March 1, 2024
Here’s what April Bowler at TD Canada Trust had to say about this month’s interest rates:
WELCOME MARCH! It’s always an exciting month in the world of Real Estate as it signals the beginning of our usually busiest season! Predictions indicate that with rate decrease announcements on the horizon, we should see a more typical season and year ahead! With that said, we’re anticipating and waiting patiently for March 6 – the second Bank of Canada rate announcement. Forecasts and Feds are now signaling another rate pause with June being the key date for the first decrease! We will wait for the official word on this day to see if any rate changes are confirmed!
You will notice from the rate sheet provided, the month of February held steady with no increase or further decreases in rates. This month I did, however, include a new rate which is the 5-year fixed insured. This is a rate offered by lenders for those clients with less than 20% down payment. As we know, there is still relatively low inventory and a lot of buyers out there. Many have been sidelined these past 18 months or so due to the aggressive rate hikes. But we know that, as things seem to have peaked and are forecasted to trend on the decline, these buyers will flood the market and many will be first-time home buyers who find themselves in the insured mortgage category. This can be great news for assisting clients in this situation to qualify 😊
As we navigate the beginning of the Spring Market I would be happy to answer any client questions and inquiries!
