BCREA Mortgage Rate Forecast for September 2023
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- How far will fixed mortgage rates fall once the Bank of Canada lowers its policy rate?
BCREA has released the latest mortgage rate forecast. The Bank of Canada raised the rates both in June and July due to a more brisk real estate market and inflation being hotter than expected in the spring. This has created a shift in expectations where it was thought that we may see rates come down in 2024 or 2025. Fixed rate mortgages have hit an annual high approaching 6%. Even though the economy is slowing inflation is still hovering around 3 to 4%. Inflation is not expected to return to a more normalized level until 2025.
To view the September 2023 Mortgage Rate Forecast PDF, click here.
For the complete news release, including detailed statistics, click here.
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“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.