Market Update: Bank of Canada Announcement (June 6, 2024)

June 6 Kingston & Area Real Estate Market Update

So it finally happened.

The Bank of Canada cut interest rates by 0.25%, the first time in four years.

What does that mean to you?

Well, if you’ve got a variable rate mortgage, you’re going to save some money.

For every $100,000 you borrow, you’ll save about $15 a month. At 5%, it used to cost $582 a month to borrow $100,000. Now, at 4.75%, it costs $567 a month to borrow $100,000.

Here’s what you save each month based on your mortgage.

  • On a $400,000 mortgage, you’re going to save $60.
  • On a $500,000 mortgage, you’re going to save $75.
  • On a $600,000 mortgage, $90 in savings.
  • On a $700,000 mortgage, $105 is going to save.
  • Is that enough to get buyers off the fence?

    Well, we’re going to be watching closely this week because we sure hope so.

    Contact us!

    Watch the market update here

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