Thrive Okanagan Real Estate Team

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The Bank of Canada rate decision took center-stage this week, but the outcome was not all that surprising. Citing waning recession concerns, improvement in financial market sentiment, and an economic outlook that’s evolving in line with their expectations, the Bank opted to hold the policy rate at 1.75%. However, it was keen to note that it will continue to closely monitor the resilience of Canada’s economy. 

Amid the headwinds, the Bank of Canada will still think twice about providing further support to the economy. The Bank remains concerned about the high levels of debt held by Canadian households. This worry was backed up in October’s credit data, which showed a 4% rise in household credit relative to a year ago, extending an upward trend that started in February (Chart 2). The increase in household credit was driven by mortgages, whereas growth in consumer credit continues to moderate. While lowering rates could provide more support to the housing market, it could also raise the level of household debt, heightening already existing vulnerabilities in the Canadian economy.

This makes it a great time to get into the market as the rates are potentially at their lowest.  Call me to discuss your options or to get a pre-approval on the system while the Thrive Okanagan Real Estate Team finds you your perfect home.



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