The Bank of Canada’s decision this week to keep interest rates near zero at least until early March will continue to add fuel to the country’s overheated housing market, with competition remaining fierce for the few properties for sale.

The central bank’s benchmark interest rate has been at 0.25% for nearly two years, allowing Canadians to amass large mortgages for buying real estate. Although the Bank of Canada said it “expects interest rates will need to increase,” the cost of borrowing will continue to be cheap over the near term.

“The housing market will remain highly competitive,” said Laura Martin, chief operating officer of mortgage brokerage Matrix Mortgage Global. “A small rate hike will not deter home buyers in general, particularly when the opportunity cost of waiting to buy could be much higher,” she said.

Economists and mortgage experts say it would likely take several interest rate hikes to significantly slow demand for homes, and the central bank’s decision to hold rates steady for now means the start of that cycle has been delayed.

Since the pandemic started, home prices in Canada have appreciated at the fastest pace on record as home buyers looked for big properties in the suburbs and small cities. The typical price of a home across the country jumped 26.6% in December compared with a year earlier, according to the Canadian Real Estate Association’s home price index.