The BC Northern Real Estate Board isn’t losing sleep over the Bank of Canada’s interest rate hike.
Last week, the central bank raised its rate by one-quarter of a point to 2.5 percent – the first spike in three years.
Director, Kristin Houghtailing doesn’t believe it will have a huge impact on local home sales.
“I don’t really anticipate a huge change just because the Bank of Canada went up doesn’t mean that all the lenders are going up. They’ve been increasing their rates for a little bit for the last while anyways. So, we’ll probably see a little bit of um hesitancy, but I don’t think it’ll be a big change to be honest.”
“It looks like they’re projecting to maybe go up a little bit more, so just bracing for that. The market is stable. The buyers do have more choices right now but there are still lots of properties selling, so I don’t think we’re going to see a huge change.”
The bank said it decided to increase the overnight rate to reduce the risk of continuing high energy prices, which is impacting other goods and services.
The next rate decision is set for December 9th.
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