The Interest Rates remained the same... see what I think will happen next.

The Bank of Canada has maintained its interest rate at 5.0% for the third consecutive time, indicating a pause in further increases. The decision was based on factors such as the impact of higher rates on spending, a balanced economy, and a general economic slowdown reducing inflationary pressures. While the possibility of future hikes exists, predictions vary among market watchers, with a common expectation of a 25 basis point cut in April. However, some suggest it may happen earlier in March or later in June. Projections for 2024 indicate a potential overall cut between 1 and 2 percentage points. Concerns about inflation persist, especially in core inflation, ranging from 3.5% to 4.0%. Headline inflation is at 3.1%, close to The Bank's target range of 1.0% to 3.0%. The Bank will closely monitor the job market, with the next interest rate announcement scheduled for January 24, 2024. A word of caution, though: if you are waiting for the Spring Market to sell, I see an uptake in the activity and the start of a competitive market return once interest rates drop. Nobody wants to be competing to buy a home with other buyers, and as we are at the bottom of the market, it is a great time to purchase a home and then sell your one. Please reach out if you need me to explain this further.  If there is anything else I can support you with, please let me know.I Love to help! Warm Regards,Amanda