Bank of Canada – What does the 1% increase mean?

You might have heard; on July 13th, 2022, the Bank of Canada increased the benchmark interest rate by 1%, bringing it to 2.5%. Make sure you talk to your banker/mortgage broker if you’ve been pre-qualified in the last 3 months, as you may be qualifiying for LESS money.

If you’re wondering what this mean for you and the real estate market in Vancouver, send us an email at team@ziansellsyvr.com to set up a time to discuss.

The rate will affect everyone differently but we’re here to help to answer your questions and set up a strategy for your real estate goal.