We hope you’re having a wonderful fall! There’s been a lot of news affecting the housing market, though it’s been focused on mortgage rules and rates.
The big news of course, is that the Bank of Canada has reduced the key interest rate significantly, with more cuts predicted. Though this hasn’t had an immediate impact, experts are predicting a particularly busy spring, which makes now a great time to buy. There is a lot of inventory to choose from and not much competition with other buyers.
In addition, the federal government has introduced changes to mortgage regulations, which affect first-time buyers, people buying new construction, and more options for buyers with a downpayment under 20%.
You’ll find more information about the changes coming in a helpful article from the CBC, and of course, we’re always available if you have any questions about how the changes affect you.
If you’re curious about what your home may be worth, please give us a call!
All the Best,
Marina and Mark
Marina Bolletta, Broker of Record
Mark Tavares, Broker
Urbanlife Realty Inc., Brokerage
