The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5.25% and the deposit rate at 5%. After increasing their rate 10 times since early 2022, the Bank of Canada has now held it's rate once again, holding steady since July, signalling that they may be close to the end of their rate increases.
In their announcement, the Bank had this to say, "the slowdown in the economy is reducing inflationary pressures in a broadening range of goods and services prices. The economy is no longer in excess demand." (Evans, 2023) Tiff Macklem, the Governor of the Bank of Canada said, "Governing Council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed." (Evans, 2023)
For buyers looking for homes for sale in the Windsor real estate market, this could be the sign that the bank has steadied and help them be more comfortable re-entering the market over the winter. This is also welcome news to those who have a mortgage renewal coming up.
Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, Harrow, Chatham, and Leamington, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!
Quotes Source: Evans, P. (2023, December 6). As expected, Bank of Canada holds interest rate steady at 5% | CBC News. CBCnews. https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.7050476#:~:text=Google%2B-,The%20Bank%20of%20Canada%20decided%20to%20keep%20its%20benchmark%20interest,end%20of%20that%20hiking%20cycle.
