Rate Update: Thing

2024 is here and the fixed rates continue to drop with the Big 6 banks also jumping into the competition. We also see our first rate starting with a four and after the past few years we’ve had, that’s some excellent news. Pundits continue to estimate a resting rate in the low to mid 4’s within 2024 but only time will tell, there are no guarantees when it comes to rates! Below are some of important rate updates to pay close attention to if you’re considering purchasing a home.

Rate Summary As of January 12th 2024

Feeling a bit lost? Don’t worry, you’re not alone. Contact me to discuss what these rates mean for you and how to take advantage of them to get the best price possible on your purchase.

Market Update: Bank of Canada Holds Rate at 5%

In some very important news this week, the Bank of Canada has decided to hold their rates at 5% for a third consecutive meeting. Considering the turbulent changes we’ve witnessed in rates for the past year, this is some considerably good news.

What does this mean for current mortgage holders? Anyone who currently has a variable rate or a HELOC are well positioned now that inflation is moving in the right direction Furthermore, this could mean rate cuts at some point in 2024.

Does this mean buyers should be jumping into the market? In a word, yes. Experts are expecting 2024 to be an unpredictable year. Interest rate changes will depend on a variety of factors and can go up or down. Now that we’ve got a pause at 5%, this would be a good time to grab a property.

Worried you’ll miss possibly lower rates next year? A variable mortgage may be a good move for you to benefit from any potential rate drops.

But, don’t worry about all that. All you need to do is contact me, and I’ll make sure you’re in good hands.