Geoff Rathgaber, RBC Mortgage Specialist

Inflation came in lower in July but in the numbers it will be short lived. the good news is that this should open the door to a Bank of Canada drop in September!

Inflation cools to 1.7% in July thanks to lower gas prices: StatCan Inflation cooled in July thanks largely to relief at the gas pumps, but Statistics Canada said grocery and shelter costs were accelerating last month.

https://www.bankofcanada.ca/2024/10/fad-press-release-2024-10-23/?fbclid=IwZXh0bgNhZW0CMTEAAR2lsYuh3aCKsp6c0OS995nEriz9da0s0BfdjWqgdz45FMAD8WgszCNOVaA_aem_4BQU8_hn00XTcOUWheFjdQ

Bank of Canada reduces policy rate by 50 basis points to 3¾% The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%.

Some interesting times ahead!

Looks like some good news for first time buyers! maybe vote buying but we will see.
With 30yr amortizations on CMHC insured mortgages along with the falling rates, we will see more purchase power for first time home buyers. Now we just need to see more inventory on the market.

Trudeau Loosens Mortgage Rules in Bid to Woo Younger Voters Prime Minister Justin Trudeau’s government will make 30-year mortgages available to all first-time buyers and to buyers of newly built homes as the embattled leader tries to win back the approval of younger Canadians.