BoC’s new policy rate affecting the Vancouver market

Vancouver

2022/09/19

BoC ↑ their policy interest rate by 75 basis points, ↑ the Overnight Lending Rate to 3.25%.BoC aims to achieve the 2% inflation target. The benchmark price for residential properties in Metro Vancouver in Aug was ~ $1,180M.After the increase in policy interest rates, monthly mortgage payments also increased.