The Bank of Canada recently announced that it is lowering the benchmark rate by 50 basis points. What does this mean? Essentially, the typically hot spring real estate market is about to get even hotter. As a result, there is no better time to contact Sue Heddle Homes to find out what your home is worth and to get your listing on the market. If you are thinking of selling in the near future, know that the just announced interest rate drop means people can afford more and housing prices will go up.
The Bank of Canada lowered rates in an effort to help Canadians combat the negativity in the economy. The coronavirus has delivered a material negative shock to both the Canadian and global economies. In addition, the rail blockades, Ontario teacher strikes, and winter storms in some regions have also dampened economic activity.
The Bank also indicated they are ready to further adjust monetary policy going forward if required. The next rate-setting day is Wednesday, April 15th.
The real estate market in Oakville and surrounding areas was much different in 2019 than it was in 2018. However, the changing market didn’t stop