After the rate hikes there were “very small movements” in the average price. The largest month-over-month price drop after an interest rate announcement came in November 2018, when prices dropped 2.35 per cent, and the largest was seen in February 2018, when prices climbed by more than four per cent.
Interest rate hikes typically weigh on homeowners with variable-rate mortgages because many banks use the central bank’s key rate to dictate how they should change their prime interest rate.