The real estate industry is watching closely the Bank of Canada’s attempts at cooling an overheated economy by raising interest rates.

President and CEO of Century 21 Canada, Martin Charlwood, is in the capital city as part of Century 21’s national convention, being held in person for the first time in two years.

The real estate market rebounded in a significant way during the pandemic, experiencing “unprecedented highs” and prompting the Bank of Canada to start raising interest rates to cool inflation.

Charlwood says while a concern for the real estate industry, interest rates remain well below historic levels.

He says even if they go up another half point or a full point, they’re still at 30-year lows.

He says in the country’s busiest markets, demand remains high while inventory remains low, which is keeping prices high in markets like Vancouver, Toronto and Montreal.