WATERLOO REGION ‘S HOUSING PRICES STABLE
BANK OF CANADA HOLDS RATES STEADY AT 5.0% AGAIN
“Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” says Christal Moura, president of WRAR.
“Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region,” says Moura. “With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run.”
BANK OF CANADA STATEMENT
The Bank of Canada has held its key interest rate at five per cent again, saying that it’s still too soon to consider rate cuts while underlying inflation persists.
“The assessment of the governing council is that we need to give higher interest rates more time to do their work,” said Macklem.
The Bank of Canada has maintained that it takes about 18 to 24 months for interest rate changes to work their way through the economy.
“It would be great if this worked faster, it would be great if it was less painful. But unfortunately, monetary policy, it does work slowly,” Macklem said later, while taking questions from reporters.
“It is an indirect channel. It’s got to work through the economy. It takes time to do that.”