March 2023 Market Update

Bank of Canada holds interest rate steady

The Bank of Canada decided Wednesday to keep its trend-setting interest rate right where it is, at 4.5 per cent.

It's the first time in more than a year that the central bank has decided not to raise its interest rate.

Although it will come as encouraging news to borrowers, the move was widely expected, as the bank signalled at its previous policy meeting and in statements since then that it was leaning toward keeping its rate steady.

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B.C. Real Estate News

BRITISH COLUMBIA

Here's how much the cost of owning a home in BC has fallen since last year (DailyHive)

New housing starts in B.C. to decline despite record spending (Vancouver Sun)

Canadian commercial real estate investment could reach high of $59 billion in 2023: CBRE (Financial Post)

LOWER MAINLAND

Vancouver leads nation in office completions, lowest vacancy rate (BIV)

Home sales in Vancouver area up 77% from January, but lag behind last year's numbers: real estate board (CBC)

VICTORIA & VANCOUVER ISLAND

Greater Victoria real estate market limps into 2023 (Times Colonist)