Today, September 4, 2024, the Bank of Canada reduced its overnight rate target by 0.25% to 4.25%, marking a full 75 basis points below its peak of 5.00%.
Here’s what this means for YOU:
For Sellers: With lower interest rates, more buyers may enter the market, increasing demand for homes. Now could be a great time to consider listing your property!
For Buyers: Good news! Mortgage rates are likely to drop, making home ownership more affordable. Whether you're a first-time buyer or looking to upgrade, this rate cut could mean lower monthly payments.
For Investors: The economy is showing signs of slowing down, but wage growth remains elevated, while inflation is cooling off. This might be the ideal time to explore new investment opportunities, especially with variable mortgage rates expected to drop further.
Prime rates are expected to fall, so if you have a variable mortgage, your payments could soon decrease!
Stay tuned as the BoC continues its commitment to stabilize prices. The next rate announcement is scheduled for October 23, 2024.
If you have any questions about how this impacts your real estate plans, let's chat!
Craig Finnman
RE/MAX Elite
(780) 982-1589
craig@craigfinnman.ca
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5-Star Experiences
Sherry Coutu
Craig was fantastic to work with. He also responded quickly, listened to our needs/wants, and arranged a great selection of properties to look at that met our requirements. We would definitely recommend Craig to anyone looking for a realtor and we would work with him again.
Hannah K
Great working with Craig again: his expertise and experience quickly wrapped up a sale for us: approx 4 days from approaching him to getting our first offer slightly above list!
Ben Trudeau
Dealing with Craig to sell our house has been the best decision ever! From all the marketing perks that he included (including a 3D walk-through of our house) to a very accurate pricing positioning, we ended up selling at a full listing price within 4 days with multiple offers at the finish line! Great performance and worth every penny for such an excellent service!
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Craig Sells More Homes
I have been helping clients buy and sell houses for over a decade. I was born and raised in Sherwood Park and I love it here. It is a privilige to be able to help people across the region achieve their real estate goals.
I am an award-winning REALTOR® and I rely on technology, industry knowledge and years of experience to produce the best outcomes for my clients. My business is based on referrals, which means every client is extremely important to me. I will go the extra mile to get the deal done.