The Bank of Canada increased the policy interest rate by 50 bases points today, in its 7th hike in a row. The current overnight lending rate sits at 4.25% and the prime rate is 6.45%.

James and Monica go over what this increase means for the real estate market and what the rate change means for their day-to-day.

This episode will cover the impact of higher mortgage payments on homeowners, how interest rate increases will affect fixed versus variable mortgages, the possibility of foreclosures, the difference in sales volume average in 2023 compared to the previous 10-year average, how different areas of Vancouver real estate can be affected, and predictions on what the following interest rate announcement will be.

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

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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