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2022-2023 Interest Rates

January 13, 2023

Updated - Feb. 2023 - 2021 and the early months of 2022 saw low inventory, record-high housing prices, and low interest rates across Kelowna (and many cities in Canada). Inflation peaked at 8.1% in June and has been declining since. November's inflation rate was 6.8%. February 2023's inflation rate is 5.92%.

In efforts to tame inflation, the Central Bank raised its key interest rates eight consecutive times since March 2022, bringing it from 0.25% to 4.5%. This is the highest its been since January 2008. The Bank of Canada is expected to make its next announcement on March 8th. Many analysts are predicting that our year of rate increases might be coming to an end.

There's never a bad time to buy - it's your strategy that counts. If you aren't trying to do a quick flip and can wait out any market dips, then buying now (regardless of the rate) ensures you're building your equity. And, as history has shown, the sooner you can start the better.

If you've been thinking about making a move, give us a call at 250-258-9888. We'd love to strategize with you.

 

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