On July 24th, the Bank of Canada announced a 0.25% decrease in its key interest rate, now set at 4.5%. This change could impact the real estate market and here’s how it might affect you:
Increased Affordability and Demand:
With reduced borrowing costs, homeownership becomes more attainable. Buyers may experience increased purchasing power, potentially leading to a rise in real estate transactions, especially in previously less affordable areas.
Investment Possibilities:
Reduced interest rates make real estate a more appealing option for investors seeking higher returns or diversification. Consider looking into rental properties or commercial real estate opportunities.
Stay Updated:
The next announcement regarding the overnight rate target is set for September 4, 2024, with a comprehensive economic and inflation outlook on October 23, 2024. We’ll keep you informed on any developments that could influence your real estate decisions.
Whether you’re aiming to buy, sell, or invest, we are here to guide you through these changes and help you capitalize on the current market conditions.
First-time Homebuyers Tips
Get Pre-Approved for a Mortgage
- Knowing your budget helps narrow your search and shows sellers you're a serious buyer
- Shop around for lenders to get the best interest rates and terms.
Understand All Costs Involved
- The purchase price isn't the only expense. Be prepared for closing costs, property taxes, insurance and maintenance.
Hire a Reliable Real Estate Agent
- A good agent can provide valuable insights, negotiate on your behalf, and guide you through the buying process.
- Get recommendations from friends and family, check reviews online, and find someone you trust and feel comfortable with (we recommend the Baumgarter Realty Group)
How can Linda help you?
Contact us today to get a FREE property evaluation.
705-457-3461
linda@baumgartnerrealty.ca
