{"id":21275,"date":"2023-01-30T11:11:00","date_gmt":"2023-01-30T19:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21275"},"modified":"2023-01-30T08:49:03","modified_gmt":"2023-01-30T16:49:03","slug":"boc-the-8th-interest-rate-increase-in-10-months","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/01\/boc-the-8th-interest-rate-increase-in-10-months\/","title":{"rendered":"BoC The 8th Interest Rate Increase in 10 Months"},"content":{"rendered":"<p style=\"text-align: justify;\">The new year brought with it new optimism that maybe, something will finally give to make Canadian real estate more affordable. The Consumer Price Index for December 2022 was released earlier in January and at 6.3%, it indicates that inflation is slowing. However, the Bank of Canada announced today that it still needed to increase the key rate by 25 basis points, marking the 8th increase in 10 months.<\/p>\n<p style=\"text-align: justify;\"><strong>Inflation is Finally Moving in the Right Direction<\/strong><\/p>\n<p style=\"text-align: justify;\">Although another rate increase is bad news for homeowners with variable mortgages, lines of credit, or those shopping for a mortgage, inflation is easing which should have a positive effect on our exhausted real estate market. James Laird, Co-CEO of Ratehub.ca and President of CanWise mortgage lender, explains, \u201cLimited rate increases or possibly fixed rate decreases will provide support for home values at their current levels. As mortgage rates stabilize, home values should too.\u201d<\/p>\n<p style=\"text-align: justify;\">The next rate announcement from the Bank of Canada is expected in March, and experts are optimistic: \u201cIf inflation continues to move in the right direction, consumers should look to March for the first rate hold since January 2022,\u201d said Laird. Take a look at the chart below to see how inflation has changed as interest rates have grown in 2022.<\/p>\n<p style=\"text-align: justify;\"><strong>Another Rate Increase, Another Change to Variable Mortgage Payments<\/strong><\/p>\n<p style=\"text-align: justify;\">Ratehub.ca explained that a homeowner who secured a property for $628,318 (the December 2022 average price in Canada, according to the Canadian Real Estate Association), and made a 10% down payment with a 5-year variable rate of 5.30% amortized over 25 years would have a monthly mortgage payment of $3,480.<\/p>\n<p style=\"text-align: justify;\">Following today\u2019s rate increase, the variable mortgage rate will increase to 5.55% and the monthly payment will increase by $84 per month and $1,008 per year, for a new monthly payment of $3,564.<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/boc-jan-2023\/\" target=\"_blank\" rel=\"noopener\">New Year, Same Rate Hikes : The 8th Increase In 10 Months<\/a> by Patti Cosgarea | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new year brought with it new optimism that maybe, something will finally give to make Canadian real estate more affordable. The Consumer Price Index for December 2022 was released &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/boc-the-8th-interest-rate-increase-in-10-months\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-21275","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BoC The 8th Interest Rate Increase in 10 Months &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/boc-the-8th-interest-rate-increase-in-10-months\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BoC The 8th Interest Rate Increase in 10 Months &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The new year brought with it new optimism that maybe, something will finally give to make Canadian real estate more affordable. 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