Exclusive: Bank of Canada’s Rates Forecast QUIETLY Revealed!
Stuart Lessels
October 30, 2024
🌟Exciting News from the Bank of Canada!
On October 23, 2024, the Bank of Canada made a significant move by reducing the Prime Lending Rate. This is fantastic news for those of you with variable-rate mortgages, as it means your monthly payments just got a little lighter. For example, if your mortgage balance is $750,000, your monthly payment could drop by around $226. That's extra cash in your pocket each month!
Governor Tiff Macklem's Update on October 29, 2024
Recently, Governor Tiff Macklem provided an update to the House of Commons Standing Committee on Finance. He laid out some important details about the Bank of Canada's past actions, current observations, and future expectations. Here's a quick rundown:
- Past: Since June 2024, the Bank of Canada has cut rates four times, bringing the policy rate down to 3.75%. These cuts were made to support demand and curb inflation, which had been a significant concern.
- Present: The recent rate cut is part of an ongoing effort to achieve a "soft landing" for the economy, meaning balancing things out without triggering a recession. The Bank is closely monitoring economic indicators like employment, consumer spending, and business investments to guide their decisions.
- Future: If everything goes according to their forecasts, the Bank plans to continue cutting rates to ensure inflation stays on target and to support economic growth. When they mention "their forecasts," they're referring to their economic predictions based on a range of data points. These include global economic trends, domestic economic performance, consumer behavior, and employment rates. The Bank uses these indicators to predict how the economy will respond to changes in policy and to ensure they are on track to meet their goals for stable growth and low inflation.
Home Buyer: What Does This Mean for You?
This is a golden opportunity if you're looking to buy a new home. Lower interest rates mean you can afford a bigger mortgage for the same monthly payment. Plus, with my access to over 80 lenders, I can find you the best deal possible. Whether you're a first-time buyer or looking to upgrade, now's the time to act. Let me help you navigate this market and secure your dream home.
Home Owner: What Does This Mean for You?
If you're a homeowner thinking about renewing your mortgage, these rate cuts are great news. You might be able to lock in a lower rate and save money on your monthly payments. Even if you’re not up for renewal, it’s worth considering a refinance. Get in touch with me to see how much you can save. Remember, there’s no cost to you for my services!
Realtor: What Does This Mean for You?
For realtors, this rate cut is a fantastic talking point with your clients. Lower rates can stimulate more activity in the housing market, meaning more buyers ready to make a move. Partnering with a mortgage broker like me ensures your clients get the best financing options available, making you look even better. Let’s work together to make this a win-win for everyone involved.
Don't Miss Out on This Opportunity!
Contact me today to see how I can help you save money and make your mortgage experience a breeze. Let's get you the best deal out there!
Keep Smiling and Happy House Hunting! 🏡😊
Stuart Lessels
Your “Go To” Mortgage Broker for Georgian Bay and beyond
(705) 445-1234
Feel free to share this with your clients and colleagues. It’s always good to stay informed and be prepared for what’s coming next in the market! 😊
P.S. If you need any mortgage advice or have any questions, don’t hesitate to reach out. I’m here to help all across Ontario! 🏡📞