Mortgage experts expect the Bank of Canada’s decision to hold its key interest rate to add heat to the country’s real estate markets.
The second consecutive hold since rates started climbing in March 2022, which leaves the overnight rate at 4.5 percent, will likely give buyers and sellers more confidence to make a purchase soon, experts said Wednesday.
“This sends a strong signal to buyers and sellers that rates have hit their peak and rate decreases could happen before the end of the year,” said Victor Tran of Ratesdotca in a written statement.
“This could build confidence in the market and potentially prompt more sales.”…