{"id":22911,"date":"2023-07-12T10:01:30","date_gmt":"2023-07-12T14:01:30","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22911"},"modified":"2023-07-12T10:01:33","modified_gmt":"2023-07-12T14:01:33","slug":"boc-july-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/boc-july-interest-rate-hike\/","title":{"rendered":"The Impact of the Bank of Canada\u2019s Third Interest Rate Hike of 2023 on Canadian Real Estate"},"content":{"rendered":"\n<p>Experts and consumers alike have been split on what to expect leading up to today\u2019s interest rate announcement from the Bank of Canada. With inflation still well above the Bank\u2019s 2% goal, it announced an increase in the overnight lending rate, now reaching 5%.&nbsp;<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Rising Rates Cause Downward Pressure on Home Prices<\/h2>\n\n\n\n<p>As interest rates increase, the amount the average Canadian is approved to borrow for a mortgage tightens. This impacts home buyers and sellers alike. Now more than ever, it\u2019s important for motivated sellers to be realistic about their listing price and remember to consider the new interest rate when reviewing comparable properties that have sold in their market in the past few months.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/spring-survey-2023-interest-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Survey Reveals 71.3% of Canadians Experience Adverse Effects of Increasing Interest Rates<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Prospective home buyers that have locked in a lower rate with a mortgage pre-approval may benefit from both a lower rate and the downward pressure rising rates put on home prices. James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender explains, \u201cA hike will put downward pressure on home prices, which have rebounded since the beginning of the year, and cause transactions to slow over the summer.\u201d However, with summer in full swing, this is the time of year when real estate interest begins to cool following the spring peak due to vacations and the busier time of year. This interest often rebounds leading into the fall months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Variable Rate Mortgage Holders are Immediately Affected by the Rate Increase<\/h2>\n\n\n\n<p>Ratehub.ca notes that according to its <a href=\"https:\/\/www.ratehub.ca\/mortgage-payment-calculator\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage payment calculator<\/a>, a homeowner who bought a home at the May national average of $729,044 and put 10% down with a 5-year variable rate of 5.80% amortized over 25 years (total mortgage amount of $676,439) has a monthly mortgage payment of $4,248.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-june-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Toronto\u2019s Summer Market Off to a Competitive Start Amid Dwindling Supply: TRREB<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>Following the 25-basis point rate increase, their variable mortgage rate will increase to 6.05% and their monthly payment will increase to $4,348. The homeowner will now pay $100 more per month or $1,200 per year on their mortgage payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Renewing Your Mortgage this Year? Read On<\/h2>\n\n\n\n<p>With more rate announcements scheduled this year, now is the time to hold a rate with a new lender. \u201cIf your mortgage is up for renewal within the next year, it\u2019s a good idea to hold a rate with a new lender now. If rates jump up further in the future, it should make sense to break your existing mortgage and switch to that new lender before your rate hold expires to lock in the lower rate,\u201d continues Laird.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Whether you end up renewing with your existing lender or moving to a new one, having another rate on hold gives you options at the time of renewal which may lead to monthly savings. Your existing lender may let you renew up to 150 days before maturity without penalties, so begin having conversations with your lender early. <a href=\"https:\/\/www.zoocasa.com\/blog\/renewing-mortgage-canada-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">Read more tips to maximize affordability when renewing your mortgage here.<\/a><\/p>\n\n\n\n<p>Let\u2019s discuss your real estate goals! Whether you\u2019re a first-time home buyer or looking for your next home sweet home, <a href=\"https:\/\/www.zoocasa.com\/education-centre\/buying\" target=\"_blank\" rel=\"noreferrer noopener\">download our free buyers guide<\/a> to get you started. When you\u2019re ready, <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">give us a call<\/a> to speak to a real estate agent in your market.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering moving this summer?<\/div>\n<div class=\"cta-body\">Sign up for a free Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Experts and consumers alike have been split on what to expect leading up to today\u2019s interest rate announcement from the Bank of Canada. With inflation still well above the Bank\u2019s 2% goal, it announced an increase in the overnight lending rate, now reaching 5%.&nbsp; Enjoying our content? Subscribe to our free weekly newsletter to get [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":22921,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[58,196,172],"tags":[],"class_list":["post-22911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-bank-of-canada","category-mortgage-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Impact of the Bank of Canada\u2019s Third Interest Rate Hike of 2023 on Canadian Real Estate | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"The Bank of Canada announced today that it is increasing the overnight lending rate from 4.75% to 5%. 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