I looked at the link between the Bank of Canada’s overnight rate and the emotions of buyers and sellers and how this relationship has impacted the market over the last year. 

• July 2022-January 2023 = BOC increase rates at each meeting, buyers/sellers watch from the sidelines, prices remain flat 

• January 2023 – all signs indicate rate hikes are done, buyers and sellers return to the market, prices increase rapidly 

• June/July 2023 – inventory has picked up, BOC unexpectedly increases rates 2 months in a row, buyers retreat, prices decrease