23/10/2024
Today, the Bank of Canada dropped the overnight lending rate by 50 basis points to 3.75%, marking the fourth consecutive cut to rates in 2024, and the largest decrease since the onset of the pandemic in March 2020.
For many homebuyers, this may be the signal needed to move off of the sidelines and into the market. As lower interest rates boost consumer confidence and borrowing power, home prices are expected to rise as more buyers reignite their purchase plans.
Want to know more about how the Bank of Canada announcement will impact the market? Read more in the latest post on the RLP blog:
https://blog.royallepage.ca/bank-of-canada-update-october-2024/
Stay tuned for the next announcement on December 11.
