In some very important news this week, the Bank of Canada has decided to hold their rates at 5% for a third consecutive meeting. Considering the turbulent changes we’ve witnessed in rates for the past year, this is some considerably good news.
What does this mean for current mortgage holders? Anyone who currently has a variable rate or a HELOC is well-positioned now that inflation is moving in the right direction. Furthermore, this could mean rate cuts at some point in 2024.
Does this mean buyers should be jumping into the market? In a word, yes. Experts are expecting 2024 to be an unpredictable year. Interest rate changes will depend on a variety of factors and can go up or down. Now that we’ve got a pause at 5%, this would be a good time to grab a property.
Worried you’ll miss possibly lower rates next year? A variable mortgage may be a good move for you to benefit from any potential rate drops.
But, don’t worry about all that. All you need to do is contact me, and I’ll make sure you’re in good hands.
From the Dahan | Yassa editorial archive. Historical listings, rates, incentives and promotions may no longer apply. Contact the team for current information.
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