‘Moving without moving’: Don't expect rush into housing market after Bank of Canada's rate reprieve

#ICYMI - ‘Moving without moving’: Don't expect rush into housing market after Bank of Canada's rate hike reprieve

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2022-01-29 7:59:00 AM

ICYMI - ‘Moving without moving’: Don't expect rush into housing market after Bank of Canada's rate hike reprieve

Some stragglers may jump into the market now to lock in a lower rate, but variable rate holders would only see three months benefit at most

“It was really a PR exercise basically saying, ‘We are moving, without moving. We are not moving, but we are going to move. So, be ready for higher interest rates’,” Benjamin Tal, deputy chief economist at the Canadian Imperial Bank of Commerce, told the Financial Post. “That’s the message as far as the housing market is concerned.”

Tal said that he could see some stragglers jumping into the market now to lock in a lower rate, but that variable rate holders would only see three months benefit at most.AdvertisementThis advertisement has not loaded yet, but your article continues below.

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‘Moving without moving’: Don't expect rush into housing market after Bank of Canada's rate hike reprieveSome stragglers may jump into the market now to lock in a lower rate, but variable rate holders would only see three months benefit at most The longer Trudeau’s puppet, Tiff holds of necessary interest rate hikes the higher interest rates will have to go to deal with out of control inflation. I can only assume the Laurentian mafia must be planning another election very soon.

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Back to video “It was really a PR exercise basically saying, ‘We are moving, without moving. We are not moving, but we are going to move. So, be ready for higher interest rates’,” Benjamin Tal, deputy chief economist at the Canadian Imperial Bank of Commerce, told the Financial Post. “That’s the message as far as the housing market is concerned.” Tal said that he could see some stragglers jumping into the market now to lock in a lower rate, but that variable rate holders would only see three months benefit at most. Advertisement This advertisement has not loaded yet, but your article continues below. Article content “I don’t think it’s a fundamental change,” he added. Royce Mendes, managing director and head of macro strategy at Desjardins, also said he did not expect the same intense wave of Canadians flocking to their mortgage brokers that the market saw last year since many have already gotten in ahead of prospective rate increases. “There’s been a pulling-forward of activity to get ahead of increasing rates for some time now,” Mendes told the Financial Post. “That actually began toward the end of last year, people were anticipating rate hikes were coming and that higher interest rates in general were coming, and people were pulling forward some activity in the housing market.” Since the central bank lowered interest rates to historic lows in 2020, Canada’s already hot housing market has seen a frenzy of buying that has helped drive the national average home price to a new all-time high of