Date: October 23, 2024
Category: Blogs,Mortgage Tips & Advice,Newsletter
🚨BREAKING NEWS 🚨
The Bank of Canada has lowered the policy rate by 50 bps, bringing it down to 3.75%. 📉 This marks the fourth consecutive cut since June 2024!
📝 Key Updates:
– New Policy Rate: 3.75% (down from 4.25%)
– Bank Rate: 4%
– Deposit Rate: 3.75%
What This Means for You:
If you have an adjustable-rate mortgage you will see your payment reduced by $30 for every $100,000 of mortgage. If you have a variable-rate mortgage you will not see your payment go down, since it’s a fixed payment, but you will be paying more towards your mortgage each month and less to interest.
If you want to understand how this impacts you, connect with us.
📊 Economic & Business Outlook:
– Business Confidence: According to the Bank’s latest Business Outlook Survey, businesses are still experiencing muted demand, with weaker-than-average sales. However, firms are slightly more optimistic about future growth, thanks to the rate cuts.
– Labour Market: Labour shortages are less intense compared to last year, and businesses are finding it easier to hire.However, most firms are maintaining cautious hiring and investment plans due to subdued demand and soft consumer spending.
– Inflation: Inflation has eased to 1.6%, with expectations to stay within the Bank’s 2% target over the coming years.
-Predictions – Some banks suggest we may see further reduction of up to 1.75% overall.
🎯 What’s Next?
The next rate announcement is scheduled for December 11, 2024. Keep an eye on how these changes evolve and reach out to discuss how it might affect your mortgage or investment strategy! 🏠📊
Talk soon,
Ana
Mortgages can be complicated; we are here to help you make “cents” of it.
We focus on Mortgage Solutions, Period!
To learn more connect with Ana Cruz 905.870.0513 or email at ana@askanacruz.ca