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In an announcement this morning, The Bank of Canada has lowered its key interest rate to 4.75 per cent, marking the bank’s first rate cut since March 2020.
This is a reduction of 25 basis points (down by 0.25%). This holds out the hope of the beginning of a downward trend.

This should make homeownership more affordable. Lower rates mean lower monthly mortgage payments, allowing a buyer to maximize their investment in a new home. It can also be beneficial to sellers, as it could bring more buyers to the table.

If you have any questions about this, reach out to us!

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.