Penticton Mortgage Rates Update – March 2022
Remember in our most recent Penticton real estate news update, when we encouraged buyers to act quickly before market forces increased the cost of buying a home? We named high demand for BC Southern Interior properties and a subsequently tightening inventory as key drivers of more costly mortgages. The other? The Bank and Canada’s overnight rate. We predicted that the Bank would raise the borrowing rate in 2022, and that prediction came true on March 2 when they made their scheduled announcement. The rate moved from .25% to .5%. But before you come into our Main Street office to smash our crystal ball, we want you to pause for just a second to put the news in perspective. Please keep reading.