In the middle of July, the Bank of Canada raised its benchmark interest rate to 2.5% and the prime rate to 4.70% in order to combat runaway inflation. These historical increases will affect anyone with a variable mortgage or anyone renewing a fixed.

Denny and Monica go over how the rate increase has affected the current real estate market and what we can expect to see in the fall.

This episode will cover the 1% increase rate and what it means for real estate, what the bank of Canada is hoping to accomplish, regions recovering from FOMO, rate increases and buying power, housing supply still a problem and predictions for this fall.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel – https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at garbuttdumaspodcast@gmail.com

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca