all of sudden going into multiple offers and it appears to be true as Buyers who decided to stay out of the market throughout 2022 are frustrated with the lack of inventory and very little panic selling - at least to date - and have decided to pursue what’s currently available.
Lastly we take a dive into housing starts, Canadian housing inventory levels, the cost of rent in major metros along with a local Vancouver market recap. Spoiler alert, the volume of sales is extraordinarily low, inventory levels are at critically low levels and yet prices continue to persist having only fallen off by $40,000 on average since June 22'.
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