CPI today (inflation rate) 4.41%
Bank of Canada interest rate 4.5%

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Buyers should get a mortgage pre-approval now. The Bank of Canada plans to raise interest rates if inflation increases due to the economy picking up momentum, according to a recent article in the Financial Post on May 31. The Fed raised interest rates to slow down the inflation rate, however, with pent-up demand from consumers who are recently able to go out and spend on restaurants, home items, travel and such, prices are rising.

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Rising rates will not necessarily reduce demand, or prevent property values from rising, since demand is reaching a peak and people must and are in a position to purchase. However, if a buyer can get a lower interest rate on their mortgage before rates rise in January 2024, this would go along way in reducing carrying costs which may remain high for a while longer.