Bank of Canada expected to drop rates July 24, 2024

The Bank of Canada is expected to cut interest rates on July 24th and two more times this year according to a large majority of economists polled by Reuters, see full article here. This is encouraging news for home buyers and sellers alike. While the economic outlook may be uncertain, these rate reductions could provide more buying power for prospective homeowners and allow current homeowners to sell their properties and move on to their next home. This move aims to stimulate the economy and will also provide welcome relief for those looking to refinance or renew their current mortgage.

For home buyers, lower interest rates mean greater buying power, allowing them to afford more home for their money. Sellers can also benefit, as buyers with increased purchasing ability may be willing to pay higher prices. Overall, the market stands to gain, with more homes available for the pool of prospective buyers.

Existing homeowners will also see advantages, as they can renew their mortgages at lower rates and enjoy paying less each month. Our team of experts is here to guide you through the process of buying, selling, or refinancing, ensuring you make the most of these positive changes in the housing market.

While the economic landscape can be complex, our team is here to assist you in understanding the implications and maximizing the advantages of these interest rate cuts. Whether you're looking to buy, sell, or refinance, we are committed to providing our clients with a complete picture, giving them the knowledge and support needed to make the best decisions for their families.

Call/Text Paula at 226-400-6458 or DM today to learn more about buying, selling and refinancing your home.