Morgage rates going up! Will that effect home prices? March 3,2022

With bank of Canada increasing prime rate by.25 March 2 2022.  Will that effect housing prices?

Short answer is no. 

Buyers that are pre approved are currently locked into a rate and at .25 this is a very minimal increase. 

We have a serious inventory shortage. When you look at data it all make sense of why housing price just keep going up. 
Jan 1 2020 there were approximately 2000 single family detached homes on the market. Jan 1 2021 down to around 900 and this year Jan 1 2022 only around 650. It’s simply supply and demand. 

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Stephen  and Alicia Olyniuk 
Team Olyniuk 
RE/MAX performance realty 
Stephen Cell 2049812009 
Alicia Cell 2043924262
stephen@teamolyniuk.com
alicia@teamolyniuk.com

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