The Bank of Canada has maintained its overnight interest rate at 5%, which was not a shocker to pundits whose forecasts predicted the bank'sInterest Rates would hold at this latest announcement. According to the Bank of Canada (2024), interest rates remain inflated due to shelter costs and stubborn inflation. The Bank of Canada notes that both core inflation and the CPI have shown signs of downward momentum due to rising unemployment and lower levels of household spending.
Looking ahead, there is a glimmer of hope for homeowners. Pundits predict rate cuts to begin in June and continue through 2025. BCREA (2024) even goes as far as to suggest that the Bank of Canada will lower rates several times during this period, with '2.5% as the ultimate destination for the overnight rate.' This potential for rate cuts should inspire homeowners to consider their financial strategies and the opportunities they may present.
As a large percentage of mortgages are due for renewal over the next few years, it is vital you chat with a mortgage broker whom you trust to ensure your options are considered well ahead of time so that you may be prepared, come renewal time.
Are you looking to buy or sell a home? Call me at 250-884-3980, and I can help with all of your housing needs.
First-Time Home Buyer?? Call me at 250-884-3980 to chat about the ZERO-DOWN FINANCING OPPORTUNITY! *Some exceptions apply*
| 
