Bank of Canada's September 6th 2023 - Rate Announcement
Wednesday Sep 06th, 2023
Like many Canadians we are pleased to share that today the Bank of Canada chose to keep the overnight lending rate unchanged at 5%.
This decision will be looked upon as a sign of stability as the Bank of Canada works towards reducing inflation. As many of you know we are facing a housing shortage here in Ontario and while the resale real estate market remains consistently strong across most sectors. For those Buyers considering purchasing a home, now is a good time to invest in the market given that rates will remain unchanged at present. For our seller clients, we are seeing the most qualified buyer pool in a generation given the stress test and current lending rates. As always, we caution our clients that most lenders are looking at appraised value and it is important that on both sides of the trade that the market trends and comparable sales are considered. The Bank of Canada will make it's next rate announcement on the 25th of October and again on the 6th of December 2023.
Our team is happy to support our clients with providing answers to their questions regarding this current market and providing a market evaluation of their property.
Enjoy this wonderful late summer weather and watch for our next blog post.