{"id":24916,"date":"2023-10-25T10:02:41","date_gmt":"2023-10-25T14:02:41","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=24916"},"modified":"2023-10-31T10:53:55","modified_gmt":"2023-10-31T14:53:55","slug":"boc-october-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/boc-october-2023\/","title":{"rendered":"Bank of Canada Holds Steady: No Change to Rates Amid Economic Landscape"},"content":{"rendered":"\n<p>Canadians are breathing a sigh of relief as the Bank of Canada announced today that rates are staying put at the current 5% overnight lending rate. This announcement follows three rate hikes so far in 2023 and the <a href=\"https:\/\/zoocasa.wpengine.com\/boc-september-2023\/\">September announcement<\/a> to hold rates.&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\">Are Rate Hikes Officially Done for 2023?&nbsp;<\/h2>\n\n\n\n<p>Canada\u2019s annual inflation rate fell to 3.8% in September according to Statistics Canada. This was a welcome surprise as previous predictions suggested that inflation will likely remain around 4%. However, the Bank of Canada has made it clear that even with inflation trending positively, a rate hike is never off the table. \u201cForecasting has been notably difficult for the Bank over the last 12 months, given there is still a lot of volatility in the economy,\u201d explains James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/rising-mortgage-rates-dampening-homebuyer-confidence-in-the-market-survey\/\" target=\"_blank\" rel=\"noreferrer noopener\">Rising Mortgage Rates Dampening Homebuyer Confidence in the Market: Survey<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The Goal to Slow Spending Has Worked, Especially in Real Estate<\/h2>\n\n\n\n<p>The high overnight lending rate has impacted the spending of Canadians from coast to coast and has changed real estate plans for many. According to the Canadian Real Estate Association (CREA), <a href=\"https:\/\/www.zoocasa.com\/blog\/crea-september-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">national home sales were down<\/a> 1.9% from August, marking the third straight month in a row of a decrease. Sales plunged in every major market from August, with Ontario cities especially seeing a drop. <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a> experienced a month-over-month drop in sales of 20.3%, the <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto Area (GTA)<\/a> experienced a 12.3% drop, and <a href=\"https:\/\/www.zoocasa.com\/ottawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Ottawa<\/a> experienced a 7.8% drop. <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Vancouver<\/a> was also down with sales declining by 16.3% from August.&nbsp;<\/p>\n\n\n\n<p>In a <a href=\"https:\/\/www.zoocasa.com\/blog\/zoocasa-fall-survey-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">recent survey<\/a> of more than 1,600 Zoocasa readers, 23.3% of respondents agreed that the pause to interest rate hikes had a positive impact on their interest in the real estate market while 16.1% strongly disagreed that the pause had a positive impact. This suggests that the cost of borrowing is still too high for Canadians and it\u2019s going to take more than just another rate hold to get homebuyers off the sidelines.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/different-approaches-canada-affordability\/\" target=\"_blank\" rel=\"noreferrer noopener\">Here are the Diverse Approaches Canadian Cities are Taking to Tackle Housing Affordability<\/a><\/strong><\/li>\n<\/ul>\n\n\n\n<p>However, this real estate market slowdown is allowing for inventory to rebuild in many major markets. Inventory has been historically low for months now, but with fewer active buyers new listings in Canada were up by 12.6% month-over-month in September according to CREA and up 14.2% from last year. Ontario benefitted the most from an increase in new listings, with <a href=\"https:\/\/www.zoocasa.com\/kitchener-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Kitchener-Waterloo<\/a>, the GTA, <a href=\"https:\/\/www.zoocasa.com\/niagara-falls-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Niagara Region<\/a> and Hamilton-Burlington all experiencing year-over-year increases of more than 14%. Months of inventory are also inching upwards nationally, rising from 3.5 months in August to 3.6 months in September.<\/p>\n\n\n\n<p>Do you have questions about the recent rate hold or conditions in your local market? Our real estate agents are here to help. <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to speak to an agent in your area.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Have questions about your local market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/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>Canadians are breathing a sigh of relief as the Bank of Canada announced today that rates are staying put at the current 5% overnight lending rate. This announcement follows three rate hikes so far in 2023 and the September announcement to hold rates.&nbsp; Enjoying our content? Subscribe to our free weekly newsletter to get real [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":24950,"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":[1111,172,468],"tags":[],"class_list":["post-24916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-mortgage-news","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Canada Holds Steady: No Change to Rates Amid Economic Landscape | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"To the relief of many homebuyers, the Bank of Canada announced today that it is holding the current overnight lending right at 5%. 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