News | The Bank of Canada Maintains Overnight Rates at 5%
Jan 24, 2024 | The Bank of Canada maintained its overnight rate at 5% today.
"Given the outlook, Governing Council decided to hold the policy rate at 5%...The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation...The Bank remains resolute in its commitment to restoring price stability for Canadians."
The next rate announcement is March 6th. Many have predicted that they will start reducing their rates slowly, by mid-year, but if inflation continues to be sticky, then it might take longer. The BofC wants to see inflation at 2% (It was 3.4% in December).
So what does this all mean?
If you have a mortgage up for renewal soon and are grappling with decisions, please feel free to reach out. You may have more options than you think, and I can put you in touch with mortgage brokers that will advise you honestly.
Sellers, despite the higher rates, we have seen more buyer activity in the past month as many lenders have lowered their rates. There is pent up demand amongst buyers and some investors are poking their noses back out again.
Houses that are well presented, well priced and well marketed are still doing very well and achieving incredible prices. We saw a beautifully renovated Roncey listing sell this past week in multiples, more than $450,000 over ask.
However, to get the best price for your home, it really is more imperative than ever to make sure that your house is presented in its absolute best light. Get in touch asap if you plan to sell this spring or summer so that we can advise and help you prepare your home for sale and maximize your returns.
Buyers, while there has been an uptick in buyer activity, there are still some amazing deals out there for the savvy. We saw one triplex that was purchased for $1,500,000 less than 2 years ago sell for $1,200,000 last week (I feel really badly for those poor sellers, and I believe they should have had better representation, but that's another story).
Lenders have been lowering their rates so while they aren't at the historic pandemic lows, the prices are much better than they were this fall.
It is nearly impossible to time a market, but you can trust that we will always advise you with the utmost honesty and transparency and in YOUR best interests. Sure, we'd love your business, but we won't inflate our estimate of your home's worth to get it. Underpromise and overdeliver is our motto! And buyers, we won't push you to buy if the numbers don't make sense for you.
Please call or email me at (416) 937-8734 or mia@miamacdonald.ca to explore your options.
News | The Bank of Canada Maintains Overnight Rates at 5%
Jan 24, 2024 | The Bank of Canada maintained its overnight rate at 5% today.
"Given the outlook, Governing Council decided to hold the policy rate at 5%...The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation...The Bank remains resolute in its commitment to restoring price stability for Canadians."
The next rate announcement is March 6th. Many have predicted that they will start reducing their rates slowly, by mid-year, but if inflation continues to be sticky, then it might take longer. The BofC wants to see inflation at 2% (It was 3.4% in December).
So what does this all mean?
If you have a mortgage up for renewal soon and are grappling with decisions, please feel free to reach out. You may have more options than you think, and I can put you in touch with mortgage brokers that will advise you honestly.
Sellers, despite the higher rates, we have seen more buyer activity in the past month as many lenders have lowered their rates. There is pent up demand amongst buyers and some investors are poking their noses back out again.
Houses that are well presented, well priced and well marketed are still doing very well and achieving incredible prices. We saw a beautifully renovated Roncey listing sell this past week in multiples, more than $450,000 over ask.
However, to get the best price for your home, it really is more imperative than ever to make sure that your house is presented in its absolute best light. Get in touch asap if you plan to sell this spring or summer so that we can advise and help you prepare your home for sale and maximize your returns.
Buyers, while there has been an uptick in buyer activity, there are still some amazing deals out there for the savvy. We saw one triplex that was purchased for $1,500,000 less than 2 years ago sell for $1,200,000 last week (I feel really badly for those poor sellers, and I believe they should have had better representation, but that's another story).
Lenders have been lowering their rates so while they aren't at the historic pandemic lows, the prices are much better than they were this fall.
It is nearly impossible to time a market, but you can trust that we will always advise you with the utmost honesty and transparency and in YOUR best interests. Sure, we'd love your business, but we won't inflate our estimate of your home's worth to get it. Underpromise and overdeliver is our motto! And buyers, we won't push you to buy if the numbers don't make sense for you.
Please call or email me at (416) 937-8734 or mia@miamacdonald.ca to explore your options.
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