Lower Mainland Foreclosure

With core inflation slowing to 2.1%, the Bank of Canada has reduced the overnight rate by 0.25%. As a result the prime rate at most lenders will reduce to 6.45%.. Good news for people with variable rate mortgages and lines of credit. But with all good news there is some potential downside as well.

For Sellers It brings stability to the market and increases buyer activity potentially elevating price and/or desirability to the market but that also means more competition for Buyers and the likelihood that any gains on sale price may be diluted by purchase price.
The key factor is timing. The BoC has indicated that it intends to continue reducing rates so taking advantage of the future gains may mean acting sooner than later.

You can read my full breakdown on what this means in my blog:
https://www.connerty.ca/blog/84775/bank-of-canada-drops-rate-again

The Bank did note that high shelter costs is the largest contributor to the inflation number, but it too is beginning to slow.



Read the full press release here:

https://www.bankofcanada.ca/2024/09/fad-press-release-2024-09-04/



The next scheduled date for announcing the overnight rate target is October 23, 2024

If you have any questions or if you want to talk about what this might mean for you personally please don’t hesitate to call.

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