Big news is shaking up the Canadian housing market! The Bank of Canada has just slashed its key rate by 50 basis points, bringing it down to 3.75%. Lower borrowing costs could mean a surge of new buyers entering the market either heading into the Winter season but more likely we will see a surge of home-buying activity in what many think will be an “early” spring homebuying market.
Here’s what you need to know:
- Increased Demand on the Horizon With lower rates, homeownership is becoming more affordable, which could drive a wave of buyers into the market. This heightened demand may put upward pressure on home prices, especially as buyers rush to secure properties before rates potentially shift again.
- There may not be a better time than now to be in a position to access the lower rates while still enjoying a slow market where prices are stable and there is a change to negotiate on the purchase price.
- Don’t be misinformed – lower rates do not equate to lower home prices.
- Reach out if you have any questions on what this new news can mean for your situation.
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