The Bank of Canada has recently announced a 25 basis points increase in the overnight rate, bringing it to 4.75%. This marks the first rate hike since January. The decision to raise rates was driven by several factors, including a strong and robust economic growth, rising inflation, and a thriving housing market. Aspiring home buyers and sellers will likely experience the impact of this hike on various aspects of their future endeavors. Follow me for the latest updates on The Canadian Real Estate Kamal Pillai Sales Representative 📞+1 (647) 673 3516 📧 kamal@thecanadianhome.com Download The Canadian Home App now for home listings! 📱 https://ln.thecanadianhome.com/kamalpillai #RealEstate #HomePrices #CanadaRealEstate #HousingMarket #PropertyMarket #HomeBuying #NewHome #PolicyRate #BankofCanada #Apartments #RealEstateAgent #Realtor #HouseHunting #InvestmentProperty #Interestrate #RealEstateMarket

The Bank of Canada raised its overnight rate by 25 basis points to 4.75% today (June 6, 10:00 AM ET) This is the first increase since BOC announced pausing the interest rate hikes in January, this year. The central bank's key interest rate has not touched this high since April 2001. This hike was influenced by a lot of factors such as economic growth, inflation, and Gross Domestic Product exceeded expectations in the first quarter of this year, growing by 3.1 percent. Housing market activity has also picked up again and the Canadian labour market still remains tight which can mean a drastic change in the stores. Follow us for more updates. #RealEstate #HomePrices #CanadaRealEstate #HousingMarket #PropertyMarket #HomeBuying #NewHome #PolicyRate #BankofCanada #Apartments #RealEstateAgent #Realtor #HouseHunting #InvestmentProperty #Interestrate #RealEstateMarket

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