Bank Of Canada Cuts Interest Rate to 2.75%
The Bank of Canada has cut its overnight lending rate by 25 basis points to 2.75 per cent, it announced today, as an ongoing trade war with the U.S. begins to strain the Canadian economy.
How will this new cut affect our housing market?
The hope is that by making borrowing cheaper, it will encourage more people to take out mortgages. As a result, demand for homes could rise, potentially driving up home prices. Lower rates could also benefit current homeowners looking to refinance their mortgages or purchase additional properties.
However, the actual impact will depend on other factors like consumer confidence, housing inventory, and economic conditions. If the rate cut stimulates economic growth, it could further boost the housing market.
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Tags: Canadian housing market, Canadian real estate, home buyers, housing costs, housing market, RE/MAX, real estate, realtor, Trevor Miller
