Today, the Governor of the Bank of Canada announced that they will keep the current overnight rate at 5%. This decision was largely anticipated by experts due to the cooling of the job market and the slower economy. Economists are closely watching the Consumer Price Index (Inflation - Headline and Core) with a goal to bring the economy to the target 2% inflation rate.

The question now is how this decision will impact the state of the market. As we start the beginning of the school year and as many people take a break from holidays, we often see a small resurgence of the market from my experience. Although most of us were hoping during early Spring that we would start to see rates go down, mortgage experts had an indication that our reality was going to be that we should brace for rates holding steady or a possible increase. The question remains whether we will see a somewhat usual secondary housing sale market or if we will have an autumn similar to 2022. Mortgage advisors are hopeful that we will see a downward trajectory in the second half of 2024, with my colleagues and myself expecting a large influx of home sale transactions happening at that point. I believe that Fraser Valley will see a large rush with an upswing in home prices if rates do start to fall yet again. If your mortgage renewal is coming up or if you are thinking of selling or buying a property, it would be a great time to start having conversations with professionals like mortgage advisors and realtors about your options.