EconomyHow rate hikes could affect B.C. real estate

The Bank of Canada raised its benchmark rate by 0.25 percentage points to 2.5% on Wednesday, its first change in a year and first increase in three years. B.C. Real Estate Association chief economist Brendon Ogmundson says the sluggish market could persist; variable-rate mortgage holders will feel the effect right away, while he does not expect fixed mortgage rates to rise now.