The Vancouver Life Real Estate Podcast How High Will Rates Go?
Inflation hit a 40 year high in America this week, reaching 8.6%. The ramifications of this were instantly felt with the stock markets dropping sharply. Canada's next CPI announcement will almost certainly print higher when they announce on June 22nd. Should there be an increase, a 0.50% increase at the July 13th seems like a lock, with rumours already spreading that the BoC may go with 0.75%. This puts the overnight rate between 2% to 2.25% up from 0.25% earlier this year. Understandably housing is being impacted - sales are down 34% in 3 months in Toronto, and Vancouvers median price is down 10% from the February peak. With inflation still rising, but housing dropping fast, how much further can rates rise before things really break?
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