January 4, 2024
Here’s what April Bowler at TD Canada Trust had to say about this month’s interest rates:
It is refreshing to see yet again some more decreases in the fixed rates! Even the 4 and 5-year fixed rates are back in the ‘5’ range!
The first Bank of Canada announcement for 2024 is scheduled at the end of this month on the 24th and we are eagerly anticipating another hold to start the year! The predictions seem to be that we should see some decreases coming in the early spring, which would be a welcome change and hope for this new downward trend!
Other than the good news with fixed rates and the hope that the Bank of Canada has come to the end of its tightening cycle, the update this month is neutral. We are still seeing buyers pause in hope of further rate drops and we’re anticipating a lot of inquiries from buyers when this happens. We hope this will drive more confidence so that listings and activity will start moving again as we inch closer to spring!
My advice is still for buyers and sellers alike to seek the Mortgage Specialist’s advice at the beginning of the process to avoid any challenges with offers and to be able to set realistic expectations!
Happy New Year to you wishing us all a successful 2024 ahead!
