06/05/2024
Did you hear?!
Bank of Canada lowered the interest rate by 0.25% 🎉🎉
What does that mean if you own a house?
If you are on a fixed rate, nothing changes. On a variable rate instead? That’s great!! That means you are paying more towards your principle, which means your mortgage will be paid off faster. Woohoo!!
What does it mean if you’re looking to buy?
Great news!! That means today is a better time to shop than yesterday. Housing prices will remain the same for now, but you can expect them to increase as we compensate for the rate change. You’re better off starting to shop now before the prices catch up! Reach out to your mortgage broker to get preapproved at the lower rate, and let’s shop!
Questions about interest rates or ready to start shopping? Send me a message and let’s chat real estate 😎