The Bank of Canada's pursuit to control inflation through increases to interest rates will continue to have a trickle down effect into the country's rental market, experts say.
“It’s not surprising at all that rents are climbing”, John Pasalis, the president and broker of Realosophy Realty Inc, said in a phone interview on Thursday. “I suspect that the string of interest rate hikes we’ve seen in 2022, including Wednesday’s 50-basis-point hike, will put upward pressure on rental prices for the next 12 months,” he said. The Bank of Canada's latest interest rate hike was an increase of half a percentage point, bringing it to 3.75 per cent.
“When we see weakness in the re-sale housing market, which is happening now because of higher borrowing costs and limited inventory, this is usually followed by a spike in the rental market,” he said. For Stephen Brown, a senior economist at Capital Economics, there are both short- and long-term consequences of higher interest rates on the country’s rental market.
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