Experts said the Bank of Canada's decision to keep interest rates steady on Wednesday could put financial pressure on landlords and leave tenants vulnerable.

The Bank of Canada's second interest rate hike is likely to affect some property owners who have a variable mortgage on their investment properties and could push them to sell their units, according to property owners. They also said this scenario will affect tenants as they face the risk of displacement into a rising rental market.

For his part, David Morrison, a broker at Bosley Real Estate, told BNN Bloomberg in an interview on Wednesday: "For every month we have a pause in rates, there will be property owners who will struggle to hold onto their rented properties."

He also pointed out that investment property owners who are currently operating at a loss will likely have to sell, or increase rent to keep up with costs. He added that in either scenario, the pressure is on the tenant.

Morrison also continued: "Most property owners have to start charging higher rents just to keep up with the high costs that come with rising interest rates – which of course has a trickle-down effect on the rental market as a whole."

On the other hand, Daniel Vosh, a broker at RARE Real Estate, told BNN Bloomberg in an interview on Wednesday, that landlords selling their properties due to financial pressure have increased by 300 percent year-over-year in Toronto, adding that "It is time to financially kill property owners." He said the interest rate freeze means they are forced to bear higher costs for prolonged periods of time.

He added that tenants are at the mercy of landlords if they are forced to sell. This also leaves the average tenant in an unfavorable position and creates a supply of units that will ultimately cost more rent.