Bank of Canada interest rate
Queen’s University Urban and Regional Planning professor John Andrew is available to discuss the Bank of Canada’s Interest rate announcement that will take place on Tuesday morning.
Dr. Andrew, the director of Queen’s University’s Executive Seminars on Corporate & Investment Real Estate, says there is a fairly broad consensus among experts that the Bank of Canada will leave the overnight interest rate unchanged in its March 1 announcement.
“The commercial and residential real estate industries continue to wait for the Bank of Canada to begin its long-anticipated series of rate increases. My concern is that given relatively high house prices and high levels of consumer debt in Canada, as soon as interest rates begin to rise significantly, purchases of new and existing homes may decline rapidly, especially for first-time home buyers. The relative equilibrium that currently exists in the market could quickly give way to a glut of houses for sale, due to a rapid drop in transactions. First-time home buyers have been scrambling to get into the market before long-anticipated rate increases occur, and I believe that when that occurs, the number of potential buyers will evaporate quickly,” says Dr. Andrew.
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