On March 6th, 2024, the Bank of Canada made a crucial announcement keeping the policy interest rate at 5%. So what does this mean?
Well, for homeowners, This stability means that your mortgage rates may not see a sudden increase, allowing you to plan your finances with more certainty.
Though, it’s not relief if you’re suffering under a variable-rate mortgage with high payments right now. For prospective homebuyers, this rate could be your signal.
With interest rates stable, now might be a golden opportunity to lock in a mortgage rate that won’t break the bank.
And for home sellers, the market’s just gotten a little bit more attractive. Stable rates often mean that more buyers are going to come onto the market.
Potentially making it easier for you to sell your home. Whether you’re buying, selling, or just keeping track of your investments, the Bank of Canada’s latest decision is pivotal.
It’s all about planning, predicting, and acting at the right moment. The next rate announcement is April. And what I’m reading is economists don’t think there’s going to be a drop at that time either.
Stay informed, make smart decisions, and let’s navigate the real estate market together. Contact us!
Watch the market update here
